Blockchain
Digital Securities Guru Thomas Carter on The Two Keys That Will Unlock Mass Adoption of Cryptocurrency/Blockchain in 2020
New York, NY, Jan. 09, 2020 (GLOBE NEWSWIRE) — (via Blockchain Wire) Blockchain technology saw exponential growth in 2019, unprecedented adoption and interest by governments and institutions around the world validating it’s utility.
With core infrastructure being built out across the planet, enterprise investment and regulatory pathways being defined the stage is set for 2020 to be the year for mass adoption of blockchain technology.
Thomas Carter, digital securities pioneer, and CEO of DealBox outlines two key trends that will bring about massive opportunities in the blockchain space in this new year.
Key 1 – The Fat Protocol & Next Generation Blockchains
Joel Monegro’s Fat Protocol thesis describes how the value of blockchain technology is based on an opposite paradigm to the way value was created via the internet over the past couple of decades.
The protocol layer of the internet (HTTP, FTP, SMTP, etc) which is the technology that provides the underlying mechanics for websites, file transfers, and email isn’t where the value was created.
Instead, the apps that used the protocols (Facebook, Google, Amazon, etc) were the winners. Thus, the “thin protocol” designation.
In the Blockchain ecosystem we see the inverse is true where value creation will be realized by the market cap of the underlying blockchain protocol as opposed to the apps being built on it.
In other words, the value in the Ethereum blockchain can be expected to be more than the dApps (decentralized apps) being built on it. Fat Protocol.
This thesis holds true only if the blockchain in question has solved the TPS (transactions per second) or throughput problem.
1st and 2nd generation blockchains like Bitcoin and Ethereum rely on consensus mechanisms that put a huge drag on transaction speed making them unviable by enterprise adoption standards.
3rd generation blockchain is all about increasing transaction speed without compromising the security, immutability and distribution of the chain.
To solve the TPS problem, various new consensus mechanisms are being developed along with sidechain technology.
Sidechains are a separate and parallel data layer that off-loads some of the data from the mainchain thereby reducing the amount and frequency of needing to wait for consensus confirmation.
Gorbyte, founded by Giuseppe Gori is one project in particular just coming out of stealth mode that has created an elegant solution to the problem of blockchain scalability.
Gorbyte’s GNodes system eliminates the need for miners which has been the traditional bottleneck for TPS.
George Gilder is a legend in tech and economic circles. His book Wealth and Poverty was the guiding light for Regan’s economic policies which ignited the rise of the Dow Jones Industrial Average from roughly 800 in 1979 to where it is today.
Gilder predicted much of the ubiquitous tech in use today years before it existed in his books: Microcosm, Telecosm, Life After Television, and The Silicon Eye.
In this latest book, Life After Google.. Gilder coins the term “The Cryptocosm”, to describe the emerging wave of innovative blockchain-based technology companies who are not just bringing paradigm shifting solutions to the market — but redefining the market itself.
Gilder recently had this to say about DealBox security token issuer Giuseppe Gori in this latest newsletter
“Giuseppe Gori is an internet legend..”
On Giuseppe’s new book –
“With Reinventing the Blockchain Gori becomes the reigning prophet of the next phase of the Cryptocosm, and Cryptocosmic investment…”
“Gori is the tribune of a new generation of blockchain inventors and their companies.”
Giuseppe’s company Gorbyte has built a blockchain that is faster and vastly more scalable than Bitcoin. It’s easier and more affordable for running smart contract applications than Ethereum.
Key 2 – Usability
Blockchain is different from the traditional internet in that it incorporates a shared data layer rather than data being siloed and monetized by companies like Facebook, Instagram, Reddit, etc.,
For those companies, the better model would compensate the users for creating the content and empower them to take their content elsewhere if a better deal became available. With data decentralized, security would be much better and privacy would be better protected.
That’s exactly what a decentralized application built on an open data protocol would do. And the compensation of the users is what a native cryptocurrency token would satisfy in this new business model.
Why isn’t this being done en masse? Bitcoin is now over a decade old. Bitcoin miners have been incentivized by receiving tokens and that is precisely why Bitcoin works as well as it does. The model is proven.
Actually, a number of entrepreneurs have tried. Steem is like a decentralized Reddit with a token incentive model and it has been chugging along for sometime.
There are 150 + decentralized apps in the Blockstack app store and a similar thriving ecosystem can be found on Ethereum.
We know that TPS/scalability has been a problem but there is a second key component and that is usability.
