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Facebook May Be Eying ‘FaceCoin’ as It Expands Its Blockchain Team

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Social media large Facebook is having a look to extend its blockchain crew. Could ‘FaceCoin’ observe JPMorgan’s lately unveiled JPM Coin as firms vie for the prized on-line bills marketplace. 


Facebook’s Hiring: Blockchain Experts

According to Facebook’s official careers page, the social media large is having a look to extend its crew working within the box of blockchain applied sciences.

As in keeping with the task board, the corporate is hiring other mavens spanning from trade product and trade operations managers to instrument engineers or even a generation communications director within the house.

Bitcoinist reported previous in February that the corporate ‘acqui-hired’ a blockchain startup known as Chainspace.

As up to now famous via a spokesperson from Facebook, the corporate is exploring alternative ways to leverage blockchain generation.

mark zuckerberg facebook

Are We Getting Closer to ‘Facecoin’?

In addition to the these days to be had blockchain-related positions at Facebook, the company’s official LinkedIn page additionally finds that there’s a place for a Technical Program Manager, Marketplace Payments, Blockchain specialist.

While the location is not accepting programs, this is able to upload extra weight to the report, which began circulating in overdue 2018 that Facebook is operating on a stablecoin permitting WhatsApp customers to switch cash in-app.

As defined via nameless assets conversant in the topic, Facebook’s preliminary goal would be the profitable remittance marketplace in India because the regulatory panorama there are starting to take shape.

The corporate’s blockchain effort won really extensive momentum again in August 2018 when David Marcus, a former member of Coinbase’s board of administrators stepped into Facebook to spearhead a “new group around blockchain”.

According to ConnectedIn, this “small” workforce has grown considerably, as there are these days 49 staff with their trade profiles declaring they’re occupied at the corporate’s blockchain arm.

The larger tale right here, then again, is that the floodgates were formally opened via banking large JPMorgan. Last week, it unveiled its ‘JPM Coin’ digital foreign money.

Now, with the social media large ramping up its blockchain effort, don’t be stunned if Facebook serves up a ‘Facecoin’ within the close to long term.

What do you bring to mind Facebook’s involvement within the box of blockchain? Don’t hesitate to tell us within the feedback underneath!


Images courtesy of Shutterstock

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Altcoin News

Maker (MKR) Standing Above $600.00 Withstanding Sellers

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Implemented on the second largest blockchain Ethereum (ETH) network while depended on the concept of smart contracts, Maker [native token MKR] is a case when the much criticized crypo-volatility is overcome to an extend being backed by Ether.

Despite that Tether is one of the most popular stablecoins, much doubt surrounds the coin. Lack of decentralization and transparency, emerged proof that it is backed by the dollar and the rumours that it was used to move Bitcoin’s BTC price for one’s [group] benefit could possibly make it unworthy of its fame.

On the other hand, with the use of its MKR token, the Maker balances its DAI [stablecoin planned along fractional reserve banking ideals] which is linked close to the aforementioned tokens. The dual token concept is based on the idea that MKR can not be mined but is created or the contrary as a reply to DAI price movement so it is floating approximately $1.00 against the US Dollar.

Against the US Dollar – MKR is standing strongly having one of the most positive second-month of 2019 performances out of the leading cryptocoins in the market. Going by market capitalization the 16th largest cryptocurrency – is in the green at 4.79% for the last 24-hours leading the BTC market for 4.11% making sure to position itself far upward the declining trend that has been taking place since Jan 2018.

MKR

Source: coinmarketcap

Just recently – MakerDAO decided to raise the stability fee from 0.5 to 1 with the target to decline and easier-flow fluctuations in DAI’s price peg of the US Dollar. Many appreciated and welcomed the plan set in motion as an advancement towards better economic assurances and stability by the team. Additionally, the automated ETH exchange protocol – Uniswap, took over Ethfinex exchange platform as in the first place by trading MKR against ETH.

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Ethereum’s Constantinople, St. Petersburg Upgrades Have Been Activated

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The Constantinople and St. Petersburg network upgrades for the world’s second largest cryptocurrency, Ethereum’s (ETH), occurred today Feb. 28, according to ethstats.net.

Specifically, the updates went live on the main network at block 7,280,000, in accordance with previously released schedule. Although the upgrade has two names of two originally separated updates, they have subsequently been combined into one.

