Here’s the report on Facebook’s cryptocurrency issue

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Congressional democrats have sent a letter of concern to Facebook about their planned cryptocurrency project ‘Libra’ and Rep. Maxine Waters (D-CA), the chairwoman of the House Financial Services Committee intends to hold hearings. More to come.

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This changes everything for the future of cryptocurrency.

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Crypto is hitting mainstream retailers.

The post Major Retailers Are Now Accepting Cryptocurrency appeared first on CBNN NEWS.

CEO Jack Dorsey explains to Congress why some of his team have looked to blockchain for potentially correcting some of the issues on the Twitter platform. Watch Here.

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ICO Investment Advice from Jonah Blake who is the Founder and Managing Member of NewCurr and he is the original creator of the Proof of Information protocol and Tiered Ranking model for blockchain designs. He brings extensive experience and hands-on development from his work in patent development. Listen in to his off the cuff thoughts on ICO’s. Check out more videos and news at CBNN.io

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Quick Review: Augur

ICO’s have been circulating around the Ethereum network for some time now. We’ve seen some of the craziest raises in history just on the basis of a theoretical whitepaper, some intelligent engineers and the promise of eliminating the middle man. While these grand promises are the eventual goal, most do not maintain practicality or the ability to handle a massive load of users. When I mention practicality, I not only refer to the ability of going from theoretical to operational, but practical in the sense that the application in question could be used on a day to day basis. This is where I believe Augur shines.

How It Works

Augur is a decentralized prediction market platform operating over the Ethereum network. They use smart contracts written on solidity to facilitate transactions that originate from the use of any prediction that can create a market for transaction.
For example, if a market originates over the platform relating to the United States 2020 election, users on the network can wager who they believe will be the winning candidate. When this event occurs and the wager is over, the winner may collect in ETH. Seems simple enough for a DAPP.
This gets more interesting when you involve Augur’s native token, (REP). Reputation (REP) in many ways replaces the middle man that was previously needed to facilitate large wagers. When negotiating the winnings and examining the event in question, (REP) holders stake their position on event disputes and submit a report on each such event. If the report is deemed true by consensus, the (REP) holder earns more of this token. If the report is found to be false by consensus, the (REP) holder loses tokens. This system is well constructed for promoting a self sustaining system. This is a simple explanation on how their token operates. If you want more detail, please visit their site here https://www.augur.net/faq/
Analyzing Its Ability To Trade (Quick Thought)

Analyzing Its Ability To Trade (Quick Thought)

As of summer 2018, Augur is also one of the only major Ethereum applications that is live and can be tested. This means purchasing (REP) is more stable than most cryptocurrecies, since its value can be analyzed by platform operation. A majority of cryptocurrency trading today is still based on speculation for potential.

Found at https://www.augur.net/

The ICO Before Launch
It is also important to factor in Augur’s initial coin offering, which raised just under six million dollars. This is quite reasonable when considering its launch, viability and ability to properly speculate. This is compared to other ICO’s with applications that raised more than double the funds and are still in development.
Potential Issues

Rating Based on Quick Review:

While Augur is an innovate dapp with potential, the protocol is still new. This means we need to see how people react to the platform, as well as whether the (REP) system for staking trust isn’t without its own mainstream issues or bugs.
Rating Based on Quick Review:

For more information on Augur, please check out their site at https://www.augur.net/

About Me:

Jonah Blake is the Founder and Managing Member of NewCurr and he is the original creator of the Proof of Information protocol and Tiered Ranking model for blockchain designs. He brings extensive experience and hands-on development from his work in patent development and mainstream product design. Before NewCurr, Jonah founded and patented DebtMet, the worlds first social finance network built to tackle student debt.

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One of the driving profit factors of cryptocurrency is the ability to be freely mined. The objective for every Miner, something familiar to Bitcoin enthusiasts, is to contribute computing power towards the network so that more blocks can build into the blockchain. The economic incentives in this method, called Proof of Work, derives from holding tokens that may have tremendous future value on the market.

While the economic incentives are present for individuals, there are underlying costs that outweigh these original incentives in the long term. Primarily, these costs include Excess energy consumption and corporate consolidation.

Because of the demand for ASIC rigs (a dedicated chip for mining cryptocurrency) there are new suppliers in the space.

Bitmain, one of the largest suppliers of mining hardware is reported to have a “…gross margin of 75% and an operating margin of 65% percent, amounted to around $4 billion, Nvidia’s profit was $3 billion in 2017. However, the report was quick to note that the former managed to attain such figures in only four years, while the latter has been at it for 24.”[1]

It’s important to point out that Nvidia has not suffered economically from Bitmain’s rise to power. Many Silicon Valley businesses have seen their stock prices grow due to the uptick in demand for specific chips or cryptocurrency.

