Bitcoin Plummets Nearly 30% In A Matter Of Hours

Benefits of Blockchain Technology in the Banking Industry

Benefits of Blockchain Technology in the Banking Industry
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The rapidly growing interest around blockchain is creating an increased amount of use cases across multiple industries, and a high demand for adoption by many governments. Banking, financial services, and insurance (BFSI) industry is predicted to be drastically transformed by this disruptive technology. According to Allied Market Research 2019, the blockchain value in the BFSI market reached $277.1 million in 2018 and is projected to reach $22.46 billion by 2026. Blockchain technology has the potential to solve the pain points of the current banking systems and operations including security, transparency, trust, privacy, programmability, and performance.
What is Blockchain?
Blockchain is the technology behind the Bitcoin cryptocurrency, that was proposed by Satoshi Nakamoto in 2008, as a response to the failing financial system during the crisis. It is often associated and confused with Bitcoin, but the scope of the technology is much wider. It is also important to differentiate between the Distributed Ledger Technology (DLT) and blockchain, as the terms often used interchangeably. All blockchains are DLT, but not all DLTs are blockchains. DLT is simply a decentralized database managed on a peer-to-peer basis.
“Blockchain is a type of DLT, a subcategory of a more broad definition, much like how the word ‘car’ falls under the umbrella term ‘vehicles’ and ‘Satoshi Nakamoto’ falls under ‘geniuses’.”
In essence, blockchain is a continuous sequential chain of records (‘blocks’) that are chronologically linked together with the aid of cryptography, to ensure immutability. These records are immutable, as any change to the information recorded in a particular block is stored in a new block. Moreover, the use of modern encryption algorithms enables the security of all the records from copying or editing by other users of the system. Blockchain can be programmed to record not only financial transactions as cryptocurrency but almost anything of value (Deloitte Insights, 2019).
How Blockchain Can Improve Banking Industry?
The modern banking system is not perfect and commercial banks have not changed a lot to their servicing structure since the 1970s (Haycock & Richmond, 2015). Running a bank still requires large numbers of the workforce, reliance on quite outdated systems, bloated structures with high probabilities of human error, and manual work. There are several aspects, which could be improved by the application of blockchain technology in banking operations:
1) Security Enhancement
In the UK the overall value of the financial fraud losses (e.g. payment cards, remote banking, cheques) equaled £844.8 million in 2018. The situation is even worse in the US — $170 billion average yearly losses in the financial sector. According to KPMG’s Global Banking Fraud Survey 2019 the total volume, number, and value of the fraudulent activities are drastically increasing every year.
The nature of banking operations dictates the need for centralized systems, which proved to be vulnerable and subject to cyber and hack attacks. Now, the blockchain is immutable as it operates on the principles of decentralization and transparency, and all the network participants get an identical copy of the distributed ledger of transactions. Thus, if applied in banking, blockchain can increase the validity and security of the financial transactions, eliminate the need for third-party authentication, and solve the issue of a single point of failure and hacks.
Moreover, since each transaction on the blockchain has its unique fingerprint (hash) it can be easily traced and verified. Such functionality makes blockchain a great tool to combat money laundering and reduce fraudulent or illegal transactions (Guo & Liang, 2016).
2) Improving Financial Transactions Efficiency
As we mentioned previously, the utilization of obsolete mechanisms and operational systems slows down the performance of banking institutions and provides ground for human error, delays, and system failures. All these inefficiencies could be solved by applying blockchain technology. Take for example the time-consuming bilateral exchange. The process of data reconciliation needed for it could be simplified, as on the blockchain, it is inherently part of a transaction (IBM, 2016).
Blockchain and its decentralized nature eliminate intermediaries in banking operations, which significantly cuts transaction costs and boosts efficiency (Cocco et al., 2017). Blockchain does not require intermediaries, enables cross-border transfers and micro-payments, while drastically decreasing operational costs. Such transactions in the traditional banking environment are expensive (from 1% of the amount), and constitute a huge expense on a global scale. In cryptocurrency networks, transfers may range from a few minutes down to milliseconds, and the transaction fees are decided by the market forces, meaning users have the option to set their transaction fees (Deloitte, 2017).
3) Workflow Simplification
Blockchain can simplify the current complex workflow in banking institutions. As any operation can be traced, the ability to automate processes significantly reduces costs and the need for manual work. Moreover, it is impossible to make retroactive changes on the blockchain. This guarantees data immutability and excludes the human factor, thus the probability of error, data tampering, or even leakage. Using blockchain in banking operations will digitize and automate tons of manual work, greatly boost the productivity of the financial institutions and eliminate the probability of mistakes, delays, and errors.
4) Enhanced KYC & AML
Some financial institutions find it difficult to deal with problems related to policies such as Anti-Money Laundering (AML) and Know Your Customer (KYC). Numerous organizations are not able to solve these problems, due to the rapidly escalating costs. The adoption of the blockchain technology will enable the creation of a system where all clients’ information may be stored safely, making the independent verification an easy process or even automated securely. In this way, both AML and KYC processes will become simpler and easier, as all involved organizations will share the same system and the information will be updated in real-time, perhaps through the use of Digital Identities. In addition to this, blockchain technology will assist the organizations to minimize their administrative costs and reduce the workload.
5) Smart Contracts
Smart contracts are an innovative development of blockchain technology which enables for time and resources saving, as they do not require a third-party interaction. Traditional contracts do not differ a lot from smart contracts, however, their key benefit is that obligations are automatically enforced and cannot be avoided by anyone.
When smart contracts are integrated with blockchain technology, we enjoy benefits such as security, automation, immutability, and transparency. The integration of smart contracts in the financial sector will provide opportunities for transparent auditing and real-time remittances. Traditional contracts are paper-based and require financial institutions to invest money in paperwork and maintain records. These records can be easily manipulated as they are on paper. Smart contracts offer bank tools for bookkeeping based on blockchain. Smart contracts have already been applied to the financial industry to gain greater automation.
6) Decentralized Finance
Another application of blockchain is Decentralized Finance, also known as DeFi. This application is at an early stage but its disruptiveness enables millions of people across the world to have access to financial services. DeFi refers to decentralized applications, financial smart contracts, digital assets as well as protocols popular as DApps, which are built on public blockchains such as Ethereum and Bitcoin. The aim of DeFi is the creation of a decentralized financial system that will not depend on the traditional banking system.
Decentralized Finance offers numerous benefits to the users as it eliminates middlemen, enables everyone who does not has access to financial services to enter the global economy as it is a permission-less technology, and enables innovation with the combination of DeFi products. Besides, the use of decentralized finance increases the symmetry of information and democratizes financial services in this sense. The evolution of DeFi over the years means that most people around the world are only limited by their imagination when considering how to gain benefits from the financial ecosystem. However, there are still many complexities that need addressing to further expand the full extent of the possibilities of DeFi.
For more info, contact directly or email at [email protected].
Tel +357 70007828
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Possibly the next breakthrough after Bitcoin ? GRDINET OS Decentralized Operating System

Ladies and gentlemen,
We all know very well what a breakthrough Bitcoin was. It supercharged our consciousness and perception on possibilities made available by decentralized computer systems. It showed us that a single number maintained in a decentralized computer storage, guarded by a decentralized consensus - actually can become worth thousands of US dollars. It caught us by surprise.
Indeed, for many of us it just opened our eyes wider to what we already knew very well - that money is just a virtual abstract concept, whose limited supply is guarded by some authorities above us.
Now everything has changed.
It turned our authorities are no longer needed to maintain trust around virtual assets, and for these assets to exhibit qualities similar to those of well-established assets such as gold.
Inspired by these findings and after throughout, meticulous analysis of a multitude of Bitcoin-like systems, years of research and implementation - we have managed to create something new - a 100% decentralized Operating System - GRIDNET OS. While still under development, the system is already running on a decentralized Virtual Machine of its own; it comes with a programming language of its own (#GridScript) and will be soon accessible from anywhere using its decentralized command-line interface.
Below you can see the system #Live in action - watch a Decentralized Hello-World application being written, deployed and then executed right in the GRIDNET’s Decentralized Terminal Interface (DTI). It all takes less than 2 minutes, with some additional commands and directories created in the meantime.
Follow us for more exciting news to come:
With Kind Regards,
Rafal Skowronski [[email protected]](mailto:[email protected]) Mobile: +48 600 454 394 tel/fax: +48 (61) 665 2963 Department of Computer Science Poznan University of Technology Conference Center, Room 5
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Webcast Insights -Blockchain for the Legal Industry: How Is the Coronavirus Crisis Making Adoption More Imminent?

