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Large Enterprise Adoption of Blockchain is happening, enabled by Quant Network’s Overledger

Large Enterprise Adoption of Blockchain is happening, enabled by Quant Network’s Overledger
https://medium.com/@CryptoSeq/large-enterprise-adoption-of-blockchain-is-happening-enabled-by-quant-networks-overledger-32321b650115
This is Part Two in the mini-series looking at Quant Network. You can see Part One here as well as links to other articles at the bottom of this post.
Quant Network have achieved incredible levels of adoption since launching Overledger less than a year ago. Their growth strategy is to partner with multinational global organisations with huge amounts of employees to then host / implement / take Overledger to each of their own clients. So one Partnership, leads to exponentially more and is the fastest way to scale rather than trying to partner with each customer individually. This is how companies such as Oracle grew so fast and Microsoft with their Partner Network.
These are multinational global organisations with 100,000 + employees, this is the scale that we are working towards to take Overledger to the mass market. We can’t do it one by one in each country and sign them up but we can partner with someone that has 100 customers and they can take it to all their customers as well which helps with the adoption of our technology” — Gilbert Verdian
Let’s start with arguably the biggest partnership for any Blockchain company listed on Coinmarketcap, the leading Financial Network Provider in Europe, SIA.

SIA

  • Provide the leading Financial Network in Europe with more than 100 Tier 1 banks connected, 44 Trading venues (including the main international stock markets in Milan, Rome, London, Frankfurt and New York) and other financial institutions covering the entire trading process from pre-trading to post-trading
  • process 14 Billion institutional services transactions, 7.2 billion card transactions, 3 billion payments, 51.7 billion financial transactions and carried 1,204 terabytes of data on the network
  • SIA in partnership with Colt and SWIFT are the only two network providers awarded a 10 year tender commissioned by the European Central Bank for the provisioning of connectivity services allowing European central and commercial banks, central depositories, automated clearing houses and other payment service providers to connect directly to Eurosystem market infrastructures through a single access interface (Eurosystem Single Market Infrastructure Gateway — ESMIG).
  • SIA’s SIAchain is the leading blockchain architecture in Europe connecting 570 Banks, Central Banks, Trading Venues and other Financial Institutions using R3’s Corda, Permissioned variants of Ethereum and Hyperledger Fabric.
  • SIA have Integrated Overledger into the leading blockchain architecture in Europe SIAchain so that all of the 570 banks, Central Banks, Trading venues etc can benefit from Blockchain Interoperability.
“Since the European launch of our private infrastructure SIAchain, we are at the forefront of innovation in blockchain technology with the aim of supporting financial markets with a high-performance and secure architecture and a clear governance model. We actively continue on our path of innovation and the achievement of a fully interoperable blockchain network is the foremost objective we want to reach with the collaboration of Quant Network and its disruptive vision on DLT”, says Daniele Savarè, Innovation & Business Solutions Director, SIA.
https://youtu.be/0cNmGrLPoTo
So what we’ve done is instead of just announcing one client and one thing, we’re announcing that we’re working with SIA. So, SIA is the leading European payment infrastructure. And what we’re doing with SIA is interconnecting blockchain networks with SIA, and doing settlements, which are central bank settlements, with the central bank in Italy. So what Overledger is doing is we’re actually bringing blockchain and interoperability to all of SIA’s clients, which are 580 banks. So, Overledger could be rolled out to all these institutions, financial services, banks, at scale, and have interoperability to get the benefits of this.
To read more see my other article which goes into more details about SIA here
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AX Trading

Quant Network are working with AX Trading to bring more digital assets, securities and tokenised assets to their existing 800 institutional traders in an already live and connected FINRA and SEC regulated exchange. AX Trading is not just about trading securities but other digital assets such as Bitcoin, Ethereum and potentially even Quant in the Future.
  • an SEC-registered broker-dealer and Alternative Trading System (ATS) Operator. They are a member of FINRA and SIPC regulated authorities.
  • Have investors and sponsored brokers such as Credit Suisse, (a multinational investment Bank and Financial services company worth $27.5 billion).
  • AX currently have over 800 Institutional traders (these are not individuals, but corporations such as hedge funds, banks, investment banks, pension funds, insurance companies, endowment funds etc).
  • AX Trading have also partnered with Euronext, the largest Stock Exchange in Europe with a market cap of $4.65 trillion as of 2018, in the creation of Euronext Block which utilises AX Trading.
  • This is a multi-trillion dollar market with huge global enterprises, traditional exchanges and global banks are all adopting DLT at a rapid pace and going into production at scale in a matter of months
Overledger a blockchain operating system, will enable universal interoperability for regulatory-compliant security tokens and digital assets to be traded on AX ATS, a regulated secondary trading market. AX intends to integrate Overledger to help foster the evolution of traditional capital markets infrastructure to facilitate the mass implementation of regulated digital assets. With the increased market adoption of digital assets and banking “coins” such as JPMorgan Coin, AX and Quant Network are at the forefront to enable the transferability and movement of digital assets
George O’Krepkie, AX CEO said: “we look forward to partnering with Quant. Their technology will allow our blockchain agnostic security token exchange to communicate seamlessly with issuers, traders, investors, and regulators across different blockchain protocols. This is a key technological breakthrough that will help us bring the benefits of security tokens to Main Street and Wall Street.”
To read more see my other article which goes into more details about Wall Street 2.0: Enabled by Quant Network’s Partnership with SEC & FINRA registered AX Trading here
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Oracle

  • Oracle are the second largest software company in the world, second only to Microsoft and worth $174.5 billion.
  • Quant Network are an Oracle Fintech Partner. Oracle are jointly going to market with Quant Network and taking Overledger directly to their 480,000 clients globally.
  • On the week commencing the 23rd September 2019 Quant Network and Oracle will be showcasing Overledger at the largest Financial event of the year SIBOS. SIBOS is a very exclusive financial services only event that only institutions that are connected to SWIFT can attend. The only 2 Blockchain firms attending are Quant Network and Ripple.
At Sibos 2019 Oracle is excited to feature 10 of our fintechs that have proven they are enterprise cloud ready and span a wide range of digital transformation themes including several available on Oracle’s Open Banking API ecosystem. Discover how you can accelerate your digital banking journey with a wide range of proven Oracle fintech solutions that meet the security, performance, and compliance needs for today’s Adaptive Bank — Oracle SIBOS 2019 Blockchain Enables Trustworthy Transactions The potential uses of blockchain technologies are seemingly endless, from providing easy access to online payments to creating connected economies. But one of blockchain’s standout promises is to automate trust by providing an incorruptible platform for transactions. Quant’s Overledger is the world’s first blockchain operating system. It’s designed to provide any network in the world with a gateway to all other blockchains, and therefore enable companies to develop new solutions by incorporating features from multiple blockchain applications. — https://blogs.oracle.com/startup/innovation-pays%3a-the-five-fintech-startups-making-money-more-interesting
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Crowdz

  • Crowdz are the leading blockchain-based trade finance company
  • Headed by Cisco’s former global supply-chain leader
  • In business since 2014, with 270+ beta clients
  • partnered with Barclaycard, part of Barclays Bank, to integrate into their payment solutions
  • Recently received $5.5 million Series A Investment from Barclays Bank and BOLD Capital Partners, with additional investments coming from TFX Capital Partners, Techstars Ventures, and First Derivatives
  • In talks with the Korean Government about using their tech.
Payson Johnston, President and CEO of Crowdz, a Silicon Valley trade-finance and financial-technology company, stated that, “Although Crowdz uses the Ethereum blockchain as the foundation for our Invoice Auction Exchange, we have needed a solution that allows for invoices and other documents to be transferred from one blockchain to another — for example, among Hyperledger, Corda, and EOS. With the Overledger solution from Quant Network, it is now possible to pass data among different blockchains. Crowdz looks forward to working with Quant Network to enable the true multi-blockchain environment that our customers demand.”
You can read more about the announcement here

AuCloud and UKCloud

  • UKCloudX is the UK Sovereign High assurance cloud services designed for the UK’s most sensitive and mission critical systems from Defence, National Security to wider Government requirements.
  • AUCloud is Australia’s sovereign cloud Infrastructure-as-a-Service (IaaS) provider, exclusively focused on the Australian Government (Federal, State and Local) and Critical National Industry (CNI) communities.
  • AuCloud integrate Overledger onto the AUCloud platform to provide highly secure and interoperable Blockchain-as-a-Service for Australian Government and Defence and the critical national industries and supply chains that serve the nation.
Scott Wilkie, Director of AUCloud stated that Australian Government, Department of Defence and major industries are using or testing blockchain to interact with their supply chain, critical infrastructure, national record keeping and financial services. These organisations require the interoperable functionality that can only come with an operating system like Overledger and the security of the leading sovereign Australian cloud platform. Without Overledger, none of these projects or systems will be able to communicate with each other or enable cross party collaboration. Brad Bastow, CTO AUCloud (previously CTO Department of the Prime Minster & Cabinet) stated that “applying world leading blockchain technologies to enhancing the cyber security of cloud IaaS and PaaS can significantly improve the ease of adoption and reduces risks for all government users and citizens. We aim to bring the most effective and assured technologies as-a-Service and Quant Network have some of the most advanced blockchain technology in the world in this respect.”
You can read more about the announcement here

SIMBA Chain

  • A Cloud-based, smart-contract-as-a-service (SCaas) platform. enabling users across a variety of skill sets to implement DAPPs.
  • formed from a Defense Advanced Research Projects Agency (DARPA) grant in 2017 originally developed by ITAMCO and the University of Notre Dame
  • Awarded a grant from the Department of Energy to develop a platform for a blockchain solution for the solar energy market.
  • Their platform is available on Azure and are Microsoft Start Up Partners with a former Microsoft Global Exec Joining SIMBA Chain.
  • Some of their other partnerships include the Government Blockchain Association, Air Force Research Laboratory, Caterpillar, SAP and EY
  • Recently announced they are starting to develop on Quant Network’s Overledger to enable connection to all of the blockchains currently connected through Overledger and provide interoperability between them.
https://preview.redd.it/blpktdhc4pn31.png?width=438&format=png&auto=webp&s=ddf8bbad9bb1c2e32e84718b03fdac08e1f46663

https://preview.redd.it/lv7c8upd4pn31.png?width=1085&format=png&auto=webp&s=33c1b51f8b4b4479de99ac37ea4def67b348fe5e
https://youtu.be/u4ymv3AM_Us

AllianceBlock

  • an AI-powered decentralized investment and financing ecosystem, which allows corporates to quickly, cheaply and safely raise funds, whether it be equity, debt or tokens.
  • Selected as 1 of 15 Best Early-Stage startups at Money 20/20, Europe’s Largest Finetech Conference.
  • Joined Kickstart Innovation, one of Europe’s largest multi-corporate accelerators.
  • Joined Level39 Europe’s largest Fintech Accelerator
  • Partnered with Holochain, Elastos and Portugal Finlab
  • have more than 35 years combined experience in capital markets at top investment banks (Goldman, JP Morgan, Barclays…) and more than 10 years in AI, IT and software development (Barclays, VINCI, PostNL…).
“AllianceBlock will use Overledger to leverage multiple blockchains and create multi-chains token swaps. This partnership offers the possibility to open a new set of real-world applications leveraging different features from different chains. AllianceBlock is delighted about this partnership which will help blockchain projects and SMEs wield blockchain technology very easily” said Rachid Ajaja, Co-founder of AllianceBlock.

Jiangsu Huaxin Blockchain Institute

  • the first state-owned research hub dedicated to exploring blockchain technology for the Chinese Ministry of Commerce with over 100 employees.
  • high-tech R & D institution backed by the provincial government in Jiangsu, the second highest GDP grossing province in China
  • Backed by parent company Beijing Huaxin Electronics Enterprise Group, a conglomerate that has incubated and invested in numerous IT and telecommunications companies
  • China’s official institution for blockchain development, signed an agreement to collaborate on the development of innovations like distributed computing and quantum cryptography to revolutionize the next generation of distributed ledger technology (DLT) protocols.
  • Quant Network have signed a MoU for a 5 year cooperation

Atlantic Power Exchange

  • An Early Stage start-up developing P2P energy software enabling automated trading of green and sustainable electricity over the blockchain
  • Creating an Upstream Energy exchange which interconnects existing P2P exchanges (like PowerLedger, WePower, GridSingularity etc) to multiple stakeholders, suppliers and customers in Australia.
  • All Built on Overledger

Managing Director of Rockefeller Capital Joins the Board of Quant Network

  • Rockefeller Capital Management is a leading independent financial services firm led by President & Chief Executive Officer Gregory J. Fleming, offering global family office, wealth management, asset management and strategic advisory services to ultra-high-net-worth individuals, families, institutions and corporations
  • Rockefeller Capital Management manages over $19 Billion in Assets with the aim of expanding this to $100 billion within 5 years.
Guy Dietrich, Managing Director, Rockefeller Capital commented:
“I’m delighted to join the Board of Quant Network. This is an exceptional team of experienced professionals in the cybersecurity and blockchain industry.”
Guy Dietrich recently personally attended meetings with the UK’s Financial Conduct Authority (FCA) with Gilbert.

