Tag Archives: Blockchains

Switzerland sets legal foundations for blockchain industry

Switzerland sets legal foundations for blockchain industry

  

Blockchain and crypto tokens have the potential to bring efficiencies
and cost savings to a range of industries.

The Swiss government has announced a wide-ranging blockchain strategy that aims to create a legal foundation for the new technology. The reports suggests amending existing laws, rather than creating new legislation, in a bid to enhance Switzerland’s status as a blockchain-friendly country. The main focus of the strategy is to incorporate decentralised digital tokens into the Swiss business infrastructure, particularly the financial sector. One proposal is to clear away regulatory hurdles for trading securities (such as shares, bonds or real estate) on blockchain platforms. This would create a new regulatory category along the lines of recent fintech laws, which allow certain financial activities to be carried out by tech start-ups without a banking license.

Switzerland has rapidly established itself as one of the world’s leading blockchain hubs, attracting both start-ups and hundreds of millions of dollars in investments. The technology, which started off as a means to replace the existing financial infrastructure, is now being adopted and adapted by banks, stock exchanges and other industries.

Blockchain/DLT

Blockchain is one example of distributed ledger technology (DLT), a recent digital innovation that allows people to take direct control of their own assets and trade them peer-to-peer without the need for centralised third parties, such as banks or other entities. Asset ownership and transactions are recorded on encrypted digital ledgers that are open for all participants to both view and validate. The complete history of asset ownership is included on these ledgers. To protect privacy, participants are assigned “private keys” – a series of randomly generated letters and numbers that act as IDs.

Blockchain was originally designed to be totally decentralised and open to the general public. But this is not suitable for many businesses that instead opt for restricted DLT platforms that require special permission to access.

End of infobox

The Swiss government reportexternal link released on Friday describes the innovation as “among the remarkable and potentially promising developments in digitalisation. It is predicted that these developments have considerable potential for innovation and enhanced efficiency, both in the financial sector and in other sectors of the economy.” 

Digital assets

It also acknowledges that the true potential of blockchain – a form of distributed ledger technology (DLT) – “cannot yet be conclusively estimated” as it has yet to be tested on an industrial scale. Another caveat in the report talks about the risk of cryptocurrencies being used for criminal purposes, including the financing of terrorism. The government said it would remain vigilant but was waiting for the creation of international guidelines before deciding if it needed to take further action.

While current Swiss regulations cover many forms of digitalisation, such as e-banking, some aspects of blockchain/DLT technology fall between the cracks in the legal code. There are two notable challenges to incorporating blockchain into the law. New forms of encrypted digital tokens are not backed by physical assets, such as government issued money or paper certificates. The law needs to be amended to recognise digital-only assets, the report suggests.

Secondly, blockchain is designed to bypass middlemen who keep records of transactions and play a recognised role in protecting consumers from fraud. They are replaced in blockchain by decentralised digital ledgers and smart contract code that automatically processes transactions. The government wants financial transactions that are performed without physical intermediaries to have a place in the legal code.

Positive reaction

The report also proposes giving the financial regulator discretion to apply a lighter touch for decentralised blockchain/DLT securities trading platforms, provided their activities are not likely to harm investors. The Swiss Financial Market Supervisory Authority (FINMA) currently has these powers when assessing fintech start-ups that offer limited banking services.

The creation of such discretionary powers circumvents recent Swiss legislation that was inacted to align the Swiss financial centre with the European Union, says Luzius Meisser of the Bitcoin Association Switzerland. The law created three categories of stock exchange – none of which are suitable for decentralised token platforms, “making it necessary to create a new type in order to allow such exchanges to exist in Switzerland,” Meisser says.

“This shows once again how the traditional Swiss approach of having principle-based laws that give a lot of discretion to citizens and regulatory agencies are much more innovation-friendly than overly detailed European-style laws,” he said in a written statement. Blockchain financial start-ups will soon be able to take advantage of new fintech-friendly regulations allowing firms to take up to CHF100 million in client deposits without needing a banking license. Fintechs that qualify under this new regulatory category could also take custody of clients’ crypto tokens up to this value.

Unlike neighbouring Liechtenstein, that is in the process of creating a new set of laws aimed specifically at blockchain, Switzerland has chosen the route of adapting current legislation to incorporate the new technology. This approach was welcomed by the Crypto Valley Association (CVA), which it sees a solid legal base as an essential pillar of Switzerland’s blockchain strategy.

“We feel that this approach best represents the principle of technological neutrality and is in line with the position taken by the CVA in the consultation process,” Mattia Rattaggi, CVA spokesman for regulatory matters, said in an emailed statement to swissinfo.ch. “Crucially, this approach ensures maximum consistency within the current legal framework while keeping it principle-based and flexible, while allowing changes to be adopted on a ‘need-to-regulate’ basis.” The issue of how to tax digital tokens has been put off until a review is complete at some stage next year. The federal communications ministry has also been tasked next year with determining how blockchain can be reconciled with data protection laws.

