Tech giant IBM has partnered with Raw Seafoods Inc to create a platform that will monitor the seafood supply chain. The initial product that will be monitored will be scallops, and it is hoped that this partnership will improve the transparency of where scallops originated, plus provide a secure, sustainable record related to the supply chain.
Initially, IBM will work with a fleet of scallop boats off the coast of Massachusetts. These boats will share data related to their catches, enabling those involved in the supply chain to be able to know where and when the catch was made.
In a statement, IBM explained that the “platform will also track when the boat landed portside, and when each scallop lot was hand graded, selected, packed and shipped to its final destination.” The data, along with images and video, will be uploaded via staellite.
This technology will address a number of problems related to this industry. According to U.S. Department of Agriculture data, at least 80% of Americans eat far less than the recommended amount of seafood they are to consume each week. This has become a growing problem which is partially attributed to the widespread fraud and mislabeling of seafoods that are sold to consumers.
By storing this data using the blockchain, those at the end of the supply chain will be able to prove the source of where the goods originated. Daniel McQuade, the VP in charge of marketing for Raw Seafoods, explained, “We are always actively engaged in helping our suppliers, retailers and restaurants deliver a product that’s well above the industry standard for quality and freshness. With IBM Food Trust, we found the perfect tool for establishing a direct link between the consumer and the captain of the boat that caught their fish, empowering shoppers and diners to demand more from their food supply chain.”
In August, IBM partnered with Chainyard to launch a new supply chain platform that would create a sort of digital platform authenticating goods within the supply chain. In addition, IBM has created platforms using blockchain technology to monitor supply chains for Nestle, Walmart, Lenovo, and others.
It is a little over a month until SiGMA 2019 event kicks off in Malta, but the event already promises to be one that should provide an impressive assortment of speakers and presenters on the latest innovations. This is especially true in artificial intelligence (AI) and blockchain technology, where eight different presentations are scheduled during the three-day event.
SiGMA 2019 kicks off on November 27, and AI and Blockchain will highlight the first day. Jimmy Nguyen will get things started by providing his insights on how Bitcoin SV (BSV) has made the iGaming sector a focus for the upcoming year. Nguyen is the Founding President of the Bitcoin Association, and will address how BSV could very well become the leading digital currency for iGaming.
The first three presentations will all be based around BSV, which will include a 25-minute discussion on how it could very well replace such digital wallets as PayPal.
Discussions of blockchain technology will be showcased during this event. That starts at 14:55, with a discussion on how this technology is growing within the industry, and what that will exactly mean for iGaming. Also part of the discussion will be how tokenized assets will be implemented by operators to reduce costs and streamline gaming.
The final three presentations should be fascinating. The first will look at how blockchain applications are already being heavily used within iGaming and how there is a need to use this technology to a higher degree.
That will be followed by a discussion on the advancements in this technology in relation to esports. With esports growing in popularity across the globe, the need for improved technology to handle the large number of players, tournaments, and other competitions is creating a need for a more efficient and secure system. This will be addressed during this presentation.
As blockchain continues to become a technology that is dominating the Internet, this presentation should be one that few other sectors can match in terms of importance. Register for the event now and make sure you don’t miss out.
The CC Forum on blockchain, AI and digital innovations, with its many panels and duels of differently opinionated experts, was bound to have some fireworks. The duel between Dr. Craig Wright, inventor of Bitcoin, and Mike Beaver, macro economist and global growth investor, paid off with many explosive moments and testy exchanges.
Hosted by Eric Van Der Kleij, CEO of the Frontier Network, the duel titled “Bitcoin does not have any real value, or does it?” started off with an explanation from Beaver that he is not a cyberforensic auditor, as Dr. Wright once was, but a chartered financial analyst, “looking at this from a financial, economic and strategy, and bigger picture perspectives.” He only promised to argue based on a valuation of Bitcoin, and not any technical perspectives.
Beaver began by knocking down several perspectives that would lend value to Bitcoin. It’s not backed by an asset and it has no value. Van Der Kleij asked if you could assess a value from user confidence, to which Wright immediately replied no, and Beaver said it would be very hard to prove one. So finally, Beaver said the best bet is to look at the business angle, technology angle and regulatory angle, to which Wright said, “He’s fine.”