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International Organization for Standardization (ISO)

Gilbert Verdian is the founder of ISO TC 307, the global standard for Blockchain and Distributed Ledger Technologies which 55 countries are currently working towards. Gilbert is the chairman for the TC 307 Working Group for Interoperability of blockchain and distributed ledger technology systems

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European’s Union INATBA

Quant Network is a founding member in the European Union’s launch of the International Association for Trusted Blockchain Applications (INATBA). Other members of INATBA include Accenture, Accord Project, Alastria,Banco Santander, BBVA, Consensys, Enterprise Ethereum Alliance, Fujitsu, IOTA, Ledger, SAP, SIA, Swift, Telefonica, We.Trade and many more. INATBA is a collaboration of 26 EU countries to develop EU blockchain regulation and prepare the launch of EU-wide blockchain applications

Pay.UK

  • Quant Network accepted as a company guarantor of Pay.UK, the UK’s largest payment network, alongside banks and other FinTech companies
  • Through this relationship, Quant Network will shape the payment ecosystem to promote competition, innovation and openness, as well as setting the strategic direction of the Payments infrastructure and adopting the New Payments Architecture (NPA).
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You can read more about it here and here
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MOBI

  • consortium for blockchain innovation in the mobility industry. The consortium was founded by leading automakers including Renault, Ford, GM, and BMW, and now represents more than 80 percent of global auto manufacturing by volume. Other members include Bosch, IBM, Cognizant, Accenture, Consensys, IOTA, R3, VeChain, Hyperledger, Ocean Protocol and Honda (Full list can be seen here)
  • Overledger operating system will enable interconnectivity and interoperability of data between manufacturers, devices, transportation and autonomous vehicles
https://preview.redd.it/9e6tfv9q4pn31.png?width=1138&format=png&auto=webp&s=29956ae26b72c0bae6d55c63945108e7a8dd2e0b

Hyperledger

  • Quant Network has joined Hyperledger where more than 270 organisations are now contributing to the growth of Hyperledger’s open source distributed ledger frameworks and tools. Some of the companies involved are Accentrue, Airbus, American Express, Baidu, Cisco, Deutsche Bank, DTCC, Fujitsu, Hitachi, IBM, Intel, J.P.Morgan, SAP, BBVA, Bosch, Deloitte, Fedex, Huawei, Lenovo, NTT Data, Oracle, PWC, R3, Ripple, Samsung, We.trade, Bank of England, Enterprise Ethereum Alliance, Federal Reserve, MOBI etc. Full list of members can be seen here.
  • Working with the Hyperledger Quilt team to enhance Blockchain Interoperability capability for Hyperledger members

Accord Project

  • The Accord Project is the organization for the development of techno-legal standards for smart legal contracts and distributed ledger applications in the legal industry
  • The Project operates in collaboration with IEEE, the International Association for Contract and Commercial Management, Hyperledger, R3, Decentralized Identity Foundation, and a number of leading trade associations, industry and standards organizations, and world leading law firms.
  • Quant Network have joined the Accord Project and are providing the Technology with Overledger and Treaty Contracts.
https://preview.redd.it/9o790gjs4pn31.png?width=1086&format=png&auto=webp&s=a5475b58acef6e9544236f2adcc6b6fb760c49e2

As well as many being worked on and yet to be publicly announced:

HCL Technologies

  • Indian Multinational IT Service and consulting company with offices in 44 countries and 137,000+ employees
  • Among the top 20 largest publicly traded companies in India with a market cap of $18.7 Billion and revenue of $9 billion.
  • Customers include 250 of the Fortune 500 and 650 of the Global 2000 companies.
we are really looking at ASIA, especially around Singapore, Hong Kong and we are working with partners to go there, just yesterday we had a meeting with a $8 billion company based in the ASIA region and they want to use Overledger for their clients and they are going to help us expand to that region, once we partner with the right bigger players
https://youtu.be/G1b9TX6rcuI
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2 of the Big 4 Global Consultancy Firms are taking Quant Network’s Overledger to their clients.

The Big 4 Global Consultancy firms are huge and consist of Deloitte, PwC, EY and KPMG. They offer a range of services from offering consultancy advice on what to use, assisted prototyping right through to the delivery of production-ready enterprise solutions. Previously Gilbert was the Director of Cybersecurity at PwC and a Senior Manager of Security at EY plus Lara Verdian was the director for Deloitte Access Economics at Deloitte.
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Quant Network are currently working with 2 of the above 4 global consultancy firms who are taking Overledger to their clients.

As well as many other consultancy firms:
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Quant Health

  • Quant are working the Government of Armenia in Health, futureproofing the eHealth Strategy with Blockchain
https://preview.redd.it/7wkjbb045pn31.png?width=429&format=png&auto=webp&s=440f568ecb1ce8f587552e2e196b357c21f5592d
  • Working with huge Conglomerates to establish a new consortium in Healthcare
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Exchanges

They are also in talks with Traditional Exchanges such as the Swiss Stock Exchange SDX Platform and others as well as Large asset management firms
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As well as various Governments including the Australian Treasury with DATA61 regarding open banking and consumer data rights, the UK’s HMRC, Central Banks, Global companies in Korea, Insurance Companies, Airlines and Logistic companies.
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It’s truly remarkable what they have achieved in such a short space of time, working non-stop all around the globe, working with enormous Global organisations, Leading Financial Institutions, Governments and Health. Quant Network is enabling the mass adoption of Blockchain, bridging all blockchains and offchain networks together (as well as plans to connect directly to the Internet) to achieve the true potential of this revolutionary technology.
In the last article of this mini-series I will take a closer look at the tokenomics of the QNT token and why there isn’t another utility token with as much value as QNT. With a tiny total supply of just 14.6 million QNT tokens, with no inflation, Supply reducing further as tokens are taken out circulation with licensing and strong demand / usage for the token, as well as minimum QNT holdings for wallets to benefit from Universal Interoperability.
Part One — Blockchain Fundamentals
Part Two — The Layers Of Overledger
Part Three — TrustTag and the Tokenisation of data
Part Four — Features Overledger provides to MAPPs
Part Five — Creating the Standards for Interoperability
Part Six — The Team behind Overledger and Partners
Part Seven — The QNT Token
Part Eight — Enabling Enterprise Mass Adoption
Quant Network Enabling Mass Adoption of Blockchain at a Rapid Pace
Quant Network Partner with SIA, A Game Changer for Mass Blockchain Adoption by Financial Institutions
Part One of this mini Series — What is a blockchain operating system and what are the benefits? Introducing Overledger from Quant Network
Wall Street 2.0: How Blockchain will revolutionise Wall Street and a closer look at Quant Network’s Partnership with AX Trading
submitted by xSeq22x to QuantNetwork [link] [comments]

Power Ledger resets in 2019: Closes office, aims for 'scale', buys solar farm

Source:
https://www.afr.com/news/power-ledger-resets-in-2019-closes-office-aims-for-scale-buys-solar-farm-20190129-h1alld

Power Ledger, the Perth-based energy trading start-up facing questions about what its blockchain technology brings to the market, has reset its goals for 2019, aiming for scale from its commercial trials, buying solar and battery assets and shutting its Melbourne office to conserve resources.
Chairman Jemma Green said Power Ledger closed its two-person Melbourne office just before Christmas because the market is proving a harder sell on the application of blockchain to energy markets and the company wants to focus on markets it believes are poised to deliver scale more quickly such as Japan and Thailand. One of the staff was made redundant and the other became an "ambassador".
Power Ledger's self-described mission is to help more people get more out of solar panels and batteries and speed the clean energy revolution, and the company won billionaire Richard Branson's "extreme tech challenge" in October.
But some people are sceptical about the business case and although it has secured trial deployments with energy companies from Australia to New Zealand, Thailand, Japan and the US, it has failed to convert most of these into commercial rollouts.
Dr Green said Power Ledger aimed to build a just announced relationship with a Japanese solar installer, Sharing Energy, from an initial 100 households to 55,000 households by the end of next year, and to start peer-to-peer energy trading over its blockchain platform this November. At an average of 5 kilowatts for rooftop solar in Japan, it would amount to 275 MW of solar in aggregate, which is ambitious.
As well, the board has set management a goal of increasing the current solar capacity of about 600 kilowatts covered by a Bangkok energy trading trial in partnership with BCPG, a Thai renewable energy firm, by 4 MW in the March quarter and another 12 MW in the June quarter. Thailand is Southeast Asia's largest renewable energy market.
Agile markets
"We are focusing on where we can get scale in 2019," Dr Green said. "We think a lot of scale can come out of places like Thailand where they are more agile."
Power Ledger's original focus was on using its blockchain platform to trade energy peer-to-peer – or neighbour to neighbour. But the platform can also be used to finance and "fractionalise" – or split up – ownership of assets such as solar farms, batteries and carbon credits, and to create secondary markets in the ownership units.
The creation of these ownership units is known as "asset germination" in the blockchain world and the units are known as "tokens". Power Ledger has bought a small 250 kilowatt solar array and a 670 kilowatt hour battery to trial this aspect of the technology, and is talking to the Australian Securities and Investments Commission about the idea.
Investment in these assets has been largely restricted to the rich because they can't easily be traded in a liquid secondary market, Dr Green said. "They'll be available for everyday people to invest in them and trade in a secondary market."
Another trial with Silicon Valley Power – owned by the City of Santa Clara – aims to charge electric vehicles from solar panels on car parks during the day to smooth out the "duck curve" impact of solar on the grid – where demand for electricity from the grid plunges as solar rooftop output cranks up in the morning and then falls in the late afternoon. It is also part of a trial to make California's unwieldy Low Carbon Fuel Standard (LCFS) scheme – that gives credits to low emissions cars – cheaper and easier to access for ordinary customers.
Dr Green said Power Ledger aims to bring other partners into this trial. "We see big opportunities in the carbon markets around issuance and trading of carbon credits."
Peer-to-peer energy trading trials in Fremantle and Auckland have not led to commercial deployments, but Power Ledger has just begun another trial with Pennsylvania wholesaler American Power Net and is also trialling a small "virtual power plant" trial with KEPCO, Japan's largest privately owned power company. Vicinity Shopping Centres is another trial partner.
Related
Power Ledger's Oz-first Bitcoin IPO surges to $34m
By Ben Potter
Cashed up, but why blockchain?
Power Ledger raised about $34 million in Australia's first homegrown "initial coin offering" in October 2017 and has since ridden the ups and downs of the Bitcoin and Ethereum markets to settle at US8¢, just below its US8.3¢ issue price. Its market capitalisation soared to $US652 million at the peak of Bitcoin euphoria in January 2018 and has fallen to $US31.6 million, according to Coinmarketcap.com.
Dr Green won't say how much of its original cash Power Ledger retains but says it is enough to take the company "through to commercialisation".
Blockchain technology underpins cryptocurrencies such as Bitcoin and Ethereum, whose ups and downs have fuelled scepticism about whether the technology does anything that a conventional database can't do.
Dr Green says people ask her the same question but insists that blockchain is "one facet of our business" and can bring benefits to a complex market such as energy.
Related
Vicinity connects solar to blockchain in energy pilot
Vicinity connects solar to blockchain in energy pilot
By Nick Lenaghan
"Managing and storing energy is difficult and it takes time to get the market up to speed with what the proposition is and what the problems are that blockchain might solve."

Related
How to make and lose $2b on blockchain By Aaron Patrick

submitted by InfiniteAttempt to PowerLedger [link] [comments]

How to make and lose $2b on blockchain

Source: https://www.afr.com/business/energy/how-to-make-and-lose-2-billion-on-blockchain-20181212-h1914w

In the wild world of blockchain pioneers, Power Ledger founder Jemma Green is a rock star.

The former investment banker oversaw the biggest initial coin offering in Australian history, was chosen as EY's fintech entrepreneur of the year, and won an international start-up competition overseen by Sir Richard Branson. She even stepped in as Perth's mayor last year.

Her two-and-half-year-old company promises to revolutionise the global power industry. Power Ledger's blockchain tokens, an unregulated, computer-based form of money, allow individuals to trade electricity between themselves, save money and reduce greenhouse gas emissions.


Power Ledger founder Jemma Green won the Extreme Tech Challenge in 2018, which was judged at Richard Branson's private island in the Caribbean. Supplied

Green created a virtual currency worth more than $2 billion at its peak. Yet her trading system has a tiny take-up, was rejected by the one big electricity retailer that tested it, and a government-funded trial hasn't met the expectations of some involved.

Over-hyped?
Now, some experienced tech and green-industry figures are posing an awkward question: does Power Ledger epitomise the over-hyping of blockchain?

"I'm a software engineer by training, have been mucking about online for 35-plus years and am an energy geek," says Melbourne green-energy investor Simon Holmes a Court. "I still don't understand what valuable problem they are trying to solve.

"The basic infrastructure to manage transactions at massive scale already exists – [there's] no need to use Blockchain."

Blockchain, which is the basis for Bitcoin and similar currencies, was invented in 2008 by an unknown person. Despite billions invested in the technology, it is unclear if there are any profitable blockchain businesses not directly involved in cryptocurrencies.

"We've seen a bunch of profitable blockchain applications, but all have been focused on obtaining and trading crypto and their profitability is generally linked to prices – think miners, exchanges and wallet providers," says John Henderson, a venture capitalist at AirTree Ventures.

The blockchain frenzy
Part of blockchain's popularity is as much ideological as financial. Encrypted databases spread around the internet, controlled by no one, blockchains represent a technological rebellion against the centralisation of economic power in governments and central banks, whom many hold responsible for global financial crisis.

"Blockchain has been seen as a nirvana – its ideological roots are decentralisation and removal of institutions," says Peter Williams, a partner at Deloitte Consulting who specialises in technology. "The zealots are into self-sovereign ID, everything decentralised and the end of institutions."

Last year, the blockchain enthusiasm drove a global investment wave. Some 1225 initial coin offerings, the blockchain-equivalent of IPOs or sharemarket floats, raised $US7.5 billion through the sale of blockchain tokens or coins, much of it from individual investors, according to the ICO Data website. The technology was predicted to change dozens of industries, from shipping to healthcare.

In Australia, Green was at the forefront of the movement. Her company promised to apply blockchain's anti-authority ethos to challenging big electricity monopolies.

@elonmusk I am told you might be interested in us at @PowerLedger_io we do blockchain energy for democratisation of power & citizen utilies

— Dr Jemma Green (@msjemmagreen) September 15, 2017
Green had been in London for 11 years. After starting as a trading assistant at the Royal Bank of Scotland, she joined JP Morgan, where she assessed the environmental and social risk of new loans and shares.

Going places in Perth
In 2013 she returned to Perth, where her father had bred and trained racehorses. She began to ascend the city's business and social hierarchy.

