submitted by Lilmarianne to ExpanseOfficial [link] [comments]
"Welcome to the seventeenth edition of the Expanse Newsletter for 2018. This publication is a bi-monthly newsletter issued on the 1st and 15th of each month to share happenings within our community. Here are a few highlights in this edition:
THE PEX AIRDROP HAPPENED. WHAT NOW?
As you know, the EXP team just airdropped a new token, PEX, to the Expanse and Tokenlab community. Airdrops are a straightforward way to bootstrap a user base for a new product, in this case, the Expanse Decentralized Exchange, EXPEX. The airdrop piloted the Tokenlab Airdrop module, one of the applications that comprise the Tokenlab self-service suite of products designed for ICO management. It went off without a hitch. (If you have not found your PEX, email [email protected].)
Expanse secured the services of an external development team to create EXPEX, and the final code has been delivered. We are in the process of branding the UI and will publish a launch date soon. So, hang onto your PEX!
Read more detail here about how it all works: https://expanse.tech/understanding-pex-token-utility/
NEW EXPANSE LUNA WALLET NOW PUBLIChttps://preview.redd.it/73unvd0627n11.jpg?width=1600&format=pjpg&auto=webp&s=79da74325d37b736dcfe871ab07fe510c99df9d8
The new Expanse wallet, Luna, is now public and ready for download. The download links are on the Expanse.tech website or you can use this link: https://expanse.tech/downloads/ The existing Expanse Mist wallet is a fork of the Ethereum Mist wallet. However, Luna is a wallet we developed with our own original code, and promises to be one of the most feature-rich wallets out there once all of the development is complete. For now, feel free to use either Mist or Luna. We will give you plenty of notice when or if we discontinue support of the Mist wallet version.
Many thanks to all of the Expanse Army 1st Lieutenants who participated in the beta-test. Please continue to report any bugs that may have not shook out during testing.
NEW CHINESE EXPANSE WEBSITE TO LAUNCH OCTOBER 1https://preview.redd.it/dn4lu67b27n11.jpg?width=1600&format=pjpg&auto=webp&s=c853175c8b1cc1db939739c2ec381baef4a07daa
Our Chinese marketing team, led by Community Manager Alex Zhao, is putting the final touches on the Chinese version of the Expanse website. They project a 10/1 launch date.
Some of their other accomplishments include:
GAMEBOARD – WE BELIEVE IN A WORLD WHERE PEOPLE WANT TO PLAY!https://preview.redd.it/np2biwyg27n11.jpg?width=2560&format=pjpg&auto=webp&s=9ce86736109a837e4ab2d8a1d1b61bbf84846d28
Gameboard is an EXP.Grants partner. We asked their team to help us understand the gamification principles behind the Gameboard dApp. We learned that there are indeed scientific theories behind all of this play.
When talking about Gamification you automatically think about adding points to a platform to make it “fun.” However, there are many more factors that affect the degree of fun or interest in a game on the part of the players.
Many applications that have come onto the market use the basic principles of gamification as part of the design. We have covered them in other Expanse articles: Frameworks as Octalysis or 6D approach of gamification. It is important to establish that there are two important parts in the application of Gamification to a platform or system: Dynamics and Mechanics.
Dynamics consist of all the activities added to the game based on the actions of the players:
I HAVE THE DYNAMICS, NOW WHAT?This is the part where Gameboard comes into play and where the mechanics are necessary. The mechanics allow for establishing the points, levels, badges, challenges and other forms of measurement. The activities within the gamified process are recorded in this part. Without this, we would not have analysis of the information.
Gameboard saves and stores the information generated by the dynamics so that it can be analyzed and collaborate in the decision making. Even more important, it allows for recordkeeping and control of the actions of each player.
The fact that users can receive rewards is one of the most important features, especially because it is the way of measuring performance in terms of
THE GAMIFICATION PLAYGROUND ON THE BLOCKCHAINBy integrating Expanse blockchain technology, Gameboard safely stores each record of points earned by the player, these being value transactions that rely on the security and permanence of the blockchain to store and redeem points for the players.
There are two current lines of business for Gameboard:
Currently, we have finished the Gameboard base engine, the API that allows integration, and the user and administration platforms. Each section of the system is customizable so that it has the look and feel of your company or platform.
We are very close to launching the new functionalities including the integration with Expanse’s technology. So, stayed tuned!
