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I built a decentralized legal-binding smart contract system. I need peer reviewers and whitepaper proof readers. Help greatly appreciated!

I posted this on /cryptotechnology . It attracted quite a bit of upvotes but not many potential contributors. Someone mentioned I should try this sub. I read the rules and it seems to fit within them. Hope this kind of post is alright here...
EDIT: My mother language is french (I'm from Montreal/Canada). Please excuse any blatant grammatical errors.
TLDR: I built a decentralized legal-binding smart contract system. I need peer reviewers and whitepaper proof readers. If you're interested, send me an email to discuss: [email protected] . Thanks in advance!
Hi guys,
For the last few years, I've been working on a decentralized legal-binding contract system. Basically, I created a PoW blockchain software that can receive a hash as an address, and another hash as a bucket, in each transaction.
The address hash is used to tell a specific entity (application/contract/company/person, etc) that uses the blockchain that this transaction might be addressed to them. The bucket hash simply tells the nodes which hashtree of files they need to download in order to execute that contract.
The buckets are shared within the network of nodes. Someone could, for example, write a contract with a series of nodes in order to host their data for them. Buckets can hold any kind of data, and can be of any size... including encrypted data.
The blockchain's blocks are chained together using a mining system similar to bitcoin (hashcash algorithm). Each block contains transactions. The requested difficulty increases when the amount of transactions in a block increases, linearly. Then, when a block is mined properly, another smaller mining effort is requested to link the block to the network's head block.
To replace a block, you need to create another block with more transactions than the amount that were transacted in and after the mined block.
I expect current payment processors to begin accepting transactions and mine them for their customers and make money with fees, in parallel. Using such a mechanism, miners will need to have a lot of bandwidth available in order to keep downloading the blocks of other miners, just like the current payment processors.
The contracts is code written in our custom programming language. Their code is pushed using a transaction, and hosted in buckets. Like you can see, the contract's data are off-chain, only its bucket hash is on-chain. The contract can be used to listen to events that occurs on the blockchain, in any buckets hosted by nodes or on any website that can be crawled and parsed in the contract.
There is also an identity system and a vouching system...which enable the creation of soft-money (promise of future payment in hard money (our cryptocurrency) if a series of events arrive).
The contracts can also be compiled to a legal-binding framework and be potentially be used in court. The contracts currently compile to english and french only.
I also built a browser that contains a 3D viewport, using OpenGL. The browser contains a domain name system (DNS) in form of contracts. Anyone can buy a new domain by creating a transaction with a bucket that contains code to reserve a specific name. When a user request a domain name, it discovers the bucket that is attached to the domain, download that bucket and executes its scripts... which renders in the 3D viewport.
When people interact with an application, the application can create contracts on behalf of the user and send them to the blockchain via a transaction. This enables normal users (non-developers) to interact with others using legal contracts, by using a GUI software.
The hard money (cryptocurrency) is all pre-mined and will be sold to entities (people/company) that want to use the network. The hard money can be re-sold using the contract proposition system, for payment in cash or a bank transfer. The fiat funds will go to my company in order to create services that use this specific network of contracts. The goal is to use the funds to make the network grow and increase its demand in hard money. For now, we plan to create:
A logistic and transportation company
A delivery company
A company that buy and sell real estate options
A company that manage real estate
A software development company
A world-wide fiat money transfer company
A payment processor company
We chose these niche because our team has a lot of experience in these areas: we currently run companies in these fields. These niche also generate a lot of revenue and expenses, making the value of exchanges high. We expect this to drive volume in contracts, soft-money and hard-money exchanges.
We also plan to use the funds to create a venture capital fund that invests in startups that wants to create contracts on our network to execute a specific service in a specific niche.
I'm about to release the software open source very soon and begin executing our commercial activities on the network. Before launching, I'd like to open a discussion with the community regarding the details of how this software works and how it is explained in the whitepaper.
If you'd like to read the whitepaper and open a discussion with me regarding how things work, please send me an email at [email protected] .
If you have any comment, please comment below and Ill try to answer every question. Please note that before peer-reviewing the software and the whitepaper, I'd like to keep the specific details of the software private, but can discuss the general details. A release date will be given once my work has been peer reviewed.
Thanks all in advance!
P.S: This project is not a competition to bitcoin. My goal with this project is to enable companies to write contracts together, easily follow events that are executed in their contracts, understand what to expect from their partnership and what they need to give in order to receive their share of deals... and sell their contracts that they no longer need to other community members.
Bitcoin already has a network of people that uses it. It has its own value. In fact, I plan to create contracts on our network to exchange value from our network for bitcoin and vice-versa. Same for any commodity and currency that currently exits in this world.
submitted by steve-rodrigue to compsci [link] [comments]

I built a decentralized legal-binding smart contract system. I need peer reviewers and whitepaper proof readers. Help greatly appreciated!

I originally posted this on /cryptocurrency. I just thought you guys might be able to help as well so I posted it as well. I didn't link to the original post because the bot here keeps deleting my post, even if I use the np link. Hope that's ok...
EDIT: My mother language is french (I'm from Montreal/Canada). Please excuse any blatant grammatical errors.
TLDR: I built a decentralized legal-binding smart contract system. I need peer reviewers and whitepaper proof readers. If you're interested, send me an email to discuss: [[email protected]](mailto:[email protected]) . Thanks in advance!
Hi guys,
For the last few years, I've been working on a decentralized legal-binding contract system. Basically, I created a PoW blockchain software that can receive a hash as an address, and another hash as a bucket, in each transaction.
The address hash is used to tell a specific entity (application/contract/company/person, etc) that uses the blockchain that this transaction might be addressed to them. The bucket hash simply tells the nodes which hashtree of files they need to download in order to execute that contract.
The buckets are shared within the network of nodes. Someone could, for example, write a contract with a series of nodes in order to host their data for them. Buckets can hold any kind of data, and can be of any size... including encrypted data.
The blockchain's blocks are chained together using a mining system similar to bitcoin (hashcash algorithm). Each block contains transactions. The requested difficulty increases when the amount of transactions in a block increases, linearly. Then, when a block is mined properly, another smaller mining effort is requested to link the block to the network's head block.
To replace a block, you need to create another block with more transactions than the amount that were transacted in and after the mined block.
I expect current payment processors to begin accepting transactions and mine them for their customers and make money with fees, in parallel. Using such a mechanism, miners will need to have a lot of bandwidth available in order to keep downloading the blocks of other miners, just like the current payment processors.
The contracts is code written in our custom programming language. Their code is pushed using a transaction, and hosted in buckets. Like you can see, the contract's data are off-chain, only its bucket hash is on-chain. The contract can be used to listen to events that occurs on the blockchain, in any buckets hosted by nodes or on any website that can be crawled and parsed in the contract.
There is also an identity system and a vouching system...which enable the creation of soft-money (promise of future payment in hard money (our cryptocurrency) if a series of events arrive).
The contracts can also be compiled to a legal-binding framework and be potentially be used in court. The contracts currently compile to english and french only.
I also built a browser that contains a 3D viewport, using OpenGL. The browser contains a domain name system (DNS) in form of contracts. Anyone can buy a new domain by creating a transaction with a bucket that contains code to reserve a specific name. When a user request a domain name, it discovers the bucket that is attached to the domain, download that bucket and executes its scripts... which renders in the 3D viewport.
When people interact with an application, the application can create contracts on behalf of the user and send them to the blockchain via a transaction. This enables normal users (non-developers) to interact with others using legal contracts, by using a GUI software.
The hard money (cryptocurrency) is all pre-mined and will be sold to entities (people/company) that want to use the network. The hard money can be re-sold using the contract proposition system, for payment in cash or a bank transfer. The fiat funds will go to my company in order to create services that use this specific network of contracts. The goal is to use the funds to make the network grow and increase its demand in hard money. For now, we plan to create:
  1. A logistic and transportation company
  2. A delivery company
  3. A company that buy and sell real estate options
  4. A company that manage real estate
  5. A software development company
  6. A world-wide fiat money transfer company
  7. A payment processor company
We chose these niche because our team has a lot of experience in these areas: we currently run companies in these fields. These niche also generate a lot of revenue and expenses, making the value of exchanges high. We expect this to drive volume in contracts, soft-money and hard-money.
We also plan to use the funds to create a venture capital fund that invests in startups that wants to create contracts on our network to execute a specific service in a specific niche.
I'm about to release the software open source very soon and begin executing our commercial activities on the network. Before launching, I'd like to open a discussion with the community regarding the details of how this software works and how it is explained in the whitepaper.
If you'd like to read the whitepaper and open a discussion with me regarding how things work, please send me an email at [[email protected]](mailto:[email protected]) .
If you have any comment, please comment below and Ill try to answer every question. Please note that before peer-reviewing the software and the whitepaper, I'd like to keep the specific details of the software private, but can discuss the general details. A release date will be given once my work has been peer reviewed.
Thanks all in advance!
P.S: This project is not a competition to bitcoin. My goal with this project is to enable companies to write contracts together, easily follow events that are executed in their contracts, understand what to expect from their partnership and what they need to give in order to receive their share of deals... and sell their contracts that they no longer need to other community members.
Bitcoin already has a network of people that uses it. It has its own value. In fact, I plan to create contracts on our network to exchange value from our network for bitcoin and vice-versa. Same for any commodity and currency that currently exits in this world.
submitted by steve-rodrigue to CryptoTechnology [link] [comments]

I built a decentralized legal-binding smart contract system. I need peer reviewers and whitepaper proof readers. Help greatly appreciated!

EDIT: My mother language is french (I'm from Montreal/Canada). Please excuse any blatant grammatical errors.
TLDR: I built a decentralized legal-binding smart contract system. I need peer reviewers and whitepaper proof readers. If you're interested, send me an email to discuss: [[email protected]](mailto:[email protected]) . Thanks in advance!
Hi guys,
For the last few years, I've been working on a decentralized legal-binding contract system. Basically, I created a PoW blockchain software that can receive a hash as an address, and another hash as a bucket, in each transaction.
The address hash is used to tell a specific entity (application/contract/company/person, etc) that uses the blockchain that this transaction might be addressed to them. The bucket hash simply tells the nodes which hashtree of files they need to download in order to execute that contract.
The buckets are shared within the network of nodes. Someone could, for example, write a contract with a series of nodes in order to host their data for them. Buckets can hold any kind of data, and can be of any size... including encrypted data.
The blockchain's blocks are chained together using a mining system similar to bitcoin (hashcash algorithm). Each block contains transactions. The requested difficulty increases when the amount of transactions in a block increases, linearly. Then, when a block is mined properly, another smaller mining effort is requested to link the block to the network's head block.
To replace a block, you need to create another block with more transactions than the amount that were transacted in and after the mined block.
I expect current payment processors to begin accepting transactions and mine them for their customers and make money with fees, in parallel. Using such a mechanism, miners will need to have a lot of bandwidth available in order to keep downloading the blocks of other miners, just like the current payment processors.
The contracts is code written in our custom programming language. Their code is pushed using a transaction, and hosted in buckets. Like you can see, the contract's data are off-chain, only its bucket hash is on-chain. The contract can be used to listen to events that occurs on the blockchain, in any buckets hosted by nodes or on any website that can be crawled and parsed in the contract.
There is also an identity system and a vouching system...which enable the creation of soft-money (promise of future payment in hard money (our cryptocurrency) if a series of events arrive).
The contracts can also be compiled to a legal-binding framework and be potentially be used in court. The contracts currently compile to english and french only.
I also built a browser that contains a 3D viewport, using OpenGL. The browser contains a domain name system (DNS) in form of contracts. Anyone can buy a new domain by creating a transaction with a bucket that contains code to reserve a specific name. When a user request a domain name, it discovers the bucket that is attached to the domain, download that bucket and executes its scripts... which renders in the 3D viewport.
When people interact with an application, the application can create contracts on behalf of the user and send them to the blockchain via a transaction. This enables normal users (non-developers) to interact with others using legal contracts, by using a GUI software.
The hard money (cryptocurrency) is all pre-mined and will be sold to entities (people/company) that want to use the network. The hard money can be re-sold using the contract proposition system, for payment in cash or a bank transfer. The fiat funds will go to my company in order to create services that use this specific network of contracts. The goal is to use the funds to make the network grow and increase its demand in hard money. For now, we plan to create:
  1. A logistic and transportation company
  2. A delivery company
  3. A company that buy and sell real estate options
  4. A company that manage real estate
  5. A software development company
  6. A world-wide fiat money transfer company
  7. A payment processor company
We chose these niche because our team has a lot of experience in these areas: we currently run companies in these fields. These niche also generate a lot of revenue and expenses, making the value of exchanges high. We expect this to drive volume in contracts, soft-money and hard-money.
We also plan to use the funds to create a venture capital fund that invests in startups that wants to create contracts on our network to execute a specific service in a specific niche.
I'm about to release the software open source very soon and begin executing our commercial activities on the network. Before launching, I'd like to open a discussion with the community regarding the details of how this software works and how it is explained in the whitepaper.
If you'd like to read the whitepaper and open a discussion with me regarding how things work, please send me an email at [[email protected]](mailto:[email protected]) .
If you have any comment, please comment below and Ill try to answer every question. Please note that before peer-reviewing the software and the whitepaper, I'd like to keep the specific details of the software private, but can discuss the general details. A release date will be given once my work has been peer reviewed.
Thanks all in advance!
P.S: This project is not a competition to bitcoin. My goal with this project is to enable companies to write contracts together, easily follow events that are executed in their contracts, understand what to expect from their partnership and what they need to give in order to receive their share of deals... and sell their contracts that they no longer need to other community members.
Bitcoin already has a network of people that uses it. It has its own value. In fact, I plan to create contracts on our network to exchange value from our network for bitcoin and vice-versa. Same for any commodity and currency that currently exits in this world.
submitted by steve-rodrigue to CryptoCurrency [link] [comments]

I built a decentralized legal-binding smart contract system. I need peer reviewers and whitepaper proof readers. Help greatly appreciated!

