Tag Archives: blockchain

Featured, Hot, Sponsors

Protecting Free Speech with Unstoppable Domains

Leave a comment

This article contains affiliate links. With every domain purchase you make, you directly support Truth In Media.

In recent years and months, independent content creators have seen their work erased from the web by centralized entities. It’s more important than ever for people to be able to protect their content without fear of being shut down.

Software company Unstoppable Domains is aiming to put an end to online censorship by providing blockchain-based domains. While offering free speech protection in its mission to provide uncensorable websites, Unstoppable Domains also aims to simplify sending and receiving crypto payments.

Unstoppable provides two services: an address for receiving crypto payments, as well as providing a blockchain domain that cannot be censored. Rather than sharing a lengthy, complicated conventional cryptocurrency wallet address, Unstoppable Domains provides a “yourname.crypto” address for sending and receiving crypto payments. The system currently supports over 20 cryptocurrencies with plans to include more.

When you buy a domain, it will be stored in your cryptocurrency wallet, and in this wallet your domain can’t be transferred or removed by anyone but yourself. Unstoppable Domains currently supports two domain extensions: .zil, a low-fee extension on the Zilliqa blockchain, and .crypto, which is on the more widely known Ethereum blockchain. 

Bradley Kam, Co-founder & head of business development at Unstoppable Domains, illustrated the distinction between conventional .com websites and what Unstoppable is offering: “The way it works in the current domain world is there’s one centralized registry, and then there are permissioned writers to that registry like GoDaddy and Google Domains. And they have the ability to move your domain and they have the ability to take your domain. That’s the biggest difference is that this is a censorship-resistant system, and they also work in payments.”

Unstoppable Domains is a sponsor of the Truth In Media with Ben Swann podcast. For every domain purchase you make, you are directly supporting Truth In Media while also helping to ensure your own content cannot be removed. Visit truthinmedia.com/unstoppable to learn more about how to set up your own payment address and domain while helping support Ben Swann and Truth in Media.

 

Blockchain, Business, Technology, US

Amazon and Microsoft Embrace the Blockchain Future

Leave a comment

A new wave of adoption is coming to cryptocurrencies and blockchain technologies, notably from two major tech giants— Microsoft and Amazon— both of which are aiming to apply blockchain within their cloud computing arms.

In the case of Microsoft, the company recently announced Azure Blockchain Workbench. The new tools will be included in the Microsoft Azure Marketplace by aiming to provide developers with tools to implement the ready-to-use infrastructure for blockchain application solutions.

The press announcement discussed the pace in which these blockchain development tools are being embraced, stating that “Engagement in our preview program has been overwhelming. Since September, hundreds of customers and partners have joined the preview and used Workbench to create innovative solutions to shared business problems.”

The announcement also provided some insight into Azure’s future plans for more massive adoption:

“With the release of Azure Blockchain Workbench, we take another step towards making this technology more developer friendly. As we continue to learn with customers and partners, we look forward to extending its capabilities, open-sourcing more of its code and partnering with organizations to expand its usefulness.”

Even though Microsoft is making moves to embrace blockchain, founder Bill Gates has not had positive words for cryptocurrency. According to Cointelegraph, Bill Gates recently shared some critical comments of Bitcoin. “As an asset class, you’re not producing anything and so you shouldn’t expect it to go up. It’s kind of a pure ‘greater fool theory’ type of investment,” Gates said.

However Microsoft, in general, has been witnessing businesses increase their use of blockchain-based solutions and the corporate empire is looking to capitalize on the market opportunity.

Amazon’s recent efforts

Amazon, another major corporation at the forefront of the technology wave, is implementing a similar system to Microsoft’s. Amazon is introducing Amazon Web Services (AWS) blockchain templates, which will “provide a fast and easy way to create and deploy secure blockchain networks using open source frameworks.”

The focus of Amazon’s new tools is to allow developers to focus on building a blockchain application, potentially saving time, energy and resources spent on a manual setup of a blockchain network.

Both seem to have to a focus in mind of streamlining the process for businesses and developers to implement blockchain technology. This is likely to help promote a more massive adoption of the decentralized technology in various industries, such as app development and the financial industry with peer to peer transactions.