April 19, 2017: Nvidia stock was $99.68

April 28, 2018: Nvidia stock is $226.33

Note: Not every chip related stock has done this well.

Corporate Mining Enterprise

There isn’t a present problem with businesses organizing and selling mining hardware. Every individual should have an opportunity (if safe and sustainable) to capitalize on the emerging crypto market. However, in the future, we may see a monopolistic business model that can devalue any token using proof of work machinery. A monopoly on mining could exist if the barrier to entry for an individual entrepreneur is too high.

The Hard problem: Energy Consumption

Mining in its current state is not viable in the long term. The biggest problem facing Mining conglomerates or individual entrepreneurs is the level of energy consumption used to absorb crypto, such as bitcoin. “ This is because Bitcoin mining is accomplished through running energy-hungry mining computers 24 hours a day. Each device, such as the Bitmain S9, consumes a steady stream of upwards of 1400W of electricity.”[2]

In the near future, businesses like Bitmain may need to pivot on product to maintain profits. In this article, I propose that large scale mining operations may enter the general consumer market; where they could make everyday products with mining capabilities.

To maintain mining relevancy, blockchain organizations will also need to lower the difficulty and power consumption needed to attain cryptocurrency. This is one reason why we’re seeing movement towards Proof of Stake.

There is a possibility for startups, or established businesses, to make wearable technology that acts as a mobile chip for mining cryptocurrency passively.

The Variation of Wearable Tech

High-tech watches may be what’s hot, but this is only the beginning. Here are some wearable devices that will develop, with or without mining. Some have been around for awhile, such as head phones, but advancements will optimize or add features to their functions.

Head Displays: augmented biker helmets/blue collar work helmets.

Eye Wear: smart glasses, AR, VR

Ear Wear: Headphones, Enhanced hearing aids

Full Body: Smart suits, augmented tattoos, enhanced sportswear, self heating and cooling, size adjustment intelligence

Footwear: Smart sneakers, enhanced combat boots

Spinal Column: on-site construction exoskeletons

Prosthetics: mechanical limb replacements

Watches On Blockchain

With the wave of putting everything on a blockchain, it is perfectly logical to place high priority items on a decentralized log. Watches, for example, are some of the most counterfeited items on the planet. With tech startups digitizing watches as assets represented by a token, entrepreneurs should look at the bigger picture. While watches are a bread winner for crypto tech, the bigger prize is gaining a foothold in the wearable devices market.

Potential First Move To Wearable Mining: Smart Watches

The tech wearable industry is booming. In Q4, 2016 “ The tech giant sold 6 million Apple Watch units worldwide during the fourth quarter, according to research firm Canalys. Apple Watch unit sales were up 12% year over year, according to the research firm. In total, 9 million smartwatches were sold worldwide during the period.”[3]

For reference, in that same year Apple had reportedly “ …outsold Rolex, Omega, and even Swatch last quarter — combined.”[4]

There’s no underestimating the intelligence of Apple and their baseline series 3 model, which will run you a minimum of $329, no cellular support included. The low price point (for a watch) and its adjoined functions to the iPhone make it a digestible buy. For now, the Apple watch is superior in function within the smart watch market.

Apple’s ability to create seamless technology for the common user, while also presenting fashion as a standard, has been their namesake for all products since origination.

In the future if mining conglomerates enter the wearable technology market, they should take a couple of good lessons from Apple.

For one, a majority of people that want to buy high tech fashion do not need to know how the mining process should work.

The product in question should first be designer, creative, and simplistic.

Mining through smart watches in this scenario should be an additive.

Competing In The Smart Watch Market With Mining: The Problem

While the eventual movement towards mobile mining is possible, the biggest problem is the mobile device itself.

Mobile devices will need much more powerful processors at a relatively competitive price.

The second problem is the difficulty posed by the levels of major cryptocurrencies being mined. They specifically require ASIC to attain any useful amount of tokens. Current mobile devices simply do not have that capability yet.

Competing In The Smart Watch Market With Mining: Future Advantages

On a business level, Mining companies could earn profits from their specific chips and from the mobile devices they sell.

There’s also the advantage of inclusion.

The crypto economy could grow with the development of efficient mobile mining tech. It would be a great launching point for beginning in the space.

The evident truth

While I do believe this idea could be feasible in the future, current mobile technologies available do not yet possess valuable potential.

It’s also clear that mining as it is today is also not viable. Mining operations will need to make drastic changes, along with the blockchain community, if they want to maintain their current revenue models. Or they will have to abandon Proof of Work mining altogether.