Proposed law changes

Amend company bankruptcy laws to recognise data as an asset. This would allow courts to handle purely digital assets, and make sure they go to the right creditor, when sorting out insolvent firms. Amend the Banking Act along the same lines as above in the case of a financial institution going bankrupt. Amend the scope of the Anti-Money Laundering Act to cover decentralised exchanges with the power to dispose of third-party assets.

Create a “new authorisation category” for blockchain securities traders and exchanges to give FINMA discretion to apply a lighter touch when assessing the activities of such entities. Amend the Financial Market Infrastructure law and the Financial Institutions Act to “create more flexibility” for blockchain/DLT applications.

The finance ministry is already looking into a Collective Investment Schemes Act amendment to include a new category of funds (limited qualified investment funds L-QIFs) so that “new innovative products could be placed on the market more quickly and cost-effectively in the future”. No immediate changes to financial laws for the insurance industry are immediately foreseen as blockhain/DLT is in its “infancy” in this sector. The report also sees no reason to change any legislation with regards to cryptocurrencies.

Article Produced By
Matthew Allen

Zurich bureau chief|  English Department

Profile

When not covering fintech, cryptocurrencies, blockchain, banks, trade and the World Economic Forum, swissinfo.ch's business correspondent can be found playing cricket on various grounds in Switzerland – including the frozen lake of St Moritz. Initials: mga

Expertise

Business, Finance, Economics

https://www.swissinfo.ch/eng/dlt-report_switzerland-sets-legal-foundations-for-blockchain-industry/44617654

 

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Swiss government announces legal foundation for blockchain technology

Swiss government announces legal foundation for blockchain technology

  

Following the Swiss government’s release

of an official report (see English report here) on Friday, advocating for decentralised financial transactions to have a place in the Swiss legal code, could this new strategy strengthen Switzerland’s status as a blockchain friendly country?

Several experts in the blockchain space provide their insight on the importance of adapting current legislation to incorporate new technological developments and the implications of Switzerland allowing changes to be adopted on a ‘need-to-regulate’ basis. Brent Jaciow, Head of Blockchain Affairs at Utopia Music, the cutting-edge, blockchain-powered music tracking and attribution platform based in Zug, Switzerland,

said:

In order for any new technology to gain mass adoption, people must know what regulatory framework they are operating under. While for early adopters a loose understanding may be all that is necessary, for institutions and the population en masse, it is crucial to understand the regulatory implications of owning, transacting and working with new technologies especially as it relates to securities.

Switzerland allowing changes to be adopted on a ‘need-to-regulate’ basis is not a large shift from the current situation, where governments must direct their focus to the most pressing needs of their citizens. Though, this is also positive as it means that governments and their regulatory bodies will be more proactive in providing guidance to new technologies. By being proactive, it will speed up the adoption cycle as new entrants do not need to be concerned with dealing with future or retroactive regulation and can just move forward with using and innovating with these new technologies.”

Chair of the Crypto Valley Association (CVA) Policy and Regulatory Working Group, Dr Mattia Rattaggi,

said:

The CVA welcomes the release of the Federal Council’s report, and is entirely in tune with its goal to create the best possible framework conditions for “Crypto Nation Switzerland,” while underlining the country’s integrity and reputation as a financial centre and business location.

It is positive that this is to be achieved through targeted adjustments to the existing legal framework – instead of issuing completely new laws. We feel that this approach best represents the principle of technological neutrality and is in line with the position taken by the CVA in the consultation process. Crucially, this approach ensures maximum consistency within the current legal framework while keeping it principle-based and flexible, while allowing changes to be adopted on a ‘need-to-regulate’ basis.

To a large extent, the report also confirms what we, in the Crypto Valley community, have known for some time — that Switzerland’s regulatory system is already open and relatively flexible. These are attributes that have been fundamental in the Crypto Valley’s emergence as a global hub of blockchain innovation.

With the CVA Policy and Regulatory Working Group, we look forward to analysing the details of the report, communicating its contents and implications to our Membership and to continued cooperation with government stakeholders to keep building the wider Crypto Valley ecosystem.”

Angel Versetti, Co-Founder & CEO of Ambrosus the world’s leading blockchain and IoT platform for quality assurance in food and

pharmaceutical supply chains, said:

The most recent Swiss Government report concerning the regulatory approach to blockchain technologies is an important step in moving the entire blockchain industry towards formal recognition and industrial adoption, and provides increased legal clarity. Notably, the report is keen to emphasize the innovative value of blockchain-based ecosystems, while also reminding the public of the infancy of the industry as a whole. For the broader cryptocurrency community, this report puts forward a cautious approach to regulating digital currencies and tokens. Within the context of innovation and the impending digital revolution, the report is significant insofar as it indicates a larger social and political shift in favour of decentralisation, transparency, and increased efficiency via blockchain technology.

