Opinion: Why we don’t need to meet in the middle but we can’t allow political polarization to fester unchecked – Times Record News

Author's Opinion:Our country is stricken with a plague ofpolarizationthatsso dangerous its deadly. Here's how to build bridges.

What we need is a revolution.

Youve heard it before from the right, from the left and everything in between. And who am I to say theyre wrong?

In fact, theyre right. Our country is stricken with a plague ofpolarizationthatsso dangerous its deadly.

Now is not the time to go soft, failing to address what truly ails us just for the sake of afalse semblance of civility.

No, that wont get us anywhere. But what I found inwriting a new book aboutAmericans who are spanning gaps between people of differenceis that these bridge builders are pursuing their own unique form of revolution something that looks a lot different than what we're used to.

Nathan Bomey's book, "Bridge Builders: Bringing People Together in a Polarized Age," available in May 21, 2021.(Photo: Polity)

Their revolution is predicated on forming relationships between people who aren't like each other under the premise that we won't overcome our deepest divides until we can see the world through each other's eyes.

Bridge builderssee solutions where the rest of us see problems.And they see nuance where the rest of us see caricature.

Bridge builders are a rare species.And we have a lot to learn from them. But in writing this book, I spent nearly as much time deconstructing myths about the metaphorical process of bridge building than I did on elucidating the lessons bridge builders can teach us.

Here are five misconceptions about the act of bridge building and the role it can play in tearing down the walls that divide us.

The reality is quite the opposite. Bridge building is countercultural. Our cultural instinct is to cling to people who are like us. Its human nature to gravitate toward tribalism.

But its revolutionary to form relationships with people who arent like you. Its revolutionary to engage in deep, meaningful conversation with people who think differently, pray differently or look differently and, on that last point, Im speaking primarily about white people, like me, who often dont get to know people of color.

Valarie Kaur, author of the dynamic book See No Stranger and founder of theRevolutionary Love Project, put it this way: You are a part of me I do not yet know.

Its revolutionary to consider the possibility that your destiny is intertwined with mine or, as the Rev. Dr. Martin Luther KingJr.famously put it, We are caught in an inescapable network of mutuality,tied in a single garment of destiny.

Like it or not, we need each other to achieve progress.

The pursuit of unity is admirable, but achieving it is not necessary to begin bridging our divides.

We will always have conflict, and thats OK. In fact, its necessary.

What we need isto reestablish a degree of social trust in the midst of conflict.That involves demonstrating basic respect for each other as humans.It often means listening first and speaking second.

David Blankenhorn co-founder of the nonprofitBraver Angels, which is teaching Americans of difference how to communicate told me that the goal of his group isnt to get people to agree on policy.

Were not trying to do away with conflict, Blankenhorn said. Most progress would not have occurred without conflict. The only way you get rid of conflict is to get rid of freedom. Free people disagree, often passionately, and thats normal and healthy. The question is, how do you deal with it?

Think of it like this: Friction generates fire. Fire can create, or it can destroy. The goalof bridge buildingis to make sure its a refiners fire, gradually burning away the imperfections of hate, distrust, callousness and distance.

I like the way author Amanda Ripley put it in her new book, High Conflict: We need some heat to survive.

Perhaps youve heard the catchy pop song The Middle.

Oh baby, why don't you just meet me in the middle?! it goes.

Well, with apologies to Zedd, Maren Morris & Grey, I can report that bridge builders dont always meet in the middle.

As it turns out, even real-life bridge builders often dont build their structures from both sides of the divide to meet at a halfway point. In fact, they often use a process called incremental launching, wherein the bridge deck is preassembled offsite and then effectively pushed from one side to the other.

What does that mean for metaphorical bridge building? It means that sometimes one side is right, and the other side is wrong.

Sometimes perhaps most of the time there is no moral equivalence on the issues that divide us. Yet that doesnt mean we should stop trying to build bridges.

Clearly there are exceptions. There is no excuse for hate, and we cannot and must not tolerate it.

But many of our deepest divides fall in the gray middle ground of perspective.Which leads me to my next point.

Former Rep. Bob Inglis talks about climate change with James Eskridge, the Republican mayor of Tangier Island, Virginia, in August 2017.(Photo: Price Atkinson)

There is room for selfishness in the process of bridge building. That is, the ultimate goal is to achieve some form of policy change in many cases. Perhaps you want to achieve progress on climate change, for example.

OK. Well, building bridges with people on the other side of that issue doesnt require you to compromise your identity or your principles.

What it requires, however, is for you to consider the perspective of people on the other side of the fence and to help them see how your proposed solution fits within their values. Sure, maybe in the long run, they might change their personal identity and come over to your side. But the better bet is that they wont change who they are for the sole purpose of yielding to your point of view.

Bob Inglis, a former South Carolina Republican congressman who is now pursuing action on climate change through his nonprofitrepublicEn, is reaching his fellow conservative Christians by speaking their language of accountability and casting biblical principles in a new light. Hes showing how conservatives dont have to change the fiber of their being to embrace the need to do something meaningful about greenhouse gas emissions.

What we need to do is tell people under the tents in my tribe (that)its completely consistent with your values, he said.

Sometimes, the gaps between us seem impossibly wide. It seems like nothing will ever change.

And Americans are worried about it.In a Public Agenda/USA TODAY poll published in April as part of our Hidden Common Ground series, 44% of Americans said the countrys ability to deal with major disagreements over the next decade will get even worse than it already is.

Yet despite our disagreements, as deep as they are, there is plenty of reason to believe that people can and will change. History proves it.

In 2004, only 31% of Americans supported same-sex marriage,according to the Pew Research Center. By 2019, it was 61%.

Let that sink in. Over the course of a decade and a half, the nation's attitude on a contentious social issue changed drastically.

But I thought we were impossibly divided?

Here's the bottom line: People arent static. Even in a culture racked by toxic polarization, Americans are capable of considering the possibility that they could be wrong. They are capable of change.

For my book, I had the privilege of interviewing the Rev. Alvin Edwards, pastor ofMt. Zion First African Baptist Churchin Charlottesville, Virginia. Edwards founded theCharlottesville Clergy Collective, an interfaith group of ministerspursuing racial and religious reconciliation in that community in the wake of thedeadly clash there fueled bywhite nationalism and white supremacy in August 2017.

In spite of everything his community has endured and in spite of all the hate that Black Americans like Edwards have faced he still retains his conviction that others are capable of a turnaround.

No matter what theyve done, what their history, what their past is, I believe they can change, he told me. I have to believe that because, see, the belief that people cannot change means I cannot change.

Nathan Bomeyis a reporter for USA TODAY and the author of anew book, Bridge Builders: Bringing People Together in a Polarized Age, published byPolityand available in hardcover and e-book. You can follow him on Twitter: @NathanBomey

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Opinion: Why we don't need to meet in the middle but we can't allow political polarization to fester unchecked - Times Record News

Blockchain – Wikipedia

Distributed data store for digital transactions

A blockchain is a growing list of records, called blocks, that are linked together using cryptography.[1][2][3][4] Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree). The timestamp proves that the transaction data existed when the block was published in order to get into its hash. As blocks each contain information about the block previous to it, they form a chain, with each additional block reinforcing the ones before it. Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.

Blockchains are typically managed by a peer-to-peer network for use as a publicly distributed ledger, where nodes collectively adhere to a protocol to communicate and validate new blocks. Although blockchain records are not unalterable as forks are possible, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance.[5]

The blockchain was invented by a person (or group of people) using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin.[3] The identity of Satoshi Nakamoto remains unknown to date. The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The bitcoin design has inspired other applications[3][2] and blockchains that are readable by the public and are widely used by cryptocurrencies. The blockchain is considered a type of payment rail.[6] Private blockchains have been proposed for business use but Computerworld called the marketing of such privatized blockchains without a proper security model "snake oil".[7] However, others have argued that permissioned blockchains, if carefully designed, may be more decentralized and therefore more secure in practice than permissionless ones.[4][8]

Cryptographer David Chaum first proposed a blockchain-like protocol in his 1982 dissertation "Computer Systems Established, Maintained, and Trusted by Mutually Suspicious Groups."[9] Further work on a cryptographically secured chain of blocks was described in 1991 by Stuart Haber and W. Scott Stornetta.[4][10] They wanted to implement a system wherein document timestamps could not be tampered with. In 1992, Haber, Stornetta, and Dave Bayer incorporated Merkle trees to the design, which improved its efficiency by allowing several document certificates to be collected into one block.[4][11]

The first blockchain was conceptualized by a person (or group of people) known as Satoshi Nakamoto in 2008. Nakamoto improved the design in an important way using a Hashcash-like method to timestamp blocks without requiring them to be signed by a trusted party and introducing a difficulty parameter to stabilize rate with which blocks are added to the chain.[4] The design was implemented the following year by Nakamoto as a core component of the cryptocurrency bitcoin, where it serves as the public ledger for all transactions on the network.[3]

In August 2014, the bitcoin blockchain file size, containing records of all transactions that have occurred on the network, reached 20GB (gigabytes).[12] In January 2015, the size had grown to almost 30GB, and from January 2016 to January 2017, the bitcoin blockchain grew from 50GB to 100GB in size. The ledger size had exceeded 200 GiB by early 2020.[13]

The words block and chain were used separately in Satoshi Nakamoto's original paper, but were eventually popularized as a single word, blockchain, by 2016.

According to Accenture, an application of the diffusion of innovations theory suggests that blockchains attained a 13.5% adoption rate within financial services in 2016, therefore reaching the early adopters phase.[14] Industry trade groups joined to create the Global Blockchain Forum in 2016, an initiative of the Chamber of Digital Commerce.

In May 2018, Gartner found that only 1% of CIOs indicated any kind of blockchain adoption within their organisations, and only 8% of CIOs were in the short-term "planning or [looking at] active experimentation with blockchain".[15] For the year 2019 Gartner reported 5% of CIOs believed blockchain technology was a 'game-changer' for their business.[16]

A blockchain is a decentralized, distributed, and oftentimes public, digital ledger consisting of records called blocks that is used to record transactions across many computers so that any involved block cannot be altered retroactively, without the alteration of all subsequent blocks.[3][17] This allows the participants to verify and audit transactions independently and relatively inexpensively.[18] A blockchain database is managed autonomously using a peer-to-peer network and a distributed timestamping server. They are authenticated by mass collaboration powered by collective self-interests.[19] Such a design facilitates robust workflow where participants' uncertainty regarding data security is marginal. The use of a blockchain removes the characteristic of infinite reproducibility from a digital asset. It confirms that each unit of value was transferred only once, solving the long-standing problem of double spending. A blockchain has been described as a value-exchange protocol.[20] A blockchain can maintain title rights because, when properly set up to detail the exchange agreement, it provides a record that compels offer and acceptance.

Logically, a blockchain can be seen as consisting of several layers:[21]

Blocks hold batches of valid transactions that are hashed and encoded into a Merkle tree.[3] Each block includes the cryptographic hash of the prior block in the blockchain, linking the two. The linked blocks form a chain.[3] This iterative process confirms the integrity of the previous block, all the way back to the initial block, which is known as the genesis block.[22]

Sometimes separate blocks can be produced concurrently, creating a temporary fork. In addition to a secure hash-based history, any blockchain has a specified algorithm for scoring different versions of the history so that one with a higher score can be selected over others. Blocks not selected for inclusion in the chain are called orphan blocks.[22] Peers supporting the database have different versions of the history from time to time. They keep only the highest-scoring version of the database known to them. Whenever a peer receives a higher-scoring version (usually the old version with a single new block added) they extend or overwrite their own database and retransmit the improvement to their peers. There is never an absolute guarantee that any particular entry will remain in the best version of the history forever. Blockchains are typically built to add the score of new blocks onto old blocks and are given incentives to extend with new blocks rather than overwrite old blocks. Therefore, the probability of an entry becoming superseded decreases exponentially[23] as more blocks are built on top of it, eventually becoming very low.[3][24]:ch. 08[25] For example, bitcoin uses a proof-of-work system, where the chain with the most cumulative proof-of-work is considered the valid one by the network. There are a number of methods that can be used to demonstrate a sufficient level of computation. Within a blockchain the computation is carried out redundantly rather than in the traditional segregated and parallel manner.[26]

The block time is the average time it takes for the network to generate one extra block in the blockchain. Some blockchains create a new block as frequently as every five seconds.[27] By the time of block completion, the included data becomes verifiable. In cryptocurrency, this is practically when the transaction takes place, so a shorter block time means faster transactions. The block time for Ethereum is set to between 14 and 15 seconds, while for bitcoin it is on average 10 minutes.[28]

A hard fork is a rule change such that the software validating according to the old rules will see the blocks produced according to the new rules as invalid. In case of a hard fork, all nodes meant to work in accordance with the new rules need to upgrade their software. If one group of nodes continues to use the old software while the other nodes use the new software, a permanent split can occur.