Webcast Insights -Blockchain for the Legal Industry: How Is the Coronavirus Crisis Making Adoption More Imminent?
Notoriously, the legal industry has always been slow at following technology innovations and adjusting to up to date digitally performed processes. By tracing the different steps of the legal industry evolution, we find that Kleroterion was a sophisticated innovative system used in ancient Athens that allowed citizens to participate in the lawmaking process by a random selection of jurors, as a way to circumvent manipulation and corruption of the system. Modern justice systems, established in the 17th and 18th centuries, provided regulations for the new industrial and economic development. However, with the start of the 21st century, they began to show their limits mostly within their structure built on papers.
The advent of the internet further highlighted these cracks, even though there have been signs more recently that times may be mature for disruptive technologies to finally enter the legal space too. The EU and its member states like Estonia, along with the US, Australia, China, have been pioneers in developing advanced Information Technology systems that led to the creation of an e-justice structure. They paved the way to other countries to embrace Blockchain, Artificial Intelligence, and the Internet of Things, which are now identified as the best technologies enabling a more efficient, secure, and faster legal system worldwide. In Estonia, e-filing was first considered back in 2005 and since then it’s been developed to become a central point for the exchange of information between authorities, from the police to prosecution offices, courts, prisons, tax and customs board, lawyers and citizens. Thus saving money and time by reducing the entanglements of bureaucracy.
In Canada, the cases of British Columbia and Ontario set as examples for exploring the electronic documentation system as opposed to paper, already back in 1996. Initially, it brought to little implementation due to the high costs, scaling, and complexity of the matter at the time. It was only in 2009 that Ontario’s Ministry of the Attorney General approved $10 million in funding to create a system intended to permit enhanced functionality such as e-document management, court scheduling, financial and automated workflow capabilities, and the introduction of online services to the public.
British Columbia’s case was more straightforward than Ontario. In the early 2000s, the Canadian Court Administrative Technology Suite drafted a program to integrate a system of connection of e-documents between law offices, the registry, the judicial, and the courtroom. It would include e-Courtrooms, provided they had implemented e-court files and links to the civil and criminal court information systems.
In the last couple of years, along with electronic improvements to the legal system, countries have looked at ways to use blockchain smart contracts in disputes, ownership of intellectual property, and any time of the agreement, to save money and time while offering more reliable and secure processes.
In the first webcast around blockchain technology, its impact on the world and the benefits it may bring to society, CEO Alexis Nicolaou discussed the legal industry and its reaction to the current coronavirus crisis with two prominent guests, legal practitioners Christiana Aristidou and Yiannos Georgiades.
Both members of the Cyprus Bar Association (and the Cyprus Blockchain Association), Christiana Aristidou has her own legal practice as Christiana Aristodou LLC, she is the Co-founder and Vice President of the Cyprus Blockchain Association, an International Business and Technology Lawyer and an ISO/TC 307 Blockchain Committee National Delegate. Yiannos Georgiades is a Commercial and Corporate Lawyer, also the founding partner of Georgiades & Associates. Yiannos is also a member of the Law Society in the UK as a European Registered Lawyer and President of the Cyprus Chapter of the European Court of Arbitration and Mediation for commercial disputes (CEAM).
Christiana was first introduced to Bitcoin while studying for a degree in technology law at the Queen’s Mary University of London in 2009. “The white paper was given to us by our professors for study,” recalls Christiana. “The fact that it had just been invented made me more curious about it. When Ethereum and its smart contracts were launched in 2014, I realized the tech could have a real disruptive nature, especially with regards to trust. As lawyers, we base legal services on trust. Then, you can imagine how relevant this tech had become for me”.
Nowadays, blockchain is in 2020 top tech trends and the first of LinkedIn’s most in-demand hard skills for 2020. “Compound annual spending growth for blockchain is established in the range of 62% during the years from 2018 to 2023, led by the banking industry followed by manufacturing, process manufacturing, and professional services -continues Christiana- Why these industries? Because they are distinctively transactional industries and blockchain, of course, disrupts transactional businesses”.
“In relation to the current Covid-19 situation, the first semester of 2020 has revealed a strong increase in the use of the technology, therefore it may have contributed to its adoption but its growth this year was already predicted, regardless of the crisis ”.
Coronavirus has promoted the necessity for companies to further investigate digital work to satisfy future demand for a remote working style.
How could the judicial system become more efficient with the adoption of advanced technologies?
Yiannos believes that “Due to the current restrictions everyone rushed to use the existing technology. Those who already used it did not have a problem in adapting, the others just realized how important and urgent it has become to be more digitized.
Introducing e-justice in our lives will reduce costs, time, it will safeguard security, establish transparency, and the authenticity of transactions. We can also reduce the disputes by introducing e-justice together with blockchain through smart contracts”.
In line with the progress made within the EU e-justice system, Cyprus Minister of Justice, Mr. George Savvides, wants to introduce e-justice in the frame of other reforms, supported by Deputy Minister of Research and Innovation Mr. Kyriakos Kokkinos.
Meanwhile, in China, three provinces have introduced blockchain within their judicial system highlighting the reduction of the carbon footprint as one of the benefits since physically traveling to the courts would be avoided.
China is a pioneer in the introduction of e-justice combined with blockchain. Some courts developed their own platforms and introduced the first internet court as an incubator to develop and implement it in the normal physical courts and using blockchain as a way to authenticate documents was so useful during the coronavirus crisis” — continues Yiannos.
Yiannos is also co-founder of the Metropole Alliance, the European association of lawyers.
“There is a strong collaboration among members to promote e-justice via education. Every member country can influence their own local authorities to implement e-justice as fast as possible. The EU has committed to speed adoption of the technologies for over a decade and as the world becomes more digitized, now is the time to implement them in the legal system also. Validation of documentation through blockchain would make processes faster and would be a real benefit for justice”.
Christiana believes that remote work is here to stay, it’s one of the crucial steps to business digital transformation and needs to be implemented strategically and seen as a part of a whole plan.
“Home office and cloud are not enough, we need to make sure that all systems allow us to stay connected in remote and not remote with instant communication, and be able to track work progress continuously. The ability to develop new leadership skills becomes another factor in times like these. Leaders should further improve the way they relate to their teams, they need to be able to identify talents, technical skills, the personalities of teams, they’re all important aspects of our projects.
Lawyers should also start learning how technologies like blockchain, AI, and IoT can improve our services. My advice is to partner with companies like because it helped me serve my clients more securely and efficiently. Before blockchain and, registering intellectual property was a lengthy, tedious, and tiresome process. Witnesses were needed, declarations of every movement were required and legal documentation ended up being kept in a fireproof safe corner of the office. I don’t do that anymore because simply gives me a hash and that way the intellectual property and the copyright owner are protected forever on the blockchain”.
Yiannos reinforces the concept: “As a company, we are doing well due to another crisis that made me wiser. A few years ago we were victims of electronic fraud when our emails were hacked and attackers asked for money from our clients. One client alerted us whereas another did not and paid the money to the hackers. So I decided to improve our security and look at ways to tackle the issue digitally. We were also victims of a ransomware attack but it turned out to make me more aware and educated about security. That was the time I learned about bitcoin as those hackers wanted some BTC to unlock our server”.
While full implementation of blockchain in the legal system is still regarded with skepticism by many lawyers that believe it will take some of their work away, Yiannos reckons it will actually be an opportunity to access new and increased streams of revenues. “Lawyers can easily generate money by learning how to transform normal contracts and codify them into smart contracts” while Christiana points out that “In a blockchain-based future, enabled by the Internet of Value, lawyers will be service providers on a programmable society infrastructure”.
Don’t miss next webcast regarding Blockchain in Education: Remote Learning, Social Distancing, and the Certification Case. Professor George Giaglis and Dr. Maria Papadaki join forces to discuss the quickly changing education industry, and the measures taken towards remote learning, social distancing, and blockchain. Join us for a free 60-minute session, moderated by Catalina Castro (Tech con Catalina), a specialist in cryptocurrencies, Bitcoin and open blockchains, with two highly distinguished experts in the educational industry ecosystem.
To register, click here.
For more info, contact directly or email at [[email protected]](mailto:[email protected]).
Tel +357 70007828
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Kin Community FAQ, Guidelines, & Ecosystem Directory