AWS vice president Jeff Barr alluded to these various possibilities in a recent post:

Some of the people that I talk to see blockchains as the foundation of a new monetary system and a way to facilitate international payments. Others see blockchains as a distributed ledger and immutable data source that can be applied to logistics, supply chain, land registration, crowdfunding and other use cases. Either way, it’s clear that there are a lot of intriguing possibilities and we are working to help our customers use this technology more effectively.

These recent moves show recognition of blockchain technology’s future. The money and effort being put forward by major corporations offer further supporting evidence that blockchain and cryptocurrencies have lasting potential.

Blockchain, Technology

World’s Largest Diamond Retailer Joins De Beers Blockchain Platform

Leave a comment

The world’s largest retailer of diamond jewelry is set to join the blockchain program Tracr, according to a press release recently released by De Beers Group. Signet Jewelers joins a project that aims to provide transparency, consumer insight, and efficiency throughout the industry.

According to Cointelegraph, Signet Jewelers is the number one diamond retailer in Canadian, American, and British markets. They made over $3.8 billion in diamond jewelry sales in 2017.

Bruce Cleaver CEO of gem giant De Beers Group, said:

We are delighted to welcome Signet to the Tracr pilot programme. Tracr is focussed on bringing the benefits of blockchain technology to the full diamond value chain – providing consumers with confidence, the trade with increased efficiency and lower costs, and lenders to the industry with greater visibility. Signet has deep insights into the needs of consumers, and our collaboration will ensure that consumers remain the focus of Tracr.

Signet joining the program will allow the Tracr team to complete the first digital link “all the way from diamond production through retail.” Both teams will work alongside each other to ensure jewelry manufacturers’ and retailers’ needs are met. The project will initially focus on “the tracking of diamond jewelry” and provide for smaller-sized goods.

Virginia C. Drosos, CEO of Signet Jewelers, said:

Responsible sourcing of diamonds has always been an integral part of Signet’s corporate ethos, and this will be further strengthened through our cooperation with Tracr. We are joining the Tracr pilot because we believe the project not only has strong potential to facilitate increased transparency and confidence within the industry, but it can also foster much-needed digital transformation.

Tracr provides a digital certificate for each diamond registered on the platform. Storing attributes and transactions aims to give consumers detailed information about their diamonds, allowing them to determine if the product is natural and conflict-free by tracking it across the blockchain.

In early May, De Beers Group announced its success of tracking 100 high-value diamonds along their Tracr blockchain platform, which the company noted is the first time that a diamond’s path has been digitally tracked from the mine to the consumer.

The diamond industries application of blockchain technology affirms the value and potential of the ledger technology, allowing for increased security and peace of mind. However, the diamond industry isn’t the only major sector to take notice.

Walmart has recently filed a patent for a blockchain based digital marketplace. Major banks piloted a successful blockchain-powered cross-border fund transfer that took a matter of seconds. A major fiat powerhouse has also taken notice: the Rockefeller family’s venture-capital arm has recently reported its move into cryptocurrencies.

Blockchain, Cryptocurrency, Featured, Technology, Videos

Watch: Ben Swann Talks Media Disruption at Block2TheFuture

Leave a comment

In early April, Ben Swann attended the Block2TheFuture blockchain and digital currency conference in San Francisco, CA. During his time there, Swann gave an informative talk that detailed the imminent transformation in how news and media will be produced and consumed, largely due to decentralization and cryptocurrencies.

Swann, the first independent journalist to be solely funded by cryptocurrency, summarized his professional career, including his transition from conventional broadcast reporting to founding his own independent media organization. He explained how the decentralized autonomous organization (DAO) of Dash Digital Cash played a primary role in Swann’s mission to remain an independent journalist.

Swann highlighted how digital currencies such as Dash make it possible for independent creators to endure by freeing themselves from the longstanding corporate funding structure that has exerted power over the news for generations, noting that following his sponsorship with Dash many other independent organizations have subsequently followed suit in seeking funding through similar DAOs including the Dash treasury.

Swann also noted that real-life experiences with the blockchain, cryptocurrency and decentralization and their potential to solve a number of societal problems starkly contrast mainstream media narratives that paint these aspects as harmful to “the greater good.”

