- Introduction Binance is an exchange company formed in 2017. If one may ask, is Binance just an exchange or a progressive crypto exchange? My answer is that Binance is not just a crypto exchange company but an 'engine' that drives crypto-currency adoption. How? My readers may ask. My answers will first start with a simple analogy of what is adoption.
Adoption is a process whereby a person assumes the parenting of another, (usually a child, from that person's biological or legal parent or parents,) and in so doing, permanently transfers all rights and responsibilities, along with filiation, from the biological parent or parents (Wikipedia,2018). In the sense of crypto-currency it is a process whereby a person assumes the parenting of another ( new idea or way or thing) and in so doing permanently transfers all rights and responsibility that belong to the old or normal way to the new way. Driving in the other hand is knowing how to operate the mechanisms which control the system (vehicle); it requires knowing how to apply the rules of the road (which ensures safe and efficient sharing with other users). An effective driver also has an intuitive understanding of the basics of system (vehicle ) handling and can drive responsibly (Jacob,2018). A driver may be a person, company, a system or device that knows the mechanism which control a system and the driver must formulate or know the rules and the basics of directing the system to its target. A device driver for instance is a system (computer program) that operates or controls a particular type of device (EMC,2010). In our case we are looking at crypto-adoption driver, a person or company that knows the mechanism which can be used to make greater number of people to transfer permanently the rights and responsibility of fiat money to blockchain currency (Crypto-currency).
A clear case of driving adoption can be easily seen in Football which have been in existence long ago, but FIFA devices a way to entice all nation to participate and develop football infrastructure in there countries by moving Football tournament hosting around different regions and other things they did to make the sports to be popular (adopted) all over the regions of the world.
Similarly, crypto-currency have been there before Binance started, crypto-exchanges have been there before the advent of Binance but what Binance did and what they did not do helped in replicating adoption across all the regions of the globe. The only challenge here is whether these position can be substantiated?
- The Authors experience My name is Bartholomew Eke (PhD), a Software Engineer and Senior Lecturer at the University of Port Harcourt, Nigeria, Africa. I developed interest on cryptocurrency in 2010 after reading Nakamoto published paper Bitcoin: A Peer-to-Peer electronic cash system (Satoshi,2008) which I saw as a research on cryptography protection of online payments. I didn't well understood it until on Febuary 2014 on hearing that Mt. Gox the largest Bitcoin exchange tend, had gone bankcrupt and had made away with depositors 'Coins'. The word coins attracted my interest, I wondererd why they should be keeping the Coins instead of the notes, but I latter learnt it was not Coins but Bitcoins. Before that time Satoshis's Bitcoin was simply viewed by me as a research exercise aimed at improving crryptography which I had many programs on. The research on tracking of Mt. Gox Bitcoin in the publication of Sarah et. al (2016) increased my interest in Crypto-currency and exchanges research. The research is still ungoing though I have published some of my findings but one of my crushial discovery is that Binance is not just a cryptocurrency exchange but a driver of cryptocurrency and blockchain adoption. I am one of the few people trading in crypto exchanges as part of my research project so it often does not matter whether I gained a trade or lost provided I made my findings. I have used more than 15 exchanges only on experimental bases some of which include Coinbase, Blockchain, Kraken, Bitrrex, Tradesatoshi, Binance, Kucoin, Bit-Z, Cryptopia, Luno, Abucoin and Cryptagio just to mention a few. My criteria of registering include Low volume, High Volume, Low fee, High Fee, difficulty of registration, exchange incentive, exchange policy, cardinal goal of exchange, Fiat or non-fiat, age of exchange and other criteria which I will still publish in my future paper. I have lost and gained crypto in the process of the research but I saw some things that Binance does differently which may or may not have contributed to surge in users interest.