We believe in a world where people want to play!!
SLIPS PARTNERSHIP – A WINNING PROPOSITION FOR EXP-HOLDERShttps://preview.redd.it/popiv4wl27n11.jpg?width=1600&format=pjpg&auto=webp&s=0e55807c2e29275cc4ec845054a3e5efbbba1e88
We continue to be excited about the potential of the Slips project, which was one of the first batch of projects to receive grant funding from Expanse.
Did you know that straight out of the gate, EXP (Expanse) is the only payment option for the Slips platform? When the platform launches, people will only be able to make real money bets with the EXP token. Now would be a very good time load up on Expanse in advance of their launch!
As one community member surmised, “This is a great example of what makes the Slips partnership so awesome—Slips gamers will have to settle bets in EXP. People who have never had any interest in crypto won’t have a choice but to buy EXP if they want to use the platform for something that has already been demonstrated as a need in the online gaming community.”
A quick reminder to those who aren’t up to speed on what Slips is hoping to achieve. The team are working on a project which will allow gaming fans to use the Expanse network to challenge each other to bets whilst watching their favorite streamers on platforms like Twitch.
In the last newsletter, we mentioned that it was possible for users to create channels and explore what was available on the Slips platform. Now you can even create your own profile. We decided to give the functionality a quick spin earlier and were amazed by how nice it looked!
As well as being able to make our profile look the way we wanted, we were able to post status updates, link our existing social media accounts, manage the official Expanse channel on Slips and even follow other users.
Take a look at the Expanse profile on Slips here https://slips.network/profile/EXP/home:
If you are feeling adventurous (or curious!) why not register and make your own profile? The Slips team mentioned in an announcement in their Discord channel (https://discord.gg/mJHJ88U) that they are looking for help from users to iron out any bugs.
Meanwhile after successfully launching the profile feature, they are continuing to work hard to get the proof of concept released. They’ve spent the last week finalizing specifications and requirements for the next milestone in the project. The UI work has already begun and coding will also resume next week. We have a few sneak previews that we obtained below:
We look forward to the launch of their dApp on the Expanse network.
CALL FOR TOKENLAB BETA-TESTERShttps://preview.redd.it/op9kr8un37n11.jpg?width=1600&format=pjpg&auto=webp&s=b8f5f2fcb6b7550a5ad2ba6c680a50b3f49dddc2
Per the dev team, we are close to releasing some of the applications that comprise the Tokenlab self-service suite of products designed for ICO management. Recently we put out a call for testers to try out the beta versions of the Luna wallet. The response was overwhelming, and we qualified nearly 40 testers. These same testers have access to the private channels for Tokenlab beta testing. If you did not apply and want to test Tokenlab, complete the application form here
Beta-testers receive a promotion to 1st Lieutenant in the Expanse Army.
SOMOSEXPANSE. OUR DIGITAL MAGAZINE IN SPANISH
Spanish is the second-most spoken language in the world. The market continues to grow—especially for the Expanse community. To that end, we have created SomosExpanse (We are Expanse).
SomosExpanse is a digital magazine whose purpose is to inform and educate about blockchain technology. The project is born from a motivated community, integrated and growing. To accomplish this, we have added a dedicated Spanish-speaking communications team to the Expanse infrastructure.
All of the Expanse project content routinely created in English (news, blogs, newsletters, social media posts) is translated and placed on the SomosExpanse platform. We also integrate articles from reliable sources, such as Criptonoticas and CoinCrispy, in order to offer more robust content.
We are focused on creating an interactive media strategy with valuable content, as well as constant updates about Expanse and the world of the blockchain. We developed a progressive APP for you to have it directly on your phone with notifications and amazing content.
This strategy is complemented by postings to social networks, including Diiscord, Instagram, Twitter and Steemit. We invite you to follow (and like) us on these social networks:
We are Expanse.
Usually, we provide a list of compelling quotes gathered from community discussions. This time, we decided to feed back a narration of an important discussion that took place last week regarding the current crypto market conditions. In case you missed it, I’m sure you’ll agree that we have one of the most insightful, clever communities around.
CURRENT CRYPTO MARKET CONDITIONS – WHAT’S HAPPENING?“What’s happening to crypto?” “What’s causing the prices to tank?” These are obvious questions on everybody’s minds these days as prices begin to tumble. Bitcoin lost close to $1000 in the last 10 days and Ether has lost almost 25% of its value in the last month. The situation is even grimmer for other altcoins. So what is really happening?