Wright then redefined the argument, noting that the commonly accepted concept of Bitcoin is flawed. It can be seized, he noted, and he created Bitcoin to create “honest records”. Ultimately, it will create a system of microtransaction rewards that will improve the services we use.
Van Der Kleij, seemingly stepping into the duel himself, after he said: “But Craig, that’s more about the utility of Bitcoin rather than the value.”
Craig responded: “That is what it is. That is value, utility. Tell me if I’m wrong, utility is value. Goods and services, things people want to use, is value. Money is not value. Money is not wealth. You have been lied to. There is no great wealth creation because of new shitcoins. Money is not wealth. Goods and services are wealth.”
At that point, the differing views of what value means in the world of Bitcoin really became apparent, as the duel broke down. While Beaver wanted to focus on the value of Bitcoin, and price of it, Wright preferred to talk about why exchanges like Binance, because of their alleged money laundering practices, are no threat to Bitcoin due to the increasing regulations in the world. He also returned to why micropayments make Bitcoin valuable.
That wasn’t the topic Beaver wanted to discuss though, as he kept returning to the risks to the price of Bitcoin. When again pressed on the topic, Dr. Wright noted that he himself was a risk, due to his massive holdings in Bitcoin. Finally, Wright tried to put a nail in the topic:
I don’t care. That simple. I’ve got a great company, with a great team, we’re expanding, we’re setting up new offices. Investment wise, I don’t need to do anything. People throw money at us if we want it. We’re not actually taking any and they keep offering it. People want us to do an IPO at nChain. Why? Because we have fucking patents.
It was at that point that the crowd started getting into it, as Petur Georgesson, managing partner at Capital Sniper Investments, asked how much the price of BTC might decline by this time in 2020. After commenting that he didn’t care, because he’s more focused on building things, he offered that 90% of the price of BTC might fade away.
At that point, the split between BTC and BSV became the topic, as Mike Beaver wanted to continue discussing the risks to BTC from other cryptocurrencies, insisting that was the topic, while Dr. Wright pointed out that Bitcoin is Bitcoin SV (BSV). But to answer the core question, he responded that BSV is protected from the competition by his armor of patents.
That confused Beaver, who then bemoaned:
So Craig wants us to talk about this whole topic of debate, the value of BSV. We were talking about the value of BTC, now we’re talking about the value of BSV, well why not the other 3000 coins. There’s a lot of interesting and talented developers there, sooner or later, we know one thing with technology, it only ever, in the long term, improves.
Wright then expanded on how the patents he’s been working on will keep BSV at the top of the pile, noting that any other crypto hoping to use the technology he’s built will have to pay for the right to do so, while BSV will be subsidized.
The debate continued in the manner for a few more minutes, with Beaver focusing on the competition raised by competitors to BSV and Wright repeatedly slapping them down with patents that already protect them from serious harm.
Seeking to change the tone, Van Der Kleij opened it up to the crowd to ask questions. Sir Toshi, noted BSV enthusiast, asked Beaver about LTC, which Beaver entirely ignored to return to his line of questioning and instead asked about how regulations might threaten various cryptocurrencies. While Beaver perceived this as a threat to the industry, Wright noted that he welcomes regulation to squash cryptos that don’t follow the law.
Wright was then asked by a member of the crowd why he didn’t patent Bitcoin when he first invented it. Wright responded that, in 2008, he didn’t believe it was possible to patent the technology. Also, he published it under the pseudonym Satoshi Nakamoto, and thought he couldn’t patent Bitcoin if he used an alias.
When asked if his patent library could prevent future innovation, Wright responded that it’s proven that by patenting technology, you not only protect it from copy cats, but you encourage others to recreate a piece of technology with the same purpose but by a different method, thus spurring innovation.
Beaver then disputed Wright’s point that patents would protect Bitcoin from competitors going forward, noting that patents expire and would eventually allow for someone else to create a better version of the technology. The discussion didn’t go very far though, as it was interrupted by none other than Tone Vays.
