Dr. Craig Wright: Inclusion is the real purpose of tokenization

Dr. Craig Wright: Inclusion is the real purpose of tokenization

Created to solve real world needs, blockchain’s goal has been to bring equality and inclusion—and then consumerism came into the picture.

In his speech at the recently held TOKEN2049 event in Hong Kong, Dr. Craig Wright pointed out how HODLing became the new form of hoarding. According to the nChain chief scientist, a huge number of blockchain and cryptocurrency startups have been taking advantage of the hype and value spikes caused by HODLers.

“HODLing is probably the most despicable, evil thing to do with Bitcoin. It is not saving, it is hoarding. Bitcoin is a payment system. It is cash. It is to be used to help people spend money,” he said. “People can actually spend and use, not hoard so that in ten years, they can go, ‘look! I’ve got more of something than I can hold.’”

Contrary to what ICOs would have you believe, Wright said tokenization is supposed to be a medium through which the world can create an “on-demand economy,” essentially an Uber for everything that you need—even luxury items. Tokenization, he explained, should be used for the efficient, high-speed production of supplies made on demand with a traceable and verifiable supply chain on the blockchain.

“Everything that is common now used to be a luxury—toilets were a luxury 100 years ago. Victorian England—if you had a flush toilet, you were rich. Now no one would buy a house in the West without a toilet,” Wright said.

If done right, tokenization could herald a new revolution that would open the floodgates to inclusion and global interaction.

“This is a world that is becoming more and more global—that is a good thing,” Wright said. “As we start trading with people, we start building relationships and having to understand them.”

Watch Dr. Craig Wright’s speech at TOKEN2049 here:

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Lumiere: A transparency project to promote equality

Lumiere: A transparency project to promote equality, fight corruption

Lumiere has the platform to push for the right things, but its creator acknowledges that there will be a lot of resistance to the revolution.

Sifting through raging ICO projects at the TOKEN2049 Conference in Hong Kong last month wasn’t easy. Luckily, there were still a few worth taking a second long look at.

Patrice Poujol spent eight years in film finance and capital markets, another eight years in film production, and three years working on his postgraduate research—a peer-reviewed study which will be published as a book with Springer International Publishing this year. The culmination of his PhD project to integrate blockchain into film production has now taken a distinct form: Lumiere.

Referring to ICO’s and exchanges—which are the quickest way for getting rich quick in the space—Poujol asserts a big distinction: Lumiere was the result of years of research and was made specifically for a real problem, one that he himself has firsthand knowledge of.

“We’re not trying to speculate, we’re not trying say to people, ‘we’ll give you the Moon.’ But we’ll give you this—but this is a few billion (in savings),” Poujol laughed. “It’s three years’ PhD period of research. It’s not just me waking up one morning, having a shower and saying, ‘hey, [I’ll build a project].’”

Currently, Poujol says that there is a big disconnect between blockchain technology and film, and they’re trying to spearhead that merger. “We’re trying to bridge these two,” he says.

“We’re trying to bridge blockchain and the crypto world, the tech world, and the film world. I would say they’re not in the dialogue yet. They don’t understand each other, maybe because they haven’t formally met yet.”

Poujol adds that film is a “very human” field, and in that aspect makes it imperfect, whereas “tech and blockchain is something that makes a process, a protocol systematic,” which he says could solve the “trust issues” in film production processes.

Solving the multi-billion dollar fallout

According to Poujol, Lumiere will break down inefficiencies in film production—which actually costs investors a serious amount of money.

“What we’re doing essentially and what we’re planning for the software to do is to bring transparency to the film production process,” he said. “Investor money is going up in smoke—part of it, maybe 15—sometimes up to 25%.”

Considering the overall amount spent by the film industry, this figure is huge.

“Right now, it’s a multi-billion US dollar issue. There are films that basically use a few hundred millions essentially for every shoot. There’s about thousands of films being made that way. Now an average budget for a film is around—in Europe would be around five million (USD), in the US it’s way bigger. Now, we’re talking 50-80 million (USD),” Poujol said. “What we’re trying to do is bring transparency to an industry that needs it.”

To address the issue, Poujol is harnessing the capabilities of blockchain technology and smart contracts for an automated full audit of expenses, as well as streamlining payments for professionals involved.

“What we want to do is change it even more to the point where investors can actually track the flow of money within the productions and they can see the money—how it’s being used, where it’s going. Also where staff—whether they’re cast or crew—can be paid on time and in full through smart contracts. So it’s an entire system essentially to reshape the way films are being made.”

