Financial Institutions & IBM Unveil LedgerConnect Blockchain Project

Source From https://coinjournal.net/financial-institutions-ibm-unveil-ledgerconnect-blockchain-project/

Market infrastructure provider CLS, nine financial institutions and IBM are collaborating on a proof-of-concept (PoC) for LedgerConnect, a distributed ledger technology (DLT) platform designed to enable banks, financial institutions, fintechs and software vendors to share and deploy applications and services hosted on a shared distributed ledger network. LedgerConnect, which will operate on a single, enterprise-grade […]

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More Than a Ledger: How Blockchains Will Democratize Wealth

Source From https://bitcoinmagazine.com/articles/more-ledger-how-blockchains-will-democratize-wealth/

More Than a Ledger: How Blockchains Will Democratize Wealth

To Mark Pascall, co-founder of BlockchainLabs New Zealand (NZ) and president of the Blockchain Association NZ, the blockchain space is more than just a new technology layer, it’s a “fundamentally different way for organizations and societies to operate.”

It represents a historical reversal of the movement toward an evermore centralized society.

“The major problem is that without mass decentralization, we get a bigger and bigger wealth disparity between the rich and the poor,” Pascall said in an interview with Bitcoin Magazine.

Although we were in a hunter-gatherer society and it was relatively easy to protect assets many centuries ago, as society became more complex we built more things of value and so had to build bigger things to protect those things.

Pascall explained that this has led to requiring third parties to protect our assets — like banking systems and the sovereign state — and these institutions are fundamentally rooted in a logic of violence.

The shift toward a centralized society took place over many hundreds of years, but it wasn’t until the invention of the World Wide Web in the 1980s, that the “internet accelerated that centralization to an alarming degree,” says Pascall.

“Now, the boundaries have been hit as we’ve got global monopolies. We’ve got five or six companies who own alarming amounts of data and wealth and control.”

They control how we think, they control how we vote now, and that’s a pretty scary space, and they’re very difficult to displace. We know the network effectively is very powerful and it would be incredibly hard for somebody else to displace Facebook with another decentralized model.

Globally, many people’s awareness of current events is shaped by Facebook and Google, which determine, with hidden algorithms, what information we see and consume.

But Pascall hopes blockchain technology can now enable these monopolies to be undone in order to create “a better, fairer, more equitable society.”

This is why he believes many are so passionate about the potential of the blockchain space; it carries potential to shift power away from some of the world’s most extreme monopolies.

“So the blockchain is this infrastructure that can allow that centralization to move to a decentralized world,” says Pascall.

While many people talk about the blockchain as a decentralized ledger or a database, Pascall believes that this narrow definition “in itself is missing the point.”

So what is the point? Pascall draws another lesson from history: the creators of the first internet in the 1980s didn’t actually make any money out of it.

The inventors of the so-called “fat applications” — the Googles, Facebooks and Amazons — were people who now extract massive value out of that fat layer on the thin protocol and make the money.

Now, blockchain technology enables people to build fat protocols that are open source; these are open, transparent protocols built by communities of developers.

The people who come up with these new ideas and protocols, the startups, can raise a lot of money to support them in building communities to develop these second-layer, foundational bits of the internet.

“There is a bit of a wild west money grab out there and I think that’s one of the things the ICO concept has driven.

“In the last century when we saw the dotcom craziness and then the crash — there’s a bit of that going on, so we are going to see, out of the thousands of ICOs that are being generated now, a bunch of core foundational protocols emerging which will be open, community-driven, fully decentralized, with no central organization or person. They’ll be controlled by the token holders, which could be you or anybody, so those will emerge as the winners,” says Pascall.

“It should get us to a more equitable place where it’s not just the high net worth people in Silicon Valley or in Singapore or in London who are the financial investors who are making the big money — it should democratize that space.

“We can now share in a fairer system and a tokenized economy where everything can be tokenized, from a football team to a building to a new idea, and they can be fully liquid and tradable, and individuals can become their own Swiss Bank,” he says.

So blockchain technology and tokenization will enable the purchase of more assets and remove previous barriers to trading and investing that meant that, previously, this was often reserved for the wealthy few.

“How I think about it is that the internet democratized knowledge, the blockchain will democratize wealth,” he adds.

“That’s the positive future that a lot of people in the blockchain space see, and that’s why we’re passionate about it.”

This article originally appeared on Bitcoin Magazine.

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Chamber of Digital Commerce Releases Guidance on ICOs to Support Self-Regulatory Approach

Source From https://coinjournal.net/chamber-of-digital-commerce-releases-guidance-on-icos-to-support-self-regulatory-approach/

The Chamber of Digital Commerce’s (CDC) industry initiative has released a comprehensive report outlining guidelines for the token ecosystem and initial coin offerings (ICOs). The report, Understanding Digital Tokens: Market Overviews & Guidelines for Policymakers & Practitioners, was prepared by the Token Alliance, an industry-led initiative of the CDC. Comprising of more than 350 global industry […]

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Bitcoin News Summary – July 30, 2018

Source From https://99bitcoins.com/bitcoin-news-summary-july-30-2018/

The post Bitcoin News Summary – July 30, 2018 appeared first on 99 Bitcoins.

Español Русский Here’s what happened this week in Bitcoin in 99 seconds. The price upswing of Bitcoin this week was attributed to bullishness over a possible Bitcoin ETF and also Chinese inflows following the devaluation of the Yuan as a response to Trump’s new trade tariffs. The Chicago Mercantile Exchange tweeted that Bitcoin futures trading […]

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SEC Commissioner Publishes Dissent Letter Disagreeing with the Agency’s Bitcoin ETF Rejection

Source From https://coinjournal.net/sec-commissioner-publishes-dissent-letter-disagreeing-with-the-agencys-etf-rejection/

A commissioner at the U.S. Securities and Exchange Commission (SEC) has published a letter of dissent that disagrees with the agency’s decision to reject a second attempt by the Winklevoss twins to launch the first-ever Bitcoin ETF. Yesterday it was announced that the SEC had denied an application from Cameron and Tyler Winklevoss, founders of […]

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Catalonian Government Plans Use of Blockchain in Public Administration

Source From https://coinjournal.net/catalonian-government-plans-use-of-blockchain-in-public-administration/

The government of Catalonia is developing a formal plan and strategy to implement blockchain in public administration activities and become “a pioneer in the implementation of this technology,” according to an official release. The Department of Digital Policies will be responsible for formulating the “impulse plan” before December 31. The strategic plan, which will be […]

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The Crypto Show: Hacker Eijah AKA Eric J Anderson On Promether And DemoNSAw

Source From https://letstalkbitcoin.com/blog/post/the-crypto-show-hacker-eijah-aka-eric-j-anderson-on-promether-and-demonsaw

Eijah joins us in studio today to talk about the latest on Promether. We are also joined by my cohost Doug owner of PhoenixCrypto who offers a wide range of services to the Phoenix area, such as ATM’s and training classes. Alex the owner of Classic Crust Pizza which seems to be Phoenix’s mecca for Crypto also has a very interesting project that he’s working on that incorporates ring signatures into Ethereum.

Sponsored by: Dash, CryptoCompare and Defense Distributed

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