[1]https://cryptovest.com/news/bitmain-made-around-4b-in-operating-profit-last-year-selling-bitcoin-mining-rigs-analysts-estimate/

[2]https://blockonomi.com/mining-problems/

[3]http://fortune.com/2017/02/08/apple-watch-2016-sales/

[4]http://www.businessinsider.com/apple-outsold-the-entire-swiss-watch-industry-in-2017-2018-2

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It’s true. A majority of blockchain only businesses will fail. Here are a few reasons why.

1. The market is saturated with ICO’s claiming they have the secret to a great decentralized model.
2. There is no MVP (minimum viable product) or the opportunity for one.
3. The blockchain business requires an immediate following to attain operation.
4. Too many blockchain projects, not enough blockchain developers and cryptographers.
5. Great marketing, not so great product development.

“news.Bitcoin.com can report that 46% of them are effectively dead already — despite raising over $104 million.”

That’s half of the competition in 2 years or less. It will be interesting to see those numbers in 5 years, because they will be much higher.

This is not to say great projects don’t exists, among the pile of bad apples you can find some truly amazing companies with fantastic work on blockchain development.

Remember that blockchain is not a product or service. It is merely a facilitator of that product or service. It is the backbone for services to enter a decentralized setting.

This is a trap I did not want NewCurr to fall into, so we decided to take a different approach to our offering.

We decided to build a blockchain (the foundation), coupled with new apps (the products and services).

At first glance, a long whitepaper can be confusing, cumbersome and ultimately time consuming.

While we put as much work into our own whitepaper as possible, we understand not everyone has the time to read it, and at times a whitepaper will talk about concepts that don’t clearly get the point across.

We’re a company that has a more complicated offering at launch than most of our competitors, but our reasoning for doing this is quite important.

So, I will explain how our assets, blockchain, and new apps work together.

My hope is this article will do that.

Proprietary Assets

We have spent several years developing patents that could give us an innovative edge on blockchain services.

One of which is called “The Social Finance Network” this is the worlds first blockchain patent designed with social networking features that are geared toward financial well-being. We will release more information about this asset overtime.

We have several apps being developed with this patent, including a partnership with DebtMet, a business dedicated to alleviating student debt.

Our other patent being develop, dubbed the SIN Protocol, is a patent being completed with the aim of working on an innovative cryptocurrency conversion system. Information at this point is confidential, but following the patent process we will discuss more about this asset.

The Pallas-Athena Blockchain

NewCurr’s native blockchain which is being built, called the Pallas-Athena Blockchain, is design as a decentralized and accessible information system.

The goal has been to create a base layer structure that will allow other apps not created by us to adopt our system, therein growing our community and the amount of information being processed by the blockchain.

We also wanted to insure that those monitoring the information being processed, such as miners, would be rewarded for not only assisting our native apps, but any apps that join our community.

This blockchain is complex, to get a complete understanding please check out the full whitepaper.

More Apps, More Information

The premise is simple.

The more apps that join our network, the more accesibility to information.

This strengthens our open decentralized search engine.

Why do we need a Cryptocurrency then?

Our native cryptocurrency, the Pallas Coin, acts as a unit of accessibility.

Think of it like a membership card.

When you own Pallas Coin, you have a membership to the apps that have partnered with us and their more advanced features.

This also gives you advanced access to our native applications.

All apps can be accessible to the open public, without our cryptocurrency, but we want to motivate more value for the advanced membership features.

This is how we use the concept of a utility token.

Why Native Apps?

If I believe this blockchain can work as a true decentralized information sphere using various outside apps, then we need to prove it. The best way to prove this point is to create in-house apps that will not only show the blockchain as operational, but those apps have features that benefit the community in a multitude of other ways.

Who Benefits?

For Businesses- Apps are enhanced by our blockchain over time based on the wealth of information that is transparent and collected into a open search engine. These enhancements come from knowledge that can increase the productivity of an app. They will also have access to an immediate community that is being rewarded for communicating information across the system. This works like a marketplace for data.

For people- Having access to vast amounts of open data and a marketplace of cool new decentralized apps provides a wealth of opportunity for everyone. The information is vetted and consent based, which is more people oriented than typical centralized data networks.

Media And Satellite Capabilities

One of our first native apps, MediaCurr, is a media portal that integrates entertainment organization, networks ETC with Blockchain capabilities. We also have partnership access to a satellite platform for coverage and audience.

There is currently no other offering like ours on the market for decentralized media and news!

This app will launch with the first form of content being a 24 hour TV News Network. This station will present some of the most engaging stories, videos, talks, reviews on all things crypto and blockchain. That is just the beginning, with this news network branching into E Sports and a plethora of other genres to bring about the awareness of some really cool new entertainment.

Not only will this station have satellite capabilities reaching 275 million households, but it will be the only major news network that integrates blockchain into its core foundation.