Kin Community FAQ, Guidelines, & Ecosystem Directory
  1. What is Kin?
  2. Where can I earn & spend Kin?
  3. Where can I buy Kin?
  4. Where can I store Kin?
  5. Why is the total supply so large?
  6. Why isn't Kin on [xyz] exchange? When will it be?
  7. Is there any update on [Y] announcement? Can you speak on [insert rumor here]? When will we be able to do [Z]?
  8. How can I contact the developers / support staff of [insert app name here]?
  9. How can I contact the Kin Foundation?
  10. How can I track transactions on the Kin blockchain?
  11. I still have ERC-20 based Kin (on the Ethereum blockchain), how can I migrate?
  12. I heard the SEC is suing Kik, is that true? What does it mean for Kin?
  13. How was Kin distributed at launch and how does it enter circulation?
  14. I want to integrate Kin into my software project. How do I get started? Where is the developer community?
  15. How can I keep up with the latest developments in Kin?
1 - What is Kin?
Kin is money for the digital world. It can be earned and spent across an entire ecosystem of applications, thanks to the blockchain. If you don’t know what that means, don’t worry; you don’t have to. Kin is designed to be accessible by a broad mainstream audience- computer science degree not required. By bringing together developers and users of all kinds to build in a shared new digital economy, we can create a more fair playing field; one in which the developers and content creators that build these virtual realities are rewarded based on their contributions, not harvested for their personal data and attention against their will. If you’d like to learn more about Kin, here are some resources to get you started:
· Kin Website:
· Kin Whitepaper:
· The Vision for Kin:
· Announcement of Kin:
· Introduction to Kin (by u/kyzermf):
2 - Where can I earn & spend Kin?
Kin is going live in a growing number of apps. To see which ones, you can check out the Ecosystem Directory below, or keep up with some of these resources:
· via Kin Website:
· Apps with Kin (by u/Neliss31)
· Kin Appz (by u/hepays)
3 - Where can I buy Kin?
In addition to the ecosystem of apps available to earn Kin, you can also purchase it in larger amounts. It is currently available for purchase on cryptocurrency exchanges listed here:
· CoinMarketCap Exchanges List for Kin
Note that these are independent organizations and therefore only they can provide guarantees on customer service and experience, please do your due diligence in navigating and utilizing these exchanges. Also note that cryptocurrencies are inherently volatile, trade at your own risk. Kin is money for the digital world, not a stablecoin.
4 - Where can I store Kin?
While using Kin inside of apps, make sure to create a backup of your wallet when possible. It is not recommended that you store large amounts of Kin in your user wallets, and instead seek out a more robust solution. There are lots of subtle differences to the kinds of wallets and how to use them, including trade-offs in security vs convenience. Make sure to do your research and be careful when handling your hard-earned Kin:
Offline (“Cold”) Storage:
· My Kin Wallet
· Guide: Creating A Paper Wallet for Storing Your Kin Safely Offline (by u/TheRealChaseEB)
Hardware Wallets:
· Ledger Hardware Wallets (works with My Kin Wallet)
Software Wallets:
· Trust Wallet (Mobile)
· Atomic Wallet (Mobile & Desktop)
· Guarda Wallet (Mobile & Desktop)
· Magnum Wallet (Web)
5 - Why is the total supply so large?
Kin is meant to be transacted by a large number of users in manageable denominations, just like physical money.
6 - Why isn’t Kin on [xyz] exchange? When will it be?
A healthy market for developers and users is essential to all stakeholders who want to build a vibrant economy around Kin as a currency. That said, a number of blockers have prevented further listings from happening; for example we needed to first have a unified & functional product and underlying technology before pursuing secondary markets. In addition to this there has been regulatory uncertainty surrounding the listing of digital assets in the United States including Kin specifically, especially since the filing of a misleading legal complaint by the US SEC. Due to this, the Kin Foundation is pressing on in other markets on behalf of the ecosystem to try and facilitate more platforms for everyone to buy & use Kin in their different ways. We do not know when Kin will be listed on exchanges, and anyone who does cannot say due to legal and security agreements.
7 - Is there any update on [Y] announcement? Can you speak on [insert rumor here]? When will we be able to do [Z]?
While we believe in maintaining the utmost transparency wherever possible, we will typically announce things as they are ready and report on progress as it becomes pertinent, as to not create unfounded hype and adhere to internal strategies. While it might be tempting to seek constant updates, please remember that answering questions takes time, and everyone is busy working hard to actually build the things we are all excited to see. We will do our best to keep everyone updated on the things they care about. We do not comment on rumors and we may be constricted in our ability to communicate at any given moment on ongoing internal affairs that may fall within certain legal or strategic confines.
8 - How can I contact the developers / support of [insert app name here]?
Please refer to the Kin Ecosystem directory below.
9 - How can I contact the Kin Foundation?
You can email us at [[email protected]](mailto:[email protected]) , or if you’d like to DM a specific representative or discuss something in an open setting you can also reach out to us and the community here.
Here are some relevant contacts that represent Kin Foundation,Kin Tel Aviv, & Kin San Francisco in the community:
Community u/benji5656
Communications u/kevin_from_kin
Developer Experience (, Kin SDK, and Kin Developer Program) u/therealchaseeb
Blockchain (Core infrastructure of the Kin Blockchain) u/gadi_sr
Ecosystem (High touch integrations with mature developers) u/rinatbogin
KRE (The incentive protocol that drives the growth of the ecosystem) u/oradwe
UX Research u/YonatanDub
Kin San Francisco u/matty_hibs
10 - How can I track transactions on the Kin blockchain?
Here are some resources for monitoring the blockchain:
· via Kin Website
· Kin Explorer (by u/Chancity)
· Kin Bubbles (by u/kidwonder)
· Kin Transaction Visualizer (by u/sednax)
11 - I still have ERC-20 based Kin (on the Ethereum blockchain), how can I migrate?
Follow the directions laid out here:
12 - I heard the SEC is suing Kik, is that true? What does it mean for the Kin Foundation?
It’s true. After cooperating with an investigation and multiple attempts to reach an amicable settlement, the SEC filed a disparaging and mischaracterized complaint against Kik for not registering the initial sale of Kin as a security offering. Kik is fighting back. They are in a unique position to take on this case, however, unlike the initial Wells Notice, the Kin Ecosystem Foundation is not named in the complaint.
As noted by the Blockchain Association:
When we look at the Kik investigation, we can tell from the Wells Notice that the SEC originally looked at both Kik Interactive and the Kin Foundation. However, when the complaint was issued, it only focused on the offering of Kin in the September 2017 token sale, not Kin in the ecosystem today. The fact that the SEC investigated the Kin Foundation, but decided not to pursue a complaint is good news for developers, platforms, and others in the ecosystem who use these tokens because it separates the question of the token sale from the activities in the ecosystem since then. ("What the SEC-Kik complaint didn’t cover — and why this is good news for the crypto community")
As the legal battle rages on, the foundation will help Kik to amplify their defense as they correct the record publicly; but also focus on the development of the ecosystem which will continue beyond the SEC battle regardless. Expect ongoing updates as the fight continues to unfold publicly.
**Update**: - Kik has put together DefendCrypto, a fund dedicated to legal initiatives that benefit the cryptocurrency industry, so that companies that don't have the same resources can stand up against unfair regulation in fights of their own. Visit to learn more and join the fight to defend innovation and participation in the cryptocurrency industry in the United States.
- Kik Answers SEC Complaint: Kik has filed and published a 130 page, paragraph-by-paragraph refutation of the SEC's allegations.
- Additional Resources: Interview w/ Eileen Lyon, General Counsel and Chief Compliance Officer at Kik
13 - How was Kin distributed at launch and how does it enter circulation?
The Kin Foundation sold 1 trillion (10% of total supply) in a token distribution event in September 2017 that was split between a pre-sale (487.80 billion sold) and a public sale (512.20 billion sold). Half of the tokens sold during the pre-sale (244 billion) are subject to a one-year lock-up period. Kik received 3 trillion tokens (30% of total supply), which vested at a rate of 300 billion tokens quarterly for 10 quarters, and the Kin Foundation received 6 trillion (60% of total supply). The Kin Foundation tokens will be distributed through the Kin Rewards Engine, which divides the allocation between network participants and marketing and operational costs for the Kin Foundation (6 trillion Kin has been split into 4.5 trillion for network participants, and 1.5 trillion for marketing and other operational costs of the Kin foundation). Kin Foundation tokens for network participants are schedule to be distributed to the network at a rate of 20% of the remaining balance per year.
To learn more about and follow along with Kin allocation, check out Kin's page below, which was published in the spirit of transparency and disclosure in collaboration with Messari:
14 - I want to integrate Kin into my software project. How do I get started? Where is the developer community?
Check out these developer resources!
Android Tutorial Series:
Unity Tutorial Series:
Developer Communities: Kin Foundation Developer Forums: Kin Foundation Developer Discord:
Implementing Kin in PHP, Ruby, Javascript, Go, and 51+ Other Languages (by u/sednax):
15 - How can I keep up with the latest developments in Kin?
Sign up for the Kin Newsletter here:
This subreddit also serves as a civil space for community to share and discuss developments.
Forum Rules & Guidelines
Purpose of the Forum
The KinFoundation subreddit is the public square for discussion and collaboration across the Kin ecosystem. It is important that we embrace the potential of the forum and foster a space where developers do not censor themselves, the curious are free to ask questions without shame, and holders are willing to collaborate on initiatives and discuss ongoing developments. For that reason, we have decided to broaden the discussion while also pinpointing fair and transparent moderation guidelines that will allow for a productive and healthy environment. This subreddit exists for the purpose of maintaining insight on what’s happening with the Kin Ecosystem, acting as a social gathering for its many participants, and mobilizing the community for things like collaborative initiatives, product feedback for developers, idea-sharing, and more.
Moderation Principles
· Transparency
All moderation actions should be guided by the principles laid out in this document and in the spirit of creating a productive and healthy environment for discussion & collaboration, although it is also understood to be iterative and subject to change.
· Objectivity
All moderation actions should be guided by a rules & practices-based approach, not one of personal judgment.
· Fairness
All moderation actions should be even-handed and based on agreeable principles that enable free but also fruitful discussion.
Code of Conduct
To participate in the public square, you must adhere to certain rules of conduct, which were created with the maintenance of productivity & civility in mind. Please review & refer to the rules here before and when posting:
Kin Ecosystem Directory
The Kin Ecosystem is a growing collective of independent teams, all aligned through a common incentive to build a more fair digital world. These teams build the tools, the infrastructure, and the apps that drive the reach and impact of Kin. As we continue to grow as an ecosystem, we want to make sure that the directory is maintained so that it can be a tool for everyone to use and contribute to. If you don’t see your app listed or want something changed, feel free to DM me or post here and tag me so that it can be updated. Some apps may be missing due to incomplete or inaccurate available details.
Organization -- Website -- Support / Contact--
· Bettapoint Website: Contact:
· Castle Rush AR Website: Contact: [[email protected]](mailto:[email protected]) (email)
· Catpurse Website: Contact: [[email protected]](mailto:[email protected]) (email)
· Find (Find Travelers) Website: Contact: [[email protected]](mailto:[email protected]) (email)
· Website: Contact: [[email protected]](mailto:[email protected]) (email)
· imgvue Website: Contact: Contact Form
· Just Joking Website: Contact: See Website
· Kard Website: Contact: [[email protected]](mailto:[email protected]) (email)
· Kik Website: Contact:
· Kimeo Website: Contact:[[email protected]](mailto:[email protected]) (email)
· Kinetik Website: Contact:[[email protected]](mailto:[email protected])
· KinFit Website: Contact:[[email protected]](mailto:[email protected]) (email)
· Kin Foundation Website: Contact:
· Kinguist Website: Contact: [[email protected]](mailto:[email protected]) (email)
· Kinit Website: Contact: [[email protected]](mailto:[email protected]) (email)
· Kinny Website: Contact: [[email protected]](mailto:[email protected]) (email)
· Love & Loud Radio Website: Contact: [[email protected]](mailto:[email protected])
· Madlipz Website: Contact:
· Matchmaker Website: Contact: [[email protected]](mailto:[email protected]) (email)
· MonkingMe Website: Contact: [[email protected]](mailto:[email protected]) (email)
· Nearby Website: Contact:
· Pause For Website: Contact: [[email protected]](mailto:[email protected]) (email)
· PeerBet Website: Contact: [[email protected]](mailto:[email protected]) (email)
· Perfect365 Website: Contact: [[email protected]](mailto:[email protected]) (email)
· Photo Mail Joy Website: Contact:[[email protected]](mailto:[email protected]) (email)
· Planets Nu Website: Contact:[[email protected]](mailto:[email protected]) (email)
· Website: Contact: [[email protected]](mailto:[email protected]) (email)
· Rave Website: Contact:
· rentmole Website: Contact: [[email protected]](mailto:[email protected]) (email)
· Rentomania Website: Contact: [[email protected]](mailto:[email protected]) (email)
· RPS (Rock Paper Scissors) Website: Contact: [[email protected]](mailto:[email protected]) (email)
· Simple Transfer Website: Contact: [[email protected]](mailto:[email protected]) (email)
· Speed Genius Website: Contact: See website
· Step & Spend Website: Contact: [[email protected]](mailto:[email protected]) (email)
· Subti Website: Contact: [[email protected]](mailto:[email protected]) (email)
· Subway Scooter Website: Contact: [[email protected]](mailto:[email protected]) (email)
· Swelly Website: Contact:
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Testimonial Interview with Dr. Maria Papadaki from BUiD

Testimonial Interview with Dr. Maria Papadaki from BUiD
[The original blog post appeared on]
While Dubai prepares to become the first city fully powered by Blockchain by 2020, the British University in Dubai (BUiD) was a pioneer in the adoption of the technology being the first in the country and third in the world to offer a digital, blockchain degree in 2017 in an attempt to go completely paperless by next year.
According to the official website of the BUiD, “The University’s vision is to be recognized and supported as Dubai’s premier resource and focus for the reflective pursuit, inclusive accessibility, effective transfer and liberal application of scientific, academic and professional knowledge.”
Being the first research-based university in the region, its mission is to create knowledge and educate knowledge workers in the UAE through its advances in Masters and Doctoral degree programs. The collaboration between the BUiD Dubai Centre for Risk and Innovation (DCRI) and the University of Nicosia via, has played a central role in the project due to the Cypriot university’s forefront involvement with verifiable academic certifications in the blockchain since 2014.
We spoke with Dr. Maria Papadaki, Managing Director of DCRI and Assistant Professor at The British University in Dubai to understand the pivotal role of blockchain technology in the adoption of encrypted degrees concept by BUiD and the UAE.
“With the launch of DCRI at BUiD, our goal is to bring the latest research, training, and innovation to Dubai utilizing the latest technologies, such as Blockchain, Artificial Intelligence, Cyber Security, and Risk Management to name a few. Our Digital Degree using Blockchain Technology is our first project to implement these technologies and is done in collaboration with the University of Nicosia, the world leader in Blockchain education and applications. We are currently exploring additional opportunities to bring about Innovation to various Governmental and non-Governmental projects within the UAE and internationally.”
Dr. Papadaki, can you explain how Digital Degrees work in practical terms?
BUiD provides electronic authentication of its Degrees (Undergraduate, Masters, and PhD) via an online verification tool found on its website. All certificates have their fingerprint also added to Bitcoin’s blockchain, a decentralized and distributed digital ledger, providing security and immutability and offering users (e.g. potential employers) an immediate, secure, and digital authentication of certificates.
What are the main benefits of using the system?
The main purpose is to tackle fraudulent activities related to the presentation of fake credentials, which is the main issue even in today’s technologically powered infrastructures. With the usage of verifiable credentials in the blockchain, fraud is no longer an option and all transactions are extremely secure, reliable, fast with the guarantee of an authentic and immutable ledger. Moreover, it makes the process of presenting academic credentials much easier. Instead of going through long procedures to request credentials and wait days, weeks to obtain them, students can simply forward a timestamped and verified PDF and create a fast transaction. Also, it cuts costs related to staff required for the process.
How many certificates have been issued so far to graduates?
By the end of December, we will have been able to backdate all degrees and the total amount of credentials residing on the blockchain will be around one thousand.
Dr. Maria Papadaki (BUiD)
How has the collaboration with the University of Nicosia and worked for you so far?
It’s been an important partnership because they are well-established brands and institutions that have extensive knowledge of blockchain and their high caliber staff has been extremely useful and professional. The trust factor has been essential. Many startups fail after one year of activity, we did not want to have to deal with such an issue, therefore, partnering with the University of Nicosia and gave us the assurance you would expect from a reputable large organization.
Recently, a Memorandum of Understanding (MoU) was signed by the British University in Dubai, the Dubai Blockchain Center, and the University of Nicosia. The memorandum is aimed at further promoting blockchain technology through training courses, workshops, conferences, educational programs, and research and also enhances the collaboration between academic institutions and organizations in fields related to blockchain.
Clearly international collaborations are extremely valuable in the promotion of blockchain technology. Are you looking to expand partnerships with other international academic institutions in the future?
Yes, we believe it’s necessary to include as many universities as possible in order to make the system more valuable, inclusive, and efficient. Initially, we are promoting it to all other universities here in Dubai with the aim to expand to other institutions globally.
How do you see blockchain technology evolving in the future for governments and organizations alike?
Blockchain is a necessity nowadays to run processes more easily and smoothly, to cut costs, avoid fraud, and increase reputation. This is true for organizations and governments also. Only by embracing innovation can the institutions survive and become more efficient. The government of Dubai has done a great job in pioneering the technology on this level and applying it to its administration and we are happy to have followed suit and have been a part of it.
For more info, contact []( directly or email at [[email protected]](mailto:[email protected]).
Tel +357 70007828
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Wealth Formula Episode 180: Is Venture Capital Right for You?

