Tag : centralized

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Ethereum ERC725 – What is it?

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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.

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Blockchain Based Digital Asset Marketplace – AXEL Revolution

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Almost a decade on from the unveiling of Bitcoin to the public, the blockchain technology that powered Bitcoin has been recognized as a separate entity. The underlying technology behind cryptocurrencies is being looked at for the massive application potential it has, which extends above and beyond that of a payment system and currency. Epitomizing that ideal is the blockchain technology based marketplace for digital assets called AXEL.
The peer to peer network is aiming to resolve the problems that exist in the current content landscape by combining distributed ledger technology and smart contracts to shift the balance back into the hands of the creators of the content.
How Things Currently Work
The current framework for digital assets is dominated by the middlemen. They get to decide who gets paid what. They have all the keys to all the doors and they are guarding them with rigor. The people who are hard at work investing their time and ingenuity into creating the content are kept at an arm’s length on the side of the curb. These middlemen own all the gateways to the billions of dollars that the content creators deserve.
These centralized marketplaces are at the same time highly vulnerable to cyber attacks through identity theft and hacking. The current framework consists of innumerable inefficiencies and AXEL proposes a robust blockchain based solution to look after of all these problems. Blockchain based solutions in the content landscape will make it easier for the buyer and seller of content to transact with each other without the middlemen and at the same time provide a lot more protection to the whole landscape while that happens.
AXEL Blockchain Based Solution
The AXEL marketplace is bent on creating a space where the creators of the content, completely own the rights of what they produce. They do not have to rely on third parties to facilitate the transactions between them and the buyers of the content. This platform is going to cover literally all the aspects of the digital content creation ecosystem. Everything from the online privacy to the file transfer and even payment processing will be facilitated by AXEL.
Considering the fact that monetizing content has surged as a major economic factor in the recent years, AXEL’s blockchain powered marketplace is going to facilitate a better regulation of the industry. They will do so by allowing better transparency, accountability and remove the involvement of middlemen and centralized control by large corporations in the content creation industry. With the platform already booming on the iOS and Google Play Store, AXEL is slated to become a major player in the digital conte

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Binance CEO Rebukes Buterin’s Centralized Exchange Comment

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Just a few days ago, Vitalik Buterin, the co-founder of Ethereum had quite the curt statement to make about the concept of centralized cryptocurrency exchanges. Needless to say, his statement caught a lot of people off guard and one of them was the CEO of one of the centralized cryptocurrency exchanges he was talking about – Changpen Zhao of Binance.

Vitalik Buterin is one of the main proponents of decentralization and he took on that role with fervor as he spearheaded the development of Ethereum, the world’s second largest cryptocurrency platform. He is a prominent programmer of Russian Canadian origins and he is very well known for all the work he has been doing in the cryptocurrency landscape.

In an interview that he was giving with TechCrunch, the cofounder of Ethereum expressed quite a bit of explicable hate towards the concept of centralized cryptocurrency exchanges by saying

“I definitely hope centralized exchanges go burn in hell as much as possible.”

As you can expect, the moment he made the statement, it blew up on the internet like all controversial things do. Social media went abuzz with the statement by Vitalik being debated here and there. It seemed like literally everybody had an opinion about Vitalik had to say for centralized cryptocurrency exchanges. This includes the likes of Changpen Zhao, the CEO of one of the world’s most well known centralized cryptocurrency exchanges.

A Bigger Heart

Changpen Zhao, or as his Twitter handle, ‘CZ’ said that he wouldn’t wish for anyone to burn in hell and that it is not a very nice thing to say even if Vitalik was saying it.

According to Zhao, everybody who has a stake in cryptocurrencies are a part of the whole cryptocurrency community. That includes the likes of centralized cryptocurrency exchanges. He believes that it is in the best interest for everybody to work together as a wholesome community rather than encouraging some form of infighting within the cryptoverse through such controversial statements.

He had a bit more to say about the matter. Zhao has a stern belief that the cryptocurrency world would not be on the same level it is right now if it was not for the advent of centralized cryptocurrency exchanges. He said:

“if it was not for fiat (and centralized) exchanges, the industry would be smaller and the industry would develop slower.”

While it is true, the growth and development of this nascent alternative economic system will lessen the need for centralized cryptocurrency exchanges as we move forward. For now, however, there definitely needs to be a more proactive approach towards moving forward as a wholesome global community.

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Basel’s Blockchain Leadership Summit

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The November of this year will see one of the biggest events for the blockchain industry take place in Switzerland. The Swiss capital, Basel, is going to be the host of the Blockchain Leadership Summit of 2018 from the 23rd to the 24th of November.

The Blockchain Leadership Summit of 2018 is slated to have some of the top most experts, block chain visionaries, and proactive investors of the industry come together in Basel, and discuss the financial regulation of block chain integration, the global effect of the disruptive new technology, and the resulting real life cases of what can only be considered akin to the industrial revolution. There is a lot of discourse that needs to take place about lemmings on the market, the domination that centralized liquidity has and the DEX development. Blockchain technology is going to be an integral part of where we go as a species and this discussion will highlight all the pros and cons of investing in the new technology.

The number of people attending the Blockchain Leadership Summit is going to be north of 2000 people while there will be well over 60 experts and speakers from the blockchain industry that will come in to discuss all the important blockchain centric matters.

It only makes sense that this event is going to take place in the capital city of Switzerland, which is often considered as one of the most crucial locations for life science in the continent. The venue for this historic event will be the Congress Centre Basel. It is a fitting place to host such an event considering the fact that it is the biggest research center in the country.

A Step Up From The First Installment

This is the second Blockchain Leadership Summit with the first having been hosted by Zurich on the 9th of March. It is a bigger event this time around with the previous one having brought together over 50 speakers, 50 blockchain industry companies and 500 speakers together. It laid the groundwork for Basel to host the Blockchain Leadership Summit, 2018.

This event is going to be the final blockchain industry event of the year and it will cover all the developments in the cryptocurrency world and the blockchain technology landscape.

A Lot To Learn

The Blockchain Leadership Summit will offer the perfect professional environment for all those looking to tokenize their assets, those who want to start getting involved in the blockchain world and are interested in the technology’s impact moving forwar