Blockchain, Cryptocurrency, Politics, Technology

Congress Joint Economic Report Dedicates Chapter to Crypto, Blockchain

Leave a comment

A new report from Congress — the 2018 Joint Economic Report, used to assess the nation’s economic status and provide recommendations for the upcoming year— includes an entire chapter dedicated to cryptocurrencies and blockchain technology.

The report called for policymakers, regulators, and industry leaders to cooperate and ensure developers can implement these new blockchain technologies, and even called 2017 “The Year of Cryptocurrencies.”

The comprehensive report illustrates blockchain as a “potential tool for securing America’s digital infrastructure,” and points out how “methods of theft, espionage, and vandalism” are shifting “from physical toward virtual.”

Included within the Blockchain section is a statement that the technology is “not only nearly invulnerable to cyberattack but is revolutionizing the way the world conducts commerce and shares information.”

Blockchain is the distributed ledger technology that underlies digital currencies such as Bitcoin. A ledger is the accounting tool that tracks the movement of money from one person or account to another. Conventionally, such records are stored in central locations like banks, headquarters, and Paypal servers. Blockchain revolutionizes ledger technology with a network of distributed ledgers. Instead of one central, authoritative record of all transactions or information, blockchain creates potentially thousands of identical ledgers in computers and servers all over the world.

In “permissionless” proof-of-work blockchain, people compete to validate each transaction in return for a reward. The protocol rewards users for creating and validating entries into the ledger. This reward creates an incentive for competition and gives these validators (“miners” see Box 9-1) new tokens to use in the system. Users who do not earn tokens by performing verifications, i.e., not “miners,” must buy the tokens. This interplay between miners and purchasers create an ecosystem where people have clear incentives and rewards to maintain the distributed ledger for everyone.

The report tracked cryptocurrency’s massive rise during 2017, noting the significant price growth of leading cryptocurrencies Bitcoin and Ethereum, and that both outpaced the Dow Jones Industrial Average and the S&P 500.

The report shared a critical view of cryptocurrencies as a currently viable form of money and stated that “technical and economic limitations” of Bitcoin “hinder its use as a medium of exchange.” The report went on to acknowledge that “If digital currencies become less volatile in the future, valuing items in those denominations could become easier and individuals might begin using them more frequently as a medium of exchange.”

[RELATED: WATCH: Rep Backed By Securities Industry Says Cryptocurrency Undermines Gov’t. Control]

Regulation concerns were also examined in this report, noting that cryptocurrencies, ICOs and exchanges all pose unique challenges. “Their rapid ascension led to instances of new products running afoul of America’s current regulatory framework,” the report noted. “This demonstrated how certain regulatory environments are simply out of touch with the internet age.”

The report concluded that:

Technology presents evolving challenges and generates new solutions. Blockchain technology essentially stores and transmits data securely, in large volume, and at high speeds. So far, the technology has proved largely resistant to hacking, and given this feature, developers first applied it to digital currencies. Yet blockchain has many more potential applications, such as portable medical records and securing the critical financial and energy infrastructure.

The report offered recommendations to policymakers, regulators, and industry leaders in its conclusion:

— Policymakers and the public should become more familiar with digital currencies and other uses of blockchain technology, which have a wide range of applications in the future.

— Regulators should continue to coordinate among each other to guarantee coherent policy frameworks, definitions, and jurisdiction.

— Policymakers, regulators, and entrepreneurs should continue to work together to ensure developers can deploy these new blockchain technologies quickly and in a manner that protects Americans from fraud, theft, and abuse, while ensuring compliance with relevant regulations.”

— Government agencies at all levels should consider and examine new uses for this technology that could make the government more efficient in performing its functions.

This new report offers an extensive interpretation of the rise and future potential of blockchain technology and cryptocurrencies. Other government acknowledgment this week included the House Capital Markets, Securities and Investment Subcommittee, the House Science, Space and Technology Committee and the Senate Banking, Housing and Urban Affairs Committee.

https://www.youtube.com/watch?v=OpBU_OtVai0

Blockchain, Civil Liberties, Cryptocurrency, Featured, Government Accountability, Politics, US

WATCH: Rep Backed By Securities Industry Says Cryptocurrency Undermines Gov’t. Control

Leave a comment

Washington, D.C. — The House Subcommittee on Capital Markets, Securities, and Investment (Committee on Financial Services), on Wednesday, held a hearing entitled “Examining the Cryptocurrencies and ICO Markets.”  During the hearing, Rep. Brad Sherman (D-CA) read a statement that called cryptocurrencies “harmful,” and appeared to accidentally admit that cryptocurrency reduces government control of the dollar.

