There is a new token-based application that will incentivize users. It is planning to accelerate mainstream awareness and adoption throughout the cryptocurrency world.
Powering Crypto Economy Participation
A new social media app centered on video content has been released recently. Cheez has teamed up with Contentos, a blockchain project, in a bid to enable users to earn Ethereum and Bitcoin. All they have to do to earn cryptocurrency tokens is create, view, and share the content within the application.
Live.me is the mastermind behind Cheez—video-sharing app. The mobile developer has created the app which is known for the 17 second, user generated video content. There are plenty of live filters on the application—music, voice changers, and stickers.
While a lot of applications contain similar features, none of them provide the incentive that Cheez does. It allows the users to earn Bitcoin and Ethereum tokens by just doing what they already will be doing while using the application. Consumers can complete 15 different tasks daily. These tasks are anything from sharing videos to viewing and liking videos. The tasks also include uploading content to the application. For doing all of this, they will be given one of the two cryptocurrency tokens. That cryptocurrency will be the one they prefer.
The best part? There is also the “Wheel of Fortune” game. It is a daily game, based on chance, which will allow users to win additional cryptocurrency every day.
The new features on the application will not need users to go to an exchange or even bother to set up digital wallets. This means more and more users can adopt the blockchain technology integration without any problems.
The CEO and founder of Live.me, Yuki He, has said that partnering with Contentos will help the platform reward its users. They are already contributing to the Cheez community and it is only fair to give them an incentive for it. This will also introduce a lot of people to the world of blockchain technology and cryptocurrencies.
Beyond Ethereum and Bitcoin
The platform is not limiting the incentive in the form of Ethereum and Bitcoin. The users on Cheez will also have an option to choose COS tokens for their contribution to the community. The COS token is the native cryptocurrency token of the Contentos blockchain project. People can obtain these tokens for all the activities they perform as users of the platform.
They can also win these tokens while playing the “Wheel of Fortune” game on Cheez.
The platform is obviously going to encourage users to opt for the COS tokens. They will do that by allowing the COS token to be used to unlock additional features in the app. For instance, they can use the COS tokens to unlock the option of posting longer videos. They can even use them to gain more exposure to attract viewers. The aspect of direct messaging on the app can also be utilized through the token. This will create a revenue generation stream for the creators of the platform. The details on that part have not yet been released but it is something that is being worked on.
The founder and creator of Contentos, Mick Tsai, said that they are thrilled to partner with the Cheez. It allows them to introduce the cryptocurrency economy to an already thriving community of users. It is going to create a new ecosystem where creators and fans are all going to be rewarded for their role in garnering a growing community.
The goal that Contentos has is to help the creators of the platform and the fans to grow the connections on a global scale. Blockchain technology has a lot of potential, and it can be used to build stronger worldwide connections.
Contentos is partnering with Cheez to make things better for the average person. It will be an opportunity for the creators and fans to enjoy the real-world incentives of the disruptive new technology.
In the world of blockchain technology, decentralized apps are one highly promising prospect. They have the potential to completely oust third-party operating platforms that work on a centralized concept. There has been one consistent problem when it comes to blockchain technology-based platforms. User identity management is a crucial aspect for decentralized apps. As things work right now, third parties have to be entrusted to manage user identity. That is the problem that ECR725 identity will resolve.
Fabian Vogelsteller came up with the ECR725 identity standard. He is the creator of the ECR20 token which sees comprehensive use in the blockchain landscape. The ECR725 identity standard was created last year, on the 2nd of October. Since then, it has seen adoption by numerous blockchain based projects. They have incorporated the ECR725 in a bid to decentralize the identity standards in the peer-to-peer marketplaces.
Identity Problem Can Be Solved By ECR725
One of the most major projects to incorporate the ECR725 is Origin Protocol. They’ve highlighted the advantages of using a blockchain based identity standard. It offers a lot of benefits for trustworthiness and user reputation management in peer-to-peer marketplaces.
A decentralized app, which functions like Airbnb, would need tenants to identify themselves. They don’t want to risk damage to their property nor do they want to be victims of fraud. The current situation in the blockchain world sees decentralized apps relying on Oracle platforms or trusted third parties. Something like ChainLink links to third parties to make this possible.
Vogelsteller has stressed a lot on the need to have a standardized identity management system in the new landscape. Right now, everybody will collect information about you separately so that they know who you are. Once there’s a standard set, there will no longer be a need to store personal information. The current way of going about it is inefficient. It results in over collection of information. Until a better system comes into place, that is how it will be. The ECR725 is slated to be that better system.
How the ECR725 Works
Origin Protocol is in the works to implement the ECR725 identity standard. The integration of it could mean that users looking to verify their identity will issue a new identity contract, which will have a valid claim.
The issuer will then give the user a unique cryptographic signature. This will prove that the user indeed controls a specific email, address, phone number or even biometric data. This will be added to the identity contract.
For instance, if a person is using something like Airbnb in the blockchain world, the user will try to rent a property using a listing contract. This listing contract will be able to verify that it’s valid on the contract, which was issued by the decentralized application. This would in turn mean that the transaction can take place.
Decentralized Identity & It’s Future
The ECR725 identity standard has the potential to make an ecosystem that can allow contracts to accept claims using any blockchain platform. It will facilitate the interoperable and distributed identity for any project across the blockchain network. If something like this is employed by the US Postal Service, it could be revolutionary. The USPS could verify the user address automatically even before there’s any interaction with the user.
Of course, it goes without saying that the ECR725 is a new prospect. As promising as it is, it is still in its most early stages. It will take time to develop it and integrate it properly with projects like the Origin Protocol.
There is huge potential in the ECR725 and with countries like Thailand already exploring blockchain technology based identity management, we’re very likely to see a future for decentralized identity.