Catch the full episode:
Buck: Welcome back to the show everyone. Today my guest on Wealth Formula Podcast is Vanessa Bartram. She is the managing partner of Zora. Zora is a Tel Aviv based fund that backs exceptional Israeli teams who will become the next global leaders in impact tech. Vanessa began her career in investment banking in Mexico City, later founding the Miami Impact Company WorkSquare which she grew to twenty five million dollars in revenue. She holds an MBA from Harvard BA from Princeton and is a heritage fellow with the Wexner Foundation and now of course the next step for most Harvard graduates is to go to the Wealth Formula Podcast for an interview. Welcome to the show Vanessa.
Vanessa: Thank you happy to be here.
Buck: Great so let me start out a little bit just defining some things which you're involved in is something called impact tech. What is impact tech and how did you get involved in this space?
Vanessa: Sure. So impact investing is a broad and messy term. I think we're getting a little bit better at defining the space. But effectively what investors where impact investors are looking for is to have some quantified measurable trackable impact on a social or environmental outcome in addition to you know strong financial return. At this stage I think about 90% of impact investors say they're looking for market rate of return. So this doesn't mean that you want to you know save the whales and make less money, it's figuring out how to make the same amount of money that any other venture fund would or any other tech company would while also being able to track you know tons of carbon you know diverted or you know tons of food waste diverted from landfill or something like that.
Buck: Yeah so give me some examples of some of the impact tech companies out there that maybe people might have or heard of just to get a bit a little bit better sense of what that sort of the company looks like.
Vanessa: Sure so you know some of the companies that we're working with are working on everything. One company does data analytics for satellite/radar data and they're working specifically in the forestry industry. So for us you know for them they're looking to sell you know operational insights and forest managers about how to grow their forests better. But for us when we look at this it was really a carbon emissions play that we realized that we could help improve the carbon stocks you know in the because of their because of the intervention that they had another of our companies now is a company called waste lists you know they're working on the problem of supermarket food waste so the 30 to 40 percent of perishable products in supermarkets are thrown away right now and it's about one percent of revenue for supermarkets. So by being able to introduce a dynamic pricing that's integrated with the you know POS software in the in the supermarket can incentivize customers to buy a cottage cheese that's expiring five days sooner rather than the ones that's gonna expire in three weeks and that way you know for them it's for the supermarket it has potential to to up their margins which are very tight already by you know 30 to 40 percent.
Buck: Got it. So you know one of the things again going back to basics and defining things you mentioned Zora is a it's a fun but it's a it's a venture capital fund is that right?
Vanessa: Yes that'd correct.
Buck: So for some of you know as you may or may not know most of us in this group and our investor group we’re just a bunch of dumb real estate investors. Can you explain the difference you know this this is sort of new for I think a lot of people. What's the difference between a venture capital fund and say you know private equity or say angel investing so what how do you how are those defined?
Vanessa: Sure so venture capital, angel investing, private equities they're all the same thing and that you're buying some percentage of a private companies equity as opposed to buying company I'm on the public market like the New York Stock Exchange. So in all of these you know as an investor you're buying some shares of a private company so different phases typically are just what phase the company is in and what size the company is. So an angel investor is going to be the first capital that goes into you know a start-up or other company. An angel may be putting in anywhere from you know 5,000, 10,000, 25,000 into a company. Venture capital typically is the first sort of institutional round of a company fundraise. So they'll be putting in anywhere from maybe a few hundred thousand to several million. Private equity tends to be what's called the growth stage when companies are already established and they're just looking to expand operations.
Buck: Got it guys so that's helpful so in general you know part of it is determining you know how big the company is where you're in and presumably because of that there's different levels of risk reward profiles based on those kind of different time horizons for business investment right?
Vanessa: Absolutely.
Buck: So in terms of venture what is the typical time horizon you know for this kind of thing where I say you've got investors who are in a fund and you know what do you typically you know in a venture fund do you expect like a five years, ten years, you know some level of liquidity during that period of time?
Vanessa: It's a great question and I love that you're that you're facing and what you usually talk about is residential you know both my family. I came from a background a family that that's our family business so you know about 90% of my net assets are in multi-family residential real estate so everything you say I think is absolutely spot-on. Venture capital you know I tell everyone whether it's you're an angel investor even up to private equity it's an extremely risky asset class. This is something that I put in that bucket over five to ten percent looking for a different uncorrelated you know asymmetrical kind of return. So it's important to remember that piece when we're talking about the risk because then the risk of a venture capital has become you know we have this extremely risky asset class what's everything we can do to mitigate that risk and to do this as strategically and thoughtfully as we can. But to answer your questions were typical and it's illiquid is another another piece of this. And so the typical venture investment is a five to seven year hold. So typically a fund is going to spend about two to three years deploying the capital that they raised. So say someone raised over ten million dollars fund, it'll take them two years to sort of spend that money and make those investments they then hold it for five to seven years and then that harvesting period is another two to three years. So as a typical venture capital fund has a heavy shelf life of ten years which can be a daunting hold period for for some investments.
Buck: Yeah so in terms of what that looks like during that period of time there's often zero liquidity so I mean again going back to the parallel of multifamily real estate, we typically are looking at some dividends or distributions you know quarterly or even potentially yearly or whatever. But this is something that you got to say okay you know what this is your asymmetric risk play. Okay you buy Bitcoin and maybe you want to know invest in and this as well and you're just gonna forget about it. If you lose it you lose it. If one day you wake up and somebody says you meet you know five hundred percent on your money then that's kind of what what this is right?
Vanessa: Absolutely and then listen it can be done far more strategically that's that's what we're there to do. But yes it absolutely has an element of risk and it attracts people who are entrepreneurs and it's a you know we can talk a little bit more about the economics of it but it's absolutely a homerun business you know you're looking to have a portfolio and have those one or two you know big wins in there.
Buck: Right and then in terms of in terms of a homerun what is a homerun in venture language is that like at ten like 10x or is that a 5x I mean I'm just curious again these may be somewhat simplistic but most people probably in this in this audience probably don't really understand you know what what kind of metrics, financial metrics that, again not talking about specifically your fund as you know but just in general for venture like what if you're if you're talking about smaller allocations what are the typical targets like what's a win what's a what's a grand-slam and what is you know kind of a loss?
Vanessa: You're testing my sports metaphor here this is a sounder, but I can play, I can play. So typically our fund you know a fund that has is it in sort of 90th percentile is going to return 3x net of fees to its investors. So if you have a hundred million dollar fund that means you're returning maybe 350 million, 50 million are you know please other expenses and your investors end up in their pocket with 3x what they put in. So that's how that's how you get into the top decile of funds you know that's the same kind of numbers that we're looking to do, but then you're going down to the portfolio level and you assume each fund is invested and maybe you know 10 to 20 companies. So if we say that's 10 companies you're going to make the assumption that 5 of those companies failed totally, you know 3 of those companies you'll have like a small return on and that's maybe two to three times your capital, one of those companies deals on medium return which is maybe a five to ten and one of those companies you want to have a real outsides return that could be upwards of a 10 and somewhere a 20 to 30 kind of X.
Buck: Right I got it. And from a you know again understanding how I'm approaching this from real estate is there any sort of tax advantages to venture capital investing.
Vanessa: Not in this, you know we don't have obviously the the depreciation that you would have in real estate. Most everything as an investor you're buying into a limited partnership so you own a part of a pass-through entity right you own a percentage of that LP and then from that you receive a k1 and your gains are you know long-term capital gains so somewhere between 15 and 20 percent.
Buck: Okay got it okay. So let's talk specifically about Zora. Okay so when was Zora founded? Are you one of the founders and you know tell us a little bit about the story of the company.
Vanessa: Sure I am the founder and general partner. I moved to Israel about six years ago and started investing a few years after. And again this was a I always grown up with this idea of wanting to sort of do well do good while also doing well. This came from you know being second generation immigrant family that after running a series of different small businesses you know multi-family real estate and was able to grow you know reasonable amount of wealth there and I think as a child my parents did a good job of pointing out all of the things that I got to do that was not what an average child gets to do, whether that was going to summer camp or my education at a private school or studying abroad. So I think I always had sort of this question of how do people acquire wealth, how is it that once people have wealth they seem to be able to make more wealth more quickly, and what can we do as a society to sort of make sure that other people have access to more wealth, whether that's through financial education or starting businesses whatever that is. So that was sort of my you know social social justice lens coming into this world, but started my career and Investment Banking and really love the transactions I than the deal-making side. I was working in Mexico City where helping mostly third fourth generation companies sell themselves to foreign acquirers so going through the valuation and through the exit with them and after a bit after doing that moved to Boston to be my MBA at Harvard realized I was in entrepreneurial unfortunately while there, moved down to Miami started a company there doing financial education with low income you know bussers, janitors, dishwashers as a sort of job placement HR agency at WorkSquare and after running that business for a few years loved what I was doing did not love the industry and wanted the opportunity to work with more mission aligned entrepreneurs at a strategic level. By chance I came across Israel and started learning more about Israel and was just blown away about what a good fit it was for someone who wanted to do early-stage tech investing you know with a social environmental focus.
Buck: Why is that? Tell us a little bit about that you know why Israel was such a big part of it, why was it a good target for your venture fund.
Vanessa: Sure so you know first off we have about 6400 startups in Israel and about 40% of those have some social environmental sort of impact in what they're doing. So we have about 600 startups each in agricultural technologies in digital health and medical devices and clean tech, we have exciting new sectors coming up like food tech and and education and water technology all have 250-300 companies between them so really strong pipelines. I identified about you know 2,400 companies in Israel that were mission oriented and the way we were looking for and among those about 700 that were relevant in stage for us which is sort of pre seed and seed and I think Israel's really benefited you know with the the largest tech hub outside Silicon Valley it has the highest number of engineers and scientists or capita in the world. The government strongly supports R&D you know to the tune of about 400 million dollars per year for for small startups. The companies here all have a strong b2b focus from day one because our you know our population is only eight billion people you automatically need to be selling abroad. So that's a given. You know we have over 300 multinational companies that have a presence here whether it's a venture fund or Scouts for technology so from day one startups are working with these multinationals to sort of figure out the product market fit and the best reasons you know also evaluations here are far more reasonable. You know it's not hard to be more reasonable than what we're seeing in the US center market right now is craziness. We have far more reasonable valuations and our entrepreneurs tend to do about twice as much with the same amount of capital.
Buck: That's great okay got it okay. So you go to Israel you set up shop and when was that this?
Vanessa: It was 2014 when I moved here and started looking for deals on my own sort of as an angel that I could follow and put some put some money in and I would find deals you know this is a dating before you get married kind of things and a year to two years sort of following coaching these companies before deciding which ones to go with. I would put in you know a small amount of capital personally put together a 25-page diligence report and bring that to investors primarily in the US where my network is and have them invest alongside me for a typical you know venture capital fee.
Buck: Got it. So what's happened since 2014?
Vanessa: So we've invested in five companies as part of our demo portfolio and that was the sort of one by one you know each investment we did was a special purpose vehicle with different investors and then it came time to put together a small fund. So we're working on that now we've made our first two investments and have our third under diligence and we're really looking to be the the best of Israeli impact tech.
Buck: Got it. Is it too early to have any Vegas 2014 and now is too early to have any divestments or at this point?
Vanessa: Yeah so I first investments we're actually like started in 2016 we've had one we've had one exit so far yeah which was which was fun and to use sports metaphors there was a double you know now that not a homerun but it was great to be able to send some money back to investors and it was I think emblematic of the challenge that we see in Israel which you know we have great product and technology and the challenge is frequently knowing how to commercialize and get that to market you know the best way. So this company was approached by the largest Japanese education publisher because they wanted to expand the product through Asia so the team decided to go with that and have them distribute for them.
Buck: So let's go back again to sort of your buy box. so when you guys are looking at companies what are some of the characteristics that might be somewhat unique to to you and your in terms of metrics things like that what are you looking at?
Vanessa: Sure we're looking first of all we're looking at the niche of seed stage. In the past about five years since 2015 most venture capital funds have gotten bigger and bigger and bigger with the reasonable idea that if you're going to make an investment in spend the time doing due diligence you might as well invest more money at a later stage and have more fees and more you know successfully from the time that you spent on that. What happens is there's a real vacuum at sort of speed stage and for us seed stage is when a when a tech company is raising about a million to two million dollars, they’re pre revenue, what we're looking for is that they have some significant partnership with a major corporation that might be an unpaid pilot, a paid pilot, it might be you know a joint project and developing a product together, but we want to see that the company has abilities to access the kind of the kind of large-scale multinationals that they're going to need to be selling to and for us we're looking at seed stage we're looking at valuations of about four to five million dollars pre-money or about a five and a half, six million dollar valuation after is around this point and that allows us to buy about a little over five percent interest in the company and so we're writing initial checks of about three hundred and fifty thousand dollars on average, which means we're looking for other strong co investors in that round. We want other people with deep pockets with sector expertise that are also going to come in have skin in the and help us grow that company. I would say the other things we're looking for, we're looking for a short time to monetization so anything that we think is going to have a long regulatory cycle, anything beyond that be a class one we won't even look at. There's a lot of the clean tech here that becomes problematic for us because it's the time horizon is too long it's too capital intensive so we're looking for companies that can monetize in the next you know two years minimum.
Buck: Yeah got it got it. And I presume and of course those monetization I mean that money is all going back in the business just to be clear, it's not distributed or anything. So basically from from the standpoint, these investments are relatively small right three hundred three hundred fifty thousand like you're saying. So for a venture fund is there a lot of variability in terms of minimum investment for the actual investors in the fund, I mean is it you know usually, you don't have to talk about your fund I know, but in general do you have to you know is there these kinds of things sort of all over the place?
Vanessa: They are and I would say increasingly so and for the better. Typically in a firm this may be a twenty five million dollars fund I think traditionally they're going to have a minimum that's a 250,000 or a 500,000 but payable over you know a few years of the investment period and you know one interesting trend we've been seeing in the past few years a sort of the better access to startup investment through crowdfunding platforms. There's you know a large one in Israel called Our Crowd that I think is invested over you know maybe 300 million dollars in the last few years in Starbucks. The one challenge you know it's a real balance with sort of the making venture capital which you know in my mind is a terrible industry it's you know been opaque, it's you know people are running off the ball stairs and crazy fees, you know there's a lot of mismatched incentives between investors and the fund managers, so I'm not at all a fan of of the industry as it is, but on the flip side you know bringing the model to a more retail level I think can also be scary because investors are missing that diversification. I see investors you know coming here and you know putting money in one startup that they find that the guy seems nice and statistically speaking you're better off going to Vegas and you know putting your guns on red pen. So that's one piece. The diversification piece is another that's really challenging, you know like we were talking about before even the best angel investors the best don't know for a while which of the 10 is going to be the home run and which is going to be you know one of the hardest and so that's another piece of it. And the third thing I'd say is that you know whether it's an equity crowdfunding platform or even like a local angel group, it's really hard to get the best a little access, so again this is a this is a game of home runs you need to have access to the absolute best entrepreneurs and deals you can find and you know nine times out of ten the best deals, different VC fund severity you know are fighting for allocation and those deals before any crowdfunding platform or any angel group whatever see them.
Buck: So that's probably one of the reasons being in Tel Aviv is also advantageous as well right I mean I would imagine it's probably a little bit less competitive compared to the Silicon Valley venture targets.
Vanessa: Yeah absolutely and that's why we're really strict about staying in seed stage because at that phase when an entrepreneur is raising about a million a million and a half dollars they're shopping locally for investors. They're not taking the time to go abroad. Once they get to their series A when they're looking for three to five million you know they're going to New York they're going to Silicon Valley and suddenly the valuation is the same as it is in Silicon Valley, New York you know so my colleague Ryan Weinberg and I were joking about one startup that we saw that we thought was really interesting and had a four million pre-money valuation, they were invited to participate in Y Combinator in the valley and two months later after they finished the program the four million pre-money valuation was now nine million pre-money.
Buck: If you’re in that as an investor at that point it really doesn't really make any difference to you until there's some sort of liquidity event right? I mean that's not that that's great to know right, I mean just increased your net worth, but is there any you know what happens at the investor level when that happens?
Vanessa: So that was one trend since we didn't invest in because we anticipated before they closed the round the valuation was going to get a little ridiculous and so you know you're absolutely right. Being here locally we get to take advantage of the better valuation before people go shop them abroad but they're you know if you are in a deal you know where you come in at a reasonable valuation and other investors come in at what you think is a little bit crazy valuation and it's time you know, on paper you know we have to remember all these values on paper until you actually get your money back which doesn't have a central acquisition or exit and you know on paper you you double your money and however it can make it difficult for the company to raise additional capital you know at that valuation.
Buck: Right got it. Well you know I want to give you a chance just to mention anything else that I haven't asked because this is clearly not my area but I mean if you're somebody who's interviewing you, is there something or anything I've missed that you think is useful to know about the space about impact investing or just you know just in general about Zora?
Vanessa: Sure I mean I think it's important in this space if people are looking to get involved in venture, I would spend a lot of time doing diligence on different fund managers and checking them out, you know we talked about you know VC returns historically are nothing to get excited about. I think on average VC returns as bad anywhere from sort of you know 13 to 15% which when you are counting in the liquidity you know and the risk profile over what a market benchmark is not so exciting when you're looking at it used to be real estate is not so exciting. You know smaller fronts is not a bit of advantage. They're typically at 15 to 18 percent kind of IRR return. But the real sort of secret in this industry is a big huge gap between the good fund managers and the bad fund managers. So the top quartile of fund managers have traditionally delivered you know load 20 IRRs know 20 to 26 IRR numbers where it's the lowest quartile fund managers have been about 5 to 8 percent, which 5 to 8 percent to have your money locked up for 10 years it's you know enough to make your stomach turn. So I think a huge piece of this is picking the right front manager and doing the homework on that and that's really a question of who's gonna have the best deal offset. For me I really favor and admire homes that are run by entrepreneurs. They’ve been there, they understand what it looks like, they know how to add value in an operational sense, you know they need to have an ability to execute on a relatively short timeline, and they need to have skin in the game. You know I see some fund managers who have none of their own capital sort of invested in this and they're happy making money off the management fees whether those investments succeed or fail, and that's obviously a no-go.
Buck: Well this has been very very helpful and educational. How can how can we learn more about what Zora does and you know website or any other kind of information we can potentially get?
Vanessa: Sure so we put together a special page for Wealth Formula listeners. One of the Wealth Formula members, Jonah Mink is an investor of a few years and a good friend. Thanks to him, made the introduction, so glad to be with you today. And so if you go to our website and, there's a special page and we'll be having some more informational materials for Wealth Formula members.
Buck: We’ll also put that in the show notes. Vanessa thanks so much for being on Wealth Formula Podcast today.
Vanessa: Thank you, Buck. It’s great to be with you.
Buck: We’ll be right back.
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04-03 06:13 - 'The Blockchain-Based Decentralized Internet New Face of Era' (self.Bitcoin) by /u/Crypto-Bitcoin removed from /r/Bitcoin within 5-15min