For example, Ethereum has hard-forked to "make whole" the investors in The DAO, which had been hacked by exploiting a vulnerability in its code. In this case, the fork resulted in a split creating Ethereum and Ethereum Classic chains. In 2014 the Nxt community was asked to consider a hard fork that would have led to a rollback of the blockchain records to mitigate the effects of a theft of 50 million NXT from a major cryptocurrency exchange. The hard fork proposal was rejected, and some of the funds were recovered after negotiations and ransom payment. Alternatively, to prevent a permanent split, a majority of nodes using the new software may return to the old rules, as was the case of bitcoin split on 12 March 2013.[29]

By storing data across its peer-to-peer network, the blockchain eliminates a number of risks that come with data being held centrally.[3] The decentralized blockchain may use ad hoc message passing and distributed networking. One risk of a lack of a decentralization is a so-called "51% attack" where a central entity can gain control of more than half of a network and can manipulate that specific blockchain record at-will, allowing double-spending.[32]

Peer-to-peer blockchain networks lack centralized points of vulnerability that computer crackers can exploit; likewise, it has no central point of failure. Blockchain security methods include the use of public-key cryptography.[33]:5 A public key (a long, random-looking string of numbers) is an address on the blockchain. Value tokens sent across the network are recorded as belonging to that address. A private key is like a password that gives its owner access to their digital assets or the means to otherwise interact with the various capabilities that blockchains now support. Data stored on the blockchain is generally considered incorruptible.[3]

Every node in a decentralized system has a copy of the blockchain. Data quality is maintained by massive database replication[34] and computational trust. No centralized "official" copy exists and no user is "trusted" more than any other.[33] Transactions are broadcast to the network using software. Messages are delivered on a best-effort basis. Mining nodes validate transactions,[22] add them to the block they are building, and then broadcast the completed block to other nodes.[24]:ch. 08 Blockchains use various time-stamping schemes, such as proof-of-work, to serialize changes.[35] Alternative consensus methods include proof-of-stake.[22] Growth of a decentralized blockchain is accompanied by the risk of centralization because the computer resources required to process larger amounts of data become more expensive.[36]

Open blockchains are more user-friendly than some traditional ownership records, which, while open to the public, still require physical access to view. Because all early blockchains were permissionless, controversy has arisen over the blockchain definition. An issue in this ongoing debate is whether a private system with verifiers tasked and authorized (permissioned) by a central authority should be considered a blockchain.[37][38][39][40][41] Proponents of permissioned or private chains argue that the term "blockchain" may be applied to any data structure that batches data into time-stamped blocks. These blockchains serve as a distributed version of multiversion concurrency control (MVCC) in databases.[42] Just as MVCC prevents two transactions from concurrently modifying a single object in a database, blockchains prevent two transactions from spending the same single output in a blockchain.[43]:3031 Opponents say that permissioned systems resemble traditional corporate databases, not supporting decentralized data verification, and that such systems are not hardened against operator tampering and revision.[37][39] Nikolai Hampton of Computerworld said that "many in-house blockchain solutions will be nothing more than cumbersome databases," and "without a clear security model, proprietary blockchains should be eyed with suspicion."[7][44]

An advantage to an open, permissionless, or public, blockchain network is that guarding against bad actors is not required and no access control is needed.[23] This means that applications can be added to the network without the approval or trust of others, using the blockchain as a transport layer.[23]

Bitcoin and other cryptocurrencies currently secure their blockchain by requiring new entries to include a proof of work. To prolong the blockchain, bitcoin uses Hashcash puzzles. While Hashcash was designed in 1997 by Adam Back, the original idea was first proposed by Cynthia Dwork and Moni Naor and Eli Ponyatovski in their 1992 paper "Pricing via Processing or Combatting Junk Mail".

In 2016, venture capital investment for blockchain-related projects was weakening in the USA but increasing in China.[45] Bitcoin and many other cryptocurrencies use open (public) blockchains. As of April2018[update], bitcoin has the highest market capitalization.

Permissioned blockchains use an access control layer to govern who has access to the network.[46] In contrast to public blockchain networks, validators on private blockchain networks are vetted by the network owner. They do not rely on anonymous nodes to validate transactions nor do they benefit from the network effect.[citation needed] Permissioned blockchains can also go by the name of 'consortium' blockchains.[citation needed] It has been argued that permissioned blockchains can guarantee a certain level of decentralization, if carefully designed, as opposed to permissionless blockchains, which are often centralized in practice.[8]

Nikolai Hampton pointed out in Computerworld that "There is also no need for a '51 percent' attack on a private blockchain, as the private blockchain (most likely) already controls 100 percent of all block creation resources. If you could attack or damage the blockchain creation tools on a private corporate server, you could effectively control 100 percent of their network and alter transactions however you wished."[7] This has a set of particularly profound adverse implications during a financial crisis or debt crisis like the financial crisis of 200708, where politically powerful actors may make decisions that favor some groups at the expense of others,[47][48] and "the bitcoin blockchain is protected by the massive group mining effort. It's unlikely that any private blockchain will try to protect records using gigawatts of computing power it's time consuming and expensive."[7] He also said, "Within a private blockchain there is also no 'race'; there's no incentive to use more power or discover blocks faster than competitors. This means that many in-house blockchain solutions will be nothing more than cumbersome databases."[7]

The analysis of public blockchains has become increasingly important with the popularity of bitcoin, Ethereum, litecoin and other cryptocurrencies.[49] A blockchain, if it is public, provides anyone who wants access to observe and analyse the chain data, given one has the know-how. The process of understanding and accessing the flow of crypto has been an issue for many cryptocurrencies, crypto-exchanges and banks.[50][51] The reason for this is accusations of blockchain enabled cryptocurrencies enabling illicit dark market trade of drugs, weapons, money laundering etc.[52] A common belief has been that cryptocurrency is private and untraceable, thus leading many actors to use it for illegal purposes. This is changing and now specialised tech-companies provide blockchain tracking services, making crypto exchanges, law-enforcement and banks more aware of what is happening with crypto funds and fiat crypto exchanges. The development, some argue, has led criminals to prioritise use of new cryptos such as Monero.[53][54][55] The question is about public accessibility of blockchain data and the personal privacy of the very same data. It is a key debate in cryptocurrency and ultimately in blockchain.[56]

Blockchain technology can be integrated into multiple areas. The primary use of blockchains today is as a distributed ledger for cryptocurrencies, most notably bitcoin. Starting from mid-2016, Blockchains have found close operational relevance to the field of Logistics and e-votings.

There are a few operational products maturing from proof of concept by late 2016.[45] Businesses have been thus far reluctant to place blockchain at the core of the business structure.[57] Although businesses have been reluctant to fully implement blockchain, many have begun testing the technology and are conducting low-level implementation to gauge its effects on organizational efficiency.

In 2019, it was estimated that around $2.9 billion were invested in blockchain technology, which represents an 89% increase from the year prior. Additionally, the International Data Corp has estimated that corporate investment into blockchain technology will reach $12.4 billion by 2022.[58] Furthermore, According to PricewaterhouseCoopers (PwC), the second-largest professional services network in the world, blockchain technology has the potential to generate an annual business value of more than $3 trillion by 2030. PwC's estimate is further augmented by a 2018 study that they have conducted, in which PwC surveyed 600 business executives and determined that 84% have at least some exposure to utilizing blockchain technology, which indicts a significant demand and interest in blockchain technology.[59]

Individual use of blockchain technology has also greatly increased since 2016. According to statistics in 2020, there were more than 40 million blockchain wallets in 2020 in comparison to around 10 million blockchain wallets in 2016.[60]

Most cryptocurrencies use blockchain technology to record transactions. For example, the bitcoin network and Ethereum network are both based on blockchain. On 8 May 2018 Facebook confirmed that it would open a new blockchain group[61] which would be headed by David Marcus, who previously was in charge of Messenger. Facebook's planned cryptocurrency platform, Libra (now known as Diem), was formally announced on June 18, 2019.[62][63]

The criminal enterprise Silk Road, which operated on Tor, utilized cryptocurrency for payments, some of which the US federal government has seized through research on the blockchain and forfeiture.[64]

Governments have mixed policies on the legality of their citizens or banksowning cryptocurrencies. China implements blockchain technology in several industries including a national digital currency which launched in 2020.[65][66] In order to strengthen their respective currencies, Western governments including the European Union and the United States have initiated similar projects.[67]

Blockchain-based smart contracts are proposed contracts that can be partially or fully executed or enforced without human interaction.[68] One of the main objectives of a smart contract is automated escrow. A key feature of smart contracts is that they do not need a trusted third party (such as a trustee) to act as an intermediary between contracting entities -the blockchain network executes the contract on its own. This may reduce friction between entities when transferring value and could subsequently open the door to a higher level of transaction automation.[69] An IMF staff discussion reported that smart contracts based on blockchain technology might reduce moral hazards and optimize the use of contracts in general. But "no viable smart contract systems have yet emerged." Due to the lack of widespread use their legal status is unclear.[70][71]

According to Reason, many banks have expressed interest in implementing distributed ledgers for use in banking and are cooperating with companies creating private blockchains,[72][73][74] and according to a September 2016 IBM study, this is occurring faster than expected.[75]

Banks are interested in this technology because it has potential to speed up back office settlement systems.[76]

Banks such as UBS are opening new research labs dedicated to blockchain technology in order to explore how blockchain can be used in financial services to increase efficiency and reduce costs.[77][78]

Berenberg, a German bank, believes that blockchain is an "overhyped technology" that has had a large number of "proofs of concept", but still has major challenges, and very few success stories.[79]

In December 2018, Bitwala launched Europe's first regulated blockchain banking solution that enables users to manage both their bitcoin and euro deposits in one place with the safety and convenience of a German bank account. The bank account is hosted by the Berlin-based solarisBank.[80]

Mojaloop is designed to deliver financial support to people living in areas underserved by banks. It of use to migrants sending remittances[81]

Tokenization of stocks is also occurring[82] and some cryptocurrency exchanges are already offering so-called "stock tokens".[83]

The blockchain has also given rise to Initial coin offerings (ICOs) as well as a new category of digital asset called Security Token Offerings (STOs), also sometimes referred to as Digital Security Offerings (DSOs).[84] STO/DSOs may be conducted privately or on a public, regulated stock exchange and are used to tokenize traditional assets such as company shares as well as more innovative ones like intellectual property, real estate, art, or individual products. A number of companies are active in this space providing services for compliant tokenization, private STOs, and public STOs.

A blockchain game CryptoKitties, launched in November 2017.[85] The game made headlines in December 2017 when a cryptokitty character - an in-game virtual pet - was sold for more than US$100,000.[86] CryptoKitties illustrated scalability problems for games on Ethereum when it created significant congestion on the Ethereum network with about 30% of all Ethereum transactions being for the game.[87]

CryptoKitties also demonstrated how blockchains can be used to catalog game assets (digital assets).[88]

Blockchain is also being used in peer-to-peer energy trading.[89][90][91]

There have been several different efforts to employ blockchains in supply chain management.