It was at this point that the duel produced the moments it will forever be remembered by. Tone Vays, recalling the moment in the previous fireside chat where Wright suggested that his university papers prove he was Satoshi, or was plagiarized by Satoshi, Vays preferred to go with the latter suggestion, and suggested that the crowd should not consider Wright relevant to the topic of Bitcoin as a result, suggesting Craig Wright is a fraud.
It doesn’t matter what your vacuous ideas are. It doesn’t matter whether you like my patents. It doesn’t matter whether you like nChain. In five years’ time, when we have another 1000 patents granted, and we have IBM, and we have Microsoft, and we have Apple, and we have Google, and we have all these companies paying us money, you can choose not to have anything to do with me. The same way you can chose not to have anything to do with the internet.
That was too much for one woman in the crowd, who yelled out: “That’s exactly what you want. You are a mole, trying to crash Bitcoin. Farmer Craig. Pumpkin man Craig. Go back to your farm, your pumpkins and your tomatoes and grow a superfarm.”
That’s when the duel totally fell apart. Wright responded that she’d just have to live with his invention. Tone Vays, still holding the microphone in the crowd, suggested Wright would be in jail in the next couple of years, Georgesson yelled from the other side of the crowd that he really wanted to hear a discussion on valuation still, and Beaver begged to make a final point about traceability.
As the duel finally reached a new semblance of decorum, Beaver commented that if blockchain technology truly guarantees traceability for every transaction, there is no value created by a notion of anonymity, ruining a selling point of BTC adherents. Wright flat out agreed.
Van Der Kleij noted that time had ran out on the duel and sought to bring an end to it. It didn’t end easily though, as the woman in the crowd once again began yelling at Wright, who responded to her as Beaver begged to make a final point about the declining value of an asset through use and surplus.
Dr. Craig Wright is no stranger to fireside chats, having previously sat down with Bitcoin Association Founding President Jimmy Nguyen to discuss the history of Bitcoin’s creation. To discuss the larger world of cryptocurrency, he recently sat down with the CEO of the Frontier Network, Eric Van Der Kleij, at the CC Forum on Blockchain, AI and Digital Innovation.
Van Der Kleij was quick to point out that the CC Forum wasn’t afraid about hearing Dr. Wright’s side of the truth, and asked what nChain has been up to. After covering how he came to nChain from his Bitcoin exile, Wright noted that nChain has been very busy patenting his innovations, with 826 currently filed, 1450 in the pipline, and approximately 200 granted or about to be.
When asked what Dr. Wright wants to do with these patents, he responded “Choose how the industry moves.” Van Der Kleij wondered if this might prevent others from using the innovations, to which Wright noted “They can do what they want, as long as they pay licensing fees.”
Once again pressed if this might prevent others from innovating on blockchain technology, Wright quipped “Do I care?” Once Van Der Kleij accepted that answer, Wright explained:
Stifle creativity? What creativity? We have STOs running around saying that they’re new because they’re a token. So what? Wealth isn’t money. Wealth is the creation of goods, services, assets, capital. Because you’ve created a token, so what? That just makes you another scammy loser. If you create a token, and you don’t have a business, you don’t have anything. You’ve got Tone Vays over there, that’s it. Empty, vacuous.”
Changing topic, Van Der Kleij then tried to turn the discussion to Dr. Wright’s ongoing legal battle in Florida, but Wright refused, noting that reporting and crypto twitter speculation has been far off base. “I’ve used toilet paper with more accuracy.”
Van Der Kleij then turned to Bitcoin’s intent to follow the law from the start, which Wright explained:
It’s intended to work in the law. The last sentence says ‘will follow rules.’ Rules include law. The difference between a rule and law is, law is a rule with a consequence. It is a subset of the word. And miners don’t create rules, they enforce rules. I keep stressing this, I’m going to start buying copies of the Oxford and Cambridge dictionary for people so that they can actually read the whitepaper and understand what these words mean.
On that note, he was asked about John McAfee’s new decentralized exchange, which lacks know your customer (KYC) protocols and opens it up to terrorist financing. “And Mr. McAfee, like everyone else, will eventually get caught,” Wright responded. “Blockchain is an immutable evidence trail. It is utterly traceable. It is the opposite of what everyone’s been running around. It is private, but not anonymous. Those records are admissible.”