At the same time, it is important to not simply apply securities, banking, and money transmission laws to cryptocurrencies and Blockchain, as has been done frequently in Switzerland over the past year. It is important not to stifle innovation and decentralisation with excessive regulations, red tape and bureaucracy, because this will reduce the democratic value proposition that blockchain offers and will only favour bankers, compliance lawyers, and financial intermediaries, which is already happening in most jurisdictions that are taking too strong an approach to regulation. As entrepreneurs in general —and crypto enthusiasts in particular — treasure privacy, decentralisation, and freedom from censorship, these values should likewise be reflected in the rules and regulations.

In addition, Switzerland should consider only regulating companies that do business with retail customers, and instead treat decentralized protocols as a common good, rather than trying to excessively regulate and impose rules on companies working on building decentralised protocols. In a nutshell, they should take a laissez-faire approach, whereby there are general freedoms and rights guaranteed, and companies are regulated reactively and not proactively. Those are fundamentally different approaches. One permits innovation while eradicating fraud, while the other will only benefit the banks and intermediaries that blockchain was supposed to replace in the first place. Right now, Switzerland seems to favour the digital asset management industry, which almost exclusively consists of the same old financial elites from the largest corporate banks and investment banks. They tend to recreate the same barriers that currently exist in the financial sector, which is worrying.

Mandating FINMA to be more relaxed and use more discretion towards crypto companies is a very welcome step indeed. However, reaffirming protection of rights and interests of crypto companies would be even better.”

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Admin

https://bit-media.org/blockchain/swiss-government-announces-legal-foundation-for-blockchain-technology/

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Bank of America Files for Blockchain ATM as a Service’ Patent

Bank of America Files for Blockchain ‘ATM as a Service’ Patent

Bank of America may be eyeing shared networks of ATMs

powered by blockchain tech, according to a newly revealed patent application. The filing, published by the U.S. Patent and Trademark Office (USPTO) on Tuesday, outlines a system via which a cash-handling devices could utilize blockchain technology to “accelerate transaction speed and/or facilitate other types of transactions in addition to ATM transactions like cash withdrawals and deposits, such as gift registry transactions.”

Blockchain could also help such devices “handle a relatively larger amount of transaction volume while reducing its physical cash transportation needs,” the document reads. Currently, most ATMs are dedicated to their respective banks and those institutions’ operating systems, Bank of America said in the filing, yet support for multi-purpose, “multi-tenant” – different stakeholders that share access to a single software system – functions is needed to offer various micro-services related to brand and marketing opportunities.

The bank is effectively looking to implement “ATM as a Service” to enable customers without existing relationship with a participating financial institution to transfer money across the same ATM network or even access point-to-point video communication using the ATM. As the patent explains that, to do this, the system would implement an “open and robust” data transport layer with “full” encryption and security.

It goes on:

“The data transport supporting ATM management, signaling, and non-financial institution and financial institution transactions may be strictly communicated to a cloud platform … and subsequent hosting of web and application services may allow secure and scalable operations. “

The patent filing is just the latest to emerge from Bank of America, which has filed more than 50 blockchain-related patents as of August 2018, according to a research report by iPR Daily, a media outlet specializing in intellectual property. Last month, the bank was awarded a patent for a novel method for storing cryptocurrencies.

Article Produced By
Yogita Khatri
Yogita Khatri

https://www.coindesk.com/bank-of-america-files-for-blockchain-atm-as-a-service-patent

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Markethive’s First Blockchain Milestone Reached White Paper Discusses Privacy above Profit Universal Income

Markethive's First Blockchain Milestone Reached; White Paper Discusses Privacy above Profit, Universal Income

When Thomas Prendergast, CEO and Douglas Yates, CTO

completed the Markethive whitepaper to begin the journey of providing Universal income for all entrepreneurs across the world, they laid out a roadmap on how Markethive is getting from here to there. We are pleased to announce that we have reached our first stop (referenced as Sprint 1 in the whitepaper) on our roadmap. News provided by Markethive

SHELL, Wyo., Aug. 30, 2018 /PRNewswire/ — Markethive unofficially launched their crowdfunding campaign in April 2018. At that time, a timeline was delivered in the white paper mapping out our goals, the first one being the entire retooling of the Markethive back office in preparation for the blockchain, to deliver a fully operational Market Network.

Douglas Yates (CTO Markethive) stated, "Thanks to the help of our strategic partner Menlo Tech, who just recently was named TOP Custom Software Developer in India, Markethive has successfully implemented our first milestone.  Please recognize that this is a great accomplishment in the world of fake ICOs and playing loosely with the rules."

Thomas Prendergast (CEO Markethive) added, "Not only has Markethive completed the first step in implementing our blockchain architecture, they have also been able to implement industry standard best practices and increase the usability for our members."