- Binance Key Drivers In discussing the story of a young exchange called Binance there are some findings worth mentioning and they include: i) Segregation (Discrimination) : In all the money transfer companies and exchanges I have studied before the advent of Binance there is serious segregation among its customers. In some exchanges this differentiation is very scaring but in Binance it is very minimal, unnoticeable and almost non existent. I will use three experiences to explain, in Coinbase my country (Nigeria) can not trade but they can deposit and withdraw crypto, so why allow them to register only to segregate. Most exchanges, majority of users do not withraw more than 1BTC per day but exchanges group them into three level of users which have different withdrawal limits ( which is very OK for some reasons) but many exchanges go further to place trade restrictions based on this segregations. For instance Cryptopia do not allow you to trade USDT or its equivalent if you are not in certain levels. Bit-z will not allow you to participate in some trading competition or even get airdrops if you are not in some category of user. There are more instances but you will not experience any difference as a user until you want to withdraw above certain limits in Binance. Binance operates little or no discrimination allowing 'Private Crypto' users to remain in level 1 and operate freely provided they withraw smaller amounts. There are many world micro scale and unbanked users who can not afford to get any valid government ID for level 3 registration- Binance is were they fill welcomed. I spent some months as level 1 client and now am in level 2 but my withrawal is hardly upto one BTC a day so I feel no difference but that's not true with many exchanges. ii) Incentives: The unprecidented incentives that Binance offer can make some body with zero dollar to be a marchant with Binance. In November 2017, I told my research students who do not have funds to complete their research work, to register in Binance and generate money to finish their research; they did and are about to graduate. Binance empowered them, they simply registered, got some Airdrops from some new crypto companies, sold and traded with the money and where given trading bonuses and they sold the coins and paid for there research costs via Binance. Their trading incentive vary so much that all kinds of traders benefit, to be more concrete Ontology had a condition of trading 0.5BTC over a week. Using $100 a trader can easily trade five times a day which is $1000 buy-sell volume, in five days that is $5000 volume above 0.5BTC at that time and they gave 1000 ONT which was worth (at some time) $10000, what else is incentive or empowerment. No one can deny these facts. Some new exchanges have copied these model which is great for cryptocurrency adoption. All young school leavers in my area are into Airdrop due to this model introduced by Binance. iii) Low trading Fee : Binance is a cryptocurrency which is accepted for transaction in my local domain thanks to the exchange, for the past six months IT training centers in my locality accept and use Binance as payment for IT training. Trading fee is half when the coin is used to pay for fees but due to its relative stability Binance have found usage in other payments. Beginners can easily learn trading at reduced cost due to low fees. Majority of crypto traders in Binance are startup traders who are learning fast due to trading incentives. iv) High Volume: One of the Support team in Abucoin said that people go to Binance because of there high trading volumes, many people still have the same opinion. But as an academics I know that at a time Binance traded less than 1BTC during their starting stage either as one second or one minute trade volume, they did not start the first second of opening trade with large volumes. BTC only have less than 40% of all Crypto (Coinmarketcap,2018) and Binance introduce good altcoins which was followed by volumes. I was told when Binance started by a forum friend that an exchange that does not offer fiat currency will not attract traders but I differed, insisting that a trader will always prefer to make money in 'Aghanistan and spend it in Paris'. If a trader can ingage in quality trade in an exchange he will only go to the next exchange for cash-out. Cashing out is not always a problem once there is another exchange that is ready to exchange even a single crypto like Bitcoin or even TUSD or USDT. v) Honesty: Binance is an honest exchange, they promise they will distribute prices for trade in a given time you will get it before the time or right at the time they promised. Some exchanges do not add crypto handling delays when they make promise only to discover that a transfer may take 30 seconds today and 3 days the next hour. Binance will tell you two weeks after trading competition the coins will be distributed, they do not usually mean it. What they actually said is that "in two days time after context we will send the winners there coins and the coins can take at most 10 days to reach". In most cases the coins reach in seconds instead of the added days they promised. Cryptocurrency is scary and new users are afraid of dealing with faceless customer service personnels, emails and text messages. What they always want is "your coin is confirming 1/30 confirmations"; they can go to sleep believing that in 5days the coin will be their own. Binance delivers on promises. When they found abnormality that will make customers loss they will raise alarm. For instance during Bytecoin surden price spike in early May 2018 they warned customers to trade with cursion explaining that coin deposit problem may have caused price abnormality-honesty. They constantly remind you to trade with their Binance coin for low fee even when they know that your failure to do that results to higher fees and more gain to the company but they prefer to honestly warn customers. v) Selection of Promising Alt Coins: I am a lecturer in Africa and have never worked with any crypto company but I have traded more than 15 coins in Binance (the evidence is the piece of coin left) but the coins are promising. The coin that is usually at the bottom of the Binance volume is Via Coin which is still a good coin (from my accessment). Most of the coins listed in the exchange easily move up creating great choice and selection space for traders. When crypto exchange grow, users grow and trading space need to grow, Binance is master in that strategy. If a company produces a fake coin or even a 'good coin' with bad road map they will not even approach Binance for listing for two reasons- fear of not spending their money since they do not have plans to make more money from long term