Green enrolled in a PhD at Curtin University, consulted under the brand The Green Enterprise, and ran for the City of Perth council. She joined the advisory board of One Million Women, a female climate change group based in Sydney.

Within four years she was deputy mayor and head of one of the Perth's hottest start-ups. She was tweeting Elon Musk, trying to get him interested. (He didn't reply.) "The motto that I live by is 'anything's possible'," she said at the time.

Why @elonmusk Has His Eye On This Aussie #Blockchain #Energy Company @PowerLedger_io #ICO #POWRtoken

— Crypto Guru 2018 (@ICO_Market_Guru) October 6, 2017
Green had hatched a plan worthy of her motto: cash in on the bitcoin boom by creating one billion virtual-currency tokens.

Her pitch was almost impossible for outsiders to understand. The ambition was unmistakable.

"The Power Ledger Platform is a trustless, transparent and interoperable energy trading platform that supports an ever-expanding suite of energy applications, with an exchangeable frictionless energy trading token, Sparkz," Power Ledger's 28-page company manifesto said.

Sounds like an IPO
It sounded like an IPO. It wasn't. Instead, the tokens gave investors the right to use Power Ledger's technology at some point in the future. The weren't entitled to any profits.


In Power Ledger's market individuals use blockchain tokens to buy and sell electricity generated from solar panels. Vicky Hughson

Most companies raising capital use stockbrokers or bankers. Power Ledger turned to what are known in the blockchain world as "bounty hunters".

One-and-a-half million POWR tokens were set aside for individuals to promote the sale on social media. Dozens of newspaper and blog articles were published. The Huffington Post profiled the company and compared blockchain with the early internet.

Articles exaggerated Power Ledger's achievements. The company was often described as operating a retail electricity market, and sounded liked an eBay or Amazon for solar power. In reality, it was building the technology and didn't have a commercial market operating.

Twitter was flooded with posts. Some claimed Musk had asked the company for advice. Fake accounts were rewarded with POWR tokens for their promotional work.

"Some of our bounty group were professional bounty hunters chasing tokens because it's what they do," Power Ledger said in a post a few weeks after the token sale. "Some were bots reporting an astounding 5000 likes of our social media output in a single 24-hour period."

Transparency needed
The Australian Securities and Investments Commission disapproves of people spruiking investments without disclosing their interest.

"Certainly in my view it is not good practice for individuals to be promoting ICOs and receiving a benefit if they are not transparent about the benefits they are receiving," says John Price, an ASIC commissioner.

Peter Williams, the Deloitte partner, goes further. These are "classic market manipulation techniques," he says.


Some experienced tech and green-industry figures are posing an awkward question: does Power Ledger epitomise the over-hyping of blockchain?

Asked why Power Ledger used bounty hunters, Green says she isn't familiar with the phrase. "I don't know what you are talking about," she says.

Later, in an email, Greens says Power Ledger, unlike some other blockchain companies, works hard to be transparent. "We ran the ICO through a corporate structure, through our proprietary limited business," she says. "We have tax exposure. We had a proof of concept before going to market. And we did all of those things because we realise we need to bring legitimacy to our space and the ICO and crypto space more generally."

Perfect timing
In almost perfect timing, Power Ledger raised $34 million a couple of months before bitcoin peaked. No other Australian blockchain company was as popular.

Initially, the tokens were a great investment. Sold by Power Ledger for US8.38¢ each, within five weeks they were trading at $US1.79. In a year and half, a company with fewer than 30 staff had created $2.4 billion in wealth.

Tokens allocated to Green, other private investors and key staff were worth $360 million. The former traders' assistant had been hit by what is known in the tech circles as the "money truck".

Green became a bona fide tech celebrity. She turned up at the World Economic Forum in Davos to help launch the Global Blockchain Business Council. EY named Green as one of its entrepreneurs of the year.

The accounting firm had fast-tracked her through the process. Contenders in other categories were required to go through applications, interviews, presentations over many months. Green's name was simply forwarded to the judges with a few others.

A market that doesn't exist
The adulation was based on Power Ledger's home-to-home trading idea, which it says is "perfect for any household, office or retailer connected to the electricity grid".


Blockchain CEO David Martin with chairman Jemma Green at their Perth office. The company issued blockchain tokens worth $2.4 billion at their peak. Trevor Collens

But the system doesn't operate outside a few pre-established trials that cover a tiny number of people. The low-cost of electricity, the ubiquity of supply and efficient exiting payment systems pose significant obstacles, critics say.

There is no way to sign up to Power Ledger's trading system. Electricity companies are needed – the Power Ledger website urges consumers to lobby them – but Origin Energy carried out a simulation and decided not to go ahead.

Asked how many buildings around the world use Power Ledger's system, Green says, "I don't know exactly off the top of my head".

Her CEO, David Martin, says the number is less than 100. All are trial sites, except for three Perth apartment buildings that were part of Green's PhD thesis. "We have never said that anyone can get on and start trading," she says.

Uneconomic trading
The government has provided $2.6 million to test the system out on some 40 houses in Fremantle. The project is billed as the first electricity market where residents can set their own prices. It is a chance for Power Ledger to fulfil its core promise to generate higher prices for solar power producers and lower prices for consumers – the classic example of an efficient market.

One participant, who asked not to be named, says the trading system isn't worth using. A former manager in the energy industry, she her own solar panels and electric car. She sells electricity to the grid for 7¢ per kilowatt, and buys it for 26¢ per kilowatt.

Using Power Ledger, she expected to trade electricity with her neighbours between 7¢ and 26¢, saving both sides money. Power Ledger takes a cut of about half a cent a kilowatt.

But the local electricity retailer and power grid, Synergy and Western Power, charge a connection fee of $3 a day to trial participants. The overhead makes trading uneconomic for her.


Initially, the tokens were a great investment. Sold by Power Ledger for US8.38¢ each, within five weeks they were trading at $US1.79. In a year and half, a company with fewer than 30 staff had created $2.4 billion in wealth.

"I was quite disappointed because I find the idea of energy trading very exiting and I really wanted to experiment with it," she says.

The project's manager, Karla Fox-Reynolds of Curtin University, says other houses are buying and selling. "They are feeling empowered and enabled to participate in the energy market," she says. The project is advertising for more recruits.

'The road is not always straight'
Any criticism about Power Ledger's small take-up rate is unfair, Green says, because it is such a young company. "The road is not always straight," she says. "I think the value of it over time will be immeasurable."

Even some blockchain boosters are sceptical. Fred Schebesta, who owns a cryptocurrency broker, says he can't see what would drive the token price up.

"I think that they will need millions or hundreds of thousands [of customers] to be viable or really take off," he says. "The value of the token holders is not well aligned to the value of the business."

Now the bitcoin boom seems to have passed, many tech industry leaders are questioning if the ICOs were an investment fad that shifted wealth rather than created it.

​"The ICO craze is and was way worse than the dot-com boom, where capital raised was at least a share of the upside and was subject to regulation," says Williams, the Deloitte partner.

After spectacularly peaking in January, POWR tokens crashed with the rest of the bitcoin market. Today they trade around 6.5¢, about 20 per cent below their issue price.


Skeptics question if blockchain is needed in the retail electricity industry, where big networks have scale, ubiquity and easy payment options. Supplied

The company continues to reward bloggers who promote the virtual currency. One of the boosters is a price-comparison website, Finder.com.au, whose owner invests in cryptocurrencies.

"Power Ledger is an ambitious project but one that nonetheless has the potential to transform the energy industry around the world," one of the site's contributors, Tim Falk, wrote last month.

Falk, who recently wrote about 2018's top carpet cleaners, has punted on POWR tokens himself.



submitted by InfiniteAttempt to PowerLedger [link] [comments]

Subreddit Stats: btc posts from 2019-05-28 to 2019-06-07 10:40 PDT

Period: 10.34 days
Submissions Comments
Total 850 14116
Rate (per day) 82.22 1245.55
Unique Redditors 440 1828
Combined Score 26564 50495