Equality and meritocracy: alleviating the gender pay gap

I asked Poujol what the implications were in terms of meritocracy. In the US, several have spoken up particularly about the gender pay gap. This issue has ignited a thousand online debates about whether women are being paid unjustly less than their male counterparts. Will transparency be extended to include everybody’s salary? And will this help the fight for equality and meritocracy in terms of wages?

“We’ve seen over the past few months that the industry is changing. People start speaking out about certain things and I think it’s good.”

In some areas, he says, problems don’t usually arise from people knowing upfront what everybody else is getting paid. Compared to the US, transparency in salaries may not be a problem for some. But the platform may help alleviate such gender-related salary injustices for those countries where equality is still an issue.

“We want to push it in the last phase where everybody on the set knows how much everybody else is getting. Now, there are people who are against it and I don’t care. I don’t mind being a producer and putting my salary upfront because I can completely justify how much I get.”

Poujol adds that it actually takes more energy to try to keep salaries a secret than it is to be upfront about it and then proceed to focusing on work.

“I don’t think it’s actually counter-productive—I think it’s the opposite. It’s just the mindset [that says transparency in salaries is a bad thing].”

How about corruption?

The biggest implication—and the biggest question of all, is Lumiere’s potential impact against corruption in governments. Corruption is one of the biggest issues that can be affected by the transparency blockchain technology offers. All we need is a platform that would enable this use case, and here it is.

Obviously, if this could be applied to privately funded projects, it can be applied to a government-run agency. In theory, that is. Of course, things are not as simple as that. Corruption persists precisely because the corrupt are persistent.

“Oh, there’s gonna be a huge resistance. We will encounter a lot of resistance,” Poujol affirms. In fact, some have even hinted that his project could literally put him in the crosshairs of that resistance.

“As a joke, someone said to me, ‘You realize that the app that you’re running now can be dangerous for certain people…you better buy a bullet-proof jacket,’” Poujol laughingly said. “I said, ‘well, you know, if I don’t do it, someone else will. It’s not just me—it’s a movement that’s happening.”

Not the cure, but the right step forward

Speaking about those who use such advances purely for their own benefit, and at the expense of others, he knows it’s impossible to eradicate such practices.

“Blockchain is supposed to be here to make things more just and fair,” Poujol said. “I’m in this actually for the features that can bring more equality. We will never get perfect equality but I’m in here because I believe that this can solve a lot of problems that are here at the moment.

And when I see people using and milking the system—there will always be people who do that—but I kinda cringe a little bit.”

Poujol acknowledges that what he and a few others are trying to achieve requires far more than what technology can offer. He is positive, however, that the tech can help propel society towards the right direction, particularly in terms of mindset.

“It’s trying to revolutionize the way films are being produced financially. And then I think the technology and the financials can accompany the change of mindset as well. I don’t think it’s just the tech, I think it’s the tech and it’s also the attitudes, the behaviours, and the mindsets that people have about how they do business—how they consider one another, whether it could be gender issues, whether it could be racial issues.

I’m not saying the tech will address these issues but it can help. It can bring a certain change. In the words of Laozi’s Daodejing: ‘a journey of a thousand miles starts with one footstep.””

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Calvin Ayre: Bitcoin Cash is more than just a company

Calvin Ayre: Bitcoin Cash is a movement

To say that the global cryptocurrency community has been buzzing lately would be an understatement.

For the month of March alone, more than 60 Bitcoin and blockchain-related events have been held in virtually all parts of the globe, including TOKEN2049 Conference in Hong Kong and the highly acclaimed Satoshi’s Vision Conference in Tokyo, Japan.

Though they were held in the same week, the two events had very different focus. Antiguan entrepreneur Calvin Ayre, who attended both conferences, described ICO-focused Token2049 as “a multi-level marketing conference,” whereas Satoshi’s Vision “focused on making fundamental changes to the society.”

“[Satoshi’s Vision Conference] is very much about how Bitcoin specifically, but cryptocurrencies in general, could change the world… The people here are really focused on making fundamental changes to the society, whereas the conference that we just had [attended] in Hong Kong, it felt like a multi-level marketing conference. There’s a bunch of people that were there mainly… working on some get-rich-quick schemes or what not,” Ayre said. “This conference here [in Tokyo] is the real deal, and I think in the years ahead, we’ll see a lot more conferences like this one.”

Ayre is a huge supporter of Bitcoin Cash. As part of his deeper involvement in all things Bitcoin, Ayre has been putting his time, effort and financial resources into projects—including Lokad’s Terab Project, Electron Cash, Cash Shuffle Group’s BCH ‘Mixer’ tool, and a Bitcoin Cash tokenization contest—that expand Bitcoin’s reach and acceptance, which begs the question: why?