In recent time, every year and even daily the popularity of decentralized applications (D-Apps) and programming languages software programs keep on expanding. In fact, the future of these decentralized applications many expectations that a move to oversight safe and decentralized internet will balance expansive tech organizations, whose control and observation serves to choke out the challenge and crush privacy. This could help to manage somehow the privacy issues. A spearheading power of decentralization was the making of Bitcoin in 2009. Satoshi Nakamoto made the first historically created "Distributed Electronic Money Framework" with the point of assuming responsibility for cash out of the hands of banks and governments. This cryptographic money and it's blockchain a computerized decentralized public ledger give monetary influence back to the person. What cryptocurrency has accomplished for cash is the thing that a decentralized Internet can accomplish for online security and the wellbeing of data.
Decentralized Infrastructure is a Moral Imperative Large providers hyperscale data centers and other infrastructure projects effectively prevent competition by establishing a massive capex barrier for potential competitors. Over time, this has created an oligopoly, which hurts consumers. We adopt the following definition of decentralization proposed by Rohit Khare. "A decentralized system is one which requires multiple parties to make their own independent decisions" In such a decentralized system, there is no single centralized authority that makes decisions on behalf of all the parties. The decentralized infrastructure of blockchain-based social media creates a more equitable balance of power between the platform provider and its users. An additional problem with the Facebook system is a problem inherent to all centralized data stores — they're easy targets for those who wish to misuse the data.
Decentralized Apps
After almost the last three decades of the internet, many feel as if its underlying idealistic reason hasn't conveyed. For those individuals, and any other person exhausted by the present condition of on the web, decentralization is an answer. While everybody is most likely acquainted with how distributed (or p2p) works in BitTorrent and we can utilize that as the beginning stage for the present decentralization discussion. we've currently entered the Bitcoin/crypto/blockchain time. The Dat protocol is basically based on BitTorrent 2.0, but they have different fundamentals data inside that they can achieve within some period.

D-App the Decentralization is one of the words that is used for the crypto economics space the most much of the time and is regularly even seen as a blockchain's whole reason, however, it is likewise one of the words that is maybe characterized the most inadequately. A huge number of long periods of research, and billions of dollars of hash power, have been spent for the sole reason for endeavoring to accomplish decentralization, and to secure and improve it, and when discourses get rivalrous it is incredibly regular for advocates of one convention (or convention expansion) to guarantee that the restricting recommendations are "brought together" as a definitive knockdown contention.
At its center, blockchain is a distributed ledger where each PC on the system shares and checks similar information. The ledger is unchanging, implying that it can't be changed later. With the goal that's engineering decentralization, and obviously, it right now drives the decentralization discourse. However, it's the most obvious of the many decentralized conventions, which additionally incorporate IPFS (or Interplanetary Document Framework), SSB and Dat. The IPFS protocol is attempting to try to rebuild the whole internet from scratch in a little bit different way.
Web 3.0
If you investigate how the Web is functioning today, generally users don't have much power all things considered. They are helpless before what organizations like Google, Microsoft, and Facebook, among not many different firms, need to demonstrate them or rather need them to get to. It is ruled by a bunch of players that bring together all the activity while advancing the conviction that users are to be sure enabled and have the power since they're ready to do it. The motivation behind making a Web that keeps running on the Blockchain is basic: Form a device that gives control back to its clients by re-establishing control of their own information and by furnishing them with the capacity to use the Web, without depending on and pay mediators the Google and Amazon of this world. Shared, decentralized. In any case, is it genuinely a Web that would keep running on the Blockchain? Not actually. It's even more so about structures decentralized applications (or Blockchain-based applications) that would use the web for access reason.