If you want to know more about this project please read the full whitepaper. We will be doing some press about this offering quite soon and we’re excited to show it off.

First Product With MediaCurr: CBNN

The Social Finance Network And DebtMet

This app is a social network with upgraded finance tools that are revolutionary in the world of social media . All of this being developed with decentralized technologies.

We were keen on creating tools that are not only provided by us, but services that can be created by the community and other businesses.

If we’re going to allow community members and businesses the ability to financially help one another, we need to build a distributed reputation network. The best way to build a good reputation, and provide a service to the community, is to have a collection of transparent and trusted data on multiple clients and services created by the ecosystem. Thus the Pallas-Athena Blockchain.

Protecting The Investors And Community

Ensuring our community and investors can join our network with as much financial safety as possible was and is a top priority.

We believe that we do this by creating in-house apps that are self sufficient, and grounded in the needs of people. We wanted the apps to operate even in the circumstance of no blockchain technology. Our apps such as media and financial are core businesses that people connect with daily.

NewCurr is about innovating things that people want to use. We do not work with applications or blockchain technologies that are novelty. The need for innovative businesses is equal to decentralized foundations.

In The Event Of No Blockchain

While we believe we’re creating a one of a kind blockchain information system, everyday there is a new bright mind entering the scene that is already working on the next best blockchain tech.

99% of the companies only offering a blockchain are competing in a rat race that they just can’t win!

New decentralized apps are our core business, and the Pallas-Athena blockchain is a way for us to present that innovation and adhere to our moral mission of transparent data.

[1] https://news.bitcoin.com/46-last-years-icos-failed-already/

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This piece will focus on how NewCurr is working to create a blockchain with our patent developing Proof of Information protocol. Our intent with this design is to create a network where block generation is more compatible with future search systems.
The internet was founded on structures that make the reading and understanding of data assets comprehensive and interactive for every User on a network. The ability to transform complex decentralized information into legible display is one of our top missions. Here is a brief intro on our work…
As a block is being created on the Proof of Information protocol, it will have a tag in the smart contract and Olympus Contract library (both referred in the whitepaper). The tag will allow the user to search for any block under the set parameters dictated by the type of tag. This will make the blockchain searchable for any known tags that are desired, while also ensuring the organization of the chain as a whole. As time goes on this will be applied on the macro level by putting broader labels onto the tags, thereby allowing for people to see the health of industries or any number of relative macro data points. These tags are broken down into the following.
Gene: A Gene is a single block instance and it is a part of our Macro level chain.
Chroma: A Chroma is a group of blocks that share a tag. They are subcategories of the Macro level chain.
Helix: A Helix is a collection of Chroma, where the tag shares a label. A label is a metadata of the tags.

Simplified representation of Macro Vs. Micro chain
For example, Microsoft and Apple are both tags, but they would share the same technology industry label. The helix is a larger subcategory of the Macro level chain, which can be used to show the viability of markets.
These parameters will allow for a completely organized chain with an introduction to a real-time search query system. This is a rudimentary diagram of how our software will assemble chromas and helixes from the Macrochain. All chromas and helixes will be individually searchable and comprised of their own Minichain. Minichains will develop after this process and they enrich search fields over the time that the Macrochain develops.
We will be implementing 2 variations of “Stamps” that will further introduce valuable concepts to this design.
“IIP Signature” (Information Intellectual Property Signature): addresses the tier level system that is created and implemented for the Pallas-Athena blockchain. By creating signatures for divisible information structures layered into a full block, the community can build upon immutable transactions, further validating that already existing block. This creates further trust and security in the community.
“OP Signature” (Olympus Contract Signature): addresses the Olympus Contract Library where members of our community can earn Pallas Coins for providing new variations of crypto transaction contracts. These variations include aspects of contracts relating to any NewCurr Limited Company affiliated entity or user generated content.
With Proof of Information, a user within the network can provide evidence for possession of data, as well as what that data contains. This provides noteworthy evidence for where that source of data originated and whether that data was properly created during that origination. This also has significance across multiple versions of rights; including patents, artistic ownership, Dapps ownership, or any claim that exists in a document that is circulated across the Pallas-Athena blockchain.
Any modification to a finalized document or asset on this blockchain is subject to an alert system, re-evaluation and verification process that is more restricted than the first submission. This ensures proper action and community well-being. On our Pallas-Athena blockchain, if the information asset has not been touched or modified, it will produce the same signature that is distributed across the larger Pallas-Athena system, then process it for addition to our search engine. More information on this process will be released and consistently updated.
For any questions or discussion on what we’re creating, please join our Telegram at t.me/NewCurr
For up to date news on our developments, follow us on Twitter at NewCurr
The NewCurr Team
BlockchainBusinessTechCryptocurrencyNews

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