Here are some of the highlights;

  1. Simplified the login process
  2. Simplified the menus
  3. Implemented the Free Bee and Entrepreneur membership levels – very simple (and powerful)
  4. Added in crypto-currency payment tools
  5. Implemented source and release controls
  6. Partnered with Microsoft, moved to the Azure Platform
  7. Fix many bugs and security holes
  8. Updated profile pages to allow Entrepreneur level members to participate in upcoming airdrop matches
  9. Added Associates for Entrepreneur level members
  10. Added Contact Management System (CMS) for Entrepreneur level members
  11. Made the login and profile pages compatible with mobile devices
  12. Perform optimization to make the system faster
  13. Added in Support via Telegram

Stay tuned because Markethive will be reaching more milestones in the near future and the Markethive coin airdrop is just around the corner. To stay in tune with Markethive simply subscribe here: http://markethive.com

Contact:
Markethive Inc.
ceo@markethive.net

Article Produced By

https://www.prnewswire.com/news-releases/markethives-first-blockchain-milestone-reached-white-paper-discusses-privacy-above-profit-universal-income-300704998.html

 

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Social Media and Blockchain Technology Is it Realistic and Viable?

Social Media and Blockchain Technology. Is it Realistic and Viable?

Blockchain Technology is a relatively new innovation

and is becoming the new buzzword all over the internet. However, both online and offline companies can benefit greatly from it. That being the case, this particular buzzword and the tech itself is going to be around for a long time. It’s the way of the future. It offers transparency and immutability that allows everyone to securely share access to the same information with confidence. It provides new infrastructure to build innovative applications beyond cryptocurrencies, driving penetrating, effective changes throughout business, communities, and society.

Will Social Media adopt Blockchain?

Social Media as we know it was yesterday’s innovation. It sure has had an impact globally, across all industries. But one thing we can be sure of is change and technology. With what the oligarchs in this space have become, given the issues that have been brought to our attention, and since the advent of the blockchain, a few verticle Social Media platforms have integrated Blockchain Technology. In particular, blogging platforms: Steemit, Minds, Reddcoin, Markethive.

Currently, it’s very difficult for bloggers or content creators to properly monetize their work. The Blockchain has made it possible for users to be rewarded, as there is no centralized entity like Facebook or Google who controls content or posts. However, thought needs to be applied to how these innovative companies can be sustainable before they launch.

What is underpinning these platforms?

Steemit became one of the first working decentralized applications. They allowed users to submit content, whether it be original or curated and pay them for their work. Paid with Steem Coins which is liquid and can be converted into Steem Dollars at the exchange. After it’s inception, the Steem token enjoyed huge success and rose 2000%. Since then, it has fallen 96% from it’s original all-time high to around $0.30USD.

Although good intentions were no doubt there, Steemit’s demise has come about perhaps due to nothing substantial underpinning the project. At the time of launching, there was a lot of hype in this arena causing massive inflation. Users were paid by way of Upvotes from the Steem community which were executed through a Bot system. Unfortunately, this Bot system could also be used to upvote oneself, making the vote results disingenuous. To make matters worse, one could buy votes through the system. This system is still active and as a result, has cultivated a loud, non-representative group of get-rich-quick schemers.

They have also had to cut staff by 70% recently. I decided to join Steemit a little while ago and upon signing up it was stated there was a 3-week waiting list if I wanted to join as a free member. If I wanted faster access I could pay a small fee through Block Trades and I would get instant access. I’m not a patient person so I paid. Disappointingly, I did not receive access immediately as I was not linked back to steemit at the time I paid from the Block Trades site. It seems to be a separate entity. Consequently, I am still waiting for access to the platform. There are a lot of unhappy people there at the moment, some leaving and the faithful hanging on. It will be interesting to see if, when and how this company will address these issues.

2017 to early 2018 we saw a bull market which incentivized ICO projects in the crypto space. Around $30 billion was raised from investors in the public market to fund the creation of decentralized apps and systems. Nearly 12 months later, many of these projects in this sector either have no working products or they have an insufficient number of users to justify their viability. Taking into account the disappointing performance of most dApps and ICO proposals, Martha Bennett (Forrester Research Analyst) said this year’s bear market has been a wake-up call for investors that funded these projects without working products and in many cases, a clear long-term vision, strategy, and solid business model.

Bennett said

“Sooner or later, this would have led to a contradiction anyway. The crypto crash acted as both catalyst and wake-up call.”

 

So when is a Good project a Great project?

 
                                      

Essentially when it continually delivers for investors and the people using the product or service it offers, especially the less fortunate. Also when the technology is improved on the current system and it creates thoroughly new ways of activity and enterprise that can bring about opportunities for social influence. The concept of the company and it’s token is underpinned delivering the 3 pillars of viability –  (Community, Technology, and Liquidity) that can change business and human behavior intrinsically. A token must have a mechanism to drive price appreciation. This includes network volume, market leadership, the incentive to hold tokens other than hype, supply changes, profit sharing, staking, and sufficient liquidity.

Can a Social Network successfully and sustainably prosper in this new decentralized world?

The answer to that question is a profound YES! In fact, we can go one better. What would you say to a Social Media platform that incorporated the services of all the vertical platforms right across the board? Such as Marketplaces, content, inbound, email marketing, SEO, video platform, chat, messenger boards, and the list goes on. All built on the blockchain, all monetized with complete privacy and freedom of speech.