Blockchain could be used in detecting counterfeits by associating unique identifiers to products, documents and shipments, and storing records associated to transactions that cannot be forged or altered.[98][99] It is however argued that blockchain technology needs to be supplemented with technologies that provide a strong binding between physical objects and blockchain systems.[100] The EUIPO established an Anti-Counterfeiting Blockathon Forum, with the objective of "defining, piloting and implementing" an anti-counterfeiting infrastructure at the European level.[101][102] The Dutch Standardisation organisation NEN uses blockchain together with QR Codes to authenticate certificates.[103]

In response to the 2020 COVID-19 pandemic, The Wall Street Journal reported that Ernst & Young was working on a blockchain to help employers, governments, airlines and others keep track of people who have had antibody tests and could be immune to the virus. Hospitals and vendors also utilized a blockchain for needed medical equipment. Additionally, blockchain technology was being used in China to speed up the time it takes for health insurance payments to be paid to health-care providers and patients.[104]

There are several different efforts to offer domain name services via blockchain. These domain names can be controlled by the use of a private key, which purport to allow for uncensorable websites. This would also bypass a registrar's ability to suppress domains used for fraud, abuse, or illegal content.[105]

Namecoin is a cryptocurrency that supports the ".bit" top-level domain (TLD). Namecoin was forked from bitcoin in 2011. The .bit TLD is not sanctioned by ICANN, instead requiring an alternative DNS root.[105] As of 2015, it was used by 28 websites, out of 120,000 registered names.[106] Namecoin was dropped by OpenNIC in 2019, due to malware and potential other legal issues.[107] Other blockchain alternatives to ICANN include The Handshake Network,[106] EmerDNS, and Unstoppable Domains.[105]

Specific TLDs include ".eth", ".luxe", and ".kred", which are associated with the Ethereum blockchain through the Ethereum Name Service (ENS). The .kred TLD also acts an alternative to conventional cryptocurrency wallet addresses, as a convenience for transferring cryptocurrency.[108]

Blockchain technology can be used to create a permanent, public, transparent ledger system for compiling data on sales, tracking digital use and payments to content creators, such as wireless users[109] or musicians.[110] The Gartner 2019 CIO Survey reported 2% of higher education respondents had launched blockchain projects and another 18% were planning academic projects in the next 24 months.[111] In 2017, IBM partnered with ASCAP and PRS for Music to adopt blockchain technology in music distribution.[112] Imogen Heap's Mycelia service has also been proposed as blockchain-based alternative "that gives artists more control over how their songs and associated data circulate among fans and other musicians."[113][114]

New distribution methods are available for the insurance industry such as peer-to-peer insurance, parametric insurance and microinsurance following the adoption of blockchain.[115][116] The sharing economy and IoT are also set to benefit from blockchains because they involve many collaborating peers.[117] Online voting is another application of the blockchain.[118][119] The use of blockchain in libraries is being studied with a grant from the U.S. Institute of Museum and Library Services.[120]

Other designs include:

Currently, there are at least four types of blockchain networks public blockchains, private blockchains, consortium blockchains and hybrid blockchains.

A public blockchain has absolutely no access restrictions. Anyone with an Internet connection can send transactions to it as well as become a validator (i.e., participate in the execution of a consensus protocol).[124][self-published source?] Usually, such networks offer economic incentives for those who secure them and utilize some type of a Proof of Stake or Proof of Work algorithm.

Some of the largest, most known public blockchains are the bitcoin blockchain and the Ethereum blockchain.

A private blockchain is permissioned.[46] One cannot join it unless invited by the network administrators. Participant and validator access is restricted. To distinguish between open blockchains and other peer-to-peer decentralized database applications that are not open ad-hoc compute clusters, the terminology Distributed Ledger (DLT) is normally used for private blockchains.

A hybrid blockchain has a combination of centralized and decentralized features.[125] The exact workings of the chain can vary based on which portions of centralization decentralization are used.

A sidechain is a designation for a blockchain ledger that runs in parallel to a primary blockchain.[126][127] Entries from the primary blockchain (where said entries typically represent digital assets) can be linked to and from the sidechain; this allows the sidechain to otherwise operate independently of the primary blockchain (e.g., by using an alternate means of record keeping, alternate consensus algorithm, etc.).[128]

With the increasing number of blockchain systems appearing, even only those that support cryptocurrencies, blockchain interoperability is becoming a topic of major importance. The objective is to support transferring assets from one blockchain system to another blockchain system. Wegner[129] stated that "interoperability is the ability of two or more software components to cooperate despite differences in language, interface, and execution platform". The objective of blockchain interoperability is therefore to support such cooperation among blockchain systems, despite those kinds of differences.

There are already several blockchain interoperability solutions available.[130] They can be classified in three categories: cryptocurrency interoperability approaches, blockchain engines, and blockchain connectors.

The IETF has a recent Blockchain-interop working group that already produced the draft of a blockchain interoperability architecture.[131]

Blockchain mining the peer-to-peer computer computations by which transactions are validated and verified requires a significant amount of energy. The Bank for International Settlements criticized the public proof-of-work blockchains for high energy consumption.[132][133][134] In a 2021 study conducted at Cambridge University, researchers determined that Bitcoin (at 121.36 terawatt-hours per year) uses more electricity annually than Argentina (at 121 TWh) and the Netherlands (at 108.8 TWh).[135] According to Digiconomist, one bitcoin transaction requires about 707.6 kilowatt-hours of electrical energy, the amount of energy the average U.S. household consumes in 24 days.[136]

U.S. Treasury Secretary Janet Yellen called Bitcoin "an extremely inefficient way to conduct transactions", saying "the amount of energy consumed in processing those transactions is staggering."[137] "Bitcoin uses more electricity per transaction than any other method known to mankind", Bill Gates said. "It's not a great climate thing."[138]

Nicholas Weaver, of the International Computer Science Institute at the University of California, Berkeley, examined blockchain's online security, and the energy efficiency of proof-of-work public blockchains, and in both cases found it grossly inadequate.[139][140] The 3145 TWh of electricity used for bitcoin in 2018 produced 1722.9 MtCO2.[141][142]

Inside the cryptocurrency industry, concern about high energy consumption has led some companies to consider moving from the proof of work blockchain model to the less energy-intensive proof of stake model.[143]

In October 2014, the MIT Bitcoin Club, with funding from MIT alumni, provided undergraduate students at the Massachusetts Institute of Technology access to $100 of bitcoin. The adoption rates, as studied by Catalini and Tucker (2016), revealed that when people who typically adopt technologies early are given delayed access, they tend to reject the technology.[144]

Motivations for adopting blockchain technology have been investigated by researchers. Janssen et al. provided a framework for analysis.[145] Koens & Poll pointed out that adoption could be heavily driven by non-technical factors.[146] Based on behavioral models, Li[147] discussed the differences between adoption at individual level and at organization level.

Scholars in business and management have started studying the role of blockchains to support collaboration.[148][149] It has been argued that blockchains can foster both cooperation (i.e., prevention of opportunistic behavior) and coordination (i.e., communication and information sharing). Thanks to reliability, transparency, traceability of records, and information immutability, blockchains facilitate collaboration in a way that differs both from the traditional use of contracts and from relational norms.[150] Contrary to contracts, blockchains do not directly rely on the legal system to enforce agreements.[151] In addition, contrary to the use of relational norms, blockchains do not require trust or direct connections between collaborators.

The need for internal audit to provide effective oversight of organizational efficiency will require a change in the way that information is accessed in new formats.[153] Blockchain adoption requires a framework to identify the risk of exposure associated with transactions using blockchain. The Institute of Internal Auditors has identified the need for internal auditors to address this transformational technology. New methods are required to develop audit plans that identify threats and risks. The Internal Audit Foundation study, Blockchain and Internal Audit, assesses these factors.[154] The American Institute of Certified Public Accountants has outlined new roles for auditors as a result of blockchain.[155]

In September 2015, the first peer-reviewed academic journal dedicated to cryptocurrency and blockchain technology research, Ledger, was announced. The inaugural issue was published in December 2016.[156] The journal covers aspects of mathematics, computer science, engineering, law, economics and philosophy that relate to cryptocurrencies such as bitcoin.[157][158]

The journal encourages authors to digitally sign a file hash of submitted papers, which are then timestamped into the bitcoin blockchain. Authors are also asked to include a personal bitcoin address in the first page of their papers for non-repudiation purposes.[159]

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Blockchain - Wikipedia

Blockchain | NIST

Blockchain represents a new paradigm for digital interactions and serves as the underlying technology for most cryptocurrencies.

A blockchain is a collaborative, tamper-resistant ledger that maintains transactional records. The transactional records (data) are grouped into blocks. A block is connectedto the previous one by including a unique identifier that is based on the previous blocks data. As a result, if the data is changed in one block, its unique identifier changes, which can be seen in every subsequent block (providing tamper evidence). This domino effect allows all users within the blockchain to know if a previous blocks data has been tampered with. Since a blockchain network is difficult to alter or destroy, it provides a resilient method of collaborative record keeping.

NIST researchers have been investigating blockchain technologies at multiple levels: from use cases, applications and existing services, to protocols, security guarantees, and cryptographic mechanisms. Research outcomes include scientific papers and the production of software for experimentation as well as providing direction for other NIST endeavors in this space. Blockchain has the potential to be implemented in many different systems, to include manufacturing supply chains, data registries, digital identification, and records management.

Credit: NIST

NISTIR 8202 Blockchain Technology Overview Point of Contact: Dylan YagaSummary: A high-level technical document explaining the technology involved in blockchain systems, as well as how the systems work.

Blockchain for Industrial Applications Community of InterestPoint of Contact:blockchainCOI@nist.govSummary:The BIA COI with members from government, industry, and academia is providingguidelines to create a (better) synergy between end users, research community, and solution providersto reduce complexity, cost, and delay of adoption of blockchain technologies.

Enhanced Distributed Ledger TechnologyPoint of Contact: D. Richard KuhnSummary: The Enhanced Distributed Ledger Technology project examines the traditional blockchain data structure and seeks to create a new data structure (the block matrix) to provide high reliability, and security while also enabling deletion or updating capabilities not currently found in most blockchain systems.

NIST Cybersecurity White Paper - A Taxonomic Approach to Understanding Emerging Blockchain Identity Management SystemsPoints of Contacts:blockchain-idms-paper@nist.govSummary: A high-level technical document breaking down the key components, emerging standards, and system architectures that support blockchain-based identity management systems.

NISTIR 8301 Blockchain Networks: Token Design and Management OverviewPoints of Contacts:blockchain-token-paper@nist.govSummary: An overview of token data models and important building blocks for account, transaction, and infrastructure management in an effort to lower the barriers to study, prototype, and integrate token-related standards and protocols

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Blockchain | NIST

Hook to plate: how blockchain tech could turn the tide for sustainable fishing – The Guardian

In recent weeks, a new $50m (35m) hybrid vessel set sail from Mauritius and headed out into the Southern Ocean where the crew will spend three months longline fishing for the Patagonian toothfish. By the time the fish are brought back, processed and sent to customers, consumers will know where and when that specific fish was caught, which boat landed it, who processed it and which certifications have been met. The technology enabling this is blockchain.

From the day its landed to when it ends up on someones plate, blockchain gives toothfish traceability right from the start, says Steve Paku, captain of the Cape Arkona. People can just scan the barcode and the whole story is right there in front of them.

Blockchain is just one way that fisheries are trying to ensure better traceability from hook to plate but it is garnering a lot of interest. Blockchain cannot be tampered with and the data can be accessed by everyone along the supply chain, from certification schemes to the final consumer. Because it is digital, decentralised and updated in real time, a blockchain tag contains valuable information that a physical label never could. In combination with DNA testing to prove the specific species of fish, blockchain could play a role in reducing fraud in the seafood industry.

This also matters from a conservation perspective. More than a third of fish populations are overfished, according to the UNs Food and Agriculture Organization (FAO). Guaranteeing where and how a fish has been caught can help ensure that the catch has been made in an area with sustainable fish populations. It can also help tackle the problem of bycatch. In degrading marine ecosystems, bycatch is detrimental to biodiversity and puts additional, unnecessary strain on marine wildlife. Young fish get caught up in nets with too small a mesh, turtles and dolphins can get entangled in gillnets, and seabirds, including endangered albatross, get injured by hooks unless deterrents are put in place.

Paku has fished for 35 years, first for crayfish off the New Zealand coast and, since 1997, for toothfish, sometimes amid 15-metre swells and 50-knot winds (90km/h). Two years ago, the company he works for, Austral Fisheries, introduced blockchain technology, which Paku says has just become part of the process. When we catch the fish, we take the head, tail and fins off, then a digital tag gets attached to the trunk of each fish before it gets frozen onboard. Blockchain backs up the traceability of the fish more substantially I think this will become the norm in the future.

Since the Netflix documentary Seaspiracy, there has been growing concern about whether seafood can ever be certified as truly sustainable. But blockchain advocates argue that it has already been used to highlight fishy findings in a few high-value seafood supply chains. In 2016, UK-based traceability platform Provenance piloted blockchain in yellowfin tuna loins and skipjack tuna supply chains, tracing products back to individual fishers in Indonesia. WWF-New Zealand used blockchain in a tuna longline fishery in Fiji in 2018, while the Sustainable Shrimp Partnership in Ecuador links data from farmed shrimp to a blockchain platform run by the IBM Food Trust.