Per Ethernodes.org, not all Ethereum users have adopted the updates. Only 22.3 percent of Geth and Parity clients are reportedly already running the Constantinople-compliant version.

Constantinople is set to bring multiple efficiency improvements to the platform, including cheaper transaction fees for some operations on the Ethereum network. As previously reported, the Constantinople hard fork was delayed in January due to a newly discovered vulnerability.

The St. Petersburg upgrade is meant to delete a previous update, Ethereum Improvement Proposal (EIP) 1283, from Ethereum’s test networks, since that EIP had been identified to have security vulnerabilities.

In January, major United States cryptocurrency exchanges Coinbase and Kraken became the latest to confirm support for Ethereum’s upgrade. The two exchanges join Binance, Huobi and OKEx, who had started to monitor the event before its first implementation attempt.

At press time, ETH is up 2.59 percent over the day and is trading at around $137.19. The altcoin started the day around $132, according to CoinMarketCap.

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Blockchain

Why XSD?

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Benefits of staking the SOUNDAC token

There are plenty of crypto projects that have tokenized models and it isn’t always clear what the token is actually for. Is it to be used as a currency? Is it a profit sharing or dividend paying instrument? Is it merely required to pay transaction fees within the network in question? Let’s dive into the use of SOUNDAC’s core asset and define where its token – XSD – derives its value from.

XSD is a utility token, not a cryptocurrency per se. It was designed to bring utility/value to those that stake it. It is useful to a very niche audience, the music industry and its consumers. There is nothing preventing someone from using XSD to buy a dozen eggs. It is after all a fungible, divisible, scarce asset with zero transaction fees (which is true for most of the DPOS chain assets) but baked into the code are perks that will interest a specific sector of the economy. XSD is literally a token that brings utility to those in the business of producing, distributing and even consuming music, podcasts and other audio content.

A deeper dive

XSD has two forms, liquid or staked. The latter (often called VIP) means locking up your tokens for a period of time. Staked tokens are the ones that provide you with perks and grant you influence over the network. For the rest of this article, we will refer only to the staked tokens.

Digital Service Providers (DSPs)

Also referred to as music streaming platforms. These companies have a powerful incentive to hook up to SOUNDAC, as they get their royalty payment obligations covered by the blockchain. For example, 70% of Spotify’s expenses are payments to the copyright holders for the music that was streamed by the users on their platform. This is why they must charge high subscription fees or rely on advertiser dollars to support their massive royalty expenses. By plugging into this new system, playing music which is tied to a Smart Contract, and reporting all streams to SOUNDAC, the chain takes care of sending out royalty payments to the rights holders.

The supported artist will see increased exposure (hence streams and income) the more his fans use the support feature.

Streaming platforms are elected by holders of XSD. In order to get votes (to receive this subsidy), DSPs need to provide value to the SOUNDAC ecosystem. More on this in the Listener section below.

Elected DSPs need to report to the blockchain what song each user has just streamed if they want SOUNDAC to pay the royalties in their place. The more active users the DSP has and the more content they listen to, the more transactions the DSP needs to make to the chain. The number of transactions an account can make goes up with the amount of XSD it has staked. In other words, the more it wants to use the chain, the more XSD it needs to have.

To the DSP, XSD is the thing to buy and stake in order to get royalty costs offset. This is part of XSD’s demand from these businesses. The other, bigger part of demand comes from its incentives to please XSD holders, which we cover in the final section of this article.

Music creators, producers and copyright holders

Reputation

By joining SOUNDAC, a copyright holder opts into an ecosystem that can pay her directly, instantly and where she is put in control of her metadata. Whenever she logs into the rights management portal (RMP) to update some music metadata, the entire music industry is made aware of the change within seconds.

In order for her content to be trusted enough to be picked up by elected DSPs, it must have a solid reputation score along with the accounts of the uploader and participants.

A username’s reputation score is based on two things:

  1. The account’s connections – think on-chain LinkedIn connections, or Facebook friends
  2. The account in question and its connection’s amount of staked XSD

In other words, the bigger an account’s network is and the more XSD it and its connections have, the more likely the account is legitimate (and not part of a botnet.)

A smart contract’s (song entry) reputation score is the average of all participants of that specific piece of content.

