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A huge selling point of blockchain technology is its ability to decentralize institutions essential to society. This feature has made the technology so popular, that an entire industry has grown up around it — including a thriving community of Bitcoin and blockchain-centric news publications.
However, contrary to the blockchain ethos, these media outlets operate in an entirely centralized fashion — giving rise to accusations of centralization and corporate control.
The DNN platform — built on top of the Ethereum network — decentralizes the news writing process by having contributors submit their articles to a random board of evaluators. These reviewers do not know each other, and have no communication with one another. Reviewers then vote on whether or not the piece should be published on the platform, and the majority vote decides the fate of the article.
Native tokens power the platform, both incentivizing participants and keeping them honest. If a writer has a piece published on the platform, they will receive payment in these tokens.
On the other side of the process, reviewers get paid only if their vote matches the majority. According to Singh and Taylor, this process will lead reviewers to vote in the majority interest, rather than for personal reasons. For more technical details on how the platform works, DNN encourages the community to read their white paper.
On the surface, DNN may worry salaried journalists working for one of these corporate media publications — be it in the cryptocurrency industry or the mainstream.
However, Singh and Dondrey assure the media industry that there will be no cause for concern if their platform takes off. Thus, according to the co-founders, corporate media outlets could actually use DNN to outsource their fact-checking, taking part in the benefits of a decentralized and trustless review process.
However, Singh and Dondrey do hope that one day their platform will grow to the point where freelancers can make significant income from writing with DNN.
To fund DNN, the team has organized a token sale, scheduled to open in 2 weeks on February 2. At press time, the company is holding a private pre-sale, in which hopeful investors will be evaluated and whitelisted for the public sale. The total token supply for DNN comes in at 1 billion. According to Singh and Dondrey, half of the total supply will be available in the public token sale.
DNN will distribute the rest between bonuses for early backers, the bounty program, and outreach. DNN launched the Alpha release of the platform in Juneand expects the Beta to go live some time during Q4 What do you think? Let us know in the comments below. The post Decentralized News Network: Building the Future of the Media Industry appeared first on Bitsonline.
The head of the Monetary Authority of Singapore, Ravi Menon, recently expressed concern that general volatility and slumps in cryptocurrency values might potentially undermine the blockchain technology platforms that support them.
January 18,saw the International Monetary Fund IMF call for discussions around cryptocurrencies — a signal that major banks are not adopting a hope-it-goes-away approach to cryptocurrencies. With that said, one needs to factor in that banking institutions have invested interest in maintaining the status quo, extending credit to the world and raking in interest payments.
What can be taken away from the current discourse is that extreme caution is advised, with even the crypto companies themselves adopting an admirably open stance on things, insistent as they are that the essence of blockchain has intrinsic value and application, as they have always maintained.
Whether ultimate collapse is inevitable seems a negligible point in the infancy of the cryptocurrency industry. Although trading with crypto is probably the most secure option available from a transactional point of view, grabbing onto crypto as a savvy investment is often vehemently warned against.
Issues of online security, recognition, and fraud are all potentially eliminated with a blockchain platform underpinning things. The potential savings through blockchain application run into billions annually.
Also, the computing accessories that surround blockchain applications, have the potential, at least in part, to drive economies. Blockchain technology is an aid to online humanity and a step forward in thinking and computing. For most central banks, it seems one possible choice is to accept that for the moment everyone is struggling to separate blockchain as a phenomenon from its most visible manifestation in cryptocurrencies.
Mooted ideas include existing banks issuing crypto of their own. Reiterating his stance, Menon added:. The research concludes that the share of funds of illicit origin comprises less than one percent of all bitcoin flows, and has exponentially declined as the cryptocurrency has gained increasing adoption and popularity.
Autopsy of the Bitconnect Implosion: The illicit entities considered include 30 darknet marketplaces, 6 darknet services, 16 darknet vendors, 5 identified Ponzi schemes, 19 ransomware schemes, and 26 entities engaged in fraudulent activities.
Share your thoughts in the comments section below! The post New Research: However, judging by the movement in the crypto market, it looks like things are slowly improving. However, now that the Korean government has come clean on the controversy by assuring investors that a crypto ban is not imminent, the market has sighed with relief and indicated a positive momentum for bitcoin and the vast majority of all the top altcoins.
However, given its recent debacle, the ongoing surge is indeed quite significant and promising. Ethereum, the second highest-valued coin, has had its fair share of troubles over the past few days. The coin, which some crypto enthusiasts accuse of being backed by big banks, has seen a surge of over 70 percent since Wednesday.
China, an early adopter of virtual currencies, has been traditionally a key player in the surge of the global crypto economy. However, over the past few months, the government has been particularly harsh on the domestic digital currency market. Recent reports by Bloomberg and Reuters allege that the country is devising a strategy to ban the centralized trading of all digital currencies outright.