Usability for blockchain is in dire need of a refactoring. No matter how amazing a technology is if it is hard to use, people simply won’t use it. More accurately, if they can’t figure out how to use it – they can’t use it.
We now have scalability solved with next generation blockchains like Gorbyte and a consortium of other ventures are now working together on a shared vision to improve blockchain usability called “Make Crypto Easy”.
Thomas Carter on the current situation:
“With blockchain tech and cryptocurrency, we aren’t dealing with a typical market adoption learning curve. Bitcoin was born of iconoclastic ideals and philosophy. If you were a technologist and you resonated with the philosophy behind Bitcoin, then you would figure out how to use it. In other words, user-friendliness wasn’t ever a consideration until now and that was mostly on purpose.”
The Make Crypto Easy consortium venture members are focused on solving usability issues in 4 areas of user blockchain user-experience: Transactions, Identity, Education and Digital Banking.
To learn more about the ventures and groundbreaking technology spearheading this initiative please visit http://www.makecryptoeasy.io/
As blockchain technology and the verifiable distributed trust it confers continues to reshape the world of finance that directly impacts the fundamental ways we all transact online.
Addressing the Two Key issues of scalability and usability will remove the final friction points to widespread user adoption.
With the pace of progress being made by the ventures mentioned above as well as by other projects in the crypto space, 2020 is likely to be the tipping point for massive disruption and opportunity.
Thomas Carter, founder and CEO of DealBox, Inc; read about Thomas: “This FinTech Veteran Is Making Cryptocurrency Startup Funding Legitimate“; connect on LinkedIn and Instagram.
Contact:
Shazir Mucklai
Imperium Group
Blockchain
Crypto and Blockchain Weave Deeper Into the Biometrics Space – Identity News Digest
AuthID Inc. has formed a strategic partnership with the National Notarial Centralized Verification System (NNCVS) to integrate biometric identity verification into NNCVS’s online notary platform. NNCVS, a provider of nationwide online services for notaries, aims to transition from a local, in-person framework to a more secure, digital model. By leveraging AuthID’s platform, NNCVS will authenticate the identities of notarial agents and their clients using biometric checks that compare selfies with ID document photos. This enhancement ensures heightened security throughout users’ interactions with the service.
iVALT has introduced a mobile app called OnDemandID, designed to enable users to verify the identity of individuals during phone calls, video calls, or online interactions with a single click. The app employs multiple verification elements, including biometrics, device ID, and location-based parameters like geofencing and time windowing, to prevent deepfake attacks and identity fraud. OnDemandID prioritizes user privacy by storing biometric data locally on the device and refraining from tracking user movements. Additionally, iVALT offers integration into existing enterprise mobile apps, providing a solution to enhance caller verification processes within corporate environments.
Keyless, a company specializing in secure facial recognition, has partnered with EnQualify, an AI-powered Know Your Customer (KYC) verification provider, to enhance online identity verification. Keyless’s privacy-centric ZKB technology will integrate with EnQualify’s AI for initial user verification, enabling a seamless and secure authentication process. This collaboration eliminates the need for repetitive steps and data storage, offering a faster and more user-friendly verification experience while ensuring robust security measures.
Australian fintech Waave has launched its Wallet app to enhance security and convenience for online payments. Integrated with Waave’s Pay by Bank system, Wallet utilizes fingerprint or facial recognition for secure authentication, eliminating the need for passwords and card details. This approach addresses concerns about online fraud, providing a streamlined payment process for consumers and merchants alike. Additionally, Wallet will introduce expense tracking features later in 2024, further enhancing its utility for users.
BeatBit Wellness Lab has introduced the CUDIS ring, a wearable device focused on user-controlled health data management. Powered by Solana blockchain technology, CUDIS tracks biometric data and offers personalized health insights using AI algorithms. Users can contribute anonymized data to a research network and earn rewards, emphasizing data ownership and privacy. The CUDIS ring integrates securely with other Solana and Web3 products, offering users a comprehensive health monitoring solution within the decentralized ecosystem.
Worldcoin has unveiled World Chain, a new blockchain platform designed to prioritize verified human users over bots, aiming to reduce network congestion and transaction fees. Integrated with the Worldcoin protocol’s Proof of Personhood, World Chain provides verified users with priority blockspace and gas allowances. This Layer 2 solution, secured by Ethereum, offers developers access to a large pool of verified users for deploying utility applications. World Chain is set to be open source and permissionless, with plans for community-based governance in the future.