Introducing Markethive – The Next Generation

It takes time to perfect an ingenious concept and thanks to technology and Quantum computing it’s now alive and well. Underpinned by mining hives that will drive the coins (MHV) along with all the products and features the system offers, which is the lifeblood to Entrepreneurs, in fact, anyone working online in whatever capacity is already being predicted soon to be the gold standard to which others will compare.

So, there’s a new kid on the block and it’s called Markethive. It’s been a concept for over 20 years and in Beta for last four years. Markethive’s culture is not fixed. It’s a decentralized, autonomous, fluid environment which includes manifestations of intellectual achievements, social habits, innovation, music, literature, technology, commerce, and the arts. A central “hub”, albeit a “decentralized” platform, system and framework built using blockchain technology, is designed to encourage “reciprocal interchange” of ideas, knowledge or skills as well as providing for exchange, sales or purchases of goods, services and commodities. This futuristic model is here now and fully prepared for the future, truly representing a prime example of the next generation = Market Networks.

Markethive has the roadmap and is the blueprint of where things are headed. Their mission and objective are to pioneer “Universal Income” worldwide.

Integrated with state-of-the-art blockchain, cryptocurrency, and inbound marketing technologies, Markethive has constructed a social network that provides a “Universal Income” created exclusively with entrepreneurs in mind. Because Markethive is self-governing, sovereign and controlled by its entrepreneurs and holders of Markethive, its coins (MHV) share in Markethive’s profits and benefit greatly from ultimate success. It is classed as a utility coin and it will be on many exchanges for conversion. However, unlike many other ventures, it will not be subject or a victim of the “pump and dump” scenario. It will be utilized within the community creating a complete ecosystem which will drive the price appreciation.

It’s just a matter of time until nearly all independent professionals and their clients will conduct business through the development of tight-knit collaborative Market Networks within specific industries. Market Networks will have a massive positive impact on how millions of people work and live, and how hundreds of millions of people buy and sell better services.

Starting NOW, there will be many more forward-thinking entrepreneurs stepping forward, with their sights set upon creating increasingly innovative, highly synchronized business models and solutions to doing business in the 21st century and beyond. Those who will be most successful will not only keep up with the speed at which technology continues to change, but they will align themselves ahead of the curve at all times.

Article Produced By
Deborah Williams

deb_markethive
 
I am a freelance writer for the Market Network and crypto/blockchain industry. I'm a strong advocate for technology, progress, freedom of speech and I embrace "Change". My background is in Sales, Service & Business Development Consulting, and have trained and coached clients from Front Line through to Management in the Financial Services Industry. I have been owner/operator and developed offline and Online Businesses.

https://cryptorials.io/social-media-and-blockchain-technology-is-it-realistic-and-viable/

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The Decentralized Internet is Here: Web 30 and the Future of Blockchain-Powered Future

The Decentralized Internet is Here: Web 3.0 and the Future of Blockchain-Powered Future

Newton’s third law dictates that every action has an equal opposite reaction

?—?complex systems both organic and inorganic exhibit a tendency toward equilibrium. Over the last decade, the vast, rapidly evolving network that is the internet has slowly but surely metamorphosed into a highly centralized system in which a small group of titanic corporations control the infrastructure and platforms that comprise the internet as it exists today.

The centralization of the internet is a direct result of the “Web 2.0” paradigm shift, which saw the internet transform from a non-interactive network of static content into a dynamic, interoperable, and collaborative medium. This transformation resulted in the creation of social networks and web apps, but also in the establishment of digital oligarchies that now threaten the democratic foundations of the web.

The emergence of the centralized web, however, has sparked a Newtonian response that aims to dismantle the vertical structures that compose the modern internet in the same way that the genesis of blockchain technology was driven by the restrictive centralization of finance and currency. The Web 3.0 paradigm shift is positioned to do for the internet what Bitcoin has done for money.

Why Web 3.0?

The primary purpose of the Web 3.0 movement isn’t focused on expanding the functionality of the internet. Instead, Web 3.0 is focused on restructuring the way in which the internet is accessed and interacted with. Leveraging the technology that drives the blockchain revolution, Web 3.0 aims to wrestle ownership away from the corporations that rule the internet as it exists today.

The centralization of the internet has reached an astonishing point?—?almost all online services are hosted on hardware owned by the “big three” cloud providers, which consist of Amazon Web Services, Microsoft Azure, and search juggernaut Google. Facebook boasts 2.23 billion users worldwide?—?more than two-thirds of the world’s 3.2 billion active internet users. While internet centralization may provide users with faster, more reliable, and feature-rich services, it also comes with significant drawbacks. Centralized platforms are highly susceptible to security breaches and data leaks?—?in early October 2018, Facebook suffered from a hack that exposed the personal details of over 50 million users.

Users of the modern internet rely on monolithic corporate service providers to access the services they use on a daily basis and have no guarantees that the platforms they use won’t leak their data or abscond with their capital. The Web 3.0 movement is comprised of a broad spectrum of projects working together to decentralize the platforms and infrastructure that the modern internet consists of, allowing peer-to-peer, trustless services to compete with the incumbent digital oligarchy that rules the current internet landscape.