Top Submitters' Top Submissions

  1. 3690 points, 33 submissions: MemoryDealers
    1. Brains..... (420 points, 94 comments)
    2. The first trade has already happened on Local.bitcoin.com! (193 points, 67 comments)
    3. China is already leading the way with the most trades done on local.bitcoin.com, followed by India. We really are helping free the world! (192 points, 58 comments)
    4. More than 100 BCH has been raised in just a few days to help support BCH protocol development! (180 points, 63 comments)
    5. The Bitcoin Cash Protocol Development Fund has already raised more than 10% of its goal from 467 separate transactions!!! (180 points, 58 comments)
    6. Local.bitcoin.com (159 points, 80 comments)
    7. The BCH miners are good guy heroes! (152 points, 161 comments)
    8. The Bitcoin.com YouTube channel just pased 25K subscribers (147 points, 19 comments)
    9. Ways to trigger a BTC maximalist: Remind them that because they didn't increase the block size, fees will eventually climb to dumb levels again. This will put brakes on it's bull trend, and funnel cash into alts instead. (141 points, 107 comments)
    10. Why more and more people are switching from BTC to BCH (137 points, 193 comments)
  2. 1561 points, 20 submissions: money78
    1. "Not a huge @rogerkver fan and never really used $BCH. But he wiped up the floor with @ToneVays in Malta, and even if you happen to despise BCH, it’s foolish and shortsighted not to take these criticisms seriously. $BTC is very expensive and very slow." (261 points, 131 comments)
    2. Jonathan Toomim: "At 32 MB, we can handle something like 30% of Venezuela's population using BCH 2x per day. Even if that's all BCH ever achieved, I'd call that a resounding success; that's 9 million people raised out of poverty. Not a bad accomplishment for a hundred thousand internet geeks." (253 points, 180 comments)
    3. CEO of CoinEx: "CoinEx already add SLP token solution support. The first SLP token will list on CoinEx Soon. Also welcome apply to list SLP tokens on CoinEx." (138 points, 18 comments)
    4. "While Ethereum smart contracts have a lot more functionality than those in Bitcoin Cash, with the upcoming CashScript we've tried to replicate a big part of the workflow, hopefully making it easier for developers to engage with both of these communities. Check it out 🚀" (120 points, 35 comments)
    5. Bitcoin ABC 0.19.7 is now available! This release includes RPC and wallet improvements, and a new transaction index database. See the release notes for details. (104 points, 5 comments)
    6. Vin Armani: "Huge shout out to the @BitcoinCom wallet team! I just heard from a very authoritative source that multi-output BIP 70 support has been successfully tested and will be in a near-term future release. Now, the most popular BCH wallet will support Non-Custodial Financial Services!" (88 points, 23 comments)
    7. BSV folks: Anything legal is good...We want our coin to be legal! (79 points, 66 comments)
    8. BCH fees vs BTC fees (78 points, 85 comments)
    9. "This @CashShuffle on BCH looks awesome. The larger blocksize on BCH allows for cheap on-chain transactions. @CashShuffle leverages this in a very creative way to gain privacy. Ignoring the tribalism, it's fascinating to watch BCH vs. BTC compete in the marketplace." (77 points, 3 comments)
    10. Bitcoin Cash the best that bitcoin can be...🔥💪 (60 points, 9 comments)
  3. 1413 points, 18 submissions: Egon_1
    1. "The claim “Bitcoin was purpose-built to first be a Store of Value” is false. In this article I've posting every single instance I could find across everything Satoshi ever wrote related to store of value or payments. It wasn't even close. Payments win." (299 points, 82 comments)
    2. The Art of Rewriting History ... File this under Deception! (184 points, 69 comments)
    3. Today's Next Block Fee: BTC ($3.55) and BCH ($0.00). Enjoy! (120 points, 101 comments)
    4. Andreas Brekken: "The maxi thought leaders have a ⚡in their username but can't describe a bidirectional payment channel. Ask questions? They attack you until you submit or leave. Leave? You're a scammer....." (115 points, 11 comments)
    5. Tone Vays: "So I will admit, I did terrible in the Malta Debate vs @rogerkver [...]" (107 points, 95 comments)
    6. This Week in Bitcoin Cash (96 points, 10 comments)
    7. “There was no way to win that debate. Roger came armed with too much logic and facts.” (78 points, 1 comment)
    8. BTC supporter enters a coffee shop: "I like to pay $3 premium security fee for my $4 coffee ☕️" (64 points, 100 comments)
    9. Matt Corallo: "... the worst parts of Bitcoin culture reliably come from folks like @Excellion and a few of the folks he has hired at @Blockstream ..." (63 points, 43 comments)
    10. Angela Walch: "Is there a resource that keeps an up-to-date list of those who have commit access to the Bitcoin Core Github repo & who pays them for their work on Bitcoin? In the past, getting this info has required digging. Is that still the case? " (57 points, 5 comments)
  4. 852 points, 11 submissions: jessquit
    1. PSA: BTC not working so great? Bitcoin upgraded in 2017. The upgraded Bitcoin is called BCH. There's still time to upgrade! (185 points, 193 comments)
    2. Nobody uses Bitcoin Cash (178 points, 89 comments)
    3. Yes, Bitcoin was always supposed to be gold 2.0: digital gold that you could use like cash, so you could spend it anywhere without needing banks and gold notes to make it useful. So why is Core trying to turn it back into gold 1.0? (112 points, 85 comments)
    4. This interesting conversation between Jonathan Toomim and @_drgo where jtoomim explains how large blocks actually aren't a centralization driver (89 points, 36 comments)
    5. This Twitter conversation between Jonathan Toomim and Adam Back is worth a read (75 points, 15 comments)
    6. In October 2010 Satoshi proposed a hard fork block size upgrade. This proposed upgrade was a fundamental factor in many people's decision to invest, myself included. BCH implemented this upgrade. BTC did not. (74 points, 41 comments)
    7. what do the following have in common: Australia, Canada, USA, Hong Kong, Jamaica, Liberia, Namibia, New Zealand, Singapore, Taiwan, Caribbean Netherlands, East Timor, Ecuador, El Salvador, the Federated States of Micronesia, the Marshall Islands, Palau, Zimbabwe (47 points, 20 comments)
    8. Core myth dispelled: how Bitcoin offers sovereignty (45 points, 65 comments)
    9. Satoshi's Speedbump: how Bitcoin's goldlike scarcity helps address scaling worries (25 points, 9 comments)
    10. Greater Fool Theory (14 points, 13 comments)
  5. 795 points, 7 submissions: BitcoinXio
    1. Erik Voorhees on Twitter: “I wonder if you realize that if Bitcoin didn’t work well as a payment system in the early days it likely would not have taken off. Many (most?) people found the concept of instant borderless payments captivating and inspiring. “Just hold this stuff” not sufficient.” (297 points, 68 comments)
    2. On Twitter: “PSA: The Lightning Network is being heavily data mined right now. Opening channels allows anyone to cluster your wallet and associate your keys with your IP address.” (226 points, 102 comments)
    3. Shocking (not): Blockstream has had a hard time getting business due to their very bad reputation (73 points, 25 comments)
    4. While @PeterMcCormack experiments with his #LightningNetwork bank, waiting over 20 seconds to make a payment, real P2P #Bitcoin payments have already arrived on #BitcoinCash. (66 points, 94 comments)
    5. This is what we’re up against. Mindless sheep being brain washed and pumping Bitcoin (BTC) as gold to try to make a buck. (56 points, 29 comments)
    6. Tuur Demeester: “At full maturity, using the Bitcoin blockchain will be as rare and specialized as chartering an oil tanker.” (54 points, 61 comments)
    7. ‪Bitcoin Cash 101: What Happens When We Decentralize Money? ‬ (23 points, 2 comments)
  6. 720 points, 2 submissions: InMyDayTVwasBooks
    1. A Reminder Why You Shouldn’t Use Google. (619 points, 214 comments)
    2. 15 Years Ago VS. Today: How Tech Scales (101 points, 53 comments)
  7. 485 points, 15 submissions: JonyRotten
    1. Cashscript Is Coming, Bringing Ethereum-Like Smart Contracts to Bitcoin Cash (96 points, 6 comments)
    2. Localbitcoins Removes In-Person Cash Trades Forcing Traders to Look Elsewhere (86 points, 26 comments)
    3. Bitcoin.com's Local Bitcoin Cash Marketplace Is Now Open for Trading (48 points, 22 comments)
    4. Report Insists 'Bitcoin Was Not Purpose-Built to First Be a Store of Value' (48 points, 8 comments)
    5. BCH Businesses Launch Development Fund for Bitcoin Cash (36 points, 1 comment)
    6. Another Aspiring Satoshi Copyrights the Bitcoin Whitepaper (31 points, 0 comments)
    7. Bitcoin Cash and SLP-Fueled Badger Wallet Launches for iOS (27 points, 0 comments)
    8. Bitcoin Mining With Solar: Less Risky and More Profitable Than Selling to the Grid (26 points, 0 comments)
    9. Former Mt Gox CEO Mark Karpeles Announces New Blockchain Startup (25 points, 25 comments)
    10. Mixing Service Bitcoin Blender Quits After Bestmixer Takedown (23 points, 7 comments)
  8. 426 points, 2 submissions: btcCore_isnt_Bitcoin
    1. Ponder the power of propaganda, Samson Mow, Adam Back and Greg Maxwell all know how import control of bitcoin is. (394 points, 98 comments)
    2. How many Bitcoin Core supporters does it take to change a light bulb? (32 points, 35 comments)
  9. 369 points, 3 submissions: where-is-satoshi
    1. Currently you must buy 11,450 coffees on a single Lightning channel to match the payment efficiency of Bitcoin BCH - you will also need to open an LN channel with at least $47,866 (230 points, 173 comments)
    2. North Queensland's Beauty Spot finds Bitcoin BCH a thing of beauty (74 points, 6 comments)
    3. Can't start the day without a BCHinno (65 points, 9 comments)
  10. 334 points, 5 submissions: AD1AD
    1. You Can Now Send Bitcoin Cash to Mobile Phones in Electron Cash Using Cointext! (132 points, 32 comments)
    2. Merchants are Dropping Multi-Coin PoS for One Cryptocurrency: Bitcoin Cash (73 points, 21 comments)
    3. A Stellar Animated Video from CoinSpice Explaining how CashShuffle Works Under the Hood! (67 points, 10 comments)
    4. If you haven't seen the "Shit Bitcoin Cash Fanatics Say" videos from Scott Rose (The Inspirational Nerd), YOU NEED TO DO IT NOWWW (50 points, 7 comments)
    5. New Video from Bitcoin Out Loud: "Can You Store Data on the Bitcoin Blockchain?" (Spoiler: Not really.) (12 points, 10 comments)
  11. 332 points, 6 submissions: eyeofpython
    1. I believe the BCH denomination is the best (in contrast to bits, cash and sats), if used with eight digits & spaces: 0.001 234 00 BCH. This way both the BCH and the satoshi amount is immediately clear. Once the value of a satoshi gets close to 1¢, the dot can simply be dropped. (112 points, 41 comments)
    2. Only after writing more BCH Script I realized how insanely usefull all the new opcodes are — CDS and those activated/added back in May '18. Kudos to the developers! (104 points, 22 comments)
    3. CashProof is aready so awesome it can formally prove all optimizations Spedn uses, except one. Great news for BCH smart contracts! (51 points, 6 comments)
    4. Proposal for a new opcode: OP_REVERSE (43 points, 55 comments)
    5. My response on your guy's critisism of OP_REVERSE and the question of why the SLP protocol (and others) don't simply switch to little endian (20 points, 25 comments)
    6. random post about quantum physics (both relevant and irrelevant for Bitcoin at the same time) (2 points, 11 comments)
  12. 322 points, 6 submissions: unitedstatian
    1. BCH is victim to one of the biggest manipulation campaigns in social media: Any mention of BCH triggered users instantly to spam "BCASH".. until BSV which is a BCH fork and almost identical to it pre-November fork popped out of nowhere and suddenly social media is spammed with pro-BSV posts. (131 points, 138 comments)
    2. LocalBitcoins just banned cash. It really only goes to show everything in the BTC ecosystem is compromised. (122 points, 42 comments)
    3. The new narrative of the shills who moved to promoting bsv: Bitcoin was meant to be government-friendly (33 points, 138 comments)
    4. Hearn may have been the only sober guy around (21 points, 29 comments)
    5. PSA: The economical model of the Lightning Network is unsound. The LN will support different coins which will be interconnected and since the LN tokens will be transacted instead of the base coins backing them up their value will be eroded over time. (14 points, 8 comments)
    6. DARPA-Funded Study Looks at How Crypto Chats Spread on Reddit (1 point, 0 comments)
  13. 313 points, 8 submissions: CreativeName44
    1. Venezuela Hidden Bitcoin Cash paper wallet claimed with 0.17468 BCH! Congrats to the one who found it! (80 points, 0 comments)
    2. Alright BCH Redditors, Let's make some HUGE noise!! Announcing The NBA finals Toronto Raptors Hidden BCH Wallet!! (60 points, 9 comments)
    3. FindBitcoinCash gaining traction around the world - Calling out to Bitcoin Cashers to join the fun!! (41 points, 0 comments)
    4. The Toronto Raptors Bitcoin Cash Wallet has been hidden: Address qz72j9e906g7pes769yp8d4ltdmh4ajl9vf76pj0v9 (PLS RT - Some local media tagged on it) (39 points, 0 comments)
    5. This is the next BitcoinCash wallet that is going to be hidden, hopefully REALLY soon! (36 points, 13 comments)
    6. Bitcoin Cash Meetups From Around the World added to FindBitcoinCash (25 points, 0 comments)
    7. FindBitcoinCash Wallets in other languages English/Spanish/Lithuanian/Swedish/Korean (20 points, 18 comments)
    8. Thank you for a great article!! (12 points, 0 comments)
  14. 312 points, 1 submission: scriberrr
    1. WHY? (312 points, 49 comments)
  15. 311 points, 4 submissions: Anenome5
    1. Libertarian sub GoldandBlack is hosting a free, live online workshop about how to setup and use Electron Cash on Sat 1st June via discord, including how to use Cashshuffle, with a Q&A session to follow. All are invited! (119 points, 40 comments)
    2. For anyone who still hasn't seen this, here is Peter Rizun and Andrew Stone presenting their research on how to do 1 gigabyte blocks, all the way back in 2017 at the Scaling Bitcoin Conference. The BTC camp has known we can scale bitcoin on-chain for years, they just don't want to hear it. (92 points, 113 comments)
    3. @ the trolls saying "No one uses Bitcoin Cash", let's look at the last 60 blocks... (72 points, 84 comments)
    4. Research Reveals Feasibility of 1TB Blocks, 7M Transactions per Second (28 points, 22 comments)
  16. 293 points, 2 submissions: BeijingBitcoins
    1. /Bitcoin mods are censoring posts that explain why BitPay has to charge an additional fee when accepting BTC payments (216 points, 110 comments)
    2. Meetups and adoption don't just happen organically, but are the result of the hard work of passionate community members. There are many others out there but these girls deserve some recognition! (77 points, 9 comments)
  17. 282 points, 1 submission: EddieFrmDaBlockchain
    1. LEAKED: Attendee List for Buffet Charity Lunch (282 points, 98 comments)
  18. 273 points, 4 submissions: HostFat
    1. Breakdown of all Satoshi’s Writings Proves Bitcoin not Built Primarily as Store of Value (159 points, 64 comments)
    2. Just to remember - When you are afraid that the market can go against you, use the state force. (48 points, 5 comments)
    3. CypherPoker.JS v0.5.0 - P2P Poker - Bitcoin Cash support added! (35 points, 3 comments)
    4. Feature request as standard for all bch mobile wallets (31 points, 12 comments)
  19. 262 points, 3 submissions: CaptainPatent
    1. Lightning Network capacity takes a sudden dive well below 1k BTC after passing that mark back in March. (97 points, 149 comments)
    2. Yeah, how is it fair that Bitpay is willing to eat a $0.0007 transaction fee and not a $2+ transaction fee?! (89 points, 59 comments)
    3. BTC Fees amplified today by last night's difficulty adjustment. Current (peak of day) next-block fees are testing new highs. (76 points, 59 comments)
  20. 262 points, 1 submission: Badrush
    1. Now I understand why Bitcoin Developers hate on-chain solutions like increasing block sizes. (262 points, 100 comments)

Top Commenters

  1. jessquit (2337 points, 242 comments)
  2. LovelyDay (1191 points, 160 comments)
  3. Ant-n (1062 points, 262 comments)
  4. MemoryDealers (977 points, 62 comments)
  5. jtoomim (880 points, 108 comments)
  6. 500239 (841 points, 142 comments)
  7. jonald_fyookball (682 points, 86 comments)
  8. ShadowOfHarbringer (672 points, 110 comments)
  9. money78 (660 points, 41 comments)
  10. playfulexistence (632 points, 76 comments)
  11. Bagatell_ (586 points, 72 comments)
  12. Big_Bubbler (552 points, 196 comments)
  13. homopit (551 points, 79 comments)
  14. Anenome5 (543 points, 130 comments)
  15. WippleDippleDoo (537 points, 111 comments)
  16. MobTwo (530 points, 52 comments)
  17. FalltheBanks3301 (483 points, 87 comments)
  18. btcfork (442 points, 115 comments)
  19. chainxor (428 points, 71 comments)
  20. eyeofpython (425 points, 78 comments)

Top Submissions

  1. A Reminder Why You Shouldn’t Use Google. by InMyDayTVwasBooks (619 points, 214 comments)
  2. Brains..... by MemoryDealers (420 points, 94 comments)
  3. Ponder the power of propaganda, Samson Mow, Adam Back and Greg Maxwell all know how import control of bitcoin is. by btcCore_isnt_Bitcoin (394 points, 98 comments)
  4. WHY? by scriberrr (312 points, 49 comments)
  5. "The claim “Bitcoin was purpose-built to first be a Store of Value” is false. In this article I've posting every single instance I could find across everything Satoshi ever wrote related to store of value or payments. It wasn't even close. Payments win." by Egon_1 (299 points, 82 comments)
  6. Erik Voorhees on Twitter: “I wonder if you realize that if Bitcoin didn’t work well as a payment system in the early days it likely would not have taken off. Many (most?) people found the concept of instant borderless payments captivating and inspiring. “Just hold this stuff” not sufficient.” by BitcoinXio (297 points, 68 comments)
  7. LEAKED: Attendee List for Buffet Charity Lunch by EddieFrmDaBlockchain (282 points, 98 comments)
  8. Now I understand why Bitcoin Developers hate on-chain solutions like increasing block sizes. by Badrush (262 points, 100 comments)
  9. "Not a huge @rogerkver fan and never really used $BCH. But he wiped up the floor with @ToneVays in Malta, and even if you happen to despise BCH, it’s foolish and shortsighted not to take these criticisms seriously. $BTC is very expensive and very slow." by money78 (261 points, 131 comments)
  10. Jonathan Toomim: "At 32 MB, we can handle something like 30% of Venezuela's population using BCH 2x per day. Even if that's all BCH ever achieved, I'd call that a resounding success; that's 9 million people raised out of poverty. Not a bad accomplishment for a hundred thousand internet geeks." by money78 (253 points, 180 comments)

Top Comments

  1. 109 points: mossmoon's comment in Now I understand why Bitcoin Developers hate on-chain solutions like increasing block sizes.
  2. 104 points: _degenerategambler's comment in Nobody uses Bitcoin Cash
  3. 96 points: FreelanceForCoins's comment in A Reminder Why You Shouldn’t Use Google.
  4. 94 points: ThomasZander's comment in "Not a huge @rogerkver fan and never really used $BCH. But he wiped up the floor with @ToneVays in Malta, and even if you happen to despise BCH, it’s foolish and shortsighted not to take these criticisms seriously. $BTC is very expensive and very slow."
  5. 91 points: cryptotrillionaire's comment in The Art of Rewriting History ... File this under Deception!
  6. 87 points: tjonak's comment in A Reminder Why You Shouldn’t Use Google.
  7. 86 points: money78's comment in Tone Vays: "So I will admit, I did terrible in the Malta Debate vs @rogerkver [...]"
  8. 83 points: discoltk's comment in "Not a huge @rogerkver fan and never really used $BCH. But he wiped up the floor with @ToneVays in Malta, and even if you happen to despise BCH, it’s foolish and shortsighted not to take these criticisms seriously. $BTC is very expensive and very slow."
  9. 79 points: jessquit's comment in Ways to trigger a Shitcoin influencer Part 1: Remind them that’s it’s very likely they got paid to shill fake Bitcoin to Noobs
  10. 78 points: PaladinInc's comment in The BCH miners are good guy heroes!
Generated with BBoe's Subreddit Stats
submitted by subreddit_stats to subreddit_stats [link] [comments]

Why I still believe in Monkey Capital even if you don't.

