A new blockchain platform is here to transform agriculture and fishing

A new blockchain platform is here to transform agriculture and fishing

A new blockchain platform is here to transform agriculture and fishing

By Manasee Joshi

A recently revealed blockchain platform called Release is aiming to revive the otherwise corruption-ridden agriculture and fishing industry through supply chain transparency and efficiency, an official press release announced on July 12.

Social commerce, the social media-influenced subset of electronic commerce, has witnessed a considerable surge in popularity amid a rise in mobile technology demand. However, it has its fair share of challenges. 

The absence of a robust communication link between sellers and consumers, inadequate supply chain transparency, and ineffective operations are hindering its further progress, which is otherwise estimated to be trillions of dollars worth in value in the next few years.

 

Blockchain platform that brings buyers and sellers together

A Taiwanese social media distributed platform, Release Co Ltd, is leveraging the power of blockchain and tokenization to bring decentralization to social commerce. It will combine the best of both technologies to bring buyers and sellers under one shared platform for factual information about the product. 

The blockchain platform will also utilize emergent technologies like Big Data and artificial intelligence to design a consumer-centric, safe, and transparent social commerce platform for several industry-wide applications.

For starters, it can bring about price fairness and logistical efficiency in the agricultural and fishing industry, which is currently ridden by inefficiencies.

 

Sale of fresh produce redefined

According to the announcement, what the blockchain platform Release does is that it designs a robust architecture that enables sellers to select spot prices on the fresh produce like vegetables, fruits, seafood, etc.

This will level the playing field for the buyers as well as sellers as they no longer have to rely on predefined price tags set forth by intermediaries who, too, charge a commission.

This way, the blockchain platform will not only optimize the entire industry by bringing down costs and excessive external intervention but also instill trust among consumers.

Both buyers and sellers will have the power to verify the authenticity of the product and put a fair price tag on it. Meanwhile, Release native token also allows users to purchase services, skills, products, among others.

Article produced by Manasee Joshi

https://www.cryptopolitan.com/blockchain-platform-for-agriculture/

 

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Heiko Closhen, Entrepreneur

Blockchain Could Help Content Generation Industry Be More Profitable

Blockchain Could Help Content Generation Industry Be More Profitable

Blockchain Could Help Content Generation Industry Be More Profitable

By CHANDLER SONG

Blockchain can play a role in solving the profitability challenges of content generation industry giants like TikTok.

Chinese content generation platform TikTok, a video-sharing app that has been called the fastest-growing social networking service in history, has been in the spotlight since early 2019 and now surpasses 800 million users.

Despite the fact that the app’s data security breaches are raising controversy worldwide, more and more young people are using it as the go-to social media for the new generation, with a reported 69% of TikTok’s global audience being between the ages of 16 and 24.

Despite its overwhelming success and rapidly growing user base, the truth behind the worldwide sensation is that “the new Instagram" is hardly profitable. One of the key reasons behind it is IT infrastructure costs — and blockchain might have the solution.

 

Tackling profitability challenges

Currently, the majority of content creation and short-video platforms like TikTok have a lot of expenses and two major revenue streams: advertising and e-commerce. The latter is only popular in China. TikTok’s parent company, ByteDance, was able to pull off billions of dollars in profit due to its smooth integration with all major e-commerce platforms in China.

When it comes to the ad revenue model, it has proven to be efficient in the United States by Google-owned YouTube and Amazon-owned Twitch, which leverage the ad optimization algorithms of their parent companies.

Both YouTube and Twitch are also utilizing the idle servers of Google Cloud or Amazon Web Services. This makes them an exception among similar platforms that have to pay millions of dollars for bandwidth and data storage, which are the main expenses for any video content generation platform. YouTube, especially, has been leveraging Google peering for almost free bandwidth.

This is especially relevant for companies in China where bandwidth costs are very high due to the fact that the majority of data centers belong to state-owned telecommunications companies.