According to David Carter, chief executive of Perths Austral Fisheries, blockchain is an added layer of accountability that enables continuous monitoring rather than spot-check audits. We want to achieve transparency as cheaply and cost-effectively as possible. MSC certification could be much simpler in the future, says Carter. We could just get to a point where we publish our scoring criteria.

Carter works with OpenSC, a software company based in Sydney, to verify, trace and share data that provides assurance to consumers, and regulators, about where each toothfish has been caught. Where a ship is fishing is arguably the most important claim to verify for line-caught seafood. A rogue captain cant change the fishing locations that have been recorded using blockchain. Nobody can, says Markus Mutz, chief executive of OpenSC, which is co-founded by WWF and startup BCG Digital Ventures.

Were not trying to replace a certification scheme, he adds. We believe we can be a great additive to it. OpenSCs mission isnt to pass judgment about whether a product is sustainable or not they provide the database proof of something happening and then it is up to others to judge. Certification can be quite binary but in reality sustainability isnt clearcut. Everything is on a scale.

Blockchain is a digital ledger that provides a secure way of making and recording transactions, agreements and contracts. However, uniquely, rather than being kept in one place like the more traditional ledger book, the database is shared across a network of computers.

This network can encompass just a handful of users, or hundreds and thousands of people. The ledger becomes a long list of transactions that have taken place since the beginning of the network, getting bigger over time.

A blockchain database consists of blocks and transactions. Blocks contain batches of transactions that are hashed and encoded. Each block contains the hash of the block before it, which links the two and forms the chain. This process validates each block, all the way back to the original, and is integral to the databases security.

Blockchain technology has been around for a number of years its most well-known use so far isBitcoin, the virtual currency. The uses of blockchain are not limited to financial transactions, though, and enthusiasts are looking into other applications for the technology, especially for the types of transactions where there are often disputes or trust issues.

Katherine Purvis

Thank you for your feedback.

MSC [Marine Stewardship Council] certification, the leading label for sustainable fish that involves looking at 28 performance indicators, came under fire last year in a report by French NGO Bloom. It found 83% of MSC-certified catches between 2009 and 2017 involved damaging fishing methods such as deep-sea bottom trawling and dredging. MSC argues that the sustainability of a fishery is not determined by its size or fishing gear alone, and that even big commercial fisheries need to be able to apply for certification in order to improve the management of fish populations on a global scale.

Blockchain has proved to be an exciting way to track digital data in some pilot case studies, such as with the important work of Austral and OpenSC on toothfish, says Natalie Hunter, MSC head of supply chain development. However, certification standards like the MSC are not just about data, but about practices and processes that ensure sustainable harvesting and effective labelling to remove fraud. Technology will support and improve certification, but it will never be able to replace robust, independently audited certification schemes like the MSC.

FAO traceability expert Petter Olsen believes that while the complexities of the seafood supply chain make it suitable for blockchain, it is not scalable or commercially viable across the sector.

Blockchain works for high-value products where the consumer can pay a bit more for that assurance, and I think well see QR codes or barcodes on more special-interest products, Olsen says. But he believes the potential of blockchain has been exaggerated. Its immutable, so any changes will always be tracked but its just a database.

A recent Guardian investigation found that seafood fraud is prevalent on a vast global scale, with 36% of seafood sampled in supermarkets, fishmongers and restaurants mislabelled. But Olsen argues that sometimes, rather than direct fraud, it can be a naming problem. Common fish names such as sardine or anchovy mean different things in different countries, says Olsen. Seafood has the longest supply chain of any food product, with on average seven stages from catch or farming to the consumer, so its convoluted but also geographically complex with people speaking different languages.

Consistent data is the gold, says Libby Woodhatch, executive chair of the Marin Trust, the international programme for marine ingredient certification. There are lots of different blockchain systems being used in the fishing and seafood processing industry but they all need to be interoperable to ensure the same level of information can be provided from start to finish.

WWF has set out to tackle that, launching the Global Dialogue on Seafood Traceability in 2017 dedicated to drafting the first-ever global standards for seafood traceability.

While it will not single-handedly eliminate llegal, unreported and unregulated fishing (IUU) or prevent overfishing, blockchain will deeply modify how fish are traced, according to an FAO report. The authors suggest that the technology could be best used by fisheries that voluntarily want to show their legal compliance to meet consumer demand and improve trade, and that this may develop even in places where legislation is lacking.

Carter, as an early adopter, is hopeful. Fishing is a long-term game. The real value is directly measured by the wellbeing of the resource that we rely upon and how clever we are at harvesting and selling it. Anything we do that damages that is just dumb.

Find more age of extinction coverage here, and follow biodiversity reporters Phoebe Weston and Patrick Greenfield on Twitter for all the latest news and features

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How Multifamily Investment Will Eventually Migrate to the Blockchain – Multi-Housing News

Mark Ventre

Up until recently, I only had a vague concept of what blockchain technology was, and admittedly conflated it with Bitcoin and other cryptocurrencies. Now that Ive spent some time digging into this nascent technology, however, Ive become increasingly convinced it is not only here to stay but that blockchainalong with the assets that transact on itwill transform nearly every aspect of commerce as we know it today.

For newbies like me, blockchain is a digital log on which transactions are made, particularly in cryptocurrencies like Bitcoin. These transactions are recorded on blocks of data that are validated and added onto the previous block, hence the name.

Due to its decentralized record-keeping technology known as a distributed ledger, transactions made on the blockchain are secure, encrypted, and very difficult to manipulate or hack into.

Commercial real estate has been slow to adopt disrupting technologies and new methods of transacting. This leads to the question: Will migrating to the blockchain ever become a reality for an industry averse to change?

The answer is yes eventually.

The blockchain platform will not only be used to transact multifamily and other types of real estate but also to house many other aspects of real estate. Some of the utilities the blockchain will encompass will include, smart contracts, due diligence, transaction history, title documents, permits, property management, leasing and more. It will serve as an immutable digital paper trail.

This will inevitably improve transparency, make transaction processes more efficient, and limit the use of intermediaries, thereby saving time and resources. Sorry, everyone, youll still need brokers, but even we will have to adapt.

This platform will also allow for the tokenization of real estate so that an asset, or a fraction thereof, is converted to a digital token that exists on the blockchain. This could create new opportunities to invest and make an illiquid asset more liquid and reduce the cost of entry.

While this emerging technology may be exciting, it has thus far been largely theoretical for the real estate industry, as there have been very few real-world applications to date. Trusting an unproven system with assets worth millions of dollars is a tough pill to swallowat least for now.

The Federal Reserve and about 80 percent of the worlds central banks are contemplating their own versions of digital currencies. After all, its not like banks are just going to admit defeat and fade into obscurity. On the contrary, once the industry is regulated, the digital dollar will become a reality, and it will also transact on the blockchain along with Bitcoin and other cryptos.

The commercial real estate industry is years away from any pragmatic usage of blockchain technology. Rest assured, though, it will be coming to a town near you.

Mark Ventre is a senior vice president at Stepp Commercial.

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Chinese Officials Embrace Blockchain During Conflux-Hosted Blockchain Summit at Pujiang Innovation Forum – PRNewswire

SHANGHAI, June 8, 2021 /PRNewswire/ -- Conflux, the only regulatory-compliant public, permissionless blockchain project in China, hosted a summit on blockchain at the Pujiang Innovation Forum on June 2-3, 2021. The summit, featuring 15+ speakers and guests from several research institutions and government departments, focused on the use of real-world blockchain applications in various sectors, including the construction industry, engineering, and transportation.

Founded in 2008, the Pujiang Innovation Forum is an annual event that features speakers and thought leaders from international organizations, universities, research institutions, and global think tanks. Sponsored by the Ministry of Science and Technology of the People's Republic of China and the Shanghai Municipal People's Government, the conference centers on innovation and aims to be an influential source of information, thought leadership, and discussion for next-generation technological development.

As part of the 2021 event, Conflux hosted a summit titled "Future Connect - Pujiang Innovation Forum: The Blockchain Development Summit." The summit centered on the role of blockchain in the 14th Five-Year Plan, an outline of China's economic and social development over the next several years. The purpose of Future Connect was to lay a solid consensus foundation for the development of China's blockchain technology, focus on leveraging the country's blockchain ecological resources, and help propel China's role as a leader in the blockchain spacewhich requires improvement of the underlying technology powering blockchains.

Fan Long, the founder of Conflux, delivered the keynote speech on how blockchain is more than the digital assets market and what it will take for the technology to see mainstream adoption.

"The true value of blockchain is trust. Once it is used in the mainstream, it will rebuild production relations and make way for increased productivity," explained Fan during the keynote. "It will take time for blockchain technology to be accepted, and for the public to truly understand blockchain's capabilities. Only when we as a society form a consensus on blockchain technology can we effectively promote the mainstream adoption and application of this emerging technology."

Other speeches, interviews, and roundtable discussions featured professors and representatives from several prominent institutions, including General Secretary Xi Jinping, whose quotes have been translated into English.

"The integrated application of blockchain technology plays an important role in new technological innovation and industrial transformation," said Xi. "We must understand the blockchain as its corean important breakthrough in technological independent innovationclarify the main direction, increase investment, focus on mastering a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation."

Yao Qizhi, an academician at the Chinese Academy of Sciences and chief scientist at the Tree-Graph Blockchain Research Institute, joined the event via video to share his thoughts on the value of blockchain technology.

"I believe that blockchain is not just a technology, and the trust value it creates can penetrate into all aspects of society to benefit the future life of mankind," Yao shared. "I hope that more scientists will join the research and development field of blockchain technology so that China can lead the blockchain industry. I also hope that people from all walks of life will have the courage to try and introduce blockchain technology into various application scenarios so that basic research and practical applications will begin to increase and we can jointly create a prosperous blockchain application ecology."

The forum also focused on blockchain performance breakthroughs, including Conflux's Tree-Graph consensus mechanism, a high-performance algorithm used to facilitate the processing of 3000 to 6000 transactions per second (TPS) without sacrificing decentralization or security. Conflux has passed rigorous tests to confirm the performance of the Tree-Graph consensus algorithm, which is opening the door for further development using blockchain technology and a thriving ecosystem of applications.

Conflux's involvement in the Pujiang Innovation Forum comes on the heels of several new developments, including the mainnet release of ShuttleFlow, one of Conflux's unique technological features that sets it apart from other chains and decentralized finance (DeFi) platforms. ShuttleFlow is the first cross-chain bridge to support the blockchain networks of Binance, Huobi, and OKexthe most widely used digital asset exchanges in Asiain addition to Ethereum.

About Conflux

Conflux is a permissionless Layer 1 public blockchain connecting decentralized economies across borders and protocols. Fast, scalable, and solidity compatible, with zero congestion and low fees, Conflux is transforming how the world transacts and leading the transformation to a sustainable, borderless economy.

As the only regulatory compliant, public, and permissionless blockchain in China, Conflux provides a unique advantage for projects building and expanding into Asia. Conflux aims to connect decentralized economies to strengthen the overall DeFi ecosystem globally.

To learn more about Conflux, visit confluxnetwork.org/.

SOURCE Conflux

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Chinese Officials Embrace Blockchain During Conflux-Hosted Blockchain Summit at Pujiang Innovation Forum - PRNewswire

Brady Dale: Blockchain Games That Gamers Want to Win – CoinDesk – CoinDesk

Blockchain games arent going to capture the public imagination until theres a genuinely great game full stop.

It looks like the industry thinks gamers will one day say, Oh cool, I can own my digital items? Lets play this blockchain game!

Thats not how its going to work. This premise wont fly until gamers say, This blockchain game is so cool! Oh, hey, neat, I guess I really own my digital items?

This article is excerpted fromThe Node, CoinDesk's daily roundup of the most pivotal stories in blockchain and crypto news. You can subscribe to get the fullnewsletter here.

Gamers want to play great games. If they can get additional benefits out of playing, great, but it needs to be a great game first and foremost. Play-to-Earn will always feel more like work-to-earn as long as the game is boring compared to distractions available on platforms such as the PlayStation or Nintendo Switch.