“Somebody’s got to do it,” Ayre said. “I think Roger Ver kind of summed it up. This project is more than just a company, it’s a movement. I’m a big believer in it myself, and I got the financial resources so I want to seed a few things that I think are good for the greater community.”

Conduit for merchant community

CoinGeek, a part of the Ayre Media Group, is organizing its very own conference in May—an event that will bring together the brightest and most dedicated minds behind cryptocurrency. Unlike the Satoshi’s Vision Conference, which focused on the evolution of the platform, Ayre said the upcoming CoinGeek.com Conference will center on merchant adoption.

“I’m also working on positioning [CoinGeek] conference because of the fact that we’re dovetailing it to come just a few days after the next fork in BCH, which is May 15… the next fork in BCH is going to be November 15, and so we’re hoping that we can have our next conference on the 29th of November,” Ayre said. “We hope by having our conferences around the same time as these forks, that we can become a conduit for the merchant community back into the platform developers, so that there can be better communication between the two.”

The inaugural CoinGeek.com Conference, which will take place at the Four Seasons Hotel in Hong Kong on May 18, is shaping up to be a landmark event tackling merchant adoption and providing education on the benefits of Bitcoin Cash.

“I think Bitcoin Cash, which is the one true Bitcoin, is going to become the dominant global public blockchain, the one chain that can do it all and everything will be on it,” Ayre said.

Registration for the CoinGeek.com Conference is now open with a 50% discount for those paying in BCH, but credit card payments are also welcome.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Vinny Lingham at TOKEN2049: If cryptocurrency doesn't self-regulate

Vinny Lingham at TOKEN2049: If cryptocurrency doesn’t self-regulate, governments will

Vinny Lingham tackles dumb money and half-baked tokenization projects which are attracting government scrutiny and can possibly lead to stifling regulation.

Last week’s TOKEN2049 put the ICO frenzy into the spotlight: it seems everyone is launching an ICO. Whether each token has technical and economic merits may be debatable, but it’s quite plain for anyone to see that things are going out of hand.

Civic CEO Vinny Lingham spoke at the TOKEN2049 conference in Hong Kong last week, focusing particularly on governance in the blockchain sphere.  He added that if the cryptocurrency industry wants to retain as much of its freedom as possible, it would need to “self-regulate” and construct its own code of conduct. Otherwise, governments will step in and may impose stricter regulations than most would be comfortable with, which could potentially impede innovation.

“The crypto sector will need to begin self-regulating due to a number of incidents that have caused concern recently, otherwise governments will impose stricter regulations,” Lingham said, summarizing the point in his presentation by saying “industries that don’t self-regulate get regulated.”

“If you look at history, if industries that don’t self-regulate in the sense that the business leaders don’t come together and argue for a code of conduct and a code of practices that becomes uniform across the industry, regulators get involved,” Lingham said.

Citing recent events such as the rise of scams, Lingham says government concern is not unfounded. These days, there are more ICOs than people can imagine, and there’s a lot of “dumb money” pouring into the space as misinformed people jump into investments without knowing full well what the risks are. Many cannot distinguish between legitimate projects and outright scams, despite obvious signs. Some even invest despite barefaced admissions by the project founders themselves that they are indeed, running a scam.

“These people don’t know better so now regulators are stepping up and saying we must protect people. This industry as it is emerging has got a lot of bad actors in it,” said Lingham. “There are things we can do around that as well in order to prevent too much regulation.”

“Token economy design is an important part of what you’re doing. Don’t take the money here and then worry about how you can make it work later on,” he asserted.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/vinny-lingham-token2049-cryptocurrency-doesnt-self-regulate-governments-will/

Dr. Craig Wright at TOKEN2049: 'I will make exchanges obsolete—watch next two years'

Dr. Craig Wright at TOKEN2049: ‘I will make exchanges obsolete—watch next two years’

Dr. Wright warns predatory ICOs and exchanges, which will be driven to the ground by the ‘atomic swap.’

At the TOKEN2049 in Hong Kong last week, nChain chief scientist Craig Wright’s speech went against what majority of the attendees (even speakers) stood for. Filled with hopeful start-up founders, several attendees to the event were also holding token sales. For a day trader, this was a jackpot.

But with so many already in existence—and with many more popping up as we speak—it’s quite logical to assume that majority of these will collapse. For one thing, many are set on launching ICOs simply because it has been known to generate massive funds, in a very short span of time–millions of dollars within 24 hours for some.

“I’m going to tell you a whole lot of things that you probably don’t want to hear today,” Wright, who has been quite the polarizing figure in the Bitcoin community for years, started his speech. Here we wrap up the key points in his speech at last week’s event.