Hey guys,
First off, sorry for the long post. I think something as intricate and complex as this deserves some space. If you want to discuss this, please make sure you read the whole thing.
Secondly, I am writing this as an individual who has invested in Monkey Capital. I have not been asked to write this, nor does anyone involved in Monkey Capital know that I am writing it.
My name is Mathias and I am currently doing a PhD in next generation solar cell technologies. I work in quite a prominent field within solar cell research, and I have recently been offered to continue my work as a postdoc at Oxford University.
PhDs do not pay much in Australia, clocking in at about 2/3 of the minimum wage if you work 40 hours per week. Many of us put in more hours than that, which brings our average hourly salary even lower. Unfortunately, the salary for a postdoc at Oxford is just above that of a primary school teacher, and after almost ten years of studying, I am quite tired of being poor and having to consider whether I can afford medium luxuries such as an organic diet and craft beer.
Because of the pretty average PhD salary (they call it a living costs stipend in order to get away with it), I have been selling my weekends working at a bar for the past three years now, having about 2-4 days off a month, working an average of 60 or so hours a week. With all this effort, I had managed to save up a few thousand Australian dollars, and, reading about Ethereum, I decided to speculate in it. I opened a Coinbase account, transferred thousands of my saved up dollars, and I fortunately managed to double my money on Ether's rise.
Somehow, I came across Monkey Capital, and without fully understanding the white paper or knowing much about hedge funds and finance, I figured it would be an interesting place to put some of the money I had made on Ether. I waited patiently, watching the clock count down on the homepage, and one day a chart of Coeval vs. Bitcoin appeared. I immediately joined the Slack and learned that people had been trading Coeval for days, at massive gains! I quickly bought some with some Bitcoin I had on Coinbase, at 0.25 BTC, and saw the price skyrocket. I sold the rest of my Ether and bought more Coeval at around 0.375 BTC, and within two days my Coeval was worth $2,000 more than what I had bought them for.
I remember thinking that that amount alone would take care of most of my money problems until I finished my PhD, and that I could maybe even quit my bar job and spend my weekends on more meaningful work, or maybe just on being a normal human being, who didn’t have to sell his time off to make a living. One of my close friends was having problems with one of her housemate trying to screw the others over for thousands of dollars of rent, and I told her that I would now be able to cover that for her without problems if it did come to that.
Then, all of the sudden, things started coming apart. The price of Coeval started dropping. I put it off as a correction, and it did go back up a tiny bit, but it kept going down more than it went up. Out of nowhere, 20 million Monkey tokens appeared on the market, and nobody knew what was going on. The first round of dividends, to be paid out in September, would only be paid to that newly release MNY, and not the one that we would get for our COE. Furthermore, the released MNY was “pregnant” with more tokens, and the ones we’d get from the COE were not. People roared and complained about scams and cheating and not enough communication from the management. Then, around another 180 million MNY appeared over the course of a few days. The people buying the original 20 million were, rightfully, worried about their dividends, the price of both MNY and COE kept plummeting, and the terms of everything seemed fluid, seemingly changing daily or hourly.
This obviously brought a lot of anger from people spending over $1,000 on a COE token that now seemed to be worthless, considering you could get tens, if not hundreds, of thousands of MNY for a single COE. The Slack channel was flooded by accusations and profanities, and the Monkey management started kicking people out in what felt a bit like a purge of opposing opinions. This obviously only led to more anger outside of Slack, on Steemit and Reddit, and with no dedicated communications team, many of the accusations went without being addressed properly.
On top of this, problems with the Waves exchange of some kind meant that people were losing coins, and bots were able to use the spread in buy and sell price to suppress the small amount of growth the COE/MNY coins would have been able to enjoy, and the price just kept on falling and falling.
As of today, I have turned about $20,000 into just under $1,500. That’s American, not Australian dollars. I’ve worked so many long and hard shifts to save up the money to buy Ether with. I’ve spent so many hours stressing over whether to sell or hold when Ether went up, and even more as it crashed, taking a lot of my plans and dreams with it. And now the value of my coins has plummeted to less than 10 %. And will probably keep dropping for days or weeks to come.
So why aren’t I joining the army of angry people yelling scam and fraud, reporting Daniel and the Monkey team to the authorities? The answer is that I still believe in the project, and I am convinced that Monkey Capital is not a scam.
‘Why do you believe that this is not a scam after all of this? You’ve lost so much money on this!’ you might ask. Well, first of all and most compellingly, if this really were a scam, the Monkey team would have been long gone. The first batch of Coeval was released and bought up, then traded and re-traded. Since the price started dropping, very little new money would have entered the system. Most MNY was bought with Coeval, with a small amount bought with Bitcoin. Adding another token ahead of the announced release would not add more value to scammers, since they would have known that they would mostly be traded with the Coeval people already had.
Instead of running away with the takings, Daniel and the rest of the team have seemingly been hard at work setting up deals and getting funding to the point that no ICO apparently is necessary. Admittedly, the details of the deals have not been released, but it has gotten to the point that a guy flew from the US to Bangkok to meet with the team to discuss setting up call centres related to Monkey Capital. You could say that it is a scam with the aim of attracting more people to buy more coins so that they can use that capital to buy companies and make more money, but that’s pretty much exactly what the white paper stipulates. It only becomes a scam if no dividends are paid.
Secondly, you may say what you want about Daniel, but he has character. I have seen him vehemently defend the project as if it were his own child, while at the same time advising people against investing everything they have in it. He has always advocated spreading out risk to everyone who asked him. He has even offered and given personal loans to people who took out bank loans to invest, so they wouldn’t get themselves into uncontrolled institutional debt. I’ve seen him offer to lend people money to buy Coeval, only to ask them to pay it back when the price reached 4 BTC. He is constantly communicating with people on the Slack channel, even when people tell him to go to sleep and rest up for the benefit of everyone. To me, he seems like a genius who has a grand plan in his head and is charging ahead with it, and the rest of us are always trying to keep up with his thinking. Clearly, he should be focusing on running the business and communicate the grand ideas, while having someone in charge of the day-to-day communication, and I believe someone has recently been hired to act in just that role.
Clearly, if this were a scam, he would be spending most of his effort convincing people to put in more and more money before an ICO, then run a full on scam-oriented ICO with lots of promises, only to disappear. The cancelled ICO is a huge bit of evidence that extracting as much money from any fool stupid enough to invest is definitely not the idea behind this business.
The storyline for this ICO, if you want to call it that, has been far from perfect. Clearly, big mistakes have been made, especially in communicating drastic changes along the way, and that has led to people being scared and weary of the future of the project. I am sure that most people reading this will have a story similar to mine, hoping for a way out of wage slavery the daily grind offers, and just enjoy a bit more financial freedom. All this uncertainty leads to fear and doubt. Despite the uncertainty, though, the core values and overall idea behind Monkey Capital have not changed. Raising funds to invest in physical companies and pay dividends to the coin holders is still the goal. This has never been done before in the cryptosphere, and problems will always be abundant when new roads are paved in uncharted territory. That being said, I believe that the right course is set and the team running this is capable of pulling it off. It will take time, probably more time than what we are used to in the world of crypto, but that is the nature of setting up something of this magnitude.
If you are convinced that this is a scam, so be it. Everyone who believes that it is has already left, so you are not protecting anyone from spreading negative opinions about it. New investors will see what has happened and make an informed decision based on facts and performance, and presenting scare scenarios does not add to informed decisions. In my opinion, there is plenty of circumstantial evidence to show that this is very, very far from a scam, but you are very entitled to believe otherwise. Just please don’t try to screw things up even more for those of us who are still in this. If your goal is revenge on Daniel, you won’t get it. He will be fine if this tanks. I, however, will not be. You are not working against Daniel or Monkey Capital, you are working against me. So please let me have a chance at my dreams, and stop trying your hardest to make Monkey Capital look bad, regardless of the nobleness of your reasons.
Do I regret investing in Monkey Capital? My only regret is not waiting a few weeks, to be able to buy everything at dirt cheap prices now and ride that Monkey rocket to the Moon of Financial Freedom!
I am happy to discuss my experiences with anyone who wants, feel free to contact me or write comments on here. Please keep profanities to a minimum, I’m not here to throw shit, and please double-check your spelling and grammar, though. We are all adults trying to get ahead here, and it is so much harder to take you seriously if you can’t properly construct a sentence or spell basic words.
I wish you all the best,
Mathias
submitted by mattisuller to monkeycapital [link] [comments]

Decred Journal — May 2018

Note: New Reddit look may not highlight links. See old look here. A copy is hosted on GitHub for better reading experience. Check it out, contains photo of the month! Also on Medium

Development

dcrd: Significant optimization in signature hash calculation, bloom filters support was removed, 2x faster startup thanks to in-memory full block index, multipeer work advancing, stronger protection against majority hashpower attacks. Additionally, code refactoring and cleanup, code and test infrastructure improvements.
In dcrd and dcrwallet developers have been experimenting with new modular dependency and versioning schemes using vgo. @orthomind is seeking feedback for his work on reproducible builds.
Decrediton: 1.2.1 bugfix release, work on SPV has started, chart additions are in progress. Further simplification of the staking process is in the pipeline (slack).
Politeia: new command line tool to interact with Politeia API, general development is ongoing. Help with testing will soon be welcome: this issue sets out a test plan, join #politeia to follow progress and participate in testing.
dcrdata: work ongoing on improved design, adding more charts and improving Insight API support.
Android: design work advancing.
Decred's own DNS seeder (dcrseeder) was released. It is written in Go and it properly supports service bit filtering, which will allow SPV nodes to find full nodes that support compact filters.
Ticket splitting service by @matheusd entered beta and demonstrated an 11-way split on mainnet. Help with testing is much appreciated, please join #ticket_splitting to participate in splits, but check this doc to learn about the risks. Reddit discussion here.
Trezor support is expected to land in their next firmware update.
Decred is now supported by Riemann, a toolbox from James Prestwich to construct transactions for many UTXO-based chains from human-readable strings.
Atomic swap with Ethereum on testnet was demonstrated at Blockspot Conference LATAM.
Two new faces were added to contributors page.
Dev activity stats for May: 238 active PRs, 195 master commits, 32,831 added and 22,280 deleted lines spread across 8 repositories. Contributions came from 4-10 developers per repository. (chart)

Network

Hashrate: rapid growth from ~4,000 TH/s at the beginning of the month to ~15,000 at the end with new all time high of 17,949. Interesting dynamic in hashrate distribution across mining pools: coinmine.pl share went down from 55% to 25% while F2Pool up from 2% to 44%. [Note: as of June 6, the hashrate continues to rise and has already passed 22,000 TH/s]
Staking: 30-day average ticket price is 91.3 DCR (+0.8), stake participation is 46.9% (+0.8%) with 3.68 million DCR locked (+0.15). Min price was 85.56. On May 11 ticket price surged to 96.99, staying elevated for longer than usual after such a pump. Locked DCR peaked at 47.17%. jet_user on reddit suggested that the DCR for these tickets likely came from a miner with significant hashrate.
Nodes: there are 226 public listening and 405 normal nodes per dcred.eu. Version distribution: 45% on v1.2.0 (up from 24% last month), 39% on v1.1.2, 15% on v1.1.0 and 1% running outdaded versions.

ASICs

Obelisk team posted an update. Current hashrate estimate of DCR1 is 1200 GH/s at 500 W and may still change. The chips came back at 40% the speed of the simulated results, it is still unknown why. Batch 1 units may get delayed 1-2 weeks past June 30. See discussions on decred and on siacoin.
@SiaBillionaire estimated that 7940 DCR1 units were sold in Batches 1-5, while Lynmar13 shared his projections of DCR1 profitability (reddit).
A new Chinese miner for pre-order was noticed by our Telegram group. Woodpecker WB2 specs 1.5 TH/s at 1200 W, costs 15,000 CNY (~2,340 USD) and the initial 150 units are expected to ship on Aug 15. (pow8.comtranslated)
Another new miner is iBelink DSM6T: 6 TH/s at 2100 W costing $6,300 (ibelink.co). Shipping starts from June 5. Some concerns and links were posted in these two threads.

Integrations

A new mining pool is available now: altpool.net. It uses PPLNS model and takes 1% fee.
Another infrastructure addition is tokensmart.io, a newly audited stake pool with 0.8% fee. There are a total of 14 stake pools now.
Exchange integrations:
OpenBazaar released an update that allows one to trade cryptocurrencies, including DCR.
@i2Rav from i2trading is now offering two sided OTC market liquidity on DCUSD in #trading channel.
Paytomat, payments solution for point of sale and e-commerce, integrated Decred. (missed in April issue)
CoinPayments, a payment processor supporting Decred, developed an integration with @Shopify that allows connected merchants to accept cryptocurrencies in exchange for goods.