As more and more users look for high-quality videos in 4K resolution and at 60 frames per second, servers and user acquisition costs for user-generated content platforms grow exponentially. Back in 2011, Tudou — the “Chinese YouTube” — reported in a financial statement that its bandwidth expenses were $28.6 million U.S. dollars, which accounted for 42.1% of its cost of revenue. With 227 million monthly unique visitors at the end of 2011, that equates to 7.9 unique visitors per month per dollar spent on bandwidth.

Nearly a decade later, Bilibili — another Chinese counterpart of YouTube — reported in its 2019 annual financial statement that it spent $132 million on servers and bandwidth and had 130 million active monthly users, meaning it had only slightly less than one monthly user per dollar spent. Both companies, as well as “Chinese Instagram” Kwai, are currently having a very hard time turning a profit.

TikTok, with its 800 million monthly active users uploading millions of videos on a daily basis —  500 million users within China and 300 million elsewhere — takes this issue to a whole new level.

With an estimated data consumption of around 6.9 exabytes (over 7,000,000 terabytes), it would have to spend roughly $8 million just for content delivery infrastructure per month, according to software development company Trembit. With its monetization strategy still not figured out, such breakneck costs can be a huge obstacle on TikTok’s way to profitability. 

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Decentralized storage as the solution

Today, the cloud computing market, which is estimated to be worth $364 billion by 2022, is the primary solution for large data storage around the world. It is largely dominated by public clouds such as Amazon Web Services, Microsoft Azure and Google Cloud Platform that store their clients’ data in their own data centers.

At the same time, according to research conducted by McKinsey & Company in 2008 and by a researcher at Stanford and a partner of Anthesis Group in 2015, 30% of servers in data centers around the world are “functionally dead,” which means they are active and available but have not been used in six months or more. This infrastructure is still consuming power, which means a continuous drain for its owners.

Just imagine if TikTok was able to use these idle servers to store its video content around the world — at a much lower cost than any public cloud. This is exactly what computing on the blockchain enables.

Decentralized computing aims at using idle servers to store user data that is broken into smaller chunks and immutably stored across multiple nodes on a peer-to-peer network of providers, which can make money on otherwise loss-making servers.

This allows for much lower storage costs for end users compared with the notoriously expensive Amazon Web Services and other public clouds. On top of that, using existing hardware limits one’s carbon footprint, which makes it the most ecologically sound solution for cloud computing.

Sooner or later, we can expect enterprise distribution of some Web 3.0 storage networks. Not only will these networks solve high storage cost issues, but they will also provide content distribution network services similar to Cloudflare.

If hundreds of thousands of nodes are distributed across all the major metropolitan areas, we will see people and companies gaining quicker and cheaper access to content in the form of photos, audios and videos.

In the case of TikTok and Bilibili, utilizing such a network could really give the platforms a boost to potentially turn profitable and be closer to their users — and become a game-changer for the entire content generation industry.

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What’s next for the industry

Before becoming a recognized alternative to popular public clouds and the choice of giants with hundreds of millions of users like TikTok, a “decentralized Amazon Web Services” needs a viable industry use case. Decentralized hosting and management of blockchain nodes — the equivalent of a platform-as-a-service solution on top of public clouds — is one of them.

Enabling the deployment of thousands of decentralized storage nodes at 100 times the speed, this technology takes away substantial hours and costs from businesses and developers — showing the benefits of blockchain in cloud infrastructure and driving adoption across various industries.

Article produced by CHANDLER SONG

https://cointelegraph.com/news/blockchain-could-help-content-generation-industry-be-more-profitable

 

ecosystem for entrepreneurs

Heiko Closhen, Entrepreneur

Bank of England Chooses Accenture To Rebuild UK Payment System

Bank of England Chooses Accenture To Rebuild UK Payment System

Bank of England Chooses Accenture To Rebuild UK Payment System

By Nicholas Otieno

The Bank of England, the UK’s central bank will work with Accenture to build and develop a new innovative world-class payment service.

The Bank of England has announced that it has hired Accenture IT consulting firm to overhaul part of the UK’s payment infrastructure, in a contract worth over £150 million ($195 million). This follows a public procurement that started in February 2019.