The Expanse Discord channel, if you know, is one of the most vociferous and active crypto communities out there and most of its members are astute students and passionate followers of the crypto phenomenon It was only fair that similar questions arose during an avid round of discussions and there were some interesting points of view from across the aisle regarding what was happening.
It started with a member saying that he thought that the end of crypto is near. He was worried that too many scams had taken their toll on a fascinating and promising phenomenon that has the ability to change our lives forever. However many projects gave false hopes and people lost a lot of money and in turn, their faith. The negativity that is being experienced in the market was a result of this disappointment and people trying to cash out their crypto assets as fast as possible. This would probably signal the collapse of a lot of altcoins. The member went on to predict that most coins will stop all development or activity before the year is over because cryptocurrencies just won’t be able to hold their value and people are seeing this more clearly with each passing day, fuelling the circle of fear and mass dumping.
To this, another member had an interesting observation. He said that what was currently happening to crypto is similar to what happened to dotcom in 2000. After the “dotcom bubble” burst, what was left were companies with real value, like Google that came out with a few bruises but emerged winners. Many companies followed what Google had done – build real value, rather than hype – and made a fortune for themselves, while transforming the industry.
A member observed that nobody is buying anything and he was surprised people are still selling at these prices. He thought it was kinda late in the game to think people are going to save what they have left.
The EXP token has also bore the brunt of this haphazard volatility. Market and volume patterns suggest that someone is buying EXP from the sell side just to sell into the buy side to strip the market of its BTC. Unfortunately, this strategy seems to be working pretty successfully.
A member, however, dismissed that people were specifically targeting EXP and said that while he agreed that there was a repeating pattern, it was market-wide. Most of the top coins have already lost around 88-95%of their January high values and many coins, especially the lower value ones, are hitting their introductory prices or even less.
He went on to further say that some people were dumping not just Exp, but everything from the lowest coin on the list all the way up to Ethereum. He called this action as a “purge” because it is likely that some of the projects will fail economically or just fail completely. To understand the severity of the situation, consider this. A project that raised $10M worth of Ethereum in an ICO in January 2018, now only had around $1.2M if they didn’t liquidate immediately. Most projects held their Ethereum reserves and have seen a severe erosion of their funds. Likewise, the value of the projects coins themselves are becoming worthless.
If you look at wallet balances on most projects, the top 100 wallets hold well over 90% of the total coins in any given project. Keeping in mind that some of these wallets are exchange wallets, that is still a little disheartening. The bitcoin whales are alive and are absorbing this tirade pretty well. They have so much BTC, they can’t cash it out so for them it is more of a game.
A member had an interesting take on the scenario. In his opinion, manipulators periodically use BTC to harvest altcoins from weak hands. Blockchain IS the future and some of them will become zillionaires sooner or later. Since blockchain is the future, there probably are governments, 3-letter agencies, armies, secret societies, hackers and criminals involved. In his opinion, anyone mining EXP currently and selling it is obviously a moron!
To this a member added a personal experience that he stopped mining EXP in April, because at the current price, with 1.1GH/s, he made 90¢ per day, after paying for electricity costs. This is obviously unviable. So the question he had is that if everybody bought EXP at a higher rate, who’s selling them at these rates? It is quite likely that they are selling at a huge loss.
There, apparently, are people who sold recently at 8¢ on the dollar to exit the market completely. They are done. They think the crypto market is dead. This was what is known in financial terms as “market capitulation.”
By definition, capitulation means to surrender or give up. In financial circles (from Investopedia), this term is used to indicate the point in time when investors have decided to give up on trying to recapture lost gains as a result of falling stock prices. Suppose a stock you own has dropped by 10%. There are two options that can be taken: you can wait it out and hope the stock begins to appreciate, or you can realize the loss by selling the stock. If the majority of investors decides to wait it out, then stock price will likely remain relatively stable. However, if the majority of investors decides to capitulate and give up on the stock, then there will be a sharp decline in its price. When this occurrence is significant across the entire market, it is known as market capitulation.