plan, fear that there listing request will be rejected. The choice of coins cut across prices and different rating in Coinmarketcap; Binance does not wait for a coin to be in the first 100 before listing them rather if they believe the coin is promising they select the coin. vi) Recognition of developer community Any IT company today that do not take care of its developers or technical teams well will loose them to other cryptocurrency companies and there are many of them coming up. Exchanges seem to believe that there job is to deal on other peoples products but Binance has shown that the best we to understand the crypto world is by been one with it. Binance is not just an exchange, it is a cryptocurrency, a blockchain technology and security and software development organization. This is correct but that can not be said of many exchanges except those copying Binance model. Surprisingly those exchanges copying Binance are also getting visible result. vii) Efficiency and Speed of Site and Trading App. There are things that the Western countries take for granted- power availability and very high speed internet connectivity. Readers of this story from advanced nations should jump to the next point. But the rest of the world have little power which is not even available always and internet cost are high and speed are extremely low. Even when the provider have technology to provide high speed users prefer to have their data last for one full month than to see it finished due to high speed usage. Some times provider intentionally slow down speed to avoid customers outcry of quick finishing data. This calls for exchanges to carry majority of users along in developing there trading platforms. The faster the better and Binance is acting and continues to work on this. viii) Security This is closely related to technology since internally trading apps needed to be upgraded to remain ahead of hackers, crakers and phishing organisations. Early in the year 2018 Binance had a phishing attack, we could easily imagine the state of the cryptocurrency exchange now is they had suceeded. But the phishers could not still coins even when they have broken in, this increased users confidence in the exchange and draw more new clients. The new features added to the exchange have even made email phishing extremely difficult to phishers. There are other security features added which users can sence but are hidden to public discussion. ix) Rich Binance is a rich company, rich in their attitude to the world community, rich in income generation, rich in the way they give to start up companies even when they are also start up themselves, rich in their logo and rich in communicating with customers. Rich in innovative ideas. Binance is rich. Poverty repels, so Binance will keep attracting every body to itself. x) Binance is blessed with an experienced and humble CEO When a company has an experienced leader the multiplier effect is seeing on the rest of the staff. Innovative staff will have little headache in getting their ideas approved. An arrogant leader is a liability to a company and make the company to keep regreting its actions. The leader is planning to go to Malta but he is still insisting that it is just a branch of Binance making the current host the consider its stands on tough regulation.
- Binance Road Pot Holes A driver must be careful about pot holes else his good car may tumble. Binance no dought now is really a cryptocurrency innovation adoption driver and must watch out for the following. i) Rise of Communities around cryptos Communities grow a company and communities make companies to go down. If all traders pull out from Binance the company will be history. When Bitcoin started, there was one cryptocurrency community, one group of Bitcoin developers, one Bitcoin enthusiast, but today that is far from the reality. We now have many Bitcoin communities (BTC, BCH, BTCP, BTG etc) and many altcoin communities. Passion have started to roll in these communities and support is continously solicited and soon tougher competitions will ensure the coin to list need to be voted for and a new way for paying for coin listing should be deviced using Binance Coin to vote. ii) Ico Support Binance supports ICOs but for more than three months there LaunchPad on their website have being showing Bread and Gifto, this is very bad. When not launching a coin the LaunchPad need to be empty and when new coin are not coming to the Binance LaunchPad the LaunchPad should go to new coins. Binance community can vote to select the next coin that will go into the LaunchPad. If it required payment then they can use their binance coin to vote and get rewarded by the new coin in a form of shared bounty or airdrop. iii) Strong Community We have discussed the rise of communities, binance is lacking on strong community (a group that have strong passion for Binance as an Exchange, a Cryptocurrency and as a Technology). A community driven by volunteers and not by Binance employee, a community that will work for the passion and not for duty. I see three Binance and the group must be very passionate about the three. This may not be group of Binance Traders - no they are too busy and have no coin or exchange friend. Binance may be working towards this direction in the Binance Angels project but wisdom must be used to get the correct arrow head of the community and to actually let go of the person to freely handle the community. If the staff want to lord it on the community followership will be for duty not for the passion. iv) Binance Bounties Binance have so many trading bounties won after the competitions. This is good but part of this bounties need to be used to bring in more new users who will register and a buy Binance and smaller amount for new members without any conditions. The trade competitions the way most of them are ends up in the hands of already suceessful members who can trade once a day and win the competition due to there financial musle. These group of big traders are highly desirable and will continue to remain in the first to third places. But future members need to be attracted with the little tokens falling out from every bounty. v) Need for Binance_Inc Exchange Binance is so big and will get bigger. Binance need to have another cryptocurrency exchange, but instead of just an exchange Binance should have an incubator exchange. 'Division Two exchange' this exchange will be low volume and should serve as a source for listing in the main exchange. If a coin is performing with high volume it can be moved to the main exchange. In a crypto in the main exchange is not performing in they can be moved back to the incubator exchange. In this way Binance will remain the technology and develop in other areas.