I originally posted this on cryptocurrency. I just thought you guys might be able to help as well so I posted it as well. I didn't link to the original post because the bot here keeps deleting my post, even if I use the np link. Hope that's ok...
EDIT: My mother language is french (I'm from Montreal/Canada). Please excuse any blatant grammatical errors.
TLDR: I built a decentralized legal-binding smart contract system. I need peer reviewers and whitepaper proof readers. If you're interested, send me an email to discuss: [[email protected]](mailto:[email protected]) . Thanks in advance!
Hi guys,
For the last few years, I've been working on a decentralized legal-binding contract system. Basically, I created a PoW blockchain software that can receive a hash as an address, and another hash as a bucket, in each transaction.
The address hash is used to tell a specific entity (application/contract/company/person, etc) that uses the blockchain that this transaction might be addressed to them. The bucket hash simply tells the nodes which hashtree of files they need to download in order to execute that contract.
The buckets are shared within the network of nodes. Someone could, for example, write a contract with a series of nodes in order to host their data for them. Buckets can hold any kind of data, and can be of any size... including encrypted data.
The blockchain's blocks are chained together using a mining system similar to bitcoin (hashcash algorithm). Each block contains transactions. The requested difficulty increases when the amount of transactions in a block increases, linearly. Then, when a block is mined properly, another smaller mining effort is requested to link the block to the network's head block.
To replace a block, you need to create another block with more transactions than the amount that were transacted in and after the mined block.
I expect current payment processors to begin accepting transactions and mine them for their customers and make money with fees, in parallel. Using such a mechanism, miners will need to have a lot of bandwidth available in order to keep downloading the blocks of other miners, just like the current payment processors.
The contracts is code written in our custom programming language. Their code is pushed using a transaction, and hosted in buckets. Like you can see, the contract's data are off-chain, only its bucket hash is on-chain. The contract can be used to listen to events that occurs on the blockchain, in any buckets hosted by nodes or on any website that can be crawled and parsed in the contract.
There is also an identity system and a vouching system...which enable the creation of soft-money (promise of future payment in hard money (our cryptocurrency) if a series of events arrive).
The contracts can also be compiled to a legal-binding framework and be potentially be used in court. The contracts currently compile to english and french only.
I also built a browser that contains a 3D viewport, using OpenGL. The browser contains a domain name system (DNS) in form of contracts. Anyone can buy a new domain by creating a transaction with a bucket that contains code to reserve a specific name. When a user request a domain name, it discovers the bucket that is attached to the domain, download that bucket and executes its scripts... which renders in the 3D viewport.
When people interact with an application, the application can create contracts on behalf of the user and send them to the blockchain via a transaction. This enables normal users (non-developers) to interact with others using legal contracts, by using a GUI software.
The hard money (cryptocurrency) is all pre-mined and will be sold to entities (people/company) that want to use the network. The hard money can be re-sold using the contract proposition system, for payment in cash or a bank transfer. The fiat funds will go to my company in order to create services that use this specific network of contracts. The goal is to use the funds to make the network grow and increase its demand in hard money. For now, we plan to create:
  1. A logistic and transportation company
  2. A delivery company
  3. A company that buy and sell real estate options
  4. A company that manage real estate
  5. A software development company
  6. A world-wide fiat money transfer company
  7. A payment processor company
We chose these niche because our team has a lot of experience in these areas: we currently run companies in these fields. These niche also generate a lot of revenue and expenses, making the value of exchanges high. We expect this to drive volume in contracts, soft-money and hard-money.
We also plan to use the funds to create a venture capital fund that invests in startups that wants to create contracts on our network to execute a specific service in a specific niche.
I'm about to release the software open source very soon and begin executing our commercial activities on the network. Before launching, I'd like to open a discussion with the community regarding the details of how this software works and how it is explained in the whitepaper.
If you'd like to read the whitepaper and open a discussion with me regarding how things work, please send me an email at [[email protected]](mailto:[email protected]) .
If you have any comment, please comment below and Ill try to answer every question. Please note that before peer-reviewing the software and the whitepaper, I'd like to keep the specific details of the software private, but can discuss the general details. A release date will be given once my work has been peer reviewed.
Thanks all in advance!
P.S: This project is not a competition to bitcoin. My goal with this project is to enable companies to write contracts together, easily follow events that are executed in their contracts, understand what to expect from their partnership and what they need to give in order to receive their share of deals... and sell their contracts that they no longer need to other community members.
Bitcoin already has a network of people that uses it. It has its own value. In fact, I plan to create contracts on our network to exchange value from our network for bitcoin and vice-versa. Same for any commodity and currency that currently exits in this world.
submitted by steve-rodrigue to cryptodevs [link] [comments]

Fortnight Tech Roundup & Discourse - IRNSS NavIC

Fortnight Tech Roundup & Discourse - IRNSS NavIC

Welcome to this week's tech round up and discourse post.

https://preview.redd.it/4we80sfojis31.png?width=728&format=png&auto=webp&s=bcd7e967359f9a1ebb7f8aa7903cb35d86891e44

EBay, Stripe and Mastercard drop out of Facebook’s Libra Association techcrunch
Club Factory raises $100M to expand its lifestyle e-commerce platform in India economictimes
Donald Trump joins Amazon's video game streaming platform Twitch cnn
Bill McDermott steps down as SAP’s CEO wsj
Elon Musk says that NASA is free to share all SpaceX IP with ‘anyone it wants’ gizmodo
NASA’s new Moon-bound spacesuit is safer, smarter and much more comfortable nasa.gov
Steam will soon let you play local-only multiplayer games with far off friends pcgamer
Dyson kills its electric car project and turns to solid-state batteries guardian
Amazon Music arrives on Apple TV pocket-lint
Google takes AMP to the OpenJS Foundation openjsf
Russia’s Yandex introduces an Echo Dot-style smart speaker techcrunch
Cisco hit by an internal network outage cbronline
Xage now supports hierarchical blockchains for complex implementations globenewswire
NASCAR could debut hybrids as early as 2022 thedrive
Apple pulls HKmap from App Store, the day after Chinese state media criticized its ‘unwise and reckless decision’ to approve it cnbc
Virgin Orbit plans to send cubesats to Mars as early as 2022 cnet
Call of Duty is the biggest mobile game launch ever, with 100 million downloads independent
Pinterest launches a new ‘Lite’ app for emerging markets androidpolice
Microsoft’s Your Phone app can now route calls from your Android phone to your PC blog.windows
European risk report flags 5G security challenges techcrunch
Toyota, GM, Nvidia, Bosch, Arm and others form new autonomous driving tech consortium theiet
China attacks Apple for allowing Hong Kong crowdsourced police activity app nyt
AMD’s Radeon RX 5500 is its new entry-level competitor to Nvidia’s GTX 1650 pcworld
Amazon, Walmart confront India’s slowing economy as holiday season growth stalls techcrunch
Essential reveals Project Gem smartphone with very long, unusual design engadget
Twitter admits it used two-factor phone numbers and emails for serving targeted ads help.twitter
Arm brings custom instructions to its embedded CPUs developer.arm
Sony’s next console is the PlayStation 5, arriving holidays 2020 theverge
Chinese firms Tencent, Vivo and CCTV suspend ties with the NBA over Hong Kong tweet edition.cnn
Eight Chinese tech firms placed on US Entity List for their role in human rights violations against Muslim minority groups techcrunch
Mars Curiosity Rover finds evidence of an ancient oasis on Mars earthsky
Instagram is killing its creepy stalking feature, the Following tab androidpolice
Ex-Tinder CEO files lawsuit saying sexual assault allegations against him are defamation theverge
Fire TV might not get Disney+ as Amazon and Disney clash over ads variety
Amazon introduces a Kindle for kids indiatoday
Apple’s MacOS Catalina is now available 9to5mac
Spotify gains Siri support on iOS 13, arrives on Apple TV forbes
Disney is reportedly banning Netflix ads across its entertainment TV networks theverge
Red Dead Redemption 2 is coming to PC in November rockpapershotgun
NASA shares 3D Moon data for CG artists and creators space
PayPal is the first company to drop out of the Facebook-led Libra Association economictimes
Iranian hackers targeted US 2020 campaign, says Microsoft bbc
Apple CEO Tim Cook slams Facebook’s Libra cryptocurrency as a power grab forbes
Google-backed Dunzo raises $45M to expand its hyperlocal delivery startup in India fortuneindia
NASA’s first all-electric experimental X-plane is ready for testing nasa.gov
Facebook is being leaned on by US, UK, Australia to ditch its end-to-end encryption expansion plan macrumorsInstagram launches Threads, a Close Friends chat app with auto-status wired
India’s Fyle bags $4.5M to expand its expense management platform in the US, other international markets techcrunch
Uber launches a shift-work finder app, Uber Works, starting in Chicago tnw
Redesigned Google Shopping goes live, with price tracking, Google Lens for outfits and more pcmag
Zuckerberg Plans to Sue if Elizabeth Warren Tries to Break Up Facebook gizmodo
Samsung pulls the plug on Chinese smartphone production techcrunch
Microsoft showcases an Android Surface 'phone' and dual-screen Windows Variant cnet
Microsoft’s latest Surface Laptop arrives in 13- and 15-inch models theverge
India’s NoBroker raises $50M to help people buy and rent without real estate brokers business-standard
Cybersecurity giant Comodo can’t even keep its own website secure forums.comodo
NASA awards $43.2M to Blue Origin, SpaceX and others for tech to take us to the Moon and Mars techcrunch
NASA launches a new planet-hunting telescope using a giant balloon phys.org
UPS gets FAA approval to operate an entire drone delivery airline nyt
Streamlit launches open-source machine learning application development framework techcrunch
WhatsApp tests self-destructing messages theverge
Europe’s top court says active consent is needed for tracking cookies techcrunch
SpaceX details Starship and Super Heavy in new website techcrunch
Hyundai is getting into the flying car business newatlas
Microsoft makes Windows Virtual Desktop generally available globally zdnet
Google's Project Jacquard is available on new Levi's jackets youtube
PayPal to enter China through GoPay acquisition venturebeat

https://preview.redd.it/rnwzqv5qjis31.png?width=728&format=png&auto=webp&s=dbf144fb35009e7e997741e70685b2c05075a099