And the existing game companies are not going to blockchainify their famous games. Fortnite is not going to lead here by making skins provably scarce with Ethereum or Solana or Doge. Sorry, no. Centralized control of these commodities works for their business model.

A great game will need to be built from the ground up for blockchain by crypto believers.

As I was working on this post, I went and watched a few videos for the upcoming game Chainmonsters, from Dapper Labs, the company Crunchbase credits with $357 million in investment. The game is still in alpha, it should be noted, and its updating all the time, including recently slicking up its graphics.But the game is basically one where you wander around a world gathering up little monsters, playing them in fights to increase their experience and make more badass monsters. What does that sound like? It sounds like Pokmon.

Apparently this is so true that, at least according to YouTuber nondairi, folks who compare the game to Pokmon actually get kicked out of the games Discord. Which is weird because its not even the first Pokmon knock-off to show up on the blockchains. We covered Etheremon, for example, three years ago.

And look, I get it: A game doesnt have to be amazingly advanced to capture popular imaginations. The bizarrely profitable mobile game, Flappy Bird, came out in a year when Assassins Creed was on its fourth iteration. It is possible for a simple game to take off, but the popularity of Flappy Bird was a wild outlier. The popularity of any entry in the Assassins Creed mythos is not.

And, on that note: right next to one of the videos I watched about Chainmonsters was a video about a forthcoming game for the PlayStation, Horizon: Forbidden West, from Guerrilla Games. This was an absolutely insane gameplay preview where some guy rides a cyborg elephant the size of a building and then later the players character takes an enemy out with this insane spin-kick stab combo followed by an exploding lightning bolt bow-and-arrow finisher.

Its hard to describe, in a good way.

So crypto will need to make something comparably impressive and drop immutable in-game items somewhere in its guts before gamers really get excited about this industry. It takes a lot of money and a lot of talent to put together a game that really captures gamers attention, but a few people in this industry have made a little money, or so Im told.

So far, the blockchain gaming offerings have largely been slightly lower fidelity derivatives of past video game blockbusters, as if entrepreneurs in this space lack conviction that a truly original, crypto native game can be really good.

You can find lots of videos out there about blockchain games where people brag about making money. Its a whole weird thing. What you cant find are videos of people saying: I cant stop playing this thing and heres how you win.

Earning is nice but its not a game-for-gamers until they want to win.

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Brady Dale: Blockchain Games That Gamers Want to Win - CoinDesk - CoinDesk

Are Developers Buying into All the Blockchain Hype? – Dice Insights

Do developers believe thatblockchainhas a future? Or is the technology yet another case of overhype, the current obsession over cryptocurrencies aside?

Stack Overflow recentlyposed that question to nearly 700 software developers. Some 38.56 percent said that blockchain was all hype, while 61.44 percent said that it was a game changer. Moreover, only 23.53 percent of developers said theyd worked with blockchain in the past, versus the 76.47 percent who hadnt touched the technology in a professional context.

Among those who havent developed with blockchain, some 61.85 percent of them want to, while 38.15 percent said they had no interest. Another interesting thing to note: Whenever the price of Bitcoin hits a milestone, the number of blockchain-related questions developers ask on Stack Overflow also rises:

That echoes another long-term trend: Interest in blockchain-related jobsroughly fluctuating with the price of Bitcoin. As far back as three years ago, spikes in Bitcoin prices led to a jump in blockchain-related jobs on Dice. According to Burning Glass, the percentage of technology jobs that ask for blockchain skills remains pretty lowbut could increase substantially over the next decade.

Blockchain isnt just cryptocurrency, of course (although the two are tightly linked in the publics mind). Companies large and small are examining the technologys uses in everything fromsmart contractingtocybersecurity. If youre interested in learning more,experts adviseexploring online courses such as Udacity and Coursera, as well as specific sites such asBitcoin.org.

According to Burning Glass, jobs that involve blockchain have a median salary of $97,000, with six-figure compensation easily unlockable with just a few years of experience. In addition, virtually all the jobs that currently ask for blockchain skills request a bachelors degree, which means you dont have to earn ultra-advanced degrees in order to land that job interviewyou just need to demonstrate that you actually have the skills.

Want more great insights?Create a Dice profile today to receive the weekly Dice Advisor newsletter, packed with everything you need to boost your career in tech. Register now

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Blockchain for business: CoinGeek’s Zurich Conference is live & free with over 100 speakers – PRNewswire

LONDON, June 7, 2021 /PRNewswire/ -- CoinGeek's 7th Conference (June 8-10) will feature real use cases in BSV blockchain technology ranging from healthcare to eSports, iGaming to NFTs, and will focus on the environmental impact of digital assets and the future of money itself.

In the panel discussion about the future of money you will be able to hear the views of Urs Birchler, Professor of Banking, University of Zurich, Dr Jurg R Conzett, Founding President from Switzerland's Museum of Money, Swiss National Bank Board Member, Thomas Moser, and Dr Craig Wright, the inventor of Bitcoin.

Never afraid of a robust debate, CoinGeek have also invited Bitcoin sceptics Nouriel Roubini and Nassim Nicholas Taleb to discuss Where The Value of Bitcoin Should Come From on Day 3, Thursday June 10.

As blockchain technology becomes increasingly mainstream CoinGeek Zurich has recruited the European Commission's Head of Unit for Digital Innovation, Lichtenstein's Financial Centre Director and Switzerland's State Secretariat for International Finance to talk about blockchain law and regulation.

CoinGeek New York (October 2020) saw over 30,000 online viewers tune in and CoinGeek London (February 2020) managed to accommodate over 1,500 actual human beings at the venue.

CoinGeek Zurich will run for three days (June 8-10) and will be live streamed, free of charge, on the Virtual Platform and will be live on YouTube and all social media streaming.

If that was not enough Haute Horlogerie brand, Franck Muller, is putting out a new limited edition timepiece collection.A tribute to Bitcoin's creator, the watch is named the Nakamoto. At the end of CoinGeek Zurich,one registered virtual attendee will be announced the winner of theseexclusive timepieces.

Ignite the Power of Data and blockchain data technology with CoinGeek Zurich.

For further information, media accreditation or access to speakers for interview please contact: [emailprotected]

CoinGeek Zurich is kindly sponsored by: Bitcoin Association, Boquan, Cozen O'Connor, EHR Data, Fabriik, nChain, Ontier, TAAL and Vaionex.

SOURCE CoinGeek

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Blockchain for business: CoinGeek's Zurich Conference is live & free with over 100 speakers - PRNewswire

Caizcoin Ready to Create its Own Crypto Ecosystem based on Islamic Blockchain Network – PRNewswire

CHAN, Switzerland, June 5, 2021 /PRNewswire/ -- This pandemic period has witnessed an incomparable upsurge in the number of crypto coins launching in the market every day. Commercial and central banks across the world are now using blockchain technology for payment processing and issuing of their digital currencies. Blockchain technology enables cross-border payments that are less expensive and faster as compared to traditional systems. Caizcoin is one of those many cryptocurrencies developed in Germany but with a unique working model. It was built with the core principle of bringing the Islamic and western countries together. Caizcoin will soon operate on the world's first Islamic blockchain offering seamless financial services to Muslims and non-muslims.

Caizcoinis not only limited to Muslim investors; anyone can access and benefit from its services. It also provides users with fast and cost-efficient money transfers all across the globe at a minute cost. This token is backed by the metal price, which also makes it receptive to uncertain volatilities. Users can freely trade and transact with it as there is no holding period involved. Users can also use its configurable API for accepting payments.

Caizcoins Team comprises a young, like-minded group of developers who want to aid digital solutions for drawbacks faced by the Islamic finance sector. Caizcoin aims to provide users with faster and more reliable finance services by incorporating new technologies complying with Islamic Finance rules enabling borderless transactions at low costs. In 2020, The global blockchain technology market size was valued at USD 3.67 billion, of which the financial services segment accounted for more than 38.0% share with companies such as Coinbase Global, Inc. (NASDAQ: COIN) leading this list. Caizcoin has also received a "fatwa certificate" from the council of Islamic experts, making it officially compliant with Islamic laws.

Collaborators who want to attain this coin will have to comply with its detailed KYC review, ensuring all its vendors adhere to Islamic principles. It also offers a free threshold limit, where users can benefit from zero free transactions up to a specific limit. Although, the company is yet to disclose the exact amount of limit.

Caizcoin will offer an entire ecosystem enabling seamless financial services.

The CAIZ token will soon be listed on the UniSwap exchange, and users will also be able to earn rewards with its liquidity portal and other platforms. The company will soon launch its blockchain while adhering to "Islamic Principles". Due to these principles, Islamic Banking is experiencing much higher market growth rates in western countries. Islamic principles prohibit speculation and the practice of overloading companies with debt. Hence, they appeal highly to those worried about the financial system's stability or interested in ethical banking practices. The Caizcoin blockchain will be this generation's first Islamic blockchain offering users maximum security. It will add many technological advancements to CAIZ, making it suitable for everyone alike. Built upon a decentralized stalked blockchain, Caizcoin will act as a stepping stone for many upcoming cryptocurrencies to follow Islamic principles.

Social Links:Instagram: https://instagram.com/caizcoin_officialTwitter: https://twitter.com/caizcoin/Facebook: https://www.facebook.com/Caizcoin-100282385356919/Telegram: https://t.me/caizcoin_official

Media Contact Details:Company Name: CaizcoinCompany website: https://caizcoin.com/

SOURCE Caizcoin

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Caizcoin Ready to Create its Own Crypto Ecosystem based on Islamic Blockchain Network - PRNewswire

Blockchains role in the future of crypto – Yahoo Finance

John Wu, Ava Labs President, joins Yahoo Finance Live to discuss growth at the Bitcoin 2021 Conference and Avalanche USDs place in the crypto space.

- Big conference going on down in Miami, Florida. And it is all about crypto Bitcoin 2021 Conference. And Yahoo Finance's Zack Guzman is at the center of it all with a guest. Zack, take it away.

ZACK GUZMAN: Yeah, thanks, Brian. I'm here with John Wu president of Ava Labs. And John, appreciate you taking the time here to chat.

JOHN WU: Zack, thank you for having me.

ZACK GUZMAN: You're probably the most closely dressed individual to me here today. And I'm wearing a blazer. That's because you come from the tech world. You worked at Tiger, you're well known in kind of the financial sphere. That may be different than some of the retail crowd here. But talk to me about how it's changed, this Bitcoin '21 conference relative to the other ones you've been to in the past.

JOHN WU: Right. So I've been going to these tentpole type conferences for four or five years. And the number one thing you see happening is the number of people who are institutional or enterprise, traditional enterprise, related coming into these conferences are growing as a percentage every single year. Four or five years ago, maybe 20% of the population. Today, it's, I would guess, 60%. And there's 13,000. And the last consensus that was in person was about 8,000 I think.

So the crowds are growing. And the people coming out more and more coming over from traditional finance or enterprise.

ZACK GUZMAN: Yeah.

JOHN WU: On top of that, I would say in '17 and '18, when they came to this, they were tourists, or they were trying to get educated. The institutional enterprises who are here now, they're active. They're participating or they're serious about participating. So volumes increase and engagement is increased.

ZACK GUZMAN: Yeah, and we've seen the dollars too coming in from the institutional investors started to increase there as well. And I definitely want to ask you about what you're trying to accomplish there with Ava Labs' Avalanche Protocol which we can get into in a sec. But I mean that's a big part of it. The institutional dollars now creates a bigger opportunity for things like you're building out right now to capitalize on all the money that's flowing in.

Story continues

JOHN WU: That's right. I mean, if you just take Coinbase who had an unbelievable IPO, my guess is about a year and a half ago, retail in terms of the assets they custody represented probably like 60%, 70%. Today it's inverted. I would bet the institutional money is probably 70%. And retail is a lot lower, 30%. But the amount has also grown. Incredible.

And that is great because it feeds ultimately more investment into the operating success of all of these companies in the space. And it's no different from I think in the late '90s when the money went into internet. Some of the companies didn't work out. And there was a lot of bust in 2000. But what comes out of it is great customer use. And ultimately you have these great tech companies that made your life, my life, a lot easier.