- Binance as an Innovative Crypto-currency Adoption Driver It has been said that adoption is the original dependent variable in innovation research and the desirable property of innovative systems which change agents seek to enhance. "Innovation" on the other hand is any change in structure, design, products, or processes in which there is a definable new element introduced into the system; the process is essentially the same for all technologies including blockchain technologies. In innovative space the characteristics of people or organizations are associated with higher levels of adoption and the company that makes the adoption to happen faster is very innovative. The voiced or unvoiced assumption underlying the examination of correlates of innovativeness is causal: If we manipulate the characteristics of organizations or individuals so that they more closely resemble those of the highly innovative, we will make the organizations or individuals themselves more innovative (Eveland, 1979)
Conclusion It is very easy to conclude this article by saying that since Binance was able to make more people to adopt cryptocurrency in a fast manner that they are not only drivers of cryptocurrency adoption but they are Innovative. Ask of an innovative cryptocurrency exchange the response should be Binance, when they move others copy so without the statistics of their trade volumes one can easily see that they are truely the leaders that the crypto exchange space have today.
References Eveland J. D. (1979) Issues in Using the Concept of "Adoption of Innovations", Journal of Technology Transfer, 4(1) 1-13, Retrieved 2018 from jdeveland.com/papers%20for%20Website/adoption.htm
EMC Education Services (2010). Information Storage and Management: Storing, Managing, and Protecting Digital Information. John Wiley & Sons
Nakamoto S. (2009) Bitcoin: A Peer-to-Peer Electronic Cash System, Retrieved 30 May, 2018.
Sarah M., Marjori P., Grant J., Kirill L., Damon M., Geoffrey M. V., and Stefan S.,(2016) A Fistful of Bitcoins: Characterizing Payments among Men with No Names, Communications of the ACM, 59(4), 86-93,USA.
Jacob M. Appel (2018); "Must Physicians Report Impaired Driving? Rethinking a Duty on a Collision Course with Itself"; Journal of Clinical Ethics (volume 20, number 2).
This is a unique MMO Economic Blockchain Game with an exciting story, where you can develop your own business, train efficiently to build economic and business operations while simultaneously earning money. The game token, used as the currency, is Double Land Coin.