The Indian Regional Navigation Satellite System (IRNSS) recently become fully-operational and has been provided with the operational name of NavIC (Navigation with Indian Constellation). Developed by the Indian Space Research Organization (ISRO) with the objective of offering positioning, navigation and timing (PNT) to the users on a variety of platforms with a 24 hour x 7 day service availability under all weather conditions - in its service area with a position accuracy of < 20 m throughout India and within the region of coverage extending about 1500 km beyond. nih.gov
Having an autonomous regional satellite navigation system of one’s own offers strategic autonomy in military operations. The GPS that we have known and used all along is the satellite-based radio navigation system owned by the US government and operated by the American Air Force. During the Kargil War 20 years ago, the US refused to provide India critical information on the movement and precise location of Paki enemy troops. toi A need for an indigenous satellite navigation was felt earlier, but Kargil experience made the nation realize it's inevitability. Geopolitical needs teaches us that some countries can deny us the service in times of conflict, a way of arm twisting.
With an accuracy of <10 m on Restricted and Encrypted Service (RES) while an accuracy of <20 m on Standard Positioning Service (SPS), IRNSS will offer 2 level of services for very differing purposes. isro.gov.in \PDF]) Almost all Military and Reconnaissance applications will utilize RES while SPS will be available for civilian uses. unvienna \PDF])

The IRNSS space segment architecture consists of 3 satellites in GEO (Geostationary Orbit) at 32.5°, 83° and 131.5° East while 4 satellites in geosynchronous orbit placed at inclination of 29° with longitude crossing at 55° and 111.75° East forming an analemma. isac.gov.in Out of the 4 GSO satellites, the first sat IRNSS-1A failed in orbit due to atmoic clock malfunction. On August 31, 2017, sat IRNSS-1H was meant to replace defunct IRNSS-1A, failed to deploy due to malfunction in payload fairing mechanism. Though failures are not uncommon in space missions of even developed nations, India is not in a position where it can afford even relatively minor glitches neither financially nor in terms of reaching the higher goals it has set for itself. firstpost

IRNSS Analemma

Unlike GPS which is dependent only on L-band, NAVIC has dual frequency (S and L bands). When low frequency signal travels through atmosphere, its velocity changes due to atmospheric disturbances. US banks on atmospheric model to assess frequency error and it has to update this model from time to time to assess the exact error. In India's case, the actual delay is assessed by measuring the difference in delay of dual frequency (S and L bands). Therefore, NavIC is not dependent on any model to find the frequency error and is more accurate than GPS. toi
Studies have also shown marked improvement in GDoP (Geometric dilution of precision) values when IRNSS is used in conjunction with GPS constellation for position fix in primary coverage region of IRNSS. Hence IRNSS can be augmented with GPS to improve position accuracy in the given region. ias.ac.in

The IRNSS is being developed parallel to the GAGAN (GPS Aided GEO Augmented Satellite Navigation) program that in essence use GPS signals for navigation but after making them much more reliable for safety critical applications like in civil aviation., the ISRO SBAS (Satellite Based Augmentation System) version of an overlay system for GNSS signal corrections. earth.esa.int As of 2013, the statutory filing for frequency spectrum of Global Indian Navigational System (GINS) satellite orbits in international space, has been completed. hindubusinessline GINS is supposed to have a constellation of 24 satellites, positioned 24,000 km (14,913 mi) above Earth. wikipedia)

On Sep 24, 2019 Global mobile telephony standards body, 3GPP, gave its approval to NaVIC (Proposed jointly by Reliance Jio and ISRO). 3gpp.org \XLSX]) The approval has been given for the system’s use in Rel-16 LTE and Rel-17 5G NR specifications, paving the way for wider commercial adoption of NaVIC, allowing it to be integrated with 4G, 5G and internet of things (IoT). 3gpp.org \ZIP]) Thus, electronics companies can start designing and building integrated circuits and mass manufacture other products uniquely created to be compatible with NavIC. From what all scant information I was able to gather it seems Broadcom was first to introduce BCM47756 3gpp.org \ZIP]) chipset integrated with NavIC and Xiaomi Mi8 was the first phone to have the capabilities. insidegnss Will the introduction of indigenous satnav be another step closer towards being a global power? Comments open.
PS: Here's an interesting presentation prepared by Space Application Center that goes a little deep inside Navigation with Indian Constellation http://www.unoosa.org/documents/pdf/icg/2018/icg13/05.pdf

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And in the last, here's 19th-Century Vision of the Year 2000 by Jean-Marc Côté and other artists issued in France in 1899, 1900, 1901 and 1910. Originally in the form of paper cards enclosed in cigarette/cigar boxes and, later, as postcards, the images depicted the world as it was imagined to be like in the then distant year of 2000.
https://preview.redd.it/wbvg455vjis31.jpg?width=800&format=pjpg&auto=webp&s=1ea5d13ddcf69a504c6d85d6aee7c22adedd6923
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Source: https://commons.wikimedia.org/wiki/Category:France_in_XXI_Century_(fiction))
submitted by chummekiraat to IndiaSpeaks [link] [comments]

Wall Street 2.0: How Blockchain will revolutionise Wall Street and a closer look at Quant Network’s Partnership with AX Trading

Wall Street 2.0: How Blockchain will revolutionise Wall Street and a closer look at Quant Network’s Partnership with AX Trading
AX Trading LLC (AX), a technology-enabled registered broker-dealer and Alternative Trading System (ATS) operator, today announced a strategic partnership with Quant Network a pioneering technology company providing financial and regulatory technology as well as interoperability in financial services, payments and capital markets infrastructure. Through this partnership, Quant Network’s technology, Overledger a blockchain operating system, will enable universal interoperability for regulatory-compliant security tokens and digital assets to be traded on AX ATS, a regulated secondary trading market. AX intends to integrate Overledger to help foster the evolution of traditional capital markets infrastructure to facilitate the mass implementation of interoperable regulated digital assets. With the increased market adoption of digital assets and banking “coins” such as JPMorgan Coin, AX and Quant Network are at the forefront to enable the transferability and movement of digital assets. George O’Krepkie, AX CEO said: “we look forward to partnering with Quant. Their technology will allow our blockchain agnostic security token exchange to communicate seamlessly with issuers, traders, investors, and regulators across different blockchain protocols. This is a key technological breakthrough that will help us bring the benefits of security tokens to Main Street and Wall Street.” It is expected that the first interoperable digital asset offering may commence as soon as January 2020, and that the AX Trading ATS may be ready to enable and list interoperable digital assets and securities in 2020.
Let’s have a closer look at what that means to truly appreciate the significance of the partnership by covering the basics for those not familiar with wall street.
https://preview.redd.it/2z8h6uqos0m31.png?width=1200&format=png&auto=webp&s=a1c02216ce4eda8f3e06abdb6fe519b36efd1be6

What is an Institutional Investor / Trader?

An institutional investor is an organization that invests on behalf of the organization's members. They consist of hedge funds, banks, investment banks, pension funds, insurance companies, endowment funds, or any other type of money management firm.
Institutional investors account for about three-quarters of the volume on the New York Stock Exchange (which alone handles more than $20 Trillion a year in volume). In the US, Institutional investors own about 80 % of the total market value of the equity (stock) market, which globally is worth more than $73 trillion.
Wall Street refers to the institutional investors I mentioned above whereas Main Street refers collectively to members of the general public who are not accredited investors and the overall economy as a whole.
Whilst the Equity Market is huge, Institutional investors also invest in other securities which are prime to be tokenised such as Real Estate Market (Globally worth $217 trillion), the Debt Market (Globally worth $215 trillion) and the Derivatives Market (Low end estimates at $544 trillion and high-end estimates at $1.2 quadrillion). All of which makes the current market cap for cryptocurrencies look like a drop in the ocean.

Who are AX Trading?

AX Trading is a SEC-registered broker-dealer and Alternative Trading System (ATS) Operator. They are a member of FINRA (Financial Industry Regulatory Authority)and SIPC ( Securities Investor Protection Corporation) regulated authorities. The SEC has some of the most stringent regulations in the world for listing securities and there are fewer than 50 SEC-registered Alternative Trading System Operators in the United States, of which only a handful are currently implementing Digital Assets. Others are awaiting regulatory approval with Coinbase, Circle etc are all looking at getting into this huge market.
https://www.coindesk.com/stonewalled-by-finra-up-to-40-crypto-securities-wait-in-limbo-for-launch
AX Trading have investors and sponsored brokers including the likes of Credit Suisse, (a multinational investment Bank and Financial services company worth $27.5 billion). AX currently have over 800 Institutional traders (these are not individuals, but corporations such as hedge funds, banks, investment banks, pension funds, insurance companies, endowment funds etc).
AX Trading have also partnered with Euronext, the largest Stock Exchange in Europe with a market cap of $4.65 trillion as of 2018, in the creation of Euronext Block which utilises AX Trading.

What is an Alternative Trading System?

An Alternative Trading System (ATS) is an SEC-regulated trading venue which serves as an alternative to trading at a public exchange. ATS account for much of the liquidity found in publicly traded issues worldwide. They are known as multilateral trading facilities in Europe, electronic communication networks (ECNs), cross networks, and call networks
AX is the world’s first “Electronic Trading Network” (ETN) where institutional traders can proactively connect and trade with other counterparties in a secure environment. Unlike traditional stock exchanges/ECNs that show orders to everyone and traditional dark pools/crossing systems that show orders — presumably — to no one, AX allows institutional traders to pick and choose WHOM they want to notify and also WHAT information they want to share with them.
Institutional investors may use an ATS to find counterparties for transactions instead of trading large blocks of shares on national stock exchanges. These actions may be designed to conceal trading from public view since ATS transactions do not appear on national exchange order books. The benefit of using an ATS to execute such orders is that it reduces the domino effect that large trades might have on the price of an equity.

How does AX Trading Work?

The AX Trading process begins when one trader sends an “initiated” order to AX. The order can be routed to the AX ATS via one of our broker sponsors such as Credit Suisse. The initiated order triggers a “Call Auction” on AX, a period of time when the order will rest in AX to be matched against other orders from auction responders.
The Initiator of an AX auction decides who they want to invite to participate in the auction, whether they be all 800+ institutional members or targeted to specific ones, as well as how much info they want to disclose about the order. Based on these instructions, the AX ATS then notifies the members inviting them to participate in the trade.
The invited members can then participate in the trade by either placing buy orders of their own or placing sell orders. At the end of the AX auction period, all orders are brought together, and a match is performed.
In the traditional, continuous market with displayed bids and offers, traders are often chasing liquidity. In other words, the price may move away from them the more they buy or sell to what is commonly called “market impact.” On AX, the advantage of their call auction model is it brings liquidity — in the form of participant orders to the buyer rather than them chasing liquidity.

What is a Security Token?

Security Tokens are different than Utility Tokens or Cryptocurrencies. A security token is a digital representation of a traditional security. It may represent shares in a company, interest in a fund, real estate, art collectables, or essentially any asset a party can own. Anthony Pompliano wrote an article explaining tokenised securities in more detail which you can see here
Security Tokens are digital assets subject to federal security regulations. In layman terms, they are the intersection of digital assets (tokens) with traditional financial products — a new technology improving old things. If cryptocurrencies like Bitcoin are considered “programmable money” then you can consider Security Tokens a version of “programmable ownership.” This means that any asset with ownership can and will be tokenized (public & private equities, debt, real estate, etc).
https://preview.redd.it/21cz6zvus0m31.png?width=569&format=png&auto=webp&s=883eb844e1061cddd585903549dde829098765c2
Quant Network community member David W also wrote an excellent piece on the benefits of tokenisation of assets in a lot more detail than what I will briefly cover here and strongly recommend you check it out.
The Tokenisation of assets is therefore inevitable, because it is a better way to record, exchange and monitor asset ownership for all parties involved. The amounts at stake represent many hundreds of trillions of US dollars

What are the benefits of a security token?