 

Driving Payments Transformation

Accenture will renew the RTGS (real-time gross settlement) service to support innovation and resilience in payments and settlements in the UK. The RTGS renewal program includes integrating and building the new RTGS platform, improving data access, and offering a service that would support the financial service sector and its customers in the years to come.

The RTGS service is the infrastructure, which holds accounts for various institutions, building societies, and banks delivering final and risk-settlement. The RTGS currently handles £685 billion worth of transactions each day between large financial institutions. The service, therefore, plays a critical role in the UK economy.

The renewed RTGS service is set to be designed to respond to the changing structure of the financial system, ensure resilience in the heart of the service, give access to a wider number of companies, offer improved functionality and wider interoperability, and strengthen end-to-end risk management of Britain’s high-value payment system.

Victoria Cleland, the BoE’s executive director for banking, payment, and innovation, said that the renewal program is the main priority not only for the central bank but also for the wider UK payment industry. She further mentioned that the program would support a resilient financial system, which protects the UK’s monetary and financial stability in the years to come.

The RTGS renewable program is being delivered in multiple transition phases to minimize risks and is expected to begin in 2022 and run until 2025.

 

The Bank of England Considering to develop CBDC

As part of its commitment to developing a stable, resilient, and diverse payment landscape, the UK’s central bank is reviewing whether it should create a CBDC.

Andrew Bailey, BoE governor, recently admitted that a Central Bank Digital Currency would be a reality in the next few years.  However, he did not provide a specific time frame of when the discussions are expected to end.

The Bank of England is already part of a group of leading central banks that have collaborated to conduct research on developing their digital currencies. While China is leading, nations like the UK and the US are still at the decision stage.

Article produced by Nicholas Otieno

https://blockchain.news/news/bank-of-england-chooses-accenture-to-rebuild-uk-payment-system

 

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Heiko Closhen, Entrepreneur

Coinbase Mulls Listing Ampleforth Paxos Gold Wrapped Bitcoin amp More

US-based major crypto exchange Coinbase said it is exploring an additional list of 19 cryptoassets that might be offered to their clients in an unspecified future.

These assets include:

Ampleforth (AMPL)
Band Protocol (BAND)
Balancer (BAL)
Blockstack (STX)
Curve
Fetch.ai (FET)
Flexacoin (FXC)
Helium (HLM)
Hedera Hashgraph (HBAR)
Kava (KAVA)
Melon (MLN)
Ocean Protocol (OCEAN)
PAX Gold (PAXG)
Reserve Rights (RSR)
tBTC
The Graph
THETA (THETA)
UMA
Wrapped Bitcoin (WBTC)

The exchange stressed that they can't guarantee whether or when any above-listed asset will be listed on a Coinbase product in any jurisdiction.

"Over time we expect our customers around the world will have access through Coinbase platforms to at least 90% of the aggregate market cap of all digital assets in circulation," the company said.

Coinbase claims it has over 35 million active users in over 100 countries worldwide. Per an H1 review, the firm stadet that it had experienced a 5 million-user increase on H1 of 2019.

 

writen by Linas Kmieliauskas

https://cryptonews.com/news/coinbase-mulls-listing-ampleforth-paxos-gold-wrapped-bitcoin-7299.htm

Heiko Closhen, Entrepreneur

Twitter Hack: Three arrests for Bitcoin Scam

Compact:

On July 15th, a spectacular hack succeeded, affecting the Twitter accounts of over 100 celebrities.
The attackers used the control over the accounts to commit advance fraud with Bitcoin.
Now three young men have been arrested.  One of them is still a minor.
The accounts of Joe Biden, Barack Obama and Elon Musk were just some of the accounts that were taken over by the attackers in mid-July. They used control of the accounts to ask other users on the social media platform to transfer Bitcoin to them. In doing so, they promised to send back double the amount to the victims.

Many experienced users quickly noticed this widely known variation of the advance fraud. What was new, however, was that the celebrities were not fake accounts, but were actually affected.