Adoption

New merchants:
An update from VotoLegal:
michae2xl: Voto Legal: CEO Thiago Rondon of Appcívico, has already been contacted by 800 politicians and negotiations have started with four pre-candidates for the presidency (slack, source tweet)
Blockfolio rolled out Signal Beta with Decred in the list. Users who own or watch a coin will automatically receive updates pushed by project teams. Nice to see this Journal made it to the screenshot!
Placeholder Ventures announced that Decred is their first public investment. Their Investment Thesis is a clear and well researched overview of Decred. Among other great points it noted the less obvious benefit of not doing an ICO:
By choosing not to pre-sell coins to speculators, the financial rewards from Decred’s growth most favor those who work for the network.
Alex Evans, a cryptoeconomics researcher who recently joined Placeholder, posted his 13-page Decred Network Analysis.

Marketing

@Dustorf published March–April survey results (pdf). It analyzes 166 responses and has lots of interesting data. Just an example:
"I own DECRED because I saw a YouTube video with DECRED Jesus and after seeing it I was sold."
May targeted advertising report released. Reach @timhebel for full version.
PiedPiperCoin hired our advisors.
More creative promos by @jackliv3r: Contributing, Stake Now, The Splitting, Forbidden Exchange, Atomic Swaps.
Reminder: Stakey has his own Twitter account where he tweets about his antics and pours scorn on the holders of expired tickets.
"Autonomy" coin sculpture is available at sigmasixdesign.com.

Events

BitConf in Sao Paulo, Brazil. Jake Yocom-Piatt presented "Decentralized Central Banking". Note the mini stakey on one of the photos. (articletranslated, photos: 1 2 album)
Wicked Crypto Meetup in Warsaw, Poland. (video, photos: 1 2)
Decred Polska Meetup in Katowice, Poland. First known Decred Cake. (photos: 1 2)
Austin Hispanic Hackers Meetup in Austin, USA.
Consensus 2018 in New York, USA. See videos in the Media section. Select photos: booth, escort, crew, moon boots, giant stakey. Many other photos and mentions were posted on Twitter. One tweet summarized Decred pretty well:
One project that stands out at #Consensus2018 is @decredproject. Not annoying. Real tech. Humble team. #BUIDL is strong with them. (@PallerJohn)
Token Summit in New York, USA. @cburniske and @jmonegro from Placeholder talked "Governance and Cryptoeconomics" and spoke highly of Decred. (twitter coverage: 1 2, video, video (from 32 min))
Campus Party in Bahia, Brazil. João Ferreira aka @girino and Gabriel @Rhama were introducing Decred, talking about governance and teaching to perform atomic swaps. (photos)
Decred was introduced to the delegates from Shanghai's Caohejing Hi-Tech Park, organized by @ybfventures.
Second Decred meetup in Hangzhou, China. (photos)
Madison Blockchain in Madison, USA. "Lots of in-depth questions. The Q&A lasted longer than the presentation!". (photo)
Blockspot Conference Latam in Sao Paulo, Brazil. (photos: 1, 2)
Upcoming events:
There is a community initiative by @vj to organize information related to events in a repository. Jump in #event_planning channel to contribute.

Media

Decred scored B (top 3) in Weiss Ratings and A- (top 8) in Darpal Rating.
Chinese institute is developing another rating system for blockchains. First round included Decred (translated). Upon release Decred ranked 26. For context, Bitcoin ranked 13.
Articles:
Audios:
Videos:

Community Discussions

Community stats: Twitter 39,118 (+742), Reddit 8,167 (+277), Slack 5,658 (+160). Difference is between May 5 and May 31.
Reddit highlights: transparent up/down voting on Politeia, combining LN and atomic swaps, minimum viable superorganism, the controversial debate on Decred contractor model (people wondered about true motives behind the thread), tx size and fees discussion, hard moderation case, impact of ASICs on price, another "Why Decred?" thread with another excellent pitch by solar, fee analysis showing how ticket price algorithm change was controversial with ~100x cut in miner profits, impact of ticket splitting on ticket price, recommendations on promoting Decred, security against double spends and custom voting policies.
@R3VoLuT1OneR posted a preview of a proposal from his company for Decred to offer scholarships for students.
dcrtrader gained a couple of new moderators, weekly automatic threads were reconfigured to monthly and empty threads were removed. Currently most trading talk happens on #trading and some leaks to decred. A separate trading sub offers some advantages: unlimited trading talk, broad range of allowed topics, free speech and transparent moderation, in addition to standard reddit threaded discussion, permanent history and search.
Forum: potential social attacks on Decred.
Slack: the #governance channel created last month has seen many intelligent conversations on topics including: finite attention of decision makers, why stakeholders can make good decisions (opposed to a common narrative than only developers are capable of making good decisions), proposal funding and contractor pre-qualification, Cardano and Dash treasuries, quadratic voting, equality of outcome vs equality of opportunity, and much more.
One particularly important issue being discussed is the growing number of posts arguing that on-chain governance and coin voting is bad. Just a few examples from Twitter: Decred is solving an imagined problem (decent response by @jm_buirski), we convince ourselves that we need governance and ticket price algo vote was not controversial, on-chain governance hurts node operators and it is too early for it, it robs node operators of their role, crypto risks being captured by the wealthy, it is a huge threat to the whole public blockchain space, coin holders should not own the blockchain.
Some responses were posted here and here on Twitter, as well as this article by Noah Pierau.

Markets

The month of May has seen Decred earn some much deserved attention in the markets. DCR started the month around 0.009 BTC and finished around 0.0125 with interim high of 0.0165 on Bittrex. In USD terms it started around $81 and finished around $92, temporarily rising to $118. During a period in which most altcoins suffered, Decred has performed well; rising from rank #45 to #30 on Coinmarketcap.
The addition of a much awaited KRW pair on Upbit saw the price briefly double on some exchanges. This pair opens up direct DCR to fiat trading in one of the largest cryptocurrency markets in the world.
An update from @i2Rav:
We have begun trading DCR in large volume daily. The interest around DCR has really started to grow in terms of OTC quote requests. More and more customers are asking about trading it.
Like in previous month, Decred scores high by "% down from ATH" indicator being #2 on onchainfx as of June 6.

Relevant External

David Vorick (@taek) published lots of insights into the world of ASIC manufacturing (reddit). Bitmain replied.
Bitmain released an ASIC for Equihash (archived), an algorithm thought to be somewhat ASIC-resistant 2 years ago.
Three pure PoW coins were attacked this month, one attempting to be ASIC resistant. This shows the importance of Decred's PoS layer that exerts control over miners and allows Decred to welcome ASIC miners for more PoW security without sacrificing sovereignty to them.
Upbit was raided over suspected fraud and put under investigation. Following news reported no illicit activity was found and suggested and raid was premature and damaged trust in local exchanges.
Circle, the new owner of Poloniex, announced a USD-backed stablecoin and Bitmain partnership. The plan is to make USDC available as a primary market on Poloniex. More details in the FAQ.
Poloniex announced lower trading fees.
Bittrex plans to offer USD trading pairs.
@sumiflow made good progress on correcting Decred market cap on several sites:
speaking of market cap, I got it corrected on coingecko, cryptocompare, and worldcoinindex onchainfx, livecoinwatch, and cryptoindex.co said they would update it about a month ago but haven't yet I messaged coinlib.io today but haven't got a response yet coinmarketcap refused to correct it until they can verify certain funds have moved from dev wallets which is most likely forever unknowable (slack)

About This Issue

Some source links point to Slack messages. Although Slack hides history older than ~5 days, you can read individual messages if you paste the message link into chat with yourself. Digging the full conversation is hard but possible. The history of all channels bridged to Matrix is saved in Matrix. Therefore it is possible to dig history in Matrix if you know the timestamp of the first message. Slack links encode the timestamp: https://decred.slack.com/archives/C5H9Z63AA/p1525528370000062 => 1525528370 => 2018-05-05 13:52:50.
Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research.
Your feedback is precious. You can post on GitHub, comment on Reddit or message us in #writers_room channel.
Credits (Slack names, alphabetical order): bee, Richard-Red, snr01 and solar.
submitted by jet_user to decred [link] [comments]

Replace Energy Coin

Replace Energy Coin
Introduction to REC
In the whole history of our vast world, there's been various technological advances that really improve the quality of life of all the people as well as the planet itself. There's two uprising technologies that by themselves really revolutionize their area of expertise by being incredible useful, innovative and a with a massive potential to grow even further.
The first of those technologies is solar energy. Using the resources that our planet gives us is not only better for the environment, but is also more efficient and nowadays it is becoming the preferred energy method in many countries. China is the country that leads this solar revolution, because it already monopolizes half of the new solar plants that are installed on our planet, according to this report of the Environment Program of the UN. But, closely, they are followed by three other nations: Australia, Sweden and Mexico, whose investment in this field has recently doubled and continues to increase as time goes on. Just on 2017, the world has invested more money in solar energy than in nuclear power plants, gas and coal plants, according to a United Nations report. This revolution is real, is already here and it's the next logical step to the energy field of our world.

Solar Energy
The other technology is one that neither smartphones, social networks, virtual reality, and nor autonomous cars can compare to. The most important technology that has emerged in the last century is the chain of blocks or blockchain. The European Central Bank maintains in a recent report that this invention "could lead an imminent revolution". And some experts believe that its impact will be similar to that of the internet. The blockchain is the technology behind bitcoin cryptocurrency. A cryptocurrency is a digital currency that uses encryption as a security and anti-counterfeiting system. The bitcoin stands as the best known and most common crypto, since it was the first of its kind that can operate without banks or a central authority, and without revealing data about the identity of those who carry out transactions. Its operation is based on blockchain technology: a shared database, decentralized and secure. Shared and decentralized because there are copies of that database in millions of computers in the world; safe because those copies are cryptographically protected: they can not be attacked, banned or deleted. And if there is a discrepancy in the registers, a consensus mechanism acts as the central authority and allows to detect which is the correct one. The crypto world is vast and we're basically in the initial stages of it.

Solar Energy
Now that we've talked about the solar energy and blockchain technologies as individuals, it's time to take things even further beyond. What if those two technologies were to be combined? It would be an amazing accomplishment and completely revolutionize both the energy field and the blockchain world.
And that is exactly what REC is all about.
The Replace Energy Coin (REC) project has implemented blockchain technology to help decentralize the energy market, to build transparency, trust, and security between producers and consumers. Through blockchain technology peer-to-peer transactions are happening in a decentralized way, creating more transparency for producers, consumers and end users. It reduces costs for energy transactions by excluding governments, corporations and third-party vendors, creating a borderless economy worldwide. The adoption of blockchain in the Replace Energy Coin (REC) Business model allows people to buy and sell energy amongst themselves. This is only the beginning. Even as you are reading this, you are already part of it. We hope you continue to view this amazing project advance along with all of us. The future is bright, and REC will certainly deliver.
Great solar projects, and upcoming highlights event, follow us:
Website: http://replaceenergycoin.com/
Whitepaper : http://replaceenergycoin.com/REC%20WhitePaper.pdf
Telegram : https://t.me/ReplaceEnergyCommunity
submitted by replaceenergycoin to u/replaceenergycoin [link] [comments]