What is Web 3.0, and Why Does it Matter?

Web 3.0 is a collection of values as opposed to a technology, it compromises any idea or technology that aims to perpetuate and restore individual sovereignty, by re-democratizing and decentralizing the internet. The Web 3.0 ecosystem consists of projects that aim to redistribute control over the internet. Web 3.0 not only shifts control over information back to the individuals who create it but includes value as a primitive. In the current paradigm, payment processors function as necessary middlemen that bridge the gap between the world of digital currency and fiat currency. The dangers of allowing centralized organizations to facilitate this bridge and to dictate monetary terms to users are obvious?—?Paypal, for example, has been fined millions of dollars multiple times for deceptive business practices and legislative violations.

The centralization of internet infrastructure also provides governments with the ability to interfere with or censor free speech. In September 2018, the European Parliament voted in favor of the Directive on Copyright in the Digital Single Market?—?dubbed the “anti-meme law”?—?which forces platforms such as Youtube, Facebook, and Twitter to censor the distribution of copyrighted materials. The directive also includes an article that forces news aggregator sites such as Google News to pay publishers for distributing excerpts of content.

While the EU Directive is focused on enforcing copyright law, its opponents highlight the impact of restrictive legislation enforced on a service provider level and how it can negatively impact free speech?—?a stance supported by major organizations in the current centralized internet power structure. YouTube CEO Susan Wojcicki states that “Article 13 threatens hundreds of thousands of jobs, European creators, businesses, artists and everyone they employ,” while European Parliament Member Julia Reda argues that state-enforced content control is designed to benefit “big media companies, with their waning control over distribution channels” only. Web 3.0 aims to eliminate single, centralized points that can be targeted by payment providers, middlemen, or nation-states that seek to monopolize or restrict information and value flow by decentralizing the infrastructure that the internet operates on.

Web 3.0 Use Cases

The Web 3.0 ecosystem is already here and is growing rapidly. The technology that will power the web 3.0 revolution has evolved dramatically in the decade since the distribution of Satoshi Nakamoto’s Bitcoin white paper in 2008 and has catalyzed a Cambrian explosion of cryptocurrencies, trading platforms, utility tokens, decentralized applications, and enterprise alliances.

Cryptocurrency is the most obvious implementation of Web 3.0 methodology, with platforms such as Bitcoin and Ethereum now making it possible for users to store and transfer value outside of the traditional banking system. Malta-based “blockchain bank” Founder’s Bank represents one of the first Web 3.0 financial institutions, while platforms such as OmiseGo are providing banking services to the unbanked and underbanked by creating a decentralized, peer-to-peer payment system. The Web 3.0 revolution reaches beyond currency and finance, promising to decentralize venture capital, governance, supply chain, healthcare, lending, security, cloud computing and storage, education, insurance, digital advertising, and hundreds of other industries.

What Will the Web 3.0 Look like?

The Web 3.0 internet is anti-monopoly, interoperable, pro-privacy, and collaborative. The core goal of the Web 3.0 movement is to atomize the internet as it exists today and distribute it across all network participants. To achieve this, the Web 3.0 movement is built on the principles of data privacy and collaborative decentralization?—?users will have more options and cloud providers will be forced to compete with decentralized file storage platforms such as Storj or the IPFS hypermedia protocol, which split, encrypt, and distribute data across tens of thousands of separate, independent hosts.

Web 3.0 will also change the way identity is tracked online. User identity information is currently owned?—?and sold?—?by platforms such as Facebook and Google. Web 3.0 projects such as the blockchain-based ERC-725 self-sovereign identity protocol allow users to manage their own data, while platforms such as IBM-backed Hu-manity allows users to sell and profit from their data, should they choose to sell it.The future of the Web 3.0 based internet is a future in which users operating blockchain-based smartphones are able to access truly decentralized applications equivalent to Facebook, eBay, Uber, and Amazon, transacting in a peer-to-peer manner with full control over who can access their data.

Who is Building the Web 3.0?

The Web 3.0 revolution is in full swing and is under active development by a wide range of forward-leaning tech companies. The Web3 foundation works to nurture the growth of tech that brings the internet closer to its decentralized future, running frequent events such as the Web3 Summit that bring together developers and researchers that are working on the protocols, computational languages, blockchains, and storage mechanisms that will fuel the Web 3.0 movement. Web3 works with platforms such as Chainlink, an interoperability-focused blockchain network that aims to bridge the data gap between off-chain systems and distributed ledger systems in order to facilitate blockchain ubiquity.

A large-scale open-source collaborative project such as the Web3

Foundation and the Internet of Blockchain Foundation work toward creating alliances between blockchain projects and enterprise. The growing Web 3 landscape is also home to hundreds of promising blockchain-based decentralized applications, or dApps, that aim to create Web 3.0 alternatives to the centralized apps used today. Poland-based cloud computing platform Golem is creating the world’s first decentralized supercomputer, Ethlance is working on the world’s first decentralized Web 3.0 job market, while ConsenSys-backed project uPort is building the first open identity system.