On that note, Van Der Kleij noted that while he might not have total belief in Dr. Wright’s identity as Satoshi, he agrees with him on so much, but he wants to have more proof of his claims. “You don’t prove anything by moving a coin,” Wright responded. “The university still has my thesis from 2008. They still have my proposal. So I guess on that one alone, you can make the decision when it comes out, which it will.”
That led to a comment which would later prove to be explosive. “You can make the decision: did Satoshi plagiarize me? Because there are sections of the whitepaper, whole paragraphs, in some of my work.” Van Der Kleij was first baffled by the comment, and Tone Vays would later question if Wright was admitting to not be Satoshi, although the intent of the comment is clearly that Dr. Craig Wright is Satoshi, if not for another leap in logic to reach a different conclusion. “You can make the choice, I don’t really care,” Wright concluded.
Ultimately, when asked if Wright cares if his integrity is called into question, he responded that he really doesn’t. As nChain has already cornered the market on blockchain patents, big businesses like Wal-Mart will ultimately be forced to come to Dr. Wright for the technology they need. Van Der Kleij suggested that the world might be more accepting of Dr. Wright if he would prove his integrity. Wright railed back:
“So what you’re saying is, ‘you don’t do my way, that’s not integrity. We want this. We demand you do this. We want Bitcoin to be this way. [Van Der Keij interrupts ‘No, suggest’]. No, demand. It’s demand. You want me to be what you want me to be. So therefore…”
Concluding the discussion of Bitcoin and Dr. Wright’s history, Van Der Keij finally worried that Dr. Wright might be forcing his way on the world of blockchain. “It’s my invention, invent something else,” Wright retorted, rousing applause from a section of the crowd.
What came next might be the part that has received the most attention from the fireside chat, as Van Der Keij tried to lighten the mood by asking about Dr. Wright’s gardening habits, asking him about his tomato garden. “I actually used to have bonsai trees as well, and they’re all dead now,” he started. “I had some really good old bonsai trees, and bloody nChain and all the travel I have to do, every single one of them is dead. My tomatoes, they keep bursting and things like that, because I’m not there to do things. And the gardener sucks, because the last time, he actually mowed by pumpkins.”
“That’s probably not advisable,” Van Der Keij concluded.
Dr. Craig Wright attended the CC Forum on blockchain, AI and digital innovations between October 14 and 16, speaking on panels and dueling other panelists. It was a big event if you enjoy differing point of views debating the hot technological topics of our time, and one we’d like to take a look back on, with special attention to the viral moment of the week—Dr. Wright’s pumpkin farming.
Finding common ground with a crypto skeptic
The first item on the agenda to feature Dr. Wright, the inventor of Bitcoin, was the panel named “The Global Centralised Financial System: What are the flaws & challenges and what are the possible solutions?” This panel featured top speakers from every corner of the digital asset world. Dr. Craig Wright spoke for Bitcoin SV (BSV), Tone Vays argued exclusively for BTC, Bobby Lee and Brock Pierce were on the side of cryptocurrency in general, while Nouriel Roubini was the crypto skeptic.
Compared to other events on the agenda, this panel went fairly well. Wright and Vays clashed lightly on BTC’s development strategy and the real Bitcoin and Nouriel criticized shitcoins, finding a lot of common ground with Wright while irritating Lee.
Explaining nChain’s patent strategy
Wright’s next turn at the conference came during a fireside chat with CEO of the Frontier Network, Eric Van Der Kleij. The two covered a wide range of topics, but spending a lot of time discussing nChain’s strategy of patenting Dr. Wright’s Bitcoin innovations, regulation in the crypto industry, and the perception of Wright in the wider cryptocurrency world.
Particularly when Wright’s integrity came into question, the chat got slightly antagonistic. Van Der Kleij chose to end on a question of Dr. Wright’s farming habits; a topic that would come up in the next item on the conference agenda. Wright responded:
My tomatoes, they keep bursting and things like that, because I’m not there to do things. And the gardener sucks, because the last time, he actually mowed by pumpkins.