Morning Update

Traders will be glued to their screens at noon today as Fed Chair Jerome Powell delivers what will be the most critical speech of his short time leading the central bank. He's likely to provide insights into the Fed's plans for monetary tightening and may address growing hostility from President Trump, who said in an interview on Tuesday he's "not even a little bit happy with my selection of Jay" and believes the central bank is "way off-base with what they're doing."
Economy
U.S. stock index futures rose 0.3% ahead of the speech, with the dollar nearing 2018 highs, powered by remarks from Larry Kudlow that the upcoming G20 summit was an opportunity to "turn the page" on the U.S.-Sino trade war. Other economic news today includes the Commerce Department's second estimate of third-quarter GDP growth, which is expected to be confirmed at a 3.5% annualized rate.
Trade war weapon? Asked if China would consider selling U.S. Treasuries or reducing purchases should trade tensions worsen, Cui Tiankai, China's ambassador to the U.S., said, "I don’t think anybody in Beijing is thinking seriously about this. It could backfire. We don't want to cause any financial instability in global markets." China is the largest foreign holder of U.S. Treasury debt, with $1.15T as of Sept. 30.
Russia plans to deploy more of its advanced S-400 surface-to-air missile systems to Crimea as the conflict intensifies over its seizure of three Ukrainian navy ships and their crews. "We will fight for our freedom, we will fight for our democracy, we will fight for our soil," Ukraine's President Petro Poroshenko told NBC News. "The Russians will pay a huge price if they attack us."
The European Union is aiming to become the first major economy to go "climate neutral" by 2050. "It is absolutely possible. For sure, it will require lots of investment. It will require lots of effort, but it is doable," declared EU climate commissioner Miguel Arias Cañete. This can be done with "existing technologies such as solar and wind energy," he added, as well as other "energy efficiency measures."
Stocks
SEC Chairman Jay Clayton wants to see better market surveillance and custody for cryptocurrencies before being "comfortable" with a Bitcoin ETF (BTC-USD). "We've seen some thefts around digital assets that make you scratch your head," he told CoinDesk's Consensus Invest conference. "We care that the assets underlying that ETF have good custody and that they're not going to disappear."
Despite the warning from the SEC, Bitcoin (BTC-USD) soared 9% overnight to above the $4,000 level, heading for its biggest daily jump since July. Exchange operator Nasdaq (NASDAQ:NDAQ) has confirmed it's moving ahead with a plan to list Bitcoin futures in Q1 2019, betting on sustained interest despite a dramatic plunge this year. The rout has intensified over the last two weeks, wiping billions of dollars off the market capitalizations of the world's biggest cryptocurrencies.
Amazon news roundup: AWS is launching a satellite connection service, marking the company's first public move into space-related hardware. Amazon (NASDAQ:AMZN) is further expanding its footprint into health, reportedly starting to sell software that mines patient medical records. A pilot program for Alexa for Business is also said to be paused at WeWork (VWORK), though it's grown quite popular at Amazon itself.
Cyrus Capital Partners will provide Sears (OTCPK:SHLDQ) with a $350M loan to keep the bankrupt retailer's stores open through the holidays. The hedge fund won a bidding war in a courthouse hallway, replacing financing from Great American Capital that would have cost 11.5 percentage points over a benchmark lending rate. The new deal with Cyrus will cut Sears' borrowing costs by 1.5 percentage points.
With reports suggesting Trian Management is no longer showing an interest in the pizza chain, shares of Papa John's (NASDAQ:PZZA) tumbled over 10% yesterday. In other food news, Campbell Soup (NYSE:CPB) is reportedly closing in on former Pinnacle Foods chief Mark Clouse as the top candidate to be its next CEO, while Unilever (NYSE:UL) has emerged as the leading bidder in a tight contest for GlaxoSmithKline's (NYSE:GSK) Indian Horlicks nutrition business.
In a shift in strategy, YouTube (GOOG, GOOGL) has concluded that its investments in original programming should have a free, ad-supported side - not just be stuck behind a paywall. That means starting in 2020, a YouTube Premium subscription will no longer be the only way to watch most original programs, giving creators and other talent the opportunity to reach an even wider audience.
On the heels of a launch into 13 new markets in the Middle East and North Africa, Spotify (NYSE:SPOT) is looking to expand into India. The move could happen within the next six months, according to Variety, bringing its streaming service to a population of 1.3B and one of the world's fastest growing music markets. Spotify also plans on offering an extended free trial period - longer than its standard 30 days.
Citing concerns about national security, New Zealand's intelligence agency has rejected the telecom industry's first request in the country to use 5G equipment provided by Huawei Technologies. Western nations have become increasingly wary of the Chinese firm. Earlier this year, neighboring Australia banned Huawei from supplying 5G equipment, and last week, reports surfaced that the U.S. government was trying to persuade allies to avoid the company.
CRISPR Therapeutics climbed another 3% in AH trading on Tuesday after Chinese researcher He Jiankui - who altered the genes of newly born twin girls to make them HIV resistant - stood by his work and revealed a second pregnancy in the controversial project. His revelations have sparked a major debate on the ethical boundaries of gene editing and Crispr-Cas9 (NASDAQ:CRSP), which promises to eliminate human diseases, but could also be used to create designer babies.
Lion Air must improve its safety culture and better document repair work on its planes, Indonesian investigators said Wednesday, in preliminary findings into last month's crash that killed all 189 people on board. The Boeing (NYSE:BA) 737 Max was not in an airworthy condition even on its second-to-last flight, when pilots experienced similar problems with an automated anti-stall system to those on its doomed last journey.
President Trump has threatened to strip General Motors (NYSE:GM) of a tax credit that makes its electric cars more affordable due to the company's plans to halt production at several American plants. There's just one problem with the threat, according to CNBC: The automaker is already on the verge of losing the tax breaks. Credits will begin phasing out at the end of this year, when GM is expected to hit the 200K-vehicle threshold for its EV program.
BMW is considering a second U.S. manufacturing plant that could produce engines and transmissions, CEO Harald Krueger said in an interview at the Los Angeles Auto Show, shortly after a report that the U.S. would impose tariffs on imported cars from next week. BMW (OTCPK:BMWYY) already has a U.S. vehicle assembly facility in South Carolina, and opening a second location would provide a "natural currency hedge."
TransCanada has asked a Montana court to allow it to resume pre-construction activities on its Keystone XL oil pipeline after a U.S. judge blocked construction on the $8B project earlier this month. "It is too soon to say what the injunction will mean to the timeline and cost of the Keystone XL pipeline but we remain confident the project will be built," TransCanada (NYSE:TRP) spokesman Terry Cunha said in a statement.
Tuesday's Key Earnings Salesforce (NYSE:CRM) +8.8% AH on strong sales, raised guidance. Today's Markets In Asia, Japan +1%. Hong Kong +1.3%. China +1.1%. India +0.6%. In Europe, at midday, London -0.2%. Paris +0.2%. Frankfurt +0.1%. Futures at 6:20, Dow +0.3%. S&P +0.3%. Nasdaq +0.3%. Crude -0.1% to $51.49. Gold +0.1% to $1214.10. Bitcoin +9.2% to $4002. Ten-year Treasury Yield flat at 3.05%
Today's Economic Calendar 7:00 MBA Mortgage Applications 8:30 GDP Q3 8:30 International trade in goods 8:30 Corporate profits 8:30 Retail Inventories (Advance) 8:30 Wholesale Inventories (Advance) 10:00 New Home Sales 10:00 Richmond Fed Mfg. 10:00 State Street Investor Confidence Index 10:30 EIA Petroleum Inventories 11:30 Results of $18B, 2-Year FRN Auction 12:00 PM Jerome Powell: "The Federal Reserve's Framework for Monitoring Financial Stability" 1:00 PM Results of $32B, 7-Year Note Auction
submitted by upbstock to Optionmillionaires [link] [comments]

MyBit FAQ

Welcome at MyBit's official Reddit.
Intro
MyBit designs products that open up the world, creating tools that enable freedom and wealth generation for everyone. Its two flagship products include a decentralised investment platform (MyBit DApp) and the world's first decentralised IoT asset exchange (MYDAX). Powered by Ethereum.
Founded in Switzerland by industry veterans, MyBit believes that people should be able to follow their passion instead of having to work to survive.
By redefining the way people generate income, MyBit strives to democratise financial services so everyone has equal access to income opportunities. This becomes critical as the machine economy begins to dominate and 800 million human jobs are lost to machines by 2030 (Mckinsey, 2017).
MyBit provides an ecosystem for the upcoming 11.1 Trillion dollar IoT industry (Forbes, 2017) among other collaborative tools, with the belief that everyone should have an equal opportunity to participate in this revolution.
Follow MyBit on:
Twitter Announcements/News
Facebook Events/Meetups
Telegram Quick Chat
BITCOIN TALK Timely updates
YOUTUBE
Linkedin
Blockfolio
More Information
WEBSITE
Whitepaper

The Company

Where is MyBit registered?
MyBit Stiftung (Foundation) is registered in Zug, Switzerland under public registration number CHE-177.186.963 and can be found in the commercial registry HERE. MyBit AG (Operating Entity) is registered in Zug, Switzerland under public registration number CHE-192.841.841 and be found in the commercial registry here.
What is the responsibility of the Foundation and AG?
The MyBit Foundation is responsible for managing capital flow, the MyBit Token, and the overall success of the entire ecosystem. MyBit AG is owned by the MyBit Foundation and employs the team as well as completes the engineering, marketing, business development, and other core functions.
Why choose a non-profit structure?
To best protect ourselves and our community we mirrored our corporate structure to that of Ethereum and are based in the same jurisdiction. This ensures that everyone involved with MyBit from team members, to contributors, to third-parties are protected to the best extent currently possible.
Who is the team?
Please review the company section of the website. Where is the team located? The core team is based in Zug, Switzerland where our offices are and company is registered.(edited) What legal firm represents MyBit? Mayerlustenberger Lachenal (MLL) which is one of the top law firms in Switzerland, with offices throughout the EU. They have a strong history in the fields of start-ups, energy, fundraising, and international law which made them a perfect match for our needs.
Who are your partners?
Please review the partners section of the website and our blog to monitor updates on the partnership side of our business.
How much funds have you raised?
During Phase 1 of our TokenSale we raised 10,044 Ether which at the time was approximately CHF 2’700’000. Are you planning a future funding round and why? Yes, however it will not involve issuing more MyBit Tokens above the current maximum supply of 180.000.000.

The Business Model

How do you monetise?
All Assets funded on the MyBit platform are assessed a 3% fee 1% which goes to the foundation to cover ongoing operations and upgrades, 1% to the MyBit DAO, and 1% is used to buy back MYB from exchanges and burn it.
Who will maintain the platform?

The MyBit DAO is in charge of maintaining the platform. Who will upgrade and add new features? The MyBit Foundation and MyBit AG will collaborate to implement new features and upgrades. All DAO members are welcome to contribute and submit propositions for additional features which may be integrated after voting, rigorous auditing, and approval.
How does regulation affect MyBit?
MyBit currently complies with all regulation and is governed by the Swiss Foundation Authority. However, please note that regulation may prevent MyBit from entering certain markets and/or servicing certain users.
What markets are you targeting?
Initially MyBit will be conducting testing in Europe and Dubai. The first market MyBit will fully target is Europe, followed by Japan, China, Latin America, Australia, and North America. Dubai may be used as a testing bed for new products.
What industries are you targeting?
Initially we are focused on Autonomous vehicles, renewable energy solutions such as solar, cryptocurrency ATMs, cryptocurrency Mining, decentralised storage units and Smart IoT devices but any IoT device or machine that generates revenue can be integrated into the MyBit platform.(edited) Section 3: The Platform
What is MyBit?
MyBit is a company building ethereum-based products (aApps) which enable a range of income generating and collaborative transactions to take place without relying on a middle-man, broker, or intermediary fund. How does MyBit Go work? Similar to kickstarter or like investment platform. Users can log on and view assets to invest in. Smart contracts govern the entire process and act as a digital broker so you can be ensured the terms of your investment will be followed.
Why would I use it?
MyBit is the first platform to streamline investments into the technologies of the future. To invest in these next generation IoT assets via another platform or service would involve sending your capital to a third-party fund which creates counterparty risk, reduces personal control, and exposes you to exorbitant management fees.
Who are MyBit Go's competitors?
Traditional investment funds are the main competitor, with their advantage lying mainly in their existing client relationships.
What is the competitive advantage? Traditional funds cannot compete with MyBit’s security, speed, and low fees because their business models and overhead infrastructure cannot easily be redefined to match MyBit’s benefits.
Is it secure?
On one end it is very secure compared to traditional funds because you are in control of your capital from start to finish and do not have to rely on a third-party to fulfill investment terms and entrust them with your money. All of this is automated with immutable blockchain-based smart contracts (or computer code that cannot be altered or manipulated in any form). On the other end of the spectrum Ethereum and Blockchain technologies are still largely untested and in their infancy which creates risks, so it is important for everyone to perform their own individual assessments. Do I have to pay to use the platform? Yes, there is a one-time fee required which differs based on features you wish to use. These one-time fees are paid in MYB and then the MYB is removed from the total supply.
How do I fund Assets?
It is as simple as logging onto the platform, finding the project you want to invest in, and sending Ether to the listed smart contract address. Then everything is automated and you will receive revenue distributions shortly after the asset begins generating revenue.
Who can fund assets?
MyBit scales to meet the demands of any user ranging from small individual investors to large institutional funds. Please note that users may be subject to different onboarding requirements based on investment amounts, legal structure (if entity), and location.
What currencies can I use to fund Assets?
Uniswap has been integrated to facilitate multi-token funding, this is a back-end conversion service that enables asset funding in any supported cryptocurrency with enough liquidity. Investment is denominated in DAI which is a USD stable coin, and In the future we hope to also implement fiat options.
How often do I receive revenue?
It is available for withdrawal at the discretion of the user. We aim to make our Blockchain powered, revenue distribution management system as real time as technically possible.
What currencies can I receive revenue in?
By default it will be received in Ethereum, but we will integrate a conversion layer to increase the amount of cryptocurrency options which it can be received in. In the future we plan to implement Fiat payment; However, that is subject to the cost-effectiveness and local regulations. What is the onboarding process? This is yet to be set in stone but we will be partnering with a compliance company to manage all onboarding and user KYC/AML. This can differ substantially based on location and capital amounts.
How do you establish fractional ownership on the blockchain?
Fractional ownerships is achieved by smart contracts and crypto movement recorded on the ethereum blockchain. Physical ownership is recorded through ownership of tokens in a smart contract. More units of cryptocurrency that are contributed to the initial whole of the funding requirement equates to more fractional ownership. For example, if a solar panel costs 100 units of ether then contributing 30 units of ether to the smart contract results in 30 percent fractional ownership which are stored in the smart contract.
How will ROI be determined?
The ROI associated an IoT Asset will be determined by the installer or producer of the asset and reviewed by the MyBit team to increase accuracy. We cannot guarantee the complete accuracy of the ROI estimations; however, as more assets are funded on the the MyBit platform, the data will be aggregated and analysed to increase the future accuracy of ROI projections.
Is ROI accurate?
ROI is reviewed internally by the MyBit team to help ensure accuracy; however, MyBit cannot guarantee the ROI. The ultimate decision to invest based on the ROI and its accuracy is the responsibility of the investor. Investment ROIs will get more accurate over time as we accumulate more investment data via the machine learning practices we will implement. How will tax credits and asset depreciation be handled by the platform? Tax credits towards the purchase of solar are priced into the asset funding price. Personal tax credits and depreciation expense are left to the investor and we advise to seek the advice of a certified tax professional.
Can investors sell and transfer their shares of ownership?
Not with the initial launch of the platform. Implementation of this feature is prioritized after initial testing and scaling.
What happens when a dispute arises?
All terms are recorded immutably upfront in smart contracts before they are deployed. When any dispute arises it is up to the parties involved to solve it - we recommend seeking third-party arbitration.
Are there a minimum or maximum number of investor limits per asset?
The minimum number of investors is 1. Each lister of an asset will determine if there is a maximum number of investors. Once a smart contract reaches its full funding requirement then the asset is locked from any further investments effectively capping off the number of investors.
How do you handle depreciation?
When choosing partners who will be listing their assets on the MyBit platform we review that the rate of revenue generation is greater than the rate of depreciation + operating expenses (projected)? This ensures that more profits are coming in than being lost to expenses and depreciation and that the total revenue generated over the asset's "normal" lifespan exceeds the cost of the asset. The majority of assets will be designed to operate (and generate revenue) until their lifespan is over, rather than deal with depreciated re-sale value. Therefore, we do our best to partner with companies whose assets can generate profits at a rapid rate to achieve full ROIs well in advance of the asset's life ending. Section 4:
The Token What is the use of the MyBit Token?
MYB is a utility token which is used to pay the one time fee to access different features of the platform. It will also be used as escrow by the Asset Managers to incentivise them to complete their work as needed. Staking is also planned to be added in the future.
How does staking MYB work?
More information will be made available prior to the Beta Release scheduled for Q4 2018.
How do I trade assets I own?
Typically, investments such as this are illiquid - meaning that you often have to wait until the profits exceed your investment to gain a full ROI. Or you have to sell the asset in full to obtain cash. MyBit lets users sell a portion (or the full amount) of their ownership to someone else in exchange for cash. The buyer is willing to complete the purchase to capitalise on the existing and proven revenue streams of the asset. So there is potentially a whole business opportunity in taking the risk of funding assets with unproven revenue streams and selling them shortly after at a premium if revenues surpass projections.
Is MYB considered a security?
No, MyBit is a utility token used to access the MyBit platform. The MyBit platform enables investments into IoT devices, but the token does not directly which keeps it in compliance with regulations. Also, there is no truly passive revenue distributions purely from holding the MyBit token due to users having to participate in staking, similar to how Ethereum is migrating their structure.
What exchanges is MYB on?
MYB is currently on HitBTC, EtherDelta, and Cryptopia.(edited) Where can I store MYB? MyBit can be stored on an exchange or any Ethereum wallet that supports ERC-20 tokens such as MyEtherWallet, Parity, or Mist.
How do I add MYB to MyEtherWallet and others?
You must add the custom token address via your wallet: 0x5d60d8d7eF6d37E16EBABc324de3bE57f135e0BC Additional parameters that may be needed include: name: MyBit Token , Symbol: MYB , Decimals: 18
Do you burn tokens?
Yes, one-time platform access costs which are paid in MYB. Section 5: Other When will the Alpha be released? It was released in private on May 10, 2018.
What is a Brand Ambassador?
MyBit uses a Brand Ambassador strategy to have supporting members of our community host informational meetups around the world to spread awareness.
How do I become a Brand Ambassador?
Send us an email with your location and experience in the crypto-industry and we will coordinate an interview with you.
When will the Alpha be released?
It was released in private on May 10, 2018.
Are you hiring?
We are always looking for passionate innovators to join the team. Send us an email if you are interested in exploring full-time options or wish to become a Brand Ambassador.