  • Lower Fees — having Smart Contracts and compliance programmed into the token itself removes the need for middlemen, reducing costs. Post Trade businesses such as clearing houses would also no longer be required further reducing costs.
  • 24/7 markets — Currently the major US stock markets trade between 9:30am and 3pm during weekdays only. Trading can be done 24/7 and globally whilst remaining compliant.
  • Fractional Ownership — This greatly increases liquidity for previously illiquid assets. Real estate, Artwork, even assets such as Oil Refineries are already in talks about being tokenised through Overledger. If you have an asset such as an oil refinery worth billions of dollars, then naturally this limits the market should you ever want to sell it. However with fractional ownership you could own a tiny percentage of it and receive profits from the oil refinery based upon the percentage you own, which exponentially increases the number ofpotential buyers, increasing liquidity.
  • Rapid Settlement — Currently it takes 3 working days to settle a securities trade, this can be reduced to minutes by having the asset and fiat represented on a blockchain and handled through smart contracts.
  • Automated compliance — Security tokens are programmable, and rules and regulations are hard-coded into the architecture of the token to ensure they always remain compliant. This means that they can be traded globally and still ensure they respect the relevant countries regulations that the participants are located in.
  • The benefits that a blockchain provide such as transparency, security, immutability, high availability. Regulators can also run a node and verify compliance in real time.

Security Token Issuance Platforms

Security token issuance platforms allow issuers to issue Security tokens that represent the security such as Shares in their company etc in return for capital. This is known as a Primary Market. Importantly it’s not just the issuance that they look after, it’s the whole life cycle of a digital security to ensure they remain continuously in compliance as they are traded etc. They also provide reporting to the issuer so they can see who owns the tokens and what dividends to pay out.
Securitize are one of the leading security tokens issuing platforms. They have created the DS Protocol, a blockchain agnostic protocol for security tokens which manages the whole lifecycle of a digital security, ensuring it remains continuously in compliance. They have issued a number of security tokens on the Ethereum network as well as recently working with IBM to tokenise the Corporate Debt Market (worth $82 Trillion). On the back of this they joined Hyperledger, an open source project which includes Enterprise blockchains such as Hyperledger Fabric which IBM is heavily involved with.
https://tokenpost.com/Quant-Network-Securitize-and-others-join-Hyperledger-blockchain-project-1544
They recently also became the first SEC-registered transfer agent, which means Securitize can now act as the official keeper of records about changes of ownership in securities.
There are many companies in this sector which are utilising various blockchains, Other examples include:
  • Harber — R Token protocol for Ethereum
  • Polymath — ST20 protocol for Ethereum
  • Blockstate — a security token issuance platform recently announced plans to migrate a number of ERC-20 tokens from the public Ethereum blockchain to the permissioned blockchain R3 Corda
  • Dusk — Uses the Dusk blockchain
  • Own — Uses the Own blockchain
And many more such as Nefund, Bankex, Capexmove, Swarm, Symbiont, Tokeny etc

https://preview.redd.it/vr6c7jdzs0m31.png?width=520&format=png&auto=webp&s=88431b27906099bb09f31ef1fdee0222dd96674f

Trading Venues

Whilst the issuance platforms above generally also include their own exchange where the token can be traded on, secondary markets such as those offered through traditional stock exchanges and Alternative Trading Systems provide significantly more liquidity.
Traditional Stock Exchanges have been very active in blockchain with some going through proof of concepts, to those like SIX SDX Digital Exchange which is due to launch later this year. They are using various blockchains and cover the full process from Issuance, Trading and Post Trade / Settlement services. I have briefly outlined which blockchain they are using / testing with along with source to read more about it below:
  • Switzerland’s Stock Exchange — SIX Digital Exchange issue, trading, settlement, custody — Corda — Source
  • Largest Stock Exchange in Germany — Deutsche Borse Franfurt Stock Exchange — Corda — Source and Source
  • South Korea’s Stock Exchange — Korea Exchange — Hyperledger Fabric — Source and Source
  • Japan’s Stock Exchange — Tokyo Stock Exchange — Hyperledger Fabric — Source which the consortium has now grown to 44 companies. Tokyo Stock Exchange are also testing JP Morgan’s Quorum for voting on the blockchain — Source
  • London Stock Exchange Group — Hyperledger Fabric — Source . They are also invested in Nivaura which utilises Ethereum — Source
  • Largest Stock Exchange in Europe — Euronext — Permissioned Ethereum via Liquidshare — Source as well as recently investing in Tokeny a blockchain based project based on public version of Ethereum — Source
  • Singapore Stock Exchange — Ethereum — Source

Post Trade — Central Security Depositories

Situated at the end of the post-trading process, CSDs are systemically important intermediaries. They thereby form a critical part of the securities market’s post-trade infrastructure, as they are where changes of securities ownership are ultimately registered.
CSDs play a special role both as a depository, involving the legal safekeeping and maintenance of securities in a ‘central depository’ on behalf of custodians (both in materialised or dematerialised form); as well as for the issuer, involving the issuance of further securities by issuers, and their onboarding onto CSDs’ platforms.
CSDs are also keeping a number of other important functions, including: dividend, interest, and principal processing; corporate actions including proxy voting; payment to transfer agents, and issuers involved in these processes; securities lending and borrowing; and, provide pledging of share and securities.
Blockchain technology will enable real-time settlement finality in the securities world. This could mean the end of a number of players in the post-trade area, such as central counterparty clearing houses (CCPs), custodians and others. Central Security Despositories (CSD) will still play an important role according to reports:
“CSDs could have an important role to play in a blockchain-based settlement system. As ‘custodians of the code, CSDs could exercise oversight of, and take responsibility for, the operation of the relevant blockchain protocol and any associated smart contracts.” Euroclear Report
Another group of 30 central securities depositories (CSDs) in Europe and Asia are researching possible ways to “join hands” in developing a new infrastructure to custody digital assets. The CSDs will attempt to figure out how to apply their experience in guarding stock certificates to security solutions for crypto assets.
“A new world of tokenized assets and blockchain is coming. It will probably disrupt our role as CSDs. The whole group decided we will be focusing on tokenized assets, not just blockchain but on real digital assets.”
You can read more about how blockchain will affect CSD’s here
Examples of CSD’s in blockchain
  • SIX Digital Exchange and Deutsche Borse are utilising Corda as explained in the trading venues section
  • DTCC the largest in the US process 1.7 Quadrillion US Dollars of securities every year and are planning on moving their Trade Information Warehouse to Axoni’s AXCore Blockchain (Based on permissioned version of Ethereum) later this year — Source
  • Canada CDS are using the Quartz blockchain from Indian IT Services Company Tata Consultancy Services — Source
  • Euroclear in collaboration with the European Investment Bank (EIB), Banco Santander, and EY are developing a blockchain solution — Source
  • French CSD’s too soon go live on Setl Blockchain — Source and Source
  • Russia’s National Settlement Depository is launching a blockchain project using D3ledger (based off Hyperledger) — Source

The Importance Of Interoperability

The evolution of DLT and the wide adoption across industries and across different market segments is resulting in many different ledgers networks, but the ultimate promise of DLT can only be realized when all ledger networks can seamlessly interoperate. — from the recent DTCC whitepaper with Accenture
Some challenges and constraints related to the market infrastructure ecosystem remain open and will need to be addressed in the future to sustain the development of DLT platforms for trading and the post-trade process. At this stage, the questions of interoperability and standardization across these DLT (probably permissioned) platforms remain open and we may see a list of platforms offering no scope for interconnection. This will prevent them from fulfilling the key “distribution” criterion of DLT. Another related challenge that may determine whether or not the technology is adopted is the ability to provide Delivery versus Payment (DvP) settlement, in particular in central bank money. Nevertheless, it is worth mentioning that settlement can also be facilitated in commercial bank money. — https://www2.deloitte.com/content/dam/Deloitte/lu/Documents/technology/lu-token-assets-securities-tomorrow.pdf
It’s clear from the above that interoperability will be crucial in order to unlock the true potential of Distributed Ledger Technology. Issuance platforms will seek to interoperate with as many secondary exchanges as possible to provide maximum liquidity for issuers. Issuance platforms and secondary exchanges are each using a wide range of different blockchains that all need to interoperate as part of the trade process. CSD’s will also need to have interoperability between other CSD’s as well as to the secondary exchanges (again each using different blockchains).

Enter Quant Network’s Overledger

Quant Network’s blockchain operating system, Overledger, provides interoperability between any current and future distributed ledger technology as well as easily connecting Off Chain / Legacy networks as well as plans to connect directly to the Internet. Within 10 months it has proven it can provide interoperability with the full range of DLT technologies from all the leading Enterprise Permissioned blockchains such as Hyperledger, R3’s Corda, JP Morgan’s Quorum, permissioned variants of Ethereum and Ripple (XRPL) as well as the leading Public Permissionless blockchains / DAGs such as Bitcoin, Stellar, Ethereum, IOTA and EOS as well as the most recent blockchain to get added Binance Chain. All without imposing restrictions on connected chains, being Internet scalable and able to easily integrate into existing networks / infrastructure.
https://preview.redd.it/8p6hi942t0m31.png?width=1920&format=png&auto=webp&s=b0536ea9981306feb8bd95788c66e9a5727a4d58
Overledger a blockchain operating system, will enable universal interoperability for regulatory-compliant security tokens and digital assets to be traded on AX ATS, a regulated secondary trading market. AX intends to integrate Overledger to help foster the evolution of traditional capital markets infrastructure to facilitate the mass implementation of regulated digital assets. With the increased market adoption of digital assets and banking “coins” such as JPMorgan Coin, AX and Quant Network are at the forefront to enable the transferability and movement of digital assets
https://www.quant.network/blog/redefining-wall-st-with-decentralised-capital-market-infrastructure-the-possibilities-of-quant-networks-overledger-technology-in-regulated-capital-markets
Overledger enables Universal Interoperability where digital assets can move across blockchains so that they can interact with smart contracts on different blockchains. It does this by locking the asset on one blockchain and then representing it on another blockchain either by creating a representing token or representing it via metadata. This will enable all of these different parties such as Issuance platforms, Exchanges, CSD’s, traders etc to move the digital asset from their respective blockchain onto AX Trading’s platform for secure, immediate and immutable trading to take place. Potentially it would even allow Digital Assets / Securities to settled on a public permissionless blockchain such as the recently connected Binance Chain in a completely safe, secure and compliant way.
https://preview.redd.it/a3o9qxq5t0m31.png?width=443&format=png&auto=webp&s=78d7a7e7d47213bbb354336ba9d5ad92c1c2254a
Regulators would be able to run a node and view transactions in real time ensuring that compliance is being kept. Potentially they could also benefit from using Quant Networks Multichain Search capability http://search.quant.network/ to be able to fully track assets as they move across blockchains.
George O’Krepkie, AX CEO said: “we look forward to partnering with Quant. Their technology will allow our blockchain agnostic security token exchange to communicate seamlessly with issuers, traders, investors, and regulators across different blockchain protocols. This is a key technological breakthrough that will help us bring the benefits of security tokens to Main Street and Wall Street.”

Securrency

AX Trading have also partnered with Securrency (who have previously tokenised over $260 million in real estate assets). Securrency provide a protocol that enables security tokens to remain in compliance regardless of what blockchain the token is on. Due to the layered approach that Overledger has adopted from the learnings of TCP/IP, this protocol can be easily integrated on top of Overledger to enable security tokens to move across blockchains as well as ensuring they remain in compliance with regulations programmed into the token.
https://youtu.be/vSQ2fu9iZGs

Delivery vs Payment (DvP)

A DvP transaction involves the settlement of two linked obligations, namely the delivery of securities and the payment of cash. DvP avoids counterparties being exposed to principal risk, i.e. the risk that the seller of securities could deliver but would not receive payment or that the buyer of securities could make payment but would not receive delivery. Following this requirement, a DvP securities settlement mechanism has to ensure that the delivery of securities and the payment of cash are linked in a way where one leg (obligation) of the securities trade is conditioned to the final settlement of the other leg (obligation) of the trade. Thereby final settlement is defined as “the irrevocable and unconditional transfer of an asset or financial instrument, or the discharge of an obligation by the FMI or its participants in accordance with the terms of the underlying contract”. — STELLA — a joint research project of the European Central Bank and the Bank of Japan
We have seen how Overledger can provide interoperability for the securities to move across Issuers platforms, integrate with Stock exchanges, Central Security Depositories and AX Trading. Now we need to be able to ensure that payment is guaranteed and in a way that offers immediate settlement which is irrevocable. To do this we need to represent FIAT on the blockchain so that it can interact with smart contracts and settle transactions on the blockchain.

