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.
Over 50 teams sign up to put tokenization on Bitcoin BCH chain

Over 50 teams sign up to put tokenization on Bitcoin BCH chain

More than 50 teams are taking on CoinGeek.com’s tokenization challenge, which will shape the next evolution of the Bitcoin Cash (BCH) blockchain.

After demonstrating that the vision contained in the original Satoshi Nakamoto white paper can be realized on the network, the next step for Bitcoin Cash is to move from being a simple cryptocurrency solution and become the cornerstone of a globally distributed economy. Tokenization is one of the key elements for opening up the Bitcoin Cash chain to support a broader range of transactions than simply payments in the native cryptocurrency. Digital tokens, typically executed with smart contracts, allow real-world assets to be represented within a blockchain transaction.

To achieve this, CoinGeek.com—along with blockchain technology research and development firm nChain Group—recently announced a design contest for a tokenization solution that runs on the Bitcoin BCH blockchain as well as its associated test networks. The available prize is £5 million worth of Bitcoin Cash.

“While it is our firm belief that BCH is the one true blockchain that will emerge out of all the FUD around cryptocurrencies right now we want to also ensure BCH has all the tools necessary to make that claim and more. Tokenization is another step on that journey as we create a ‘best of breed’ coin that has all the components of the original Satoshi white paper but also has the additional features that enhance BCH further still,” said CoinGeek.com owner Calvin Ayre.

The challenge requires participants to design a generic system, or suite of interacting systems that deliver: an issuer solution that permits an entity to securely create tokens, issue tokens to user’s wallets, redeem tokens from users, and securely destroy tokens back into the originating cryptocurrency at the end of that token’s life cycle; a user solution that either plugs into their existing cryptocurrency wallet or sits alongside the wallet, allowing the user to view, trade and redeem their holding; and an audit solution that allows a third party to securely and independently validate the status of all issued tokens on the blockchain.

All submissions need to include supporting design documentations, as well as a working code with the source codes. The solution is not required to involve the execution of a smart contract on the blockchain, but participants must demonstrate real-world use cases—such as in gaming and casino, company stocks, and even tickets—that manage a token from issuance to final destruction.

CoinGeek will provide access and licenses to use certain assets from nChain Group’s patent portfolio. The assets are limited for use on the Bitcoin Cash blockchain and participants can only use them for their design proposals. The solutions will be evaluated on how well their solution meets the objectives as well as their effectiveness in using nChain’s intellectual property assets. Participants, however, are not limited or required to use nChain’s assets as CoinGeek encourages creativity and new ideas.

Learn more and register to CoinGeek.com’s tokenization contest here.

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/50-teams-sign-put-tokenization-bitcoin-bch-chain/

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/