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dr10 Let us all welcome team from BlockV - @Reeve-BlockV Reeve Collins Reeve-BlockV (Reeve Collins) and @Lukas (Lukas Fluri). You can all start asking them questions. I'd ask team from Blockv to use @ username to the one they are responding to and I'd like to ask all the community to give them some time to catch up if too many questions in backlog, before asking more so questions don't get lost. Thank you! submitted by
I am here :slightly_smiling_face: dr10
ah good, welcome :smile: techbytes
Welcome BlockV... bohemiangreco
@Reeve-BlockV @Lukas As far as looking at your website, I am excited for what BlockV offers. In your own words, what makes BlockV the future? Where did your passion for BlockV stem? tranzer
Can you tell us what is blockv, who are your current competitors and what are you trying to solve? bohemiangreco
Assuming some people haven't checked out your website. I think it's important to get that question going. Reeve-BlockV
Thank you @bohemiangreco we believe that vAtoms will change the worlds relationship with value. Crypto currencies have already changed the way we view digital money. vAtoms open up the use cases far beyond currency and now enable brand to consumer and peer to peer communication, through these objects of value. vAtoms are a smart digital objects that can be written to blockchains and this new asset class will open up entirely new use cases of blockchain technology that were very difficult to execute on before equaliser
@tranzer What is BlockV? To summarize BlockV think of “Tokenization-as-a-Service” however not just any tokens. We’ve created an entirely new asset class called vAtoms. These are supertokens, tokens with app like qualities, tokens with multi-media attached and the ability to set policy to them. These tokens can be written on any blockchain or exist on our sidechain equaliser
so that means, you are an interface using different blockchain with their technologie. Some like an Single-Point-Of-Blockchain equaliser
sry with "you " i meant BlockV-Paltform koling
@Reeve-BlockV. That was a non answer with a lot of buzzwords. Lukas
@equaliser that is correct. a develop/publisher of vAtoms on the BLOCKv platform can decide which blockchain to use (Bitcoin, Ethereum, EOS in the future and others) equaliser
great ok equaliser
so how can we imaging the GUI. Are we logging in to blackV and can manage our prefences and get some APIs or how does it work? Reeve-BlockV
BlockV is providing the developers around the world a platform to easily build, distribute, and monetize blockchain tokens. As explained before these are not just typical tokens but this new asset class of tokens called vAtoms. Tokens with app like qualities. Lukas
@equaliser the BLOCKv platform is accessible by API's. So you can build your own GUI. or you can use our SDK for iOS, Android etc. which includes already all the basic function of a vAtom wallet/viewer. equaliser
daaamn. nice haha bohemiangreco
@Reeve-BlockV You certainly have a past of successful entrepreneurship, and that of itself is great too see for BlockV. Would you mind explaining into further detail this statement: "BLOCKv opens entirely new models of blockchain utility across categories and industries, including advertising, loyalty, artistic communication, and incentive and experiential marketing." Lukas
@equaliser here is a example of a vAtom GUI app: https://youtu.be/NRU-cJPJDHo
YouTube BLOCKv BLOCKv Demo Reel Reeve-BlockV
Sure, there are a few examples. You've probably heard how great the blockchain can be to solve issues around ticketing. This type of business would be turn key to build on top of the platform. Today you usually click a link, get a pdf and that’s your ticket. There are many challenges with this. First, there are fraud issues, in addition the analytics are very poor on that tickets journey once it is purchased and in the end it is all a very flat experience.
Now with vAtoms, the fraud disappears, the track ability enables the issuer to understand every time that ticket was sold and potentially for how much. Most importantly though, it is a rich engaging experience, now you click the link and you will receive a vAtom which would be a video of the artist, the play list of the show, lyrics and other multimedia, then when you redeem the ticket it could enter you into a drawing for a VIP upgrade, then after the show it will be updated with exclusive content from backstage. So now you have a digital keepsake of the show, you can either keep it or sell it on the exchange to another super fan. Then the artist has a connection to you and they can send you more messages or offers in the future right through that digital ticket stub. (edited) bohemiangreco
So user data is then stored for the "seller" bohemiangreco
If i understand that correctly. bohemiangreco
Other than Ticketing though, what other industries could you see this valuable in? Currently, ticketing is a monopoly in the U.S. Markets and I'm not a fan of the metaphor. Reeve-BlockV
In the use case of the ticket, the data of each individual ticket is stored for the seller, they can track all of the movements / sales of each ticket. The user data is also part of the platform and it not attached to each individual vAtom. koling