J.P.Morgan’s Coin

J.P.Morgan is the largest bank in the United States and ranked by S&P Global as the sixth largest bank in the world by total assets as of 2018, to the amount of $2.535 trillion.
J.P. Morgan was the first U.S. bank to create and successfully test a digital coin representing a fiat currency. The JPM Coin is based on blockchain-based technology enabling the instantaneous transfer of payments between institutional clients.
With J.P.Morgan’s $2.6 trillion balance sheet, expertise in blockchain and global payments network, J.P. Morgan can seamlessly and securely transfer and settle money for clients around the world. J.P. Morgan are supervised by banking regulators in the United States and in the international jurisdictions in which it operates.

How does JPM Coin work?

A Buyer purchases JPM coins in advance which get represented on the Permissioned Quorum blockchain ($1 =1 JPM Coin). Quant Network’s Overledger could then provide interoperability to lock those tokens on Quorum and represent those onto another blockchain / AX Trading’s Network. By being able to represent securities and FIAT on the same blockchain (even though the underlying assets are on different blockchains) this provides instant finality / settlements to occur.
Once the seller receives the JPM coin in exchange for the securities they have sold they will be able to redeem them for USD. It also doesn’t necessarily mean that they have to have a JP Morgan account to redeem them, you could imagine in the future that the Bank instead redeems the JPM Coin and credits the users account. Similarly the buyer of the security token redeems the represented token and unlocks the security token on the original blockchain.
You can read more about JP Morgan’s Coin here as well as its use cases
J.P Morgan is betting that its first-mover status and large market share in corporate payments — it banks 80 percent of the companies in the Fortune 500 — will give its technology a good chance of getting adopted, even if other banks create their own coins. “Pretty much every big corporation is our client, and most of the major banks in the world are, too,” Farooq said. “Even if this was limited to JPM clients at the institutional level, it shouldn’t hold us back.”
Overledger enables different securities tokens / digital coins representing FIAT currencies to be brought together from the various permissioned / permissionless blockchains onto one platform where trading / settlement can take place. Overledger is the only technology that can do this today across the leading permissioned and permissionless blockchains as well as existing networks, all in a secure, scalable and easy to integrate way.
https://preview.redd.it/ngt7q7hdt0m31.png?width=738&format=png&auto=webp&s=60166bdc0fcdf72a502e3472a09de5ddb5e1eb69
Quant Network are working with AX Trading to bring more digital assets, securities and tokenised assets to their existing 800 institutional traders in an already live and connected FINRA and SEC regulated exchange. AX Trading is not just about trading securities but other digital assets such as Bitcoin, Ethereum and potentially even Quant in the Future.
https://preview.redd.it/ibecorcft0m31.png?width=1286&format=png&auto=webp&s=94540cf49654e36a8155f424c2a4bdb5fd549558
This is a multi-trillion dollar market with huge global enterprises, traditional exchanges and global banks are all adopting DLT at a rapid pace and going into production at scale in a matter of months, examples include the NYSE Bakkt launching Bitcoin futures later this month, Swiss Stock Exchange ($1.6 Trillion market Cap) is due to launch their digital exchange running on Corda (SDX) by the end of the year. The DTCC are due to launch their Trade Information Warehouse which processes $10 Trillion of cleared and bilateral derivatives by the end of the year. JP Morgan who transfer $6 Trillion every day are due to launch their JPM coin at the end of year and AX Trading is due to offer their first digital asset by January 2020.
Quant Network’ Overledger enables the bridging of traditional finance infrastructure with the new decentralised finance infrastructure DeFi of the future, helping to redefine Wall Street and Capital Markets.
https://medium.com/@CryptoSeq/wall-street-2-0-17252ffd8919
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Dabangg Streaming: HBO Go, DirecTV Premier, Netflix, Hulu Plus, Comcast Xfinity, CBS All Access, NBA League Pass, and more

[ Removed by reddit in response to a copyright notice. ]
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In case you missed it: Major Crypto and Blockchain News from the week ending 12/14/2018

Developments in Financial Services

Regulatory Environment

General News


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Agustín Carstens, General Manager of the Bank for International Settlements (BIS, the central bank of central banks) on Cryptocurrencies today

