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.

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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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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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Will BLOCKCHAINS GET BLOCKED IN EUROPE? GDPR and its potential affects On Decentralized Networks

In 2016, before the exponential bitcoin climb, the EU was working on GDPR the (General Data Protection Regulation). This regulation will be in effect for all EU member states on May 25, 2018.

While GDPR is a step in the right direction for Individual privacy and data rights, it is important for those building blockchain technology to understand what this regulation entails and how it may affect the overall protocol, data architecture and exactly how blocks may be constructed to fit those legal agreements. Before we delve into how it could affect those networks, let’s first look at some of the general rules that are written in GDPR. Please be aware that if you wish to discover all of the details and proper citations, as well as any documents pertaining to GDPR, visit an EU affiliated website or provider. We are in no way affiliated with or endorsing any legal documentation from any nation state. This is strictly an informational piece and meant to invoke ideas.

The general premise of GDPR is to protect its EU citizens from corporations or other entities that may withhold or improperly use data from individual citizens of those particular member states. The EU takes this VERY SERIOUSLY, so those that do not comply to their regulations will face a multitude of fines, as mentioned by GDPR. The EU believes this document will protect their citizens and their rights to their own personal data. The most interesting fact about GDPR comes from the fact it is being instituted by every member state, so the regulation are in fact uniform. The core principles of GDPR are as follows…

• Select companies may need to appoint staff specifically for data protection and its oversight for GDPR compliance.
• If a data breach does occur, there must be a notification system to its users or members.
• If a data transfer is active, it must be handled safely and according to GDPR compliance.
• When data is actively processed into a system, a User must be notified that there specific data is being absorbed.
• If data is collected and then notified, the data collection must remain anonymous for individual rights.

This is a simplification of GDPR core principles and for more information please read the actual document.

It is important to understand that this regulation not only applies to all member states in the EU, but to any entity that is marketing or selling a product or service to those states. This is a significant point for those building blockchain technology, because open blockchains typically need nodes from citizens of nation states across the globe.

The GDPR of the EU should not be viewed as a document that goes against decentralized networks. In fact much of the document shares many of the core ideological views of blockchain networks. However, those that have created blockchain networks before this mandate, may face multiple issues after the document is enacted.

The problem for current active and popular blockchain technology happens to be in its current model for immutability. Immutability is a core feature of the blockchain, and must remain a core function, but it relies on blocks building off one another like an elongated tower. If either a citizen or entity in the EU (or their member states) informs a blockchain organization that they don’t want their data on a particular network, it will be difficult to remove that data from a blockchain, It will also be difficut to remove or delete data from the past log of blocks. This is because it erases immutability based specifically on current blockchain models. If this problem occurs, a blockchain could potentially implode on itself! As of now the only solutions is that current blockchains must also comply with GDPR. This may be a difficult task.

There is no reason to be dismayed yet, because many blockchains can perform forks and network updates which can discover new immutability models that do adhere to Nation State laws.

At NewCurr, we look at immutability as a trust vs. accuracy situation. While many current blockchains hold trust in its immutability structure, that does not necessarily mean the information created block by block is accurate…and they can’t fix this problem in a tower architecture without starting from scratch with a fork.

In our structure, we are working on the ability to update or remove blocks from the network using our proof of information protocol. We take individual data rights with the upmost importance, so users should be able to decide how they wish to go about their privacy. This is why we believe the structure should work more like a historical timeline. Which is something we’re heavily working on at NewCurr.

We welcome your thoughts and ideas about blockchain structures. We collectively work well as a positive think tank.

The NewCurr Team

Follow us on Twitter at NewCurr

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