When a DSP pulls in content to make available to its customer base, it needs a way to distinguish copyright infringing content from legitimate content. Not paying the rightful owners opens you up to severe lawsuits. One method is to manually vet each and every entry the DSP comes across, which is possible but not scalable. The second method is to see which trusted accounts are vouching for this specific piece of content before choosing to import it to your service, something SOUNDAC supports. The final way is to go off of reputation scoring. A DSP could choose to accept all content with a reputation score over X. These 3 methods are not mutually exclusive mind you.

As mentioned above, a song’s reputation score is derived by the average of each participants own reputation. This means that if one of the rights holders has not staked any tokens or contributed to the graph/network of trust by connecting his account to his label’s, his drummer’s or his publisher’s account, he is bringing down the trustworthiness of all pieces of content he is a participant in. This reduces the chance that his music will be picked up by DSPs. Peer pressure can get him to get his act together in order for all participants of that song to increase the potential earnings from their creation.

Discovery

Another incentive for musicians to hold XSD is discovery.

Elected DSPs need to abide by some community rules & guidelines if they wish to stay in their privileged position. One of those guidelines is to have their user’s newsfeeds and the discovery section of their streaming platforms account for the reputation score of the song’s smart contract (based on amount of XSD of each participant).

XSD is therefore a tool for discovery on all elected DSPs. Artists looking to get discovered can buy and stake XSD until they reach the level of fame they are comfortable with.

This also removes a lot of sell pressure on XSD. Instead of cashing out their RYLT tokens (the ‘stablecoin’ used to pay out rights holders on SOUNDAC) artists can convert it to XSD, stake it and get more exposure on multiple streaming platforms, granting them even more exposure throughout the ecosystem.

XSD is therefore a tool
for discovery on all elected DSPs.

Proof-of-burn

An artist can also increase his exposure in the short term by buying and burning XSD (Sending to the @null address). This will put his content into more listener’s newsfeeds and increase his chances of being picked by the discovery algorithm. This can be used like a paid marketing campaign to promote a new release for example.

Music consumers

Elected DSPs being economically incentivized to please XSD holders means abiding by community guidelines (keep in mind some of these guidelines could be implemented on the protocol level if ever it makes sense to do so).

Another one of these guidelines is to prevent abuse and ensure users are real. Most of us have seen the “are you still listening?” message on music or video streaming platforms. It ensures the platform is not paying out royalties while no one is listening/watching. PeerTracks, the first elected DSP, has implemented an “are you still listening?” feature that takes into account the XSD balance of the user. The more XSD a user has, the less frequently he will be asked if he is listening or tested on his humanity. People trying to funnel funds out of the system by creating a thousand fake accounts to stream music 24/7 will need to properly fund their botnets first.

Elected DSPs can also decide to restrict the number of streams a user can make on their platform based on their contribution to the SOUNDAC ecosystem – this could be a protocol-level future upgrade.

It is up to the DSP to navigate the fine line between pleasing its customers and the XSD holders. The best DSPs will please both and increase the value of the entire ecosystem because of it.

DSPs, being their own business, with full control over what they chose to do can provide different perks to consumers that decide to add value to the ecosystem. This could include providing High Quality audio or giveaways to anyone with over X amount of XSD. It’s essentially up to the businesses running streaming platforms to get creative.

Fans

Here is a new feature that PeerTracks is developing which will go into testing soon. Fan-side stake-weighted voting. This has far-reaching ramifications and we hope other DSPs tinker with these types of ideas as well.

Artist support

Users on PeerTracks will soon be able to Support Artist. This will button will essentially upvote that content on the PeerTracks platform. The more XSD the supporter has, the more powerful his vote will be. The supported artist will see increased exposure (hence streams and income) the more his fans use the support feature.

Boost content

Users can also Boost an individual song/podcast/video using their stake. You can once again, Like and Share the content you find engaging, but you can also Boost it with your stake and make it rank higher in the platform’s discovery section and newsfeeds.

Both these voting features give multiple parties very interesting metrics to play with. Such as, number of supporters, how much fan voting power is behind the artist/song, and most powerfully (in our opinion) who your biggest supporters are.

This opens up an entire new world, similar to what we see on Twitch and Patreon.

This opens up an entire new world, similar to what we see on Twitch and Patreon.

Artist can ask their followers to Like and Follow, sure, but they can also ask their listeners to Support them and Boost their content – with a simple click of a button.