The longer a market stays in a state of capitulation, the longer it takes for investors to regain enough trust in that market to jump back in. This is what causes recessions. Once a recession has run for an extended period and market confidence is still low, it becomes a depression. This is when people like Warren Buffet would swoop in and buy anything and everything people were selling. His now famous adage says, “Be fearful when people are greedy and be greedy when people are fearful.” While it is difficult to agree with his brand of investing, but when it comes to financial advice, this one line reigns supreme. And this is exactly what’s going on right now.
One member found it funny when BTC purists say that BTC was created to replace the “corrupt” fiat system. They then look down at altcoins but at same time practically beg investors like Goldman Sachs or Buffet to invest in crypto. BTC forums are full of people like that, and you even get 50 merit points for simply saying “BTC rocks, all alts are shitcoins!”
At the end of the discussion, there was some sage and positive advice from a veteran – “Just gotta keep developing. Eventually crypto will have utility, it’s just taking forever because it’s so new. Right now people are buying on promises. We need promises to be kept in this space so that people have to buy out of necessity.”
Another member ended the discussion saying that while the crypto markets certainly look grim right now, everybody needs to understand that all markets move in cycles. What goes up will come down and judging from previous cycles, the crypto markets will certainly go back up again. Of course, not everything will go back up, but projects like Expanse, that have active development and goals they are working toward, will. The question is how long are you willing to wait?
JOIN OUR DISCORDhttps://preview.redd.it/ci5d1m5447n11.jpg?width=800&format=pjpg&auto=webp&s=94ae4c46d6eb25afa9c2f108b4d363a7b88510a0
Expanse Discord is live and kicking! Discord is a great communication platform, better than Slack. Join our growing community on Discord and you can also speak directly with the Expanse team or others in the Expanse community. Sign up for Discord today!. Thank you.
The Expanse Ambassador Program is designed to provide support and guidance for those of you who would like to help us spread the word about Expanse by hosting local meet-ups—wherever you are in the world.
Getting involved is easy. Simply download and complete the Ambassador Program application at this link: https://expanse.tech/join-the-ambassador-program/
The Expanse team are available to answer your questions and will also assist you by:
This is the latest newsletter from EXPANSE. Must read it to know more about their latest news!
The blockchain technology has pretty much become a household term by now. Many people wrongly think that the application of Blockchain technology lies only in cryptocurrency. However, as we will see shortly, the blockchain technology is far more versatile.submitted by StephenCuuuurry to SCRYDDD [link] [comments]
In this guide, we are going to look into enterprise blockchains. Specifically, we will look into:
What is the Blockchain Technology?The blockchain is a chain of blocks where each block contains data of value without any central supervision. It is cryptographically secure and immutable. A blockchain uses two important data structures: Pointers and Linked Lists.
PointersPointers are variables in programming which stores the address of another variable. Usually normal variables in any programming language stores data.
Eg. int a = 10, means that there is a variable “a” which stores integer values. In this case, it is storing an integer value which is 10. This is a normal variable.
Pointers, however, instead of storing values will store addresses of other variables. Which is why they are called pointers, because they are literally pointing towards the location of other variables.
Linked ListsA linked list is one of the most important items in data structures. This is what a linked list looks like:
It is a sequence of blocks, each containing data which is linked to the next block via a pointer. The pointer variable, in this case, contains the address of the next node in it and hence the connection is made. The last node, as you can see, has a null pointer which means that the pointer has no value.
One important thing to note here, the pointer inside each block contains the address of the next block. That is how the pointing is achieved. Now you might be asking what does that mean for the first block in the list? Where does the pointer of the first block stay?
The first block is called the “genesis block” and its pointer lies out in the system itself. It sort of looks like this:
Image courtesy: Coursera
If you are wondering what the “hash pointer” means, it is a pointer which contains the hash of the previous block.
(More on hashes in a bit)
As you may have guessed by now, this is what the structure of the blockchain is based on. A blockchain is basically a linked list and looks something like this:
The blockchain is a linked list which contains data and a hash pointer which points to its previous block, hence creating the chain. What is a hash pointer? A hash pointer is similar to a pointer, but instead of just containing the address of the previous block it also contains the hash of the data inside the previous block. This one small tweak is what makes blockchains so amazingly reliable and trailblazing.
Remember this point because we will be back in it in a bit.
So, now let’s look up some of the most desirable traits of the blockchain technology that enterprises would want.
Features of the Blockchain TechnologyIn this section, we are going to talk about all the features of the blockchain technology that big companies would want to integrate into their system.