The third generation of the Internet, "Web 3.0". This proposal has prompted a considerable amount of discussion inside the business industry. The individuals who are joined to the web 2.0 moniker have responded by asserting that such a term isn't justified while others have reacted emphatically to the term, taking note of that there is surely a trademark contrast between the coming new phase of the Internet Web 3.0 has come.
Blockchain Research Center connecting New Taipei City Government and Trescon for organizing the World Blockchain Summit in New Taipei City on 25th-26th of April 2019. The summit will feature John McAfee, Tim Draper, Roger Ver, Jason Hsu who will share their insights on blockchain development, use cases and application. To know more about the event and witness other key industry leaders speak, please approach our strategy partners.
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Buy Tickets + Sponsorship from our Strategy Partners: -
Blockchain News区块链新闻: [link]1
Louise Li (WeChat ID微信号:FMSLouiseLi)
[email protected]
+886-926-246-348 (WhatsApp)
活动通 Accupass: [link]2
Business Development Nick Lee
[email protected]
KNOWING新闻 & 币特财经Bitnance: [link]3
Chief Editor总编辑 杨方儒 Jet Yang
Email: [email protected]
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Email: [email protected]
Co-founder & Chief Creative Officer Suki Ma
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The Blockchain-Based Decentralized Internet New Face of Era
Go1dfish undelete link
unreddit undelete link
Author: Crypto-Bitcoin
1: bloc*ch*i*ne**or*/?p=*70 2: ww*.accu******11503135**4*86037*7 3: ww*.kno*in*.asia/WBS*aip** 4: TEL:886-2-23110098 5: TEL:886-2-23110098
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

What You Need To Know Before You Invest In

What You Need To Know Before You Invest In
With lots of blockchain projects littered everywhere trying to fill a gap in the blockchain space. Some of these projects lack the fundamentals, token use case, the technology or the team required to accelerate a project to its full potential. So for an investor to stay safe with their fund due diligence is required. In this piece I would high light some important aspect of the project and why you should invest as an investor.
We would look at the major ingredient that makes a project succeeds in this space, first let begin with the project and what technology it intends to use to achieve this.

The Project

Blockchain technology which is a decentralized public ledger of all cryptocurrency transaction. It is a global network of a networked computer that works together to manage the public ledger of all cryptocurrency transaction. It creates blocks that are tamper proof, transparent, and trustless. This means that transaction carried out on a distributed network cannot be changed or tampered with. The uses blockchain to revolutionalize users browse experience on the internet.
The platform uses the Bancor Protocol to provide OIO token holders with continuous liquidity via the Bancor network. The bancor network allows token holders convert their token to other cryptocurrencies, it acts as an exchange. It allows users to convert their OIO token to other cryptocurrencies without needing any counterparty, this is done while calculating the current market value of a token automatically.

The Team

The team looks pretty decent with lots of industrial and technological background the CEO and Founder A. LULIAN FLOREA is the founder of Microleaves which is the proxy network company, and they have grown to the world Largest Proxy Network with over 30 million IPs and around 20k customers including fortune 500 companies.
The CTO Alexandru Eftimie who have over 10years in software development and vast experience in over 20 programming languages.
The entire team has a large amount of experience in their respective industry and I think the team is Top Class.
Additionally, in the just concluded leading conference on decentralization which was help on 9 - 12 June 2018 in Tel Aviv. The took part in ICO pitch segment and they took first place from the investor's Award.

Experts Ratings

Expert within the blockchain space have evaluated the project and have rated them based on three major factors which are Team, Vision, and Product. ICOBench is the most popular ICO review website for new ICOs have given a 4.4/5 and as at writing this, 21 experts have rated the project. look it up

Token Metrics

The platform is built on the Ethereum platform which means its an ERC20 token, and the project intends to raise a minimum of $5million and a Maximum of $50million to be able to bring the full functioning project to life.
The total available token for sale is 1,750,000,000 with 1 OIO sold at 0.04USD. The ICO process begins on 10th July 2018 and ends on 31st July 2018. Investors can participate in the token sale with ETH (Ethereum), LTC (Litecoin), and BTC (Bitcoin). Countries restricted to participate in the public sale are participants from the USA, China, Singapore, and North Korea.
With all the information provided above an investor would be able to make an informed decision on their fund and decide if to invest in a project or not. As seen so far the project looks really robust with a well to do team who have achieved success with another project.
**Visit the official website, join the social media communities and consult the official documents for more information about the project.**

Official Contacts

Connect with me on Bitcointalk -;u=1442709;sa=summary
Join My Telegram Channel For Updates On The Latest ICOs :
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10x…Is It an Impossible Challenge or an Irresistible Opportunity for an ICO?

It is hard to say when 10x became the bare minimum for the Go Big or Go Home Mentality that surrounds personal information and future tech. You will hear it said, in so many words, again and again, “don’t even bother competing with “The Googleverse”, as Visual Capitalist once called it, unless you have something 10x better in your category or market space. Since Google and Facebook have their eyes set on just about everything from your wallet to your exact location, on a second by second basis, it would logically follow that we just give up now and let Google and Facebook, and don’t forget Amazon, take over everything and invent all future social systems and relevant technologies that will continue to shape them.
The company that thinks they can do it:
Elon Musk decided the 10x divide was a good way to get people excited about new ventures that will not bear fruit until you are too old to care. We are all excited to get from Washington to New York in 33 minutes, and it’s just nice to know that my daughter doesn’t have to move out when she goes to college, as long as by her time the Hypertube spans the East Coast. It almost makes me forget about all the people who will be put out of work in the next five years by driverless cars and automated cargo vehicles, and what they are going to do with all their time when the Robot Tax dollars come every week in the form of a Universal Basic Income check.
“The key to making this work is increasing tunneling speed and dropping costs by a factor of 10 or more — this is the goal of The Boring Company. “
The Visual Capitalist makes it clear most people believe it's pointless to compete in any area that turns personal information into pay by the bit, which is the IOT version of paying by the click in The Googleverse. It seems it is considered, in many cases, wiser to build something inside of the current Ecosystem of a Google or a Facebook, or something that serves as a gadget that adds utility to these platforms like a Selfie Drone, rather than doubts the wisdom of the Googleverse and Facebook.
How Google Tracks You - And What You Can Do About It
This Chart Reveals Google’s True Dominance Over the Web
Why can no one match Google?
  1. Part of the reason lies in the math. Google operates at an insane level, processing 3.5 billion searches per day. To get millions of people to try a different search algorithm is expensive — and to get them to keep that behavior permanently is even more expensive.
  2. The only way such change becomes feasible is if a product comes out that is 10x better than Google, and at this point, such an event seems unlikely — at least in the current ecosystem.
Is Silicon Valley the last word on how data is gathered and put to use?
It might seem that way at times, however, if you listen to the message that is coming out of Research Triangle in South Carolina, home to the innovation hubs of Big Data giants like IBM and SAS, global innovation centers such as Silicon Wadi, in Israel (where apparently, there is a glass ceiling for Muslims, and the rest of the tech sector is run by ex-military personnel from the elite cyber division Unit 8200) you could form a completely different opinion. Forbes did a good piece on Unit 8200 back in 2016, if you aren’t familiar. Companies like IBM and SAS say the secret sauce is all in the temporaneous, unstructured data streaming through the airwaves that can be correlated in real time with your position, preferences, and ready-made content bubble, like the one John Palfrey talks about in Born Digital.
Three Different Models: one of them makes less sense than the others in a hyper-connected world.
How safe is it to concentrate a huge portion of your company’s warehoused data in one mammoth datacenter in a single country that could change it’s laws about how you can use and store data anytime it wants?
Facebook is said to have it’s largest data center, Lulea, in Sweden. It is a good thing the Swedes are pro-blockchain, pro-crypto, or Mark Zuckerberg might have brick and mortared himself out of the Crypto-Blockchain boom that he recently announced Facebook intended to embrace and FaceOpolize. His Lawyers were probably on it way before they applied for the construction permits, but they still have the GDPR and they are still a member of the EEC. If some of the bigger EEC Countries decided that they were tired of having Facebook harvest data from its citizens like a black market doctor in an Indian” Kidneyville”, they could put some pressure on the Swedes to turn off the power. This is unlikely, but so seemed the fall of Rome before Christianity. At least the Romans would have thought the idea preposterous in 500 A.D.
However, the EEC did succeed in fining Facebook and Google an estimated $9.3 billion the day after the new GDPR Laws went into effect on May 25, 2018.
GDPR impact: Google, Facebook look at $9.3 billion in fines under new EU privacy law
Ex-Facebook Executive and Founder Chamath Palihapitiya, says that traditional social networks are not only misusing our personal information and forcing us to take an all or nothing deal when we check "yes" in the terms box, but also using surreptitious methods to get people addicted to visiting their sites. He compares the site stats that display on your Google plugins as red numbers to slot machines and says that many of the calls to action on Facebook’s site were developed to elicit the same kind of dopamine rush a gambling addict gets when he pulls the arm of a slot machine. LinkedIn uses the same sort of alerts to keep you coming back throughout the day as well
This is a world where you generate all the interesting facts and Google and Facebook collect them, with your help, and get all the monetary benefits. This is a world where despite all the free time-saving, life-saving apps, you don’t have time for anything and you increasingly don’t have a life…not a real one. You are to busy working on the “digital you” and keeping the views-and-likes-ball in the air. Forget to post just one or two days and you will be reminded to log in and view the negative numbers and the graphs that make your popularity in the ether look like the Stock Market crashing in 2008.

Who’s Viewed You? Are you up or down in the ratings today?
If you listen to the companies who invented the modern market for data mining and data warehousing , you will hear them say that the only dream worth catching in the new “hyper-connected” world, where over 20 billion sensors will triangulate in the ether and create volumes of metadata and new data points outside the Google/Facebook Ecosystems is Unstructured data. Hence, the only logical place to start storing personal data is in a wallet like Bitcoin with all transactions verified on the Blockchain and in the ether where the promised land lies. Visit websites like IBM (Cognos, Watson Analytics), SAS, SAP HANA, and read the language they use to describe this new kind of data that are the reason AI and Machine Learning and Big Data are the wave of the future. Read the terminology they use on the SAP HANA webpage:

Gain new insights from advanced analytical processing in SAP HANA

“Leverage our in-memory advanced analytical processing capabilities — text, predictive, spatial, event streams, and time series — to build intelligent applications that provide deeper insights at unprecedented speed. And take advantage of predictive analytics, data mining, text analysis, and more.”
-SAP HANA Website
Terms like “event streams” clearly refer to windows of time that are narrow, temporaneous, and outside of the traditional data warehouse. While Google does maintain the position of most people’s cell phones, and a lead in the handheld device market with Android, it is not like we don’t have a choice, or as if Google is the only one who can pinpoint your position for you or the third-party apps on your smartphone or tablet.
Who in their right mind would want millions of personal data records stored in a central location, that if breached, left every record up for grabs?
With all the turmoil brewing around the theft and loss, and misuse of personal data lately, whether it be SOX, GLBA, Classified Intel handling laws, or now GDPR, you would think the last place The DNC, Equifax, Hospitals, Google, Facebook, a bank, or anyone would want to purposely store data is on their servers, platforms, or any other company asset. Why not just push it to The Ether and scatter it like dust across the blockchain? Cracking the system to steal one transaction’s worth of data is economically akin to stepping over a dollar to pick up a dime. Why steal something when it is more profitable to take part in validating it?
It seems like every other day there’s another mind-boggling data breach at one of the world’s most trusted companies.
While some institutions may have no choice but to store your data in a central depository, like a hospital or Equifax, the ones that profit the most have no reason except profit to keep your details on their servers.
In Google’s defense, they do have an app called Google Takeout ™, which allows you to download every detail that has been collected on you in the Googleverse by any and all of the 89+ apps in the Google ecosystem. It is not like they are forcing us to let them steal our data and sell it without our consent. Although the 20-page take-it-or leave-it opt ins on the apps they use to collect the data are a bit unfair, we are the ones who decided that Google and Facebook could sell it for several thousand dollars per person, per year without any compensation except some free cell phone apps.
This begs the question: what would I do with all that data if I had a copy?
Well, at, CEO Chris McFayden and President Greg Fogarty say, “roll it up with some sort of data that is 10x more valuable than the information Google has, and then transfer its value to a token, and begin selling it over a distrubuted Smart Contracts Platform. You are now the owner of a data set at least 10x better than the next best source in the marketplace. You now possess the worlds most complete record of the digital you, and you've only just begun.
Advertisers, IOT, and Big Data service providers, as well as all the mixed reality content providers that will be augmenting the world around you with the help of some holographic contact lenses, will all need to come to you through the 10x platform to get the most complete version of the digital you to sync up with all those "event streams' and senors.”
Here is what we think you should do at 10x
Things like smartphones, tablets and laptops and flatscreen TVs will no longer be necessary since you will be able to project them holographically into your private version of reality. Even Holographic Keyboards and input tools can be projected into empty space, which means many wireless accessories will disappear too. Maybe we will simply carry a processor with Wi-Fi in our pockets to connect us to the connected world.
So where can I get some 10x data so I have a fighting chance at beating Google at the Personal information game?
The Founders of 10x found their opening by accident. While working with a company in the patient engagement software space on a blockchain app that would give their AI driven engagement model the edge in a very competitive industry, Founders Greg Fogarty and Chris McFayden discovered that patients were willing to volunteer data from Fitbits, other wearables, and an app that asks routine questions that a doctor might ask you at a checkup. As it turns out paying patients cash to answer basic questions about lifestyle, habits, and symptoms lower health premiums.
With just the data from a Fitbit and some routine questionnaires, medicine can not only move to a preventative care model, but some might say a predictive diagnostic model where AI assumes many of the responsibilities of a primary care physician.
In addition, once employees knew that employers and benefits providers where paying them, the Patient Engagement Platform, that appears to employees as part of their HR departments Wellness Program, saw participation rates that were in line with those of Google Search and Facebook.
Furthermore, the two founders of 10x discovered, during a due diligence exercise, that Medical data was worth 10x more on the black market than Credit Card and Banking Data. If they could just put that information in a digital wallet with the information that Google would give you back for free via Google Takeout ™, they would have the 10x everyone said you needed to compete with Google and Facebook.
There are literally thousands of companies who sell these Patient Engagement Platforms, and Greg and Chris's client had less than 1% market share after 6 years in business. It was obvious that the play was not in upgrading one platform with Blockchain and equipping it with a token, but rather in making a free app, just like Google has done 89+ times, that gives all the Patient Engagement and Medical Records platforms the kind of advanced AI that their client incorporated to turn Wellness into Predictive Medicine.
Then individuals could start adding other valuable data points that were stranded in data warehouses to their digital data wallets. Things such as:
Now that all the data is within the control of the individual, all that is needed is a trading platform that provides a fair profit to the creator, a fair price to the owner of the Personal Information, and that gives information of any type a normalized value so that it can be stored as a token which reflects the value of the new infonomics marketplace and the sum total of the personal data transactions carried out over the 10x Platform. If the platform gained significant market share in the buyeseller infonomics ecosystem, the token market cap should increase as the volume of available personal data and buyer and seller transactions increase over time. We all know why they call Big Data by that name. It is because the amount and variety of personal data being collected and generated are getting bigger and more varied with every sensor that is added to the IOT Ecosystem. Now with more of the kind of data that the companies like SAS, IBM, and SAP would like to correlate with, “Unstructured” Real-time data, 10x is not only in the Personal Information business, in grand style, but also all the other hot spaces that will dominate the Ether for the next five to ten years: IOT, Big Data, Mixed Reality.
With Personal Data Profiles selling for between $1000 and $5,000 a year, charging for transactions and managing complex coordination of Smart Contracts executed with the 10x token offers an extremely profitable business model if you consider the lifetime value over ten years is between $10,000 and $50,000 for an individual’s static data profile and real-time location information. This means that with only 2 million customers could cross the billion dollar magic line, that makes a run of the mill startup an official Silicon Valley “Unicorn.
submitted by 10x_Market to u/10x_Market [link] [comments]

Cryptocurrency Security Advertised On Nasdaq Involved in Massive Corruption: Swiss SA Bity, and evidence suggests along with with and the Ethereum Foundation, used an exploit on the original Ethereum cryptocurrency to steal est. 50 million USD+

Ways to improve this document
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Exercise our legal rights, call for a full investigation

BOTH affected members of the community and others who are watching this massive financial crime happen, watching it actively hurting innocent people and tarnishing the reputation of all cryptocurrencies request an official investigation from our legal systems.

Who to report them to?

  1. Switzerland Fedpol who handles corruption with non-profits
  2. Switzerland Financial authorities that Bity SA is are registered with
  3. Local authorities who will contact and work with Swiss authorities
Switzerland will investigate
Switzerland is in the middle of a policy shift regarding financial crimes, while it was once considered a safe haven for financial crime, they are now actively taking action to crack down and they actively cooperate with legal international investigations so it is worth reporting to local investigations too.
Swiss public encouraged to report corruption

What do I send?

I will be sending the letter at the bottom of this page, to the authorities, you can use this letter, but it is recommended that you read it, correct any errors you see, make changes, add details that were missed.

Swiss Financial & Cybercrime Authorities

Report to the three Swiss agencies.
Financial Market Supervisory Authority (FINMA)
FINMA issued a liscense to Bity SA. Laupenstrasse 27, 3003 Bern Phone +41 31 327 91 00, Fax +41 31 327 91 01
EMAIL: [email protected]
Email addresses of FINMA staff:
[email protected]
Email addresses of Federal Police staff:
[email protected]
[email protected]
[email protected]
[email protected]
Report to Swiss Cybercrime Unit

Swiss Federal Office of Police

Swiss Federal office of police actively encourages people to report corruption. They have built a special hotline, corruption they want reported includes:
"non-profit organisations (such as associations or foundations) in order to gain an unjustifiable material or immaterial advantage."
Report to Swiss Federal Police
Evidence that Ethereum has been abusing their non-profit to protect DAO assets, using Ethereum resources to promote the DAO, ignoring their mission of decentralization when unilaterally deciding to hard-fork, using the knowledge they will hard fork to trade on insider knowledge and colluding to lower the market value of other cryptocurrencies.
I will be sending the letter at the bottom of this page, to the authorities, you can use this letter, but it is recommended that you read it, correct any errors you see, make changes, add details that were missed.
Price manipulation using Ethereum Foundation resources for material gain
Chat logs from leaked Ethereum Foundation chat log indicating they were colluding to control the price of competing cryptocurrency
Failing stated mission, then using insider knowledge from internal chats to trade
Despite operating a Swiss non-profit with money raised by the community for the "mission to promote and support research, development and education to bring decentralized protocols"
They instead made all the decisions centrally, in internal chats, promoted security/assets that Ethereum Foundation members owned, built on Ethereum using their non-profit.
Chat log between Ethereum Foundation and Exchange Operators
Pull request stating that decision to implement the hard fork in the client used by roughly 95%+ would be defaulting to the option that benefited them the most financially.
"default behavior of Geth to be pro-fork as per internal discussions"
They used insider knowledge about the fork to trade
"@junseth I will provide my opinion in the way that @Truthcoin would approve of: I have been buying DAO tokens since the security news"
Foundation member telling people when and when not to buy securities they had invested in
"We are doing a white hat attack. More news to follow. Do not panic. Do not sell."
Involvement in the "White Hat Group"/"Robin Hood Group" hack that were then sold to support a cryptocurrency they created and started supporting, which they had a history of doing as seen in the Skype chat
"Bit more info: this isn't spur of the moment. A lot of people have worked around the clock for several days now to prepare for this. The community (individuals from the eth foundation, devs, security experts, ethcore, slock, etc) all came together to organize a response, which is currently ongoing." Source:
Alex Van De Sande, or avsa on reddit and twitter, of the Swiss non-profit The Ethereum foundation is now denying any responsibility, or association, likely because of the legal fallout of recent events. But Alex was clearly involved with organizing the white hat group clearly was involved with organizing. He was seen organizing on as seen in the screen shot below. Source:*bY93URPw8UvehJXPcP2Qtg.jpeg
And more reddit posts with the titles
"We are doing a white hat attack on the DAO." by avsa. Source:

Local Financial & Cybercrime Authorities

I will be sending the letter at the bottom of this page, to the authorities, you can use this letter, but it is recommended that you read it, correct any errors you see, make changes, add details that were missed.

Canadian Citizens

(1) Report fraud and financial crime directly to the Candian government
CIC staff email addresses:
[email protected]
(2) Report to the anti fraud centre of Canada
(3) Report online crime to Vancouver police

US Citizens

(1) Important Report the crime to SEC who will contact and work with Swiss authorities
It is often better to get a list of direct email addresses to staff to get more immediate action because this crime is in progress.
SEC email addresses:
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
FINRA email addresses:
[email protected]
[email protected]
[email protected]
(2) Report directly to the FBI, it will get routed to IC3, cybercrime unit.
FBI Corporate fraud hotline 888-622-0117
FBI email addresses:
DOJ email addresses:
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
(3) Individuals who suspect possible corporate fraud may report suspicious activity to the FBI in Washington, DC, via a toll-free Corporate Fraud Hotline. The number is (888) 622- 0117. The Hotline is manned Monday through Friday 9 a.m. to 5 p.m. by FBI analysts.
(4) Report online and computer crime to Federal Trade Commission.
NASDAQ carried advertisements that appeared to be articles
[email protected]
[email protected]
News Organizations
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
Anti-corruption activist & NGOs
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]

UK Citizens

(1) Report cybercrime and fraud to UK police
(2) Report crime to crimestoppers
(3) Specialist Crime OCU Fraud Squad Wellington House, 67-73 Buckingham Gate, London, SW1E 6BE +44 (0) 20 7230 1220 [email protected]
(4) Serious fraud office for complex fraud
News Organization
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
Serious Fraud Office email addresses:
[email protected]
(4) Department of Trade and Industry. 1 Victoria Street, London SW1H 0ET Tel: 0207 215 5000

Norway Citizens

Ministry of Foreign Affairs
MFA staff email addresses:
[email protected]
[email protected]

Australian Citizens

(1) Report crime to Australian Federal Police
(2) Report to Australian crimestoppers

New Zealand Citizens

(1) Report to your government

EU Citizens

(1) Europol connects law enforcement agencies in Europe

Swiss Citizens

(1) Report corruption, with corporations and non-profits
(2) Report the incident to the cybercrime unit

International & United Nations

General information
(1) Report crime to interpol, special instructions for financial crime
(2) Report crime with international organizations to protect consumers

Who to report, the "White Hat Group":

Bity SA, fomerly SBEX SA Rue des Usines 44 2000 Neuchâtel Switzerland
  1. Alexis Roussel - Co-founder
  2. Gian Bochsler - Co-founder
  3. The Swiss non-profit Ethereum Foundation
  4. Alex De San GMBH [email protected] Schillerstr. Mittweida, Germany Company Registration: HRB 30026
  1. Stephan Tual - Founder & COO
  2. Christoph Jentzsch - Founder & CTO
  3. Simon Jentzsch - Founder & CEO
Swiss non-profit Ethereum Foundation (Stiftung Ethereum) Zug, Switzerland
  1. Vitalik Buterin
  2. Jeffrey Wilcke
  3. Fabian Vogelsteller
  4. Alex Van De Sande

Letter for authorities

I will be sending the letter at the bottom of this page, to the authorities, you can use this letter, but it is recommended that you read it, correct any errors you see, make changes, add details that were missed.