I'd like to hear your thoughts on his lecture held today at the Goethe University in Frankfurt, Germany.
Read the full transcript here or via pdf link. https://www.bis.org/speeches/sp180206.pdf
1/10 Money in the digital age: what role for central banks? Lecture by Agustín Carstens General Manager, Bank for International Settlements House of Finance, Goethe University Frankfurt, 6 February 2018
Introduction Good morning, ladies and gentlemen. Thank you for that kind introduction, Jens. I am very happy to be here at this prestigious university and to be part of this impressive lecture series sponsored by Sustainable Architecture for Finance in Europe (SAFE), the Center for Financial Studies (CFS) and the Deutsche Bundesbank. I would also like to thank Professor Brigitte Haar for being such a generous host today. It is an honour to discuss money at an event organised by the Bundesbank, which has been a beacon of stability since its foundation some 60 years ago. As Jens can attest, being a central banker is a fascinating job. In fact, it is a privilege. During the last decade it has been anything but quiet in the central banking world. We have been confronted with extraordinary circumstances that have required extraordinary policy responses. In such an environment, it has been of the utmost importance to share experiences and lessons learnt among central banks, creating a body of knowledge that will be there for the future. One of the reasons that central bank Governors from all over the world gather in Basel every two months is precisely to discuss issues at the front and centre of the policy debate. Following the Great Financial Crisis, many hours have been spent discussing the design and implications of, for example, unconventional monetary policies such as quantitative easing and negative interest rates. Lately, we have seen a bit of a shift, to issues at the very heart of central banking. This shift is driven by developments at the cutting edge of technology. While it has been bubbling under the surface for years, the meteoric rise of bitcoin and other cryptocurrencies has led us to revisit some fundamental questions that touch on the origin and raison d’être for central banks: • What is money? • What constitutes good money, and where do cryptocurrencies fit in? • And, finally, what role should central banks play? The thrust of my lecture will be that, at the end of the day, money is an indispensable social convention backed by an accountable institution within the State that enjoys public trust. Many things have served as money, but experience suggests that something widely accepted, reliably provided and stable in its command over goods and services works best. Experience has also shown that to be credible, money requires institutional backup, which is best provided by a central bank. While central banks’ actions and services will evolve with technological developments, the rise of cryptocurrencies only highlights the important role central banks have played, and continue to play, as stewards of public trust. Private digital tokens posing as currencies, such as bitcoin and other crypto-assets that have mushroomed of late, must not endanger this trust in the fundamental value and nature of money.
What is money? “What is money?” is obviously a key question for any central banker, and one on which economists have spent much ink. The answer depends on how deep and philosophical one wants to be. Being at a university, especially one named after Goethe, I think I can err on the side of being philosophical. Conventional wisdom tells you that “money is what money does”.1 That is, money is a unit of account, a means of payment and a store of value. But telling you what something does does not really tell you what it is. And it certainly does not tell you why we need or have money, how it comes about and what the preconditions are for it to exist. In terms of the “need” for money, you may learn that money is a way to get around the general lack of double coincidence of wants. That is, it is rare that I have what you want and you have what I want at the same time. As barter is definitely not an efficient way of organising an economy, money is demanded as a tool to facilitate exchange. What about the other side of the coin, so to speak? How does money come about? Again, conventional wisdom may tell you that central banks provide money, ie cash (coins and notes), and commercial banks supply deposits. But this answer is often not fully satisfactory, as it does not tell why and how banks should be the one to “create” money. If you venture into more substantive analyses on monetary economics, things get more complex. One theory, which proposes that “money is memory”, amounts to arguing that a “superledger” can facilitate exchange just like money. This argument says a ledger is a way of keeping track of not only who has what but also who owes, and is owed, what. I will come back to this later. Moving beyond this line of thought, other scholarly and historical analyses provide answers that are more philosophical. These often amount to “money is a convention” – one party accepts it as payment in the expectation that others will also do so.2 Money is an IOU, but a special one because everyone in the economy trusts that it will be accepted by others in exchange for goods and services. One might say money is a “we all owe you”. Many things have served as money in this way. Figure 1 gives some examples: Yap stones, gold coins, cigarettes in war times, $100,000 bills, wissel (Wechsel), ie bills of exchange or bearer notes, such as those issued by the Bank of Amsterdam in the first half of the 17th century. It includes an example from my own country, Aztec hoe (or axe) money, a form of (unstamped) money made of copper used in central Mexico and parts of Central America. 1 See J Hicks, Critical essays in monetary theory, 1979. 2 See D Lewis, Convention: a philosophical study, 1969.
Common to most of these examples is that the nominal value of the items that have served at one time as money is unrelated to their intrinsic value. Indeed, as we know very well in the case of fiat money, the intrinsic value of most of its representations is zero. History shows that money as a convention needs to have a basis of trust, supported by some form of institutional arrangement.3 As Curzio Giannini puts it: “The evolution of monetary institutions appears to be above all the fruit of a continuous dialogue between economic and political spheres, with each taking turns to create monetary innovations … and to safeguard the common interest against abuse stemming from partisan interests.”4 Money can come in different institutional forms and colours. How to organise them? The paper by Bech and Garratt in last September’s BIS Quarterly Review presented the money flower as a way of organising monies in today’s environment.5 It acknowledges that money can take on rather different forms and be supplied in various ways. The money flower Allow me to explain, noting that we do not sell seeds to this money flower! 3 Fiat means “by law“. So, in principle, it should be said that money exists by convention or by law. But if trust in money does not prevail, the legal mandate that conveys value to money becomes meaningless. 4 C Giannini, The age of central banks, 2011. 5 M Bech and R Garratt, “Central bank cryptocurrencies”, BIS Quarterly Review, September 2017, pp 55–70.
The money flower highlights four key properties on the supply side of money: the issuer, the form, the degree of accessibility and the transfer mechanism. • The issuer can be either the central bank or “other”. “Other” includes nobody, that is, a particular type of money that is not the liability of anyone. • In terms of the form it takes, money is either electronic or physical. • Accessibility refers to how widely the type of money is available. It can either be wide or limited. • Transfer mechanism can either be a central intermediary or peer-to-peer, meaning transactions occur directly between the payer and the payee without the need for a central intermediary. Let us look at where some common types of money fit into the flower, starting with cash (or bank notes) as we know it today. Cash is issued by the central bank, is not electronic, is available to everyone and is peer-to-peer. I do not need a trusted third party such as Jens to help me pay each of you 10 euros. Let us try another one: bank deposits. They are not the liability of the central bank, mostly electronic, and in most countries available to most people, but clearly not peer-to-peer. Transferring resources from a bank deposit requires the involvement of at least your own bank, perhaps the central bank and the recipient’s bank. Think here not only of commercial bank deposits but also bills, eg non-interest bearing (bearer) certificates, issued privately, as in the case of the Bank of Amsterdam mentioned earlier. Local or regional currencies are the ones that can be spent in a particular geographical location at participating organisations. They tend to be physical. The túmin, for example, was a local currency circulating (illegally) for some time around 2010 exclusively in the Mexican municipality of Espinal. What does digitalisation mean for the flower? Digitalisation is nothing new: financial services and most forms of money have been largely digital for many years. Much of the ongoing transformation is just adding a mobile version for many services, which means that the device becomes a virtual extension of the institution. As such, there is not a new model. The money flower then also easily accommodates these forms.
That is also the case for the digital, account-based forms of money that central banks traditionally have made available to commercial banks and, in some instances, to certain other financial or public institutions (ie bank reserves). It would also be the case if the central bank were to issue digital money to the wider public for general purposes. Each central bank will have to make its own decision on whether issuing digital money is desirable, after considering factors such as the structure of the financial system and underlying preferences for privacy. The central bank community is actively analysing this issue. A potentially important and leapfrogging digital-related development, however, is distributed ledger technology (DLT), the basis for Bitcoin. Many think DLT could transform financial service provision, maybe first wholesale, then possibly retail. For example, it could enhance settlement efficiency involving securities and derivatives transactions. A few central banks have conducted experiments in this area, for example the Bank of Canada, the Bundesbank, the Monetary Authority of Singapore and the Bank of England.6 Yet doubts remain regarding the maturity of DLT and the size of associated efficiency gains relative to existing technologies. Moreover, their robustness, including to cyber-risk, is still to be fully understood and ascertained. Still, there are potential benefits, and I expect that central banks will remain engaged on this topic.7 For now, DLT is largely used to “create” bitcoin and other digital currencies. Such cryptocurrencies can be placed easily in the money flower. Nobody issues them, they are not physical and they are peer-to-peer. But beyond that, how should one think about them? What constitutes good money? Just because we are able to find a place for bitcoin in our money flower does not mean we should consider it as “good” money. As I mentioned before, trust is the fundamental tenet that underpins credible currencies, and this trust has to be earned and supported. There are many lessons from history and institutional economics on the earning of trust that we can use as we move further into digitalisation.8 Over the ages, many forms of private money have come and gone. It is fair to say that the same has happened with various experiments with public money (that is, money issued by a public entity that is not the central bank). While some lasted longer than others, most have invariably given way to some form of central bank money. The main reason for their disappearance is that the “incentives to cheat” are simply too high. Let me give three historical examples: one in Germany, another in the United States and the last one in Mexico. In Germany, the Thirty Years War (1618–48), involving small German states of the Holy Roman Empire and neighbouring regional powers, was associated with one of the most severe economic crises ever recorded, with rampant hyperinflation – just as happened three centuries later during the Weimar Republic – and the breakdown of trade and economic activity. The crisis became known as the Kipper- und Wipperzeit (the clipping and culling times), after the practice of clipping coins (shaving metal from their circumference) and sorting good coins from bad. This morning, we are launching a BIS Working Paper, by Professor Isabel Schnabel and BIS Economic Adviser Hyun Song Shin, which further details and explains this experience, as background to my speech. 6 See Bech and Garratt, op cit. 7 See Committee on Payments and Market Infrastructures, Distributed ledger technology in payment, clearing and settlement: an analytical framework, February 2017. 8 See D North, Institutions, institutional change and economic performance, 1990.
While episodes of currency debasement have occurred throughout history, this one stands out for two reasons. First is the severity of the crisis and its rapid regional spread. Debasement proceeded at such a pace that public authorities quickly lost control of the downward spiral. Second is how the debasement was brought under control. This occurred through standardisation of wholesale payments by public deposit banks, for example the Bank of Hamburg and the Bank of Amsterdam. These were in many ways examples of the precursors of modern central banks. As the working paper argues, monetary order could be brought to an otherwise chaotic situation by providing reliable payment means through precursors to central bank money, which at the end means the use of a credible institutional arrangement. In the period in the United States known as the Free Banking Era, from 1837 to 1863, many banks sprang up that issued currency with no oversight of any kind by the federal government.10 These so-called free bank notes did not work very well as a medium of exchange. Given that there were so many banks of varying reputations issuing notes, they sold at different prices in different places, making transactions quite complicated. And as supervision was largely absent, banks had limited restraint in issuing notes and did not back them up sufficiently with specie (gold or silver), thereby debasing their values. This era of “wildcat banking” ended up being a long and costly period of banking instability in the history of the US, with banking panics and major disruptions to economic activity. It was, after some further hiccups, followed by the establishment of the Federal Reserve System in 1913. Let me present a final example, from Mexican monetary history. A little known fact is that Mexico had the first series of hyperinflations at the beginning of the 20th century. My country had a revolution from 1910 to 1921, in which no central government existed in an effective way, with many factions fighting and disputing different territories. A winning faction would arrive in a territory, print its own money and make void previously issued cash. So different bills issued by different factions coexisted, leading to chaos and hyperinflation. To give you an idea of the disorder, in 2015 four trunks full of bills were returned to Mexico after having been appropriated by the US Navy in 1914, when the US occupied the port city of Veracruz. In the trunks, the Bank of Mexico discovered dozens of types of bills that the central bank had not even known existed.11 At the end of the conflict, a new constitution was drafted, having as a central article one which gave the Bank of Mexico the appropriate institutional framework, designating it the exclusive issuer of currency in the country. Once this was in place, hyperinflation ceased, illustrating the importance of controlling fiscal dominance (which tends to be the result of the abuse of publicly issued money). Based on these experiences, most observers, and I suspect all of you here, would agree that laissez-faire is not a good approach in banking or in the issuance of money. Indeed, the paradigm of strict bank regulation and supervision and central banks overseeing the financial and monetary system that has emerged over the last century or so has proven to be the most effective way to avoid the instability and high economic costs associated with the proliferation of private and public monies. 9 I Schnabel and H S Shin, “Money and trust: lessons from the 1620s for money in the digital age”, BIS Working Papers, no 698, February 2018. 10 See G Dwyer, “Wildcat banking, banking panics, and free banking in the United States”, Federal Reserve Bank of Atlanta Economic Review, vol 81, nos 3–6, 1996; A Rolnick and W Weber, “New evidence of the free banking era”, The American Economic Review, vol 73, no 5, December 1983, pp 1080–91; and C Calomiris, “Banking crises yesterday and today”, Financial History Review, vol 17, no 1, 2010, pp 3–12. 11 See Bank of Mexico, “La SRE entregó al Banco de México un acervo de billetes de la época del porfiriato”, press release, 1 June 2015, www.banxico.org.mx/informacion-para-la-prensa/comunicados/billetes-y-monedas/billetes/%7B3A41E6F8-FBD8-2FA7-DA0B-66FCCE46430A%7D.pdf.
The unhappy experience with private forms of money raises deep questions about whether the proliferation of cryptocurrencies is desirable or sustainable. Even if the supply of one type of cryptocurrency is limited, the mushrooming of so many of them means that the total supply of all forms of cryptocurrency is unlimited. Added to this is the practice of “forking”, where an offshoot of an existing cryptocurrency can be conjured up from thin air. Given the experience with currency debasement that has peppered history, the proliferation of such private monies should give everyone pause for thought. I will return to this shortly. We have learned over the centuries that money as a social institution requires a solution to the problem of a lack of trust.12 The central banks that often emerged in the wake of the private and public money collapses may not have looked like the ones we have today, but they all had some institutional backing. The forms of this backing for their issuance of money have differed over time and by country.13 Commodity money has often been the start. History shows that gold and other precious metals stored in the vault with governance (and physical) safeguards can provide some assurance. Commodity money is not the only or necessarily sufficient mechanism. Often it also required a city-, state- or nation-provided charter, as with the emergence of giro banks in many European countries. Later, the willingness of central banks to convert money for gold at a fixed price (the gold standard) was the mechanism. Currency boards, where local money is issued one-to-one with changes in foreign currency holdings, can also work to provide credibility. The tried, trusted and resilient modern way to provide confidence in public money is the independent central bank. This means legal safeguards and agreed goals, ie clear monetary policy objectives, operational, instrument and administrative independence, together with democratic accountability to ensure broad-based political support and legitimacy. While not fully immune from the temptation to cheat, central banks as an institution are hard to beat in terms of safeguarding society’s economic and political interest in a stable currency. Where do cryptocurrencies fit in? One could argue that bitcoin and other cryptocurrencies’ attractiveness lies in an intelligent application of DLT. DLT provides a method to broadcast transactions publicly and pseudonymously in a way that achieves in principle ledger immutability.14 Who would have thought that having people guessing solutions to what was described to me by a techie as the mathematical equivalent of mega-sudokus would be a way to generate consensus among strangers around the world through a proof of work? Does it thus provide a novel solution to the problem of how to generate trust among people who do not know each other? If DLT provides the potential for a superledger, could bitcoin and other cryptocurrencies then substitute for some forms of money?15 We do not have the full answers, but at this time the answer, also in the light of historical experiences, is probably a sound no, for many reasons. In fact, we are seeing the type of cracks and cheating that brought down other private currencies starting to appear in the House of Bitcoin. As an institution, Bitcoin has some obvious flaws. 12 See M King, “The institutions of monetary policy”, speech at the American Economic Association Annual Meeting, San Diego, 4 January 2004. 13 See Giannini, op cit. 14 See Committee on Payments and Market Infrastructures, op cit. 15 See N Kocherlakota, “Money is memory”, Journal of Economic Theory, vol 81, pp 232–51, 1998. In fact, he shows in a very stark setting that having a costless means to record the memory of all economic actors, both present and past, can do as much as money, and sometimes more. Conversely, money effectively functions as memory by providing an observable record of past transactions – that is, agents can tell whether a potential trader is running a current deficit or surplus with society by looking at the money balances that trader is carrying. The finding, however, is theoretical and not robust to slight changes in assumptions, including the risk of loss of data.
Debasement. As I mentioned, we may be seeing the modern-day equivalent of clipping and culling. In Bitcoin, these take the form of forks, a type of spin-off in which developers clone Bitcoin’s software, release it with a new name and a new coin, after possibly adding a few new features or tinkering with the algorithms’ parameters. Often, the objective is to capitalise on the public’s familiarity with Bitcoin to make some serious money, at least virtually. Last year alone, 19 Bitcoin forks came out, including Bitcoin Cash, Bitcoin Gold and Bitcoin Diamond. Forks can fork again, and many more could happen. After all, it just takes a bunch of smart programmers and a catchy name. As in the past, these modern-day clippings dilute the value of existing ones, to the extent such cryptocurrencies have any economic value at all. Trust. As the saying goes, trust takes years to build, seconds to break and forever to repair. Historical experiences suggest that these “assets” are probably not sustainable as money. Cryptocurrencies are not the liability of any individual or institution, or backed by any authority. Governance weaknesses, such as the concentration of their ownership, could make them even less trustworthy. Indeed, to use them often means resorting to an intermediary (for example, the bitcoin exchanges) to which one has to trust one’s money. More generally, they piggyback on the same institutional infrastructure that serves the overall financial system and on the trust that it provides. This reflects their challenge to establish their own trust in the face of cyber-attacks, loss of customers’ funds, limits on transferring funds and inadequate market integrity. Inefficiency. Novel technology is not the same as better technology or better economics. That is clearly the case with Bitcoin: while perhaps intended as an alternative payment system with no government involvement, it has become a combination of a bubble, a Ponzi scheme and an environmental disaster. The volatility of bitcoin renders it a poor means of payment and a crazy way to store value. Very few people use it for payments or as a unit of account. In fact, at a major cryptocurrency conference the registration fee could not be paid with bitcoins because it was too costly and slow: only conventional money was accepted. To the extent they are used, bitcoins and their cousins seem more attractive to those who want to make transactions in the black or illegal economy, rather than everyday transactions. In a way, this should not be surprising, since individuals who massively evade taxes or launder money are the ones who are willing to live with cryptocurrencies’ extreme price volatility. In practice, central bank experiments show that DLT-based systems are very expensive to run and slower and much less efficient to operate than conventional payment and settlement systems. The electricity used in the process of mining bitcoins is staggering, estimated to be equal to the amount Singapore uses every day in electricity,16 making them socially wasteful and environmentally bad. Therefore, the current fascination with these cryptocurrencies seems to have more to do with a speculative mania than any use as a form of electronic payment, except for illegal activities. Accordingly, authorities are edging closer and closer to clamping down to contain the risks related to cryptocurrencies. There is a strong case for policy intervention. As now noted by many securities markets and regulatory and supervisory agencies, these assets can raise concerns related to consumer and investor protection. Appropriate authorities have a duty to educate and protect investors and consumers, and need to be prepared to act. Moreover, there are concerns related to tax evasion, money laundering and criminal finance. Authorities should welcome innovation. But they have a duty to make sure technological advances are not used to legitimise profits from illegal activities. 16 See Digiconomist, “Bitcoin energy consumption index”, digiconomist.net/bitcoin-energy-consumption.
What role for the central bank? Central banks, acting by themselves and/or in coordination with other financial authorities like bank regulators and supervisors, ministries of finance, tax agencies and financial intelligence units, may also need to act, given their roles in providing money services and safeguarding money’s real value. Working with commercial banks, authorities have a part to play in policing the digital frontier. Commercial banks are on the front line since they are the ones settling trades, providing real liquidity, keeping exchanges going and interacting with customers. It is alarming that some banks have advertised “bitcoin ATMs” where you can buy and sell bitcoins. Authorities need to ensure commercial banks do not facilitate unscrupulous behaviours. Central banks need to safeguard payment systems. To date, Bitcoin is not functional as a means of payment, but it relies on the oxygen provided by the connection to standard means of payments and trading apps that link users to conventional bank accounts. If the only “business case” is use for illicit or illegal transactions, central banks cannot allow such tokens to rely on much of the same institutional infrastructure that serves the overall financial system and freeload on the trust that it provides. Authorities should apply the principle that the Basel Process has adhered to for years: to provide a level playing field to all participants in financial markets (banks and non-banks alike), while at the same time fostering innovative, secure and competitive markets. In this context, this means, among other things, ensuring that the same high standards that money transfer and payment service providers have to meet are also met by Bitcoin-type exchanges. It also means ensuring that legitimate banking and payment services are only offered to those exchanges and products that meet these high standards. Financial authorities may also have a case to intervene to ensure financial stability. To date, many judge that, given cryptocurrencies’ small size and limited interconnectedness, concerns about them do not rise to a systemic level. But if authorities do not act pre-emptively, cryptocurrencies could become more interconnected with the main financial system and become a threat to financial stability. Most importantly, the meteoric rise of cryptocurrencies should not make us forget the important role central banks play as stewards of public trust. Private digital tokens masquerading as currencies must not subvert this trust. As history has shown, there simply is no substitute. Still, central banks are embracing new technologies as appropriate. Many new developments can help. For example, fintech and “techfin” – which refers to established technology platforms venturing into financial services. These are changing financial service provision in many countries, most clearly in payments, and especially in some emerging market economies (for example, China and Kenya). While they introduce the possibility of non-bank financial institutions introducing money-type instruments, which raises a familiar set of regulatory questions, they do present scope for many gains. Conclusion In conclusion, while cryptocurrencies may pretend to be currencies, they fail the basic textbook definitions. Most would agree that they do not function as a unit of account. Their volatile valuations make them unsafe to rely on as a common means of payment and a stable store of value. They also defy lessons from theory and experiences. Most importantly, given their many fragilities, cryptocurrencies are unlikely to satisfy the requirement of trust to make them sustainable forms of money. While new technologies have the potential to improve our lives, this is not invariably the case. Thus, central banks must be prepared to intervene if needed. After all, cryptocurrencies piggyback on the institutional infrastructure that serves the wider financial system, gaining a semblance of legitimacy from their links to it. This clearly falls under central banks’ area of responsibility. The buck stops here. But the buck also starts here. Credible money will continue to arise from central bank decisions, taken in the light of day and in the public interest. In particular, central banks and financial authorities should pay special attention to two aspects. First, to the ties linking cryptocurrencies to real currencies, to ensure that the relationship is not parasitic. And second, to the level playing field principle. This means “same risk, same regulation”. And no exceptions allowed.
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InvestInBlockchain - Cryptocurrencies in the Top 100 With Working Products

