“Mass Influence and Adoption of Blockchain Technology”

On Wed, August 15, 2018, at the Blockchain Futurist Conference 2018 in Toronto, Canada, Larry King moderated a panel discussion titled “Mass Influence and Adoption of Blockchain Technology,” with Charles Hoskinson, Justin Wu, Al Burgio, and Matthew Roszak.

The following time markers index the respective discussion points. Continue reading ““Mass Influence and Adoption of Blockchain Technology””

Inside a Cryptocurrency Mining Epicenter

This video visits two of the largest cryptocurrency mining centers in the United States and points to the benefits and drawbacks they provide their local economy. The drawbacks are primarily related to the energy consumption required for crypto mining.

Although there are some incorrect technical points regarding specifics related to the hardware in use, the video does address core issues around the controversies. However, for some reason, the video producer chose to show a Bitcoin chart that is out-of-date, presenting the highs at the end of 2017 and ignoring the bear market of 2018.

What is EOS? (And EOS.IO?)

EOS is a cryptocurrency that powers the EOS.IO blockchain. Calling itself “The most powerful infrastructure for decentralized applications,” EOS.IO is a decentralized system that enables the development, hosting, and execution of commercial-scale decentralized applications (dapp) on its platform.

A dapp built on the EOS.IO platform does not require micropayments by end users to send messages and perform tasks. This is left up to the individual dapp developers to determine how transactions fees (which are extremely low) will be paid. This means companies are free to come up with their own monetization strategies and offer their users service for free or otherwise.

The EOSIO platform was developed by the private company Block.one and released as open-source software on June 1, 2018.

Here is how CEO, Brendan Blumer and CTO Daniel Larimer at Block.one describe it:

 

An interesting point made by Blumer is “The idea of EOS is that if you’re able to build a basic website you should be able to build/launch a decentralized business.”

Furthermore, it’s also become the #1 (most active) blockchain on Blocktivity.info

Social Privacy and Immutable Distribution

The problem of “whales,” or outsized influencers on blockchain media, such as Steemit, is well known. Few people with lots of social clout can disproportionately support or demote other perspectives. Such is antithetic to the ideals of decentralization but has come about as a way to incentive early adopters to help promote a platform based on blockchain’s immutable distribution. This will change. It may change on Steemit in the future. But it’s already changing on other blockchain social platforms, such as Trybe. Even so, the issue of how much or how little privacy should be required in such a community is unclear. This thread touches upon a discussion of related points.

Proof of Work

A proof of work is a math verification system by which it’s costly and time-consuming to produce data, but it’s easy for others to verify that the data is correct.

Proof of work (PoW) was originally invented for computer security and as a defense against email spam. Later on it was adapted for use with cryptocurrency, most famously with Bitcoin.

Information is stored in continuously created blocks of data (blockchain) that needs to be updated and verified by decentralized participants on an ongoing basis to maintain the integrity of the system.

This system is how participants (miners) work to independently try to find the next data block (answer to the math problem). Once that’s accomplished the solution is made available throughout the network, which then verifies that it’s correct. It takes a lot of computational power to solve the math problem, or puzzle, but once it’s solved, it can be quickly verified by others.

The computational intensity consumes a lot of energy, but it’s a workable verification process and is the basis for immutable distribution, which not only establishes uncensorable money flows, but the foundation for a new paradigm of economic organization.

Stated another way, proof of work is a bridge between digital information and the physical world.

What is an Airdrop?

An airdrop is a marketing practice whereby a cryptocurrency is given away, usually for free, to individuals who help promote that cryptocurrency.

Often, Airdrops will have specific social marketing requirements to receive payment, such as joining a particular network, retweeting a marketing message or inviting new users to the project.

Since the purpose of an airdrop is usually to spread the word about a certain cryptocurrency coin or exchange, it’s been workable. Furthermore, the new token-holders are incentivized towards the success of the project due to owning a certain number of coins themselves.

The philosophy behind airdrops is simple: more coins lead to more interest and exposure, which also increases the trading volume of a particular coin.

Crypto Content Creators and their Role in the Blockchain Ecosystem

In the following web conference, Peter Saddington (Yen.io), Jose Mota (thisweekincrypto.co) and Kenneth Ameduri (CrushTheStreet.com) speak with Matt Ward (Corl.com) about the realities of content creation in the current environment of centralized platforms as gateways to large audiences versus the emerging and immature blockchain ecosystems that are poised to disrupt the world as we know it.

https://hackernoon.com/crypto-content-creators-and-their-role-in-the-blockchain-ecosystem-7530c7a6a280

Steemit vs Trybe

In terms of time on blockchain as a social media entity, Steemit is the granddaddy and Trybe is a grandchild.  Steemit launched in March of 2016 out of NY and Trybe is brand-new in 2018, out of Australia.

They both offer the potential to incentivize content producers by providing cryptocurrency to creators whose content is liked by others.

However, Trybe offers a unique factor, which is the ability to lose cryptocurrency via down-votes for low quality. Although they have established a rule against down voting content based on disagreement (as opposed to its quality) it remains to be seen how this will work out.  Regardless, it’s at least a step in the direction of attempting to influence higher quality contributions.

Steemit is unique in that it’s created on its own Steem blockchain (and cryptocurrency), which powers other content apps, as well.

It’s also more challenging to sign up for Steemit and currently there’s a 2 week delay to become manually verified, unless you pay to be verified via a third party service.

Signing up on Trybe.one is straightforward.

Since Steemit is the granddaddy, it’s considerably well known in the blockchain community and at this point Trybe is not.

They both allow users with more cryptocurrency in the community to have greater weight in terms of up- or down-voting content.  Steemit is already suffering from the fact that “whales” (those who have outsized influence in the community) are already a dominant force and largely inform the popularity of posts.

Trybe is at least trying to mitigate the issue of whales.

The concept of whales is antithetical to the notion of decentralized control inherent within the blockchain community and certainly its technology.  Perhaps time may show such to be a temporary marketing initiative to drive more engagement in the early days, only to be phased out later when it will have outlived its purpose.