A duel on Bitcoin’s value
As that event ended, Van Der Kleij immediately invited Mike Beaver on stage for a duel with Dr. Craig Wright on “Bitcoin does not have any real value, or does it?” The two immediately proved to have problems seeing eye to eye, not finding common ground on the definition of what real value is, what the real Bitcoin is, and how much nChain’s patents will protect BSV from future threats. Wright bristled at that notion, saying:
I don’t care. That simple. I’ve got a great company, with a great team, we’re expanding, we’re setting up new offices. Investment wise, I don’t need to do anything. People throw money at us if we want it. We’re not actually taking any and they keep offering it. People want us to do an IPO at nChain. Why? Because we have fucking patents.
The debate totally unraveled when the audience was invited to question the duelists, as Angelina Lazar lost her composure after Wright suggested BTC would be doomed to fail.
Most coverage of Angelina Lazar you can find online refers to a past of running a Ponzi scheme through the Charismatic Exchange company between 2005 and 2007, which took minimum deposits of $20,000 and promised 20% returns. She pleaded guilty to running a fraudulent investment scheme and was deported to her home country of Canada for her trouble.
More recently, she was a promoter of OneCoin for a period of time, calling it “the single most lucrative business and investment opportunity of a lifetime and in all history.” At some point, that opinion changed and she turned against the outfit, accusing them of being a scam and attempting to have her arrested for speaking out.
She now appears to be firmly in the camp of BTC, writing on Twitter “PEOPLE OF THE WORLD: BITCOIN TO THE END OF TIME! They’re tryin’ to CRASH & REPLACE IT with THEIR ONE WORLD CURRENCY! ARE SO THREATNED [sic] BY BTC!”
Since gaining viral fame, she hasn’t been shy to spar with BSV supporters, often going into capslock rants about rabbit-hole conspiracy theories, “ROGUE FBI agents,” and pointing out Satan’s work where she sees it.
This appears to be just a passing moment for her though, as once she’s free of the deep state and globalist conspiracy’s clutches, she plans to continue her crusade against OneCoin.
Since reporting OneCoin to the LondonMetPolice June 10th, 2016 when I flew from Dubai to try & convince them to RAID THEIR GLOBAL EVENT @ Wembley Stadium, then reported them to Interpol Global August 28th, 2016, it's been NON-STOP HITS every step o' the way! Takin' it to THE END! pic.twitter.com/AwA77rlMC7
If you want to see some of the best memes of the moment, check out Bitcoin Association Founding President Jimmy Nguyen’s Twitter thread on the topic. If you want to relive Dr. Craig Wright’s week at the CC Forum, check out our YouTube playlist.
The introduction of cryptocurrency and blockchain has spawned an entirely new way to do business. The power of blockchain technology is seemingly endless, with a myriad of potential applications and solutions that are able to revolutionize how companies operate and share information. Even beyond that, though, there are everyday practical solutions for individuals, as well, and one of the most noticeable is BitcoinFiles. It has proven to be an amazing way to store and share data and is made possible because of the Bitcoin SV (BSV) blockchain.
BitcoinFiles lets anyone store and share virtually any type of content—images, files, documents—right on the blockchain. This means that, even 100 years from now, that same data will be right there, ready to be viewed to anyone who has access. No data loss, no data corruption, no possible way for the information to be changed.
Any type of data can be uploaded and stored, but this doesn’t mean that there aren’t procedures in place to ensure the data is legitimate and legal. BitcoinFiles records IP addresses and the BSV community has already shown what happens when someone tries to store illegal content.
It isn’t even necessary to visit the website in order to upload information. The minds behind the project have created an application that allows the functionality to be integrated into other platforms, such as a website, so that data can be uploaded to and stored on the BSV blockchain from anywhere. With the virtually unlimited scaling possibilities of BSV, this means that even the most robust websites could be completely built and maintained right on the blockchain.
It took the public about 15 years to get used to the idea of email after it was invented. It has only taken about two for blockchain’s potential to begin to be realized. Applications like BitcoinFiles are helping to facilitate the next wave of innovative solutions and it’s amazing to try to envision where we’ll be even as soon as five years from now.
This past Monday saw 21 companies, down from the original 28 after several walked away, sign the charter to be founder members of Facebook’s Libra stablecoin project. It was a means for the social media giant to assert that it has no plans of backing down, despite overwhelming opposition to Libra, and support out of Taiwan has given Facebook more optimism and energy to keep pushing forward. Whether or not that push is successful won’t be ascertained until sometime next year.