#1 DecentralizationThe most obvious feature that a company would want from blockchains is decentralization. A normal network structure is the “client-server” structure.
How does that work?
There is a centralized server. And everyone who wants to connect with the server can send a query to get the required information. This is pretty much how the internet works. When you want to Google something, you send a query to the Google server, which comes back with the required results. So, this is a client-server system. Now, what is the problem with this model?
Since everything is dependent on the server, it is critical for the server to be functioning at all times for the system to work. It is a bottleneck. Now suppose, for whatever reason the main server stops working, everyone in the network will be affected. Plus, there are also security concerns. Since the network is centralized, the server itself handles a lot of sensitive information regarding the clients. This means that anyone can hack the server and get those pieces of information. Plus, there is also the issue of censorship. What if the server decides that a particular item (movie, song, book etc.) is not agreeable and decides not to propagate it in their network?
So, to counter all these issues, a different kind of network architecture came about. It is a network which partitions its entire workload among participants, who are all equally privileged, called “peers”. There is no longer one central server, now there are several distributed and decentralized peers. This is a peer-to-peer network.
Image Courtesy: InfoZones
Why do people use the peer-to-peer network?
One of the main uses of a peer-to-peer network is file sharing, also called torrenting. If you are to use a client-server model for downloading, then it is usually extremely slow and entirely dependent on the health of the server. Plus, like we said, it is prone to censorship.
However, in a peer-to-peer system, there is no central authority, and hence if even one of the peers in the network goes out of the race, you still have more peers to download from. Plus, it is not subject to the idealistic standards of a central system, hence it is not prone to censorship.
If we were to compare the two:
Image courtesy: Quora
This, in a nutshell, is how the blockchain technology gains its decentralized nature.
#2 Immutability to Reduce Fraud/CorruptionWhat is immutability?
Immutability, in the context of the blockchain, means that once something has been entered into the blockchain, it cannot be tampered with.
Can you imagine how valuable this will be for enterprises?
Imagine how many embezzlement cases can be nipped in the bud if people know that they can’t “work the books” and fiddle around with company accounts.
The reason why the blockchain gets this property is that of cryptographic hash function.
In simple terms, hashing means taking an input string of any length and giving out an output of a fixed length. In the context of cryptocurrencies like bitcoin, the transactions are taken as an input and run through a hashing algorithm (bitcoin uses SHA-256) which gives an output of a fixed length.
Let’s see how the hashing process works. We are going to put in certain inputs. For this exercise, we are going to use the SHA-256 (Secure Hashing Algorithm 256).
As you can see, in the case of SHA-256, no matter how big or small your input is, the output will always have a fixed 256-bits length. This becomes critical when you are dealing with a huge amount of data and transactions. So basically, instead of remembering the input data which could be huge, you can just remember the hash and keep track.
A cryptographic hash function is a special class of hash functions which has various properties making it ideal for cryptography. There are certain properties that a cryptographic hash function needs to have in order to be considered secure. You can read about those in detail in our guide on hashing.
There is just one prpoerty that we want you to focus on today. It is called the “Avalanche Effect.”
What does that mean?
Even if you make a small change in your input, the changes that will be reflected in the hash will be huge. Let’s test it out using SHA-256:
You see that? Even though you just changed the case of the first alphabet of the input, look at how much that has affected the output hash. Now, let’s go back to our previous point when we were looking at blockchain architecture. What we said was:
The blockchain is a linked list which contains data and a hash pointer which points to its previous block, hence creating the chain. What is a hash pointer? A hash pointer is similar to a pointer, but instead of just containing the address of the previous block it also contains the hash of the data inside the previous block.
This one small tweak is what makes blockchains so amazingly reliable and trailblazing.
Imagine this for a second, a hacker attacks block 3 and tries to change the data. Because of the properties of hash functions, a slight change in data will change the hash drastically. This means that any slight changes made in block 3, will change the hash which is stored in block 2, now that in turn will change the data and the hash of block 2 which will result in changes in block 1 and so on and so forth. This will completely change the chain, which is impossible. This is exactly how blockchains attain immutability.
#3 Transparency to Increase AccountabilityOne of the most interesting and misunderstood concepts in the blockchain technology is “transparency.” Some people say that blockchain gives you privacy while some say that it is transparent. Why do you think that happens?