Artist can now give out perks and privileges to their top supporters, which can range from simple shout-outs, to free tickets to their next show to backstage passes.

This can even bring in advertiser value. Brands that want their image associated with a specific artist can approach the artist in question and ask that he reward his top 10 supporters with the brand in question’s product.

DSPs can experiment with content sorting section such as Hot, Trending, Fan Supported, and any combination of metrics algorithm creators feel like playing around with.

These features mean there will be artists prompting listeners to support and boost them by staking more XSD. There will be fans that want to be part of their favorite bands top supporters. Both of which increases the value captured by XSD.

Sum up

After having read through these use cases, I hope you can understand why we consider XSD to be more than a transactional cryptocurrency. Its role is to be useful to the music world and solve real world problems by providing incentives, perks and privileges to Digital Service Providers looking to reduce their expenses. Musicians looking for a simpler music industry. Copyright owners wishing to get paid in a simpler, faster, middleman-free fashion. Performers wanting to get discovered and to engage with their fanbase. Finally, Listeners looking for free music that actually gets their favorite bands paid while giving them a new way to support them and making them feel like they are a part of the efforts.

The SOUNDAC Team

SOUNDAC Community Update for the sprint ending Feb 25th is here! Read the international version of the SOUNDAC Community Sprint Report here -> https://blog.soundac.io/soundac-community-sprint-report-fev-15th-march-1st

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SOUNDAC Community Sprint Report – Feb 25th, 2019
SOUNDAC Weekly Report Dec 19th – Dec 31th is here! Read the international version of the SOUNDAC Weekly Report here https://blog.soundac.io/soundac-weekly-report-dec-19th-dec-31th

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SOUNDAC Dev Sprint Report Jan 25th – Feb 11th
Highlight SOUNDAC
The birth of the attention economy puts value on your attention and rewards you in different ways including cryptocurrency tokens in exchange for your attention.

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Attention Economy and the ad-tech industry
SOUNDAC Weekly Report Dec 19th – Dec 31th is here! Read the international version of the SOUNDAC Weekly Report here https://blog.soundac.io/soundac-weekly-report-dec-19th-dec-31th

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SOUNDAC Community Sprint Report Jan 15th – Feb 1st
SOUNDAC Weekly Report Dec 19th – Dec 31th is here! Read the international version of the SOUNDAC Weekly Report here https://blog.soundac.io/soundac-weekly-report-dec-19th-dec-31th

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SOUNDAC Dev Sprint Report Jan 7th – Jan 25th
All the SOUNDAC and PeerTracks Team wish you a Happy New Year 2019.

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All the SOUNDAC and PeerTracks Team wish you a Happy New Year 2019.
SOUNDAC Weekly Report Dec 19th – Dec 31th is here! Read the international version of the SOUNDAC Weekly Report here https://blog.soundac.io/soundac-weekly-report-dec-19th-dec-31th

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SOUNDAC Weekly Report Dec 19th – Dec 31th
Highlight SOUNDAC
Well, the miracle of the blockchain has been changing how the world works, cutting out the suits from ever more sectors of an industry and thereby transforming whole industries – and music’s no exception.

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The dawn of attention economy and SOUNDAC
SOUNDAC Weekly Report Dec 11th – Dec 18th is here! Read the international version of the SOUNDAC Weekly Report here https://blog.soundac.io/soundac-weekly-report-dec-11th-dec-18th

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SOUNDAC Weekly Report Dec 11th – Dec 18th
Well, the miracle of the blockchain has been changing how the world works, cutting out the suits from ever more sectors of an industry and thereby transforming whole industries – and music’s no exception.

Read More

From Freedom From to Freedom To
PeerTracks is a music streaming platform with transparency in royalty data providing copyright holders a Delegated-Proof-Of-Stake blockchain platform which pays royalties in crypto tokens in real time.