The Libra Association will reportedly guide the way for the social media’s financial solution but, quizzically, not a single financial institution has signed up to be involved. That’s no big deal, asserts Facebook, as it asserts that it is “confident” another 100 members will join the group. In an interview with CNBC, Libra Association Chief Operating Officer and Interim Managing Director Bertrand Perez said some of those who are interested include “banking and financial institutions,” although no names have been provided.
Perez added that the entities will be disclosed over the next couple of months and that a delay in Libra’s launch is almost a guarantee as the company works to show that it can comply with financial transaction regulations in different countries. He rationalized the delay, stating, “With such a big project and the vision that we’re having, launching a few quarters later or before makes no real change.”
What might make a change is support coming from the richest man in Taiwan. Terry Gou, the founder of the Foxconn manufacturing behemoth, believes in Facebook and in the Libra project. He wants Taiwan to fully embrace the stablecoin and even suggests that it could ultimately be tied to China’s own state-backed digital currency if the two are ever launched.
Earlier this month, Gou appeared at a meeting of Taiwan’s tech leaders where he openly showed his support for Libra. He said at the time, “I know [Facebook CEO Mark] Zuckerberg pretty well, and I hope we can bring Libra to Taiwan in the future. Mainland China has decided not to accept Libra and build its own digital currency. That creates a great opportunity for Taiwan as we can become a place where the two separate systems converge.”
The man who wanted to become Taiwan’s next president in 2020 before dropping out of the race in September has a lot of influence across the globe, thanks to a net worth of $6.7 billion. He has already helped bridge the gap between the country’s tech space and crypto by facilitating several projects, but he still may not have enough pull to change the minds of several world leaders, including those of the U.S., Germany, and France, who are firmly opposed to Libra.
The integration of blockchain technologies into mainstream business, both as money and for data recording, continues apace. A Vancouver entrepreneur, Zdravko Loborec, is the founder of REM Loyalty, a provider of ‘off the shelf’ loyalty programmes for all kinds of business.
REM Loyalty started in 2017 and now boasts more than 300 well-known brands that its users can spend its tokens on. It sells to businesses who want an easy and efficient way to set up a loyalty programme without having to start from scratch.
REM’s business customers can reassure their end users that the scheme overcomes most of the drawbacks of loyalty programmes. As Zdravko explains: “The biggest problems in loyalty rewards that people complain about is that their points expire, they can’t transfer them to other people, they don’t convert to cash. Well, when you build your loyalty point actually onto the blockchain and turn it into a form of cryptocurrency, all those problems go away.”
The company has created its own currency, the REM dollar, which is itself a cryptocurrency, but can be converted into BSV or other currencies on the company’s platform if the user chooses to redeem it.
The other side of REM Loyalty’s relationship with blockchain is that it is used to record transactions of its token: “It’s made things a lot more efficient,” Zdravko says.
One of the company’s clients is a Canadian property management company, RentPerks. They used REMs to reward their clients for ‘good behaviour’—things like getting a clean inspection report or paying their rent on time. But the renters can do more than that if they choose: they can use the platform to exchange BSV for REMs and use them to pay their rent.
Another client is a travel agent, where, similarly, REM can be used to book flights and holidays.
Zdravko says that what excites him about the business is the possibilities for new levels of efficiency: “No one likes to swipe their card and lose four or five per cent—and it happens to us all the time.” With blockchain, the charges are far lower. But what’s important to the customer is the end product, not the fact that it’s built on blockchain, because “they don’t care.”
That message came through before the company asked its developers to “unblockchain” its apps. It was a response to clients’ confusion with earlier versions—when they were “coming back and saying ‘we don’t understand what you mean by download a wallet’ …and there was a lot more than that.”
REM Loyalty has “eight large commercial clients in various parts of the world …we’ve got deals in place with Mastercard and Visa—so in 104 countries we can already convert at any point in time up to $1000 from REM into cash at a 1% conversion rate.” The company is self-funded and has never had to raise money from outside investors. Zdravko says it has been “revenue-positive” since its first year.