BitsOnline noted that it’s unclear “whether his most infamous statements during the March 14th crypto hearing were on behalf of, or in the stead of, Rep. Carolyn B. Maloney (D-NY).” Notwithstanding, Sherman spoke assertively while reading the statement.

Sherman began by referring to cryptocurrency as “a crock,” and went on to perpetuate pop culture stereotypes and and fears about the industry, saying, “Cryptocurrencies are popular with guys who like to sit in their pajamas and tell their wives they are going to be millionaires. They help terrorists and criminals move money around the world. Tax evaders. They help startup companies commit fraud, take money, and one percent of the time they actually create a useful business.”

As Sherman continued to rebuke cryptocurrency and those who utilize the technology, he seemingly revealed the real reason government fears widespread consumer adoption of cryptocurrency.

“It hurts the U.S. government in two ways,” Sherman said. “Our contr….” Sherman began, as he appeared he was about to say “our control.” Although he stopped himself prior to uttering the entire phrase, he continued by saying, “…our ability to have the US dollar as the chief means of international finance is what has underpinned our ability to impose sanctions,” illustrating that monetary policy and the dollar are used as a system of control by the U.S. government.

It should thus come as no surprise that the top industries funding Sherman’s election campaigns are securities and investment related entities.

According to a report from CryptoCoinsNews, it was revealed on Reddit that Sherman’s top contributor for 2017-2018 is digital payment processor Allied Wallet- a company that stands to encounter significant competition from more efficient and private payment systems that have been created with blockchain technology. Overall, Sherman received $56,700 from the securities and investment industry.

Bank of America recently acknowledged that cryptocurrencies pose a challenge to their earnings, stating that “widespread adoption of new technologies,” including cryptocurrencies, may compel the company to make “substantial expenditures” in order to compete with such innovations.

Certain members of Congress like Rep. Tom Emmer (R-MN), member of the Congressional Blockchain Caucus, showed a better understanding of the technology and its implications.

“This is something that Democrats and Republicans should be celebrating here in Congress not going ‘oh my gosh, this is terrible, we don’t understand it’,” Emmer said.

“I tend to trust people and believe that they’re in these things for good, and that they’re trying to improve their own lives and hopefully the lives of people around them — that old adage that a rising tide lifts all boats. And yet I hear elected officials who don’t have any concept of what we’re dealing with here and how exciting it is, talking about how we got to regulate and create more government infrastructure. I respectfully disagree that that won’t act as a wet blanket on this amazing new technology. I realize there has to be some regulation, but there’s got to be balance,” Emmer said.

Coinbase’s chief legal and risk officer Mike Lempres, Georgetown University law professor Dr. Chris Brummer, and Wilson Sonsini Goodrich and Rosati partner Robert Rosenblum served as expert witnesses at the hearing, which is Congress’ first foray into potential regulatory issues surrounding initial coin offerings (ICOs).

Blockchain, Cryptocurrency, Economy, Featured, US

Bank of America Admits Threat Presented by Cryptocurrency

Leave a comment

One of the largest banks in the United States has acknowledged that cryptocurrencies could pose a threat to its business model. In Bank of America’s new annual report filed with the U.S. Securities and Exchange Commission (SEC), the corporation largely reflected internally about a number of economic, geopolitical, and operational risks faced.

One of those stated risks is surrounding the increased adaptation of cryptocurrencies, which could have negative effects on the corporation’s earning potential.

In addition, technological advances and the growth of e-commerce have made it easier for non-depository institutions to offer products and services that traditionally were banking products, and for financial institutions to compete with technology companies in providing electronic and internet-based financial solutions including electronic securities trading, marketplace lending and payment processing. Further, clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies. Increased competition may negatively affect our earnings by creating pressure to lower prices or credit standards on our products and services requiring additional investment to improve the quality and delivery of our technology and/or reducing our market share, or affecting the willingness of our clients to do business with us.