ZACK GUZMAN: Well, let's talk about why you built the Avalanche Protocol here because it's one of those things where you get a lot of these things popping up as you said, you don't know which one's real or not. But Andreessen Horowitz, one of the institutions backing what you guys are working on here, as well as the enthusiasm that's come from other investors as well. So talk to me about what you're trying to do with Avalanche and what it improves upon when you talk about-- it's high praise to be talking about in Ethereum 2.0 killer. We talk about Ethereum killers. But to be an Ethereum 2.0 killer and what you're trying to do there, what are you trying to solve?

JOHN WU: So we don't consider ourselves Ethereum killers. We complement Ethereum. So the Avalanche Protocol is compatible. It's EVM compatible. So it's the same type of development you can do on the Ethereum blockchain, you can do on the Avalanche blockchain. And also it's not just A16, we also have Polychain, Metastable, Initialized Capital, all great partners of ours helping us help the Avalanche Protocol build an ecosystem on top of it.

What Avalanche ultimately will be is the premier place to digitize or tokenize just about any asset out there. Right now, we've only been out on the main net for about eight months. And we've already made great strides. There's 50 live gaps on the Avalanche ecosystem. The goal is not necessary just to tackle the $100 billion of DeFi right now growing at a very fast pace, but using the Avalanche technology to tokenize the $700 plus trillion of financial assets around the world on financial services balance sheets. That's the ultimate goal. And that's what the promise is for a lot of these first layer protocols, Ethereum included.

ZACK GUZMAN: Yeah, no. Because it seems like one of those things where you roll out something like this where you're trying to stress the efficiencies of you know the blockchain that you built here and what you're trying to solve. And it's interesting to see kind of different projects tackle different problems. And it sounds like you're really zoned in on financial applications here. But I mean, when you talk about some of those projects being built on top of Avalanche, which ones do you see as maybe the most promising one you'd want to dig into? Or is it more to be built as a general purpose tool?

Because I feel like no one ever wants to pigeonhole themselves, but it's kind of important if you want to catch on and be known as the blockchain for this.

JOHN WU: Well I think that this next version of the ecosystem for blockchains is not going to be like the previous one where Ethereum was the only place and only game in town. It'll be more like the analog for the social networks where you have a winner take most like Facebook, but then you're going to have TikTok, you're going to have Clubhouse, and you're going to have Snapchat, and you're going to have all of these others that are more dedicated and focused on something and certain features.

So with Avalanche, we solved the trilemma. There's security, there's also scale, the low gas prices, and very importantly to the purists, it's decentralized. Self governance and giving the individual empowerment is very important theme these days. So that is one component of Avalanche. We also have the ability because of the enterprise component with our private blockchain to provide services as literally like a SAS product for financial services companies in the traditional world as well.

ZACK GUZMAN: There's a lot of opportunities to go here. And it's the early days as you said. Only eight months on the main net here.

JOHN WU: Only eight months in the main net. I would say organically one of the fastest growers in eight months.

ZACK GUZMAN: Yeah. Well, I mean it's fascinating to watch. And clearly a lot more to talk about. But happy we could have connected here. We'll have you back on to discuss kind of the growth there. But John Wu, appreciate you taking the time. President of Ava Labs.

JOHN WU: Zack, thank you.

ZACK GUZMAN: All right. We'll send it back to you guys in the studio.

- All right. Thanks so much, Zack. And Zack will be reporting more throughout the day and also through the weekend from that conference.

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Blockchains role in the future of crypto - Yahoo Finance

BSV Blockchain for Government Initiative appoints Ahmed Yousif as Middle East lead – PRNewswire

ZUG, Switzerland, June 7, 2021 /PRNewswire/ -- The BSV Blockchain for Government Initiativetoday announces that it has appointed Ahmed Yousif as its Middle East lead. In the newly created role, Yousif will work to build awareness and understanding of the utility of the BSV blockchain for large-scale government agency and public sector projects, as well as establish and develop relationships with enterprise leaders and government policymakers across the Middle East.

Yousif joins the BSV Blockchain for Government Initiative with a distinguished background working in technology innovation for government entities and large-scale digital solutions for public services. In addition to his role with the BSV Blockchain for Government Initiative, Yousif will continue to serve as the Digital Transformation & Strategy Head for the Holy Makkah Municipality in the Kingdom of Saudi Arabia. He is also the co-founder of Black Stone Data Solutions a leading data analytics and business intelligence organisation.

In his capacity as co-founder of Black Stone Data Solutions, Yousif co-led an international BSV Blockchain for Government Initiative delegation on an historic official visit to the Republic of Sudan in April 2021, where leaders from the BSV blockchain ecosystem and the transitional Sudanese government engaged in several days of meetings and discussions including the 1st Sudan Blockchain Summit & Workshop centred around exploring how blockchain technology can be used as a tool for digital transformation as Sudan rebuilds and re-emerges from 30 years of isolation from much of the world.

The Middle East is home to a fast-growing BSV blockchain ecosystem, with Yousif's appointment following last month's launch of the BSV Hub for MESA (Middle East & South Asia). In his new role, Yousif will collaborate closely with Muhammad Salman Anjum, who heads the new BSV Hub for MESA in Dubai, UAE.

The BSV Blockchain for Government Initiative is led by Bitcoin Association, the Switzerland-based non-profit organisation that works to advance use of the BSV blockchain, protocol and distributed data network.The Initiative works with government bodies, NGOs and public sector agencies to advance large-scale implementations of blockchain technology for the benefit of citizens, including through the delivery of e-government services, tools for greater financial inclusion and improved transparency, as well as applications that foster public good for municipalities and entire countries.

BSV is an ideal platform for government and public sector solutions because it isan enterprise-grade public blockchain that functions as both a peer-to-peer electronic cash system and a global data ledger for large-scale applications. The BSV blockchain scales unbounded to support high volumes of transactions at minimal cost, with its network expected to demonstrate throughput capacity of 50,000 transactions per second later this year, while maintaining median transaction fees that are a fraction of a U.S. cent. In addition to its massive transaction capacity, the BSV network offers micropayment, smart contract, tokenisation and data functionalities.

Speaking on today's announcement, Jimmy Nguyen, Founding President of Bitcoin Association and founder of the BSV Blockchain for Government Initiative, said:

"With the Middle East one of the world's leading regions for the implementation of blockchain technology in public sector digital initiatives and the delivery of e-government services, we are delighted to add an experienced technology leader in Ahmed Yousif to join our international BSV Blockchain for Government Initiative. Ahmed has the right combination of digital technology knowledge, government project experience and belief in BSV's power to make a better world. We look forward to his leadership contributions as we expand our government outreach and education efforts across the Middle East."

Commenting on his appointment, Ahmed Yousif, Middle East lead for the BSV Blockchain for Government Initiative, said:

"Governments and public bodies across the Middle East have continually demonstrated a willingness to be at the forefront in leveraging and utilising new and innovative technologies for the benefit of their citizens. I expect that blockchain will be no different, with growing interest across the region in the different ways that the technology can be applied to bring more efficiency and honesty to public sector programmes and e-government services. In my new role with the BSV Blockchain for Government Initiative, I look forward to collaborating with leaders and decision-makers across the Middle East to conceptualise and deliver vanguard public and government projects using the BSV blockchain."

SOURCE BSV Blockchain for Government Initiative

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BSV Blockchain for Government Initiative appoints Ahmed Yousif as Middle East lead - PRNewswire

China Aims to Have Worlds Most Advanced Blockchain Tech by 2025 – Yahoo Finance

China aims to have worlds most advanced blockchain technology by 2025 according to new guidelines

In a move contrasting its stance on cryptocurrencies, China has issued guidelines for blockchain development within the country.

Chinas Ministry of Industry and Information Technology and the Office of the Central Cyberspace Affairs Commission jointly issued guidelines for blockchain development. They hope to promote the integration of blockchain technology into Chinese economy and society, and accelerate its promotion therein.

To contextualize their guidelines, the documents listed principles that will lead blockchain integration in China. First, they hope to integrate blockchain technology into key industries and fields via large-scale applications. From there, companies can independently develop the technology further, while promoting collaborative research and enhancing innovation.

However, they are also considering a more holistic approach to blockchain integration, for instance regarding its ecological cultivation. They hope to integrate blockchain not only among businesses, but also promote collaboration between government, enterprises, universities and research institutions. Finally, they also note that making sure these networks are safe and secure will be a high priority.

Following the list of principles, the documents stated the countrys developmental goals. By 2025, China hopes to make its blockchain industry the most advanced in the world. At that point, they hope to have integrated it into many areas of the economy and society.

Blockchain technology will have been integrated into areas such as product traceability, data circulation, and supply chain management.

To pursue this end, China will cultivate three to five internationally competitive backbone enterprises. With an additional group of innovation-leading enterprises, they will create three tofive blockchain industry development clusters. In this way, they will establish a blockchain standard, and from there form a professional team to further develop the industry.

Story continues

While the Chinese government has clearly taken a favorable approach to blockchain technology, it has recently been at odds with its most prominent application. Although the country is well underway in the development of its own central bank digital currency (CBDC), the government has recently introduced draconian measures against other digital currencies.

Last month, the government banned banks or online payments channels from offering clients any services involving cryptocurrency. This sent Bitcoins struggling price spiraling down even further. This was only exacerbated by the subsequent announcement that the government would also be cracking down on crypto mining operations. China certainly sees potential in blockchain technology, but seeks to harness it for itself and limit its decentralized capacities.

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China Aims to Have Worlds Most Advanced Blockchain Tech by 2025 - Yahoo Finance

KR1 targets the cutting edge of blockchain technology – Proactive Investors UK

() said it has participated in a crowdloan for Karura, a scalable Ethereum virtual machine (EVM) blockchain network and will also be taking part in a parachain auction for Kusama, a Polkadot-based blockchain network.

The digital asset investor said it contributed 10,000 Kusama tokens, equivalent to around US$4.17mln, to the Karura crowdloan, which it said will be time-locked on the Kusama blockchain for 48 weeks and will be returned to the company following the completion of the respective Karura parachain lease.

Upon a successful Karura parachain auction bid, KR1 said it will receive a to-be-determined amount of Karura (KAR) tokens in return for supporting the Karura crowdloan campaign.

In addition, the company will also receive a yet-to-be-determined amount of KAR tokens in line with KR1s previous backing of a seed funding round and strategic funding round for decentralised finance (DeFi) hub platform Acala.

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KR1 targets the cutting edge of blockchain technology - Proactive Investors UK

Cryptocurrency 101: the history of bitcoin – ACS

The world of cryptocurrency is weird and complicated.

In this four-part series, Information Age looks at the history of crypto, how you can get your hands on some, what you can do with it, and the Australian innovators looking to capitalise on this emerging technology.

Part I:

Well, it looks like an historic cryptocurrency bull run is over.

Prices across the board took a dive last month, bringing an end to another flurry of activity for the largely speculative market.

Futures markets are also signaling the onset of a cryptocurrency winter as traders exercise caution around what continues to be a volatile ecosystem.

Good riddance, you might be thinking, its just a form of unregulated gambling.

Or maybe you got swept up in the latest hype cycle and took your first steps into crypto through Dogecoin only to sell-up in disgust when the Elon Musk-fueled mirage started fading.

Either way, the end of another surge in mainstream attention is as good a time as any to look closer at the history of cryptocurrency and its largest asset: bitcoin.

Who is Satoshi Nakamoto?

Satoshi Nakamoto invented bitcoin and nobody knows who he/she/they really are.

Over the years, many people have claimed to know or be Satoshi Nakamoto including Australian computer scientist Craig Wright who tied himself up in legal battles about the authenticity of his claim.

Investigative journalists have spent months trying to track Nakamoto down including Forbes writer Andy Greenberg who thought he cracked the case in 2014 when a source found a possible lead in cypherpunk Hal Finney.

Seven years on and Nakamotos identity remains a mystery, but his legacy lives on in an asset that is worth around $1 trillion, and which spawned an entire ecosystem valued more than $1.5 quadrillion.

The history of bitcoin has long roots in alternative digital currencies like David Chaums Digicash, but its simpler to start with Nakamotos 2008 whitepaper titled Bitcoin: A Peer-to-Peer Electronic Cash System.

In it, Nakamoto outlines what he sees as a major flaw in the existing digital financial system: trust.

Transactions were always going to be mediated through a third-party financial institution due to issues around fraud and disputes which in-turn slowed down e-commerce and, crucially, entrenched capital power in the hands of large banks and a cabal of global finance giants.