Predatory ICOs, you’ve been warned

Wright then went on to warn ICOs, particularly those who are just hyping it up to generate quick bucks, without actually planning to deliver—which he says constitutes 99% of ICOs in existence.

“None of the ideas of ICO’s or whatever else works unless they have worth—not raising funds for the sake of raising funds, not anything else,” Wright said, adding that “code is law” is not a valid defense. Tokens sold through ICOs to generate funds can be categorized as securities.

“Just because you’ve conned some lawyer into misunderstanding it, doesn’t make it any different,” he said.

Wright says that if a company does fail, authorities will question whether the founders actually tried and built something, or if they just awarded themselves with big salaries to line their pockets. He added that he is helping and will continuously aid authorities in cleaning up the space of predatory companies.

“The law is law,” Wright said. “You try standing in front of a judge and telling him otherwise, and you’re going to be sorry because they can reach back in time. The SEC doesn’t think about what you’re doing now. They have a 20-year timeframe. You raise money and you don’t pay it back, they can reach back. Not ‘you got away with it.’”

“What they really should be used for is a new business model, not ‘how can we raise funds and deliver nothing,’” Wright said. “47% have nothing to show after a year but wasted money. It is worse than dot-com back in the 90s.”

Inclusion, not getting rich, is the real purpose of tokenization

Blockchain intended to bring equality and inclusion, but the human desire to own more than the next guy has always been a powerful motivating factor that has steered civilization into consumerism. Wright cited HODLing as the new age form of hoarding.

“HODLing is probably the most despicable, evil thing to do with Bitcoin. It is not saving, it is hoarding. Bitcoin is a payment system. It is cash. It is to be used to help people spend money,” he lamented. “People can actually spend and use, not hoard so that in ten years, they can go, ‘look! I’ve got more of something than I can hold.’”

According to Dr. Wright, a huge percentage of blockchain and cryptocurrency start-ups are merely taking advantage of the hype and value spikes caused by HODLers, instead of actually building something worthwhile. He states that tokenization was supposed to be a medium through which the world can create an “on-demand economy,” an Uber for everything you need, as he puts it.

Efficient, high-speed production of supplies that are made on-demand with a traceable and verifiable supply chain on the blockchain, he says, is what tokenization should be used for, making otherwise luxury items a common and accessible thing for all people.

“Everything that is common now used to be a luxury—toilets were a luxury 100 years ago. Victorian England—if you had a flush toilet, you were rich. Now no one would buy a house in the West without a toilet.”

Now, he says that services and supplies can be tailored to individuals because “one thing for everyone doesn’t work,” and that supplies can be delivered whenever they are needed, wherever they are needed, to those who need them the most.

He went on to discuss how this new revolution could open up the floodgates to inclusion and global interaction.

“This is a world that is becoming more and more global—that is a good thing,” Wright said. “As we start trading with people, we start building relationships and having to understand them.”

“When we want to start actually understanding our customers in different parts of the world, then we start to be exposed to different culture, different ways of life—different ways of doing things. It opens us up and we all grow as people, as humans. We don’t become so isolated and insular.”

An age of equality, meritocracy

“Tokens enable something miraculous if done right. They enable a world where every person in this bloody globe—not just someone in a little area in Silicon Valley—can start trading. But someone in Ghana can write code, design, build,” said Wright.

“Imagine that poor guy in the middle of Venezuela who wants to earn some money and be able to live and trade and do something. Now, he can write an article, now he can design something and own the digital rights to it and have someone (3D) print it anywhere on earth. That’s what this is really about. The ability for anyone to get out there and do something and promote something of substance and to compete on merit,” he said.

He added that the implications of tokenization on the blockchain for equality is massive, and can help people from all walks of life compete on equal grounds regardless of the circumstances under which they were born.

“Not with government handouts, not with government subsidies not because they inherited wealth –because they do it better, they work hard, they think smarter. That’s what tokens will deliver. The true gains of the digital economy aren’t yet, they will be when we have everything able to be taken anywhere, and used anywhere.”

The biggest bomb: ‘atomic Swaps’ and ‘evolving codes’

So far, Dr. Wright’s promise to help authorities prosecute predatory ICO’s was not even the biggest bomb in his speech. According to him, he will be driving exchanges to the ground by creating their ultimate competitor—a free cryptocurrency exchange mechanism, one that will enable transfers as fast and simple, as say, sending someone a Facebook message.

There is no detailed information on the new mechanism as of yet, but Wright says they will be releasing some papers starting May, two months from now onwards, that will change everyone’s perspective—and probably shatter several businesses.