On a related note, Sonny Singh, the Chief Commercial Officer at bitcoin service provider BitPay, recently stated that government regulations on digital currencies could be blessing in disguise for most investors.
Singh told Bloomberg. Ledger wallets are a French-based startup, and they have become massively popular for their hardware wallets. The idea behind this product is that it keeps your valuable coins safe and secure from potential hackers. You essentially transfer your coins to this physical wallet and then store it somewhere safe. It is not connected to any network so it cannot be hacked. The company said that this latest round was oversubscribed and when you disregard initial coin offerings ICOsit is the most significant Series B round that a cryptocurrency related startup has had.
They managed to sell more than one million hardware wallets in compared to the 30, they had sold inwhich is an increase x33 year on year. Not many people forecasted the massive crypto boom that occurred inwhich is why there has been a significant backlog of orders as they struggle to keep up with demand.
If you try to order their Ledger Nano S model today, you will have to wait until March until it is delivered. The uptake in demand is why they had the latest fundraising round, so they can ramp up the rate of production and be able to fulfill all orders that they receive quickly.
They are already a profitable company, and they have 82 staff members located in their Vierzon, San Francisco and Paris offices. They also have other projects currently in the pipeline, such as the Ledger Vault.
This new security solution has been created for the likes of family offices, hedge funds and banks that are interested in making cryptocurrency investments.
Their wallets utilize the operating system found in the secure chip whereas, with the Vault, the system will be integrated into a hardware security module. With the Vault model, there will be more features and services that can be utilized, such as timelocks, multi-signatures, and multi-accounts.
Ledger looks to be going from strength to strength, and they have been compared to those people who sold gold picks and equipment to those mining for gold during the gold rush.
The newly-established blockchain Laboratory will focus on developing business solutions for the broader Sberbank group, in addition to working with associations, associations, communities, and alliances to further blockchain awareness and development. Blockchain experts will come as new employees to work under the roof of the lab, especially those with experience in creating and implementing solutions for existing financial and corporate products.
When employed and operating, the lab will test top-level solutions, produce ideas to develop blockchain-based solutions, build product prototypes, pilot projects, and deploy business solutions for the Sberbank Group. Blockchain can remarkably reshape many areas of activity related to the financial market as well as the traditional activities of the bank and customers.
It is important to note that blockchain help market participants to cooperate more efficiently. Sberbank declares that it already has more than 20 pilot projects based on the blockchain, including an effort with a federal agency for encrypting documents.
Following an unsuccessful attempt to join the New York-based banking blockchain consortium headquartered in New York, the Russian bank became a member of the Hyperledger Blockchain Interprofessional Project in September A year later, Sberbank joined the Enterprise Ethereum Alliance EEA becoming the first Russian financial institution to join the workgroup developing enterprise solutions based on open-source Ethereum technology. His previous post was at the helm of AirFuel Alliance as chairman and president.
More than 50 companies have joined the EEA in the last three months. The bulk of the alliance members are Blockchain startups and investors in the currency. Cryptocurrencies are relatively new to the tech space, and the quick adoption has sparked interest in the blockchain, the supporting framework.
People have started seeing the potential of blockchain technology beyond finance in that it can safeguard transactions and thus a slew of different websites and forums have launched in recent months to provide up to date industry information. This technology is helpful to multiple industries including banking, manufacturing, energy, government, pharmaceuticals, marketing, space exploration and many more.
The move to band together and form the biggest blockchain open source organization is part of an attempt to keep the industries from potential pitfalls as the technology is further tested and improved. As the cryptocurrency and blockchain industry moves into the mainstream, more companies and organizations will need to start taking notice to keep up with the latest technology.
The latest to acknowledge the ever-growing presence of digital currencies is Weiss Ratings. In a notice on their websitethe independent financial ratings agency announced that they were going to issue letter grades on cryptocurrencies. It currently rates over 55, institutions and investments. Many cryptocurrencies are murky, overhyped and vulnerable to crashes.
The market desperately needs the clarity that only robust, impartial ratings can provide. Our ratings are based on hard data and objective analysis. According to the blurb on its website, Weiss claims to be unlike other rating agencies that focus mostly on larger companies that can afford to pay them large fees. The agency covers all companies, large or small, as long as they report sufficient data for them to analyze. Financial ratings for cryptocurrencies will bring more legitimacy to the top performing ones.
It is a very positive development in a market that has been shrouded in FUD in recent weeks. Will other financial ratings companies follow Weiss and accept crypto? Add your comments below. Commodity Futures Trading Commission has filed charges against three separate companies for engaging in fraudulent schemes involving cryptocurrencies. The cases include fraud and misappropriation of bitcoin and litecoin.
Commodity Futures Trading Commission CFTC filed civil enforcement actions in a New York District Court on Thursday against three separate cryptocurrency operators for allegedly defrauding customers and breaking commodity trading rules.