Hear more from Zdravko Loborec in this week’s CoinGeek Conversation podcast:
If you ask the man who started the digital currency fervor, he’ll tell you that BTC is doing almost everything backwards. Dr. Craig Wright has been helping to set the record straight on what Bitcoin is truly supposed to do, and what it was designed to provide, and has published a new blog that delves into what should be taking place, as well as the importance of retaining the legacy that was Bitcoin.
Wright leads off by explaining, “One of the key aspects of Bitcoin is that it is set in stone; the protocol does not change. Many have been misled to believe that Bitcoin would be a system of nodes voting on a protocol, which could not be further from the truth. Nodes do not vote to change the protocol. This is not written in the white paper at all.” The transformation to nodes having a say was implemented by BTC developers and is a complete breakaway from what Bitcoin was designed to provide.
The Bitcoin whitepaper, the one that all subsequent blockchains should have followed, was specifically written in such a way to ensure that digital currency could operate within the boundaries of financial regulations, as well as the enforcement of the same. It was always meant to be a peer-to-peer currency, with the emphasis on currency and how it interacts currently with financial laws.
Wright adds, “The legacy system is one that is analogous to the original. Bitcoin Core differs from my original vision of Bitcoin in every way. Core does not implement Simplified Payment Verification (SPV), and has failed to comprehend what SPV is. More importantly, BTC is not peer-to-peer in any reasonable manner.”
If blockchain developers, mainly those involved in BTC, had read and properly understood the Bitcoin whitepaper, they would have created a digital currency solution that was completely mature and ready to be used from the start. It would have also been more readily acceptable to financial regulators, as it would have adhered to their policies and legal framework. Because the developers didn’t, many BTC users are going to find themselves, over time, facing financial difficulties brought on by those regulators.
There will be those that, either through a lack of understanding of lack of desire to accept the truth, will disagree with what Wright asserts. However, they will soon realize how off-base they are. Wright shows how by stating, “The simple fact is, the myriad protocol changes implemented by Core into BTC make it anything but the legacy. The implementation of BTC is widely misrepresented as the original. This will change. Those seeking to convert law and justice in order to create a system that promotes bucket shops and criminal activity are about to find how it ends. Bitcoin doesn’t avoid tax. Rather, systems such as taxation help stabilise Bitcoin. The IRS has made it clear that a fork from the original legacy protocol is income. Consequently, changes to the stable protocol that was set in stone form an airdrop that must be sold to pay for the income if you wish to keep the new airdrop coin.”
He concludes, “You may not want to believe what I say matters, and Core will try and tell you that what Satoshi said wouldn’t matter anymore. I’m not sorry to tell you, they’re wrong.”
Read Dr. Craig Wright’s latest blog post, “Taxing Times…,” here.
TrueReviews.io was one of the standout projects at the Bitcoin Association’s recent Pitch Day in Seoul, South Korea. Not wanting to lose that momentum, the project recently had successful limited alpha test, inviting real users to start using the service and test its limits.
True Reviews, founded by Connor Murray, seeks to solve the problem of fake or unfair business reviews by removing advertising from the experience, and instead replacing it with a Bitcoin SV (BSV) reward system.
The site began looking for alpha testers on October 12, quickly finding several dozen to help give the project a good once over. Murray returned to Twitter on October 15 to announce the results of the test.
This weekend we launched a limited alpha test of the backend infrastructure of @TrueReviews_io.
Across 62 registered users we generated 2,304 onchain transactions.
The 62 registered users created 76 reviews of businesses, and those reviews earned a total of 267 tokenized reputation points. Murray noted one user racked up a high of a 51 point reputation score, while another set the high for most reviews with 13.
This wasn’t just for fun though, as he noted that the real goal was to stress test the software, and prepare it to be more feature-filled in the future.
This testing period was designed to stress test our backend infrastructure which will power more complex applications than the review site seen by the alpha testers.
We are thankful to all that tested and gave us valuable information about our infrastructure.
The site promises to be much more than just a review system in the future. Once businesses get involved, the site’s “About Us” section notes that it could become a great system of marketing and reward in the future:
In exchange for a verified review, tokenized rewards (gift cards, coupons, etc) can be issued to the reviewer and redeemed at the business.