The system was going to stay broken without a way for ordinary people and small businesses to exchange value in a way similar to real-world cash transactions.

What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party, Nakamoto said.

Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers.

A trustless system of value exchange that allowed for escrow between parties would make bitcoin the go-to currency for black market trading of drugs and other illicit material on dark web sites like the Silk Road but it also carried connotations of individual empowerment.

Bitcoin was born out of the Cypherpunk techno-political movement whose proponents championed privacy and had an anti-authoritarian bent that verged on anarchism.

And Nakamoto published his whitepaper six weeks after Lehman Brothers filed for bankruptcy and the world was coming to terms with the Global Financial Crisis (GFC) and the epic collapse of a self-serving financial system driven by greed.

Its hard to believe someone with such breadth of knowledge as Satoshi would be working in isolation from what he was witnessing in global financial markets, wrote Chris Burniske and Jack Tatar in their book Cryptoassets.

Satoshi was not creating Bitcoin to slip seamlessly into the existing governmental and financial system, but instead to be an alternative system free of top-down control, governed by the decentralised masses.

Indeed, the mysterious creator encoded a message on the first bitcoin transaction to act as an indelible reminder of the GFC and the principles upon which cryptocurrency was created: The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.

When the price of bitcoin crashed last month, no central authority came to its rescue; no one changed the rate of supply or adjusted the protocol the network just kept running.

Blockchain technology

You may have noticed a difference between the lower-case bitcoin and upper-case Bitcoin. Typically, the former refers to the cryptocurrency and the latter to the Bitcoin software which is the first working example of blockchain technology.

In the years since Bitcoins invention, different cryptocurrencies have evolved to include different ways of forming blocks and distributing coins while testing new use-cases for the technology.

What follows is a somewhat simplistic, and maths-less, description of the Bitcoin network and its features.

A blockchain is a collection of different records bunched together (blocks) that are cryptographically linked (chained).

In order to maintain its integrity, each block must be immutable so none of the information on the blockchain can be retroactively altered changed.

In the case of bitcoin, and many other cryptocurrencies, blockchains represent transactions on the network.

For example, say Alice sends Bob one bitcoin (BTC) from her wallet to his. The transaction occurs through a bitcoin node which bundles it together with other transactions on the network to form a block.

The job of a node is to test transactions and make sure that no one is double-spending coins. It keeps the information accurate by communicating with other nodes on the network.

At any given time, there are thousands of nodes running the Bitcoin peer-to-peer protocol and verifying the blockchain and because the code is open source, anybody can set up a Bitcoin node at home so long as they have the hardware, a decent internet connection, and the know-how.

For the block of bitcoin transactions to be confirmed by the network of Bitcoin nodes, it must be added to the blockchain, or mined.

A miner adds a new block to the chain by creating a cryptographic hash out of the new transaction data.

The hash is a fixed-size string created by combining the new transaction data, the last blocks hash, and another number called a nonce through the SHA-256 algorithm which basically scrambles the data in a very specific and difficult-to-untangle manner.

If this new hash matches certain criteria, or difficulty, then the miner sends it to the network for confirmation, is rewarded with bitcoin, and the new hash becomes the starting point for adding the next bundle of transactions to the blockchain.

If the hash doesnt meet the difficulty, the miner tries again.

Its mostly about luck so modern mining equipment is specially designed to go through a massive number of attempts in the shortest time often measured in terahashes (one million, million hashes) per second to increase their odds of finding the right hash and taking home the bitcoin prize.

Like network nodes, anybody can be a miner. There are even services like NiceHash that let people pool their idle computing power in order to run hashing algorithms and share in some of the rewards.

Between the nodes and miners, the Bitcoin network is designed to be a secure, decentralised way of exchanging bitcoin.

Digital gold

Unlike fiat currency, bitcoin is finite and deflationary. Only 21 million bitcoins will ever be mined but thats not due to happen until around 2140 due to the structure of Bitcoin.

Satoshi Nakamoto introduced different ways to keep the mining rate consistent while controlling the overall supply in such a way that adds scarcity to the cryptocurrency.

Firstly, each block should take around 10 minutes to mine. To achieve this, the network regularly checks the hash rate on the network and adjusts the criteria difficulty miners use to check if their hash is successful.

When the network notices the total hash rate the number of attempts to find the new blocks hash has changed, it will increase or decrease the mining difficulty to keep the rate of mining consistent.

The rate of mining rewards also changes. After every 210,000 new blocks are mined which happens roughly every four years the reward for miners who find the right hash is halved.

The last time this happened was May 2020 and it saw the reward for bitcoin miners drop from 12.5 to 6.25 bitcoins per block.

Because all this is programmed into Bitcoin, when the price of bitcoin tanks its up to broader market forces to decide their actions: miners might redirect their resources, investors cut losses, and exchanges prepare for sudden changes in liquidity.

The Bitcoin network doesnt have in-built stimulus packages or quantitative easing measures to pump extra coins into the market in times of economic stress; its not affected by the emotions of an uncertain electorate or the disproportionately loud voices of corporate lobby groups.

Since the first block was mined in 2009, Bitcoin has spawned an entire ecosystem of cryptocurrencies, many of which seek to improve on the ideas of the progenitor while finding novel ways to expand the underlying technology into all facets of our increasingly digital world.

In part II of the series, we will look at some of the alternative cryptocurrencies, how to buy them, and pitfalls to be aware of.

Continued here:

Cryptocurrency 101: the history of bitcoin - ACS

Governments must act on the growth of cryptocurrencies – Policy Forum

When cryptocurrencies fluctuate, they do not only affect investors wallets they have widespread effects on the entire market, Luther Lie writes.

Over the past several months, the world has witnessed anexplosionof investment in notoriously volatile cryptocurrencies, causing distortion in the financial market.

Most recently, Dogecoin, a cryptocurrency originally started as a joke jumped900 per cent and then plunged 30 per cent in just a month, and has risen 12,000 per cent overall this year. On the other side of the spectrum, Bitcoinrecently crashed 50 per cent in just a few weeks.

Volatile returns arent the only risk associated with cryptocurrencies though frauds are around too. Recently, an Istanbul-based cryptocurrency exchange, Thodex, shut down, reportedly taking with it $2 billion in investors money.

This begs the question: how did financial authorities allow cryptocurrencies to so suddenly make such a huge impact on the financial market?

Cryptocurrencies are a digital, private, and partially anonymous currency. Cryptocurrencies are mined by high-powered computers to solve complicated math equations, then stored and transferred as files held in an encrypted wallet. Many are stored on a decentralised network known as a blockchain. Hailed as a future medium of exchange, they are issued by private enterprises in an aim to combat central banks monopolies on the supply of money.

They are not pegged against any real-world currency, and users can trade peer-to-peer without intermediaries. This means the value of cryptocurrencies is heavily determined by demand and supply, making them function somewhat like a commodity, rather than being used primarily for transactions like a traditional currency.

The first cryptocurrency created was Bitcoin, established by Satoshi Nakamoto, who was inspired by an article on b-money written back in 1998 by computer scientist Wei Dai from the University of Washington.

Dais idea was to create a medium of exchange in which government intervention is not temporarily destroyed but permanently forbidden and permanently unnecessary. Ten years later, Nakamoto actioned this idea, creating Bitcoin.

Despite being a financial product, cryptocurrencies are barely regulated. This is a contrast to the highly regulated nature of the financial markets for traditional currencies, commodities, and stocks.

Earlier this year, the President of the European Central Bank (ECB), Christine Lagarde, voiced the ECBsintention to regulate cryptocurrencies. She also raised similar concerns as the Managing Director of the International Monetary Fund, an international institution that is responsible for regulating the currency exchange market. While there is some appetite for regulation, little progress has been made.

So, should cryptocurrencies be regulated, or would it undermine their worth?

Some have raised concerns about the regulation of cryptocurrencies, arguing that it could introduce transaction costs. Cryptocurrencies avoid these costs because they are traded peer-to-peer without the fees of intermediaries. Real-world currencies and stocks, which are regulated, carry a fee to be traded, collected by either banks or brokers.

Another concern is that the regulation of cryptocurrencies will affect their value. Unlike real-world currencies, cryptocurrencies cannot be devaluated by central banks, and some view this as one of their key assets.

These are valid concerns. However, cryptocurrencies should not be entirely left unregulated.

Cryptocurrencies are increasingly owned by retail investors almost 20 per cent of respondents to an Australian survey said they own cryptocurrencies, and 36 per cent of institutional investors in the United States and Europe also said they own cryptocurrencies. Like for any other financial products, regulators must protect the public who often do not have the sophisticated financial knowledge to analyse these markets and make informed decisions from losing large amounts of money, either by false investment projections, misleading news, or personal misjudgement.

Of all those respondents who said they owned cryptocurrency in the last year, more than 20 per cent lost money on their investment.

The wave of personal bankruptcies that would follow a large number of people losing their savings in cryptocurrencies similar to the too big to fail phenomenon could cripple a nations economy. In such an event, government bailouts would be necessary to save an economy.

The government response to the Thodex incident suggests the weakness of an unregulated cryptocurrency exchange. While the Turkish central bank has now prohibited the use of cryptocurrencies, investors money has been irrecoverably lost.

Amid the ban, a second Turkish cryptocurrency exchange,Vebitcoin, collapsed.

Cryptocurrencies are also highly susceptible to negative externalities. Although ostensibly difficult to mine and free from the intervention from central banks and intermediaries, the supply of cryptocurrencies is not stagnant.

Unlike real-world currencies, the production of cryptocurrencies is not controlled by a central producer. By monopolising cryptocurrencies mining resources, private enterprises that issue cryptocurrencies may be able to arbitrarily control demand and supply to influence their value.

Considering these weaknesses of cryptocurrencies, regulation would be well worth it. The huge gains offered by cryptocurrencies may sound alluring to public investors, especially during COVID-19 pandemic, but the fact that they come from an unregulated market meant that there will always be big losers in the game, to the cost of everyone.

Governments cant allow the financial system to be treated like a horse race, with investors embracing a win big or go home attitude. A financial product like cryptocurrencies affects public investors money, and if it fails, it will not only threaten their livelihoods it will potentially risk national economies.

The views expressed in this article are those of the author alone.

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Governments must act on the growth of cryptocurrencies - Policy Forum

A mystery cube, a secret identity, and a puzzle solved after 15 years – Wired.co.uk

But there was another link between the couple; one they didnt discover for a while. Biddulph knew who Satoshi was. In fact, he had personally designed the Billion to One card. Biddulph says its hard to recall exactly when it came up in conversation, but it was probably about a year or so into the relationship. I think I just mentioned it at random one day, he says. And she was like, 'Uhh, what!?'

Halls reaction was consistent with her life-long approach to puzzle-solving: I made him promise to never, ever tell, she says. Because if he just came out and revealed it, all of that work would have been for nothing. Biddulph respected the promise. I bit my tongue for years, he says. There was no teasing either. He knew it was important to me, says Hall. I think he enjoyed being mysterious about it, too.

Biddulph notwithstanding, it was around this time that Hall may have come within a close person-to-person connection with Satoshi. She received lots of tips via her website over the years. Mostly these werent much use, just dead-end leads, spoof messages or a photo of a random Asian guy found on Google images. But one tip stood out.

Subject: He's in Japan

My coworker used to live with Satoshi. She even brought an old photo of him to work today. Anyway, she said she does not know how to reach him, but that he is definitely in Japan right now, that he was in L.A. about three months ago.

I hope this helps.

It was anon so it might have been BS, says Hall, but it just seemed genuine. Hall responded but never received a reply. Years later, in 2011, the tip was still on her mind. She sent another follow up. This time, a response: I quit the job five years ago, so I don't think I'll be able to help you. Good luck.

Despite her resolution to work things out for herself, when she received a good tip, Hall mentioned it to Biddulph and scanned him for tells. Normally hed be completely stone faced with no reaction, she said. But this was the only time he reacted. It was so subtle, subconscious even. She adds: That was the most confirmation I wanted or could get. To think I was so close that did feel like sand slipping through my fingers. The trail went cold.