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How Blockchain Platforms can deliver a music streaming platform
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Bitcoin News

Counter Argument: A Caracas-Based Journalist Says Bitcoin is Not Saving Venezuela

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While Venezuela’s economy continues to suffer under the haphazard mismanagement by Nicolás Maduro, it has caused the country’s citizens to rely on Bitcoin as a currency, store of value, and its use to transfer funds across borders.Bitcoin has been at the center of many discussions claiming that the entire country is turning to the leading crypto by market cap, with one recent op-ed in the New York Times offering up a story how it saved one struggling Venezuelan citizen’s family. However, a new counter-argument is suggesting that Bitcoin’s usage and dominance in the economically strapped country is extremely overstated, and is instead is being used to fuel cryptocurrency-promoting campaigns.Argument: Bitcoin Is Saving Families During the Venezuela Economic CrisisA recent opinion piece published by the New York Times entitled “Bitcoin Has Saved My Family,” has the crypto world buzzing. Bitcoin’s deflationary design, its existence outside the control of governments and financial institutions, and its use as a store of value and transactional currency make the first ever cryptocurrency especially valuable for nations in economic turmoil or those without meaningful banking infrastructure.The article’s author told a tale of how due to the rapidly declining value of the bolivar – Venezuela’s fiat currency – he buys Bitcoin from LocalBitcoins and uses it to send money to family members, or cashes it out to the bolivar when its time to actually spend money on essentials such as groceries, or in the article’s example, a carton of milk.Related Reading | Bitcoin Is A Hedge Against Bolivar-Induced Financial Suicide, Claims Venezuelan EconomistMany may wonder why someone would prefer to keep their spending money in Bitcoin when the price of the cryptocurrency has declined over 84% since it’s all-time high price of $20,000, however, bolivar’s annual inflation rate in 2018 was nearly 1.7 million percent. To avoid the value of the author’s funds from falling too much, he finds Bitcoin to be a safer method that better preserves its value.Counter-Argument: Venezuela’s Reliance on Bitcoin Is Far OverstatedRecently, a counter-argument was made against the New York Times piece, penned by a journalist from Venezuela’s capital, Caracas. The author details how, despite conflicting reports and dominant majority trading volume on LocalBitcoins originating from Venezuela, the country is “not becoming a Bitcoin nation.”The author himself previously published an article about “how Bitcoin is a lifeline for some Venezuelans,” he doesn’t want to “overstate the popularity of bitcoin in Venezuela.”“And please don’t use our crisis to attract attention to your crypto campaign,” the author pleads.The author claims that although the nation has its own native cryptocurrency in the oil-backed Petro, and many are indeed turning to Bitcoin, the country’s citizens are still generally confused by crypto, and don’t yet trust the asset class as a medium of exchange. Others outright think it’s a scam, or lack the technological infrastructure to even access cryptocurrency.Related Reading | Strong Fundamentals: Bitcoin Daily Transactions Return to Bull Run Levels“Venezuela’s Internet continues to deteriorate, as the government manages most of country’s telecommunications concessions. Once you get far from the big cities it is even harder to get an good Internet connection. Smartphones, which tend to be priced in dollars, are even more expensive for Venezuelans now,” the author reveals.In conclusion, the author believes that Bitcoin being a savior for the country has been overblown by the cryptocurrency community, and that Venezuelans would rather fight harder to earn income in their native fiat currency, and find other workarounds to deal with the government’s tightening grip that don’t include cryptocurrency.

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Bitcoin News

German Government to Introduce Blockchain Strategy in Mid-2019

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The chief executive body of the German government, the Cabinet of Germany, has revealed that the country’s blockchain strategy will be introduced by mid-2019. The Cabinet commented on the development of fintech in the country on Feb. 26, following a request for information from parliamentarians in the Bundestag.

The document notes that fintech sandboxes are currently present in five member states of the European Union: Denmark, Lithuania, the Netherlands, Poland and the United Kingdom.

The Cabinet states that they will undergo an online consultation process prior to introducing the blockchain strategy. Per the Cabinet, the Ministry of Finance and the Ministry for Economic Affairs and Energy are preparing the strategy, with the expectation that other relevant ministries will contribute at a later time.

Earlier this month, Reuters reported that the German government is already consulting companies and industry groups that could become stakeholders in the country’s blockchain development. According to the report, unnamed organizations have been invited to make recommendations.

The report also cites unspecified government sources saying that it is unclear whether those recommendations will translate into regulation in the near future, but concrete results are currently being sought.

At the end of January, Germany’s second largest stock exchange, Boerse Stuttgart Group, officially launched its crypto-trading app Bison which enables free-of-charge trading in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP).

In January, major global securities marketplace Deutsche Boerse said it was “making significant progress” on its blockchain-based securities lending platform.

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