The Future of Web 3.0

A future in which we can speak freely with our loved ones and have confidence that they’re the only ones listening won’t come overnight, but it is coming. There are many questions that must be answered and many obstacles that must be overcome before the internet transitions into a truly peer-to-peer decentralized network?—?how will current blockchain technology scale to a level that can support hundreds of thousands of transactions per second? How will decentralized governance work, and how does the decentralized internet and economy fit into existing legislative frameworks?

Organizations such as the Web3 Foundation are working to solve these problems today, fostering adoption and accelerating the development of technology that will overcome the obstacles that the Web 3 movement faces in order to establish a truly democratic, open, and free internet free from middlemen, censorship, and monopolization.

Article Produced By
bitfishlabs

https://medium.com/bitfishlabs/the-decentralized-internet-is-here-web-3-0-and-the-future-of-blockchain-powered-future-f16ff02584a9

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Life After Google: Fall of Big Data The Rise of the Blockchain Economy

Life After Google: Fall of Big Data, The Rise of the Blockchain Economy

There is life after Google says, George Gilder…

Since becoming famous with the arrival of the international bestseller Wealth and Poverty in 1981, George Gilder has remained an artistic pillar in the world of politics, economics, and more so, as of late, technology/innovation. Gilder is an energetic author and correspondent covering not only where we are as a society today, but where we’re as of now heading also. Previously, Gilder has honed in on the innovations of the future and anticipated the diminution of technology that basically isn’t staying aware with the way society is developing.

As an intense author and maybe a periodical polemicist, Gilder is definitely already known to many perusers from his other works, including titles like Microcosm, Life After Television, Telecosm, and the Silicon Eye. Despite one’s own sentiments on his other work as it identifies with social analysis, there’s no denying Gilder’s poignant presence in the world of financial matters, particularly from the conservative-libertarian side of things, and his tech-focused visions for what is to come. With regards to economics, Gilder has even gone so far as to earn the label of being the most referred to author alive, by former President Ronald Reagan.

In his most recent book, Life After Google: The Fall of Big Data and the Rise of the Blockchain Economy, Gilder is now again examining the way humankind relates with technology and how it influences the lives of end users. We’re existing at a point in history where such a large amount of what we do, what we see, and what we utilize is controlled by an increasingly smaller group of individuals. Gilder doesn’t like that and, more importantly, doesn’t think it’s useful for civilization. Google appears to dominate nearly every aspect of so many individual’s lives, Gilder sees an essential shift in the future. A move away from centralized authority and domination of so much of the internet today. A shift instead to a decentralized method of connecting and communicating with the world around us; a “great unbundling,” perhaps.

Security, Blockchain, and the Coming Disruption

Eventually, Gilder sees a future beyond Google where things are decentralized and blockchain innovation assumes an indispensable position in the manner in which we interact as a society. For Gilder, one of the other worrying aspects of the centralization in the case of Google is the absence of an emphasis on security. Gilder unequivocally expresses that security in a framework isn’t merely an afterthought. It shouldn’t be a patch or an addition made to a platform, but rather a foundation of the platform to begin with. At the end of the day, the question of security is really one of architecture to Gilder.

In Google’s case, the organization has possessed the capacity to escape without that foundational basis because of how they’ve inverted the traditional relationship between company and consumer. Gilder sees this as a crucial mistake on Google’s part. Basically, Google has changed the relationship between customers and companies which places the would-be consumers in a position significantly more similar to a commodity.

According to Gilder, there is aspiration with the approach and presentation of blockchain technology (a glaring difference to Google’s framework which isn’t security-established in its engineering). Really, blockchain isn’t so much a “hope” as it is a natural progression. The current model practised by companies like Google won’t be able to survive on its own. To be sure, we’re in for an incredible “unbundling.” Big Data ie, Google operates from control and when they can't control data they will fail.

Unlike Google’s model, Blockchain technology is essentially based in security. Instead of being an afterthought for a network, it’s a crucial component of how the network is formed in the first place, something undeniably more sustainable in Gilder’s eyes. Ultimately, blockchain technology is exactly the kind of impetus that can lead society to a more decentralized, provable, and trustless future. In contrast to huge organizations with walled gardens, blockchain allows for large distributed systems that aren’t controlled by a third party and can remain stable without one crucial failure point.

A distributed system that is unalterable and can’t be tampered with by an overshadowing authority has extensive-scale significance. Whether pertaining to legal records, property deeds, financial transactions, or any other type of data imaginable, blockchain technology can offer a framework more secure and immutable than those before it. Simply put, blockchain is the future:

George Gilder, featured in the video, is one of the tech world's more famous and controversial prophets, serves on the board of directors of several technology companies. He believes we can say goodbye to today's internet and welcome a new "system of the world" that enables a new global economy founded on a new form of internet money and micro-payments, where new companies will emerge to lead the new era.