“We’re going to start teaching you how everything you thought about Bitcoin is probably wrong. We’re going to teach you how to do ‘atomic swaps,’” he announced. While he says he can’t announce the specifics until the paperwork has been finished, his description of the mechanism is quite unnerving, particularly if you are running, or building a cryptocurrency exchange.

“I can buy and sell Ethereum to Dash inside Bitcoin today. I can make exchanges obsolete,” Wright declared. “Right now, I can do a peer-to-peer exchange of Ethereum and Dash on Bitcoin Cash.”

Addressing cryptocurrency exchanges, Wright warned: “We’re going to make you obsolete—not so that we make money out of it—so that we start people trading.” Precisely how he’s going to drive exchanges obsolete, apart from the capability for direct cross-blockchain transfer, is the fact that it’s free.

“I don’t want your money. There’s my scam: I’m not going to take a cent from anyone,” adding that those raising money to put up cryptocurrency exchanges can still “go for it,” but that their days are numbered.

“I’m not going to stop you. I’m just going to basically out-compete you. We’re going to release—freely—a whole [lot of things] that make all that you’re doing there obsolete.”

“That’s what we’re going to deliver on Bitcoin Cash. And you’ll say, ‘you can’t do that.’ And I’ll say, ‘watch.’ You’ll say, ‘you can’t trade these things securely.’ I’m gonna tell you, ‘watch,’” he dared.

He reiterated on the proof-of-work principle of blockchain, and how the new revolution would supposedly make competition all about creating and delivering.

“It is proof-of-work, not ‘proof-of-I-want-something,’ proof-of-work. And if you don’t get that, watch the next two years. You’re going to have some eye-openers,” he said. He adds that he doesn’t care if people hate him for this—all he cares is that people “develop, deliver, and create.”

“And if you don’t want to develop, deliver, and create, we’re going to make a world where you’re going to have to.”

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/dr-craig-wright-token2049-will-make-exchanges-obsolete-watch-next-two-years/

TOKEN2049 Hong Kong shines spotlight on ICO frenzy

TOKEN2049 Hong Kong shines spotlight on ICO frenzy

Speakers discussed new tokens and projects, as well as bringing order into the still-wild sphere.

Last week, blockchain and cryptocurrency start-up founders from all across the globe got together for the TOKEN2049 Conference, held at the Kerry Hotel in Kowloon, Hong Kong. The two-day event, held March 20 and 21, boasted of a variety of speakers from different corners of the crypto ecosystem who shared their insights on the development of the space as well as projects they’re working on.

Notable speakers include nChain chief scientist Dr. Craig S. Wright, “Cryptoassets” author and Placeholder partner Chris Burniske, Civic CEO Vinny Lingham, BnkToTheFuture CEO Simon Dixon, among others.

If you’re a day trader who gets excited about ICO’s, this event is your Wonderland. On the other hand, if you are looking to weed out ICO’s and narrow your day down to more specific disruptive projects, the countless start-ups in this event can be quite dizzying.

Overall, the event was quite busy and networking wasn’t a problem, with everyone eager to engage in conversation. Members of the media were able to sit down for interviews with founders as there was a dedicated media lounge (which was more quiet) for that very purpose, although you’re more likely to run into interesting people by circulating in the common areas, of course.

ICO frenzy aside, there were some good points and important topics that were discussed surrounding token sales and cryptocurrencies in general. Civic’s Vinny Lingham spoke about the governance side of blockchains, citing scams like Bitconnect as a reason for the need for protection, adding how “industries that don’t self-regulate get regulated.”

Dr. Craig Wright also warned against founders who launch ICO’s just to generate quick funds. “None of the ideas of ICO’s or whatever else works unless they have worth—not raising funds for the sake of raising funds, not anything else,” Wright said. He reiterated the fact that some ICO’s can be categorized as securities—just because they were issued in the form of digital tokens, it doesn’t mean they are exempt from traditional laws, and that “code is law” is not a valid defense.

“The law is law,” Wright said. “You try standing in front of a judge and telling him otherwise, and you’re going to be sorry because they can reach back in time. The SEC doesn’t think about what you’re doing now. They have a 20-year timeframe. You raise money and you don’t pay it back, they can reach back. Not ‘you got away with it.’”

Guests of the event were mostly start-ups building ICO projects (as expected), and some that tackle social issues like Shyft—a project aiming to build a globally accepted identification system that hopes to expand inclusion for social services and protection to the unbanked, fund allocation transparency, as well as others—which we will feature in later posts.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/token2049-hong-kong-shines-spotlight-ico-frenzy/