Well… a person’s identity is hidden via complex cryptography and represented only by their public address. So, if you were to look up a person’s transaction history, you will not see “Bob sent 1 BTC” instead you will see “1MF1bhsFLkBzzz9vpFYEmvwT2TbyCt7NZJ sent 1 BTC”.
The following snapshot of Ethereum transactions will show you what we mean:
So, while the person’s real identity is secure, you will still see all the transactions that were done by their public address. This level of transparency has never existed before within a financial system. It adds that extra, and much needed, level of accountability which is required by some of these biggest institutions.
Speaking purely from the point of view of cryptocurrency, if you know the public address of one of these big companies, you can simply pop it in an explorer and look at all the transactions that they have engaged in. This forces them to be honest, something that they have never had to deal with before.
However, that’s not the best use-case. We are pretty sure that most of these companies won’t transact using cryptocurrencies, and even if they do, they won’t do ALL their transactions using cryptocurrencies. However, what if the blockchain technology was integrated…say in their supply chain?
A great example of this is the food industry. If there ever was an industry which requires transparency, then it is the food industry. One of the most fundamental questions that we should ask whenever we consume any food product is: “Where is my food coming from?”
More and more people are becoming increasingly indifferent as to the source of their food and this is causing a lot of problems to not only the consumers but the suppliers as well
By utilizing the blockchain one can keep track of where exactly the food is coming from and who all are the middlemen involved who are taking care of our food. In this way, if a certain batch of crops gets infected or spoilt, it will be easier and faster to locate and pinpoint the source of the infection.
#4 Blockchain is CheaperIn order to understand this point, let’s looks at the Banking industry. The Harvard Business Review said that. “The Blockchain Will Do to the Financial System What the Internet Did to Media.”
But why is that the case? Let’s looks at one of the biggest places where Banks lose a lot of money, Know Your Customer (KYC) regulations. Here are some pretty shocking stats that we got from this article.
Firstly, there is the concept of self-sovereign identity. Self-sovereignty is the idea that it is an individual’s moral right to have ownership over their own body and life. Self-Sovereign Identity (SSI) is critical now, more than ever, because each and every company and entity has an online presence. Having so many siloed identities greatly increases the chances of online fraud or identity mismanagement.
By uploading your identity to the blockchain, you have full and complete control over yourself. So, how will that help with KYC? Suppose you have to go and open an account in a bank, the bank will simply ask you to give access to your identity instead of a centralized third party.
Secondly, the banks could be part of their own private and permission blockchain network (more on this later). Now suppose Alice has completed KYC regulations with Bank A, they can then simply upload the details on the blockchain. Since the blockchain is not owned by the central repository, anyone, who is part of the network can upload information and share it with everyone else.
Suppose Alice wants to open an account in bank B. Instead of starting the whole compliance process from scratch, they can simply access the blockchain and get the required KYC data.
The blockchain’s KYC protocol can help in both intra-bank and inter-bank functions:
#5 Blockchain is FasterNote: Sure we understand that scalability and throughput is a big problem with blockchain and cryptocurrencies, and we are going to address it later as to why that shouldn’t be a problem with enterprise blockchains.
Charley Cooper, the managing director of R3 consortium, believes that trade finance is the ideal sector which can be disrupted by the blockchain. He said:
“Trade finance is an obvious area for blockchain technology. It is so old it’s done with fax machines and you need a physical stamp on a piece of paper.”In fact, there is a working PoC of how blockchain technology can exponentially reduce transaction times in these areas.
SAP recently collaborated with ATB Financial and fintech startup Ripple to send the first international blockchain payment from Alberta, Canada to ReiseBank in Germany. The bank used the SAP HANA Cloud Platform and the SAP Payment Engine application to take advantage of Ripple’s pioneering blockchain network.
The $1000 CAD (€667 EUR) blockchain payment, which would typically have taken from two to six business days to process was completed in about 20 seconds. The proof of concept has since been enhanced, and we are able to complete the transactions in just 10 seconds.
From 2-6 business days to 10 seconds. Now, that is disruption!
Public vs Private BlockchainsSo, now that you know why companies should look into integrating blockchain, we need to look into what kind of blockchains they should look to integrate. There are two kinds of blockchains out there:
Public ChainsAll the blockchains that we are familiar with are public blockchain. bitcoin and ether have pretty much championed the cause of public blockchains. You must have pretty much guessed why they are called public blockchains.