Traders in China, Russia and the United States are among the most common victims of cyber criminals. The cryptocurrency exchanges in these countries are increasingly becoming targeted by hackers. There are studies which indicate that services provided by hackers are much higher than what is on offer. It’s a similar situation for cryptographers. China’s authorities have decided to hire the services of a cryptography specialist. It will use the expert’s services for one of its censorship agencies. This need arises from the actions of Chinese citizens, who are already using blockchain transactions to go around the censorship.
Cyber security experts in Russia have found that from 2016 to 2017, the amount of data being compromised has increased. The people associated with cryptocurrency exchanges are seeing more and more of their data being compromised. The statistics are roughly showing 5 times the amount from previous years.
It has only gotten worse, with the numbers in the beginning of 2018 showing a 700 percent increase. It is believed that most of these security breaches are the result of client carelessness.
Demand for Hackers Increasing
The demand for hackers that can provide ethical services is significantly more than the supply. Positive Technologies is a company which has gauged this niche market. They’ve conducted analyses of websites offering these specialized services. The amount of orders for malicious programs given to hackers is thrice the amount actually being produced.
There are over 10,000 ads, either offering or seeking these specialized services that have been published on several websites on the darknet. Among the demands being made, about a third of the requests have been for hacking e-mail accounts. Less than a tenth of the requests are for hacking social media accounts. Of all the requests made, a third of them have been responded to by hackers.
Last year saw the cryptocurrency market surge spectacularly. This was the time which saw development of malware, which mined cryptocurrencies in secrecy. 20 percent of all the malicious software being created by hackers belongs to that domain. Ransomware attacks have been just over a tenth of the total number of cyber attacks. Most of the cyber attacks have been through crypto jacking, the term given to secretly mining cryptocurrencies.
Censorship Agency in China Hires Cryptographer
The global demand for hackers has increased significantly over the past few years. China on the other hand, is looking for the services of cryptographers. They want to hire a specialist in cryptography to improve their censorship agency. Specifically, it was the Chinese Public Broadcasting Research Institute that published this job opening. It works under the State Administration of Radio and Television. The agency has said that the cryptographer should be adept in blockchain technology and cryptocurrencies.
Blockchain Being Used to Circumvent Censorship
There hasn’t been a lot said about blockchain-related responsibilities for the potential hiring at the agency. The use of blockchain technology to go around censorship and the posting of the job around the same time cannot be a coincidence. According to news reports, Chinese citizens have been using the Ethereum network to share information about a vaccine. The vaccine being distributed by Changchun Changsheng Biotech Company does not meet the state standards.
Chinese internet users have been posting more and more information about the vaccine online. These reports are being deleted from the internet by Chinese authorities but awareness has been created. More and more people are finding out about the vaccine.
A number of Chinese citizens have started to use Ethereum’s public blockchain to share and protect the information. From the looks of it, the hiring of the cryptographer might be used to target said information. The government is incapable of doing it right now and they want to remedy that situation.
In a report, the European Union Blockchain Observatory and Forum has made a warning about the GDPR law. The General Data Protection Regulation law came into effect just a couple of months ago and it can cause major problems for the development of blockchain technology.
The EU based blockchain body has stated that there is certain haziness in legal matters. The GDPR law and blockchain technology cannot exactly see eye to eye. The aim of the General Data Protection Regulation is to protect the data rights for individuals. It is also aiming to make free movement of personal data possible within the single market.
According to the blockchain body, as long as the legality between the GDPR law and blockchain technology will remain unclear, there will be problems. The people looking to innovate blockchain technology-based platforms, in and around Europe, will face a lot of uncertainty. The challenges that will come along because of this will be massive. It can become a significant roadblock for the further innovation in the blockchain landscape. Because of this, all the work done by Europe in this field can be stopped.
Data Protection Rights for Individuals
You see, there is one particular point emerging from the General Data Protection Regulation. It will empower individuals to have more control over their individual data. They will be able to amend their data so that it retains a certain sense of accuracy. There are even cases where the GDPR allows them to get the data deleted when they don’t need it anymore. This all sounds very good in terms of individual data protection rights. The problem is that blockchains are immutable databases. Once a record is added, it cannot be changed, modified or deleted. Only more data can be added to it.
When it comes to the GDPR, protection of individual data rights is based on the concept of a central authority. This central body will be held accountable for the protection of the data if things go sideways. When it comes to blockchain, matters are different. They are open and permissionless. All the information on the blockchain is processed by every node on the network. There has never been the concept of a central node or controller. The network works together in a democratic manner to process and verify all the records being added to the immutable database. This is yet another point where the General Data Protection Regulation comes into conflict with blockchain technology.
There is another stipulation. The GDPR can apparently be transferred to third parties outside of the EU based on a condition’s fulfillment. It will only happen if the data is held in a jurisdiction, which offers data protection laws of a similar level as theirs.
Blockchain technology does not function that way at all. There is absolutely no way of regulating where the data will end up. The full nodes across the network exist everywhere in the world. Each of them have a full copy of the database because it’s replicated throughout the network all at once. There is no way to stop this as it’s a purely decentralized digital ledger.
Selective Use VS. Full Replication of Data Set
Another source of conflict is that GDPR was announced even before blockchain technology became popular.
It makes sense. The General Data Protection Regulation was penned down before blockchain technology became commonplace. There was the assumption that a database is nothing more than a place where data is collected, stored, and processed.
When you look at the situation in an optimistic light, you have to remember the fact that blockchain is still in its infancy right now. There is always the chance that it can be developed to ensure the implementation of the GDPR fully.
It remains to be seen how things play out between the disruptive technology and the data protection law.