Thus, the perpetrators managed to convince a whole range of people to transfer large amounts of Bitcoin to them anyway. Now there were three arrests yesterday in the USA and Great Britain. A group of three young men are believed to be behind them.

Perpetrators named themselves: Rolex and Chaewon
In the official announcement of the US Department of Justice, three young men are accused of having committed several crimes in connection with the hack. One of the suspects is a 19-year-old British man who nicknamed himself Chaewon. He is accused of computer fraud and money laundering.

A 22-year-old man from Florida is accused of gaining access to protected computer systems or at least being an accessory to them. He was operating under the pseudonym "Rolex".

The third suspect is a minor, for whom no details have been published officially due to his age.

According to several media reports, however, the suspect is a 17-year-old youth, who is also from Florida. The three of them are said to have jointly stolen Bitcoin to a total value of 100,000 US dollars.

Big load: Block chain analysis in action
The three suspected perpetrators actually became public enemy number one, and in addition to the FBI, the IRS Cybercrime Unit also participated in the investigation. In addition, several public prosecutor's offices are involved in the case.

In addition, British law enforcement agencies also took part in the investigation. Chainalysis was also commended in the case. This leads to the conclusion that the perpetrators could also be identified on the basis of the transaction in the Bitcoin network.

However, they are said to have gained actual access to the accounts by pretending to be on the staff of the social media giant. This procedure, known as "social engineering", cannot always be exposed in time. This is often the case when the perpetrators have profound knowledge of IT and the respective business processes.

 

 

Heiko Closhen, Entrepreneur

Here’s Where the Earliest ETH Ever Mined Ended Up 5 Years Later

Here’s Where the Earliest ETH Ever Mined Ended Up 5 Years Later
Coinfirm details what happened to the first mined Ethereum after the asset's launch in 2015.

 


 

 

 

 

 

 

 

 

Ethereum, a household name in the crypto industry, fired up its network on July 30, 2015,

ut what happened to the first ETH coin ever mined all those years ago? Blockchain analytics and Anti-Money Laundering company Coinfirm found out. “Another great example of the many benefits of blockchains such as Ethereum compared to the traditional space, we can see and understand the literal creation of value and how it moves," Coinfirm co-founder and CMO Grant Blaisdell told Cointelegraph, adding, "In a time where fiat printing by central banks and other major elements are absolutely unknown to the people and businesses effected by it.” *Image courtesy of Coinfirm.

The fist mined ETH coin came into existence five years back  

Ethereum's inaugural mined block attributed to the following address: 0x05a56e2d52c817161883f50c441c3228cfe54d9f, Coinfirm data showed. The address received a 5 ETH payout.  The noted address racked up 265.63 ETH in mining rewards over time, responsible for a total mining career of 53 blocks. A Kraken crypto exchange address received the first 5 ETH rewarded as payout for mining the inaugural block, Coinfirm data showed. One Wei of ETH, however, went to the address — 0xc130afe98f8c42e19bdacf8c6e63e48a44a26ca8. Wei hold as Ethereum's version of Satoshis, denominating the smallest divisible fraction of a 1 ETH. In total, the address sent ETH to three different locations on four separate occasions. 

Ethereum has come a long way

Ethereum has changed significantly since its first mined block, not only regarding its network, but also in its asset's price. Long-term hodlers likely reaped the benefits of the project, seeing the asset take its place among the largest assets in the industry.Data from ICODrops shows ETH priced at $0.31 per coin during its initial coin offering, or ICO — a hefty profit potential if owners held the asset until its 2018 peak near $1,400 per coin. Ethereum's network has also shown no shortage of changes over the years as it still wages toward a transition to proof-of-stake, or PoS, as part of Ethereum 2.0. 

Article Produced By
Benjamin Pirus

  • Benjamin (BJ) is a full-time writer and trader in the crypto space. A former college hockey player, BJ loves a good burger, volatile Bitcoin charts and chatting about crypto.

https://cointelegraph.com/news/here-s-where-the-earliest-eth-ever-mined-ended-up-5-years-later

Heiko Closhen, Entrepreneur