Bitcoin (BTC)

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Bitcoin is the cryptocurrency that started it all back in 2009, after the global financial crisis and subsequent bailouts of banks left many people disenfranchised with fiat currency and outdated, insecure financial infrastructure.
Today, Bitcoin is being used for peer-to-peer payments across the globe. More than that, though, it is leading the way towards a future in which financial technology is trustless, secure, resilient, and censorship resistant. Without Bitcoin, this list would not exist.

Ethereum (ETH)

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The platform that brought smart contracts to the blockchain, spurring a minor revolution in the cryptocurrency ecosystem. Before Ethereum, Bitcoin and its transaction-oriented design was the central focus of most blockchain projects.
After Ethereum, teams saw the value of decentralized apps (dapps) and smart contracts, and shifted their focus to compensate.
Vitalik Buterin’s Ethereum whitepaper was released in late 2013. The project itself was announced January 2014, with a crowdsale the following July. The system officially went live in July 2015.
Since then, hundreds of businesses, individuals, and blockchain projects have adopted Ethereum as their main smart contracts platform.

Ripple (XRP)

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Ripple is focused primarily on one thing: fast and cheap international transactions.
Current banking infrastructure has failed to evolve in the 21st century, such that it still takes 3-5 business days on average for an international transfer to be processed. With just 4 second transaction times and at a fraction of the cost of a wire transfer, Ripple’s working product is already impacting the banking sector.
The big knock against Ripple is that its native token, XRP, is completely unnecessary. Indeed, driving adoption of Ripple’s banking solutions is far easier than getting real-world adoption for XRP.
If you’re interested in seeing a discussion about how XRP adoption will occur, you might find this reddit thread worth a read. Meanwhile, all of us will just have to wait and see whether XRP adoption strategies ultimately come to fruition.

Bitcoin Cash (BCH)

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Bitcoin Cash was created in 2017 when the first ever hard fork of the Bitcoin blockchain took place. The split was the result of Bitcoin’s 1MB blocks filling up. Transaction speeds were declining, fees were increasing, and it became clear to the community that the current model wasn’t sustainable for scaling.
In a move that still causes cryptocurrency fights to this day, Bitcoin and Bitcoin Cash soon emerged as separate but similar projects. BCH has 8x the block size of BTC, giving it roughly 8x the transaction throughput. Its fees and transaction times are much faster, as predicted.
Learn more about Bitcoin vs Bitcoin Cash.

Stellar (XLM)

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The Stellar project and its associated Lumens (XLM) token was forked from the Ripple protocol in 2014. Stellar has come into its own since then, providing a blockchain connection service for fiat transactions between banks, payment systems, and people. Stellar is fast and reliable, and it works with practically no fees for the end-user.
Stellar is a payments system, meaning its job is to move money as efficiently as possible. Partnerships with banks and financial institutions were key in evaluating its status, as was the ability to actually send money using the network.
Several non-profits and commercial entities have agreed to use Stellar as part of their financial infrastructure. Recently, the team partnered with IBM and KlickEx to facilitate cross-border transactions in the South Pacific and announced an affiliate with Keybase to streamline international transactions.
Stellar also has projects being built on its network by major established entities. IBM’s blockchain division is using XLM for their payments infrastructure, for example, and the Veridium startup is working with both organizations to tokenize its carbon credits market.

Litecoin (LTC)

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Litecoin is a Bitcoin fork that was created in 2011 by Charlie Lee as a cheaper and faster (2.5 minute block time instead of 10) alternative to Bitcoin. This is accomplished predominantly because Litecoin uses a Scrypt hashing algorithm instead of the SHA-256 algorithm used by Bitcoin. It’s common to hear Litecoin called “digital silver” to Bitcoin’s “digital gold,” and in reality Litecoin does not really expand upon the functionality of Bitcoin in a significant way so much as it makes different tradeoffs.
That being said, it does succeed in being cheaper and faster to use than BTC, which has led to it being accepted by hundreds of merchants and thus making Litecoin one of the most widely used cryptocurrencies for digital payments.

Tether (USDT)

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Tether is an unusual project. Whereas most cryptocurrencies rise and fall in value, Tether was designed to stay the same, fixed at a 1:1 ratio with the U.S. dollar.
This allows users to store, send, and receive digital currencies across platforms without incurring significant losses due to value fluctuations.
The Tether stable coin sounds straightforward, but the project isn’t without controversy. USDT is supposedly backed by real USD sitting in a bank account. But in which account? Who controls it? And is Tether being used to manipulate the value of Bitcoin? It’s all part of the Tether controversy.

Monero (XMR)

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Released in 2014 as a fork of Bytecoin, Monero has since made a name for itself as the most popular privacy coin on the market.
Most cryptocurrencies offer little in the form of anonymity. Monero was built for privacy from the ground-up, featuring stealth addresses, ring signatures, and complete coin fungibility. All of this adds up to a near-perfect cloak of anonymity, allowing Monero users to conduct transactions without exposing their identity.
Monero has had steady growth over the years thanks to a dedicated team of developers and an active community. The project continues to evolve with new privacy features and improved transaction security.

NEO (NEO)

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NEO was founded in 2014 as one of the earliest smart contract platforms, giving it a wide breadth of possible functionality. The platform’s strongest use case is digitizing traditional assets so that they can be easily tracked and exchanged on the blockchain.
NEO is also well-known as the “Chinese Ethereum,” and the fact that it is a Chinese-based project does seem to make Chinese dapp developers somewhat more likely to build on top of it than other platforms.
In fact, NEO has already supported dozens of ICOs and remains one of the predominant platforms for supporting smart contracts and dapps.

Binance Coin (BNB)

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Binance Coin is an exchange token used to reduce trading fees on the Binance platform.
Users can opt to pay exchange, listing, and withdrawal fees using BNB and enjoy as much as a 50% discount on all charges. This turns out to be a powerful incentive for purchasing and holding BNB, as what trader doesn’t enjoy saving money on transactions?
Binance Coin is an ERC-20 token that runs on the Ethereum blockchain. Its purpose is extremely limited, but because such a vast number of Binance users transact with it every day, it qualifies as a working and active product.

Zcash (ZEC)

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Zcash is another immensely popular privacy coin that often cracks the top 20 cryptocurrencies. It uses the tagline “internet money” and promises to fully protect the privacy of transactions with zero-knowledge cryptography.
Zcash provides anonymity by shielding transactions on the blockchain, preventing anyone from seeing the sender, recipient, or value of each transaction. The technology is so effective the Ethereum team is investigating it to enable anonymous transactions on their network.
Zcash has grown in leaps and bounds in 2018. The dev team published a roadmap through the year 2020, which includes a major features upgrade in the October 2018 Sapling release. Coinbase is also considering listing Zcash, which is a huge boost for any cryptocurrency.

Qtum (QTUM)

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Qtum is a smart contracts platform similar to Ethereum, only with a stronger focus on value transfers and decentralized apps. It’s meant to be something of a hybrid between Bitcoin and Ethereum, allowing businesses to build smart contracts on the platform or just focus on cryptocurrency transactions.
Qtum launched in March 2017, and dashed straight to the top. The initial offering sold over $10 million in tokens after just 90 minutes. The project differentiated itself by providing a rare Proof-of-Stake smart contracts platform designed to compensate for some of Ethereum’s shortcomings, including lack of compatibility for mobile devices.
Qtum released its mainnet in September 2017, opening the doors to a fully functional smart contract and dapps platform. Several projects already have an established presence on the network. One of the more exciting ones is Space Chain, which aims to create an open-source satellite network anyone can use for data transmission, storage, and development.

0x Protocol (ZRX)

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0x Protocol has one of the most important working products in the entire Ethereum ecosystem. It is a permissionless, open-source protocol that facilitates trustless exchanges of Ethereum tokens through relayers and dapps that build on top of the protocol.
Not only has 0x been providing this functionality for over a year now, but they’ve been working to expand the protocol functionality significantly since that initial launch. In 0x protocol 2.0 and beyond, it will be possible to trade tokens built on standards besides ERC-20, including non-fungible ERC-721 tokens.
In a market full of scams and vaporware, 0x’s valuable contributions to the Ethereum ecosystem have made it one of the best performing cryptocurrencies of 2018.

Bytecoin (BCN)

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Bytecoin is another popular privacy-focused cryptocurrency with a strong community and user base. Transactions on the Bytecoin blockchain are instantaneous, untraceable, unlinkabe, and resistant to blockchain analysis.
Bytecoin has been around for a long time now, with contributions to the project beginning in 2012. However, that hasn’t stopped the project’s developers from continuously improving the product.
The recently updated Bytecoin roadmap has a hard fork for a consensus update scheduled for August 31, as well as numerous initiatives for community growth constantly in the works.

Decred (DCR)

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Founded in 2015 by former Bitcoin developers, Decred’s most important working product is its solution to Bitcoin’s biggest problem. No, not scalability… blockchain governance.
You see, early Bitcoiners have been debating block size limitations and the efficacy of other scalability solutions like the Lightning Network for years, even though the problem of scalability really only became discussed in the mainstream in 2017.
With its community-based governance model and strong adherence to the core ethos of decentralization, Decred is built to evolve and improve rapidly. That means that it’s equipped to handle not only the scalability problem today, but other big problems that might arise down the line.
When you have poor governance, it is an arduous process making any upgrades to a project, no matter how necessary they may seem to the majority of coin holders. Decred’s best-in-class and still improving governance model give it an intriguing case to be a leader in digital payments for a long time to come.