Will This Effect Social Media Platforms?

Decentralized data will also frustrate the social media platforms because they will have no control. Should these platforms go the route of incorporating blockchain technology, will probably be to its demise as they thrive on the data they collect. It would also be a monstrous undertaking considering blockchain really needs to be foundationally introduced, not an add-on.

It would seem that technology has somewhat left them on the shelf.

We have a future here where we can operate on a platform of decentralized data. The next 10 years will be about Market Networks.

Markethive is a next generation Social/Market Network, built on the Blockchain that has positioned itself as a complete ecosystem for Entrepreneurs. Using the latest technology, it provides prosperous solutions for all business owners, marketers, commercial artists who require an online presence. Markethive's functionalities include SEO features, Analytics, Customer Management System, Traffic Portals, Capture Page and Lead Creation, Profile Page, e-commerce portals, video conferencing, Blogging Platform and much more. Also included are significant training tutorials and weekly live support meetings.

Focused on Inbound Marketing, Markethive plugs into all Social Media, simplifying your marketing efforts, with automated email campaigns allowing for lead flow into your designated business. Markethive incorporates collaboration building relationships within the community.

Markethive is a social market platform that is essentially a hybrid between the social networks, Inbound Marketing, Ebay and exchanges. No other alternative utilizes the blockchain the way Markethive does.

Inbound marketing is one of the most sought-after attractive marketing strategies in business today, yet managing a successful campaign requires a high demand of human and technical resources. Here is a platform that can enable you to create, advertise and broadcast, plus evaluate your content’s success effortlessly with complete control and privacy.

Article Produced By
Deb Williams

Freelance Writer – Crypto Enthusiast

I am a freelance writer for the Market Network and crypto/blockchain industry. I'm a strong advocate for technology, progress and freedom of speech and I live for Change. My background is in Sales, …

https://marketnetworks.quora.com/Life-After-Google-Fall-of-Big-Data-The-Rise-of-the-Blockchain-Economy?share=1

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IBM and Columbia University Launch Two Blockchain Startup Accelerators

IBM and Columbia University Launch Two Blockchain Startup Accelerators

 

 IBM and Columbia University announced the introduction of two new blockchain

startup accelerators as critical components of their center for research, education, and innovation in blockchain technology and data transparency.

IBM Network and Columbia Launch to accelerate industry adoption

The joint venture, part of the Columbia-IBM Center for Blockchain and Data Transparency, will provide 20 entrepreneurs and blockchain network founders worldwide with access to the assets, knowledge, and support they need to build sustainable blockchain businesses and enterprise-grade blockchain networks. IBM’s Network Blockchain Accelerator will expedite the global development of ten later-stage growth companies, and focus on building out an enterprise-grade business network and client base for their blockchain solution.

According to David Post, Managing Director of IBM Blockchain Accelerator, “The possibilities presented by blockchain technology are seemingly endless, and we see strong dedication by technical talent to build game-changing applications.” He believes that adoption is inevitable and “what is also needed to truly bring about this sea change is the right technology and expertise which is why IBM is working with Columbia to help give these early- and mid-stage founders a way to build enterprise-grade networks that can move blockchain innovation forward.”

In contrast, the Columbia Blockchain Launch Accelerator is intended to provide ten pre-seed, idea-stage companies with the necessary expertise and tools on how to build a blockchain startup, as long as it is in affiliation with the Columbia or any NYC-based University. Satish Rao, Executive Director of the Columbia Blockchain Launch Accelerator, expressed confidence that “Early- and late-stage teams will undoubtedly benefit from IBM’s technology resources, expertise and established network coupled with Columbia’s ground-breaking research and talent in blockchain and data transparency, all while benefiting from rapidly growing NYC blockchain communities.”

Beyond Blockchain Tech: Sustainable Business Development

The two accelerator programs will empower companies and their teams with the aid of an expert network of business and technical support teams, workshops from IBM, as well as access to connections to the Columbia research community, student talent pools, and the IBM Cloud technology. As part of the accelerator plan, entrepreneurs will investigate what are the best practices for building a secure and sustainable blockchain network and ecosystem with the guidance of academic, technical, and business tutors from IBM, the Columbia University and other organizations.

Both programs are expected to launch in Q1 of 2019, while IBM Network has already opened nominations. Since they are invite-only, to apply, companies must look for the recommendation of investors, customers or IBM representatives. The Columbia Launch program is designed to help up to seed-funded startups. Upon completion of the accelerator, IBM may decide to enter into strategic partnerships with the firms to assist them with establishing and/or scaling the concepts developed during the program.

Article Produced By
Mauro Sacramento

Mauro is a Portuguese crypto journalist in pursuit of his digital nomad dream. Although he graduated in scriptwriting, he spent the past decade in corporate environments. Now that he's rediscovering what freedom feels like, he can't get enough of blockchain and its decentralization.

https://www.ccn.com/ibm-and-columbia-university-launch-two-blockchain-startup-accelerators/

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