This is a scam. Lot of promises and no real world solutions, stay away. dr10
Keep calm, this is an ama and people have the opportunity to ask questions - a Q & A. (edited) Reeve-BlockV
Yes, a ticket is one example of the power of the vAtom. Think of digital marketing today. $100 billion is spent, all of that money goes to the tech to deliver the ad or to the website to show the ad. None of the value goes to the consumer. With vAtoms, these uniquely addressable digital objects (tokens) that have value, such as being redeemable, or some form of discount, or gamifyed can be given directly to the user. Therefor that $100b of value skips the "middlemen" and the brands can distribute these objects on their owned and operated properties and social. bohemiangreco
@tranzer asked an important question earlier as well, "who are your current competitors and what are you trying to solve?" Or even better. One of the biggest questions for a business equaliser
sofar it looks very handy. I mean if I get you right, we can do this this good, which we want. Doesn metter what it is, even digital or analog. But mhhh, but how are my interest keep safe from big dealers. I mean i looks like classic advertisment-strategy like majors like goole do with adsese. But maybe I dont get it right Reeve-BlockV
This creates a direct connection between brands and consumers that can be updated allowing consumers to appreciate the brands interaction vs today when you see an ad it can cause annoyance. bohemiangreco
@Reeve-BlockV So ideally this appeals to larger companies that have a large budget for digital marketing and advertising. equaliser
hehe, thats what i meant, yes Reeve-BlockV
From a higher level than just the use cases. What BlockV is really doing is making all of these objects interoperable. So now you have a world of digital goods that can all be easily traded or exchanged for one another. So from ingame items, to coupons, loyalty, and all other digital objects. It removes all of the walled gardens and makes a global ecosystem of tradable goods. Reeve-BlockV
Our goal is to provide these tools to developers for them to use their imagination to build any object they wish. equaliser
ok, that is well sumerized what it does, I think equaliser
I would like to see how I can imagine doing this. I mean using APIs, But I think there is no Demo or some like thta, right? Reeve-BlockV
Think of the app store, it created a development environment that allowed developers to easily build, distribute, and monetize apps on top of mobile and the App economy was born. BlockV does this on top of blockchains and we believe a “vAtom” economy will be born. An environment where people can build businesses that were never possible before (edited) Reeve-BlockV
@equaliser take a look at the video Lukas posted. Also you can click this link to get your first vAtoms. https://blockv.io/vatoms breastjar
@Reeve-BlockV interesting concept. breastjar
What is the demand for such a project equaliser
like I said, this Vid show only the result of doing this. But yeah, sounds interesting tranzer
How much are you trying to raise in your ICO? bohemiangreco
@Reeve-BlockV Who are the current competitors if there are any? Lukas
@tranzer we are just closing up our pre-sale with a cap of $20m and start the public sale next Thursday Oct 19 also with a cap of $20m breastjar
I’m just curious if there are any partnerships yet? You can build a Great product with huge potential, but if companies aren’t interested yet what use is it to me to invest in it (edited) equaliser
because you dont need the big brands, what I understood Reeve-BlockV
The demand is significant. Today there are probably a trillion digital objects, there are over a billion websites and millions of apps all with thousands of digital goods trapped inside, our platform enables those developers to put the DRM (digital rights management) inside the object vs. inside the app. Once that happens it Free's the Object where they are now all tradeabel with each other outside of any application. Therefor adding value to both the developer of that object and the end user. equaliser
we ecosys is builded by two person doing this equaliser
doing this with CocaCola or an big superstar is only an example. I can imagin some like lil people reüpaarin bikes or some like that Reeve-BlockV
As for competitors we've not come across anyone taking this approach or that have created an novel concept such as a vAtom. Once these use cases are made know the developer community will continue to grow. Reeve-BlockV
There are currently 4 development companies that are actively building applications. One is vAtomic Systems, their mission is build vAtoms for agencies and brands around the world and they are leading the charge in shifting brand to consumer engagement. Another company is called Epics which is the eSports space and they are building interactive blockchain based digital trading card experiences. These cards will be filled with multi-media capabilities, they will update with real time stats and contain game skins within them. There is another firm which is leading the charge in the AVR space. With the proliferation of AR there will be millions of digital objects soon built and when the dev’s use our sdk’s they will now have the notion of scarcity and inventory for all of those AR and VR objects. breastjar