THE HUNT FOR Satoshi was not advancing. But technology was. The first cryptocurrency was founded, and Googling Satoshi now churned up results about Satoshi Nakamoto, the creator of Bitcoin. Some posited that the two were somehow connected (they were not). Smartphones were now in the pockets of millions. By 2010, Facebook and YouTube each had around half a billion users. Instagram had launched. A Perplex City player, going by Paraboloid13, actually cracked the cipher on the Thirteenth Labour card, according to reports from the community. Social media networks and the memes that flurried through them fuelled political movements from the Arab Spring to uprisings in Hong Kong. By the end of the decade, Facebook had 2.3 billion users and even TikTok, a relative newcomer, was pushing 1 billion. The good internet Hall fondly remembers was giving way to something more conflicted. Social media provided data for commercial and political interests. Algorithms moulded culture and society. People were falling down rabbit holes, and this time it really wasnt a game. Occasionally the Perplex City community would discuss Satoshi, or Halls website would receive a spike of interest thanks to a blog or a podcast, but for many years, the search was forgotten.

Then, in February 2020, as the coronavirus pandemic crept from person to person around the world, Inside a Mind, a YouTube channel with more than 600,000 followers, posted a video about the hunt for Satoshi. Can You Find This Man generated hundreds of thousands of views in a short space of time. The world went into lockdown. People had time on their hands. Spurred on by the video, and completely separate to Halls search, a Reddit and Discord group were set up. Suddenly hundreds of people many of whom had nothing to do with the original Perplex City game were passionately working to track down Satoshi. As Albert-Lszl Barabsi, a professor of network science and author of Linked: The New Science of Networks, puts it: When a hub gets infected, theres a dramatic change in the system.

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A mystery cube, a secret identity, and a puzzle solved after 15 years - Wired.co.uk

Cryptocurrencies and digital assets and how they rely on blockchain technology – BizNews

*This content is brought to you by CURRENCY HUB

By David Farelo*

CURRENCY HUB is a crypto advisory supporting crypto arbitrage, OTC and FOREX services. We have prepared a series of educational articles for the BizNews community to ensure they are better informed about the investment opportunities available through cryptocurrencies and blockchain technology.

A cryptocurrency is a virtual currency or digital asset that can be used to make secure, online payments. Cryptocurrencies are secured by computational phenomena called cryptography, which is hosted on a decentralised network referred to as the blockchain. All cryptocurrencies are powered by blockchain technology. The technology is essentially a database of transactional information known as a ledger, enforced by an independent, peer-to-peer network of over 100 000 computers around the world. Each block in the chain contains a number of transactions and every time a new transaction occurs, a record of that transaction is added to every participants ledger. This data is verified by the community and the validations performed by the computational sums determine the issuance and or reward of a cryptocurrency like Bitcoin.This makes it nearly impossible to counterfeit or double-spend when using cryptocurrencies and presents numerous investment opportunities through disruptive technology. All cryptocurrencies are powered by blockchain technology. The defining feature of cryptocurrencies is that they are generally not issued by a central authority, rendering them theoretically immune to government interference or manipulation.

The first blockchain technology was Bitcoin, created in January 2009 by an individual or group using the alias Satoshi Nakamoto. Bitcoin offered the promise of an online currency secured without a central authority, unlike government-issued currencies. There are no physical Bitcoins, only balances associated with a cryptographically secured public ledger. Think of Bitcoin as digital gold, a store of value, but not something you necessarily transact with.

Today, there are thousands of alternate cryptocurrencies, known as altcoins. Some altcoins that were spawned by Bitcoins success include Ethereum, Litecoin and Ripple. Ethereum is currently the second largest cryptocurrency and enables the deployment of smart contracts and decentralised applications. Ethereum has its own programming language, which runs on a blockchain that enables developers to build and run distributed applications on the Ethereum blockchain. Think of Ethereum as an open source network like the internet.

The potential applications of Ethereum are wide-ranging. It is powered by its native cryptographic token, ether (commonly abbreviated as eth). Ether is used by developers to build and run applications on the platform for two main purposes. It can be traded as a digital currency on exchanges in the same way as other cryptocurrencies and used on the Ethereum network to run applications.

Thanks to a peer-to-peer mindset and a blockchain like Ethereum, thousands of altcoins offer efficient and inexpensive ways to transact digitally, on the internet, using cryptocurrencies, stablecoins, security tokens and utility tokens. The most disruptive force on the Ethereum network is referred as DeFi (decentralised finance), which attracts a myriad of integrated services and company launches. These transactions rely on the mining of cryptocurrencies and the launch of new services referred to as ICOs (Initial Coin Offerings). ICOs churn out new currencies and ongoing development to improve the blockchain and verification of ledger activity as well as incentivise and reward participants.

The decentralised database is managed by multiple participants and is known as distributed ledger technology (DLT) where transactions are recorded with an immutable cryptographic signature called a hash. In simple terms, the blockchain can be described as a data structure that holds transactional records and ensures security, transparency and decentralisation. You can also think of it as a chain of records stored in the forms of blocks, which are not controlled by a single authority, hence the peer-to-peer community.

The blockchains that support Bitcoin and Ethereum are constantly growing as blocks are added to the chain, which significantly adds to the security of the ledger. Participants are attracted to the networks for several reasons, such as to mine cryptocurrencies, which involves verifying transactions recorded in the ledger to generate Bitcoins or to develop disruptive services made possible by smart contracts and decentralised finance (DeFi). Think of banking, investing, lending, remittance, insurance to name just a few and how a peer-to-peer community is cutting out the middlemen in the traditional financial world, increasing efficiency and reducing costs, all thanks to blockchain technology.

Look out for the following articles by CURRENCY HUB covering various investment opportunities for individuals and corporations, how Bitcoin differs from other digital assets, Bitcoin halving and its deflationary effect and Bitcoins status as digital gold.

Disclaimer: This article does not constitute financial advice. While the author and his firms are regulated by the FSCA, cryptocurrencies are not a regulated investment. Please refer to CURRENCY HUB https://currencyhub.co.za/ a juristic representative of BLACK ONYX (FSP 47701) https://blackonyx.co.za/ for more information.

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Cryptocurrencies and digital assets and how they rely on blockchain technology - BizNews

Combating crime requires major reforms between police, a cooperative public and the correctional system – Stabroek News

Dear Editor,

Crime permeates our society. We are bombarded daily with a series of blue collar and white collar crimes. However, we seldom hear of those in the white collar bracket being confined to prison. Their crimes are often premeditated, thus more heinous than those committed by people jailed for crimes other than murder, rape, violent crime and battery. There are also victimless crimes such as prostitution, pornographic dissemination, illegal drug use, and mandatory seatbelt and motorcycle helmet laws. These crimes should be regulated or taxed. Property crimes and violent crimes are the rule of the day. This development is depressing and makes one sad to see that we have been seeing a decline in crime prevention and reduction with the passing years. Creative and tested deterrents to crime should be utilized. Community policing, video surveillance established by the State, longer sentences, rapid responses to calls from citizens requiring police presence (probably all calls) and drug treatment are some of the primary methods which should be employed. The police need to have a cooperative relationship with the populace as this will help us all to combat crime. Citizens need to be provided with data which reveals the number of criminals apprehended. The donations of large quantities of vehicles to the police force by foreign governments has not improved the polices responses. Most of the time when citizens call the police stations they are told that there isnt a vehicle available.

The government, Mayor and local government need to play a pivotal role in their expenditure, public presentations and advocacy for legislation to address and reduce crime. Citizens need to make demands on their officials, legislators, judges and the police to conform to public opinion on crimes. Judges are important and should be given more autonomy and the assistance of legislation to set more severe sentences. Prosecutors obviously lack the skills or resources to convict offenders. It appears that the majority of people charged with serious crimes are released due to lack of evidence. A survey or statistic would confirm or reject that. It is appalling that such cases presented for prosecution are approved for trial. There are three main goals of the correctional system: punish, rehabilitate and separate criminals from the general population. Offenders see incarceration as punishment and their confinement removes these undesirable characters from society. Hence, two of the goals are fulfilled but rehabilitation poses a bigger challenge. The condition of our prisons and the treatment of the inmates imperil any chances of rehabilitation. Undoubtedly, within those walls, prisoners are developing more violent, incorrigible behaviour.

In the absence of capital punishment and early release programmes, more prisons will have to be built, which is a dire and overdue necessity. Many people feel that imprisonment provides a breeding ground for creating hardened criminals and an increase in crimes. It is surprising that the overcrowding of our prisons has not led to lawsuits. Maybe it is the result of prisoners having no representation and it is of little or no financial gain to lawyers to work on their behalf. Why is the Human Rights Committee not intervening? To cope with overcrowding at prisons there are methods which could be employed. These are job-related skills training, placement services and drug and alcohol counselling. Electronic monitors could also be used to maintain a form of house arrest. An example of a waste of police resources can be seen at Regent and Cummings Streets where a group of police using bicycles assemble, jovially conversing and mainly idling but occasionally swooping down harshly on motorists. There are many more accident and crime prone junctions and areas around the town and beyond where traffic police and other police could be deployed.

In Guyana we need to start with more selective recruitment of police based on both background and academic qualifications. These will merit at least a living wage for a family of four. These methods will help to eliminate the brusque and boorish behaviour of some police. Imme-diate and rigorous training courses should be a part of recruitment and subject to oversight by responsible and respected members of the public. Last but not the least, we need an active and rapid response from the police when citizens call for help. This would include a functional and effective 911 telephone number facility in order to obtain a rapid police response.

Sincerely,

Conrad Barrow

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Combating crime requires major reforms between police, a cooperative public and the correctional system - Stabroek News

Veteran faces criminal charges after using urban exploration to treat his PTSD – The Independent

The photo, posted on an Instagram account called @driftershoots, shows a man standing precariously close to the ledge of a building in New York City, higher even than the famous spire of the Chrysler Building, gazing down in contemplation. But the message below it is a positive one.

Picking up a camera was lifesaving for me, it showed me all the beautiful things in life after my life was falling apart, the caption reads. After losing a friend to deployment, two others to suicide and my partner of four years all in the span of six months. Im forever thankful for this new life and for the privilege of serving.

The arresting image is just one of many that Isaac Wright, a US Army veteran, captured as he explored buildings and bridges around the country as a way to treat his post-traumatic stress disorder. Now, his high-flying exploits have earned him criminal charges across the country and he could go to prison for 25 years.

Mr Wright was a paratrooper and chaplains assistant with the Army for six years, before retired in 2020 with an honorable discharge after an ankle injury.

His time in the armed services, while rewarding, often took a toll on him, as his job required supervising a hundreds of troops often suffering from serious mental health challengeseven as he had PTSD and depression himself. After leaving the Army last year, the pandemic made it hard for him to access psychotherapy treatments at a veterans hospital, and he soon turned to urban exploration as a way to calm his mind and find joy and fulfillment.

Using a small medical pension, he traveled around the country, using his wits and military training to scale buildings, bridges, and construction sites in New York, Texas, Michigan and Louisiana, racking up more than 20,000 Instagram followers for his striking aerial photos.

One day, however, after scaling the Great American Tower in Cincinnati, Ohio, and leaving a sticker with his Instagram handle, authorities began catching up with him, putting out a nationwide warrant for his arrest and warning that his military experience made him armed and volatile, when the reality was more like it made him depressed and seeking fulfillment.

In December, state troopers in Arizona shut down a highway to catch him, with more than 20 officers descending on his car with assault rifles, dogs, and a helicopter circling above. He came to find out he had also picked up criminal charges in Louisiana, Philadelphia, and Michigan, some including felonies for breaking into buildings to take photos, even though most urban explorers are fined or charged with low-level misdemeanors.

You could put me through years of therapy, give me all the meds in the world, and it would not help me the way that my art helps me, he told The New York Times, which first reported his story, adding, Not everything thats illegal is immoral. What if it is a victimless crime that is bringing something wonderful into the world and inspiring and helping people?

He has been offered a plea deal to avoid prison time if he pleads guilty to a felony, agrees to therapy, and ceases climbing, which he says he already has.

Police officials told the Times they took such a strong line against the veteran because of the extent of his activities and how dangerous they were.

The level of sophistication this guy is using and the magnitude of his crimes is pretty scary, captain Doug Wiesman of the Cincinnati police said. The pictures are beautiful, Im not going to deny that, but he leaves a wake of destruction.

In another post from this Friday, featuring in image atop the Queensborough Bridge in New York City amid a flurry of snow, Mr Wright vowed to fight the charges against him.

This fight is just beginning but we will get there, he said.

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Veteran faces criminal charges after using urban exploration to treat his PTSD - The Independent