Format for Petition to Intervene by Electronic Copy (Email)

To: [email protected]
Subject: Petition to Intervene & Investigate
Re: Ethereum Foundation, GBMH, and Bity SA Petition to Intervene
To Whom May Concern:
[I/We] respectfully request to investigate and preferably intervene in the illegal seizure of 7,000,000 original Ether by Ethereum Foundation, GBMH, and Bity SA. Who tried to coordinate a sell of the illegally obtained original Ether to coordinate crashing the price of the original Ethereum to convince users to adopt their new version of Ethereum that has features to enable the Ethereum Foundation to change any past transaction, stop smart contracts, allow third parties to replace the code of a smart contract.
Due to gross negligence of Ethereum Foundation, a non-profit promoting and trading a security created on their cryptocurrency Ethereum called DAO, collaborating with the swiss SA Bity and the German company created a security contract and sold according to wikipedia 160,000,000 USD worth of the newly created security for the cryptocurrency Ether.
After being informed by security researchers a bug in the contract had been found both Bity SA and continued to promote the security, ignoring the risk.
If you look at the community you can clearly see, they see it as a security threads like "Is profit from DAO investment unlikely?"
The contract they created can be found here:
Source: Source:
Statistical analysis was done on purchasers of the DAO security, using blockchain data.
It was determined "The wealthy few (top 1% of addresses) control over 55% of the voting power of proposals, while everyone who contributed 100 Ether or less (more than 66%) control barely over 2% of the total tokens."
After the exploit was reported and disregarded by the operators an anonymous entity used the exploit to steal 1/3rd of the cryptocurrency that was used to buy the security. Worth est. 50,000,000 USD worth of Ether at the time.
After the exploit was used, Vitalik Buterin, the leader of the Ethereum Foundation, trying to encourage buying said "@junseth I will provide my opinion in the way that @Truthcoin would approve of: I have been buying DAO tokens since the security news" Source:
Anyone with knowledge in finance would immediately ask, why is the leader of a project that just had 50 million dollars worth of securities stolen, continue to buy those securities? The answer is because Vitalik Buterin had not yet announced it, but had already unilaterally decided that they would be creating a hard fork, essentially creating a new version of the Ether cryptocurrency and modifying the contract to stop it, and replace it with different code. The original Ether would still exist, but they would start a new one alongside it.
Invalidating the claim on their website that Ethereum:
"Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference."
Despite pretending this decision was made by the community, the entire decision process was centralized to the Ethereum Foundation internal private chats.
Later it would come out with chat logs between the exchange operators after the event and even more later in pull requests from the Foundation that internal chats had decided the entire thing long before it was announced. So when Vitalik Buterin was buying DAO tokens, he had already known he would soft or hard, regardless of the stakeholders. Chat log between Ethereum Foundation and Exchange Operators
You can validate the authenticity of this chat log easily by talking to the exchange operators, they operate: ,,
Comments on code published clearly state that decision to implement the hard fork in the client used by roughly 95%+ would be defaulting to the option that benefited them the most financially. The deciding factor it would be implemented because the majority of users do not even know how to change the setting.
"default behavior of Geth to be pro-fork as per internal discussions" Source:
While they implemented this they started a back up plan where the Ethereum Foundation, GBMH and Bity SA worked anonymously as a hacking group named "The White Hat Group" or "Robin Hood Group" (WHG or RHG). They captured 2/3rd of the Ether that was in the DAO security using the same exploit the original exploiter did.
This plays a very important part later but because there was a fork, advertising efforts were made to brand the new copy of Ethereum with changes to one contract as the real Ether while many people continued to use the same Ether The Ethereum Foundation had sold them in the crowdsale.
The speculated reason for breaking their system, creating an entire new one is due the massive loss taken by the 1% of DAO owners.
The Ethereum Foundation actively promoted the DAO security on their blog, the inventors of Ethereum both Gavin Wood and Vitalik Buterin became "curators", claiming they would check every contract for errors making sure the DAO was secure.The Ethereum Foundation having pitched sales of the DAO to wealthy investors from the financial sector had to answer to them when the contract they were supposed to check, failed. Knowing they would lose all their instituational investment from the Financial industry they created a new Ethereum that was fundamentally different than Ethereum.
Some people in the Ethereum community began to call this new version Ethereum hard fork, or ETF. This new ETF Ethereum had features that allowed the developers to change old transactions, stop applications, and allowed third parties (them) to arbitrary change out the code in a contract.
This made ETF distinctly different than the Ethereum that much of the community continued using that they originally received directly from the Ethereum Foundation during the crowdsale. It did not match any of the advertising about unstoppable applications, but the original Ethereum didn't have all these new features that changed it into essentially the opposite of the description of Ethereum. So people wanting unstoppable applications, with no third party interference and censorship resistence just kept using Ethereum, trading it and building with it.
Then the Ethereum Foundation, GMBH and Bity SA used the exploit used by the hacker that led to the hard fork to get control of the 7,000,000 Ether they wrestled from the hacker before the fork. Without telling anyone they begin to launder the money. They did this by splitting the amount into smaller amounts and sending it to random addresses they created before sending it to the markets.
But because it was done poorly it was quickly determined where it was going, to currency exchanges to be sold.
Before some exchanges managed to freeze their accounts, they had successfully sold off large amounts of the stolen ETH to buy a new asset/security that was recently created, which they hold significant portion of total security/token.
The "White Hat Group" moved large amounts of the original Ether to exchanges and coordinated a mass sell trying to crash the price. The goal was to crash the price and convince people still using the original Ethereum that they had no choice.
Leaked Skype chat logs from the private Ethereum Foundation internal chat were leaked showing they were in fact colluding to control the price and force the community to follow the decision they unilaterly made. If all the chat logs could be obtained from Skype it would be very clear to what extent the collusion and illegal usage of the Ethereum Foundation.
In the private chat of the supposedly non-profit Ethereum Foudnation Skype channel, they are seen colluding control the price of the competing original Ethereum.
Chat logs from leaked Ethereum Foundation chat log indicating they were colluding to control the price of competing the original Ethereum.
In the chat logs, Jeffrey Wilcke and Fabian Vogelsteller can both be seen discussing ways to use the resources of the non-profit Ethereum Foundation to control the price of the original Ethereum and the new Ethereum. Owning significant amounts of the new Ethereum.
This is not an isolated incident of Ethereum Foundation using their insider knowledge from operating the non-profit to make purchasing decisions. Vitalik Buterin of the Ethereum Foundation, shortly after the hack but before he announced there would be a hard fork announced he was buying DAO security/tokens on Twitter.
This is the exact opposite of decentralized governance, depsite operating as a Swiss non-profit with money raised by the community crowd sale for the "mission to promote and support research, development and education to bring decentralized protocols".
There are likely more crimes actively happening but we only know of this because the currency exchange operators froze some of the "White Hat Group" accounts due to suspicious activity. This forced the "White Hat Group" to reveal themselves. It would be best to talk to and, both exchanges who froze assets of the "White Hat Group" members after their attempts to launder and sell the cryptocurrency.
Ursium on reddit is COO Stephan Tual creator of "The DAO" security, who originally designed with the intention to fund his businesses including Clearly named Ethereum Foundation devs as the first people on the list of the "White Hat Group" and included his own company Notice the ordering, the Ethereum Foundation is the first one listed when talking about the "White Hat Group".
"Bit more info: this isn't spur of the moment. A lot of people have worked around the clock for several days now to prepare for this. The community (individuals from the eth foundation, devs, security experts, ethcore, slock, etc) all came together to organize a response, which is currently ongoing."
Alex Van De Sande, or avsa on reddit and twitter, of the Swiss non-profit The Ethereum foundation is now denying any responsibility, or association, likely because of the legal fallout of recent events. But Alex was clearly involved with organizing the white hat group clearly was involved with organizing.
He was seen organizing on as seen in the screen shot below.
And more reddit posts with the titles "We are doing a white hat attack on the DAO." by avsa.
Alex of the Swiss non-profit the Ethereum foundation even goes further on reddit, tell people specifically to not to sell the DAO security they had previously promoted heavily on the Ethereum Foundation blog. Stating is actively being hacked by them. We here could mean presumably the "White Hat Group" or the Ethereum Foundation.
"We are doing a white hat attack. More news to follow. Do not panic. Do not sell."
He was seen organizing on, claiming it was "our white hat counter attack", presumably he means the "White Hat Group" but the Ethereum Foundation. And from twitter he stated during the first use of the exploit by the "White Hat Group", clearly having insider knowledge by being in the internal private Ethereum Foundation chat.
"alex van de sande ‏@avsa Jun 21 DAO IS BEING SECURELY DRAINED. DO NOT PANIC."
"alex van de sande ‏@avsa Jun 21 I repeat. There was an attack on the DAO so we launched our white hat counter attack. More updates will follow" (Emphasis is mine on 'our')
What is clear by all this that the recent claims that Alex Van De Sande has nothing to do with the "White Hat Group" is an obviously lie.
While there is no evidence he was active participant in the laundering or selling of the original Ether cryptocurrency for the new version in collaboration Bity SA is not clear.
What is claer, is there is evidence from a leaked Ethereum Foundation skype chat that they were actively t rying to manipulate the price of the original Ethereum cryptocurrency to force investors to buy the new Ethereum they promoted. This original Ethereum cryptocurrency never stopped being used by its community, even if the Ethereum Foundation actively tried to manipulate pulbic opinion. The exact same cryptocurrency they told exchanges was worthless, was being traded for almost 2 USD per coin. This was also the exact same cryptocurrency they worked with Bity SA and GMBH to steal millions of USD worth and dump on the market.
The primary purpose of the blockchain which cryptocurrencies are built on is to prevent modificaiton of past transactions to prevent double spending. The Ethereum Foundation added the ability to modify past transactions, to stop applications and allow third party interference so they could replace the DAO code. In doing that they no longer were working on Ethereum, and Ethereum never stopped being used or valued even if they did not want it to. They got upset and then commited theft, fraud to manipulate the markets and force their centralized unilateral decision on the whole community.
The Ethereum Foundation lied to exchanges, telling them no one is still using the original Ethereum network, despite massive arguments in the Ethereum forum ongoing for a month, where many people said they wanted to 'stay on the original Ethereum. One person even wrote a manifesto, convincing others that staying is the only way for Ethereum, the one they were advertised and bought in the crowd sale, could continue existing.
Please start an investigation, please stop these three organizations from operating a corrupt system where they take no risks, because they can rewrite history, where they get to decide for everyone which one is "real" even if others are actively using, trading and programming the original Ethereum all along.
Using an exploit to illegally seize the securities they created on the cryptocurrency Ethereum is theft.
We are sending this request to you, with copies to the SEC’s distribution list for this proceeding as noted in the “cc” below.
[My/Our] particular rights, duties, privileges, immunities or other substantial interests that may be affected if the SEC does not act immediately, start an investigation and work with Swiss Federal Police.
Swiss Federal office of police actively encourages people to report corruption. They have built a special hotline, corruption they want reported includes:
"non-profit organisations (such as associations or foundations) in order to gain an unjustifiable material or immaterial advantage."
Report to Swiss Federal Police
Evidence that Ethereum has been abusing their non-profit for unjustifiable advantage is more than clear, as they commit massive crimes hoping the system is too complex for them to ever be investigated.
Information on organization and related members:
Bity SA, fomerly SBEX SA Rue des Usines 44 2000 Neuchâtel Switzerland
Alexis Roussel - Co-founder SBEX SA, Co-Founder Bity SA Gian Bochsler -Co-founder SBEX SA, Co-Founder Bity SA GMBH [email protected] Schillerstr. Mittweida, Germany Company Registration: HRB 30026
Stephan Tual Founder & COO Christoph Jentzsch Founder & CTO Simon Jentzsch Founder & CEO 
Ethereum Foundation (Stiftung Ethereum) Zug, Switzerland
Vitalik Buterin Jeffrey Wilcke Fabian Vogelsteller Alex Van De Sande 
[Text of your petition.] Thank you for your consideration, of this petition. Sincerely, [Your name/s]
[Attachments, if any, e.g., map, photo, etc.]
If you agree and feel this warrants at the very least a possible criminal investigation, you should report it.


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