Hmm Okay, So developers are already lined up to pick up your product dr10
This is AMA currently Lukas
@breastjar yes, we have been working on the technology for over 2 years bohemiangreco
@Lukas checking out the team, you have worked at Swisscom for 10+ years doing IT Development, with you now being a COO, how are you equipped for your new role in BlockV? bohemiangreco
Missed your answer. Sorry. Lukas
@bohemiangreco I have been managing technology and product teams from 3 to 300 people with up 100m budget, building software products and successfully launching them. I believe I am very well equipped. tranzer
How many developers are currently working on Blockv? Lukas
about 15 bohemiangreco
@breastjar is absolutely right though, it seems BlockV is in need of partnerships in order for this to take off. bohemiangreco
@Lukas about? deadlycontrol
joined #trading_altcoins. Reeve-BlockV
The closest competitors would be companies that are focused on specific use cases. Such as putting in game objects on the blockchain or tickets, loyalty points, notary, titles, art. Any company that wants to write an asset to the blockchain would be better served to do it on our platform. We’ve built the difficult part. The ability to create a token written to any blockchain, and that token has app like qualities. They just need to then create the final user interface for that specific use case. Reeve-BlockV
Will u allow Ark to integrate with your blockchain (smartbridge) native support? Blazeron good
BlockV provides the tools for developers to build vAtoms. Companies that are built on top of the platform are the ones that would go out and secure partnerships. vAtomic Systems is an excellent example of these. That is a development company which will educate brands and agencies on the capabilities of vAtoms. Reeve-BlockV
We would be happy to explore an integration with Ark bohemiangreco
@Reeve-BlockV I fly into LA tomorrow, meet at the Santa Monica Pier at 2PM? I wanna kiss you. Reeve-BlockV
My office is about a block from the pier, happy to say hello, but we may have to skip the kiss :slightly_smiling_face: (edited) bohemiangreco
Earlier for the crowdsale, we established a total of 40 Mil is going to be raised, in 2 increments. bohemiangreco
According to the FAQ, minimum purchase will be 50k per user? Reeve-BlockV
There is a presale which is a $50k min purchase. However the main sale which starts on Thursday the 17th has no min Reeve-BlockV
We will be implementing a whitelist this week to make the mainsale go as smooth as possible dr10
OK we are nearing the 1 hour mark. Any last questions for BLOCKv team? Anything BLOCKv team would like to add or tell - feel free to do. (edited) Zlevikk
joined #trading_altcoins. Reeve-BlockV
Well it looks like we are coming to a close here. I appreciate the questions and did want to say we've had a tremendous response from the technical community – we won a 33 BTC prize in the D10e ICO Competition over 26 other projects a few weeks ago which has demonstrated that our technology fills a need within the space. This spurred a lot of interest from companies and individuals to build on top of the platform. We are very excited to complete our TGE and deliver the promise of vAtoms to the world. bohemiangreco
I'm good here. Thanks for the answers. @lukas didnt mean to take a shot at you. equaliser
No Question, but a
thank you. Your Project looks very stunning. I have an eye on it. Lukas
@bohemiangreco no problem. any question is a good question :sunglasses: dr10
Thank you Reeve and Lukas for taking the time to do this AMA! All the best with the project and you are always welcome to hang around our Slack. :slightly_smiling_face: bohemiangreco
We gotta get you a new logo : ) equaliser
we know Reeve-BlockV
Please join our telegram group if you have any more questions https://t.me/block_v
Telegram BLOCKv Token Sale You can view and join @block_v right away. bohemiangreco
Looks like it belongs on the periodic table Lukas
anyone who wants to get a vAtom and earn some or our tokens: https://blockv.io/vatoms
SHORT SUMMARY submitted by
My ideas for constructive measures to make bitcoin thrive without wasting your energy. First, stay calm
Second, use your power as a consumer
- If BIP109 does not succed, there will be more chances. Maybe as a sidechain thats after a while can cut the ties with the original blockchain, or as a different cryptocoin.
- Bitcoin is money, money makes people do strange and bad things. Stay calm and realise that there are a lot of things that are much more important in life.
Third, show your opinion
- Contact an exchange (preferably a BIP109 (Classic/XT) supporting one) and tell them that you are willing to pay a small premium (e. g. 5%) for freshly minted coins from BIP109-voting blocks.
- The exchange buys coins from a miner or pool that support BIP 109 and pays the same small premium to the mining operator or pool.
- Mining operators mining BIP 109 get more profitable, can buy more mining hardware and produce more BIP 109 blocks.
- Pool operators can pay their miners more money and by that gather more hashpower and produce more blocks.