They are completely open ecosystems where anyone can take part in the ecosystem. The network also has an in-built incentive mechanism which rewards participants for taking part more thoroughly in the system.
Alright, so till now it sounds pretty good. However, it turns out that public blockchains are extremely impractical for enterprise purposes. Let us tell you why.
Private ChainsAs opposed to the public blockchains, private blockchain is not open for everyone. People who want to participate in the private chain must gain permission. This is the reason why these kinda blockchains are also referred to as “permission blockchains.”
Because of this, there are restrictions to the kind of people who can actually take part in the consensus. Access for new participants could be given by the following:
These private chains have been specifically designed for enterprise needs and offer a lot of features.
Required Features of Enterprise BlockchainsLet’s check out some of the features of enterprise that they will require to function properly.
#1 High PerformanceLike we have already said, public chains don’t even approach 100 transactions per second. When you consider the fact that most of the enterprises like telecom and credit processors need 10,000 – 100,000 tps, that’s not really the most ideal of scenarios.
In order to reach those levels of tps, blockchains need to adopt an architectural approach which:
There is another thing that enterprise blockchains need to keep in mind. Most of these enterprise PoCs have had just a dozen participants during their test runs. One must keep in mind that a proper permissioned chain will need to accommodate for 100s of participants. As such, it must have an efficient onboarding process.
#2 High ResilienceEnterprise blockchains must be able to come back from downtime and potential failure scenarios. To ensure high availability, they must be able to avoid issues which may lead to major outages. To have that level of resilience, the system should assume that failures are bound to happen and must be prepared to keep the system running during these situations.
Think about how traditional enterprise software survives system failure. They often utilize service replication and redundancy to make sure that they don’t go through low availability. Similarly, enterprise chains should deploy redundant peer nodes, clustered ordering services, and replicate other working blockchain network components to work seamlessly without any glitches.
#3 PrivacyPrivacy and security is obviously a huge need for enterprise-level blockchains. Since these are permission blockchains, all members are known entities and carefully vetted before they enter the ecosystem.
According to this article by Coindesk:
“Digital signatures applied to all network messages enable all nodes and clients to verify the sender and validate message integrity. This is coupled with transport security to authenticate the communications end points and encrypt the message traffic.Further, automatically applying encryption for the stored data completes the best practices for encrypting data in transit and at rest. When this foundation is used transparently and pervasively for all secure communications and stored ledger data, it’s a big step forward in maintaining the integrity and security of the blockchain network, preventing most hacking attacks.”
Examples of Companies Using Enterprise BlockchainsLet’s look at some of the industry leaders who are looking to implement enterprise blockchains.
Several financial institutions like Santander, RBC, JP Morgan, Citibank, BNY Mellon, and Goldman Sachs have been conducting multiple blockchain-related efforts. Because of regulation issues, blockchain testing is being done in a measured manner.
The interested banks are either involved with R3 consortium, which is dedicated to banking, while several are also in Hyperledger consortium and the Ethereum Enterprise Alliance (EEA).
So what about payment processors you ask? Turns out that they are knee deep in blockchain PoC implementation as well.
American Express is looking to implement a customer rewards program which uses the blockchain. Also in November 2017 they announced that they will be using Ripple to help clients send funds from US banks to UK Santander branches.
Visa has also revealed their intention of implementing its blockchain-based business-to-business payments service called “B2B Connect.” Mastercard had applied for a patent for faster blockchain-based payments processing for merchants way back in May 2016.
Not to be left behind, the automobile industry also seems to be pretty keen on implementing the blockchain.
Volkswagen Financial Services and Renault led PoCs in 2017 testing vehicle telematics tracking. This is an extremely interesting use-case because turns out that a third of the used car sales in Germany have manipulated odometers.
This is why, they are tracking a vehicle’s mileage data, engine usage history, repair and maintenance history and putting it on the blockchain. This, in essence, makes sure that people know a vehicle’s history and activity with accuracy.
The aviation industry seems to be pretty enthusiastic about the blockchain as well. In spring 2017, Airbus, along with Blockchain at Berkeley, executed a PoC for jet plane parts tracking.
ConclusionIt looks like enterprise blockchains are here to stay. More and more companies from diverse platforms are looking to implement a working PoC to disrupt their respective spaces. Looking at the sheer amount of positive change the blockchain can usher in, it is easy to see why. As of right now, rigorous testing still needs to be done.
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