Increased adaptation of cryptocurrencies also had Bank of America admitting that it may need to make “substantial expenditures” to compete with these rising technologies:

In addition, the widespread adoption of new technologies, including internet services, cryptocurrencies and payment systems, could require substantial expenditures to modify or adapt our existing products and services as we grow and develop our internet banking and mobile banking channel strategies in addition to remote connectivity solutions.

Interestingly, Bank of America might have already taken action to help counter these technologies by banning cryptocurrency transactions on their credit cards.

[RELATED: Arizona, Colorado, and Wyoming Present Legislation Supporting Cryptocurrency]

Additionally, the document stated concerns besides those directly affecting earning potential; they noted that emerging cryptocurrencies could impact Bank of America’s compliance with anti-money laundering regulations:

In addition to non-U.S. legislation, our international operations are also subject to U.S. legal requirements. For example, our international operations are subject to U.S. laws on foreign corrupt practices, the Office of Foreign Assets Control, know-your-customer requirements and anti-money laundering regulations. Emerging technologies, such as cryptocurrencies, could limit our ability to track the movement of funds. Our ability to comply with these laws is dependent on our ability to improve detection and reporting capabilities and reduce variation in control processes and oversight accountability.

Even though cryptocurrencies were a small mention within the entire report, its brief discussion indicated that the company is both aware of and reacting to the further potential impacts of cryptocurrency.

In recent years, Bank of America has clearly shown its ambition in patenting blockchain technology; according to a January Bloomberg report, Bank of America “has applied for or received at least 43 patents for blockchain, the ledger technology used for verifying and recording transactions that’s at the heart of virtual currencies. It is the largest number among major banks and technology companies, according to a study by EnvisionIP, a New York-based law firm that specializes in analyses of intellectual property.”

Blockchain, Cryptocurrency, Technology

Arizona, Colorado, and Wyoming Present Legislation Supporting Cryptocurrency

Leave a comment

Lawmakers in Arizona, Colorado, and Wyoming have all recently taken legislative action that seeks to further support cryptocurrency.

On Thursday, the Arizona Senate passed a bill that would allow residents to pay income taxes using Bitcoin and other cryptocurrencies. This implementation has practical significance, allowing the use of cryptocurrencies as a payment option in a state revenue system legitimizes them as an everyday alternative payment medium.

A provision in the bill mandates that the cryptocurrency payments be exchanged for fiat currency within 24 hours. This provision seeks to address the volatility of cryptocurrency and mitigate state revenue concerns.

Republican Arizona State Representative Jeff Weninger, who co-sponsored the bill, said he wants Arizona to be at the forefront of technological innovation. He told Fox News:

“It’s one of a litany of bills that we’re running that is sending a signal to everyone in the United States, and possibly throughout the world, that Arizona is going to be the place to be for blockchain and digital currency technology in the future.”

Consideration by the Arizona House of Representatives will be the next step for this bill.

[RELATED: What Is a DAO and Why Is It Revolutionary?]

In Colorado, a bill was introduced in the Senate proposing the use of blockchain for governmental data security. Senate Bill 86 seeks to use the blockchain ledger feature for its ability to securely record transactions. The bill aims to “control functionality, track transactions, verify identities, support uniformity, resist tampering, enable logistical control for large numbers of participants, protect privacy, and support accountability and auditing.”

Sumana Nallapati, Colorado’s secretary of technology and state chief information officer told StateScoop:

“In Colorado, we try to be a leader in any technology that can transform and enable better government. To be an early adopter of blockchain, our hope is that it will allow Colorado to shape the industry by offering lessons learned, creating jobs, and providing better services to our customers.”

Legislators in Wyoming have introduced two bills, House Bills 19 and 70, that would limit regulatory control over cryptocurrency trading.

Coinbase, the most widely used buying and selling cryptocurrency platform, suspended its services in Wyoming a couple of years ago. Many other platforms followed their decision because the states regulatory burdens have been too costly.

The Wyoming Division of Banking requires cryptocurrency trading platforms to hold an equal value of fiat funds to the aggregate value of funds held by customers. Although Hawaii has the same regulation, this response has not been typical in other states.

Coinbase and other platforms found these regulations to impractical to continue services in the state.

House Bill 19 “would clarify the provision that state regulators are currently relying on to bar the trading” while House Bill 70 “would clarify that traders are not subject to certain other state finance regulations,” according to the Casper Star Tribune, providing the opportunity for platforms to continue services in the State.