MYDAX

What is MYDAX?
MYDAX is the MyBit Decentralised Asset Exchange which is the world's first Blockchain-based truly decentralised exchange for IoT Assets.
What can I use MYDAX for?
MYDAX is designed to securely create a market for buyers and sellers of historically illiquid alternative assets without relying on third-party brokers and agents to establish trust. This creates a more fluid, secure, and profitable user experience.
Will only assets funded on the MyBit DApp be on MYDAX?
No, the beauty of MYDAX is that any IoT asset, either those funded directly via the MyBit DApp or those already funded, deployed, and generating revenue can be tokenised.
Why would anyone want to tokenise an existing IoT asset?
Liquidity. A large risk in alternative asset investing is the lack of liquidity - the inability to easily, securely, and cost-effectively find a buyeseller. MyBit streamlines this currently erroneous process with smart contracts.
How is it more secure and faster than traditional secondary markets?
By integrating Blockchain technology, we are able to automatically establish trust and proof of ownership so buyers/sellers are not reliant on third-party verification services to prove ownership (to the extent currently possible). Blockchain also creates transparency so financials can easily be audited (and trusted), and the exchange between ownership and cash does not require an intermediary which eliminates counterparty risk.(edited)

Asset Manager & Staking

What is the role of the asset manager?
Many assets still require oversight, maintenance, and other operational requirements that are currently best completed by a human. The asset manager is rewarded with a percentage of the asset's revenue for his work.
Why reward the asset manager with a percentage of revenue instead of a fixed amount?
By taking this approach, it encourages the asset manager to complete his job to the fullest of his/her ability, as their work input should theoretically have a direct impact on their monthly profits. Fixed amounts often create complacency and laziness.
What percentage of revenue does the asset manager receive?
We believe in a free market approach where the asset manager can choose their percentage. We anticipate that it will typically range between 5-10% for an average asset. If the perecentage is too high, then investors will in theory not fund the asset, which will lead to an equilibrium percentage over time.
How are investors protected if the Asset Manager does not perform or meet requirements?
Investors of an asset can utilise our (anticipated) integration with Aragon to vote on removing an Asset Manager and replacing with a new one. This requires 51% of voting consensus. Investors voting power is equivalent to their percentage stake in the asset.
Does the Asset Manager have any money at stake?
Asset Managers are required to lock MYB in escrow as collateral to incentivise them to perform their duties. If they are removed from their position, the escrowed MYB will be forfeited to the new Asset Manager. When can Asset Managers withdraw escrowed MYB? Asset Managers can withdraw MYB in proportion to the percent ROI the asset has generated. For example if an asset is at 25% break-even, meaning it cost CHF 10.000 and CHF 2.500 has been distributed to investors, then 25% of escrowed MYB is elgible for withdrawal. The percentages at which withdrawal is available are: 25%, 50%, 75%, 100%.
After Asset Managers withdraw 100% of their escrow what incentivises them to continue?
The monthly revenue streams they are receiving. It is important to note at this stage, Asset Managers have no financial-risk because they have received their full escrow amount back, but investors have received 100% of their initial investments back so the risk of any loss is mitigated. How can I trust an Asset Manager? Asset Managers will receive a trust level based on a proprietary trust algorithm we are developing. This will also give suggestions as to the escrow range they should follow.
What if an Asset Manager cannot afford the average escrow?
This is where staking comes into effect. Hodlers of MYB can "stake" or post the required escrow for Asset Managers and in return receive a portion of the revenue stream assigned to the Asset Manager.
What percentage of revenue do Stakers receive?
Much like the free market model where Asset Managers can choose their revenue percentages of an asset they are managing, we believe that this should also be up to the discretion of the Asset Managers and Stakers. If an Asset Manager offers to low of a revenue share agreement, then in theory they will not have their escrowed covered by any Stakers.
How are revenue share agreements enforced?
Everything is done with smart contracts, so you can be sure it will function exactly as planned without any human risk.
When can stakers withdraw their staked MYB?
The same eligibility as Asset Managers - based on the revenue generated by the asset compared to the asset cost.
Can escrowed amounts be crowdfunded by stakers?
No stakers are required to post all or nothing. In the future we may implement crowdfunded staking, but currently it is not an option.
Are assets listed for funding prior to having escrow requirements met?
No, no assets will be listed to investors until 100% of the staking requirements are met.
In what form of payment is revenue received?
Ethereum by default; however, third-party conversion services may open up a variety of different crypto and fiat currencies which revenue can be received in.
submitted by MyBit_DApp to MyBitToken [link] [comments]

#Eloncity

"Solar will be the main base of our ambitions in Australia but we will have some wind and we have lots of storage solutions," Mr Gupta said.
Billionere Sanjeeve Gupta Invested his company SIMEC ZEN Energy, for the renewable energy solution project #Eloncity.
Great concept and valubale future investment.
Great concept and valuable future investment. POWER THE WORLD FOR FREE!!!
/ Eloncity /,herocoin, bitcoin, ethereum, ethtrader, icocrypto
submitted by ChenaraLeesha to CryptocurrencyICOs [link] [comments]

Power-Hungry Crypto Mines clean Up As Cost Of Electricity Grows

Renewable energy is becoming the preferred way of mining cryptocurrencies like bitcoin as prices surge and the industry seeks more computing power
Vakhtang Gogokhia’s plan to extract cryptocurrencies from the netherworld of cyberspace relies on a strategy familiar to many old-school manufacturers who use a lot of energy—the cheaper the fuel, the better.
That’s why Gogokhia, who heads a startup called Golden Fleece, put a cargo container with Chinese-built computers inside a dilapidated Soviet-era tractor factory in Georgia, about 60 miles (100 kilometers) east of the Black Sea. The site made sense for running servers 24 hours a day because it has access to low-cost electricity generated by water flowing from the nearby Caucasus Mountains. There also are plans for solar panels and wind turbines.
Renewable energy is becoming the preferred way of mining digital currencies like bitcoin as prices surge and the industry seeks more computing power. While traditional fuels like coal remain staples for many utility grids, big miners including Bitmain Technologies Ltd, HIVE Blockchain Technologies Ltd and Bitfury Group are tapping clean power in places like Canada, Iceland and Paraguay—and luring investors worried about the industry’s carbon footprint.
“To conquer the riches of cryptocurrency,”
said Gogokhia, Golden Fleece’s 28-year-old chief executive officer and a former employee of the state-owned electricity grid,
“we undertook the quest to build cheap, green and sustainable mining farms in Georgia.”
It’s easy to see why energy sources are getting more attention. The increasingly difficult computations for creating new blockchains—the encrypted digital ledgers that underpin cryptocurrencies —require ever-more powerful computers. And many of the big server farms need air conditioning to keep from overheating. The industry’s electricity use jumped almost eight-fold in the past year, and spending on power can eat up 30% to 60% of revenues, Bloomberg New Energy Finance estimates.
“The price of electricity mostly drives where mining is taking place,”
said Christian Catalini, who founded the Cryptoeconomics Lab at the Massachusetts Institute of Technology (MIT) outside of Boston.
“If the price of electricity increases in one location, mining will likely just move somewhere else.”
A move toward increased mobility by producers has prompted Austria’s Hydrominer GmbH and Switzerland’s Envion AG to build computer-packed data centers into cargo containers that can be hauled off to new locations.
Over the past year, creating cryptocurrencies almost anywhere got more profitable as prices skyrocketed, sparking a rapid global expansion of mining activities along with hundreds of new kinds of tokens. Bitcoin alone was valued at more than $325 billion in December—exceeding the market capitalization of Wal-Mart Stores Inc., after jumping to almost $20,000 each from less than $800 a year earlier.
Still, the computers needed to create and sustain bitcoin require as much electricity every day as 30 nuclear power reactors running at full capacity, and the industry already is using more than all the world’s electric vehicles, BNEF estimates. While the technology around creating cryptocurrencies may evolve to be more efficient, requiring less energy, electricity costs remain a key concern for miners, especially after Bitcoin fell to below $8,000 this month.
Compounding the risk from volatile prices, some older operations are under pressure from regulators and investors, even in places where electricity prices are low.
In China, the world’s the biggest cryptocurrency producer, many server farms rely on cheap, surplus power from coal-fired plants that contribute to pollution. The government has forced industries to limit climate-warming emissions, and officials are contemplating new taxes to assert more control over domestic power markets and digital currency operations. About 70% of major bitcoin-mining pools are based in China or owned by Chinese companies, according to Blockchain.info.
With the prospect of new limits in China, investors are looking elsewhere. In Georgia, which gets about three-quarters of its electricity from hydroelectric plants, Golden Fleece will pay $50 per megawatt-hour, or well below the world average of $121, BNEF data show. Iceland and Switzerland are even cheaper, while Canada and Paraguay are among those at half the global average.
“Mining with clean energy is possible and economically sound in those places,”
said Guy Lane, director of the Long Future Foundation, an Australian-based non-profit. The foundation promotes ideas to protect the planet and has studied the impact of cryptocurrencies on the environment.
The industry’s increasing enthusiasm for finding clean power comes at a time when renewable energy has become a staple in utility grids around the world as the technology improved and costs fell. In the US, renewables like wind and solar accounted for 17% of electricity supply last year, twice the market share of a decade earlier, reducing demand for coal, government data show.
Renewables will capture $9 of every $10 spent on new power projects through 2040, according to BNEF estimates, with startups from Australia to Texas to Estonia trying to give rooftop solar and windmill owners the chance to sell directly to consumers.
Places with surplus hydroelectric capacity are also drawing more attention.
In Paraguay’s Ciudad del Este, a municipality on the Parana River across the border of southern Brazil, cryptocurrency miners are setting up in the city’s free-trade zone. They are tapping cut-rate power generated from the nearby 14-gigawatt Itaipu hydropower plant, the world’s second-biggest dam, which produces more electricity than Paraguay can consume. Prices are about a quarter of what they are in neighboring Brazil.
“Miners are looking for where they can have higher margins,”
said Brazilian miner Rocelo Lopes, adding that his 6,000 computers in Ciudad del Este are South America’s biggest cryptocurrency operation.
“It is a very volatile market, and from one day to the next, you can lose money.”
In Canada, utilities Hydro Quebec and BC Hydro are courting cryptocurrency miners, according to Harry Pokrandt, the CEO at Vancouver-based HIVE Blockchain Technologies. But cheap electricity isn’t the only consideration, he said. The local speed and reliability of the internet and a solid legal framework are almost as important, and climate matters because cooler weather means lower costs to keep their computers cool.
Back in Georgia, Golden Fleece is trying to raise $40 million—through an initial coin offering that promises investors a dividend paid in a digital currency. The cash would be used to build servers to mine Etherium, an increasingly popular token that recently fetched $1,125, up from $230 as recently as September. The country’s richest man, former Prime Minister Bidzina Ivanishvili, helped BitFury set up a mining centre in a Tbilisi free-trade zone that cost more than $100 million.
“Miners are looking for where they can have higher margins,”
said James Butterfill, the executive director and head of research and investment strategy at ETF Securities UK Ltd.
“It is a very volatile market, and from one day to the other, you can lose money. So having a cheap source of power is very important.”
submitted by KiranKiller to CryptoCurrency [link] [comments]

HOW TO BUY & INVEST IN BITCOIN WITH SMSF / RETIREMENT FUND ... How to Buy Bitcoin in Australia for Beginners - YouTube Bitcoin Australia - YouTube Mining Bitcoin with SOLAR POWER in 2017! How to invest into bitcoin in Australia Beginner Friendly ...

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HOW TO BUY & INVEST IN BITCOIN WITH SMSF / RETIREMENT FUND ...

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