BitShares (BTS)

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BitShares aims to improve worldwide access to financial services via blockchain. The tagline “assist the unbanked” summarizes the project nicely. In practice, this translates to BitShares operating as a decentralized exchange, one that was built from the ground-up to avoid scalability issues and keep transaction fees low.
BitShares was launched in 2014 by Dan Larimer, who would then go on to take a lead development role in both EOS and Steem.
The current state of the project offers decentralized asset exchange, price-stable cryptocurrencies, recurring and scheduled payments, user-issued assets, and more, all available through a decentralized system powered by delegated PoS consensus.

Steem (STEEM)

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Steem is the cryptocurrency that powers Steemit, a decentralized social media platform that incentivizes user participation through micropayments. Think of it like Reddit, only instead of just upvoting or downvoting posts, users can actually reward creators for their effort.
Steem is a functional cryptocurrency used exclusively on the Steemit platform. That gives it something of a limited use, but seeing as how Steemit is live and boasts a few hundred thousand users, it’s hard to argue it isn’t a working product. Some people may even be earning money using Steemit.

Siacoin (SIA)

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Siacoin is one of the leaders in decentralized cloud storage, a more secure and affordable alternative to centralized cloud storage solutions like Amazon S3, Google Drive, iCloud, Dropbox, and others.
Sia 1.0 was launched in June 2016, and has achieved considerable adoption since then. With the $200 billion cloud storage market widely seen as one of the spaces most ripe for blockchain disruption, Sia has gotten off to a nice start by offering a functional decentralized cloud storage platform for over 2 years.

Augur (REP)

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Augur is one of the most recently launched products on this list. The platform mainnet went live in early July 2018, bringing to fruition almost 4 years of post-ICO work.
Augur is a decentralized prediction market that uses game theory to generate crowd-sourced insights. Essentially, thousands of people working together have shown the remarkable ability to forecast outcomes.
With Augur, users can put REP tokens as bets on these predictions, essentially creating a form of “useful social gambling.”
Augur’s release was a long time coming. The project started as far back as 2014, nearly a year before the ICO. The creators cite the complexity of Augur’s smart contracts as the chief cause of the lengthy development time.
Regardless of its past, Augur is now a live product with a bright future. Over 300 predictions have already been made, with the largest winning payout hitting $20,000. Betting volume even exceeded $1 million within the first weeks of launch.

Basic Attention Token (BAT)

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Basic Attention Token was one of the easiest projects to include on this list. That’s because its working product, Brave Browser, has more than 3 million active usersbetween its mobile and desktop platforms, making it one of the most widely-used working products in the blockchain space.
Not only is Brave Browser functional, it’s the only browser on the market that has built-in ad-blocking and tracker blocking, making the browsing experience both cleaner and faster than what you get with other popular browsers like Chrome and Firefox.
The future remains uncertain for the BAT token itself, as its adoption depends heavily on whether or not advertisers buy-in to the Brave model, as well as how willing Brave users are to be shown relevant ads and to pass along the BAT they earn to content publishers.
Given Brave’s success in just a short time since being launched, though, the future does appear promising for BAT.

Nano (XRB)

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Nano (formerly RaiBlocks) is all about scalability. The coin has nearly instant transactions with a completely fee-less structure. The platform accomplishes this by creating a unique blockchain for every account, preventing bloat and allowing for practically infinite scalability.
Nano’s motto of “do one thing and do it well” has gotten them a long way. The team doesn’t have to deal with scaling or slowdown issues thanks to the underlying structure of the project, allowing its roadmap to focus on wallet updates and outreach. This is one cryptocurrency that’s essentially feature complete, and it has been for some time.

Golem (GNT)

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Golem has set out to be the Airbnb of computing resources. Have you ever needed extra GPU power to finish up a render? How about processing scientific data similar to the [email protected] project?
Even if you don’t have those needs, a lot of groups do. Golem aims to provide easy access to those resources, all of which are rentable for a small cryptocurrency fee.
Golem hit the mainnet launch button in April 2018, and was met with a fair amount of fanfare. One of the main goals for the feature-incomplete launch was to push the product out so real users could put it to work.
The team was interested in strengthening their interactions with end users to help guide the future of the platform. The team has several major milestones planned for the coming months, so the mainnet release is only just the beginning.

Pundi X (NPXS)

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Pundi X has been shooting up the market cap rankings so far in Q3 2018, and they also happen to have a working product that just recently became available to retailers.
The primary Pundi X product is a point-of-sale (POS) device that enables quick and easy mobile transactions for both fiat and cryptocurrencies. 500 POS devices are already being used by retailers in Asia, and there are thousands more scheduled to be distributed in the coming months.
In addition, Pundi X also offers XPASS cards, cryptocurrency credit cards that can work in place of mobile apps for making digital payments.
What makes the Pundi X project noteworthy is that it enables consumers to pay retailers in cryptocurrencies like BTC and ETH, and it immediately converts the payments into local fiat currencies so that retailers don’t need to worry about price volatility of the cryptocurrencies.
This makes it significantly easier for people to use cryptocurrencies in their daily lives, making Pundi X an exciting project for blockchain enthusiasts who are looking for signs of future mass adoption.

Waves (WAVES)

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Waves was the first ever blockchain platform that made it possible for anybody — regardless of their programming experience — to create blockchain tokens. Additionally, Waves has a decentralized exchange where tokens can be traded and exchanged with fiat currencies.
Since the project’s first releases in 2016, Waves has gone on to make their DEX accessible from mobile phones and expanded its functionality significantly, while also building several strategic partnerships to help grow the Waves community and user base.
Ultimately, though, the Waves Client is the project’s most important working product, as it is what allows tokens to be issued, stored, sent, and exchanged among users.

KuCoin Shares (KCS)

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Similar to Binance Coin, KuCoin Shares is an exchange token that can be used to pay reduced fees on cryptocurrency trades. KCS has the added bonus of paying dividends to long-term hodlers, as well, paying out a 5% ROI for most users.
The nature of KuCoin Shares is one of the reasons the KuCoin exchange has gotten so much attention since it appeared on the scene. The tokens themselves are limited in scope, of course, but the sheer number of people using them for trades and buying them for passive income is enormous.

Wanchain (WAN)

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Wanchain aims to build new and improved financial infrastructure to seamlessly connect the digital economy through blockchain interoperability. The use cases for Wanchain’s network are vast, and they include decentralized financial services, supply chain logistics, medical data sharing and security, digital ID management, and more.
With the recently released Wanchain 2.0, it is now possible to transfer Ether cross-chain using Wanchain’s Ethereum Mapping Token, WETH.
Ethereum interoperability is just the start, though, and it’s expected that cross-chain support for Bitcoin and a couple of ERC-20 tokens will follow before the end of 2018.

Komodo (KMD)

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Komodo is a fork of Zcash that uses the same zk-snark cryptography to hide information about transaction participants and amounts being sent. Functional privacy coins aren’t unique (there are a handful on this list) but Komodo does have some unique features.
For one, Komodo was the first ever decentralized initial coin offering. Moreover, Komodo helps other developers to build their own customizable blockchain solutions, from building and securing independent blockchains and launching decentralized ICOs, to integrating projects into the cryptocurrency ecosystem.
KMD would already qualify as a working product for its anonymity features on digital payments, but add the end-to-end blockchain building solution and it’s clear that Komodo is making meaningful contributions to the cryptocurrency ecosystem.

Ardor (ARDR)

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Ardor is a scalable blockchain platform that allows businesses to create their own child chains and tokens with relative ease. This helps keep blockchain bloat to a minimum and provides multiple transactional tokens without sacrificing core chain transactions. It’s also a remarkably energy efficient platform that uses Proof-of-Stake to power consensus.
Ardor launched its mainnet on January 1, 2018 after a full year in testnet status. Its core features are largely in place, with the roadmap set to improve things like scalability and snapshotting.
The Blockchain-as-a-Service-platform hosts a few projects of its own, including the Ignis ICO, which was the first child chain on the mainnet.

Huobi Token (HT)

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Huobi is a digital asset exchange platform founded back in 2013, now offering well over 250 different trading pairs. The Huobi Token, meanwhile, is an ERC-20 token that is used on the exchange for discounts on trading fees of up to 50%.
In addition, 20% of the income generated on the Huboi Pro trading platform is used to buy back HT on the open market.
Unlike most buyback programs, the main purpose of Huobi’s program isn’t to reduce the circulating supply of HT. Rather, the HT that is bought back goes into a Huobi Investor Protection Fund, which is used to compensate Huobi users if they lose coins or tokens on the platform, as well as to ensure market stability and protect investor interests.

ZenCash (ZEN)

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ZenCash is yet another privacy coin with a working product in the Top 100, originally launched in the first half of 2017.
What makes ZenCash unique is that it’s the first blockchain with Transport Layer Security (TLS) integration for node encryption, making communication on the ZenCash network both private and highly secure.
Some other interesting parts of the ZenCash product include Tor nodes and built-in chat messaging services. In the future, the ZenCash team will deliver a DAO Treasury Protocol-level Voting System as well as a scalability solution to handle greater transaction volume.

PIVX (PIVX)

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PIVX is another privacy coin that focuses on keeping users and their associated transactions hidden under a cloak of secrecy. The project also tries to keep transactions as fast and fee-less as possible, something not all privacy platforms can boast about.
PIVX launched in January 2016. The coin is currently spendable and delivers the privacy features it promises, though it’s not yet a widely accepted currency by merchants.
Future plans for PIVX include governance functions to engage the community, wallet voting, and its own zPIV decentralized exchange.

Kyber Network (KNC)

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Kyber Network launched their mainnet in Q1 2018, enabling instantaneous and secure inter-token settlements through a Decentralized Liquidity Network.
It’s currently possible to swap ERC-20 tokens on the network with just a few mouse clicks, giving it some basic functionality that is already being used to improve liquidity for Ethereum tokens.
In the future, however, Kyber Network will expand its functionality significantly in an effort to seamlessly connect dapps, DEXes, protocols, payment systems, token teams, investors, fund managers, and digital wallets.

Bancor (BNT)

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Bancor is a liquidity provider that enables users to exchange tokens without the need for a third-party to be involved in financing the transaction.
Gaining liquidity is incredibly important for young cryptocurrency projects, as a lack of liquidity makes it risky for investors to buy a considerable amount of a given coin or token, knowing that it might be exceedingly difficult to sell should they wish to.
Bancor’s technology makes it possible to convert one token to another, so that investors can be confident that they won’t be stuck involuntarily holding a cryptocurrency that they want to sell. This functionality makes the Bancor Liquidity Network one of the most promising working products on this list, and one that has already achieved a good deal of adoption.

Loom Network (LOOM)

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Loom Network is still less than a year old, having been founded in October 2017. However, they have accomplished a lot in that short time span, including having launched numerous tools to help software developers learn how to build blockchain solutions.
The most important of these tools — and Loom’s biggest working product — is the Loom software development kit (SDK).
However, Loom Network is far more than just a simple blockchain coding academy. It is also a production-ready scalability solution for Ethereum, as the Loom developer toolkit helps programmers to build highly scalable dapps which connect to the Ethereum blockchain through special side chains called DappChains.
The project may still be in its infancy, but Loom Network is already contributing more utility to the cryptocurrency ecosystem than the vast majority of other cryptocurrency projects.

Polymath (POLY)

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Polymath wants to be the world’s go-to resource for security tokens on the blockchain. What Ethereum did for tokens, Polymath will do for securities.
The advantages of this are enormous, but the Polymath team likes to point to 24/7 market access, the elimination of middlemen, and trading access for 2 billion unbanked people around the world as the chief benefits of their efforts.
The Polymath platform launched in October 2017, and has since released a new security token every week, attracting investors and traders alike. It’s not as exciting of a project as some other blockchain tech, but it’s delivering on its promises with a working product.

Bibox Token (BIX)

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Bibox is a encrypted digital asset exchange whose primary differentiator from other crypto exchanges is that it integrates AI technology.
The purpose of the AI is to help Bibox’s traders, which it does by providing quantitative computation and analysis of trading activity, personalized risk allocation strategy, speech recognition, and objective analysis of the various coins and tokens listed on the exchange.
The Bibox exchange first launched back in November 2017. It has operation centers in the US, Canada, mainland China, Hong Kong, Japan, and Estonia. BIX token holders receive 20% of the exchange profits, and also get discounts on trading fees, similar to Binance.
https://www.investinblockchain.com/top-cryptocurrencies-working-products/
submitted by arvind1111 to altcoin_news [link] [comments]

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