- Exchanges, mining operators and pools that earlier on did not support BIP109 now has to follow the money.
- In the same way, we could ask for blocks produced using renewable resources.
LONG READ First, stay calm I think Gavin Andresen have a very sound view of all things in this block size mess
- Run a node supporting BIP109, it's the blockchain version of putting stickers around town during a general election with your prefered party logo. You show that you support a blocchain increase, and maybe more important, a situation with multiple implementations and the choice that brings. It's also important to have a lot of BIP109-supporting nodes if and when the hard fork happens.
- If you cant aford or don't have the skills running a node, get together with some other people and run one in the cloud, in a datacenter, or pay somebody else to do it in their home.
- Donate bitcoins to the nodecounter.com rented hashing.
I’m still worried about reliability of the network in the short term, which is why I’ve been so vocal on the block size limit issue, and which is part of the reason I’m supporting alternatives to Bitcoin Core. In the long run I think everything will work out fine, no matter what happens with the block limit.
Clever engineers will find ways to work around around the limit, whether that is ‘extension blocks’ or the lightning network or a sidechain that everybody moves their coins to doesn’t really matter. I’d prefer a nice, simple, clean solution, but I’m old enough to know that most of the world’s great technologies are built on top of horrifying piles of legacy cruft, and they work just fine pretty much all of the time.
And Bitcoin will survive without a short-term solution, but adoption and growth might be set back a year or two.
With that said, getting angry and upset will just drain your energy and makes it hard to do constructive things. You have to also realise that BIP109 failing is nowhere near the end of the world. I hope that one day a system that at least takes ideas from todays Bitcoin blockchain will be the monetary norm (because I do not trust todays banks and financial system). But that will take years and years to come, and we will have several setbacks along the road. I think the best way to make Bitcoin succed is to not take it to seriously or personal. Make it fun, make it a sport to find ways to circumvent the obstacles that is in front of you. Don't focus on the obstacles. Second, use your power as a consumer
It is often said that the miners have power to decide if there will be a hard fork or not. Thats right, in a way. But the miners need us to buy their newly minted coins, and if we don't they have just wasted a lot of electricity and produced CO2-emissions for nothing.
When I buy bananas, I usually choose the ones produced organically (so the workers don't die because of pesticides) and fair trade certified (so the workers don't just avoid getting poisoned, but also get paid). I pay a premium for that, because I think the world gets better if I do, and I am a part of the world.
So lets buy the world changing organically grown fair trade equivalent of bitcoins. If an exchange, e. g. Coinbase offered BIP109-produced freshly minted coins, I would pay a premium for that. The good thing with bitcoin is that you quite easilly can trace your coins back to the block producing it, so noone can fool you. If I pay the exchange a premium, they pay the pool operator or mining operator a premium. The pool operator can pay more to their miners and the mining operator can by more equipment. The result is more profitabillity and more hashpower behind BIP 109. Other exchanges, miners and pools, will have to follow the money and start producing BIP109-blocks to remain competitive.
In the same way I personally would pay a premium to buy coins that I know are produced using renewable energy sources, and where workers producing the mining hardware from the rare earth mineral mines to the assembling lines get paid and decent working conditions. Third, show your opinion
Businesses are not insensitive to opinion. If there are a lot of people running nodes supporting a diverse field of different implementations and implementations that support a certain feature, e. g. bigger blocks, they has to notice. And businesses usually want to keep their customers, otherwise, someone else will get them.
It is also a plus to have a lot of large block relaying nodes on the network if and when the hard fork occurs.
And if you haven't got the skill, the bandwith, or the money to run a node, do it together with somebody else. You could run a node in the cloud with a couple of other people, or by your self. Or, if there is somebody that has the posibility to run a node at home, but don't want to pay for the bandwidth by themselves, you could help them.
There are also the nodecounter.com rented hashing power thing that you could send some mBTC. Conclusion
Don't wait for the big guys to decide for you. It is the same in the Bitcoin world as it is in your every day life. Use your power as a consumer. Personally I will later today send a mail to the exchange I mostly use (btcx.se) and se if the are willing to provide me with bitcoins thats produced from environment-, worker-, and BIP109-friendly sources. Edit: trying to learn the fomatting
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