If you’re unfamiliar with Murray, he has been a mainstay of the BSV community for quite some time. He spoke at the Expo-Bitcoin International conference in Bogota, Colombia, about the importance of BSV adoption to solving global economic problems. He also hosts the Bitcoin and Beyond YouTube channel, where he’s previously interviewed Dr. Craig Wright on the history of Bitcoin, and the tense relationship the nChain chief scientist has with many of his rivals.
Apple and Google may have complete dominance in the mobile apps market the world over, but in South Korea, one platform has managed to topple them both and take over the lucrative market in one of Asia’s largest economies. Despite being quite young, ONE Store has grown aggressively in Korea, and now, it has set its sights on using the Bitcoin SV (BSV) blockchain to disrupt the music industry.
Speaking to CoinGeek during the recently held CoinGeek Seoul Conference, CEO Jay Lee explained how ONE Store has managed to compete against the big tech giants and emerged victorious. While Apple and Google charge up to 30% of the revenues raised by publishers such as game and app developers, ONE Store just charges 5%. This ensures that the publishers make much more from their work.
Lee was one of the speakers in the conference where he made one of the biggest revelations in the BSV ecosystem yet—BUSKON, a music platform that is building on the concept of online busking.
BUSKON will enable the music industry to finally get rid of the middle men who keep on exploiting the content creators and making money from the hard work of the musicians.
“P2P commerce gets rid of the middleman,” Lee explained. “So, we made a decision to start with a small project, by the name BUSKON. This is a whole new concept of music distribution. The music creator uploads their content, the customers will then listen to or watch that content and if they like it, they’ll give a token to them.”
ONE Store began working on the project in 2018, with lot of trials and errors finally culminating into the success that BUSKON is. The company also experimented with a few other blockchain platforms before finally coming to the conclusion that BSV was the best fit for the job.
We tried other blockchain projects, but finally we found that BSV can resolve all the issues we have; reliability, security and more.
Facebook is still chipping away at the rough stone that it hopes will eventually become a highly polished stablecoin project. Despite overwhelming concerns over the ability of the social media company to responsibly manage a financial solution, Facebook still has high hopes for Libra and is attempting to act as if nothing is wrong. Like a duck on a pond, though, what’s on the surface isn’t always the same as what’s found underneath.
Libra just lost a number of its original backers, including Visa, MasterCard, PayPal, Stripe, eBay and Mercado Pago, who pulled out of the Libra Association within the past couple of weeks. According to the U.S. Treasury Secretary, Steven Mnuchin, this is because they came to their senses. He toldCNBC this week, “I think they realized that they’re not ready, they’re not up to par. And I assume some of the partners got concerned and dropped out until they meet those standards.”
Those standards refer primarily to guidelines established by findings of a working group created by the G7 to explore stablecoins, BBC reported. The group determined that stablecoins, including Libra, are a major risk to the global financial system and supported its findings by providing nine different ways the projects could be detrimental.
Among those ways, the working group’s report said that stablecoins could cause issues for policymakers when they try to establish interest rates, that they could create financial instability if users were to suddenly lose confidence in the currencies and others. The report asserts, “The G7 believe that no stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks are adequately addressed” and adds that rectifying any concerns “is not necessarily a guarantee of regulatory approval for a stablecoin arrangement.”
Still, the Libra Association is forging ahead. While it doesn’t have the original 28 founding members it expected to have, 21 are still said to be involved and they all met Monday in Geneva, Switzerland, to sign the Libra Association charter. Among these companies were Uber, Spotify, Anchorage, Coinbase, Vodafone, Kiva Microfunds, Lyft and Women’s World Banking.
Each member will have one vote in how Libra operates and, according to the charter, will have to recuse itself if there’s a conflict of interest. That might result in a lot of recusals, since several companies have already been said to have intertwined relationships with Facebook. However, the charter also allows members to transfer their membership to other companies “under limited circumstances,” which might make any recusal irrelevant.
None of the founding members appears to be too concerned with all the negative attention the project is being given. Spotify released a statement expressing its optimism, saying, “Though it is still in the early stages, we look forward to exploring the opportunity offered by the Libra Association to empower billions of people globally, especially in financially underserved markets.”