New South Wales (NSW) has launched an Australia-first trial to test digital birth certificates, involving over 18,000 children associated with specific educational institutions. Led by the NSW Registry of Births, Deaths and Marriages in collaboration with the Department of Customer Service, the pilot explores the use of digital certificates with the same legal validity as traditional paper versions. Digital birth certificates aim to simplify administrative tasks and offer enhanced security and convenience, particularly in disaster-prone areas where paper documents could be compromised.
Source: findbiometrics.com
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Blockchain
Tether USDT stablecoin goes live on TON blockchain
Tether and Telegram’s Web3 ecosystem are aligning further with the launch of USDT and XAUT stablecoins on the TON blockchain.
Tether, the stablecoin operator, is deepening its integration with Telegram’s Web3 ecosystem by introducing its stablecoins, including Tether USDT and Tether Gold (XAUT), on The Open Network (TON).
The announcement was made on April 19 during the Token2049 event in Dubai, where Tether CEO Paolo Ardoino and Telegram founder Pavel Durov delivered keynote speeches.
Alongside the stablecoin launch, Tether also revealed a restructuring plan, introducing four new business divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu. Ardoino emphasized the shared vision of TON and Tether for an open, decentralized internet and a borderless financial system.
The addition of USDT and XAUT on TON is a significant step for Tether, expanding its presence to 15 blockchains, including Ethereum and Tron. This move also holds importance for the TON network, which recently surpassed Dogecoin as the ninth-largest blockchain and cryptocurrency by market value.
According to Ardoino, USDT and XAUT on TON will facilitate seamless value transfer, boosting activity and liquidity while providing users with a financial experience comparable to traditional systems.
The integration of USDT into the TON ecosystem enables transfers between fiat and crypto, aiming to surpass traditional finance in efficiency and user-friendliness. Jack Booth, TON Foundation’s marketing head, highlighted the TON blockchain’s capability to provide simple, borderless peer-to-peer payments, catering to Telegram’s estimated global user base of over 900 million.
While USDT has been available on Wallet, a third-party custodial wallet for Telegram users, since at least 2023, its integration with TON marks a significant milestone. Halil Mirakhmed, Wallet’s chief operating officer in Telegram, confirmed that TON-based USDT will be offered alongside TRC-20 USDT on Wallet.
The move comes on the heels of Tether’s recent launch of a recovery tool for migrating USDT between different blockchains in March 2024. With USDT stablecoin crossing the $100 billion market cap milestone earlier in March, its expansion onto the TON blockchain signifies another step forward in the cryptocurrency’s ecosystem growth.
Source: cointelegraph.com
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Blockchain
Crypto fans count down to bitcoin’s ‘halving’
Bitcoin enthusiasts eagerly anticipated the occurrence of bitcoin’s ‘halving’ on Friday, a pivotal event in the cryptocurrency’s protocol aimed at reducing the rate of new bitcoin creation. Programmed into Bitcoin’s code by its pseudonymous creator Satoshi Nakamoto at its inception, the halving occurs approximately every four years.
Chris Gannatti, Global Head of Research at asset manager WisdomTree, which offers bitcoin exchange-traded funds, described the halving as “one of the biggest events in crypto this year.” CoinGecko’s countdown clock indicated that the halving was slated to take place in the early hours of Saturday GMT.
For many cryptocurrency enthusiasts, the halving underscores bitcoin’s value as an increasingly scarce asset, as Nakamoto set a limit of 21 million tokens. Conversely, skeptics view it merely as a technical adjustment hyped by speculators to inflate the virtual currency’s price.
The mechanics of the halving involve reducing the rewards miners receive for creating new tokens, thereby increasing the cost of introducing new bitcoins into circulation. This comes following bitcoin’s surge to an all-time high of $73,803.25 in March, with the cryptocurrency trading at $63,800 on Thursday.
Bitcoin and other cryptocurrencies have benefited from excitement surrounding the U.S. Securities and Exchange Commission’s approval of spot bitcoin exchange-traded funds in January, as well as anticipation of central bank interest rate cuts. Previous halvings occurred in 2012, 2016, and 2020, with some cryptocurrency enthusiasts pointing to subsequent price rallies as indicative of potential price increases post-halving. However, many analysts remain skeptical.
“We do not anticipate bitcoin price increases post halving as it has already been priced in,” wrote JP Morgan analysts this week. They predict a decline in bitcoin’s price post-halving due to being “overbought,” coupled with subdued venture capital funding for the crypto industry this year.
Source: reuters.com
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