Moonlighting Freelance Marketplace Decides to Move Business to EOS Blockchain

In 2018 alone, Block.one managed to raise $4 billion throughout the year in an initial coin offering (ICO), which they used towards the EOSIO software …
Freelance-Marketplace-Moonlighting-Decides-to-Move-Business-to-EOSFreelance-Marketplace-Moonlighting-Decides-to-Move-Business-to-EOS

700,000+ Moonlighting Professional Freelancers to Change Platforms to EOS

As blockchain finds new places in many use cases and places around the world, one of the latest to decide to implement the technology is a market place for freelance professionals called Moonlighting. The platform was originally launched in 2014, and they are now moving their 700,000 user accounts onto the blockchain.

Moonlighting recently accepted an investment from the FinLab EOS VC fund worth $5 million. The fund is a collaborative project between FinLab AG and Block.one. With the investment, Moonlighting’s user base can be slowly expanded, while using EOS to integrate the current infrastructure.

CEO Jeff Tennery spoke with CoinDesk, expressing that the interest that the company has had in blockchain has existed since 2017. Their selection of EOSIO has been based on “its ability to scale transaction processing, maintain low transaction costs and enable ease of user account management.”

In 2018 alone, Block.one managed to raise $4 billion throughout the year in an initial coin offering (ICO), which they used towards the EOSIO software development. This software is the program under which EOS’s blockchain runs. The company also invested in Galaxy Digital and others who will ultimately support applications that will run on the EOS blockchain. COO of EOS VC, Paul Grotowski, said that there are three main attributes to look for within a decentralized application, which include “real customers,” “real traction,” and a real use case for blockchain.

Adding the Web 3.0 tech is a manner of strategy within the Moonlighting platform. Tennery expressed that the goal for the freelance marketplace is to make sure that their clients can easily distribute their own profiles to any platform, making it possible to use their profile across multiple websites. Considering the “fragmented” nature of this sector of the community, Moonlighting should be effective in promoting the personal use of a freelancer’s profile, creating an aggregated gateway with a simple sign-on process.

Still, it is worth noting that there is a small portion of data that will not be imported via plain text. Instead, hashes will be used for creating data security, which are still relying on the decryption processes of the Moonlighting centralized database. For the off-chain freelancer profiles, these hashes “provide audit-ability and validity.” Considering that the funding should ultimately be to increase the validation process for profiles, the validation is crucial.

Tennery commented, with the funding, Moonlighting can finally follow through with blockchain plans, making them “the Oracle of Profiles” within the world of freelance. Along with this new project, Moonlighting had recently considered an initial coin offering last year for faster payment processing but ultimately chose not to follow through because of the abundance of “scrutiny” last year.

Blockchain Gap highlights Australia’s digital skills shortage: ACS & Labor

The ACS report, Blockchain 2030: A Look at the Future of Blockchain … and though the hype has faded, distributed ledger technology is far from dead.

For every blockchain developer in Australia there are 14 vacant positions, according to a new Australian Computing Society (ACS) and Data61 report into the technology.

The talent gap is emblematic of Australia’s broader digital skills shortage, according to Labor MP Ed Husic, who says opportunities continue to be missed.

Husic, currently the shadow minister for the digital economy, noted Australia’s digital skill shortages during an ACS event in Sydney to launch the blockchain report.

“We need to have more people with skills that can conceive and drive application.”

“We have a lot of people working at their hardest to make those opportunities a realisation, we need more, not just to bridge the gaps that we have but if we want to be a digital leader in the region, we need more brains in this space that are thinking of ways to apply technology across the space,” he explained.

Blockchain talent gap

Yohan Ramasundara, president at ACS said the skills shortage is particularly evident in emerging technologies like blockchain where there are 14 job vacancies for every blockchain developer in Australia. Despite the shortage, blockchain continues to attract investment, he said.

“And while current activity is largely concentrated in financial and insurance services, there are many potential applications across the gamut of Australia’s industries,” Ramasundara said.

The ACS report, Blockchain 2030: A Look at the Future of Blockchain explores eight scenarios for future adoption of blockchain technology in Australia.

The scenarios are designed to challenge current perspectives, define and explore key uncertainties, and provide a common set of shared narratives for industry, government and community stakeholders. The report also outlines Australia’s competitive advantage, already home to world-first blockchain applications in bonds operations, smart programmable money and international standards, as well as industry-specific trials in energy, agriculture and the public sector.

Ramasundara said, “Trust is the big X factor. Citizen reactions to the Cambridge Analytica scandal, the banking enquiry and rising incoming inequality has seen an erosion of trust in centralised institutions.

“Should this trend continue, it may very well be the platform to ignite blockchain adoption and other decentralised technologies.”

Trough of disillusionment

After rapid growth, blockchain has hit the Gartner Hype Cycle “trough of disillusionment” due to its association with illegal activities, scams and privacy issues, as well as its inability to offer significant benefits compared with legacy systems, according to the ACS report.

Dr Alexandra Bratanova, research scientist at CSIRO’s Data61 and lead author of the report explained, “It’s fair to say that the hype around blockchain is fading and we’re likely heading towards what is sometimes called the ‘trough of disillusionment’. It’s been over a decade since blockchain was first introduced and though the hype has faded, distributed ledger technology is far from dead.

“Using the lens of the Gartner Hype Cycle for new technologies, the next phase of development is what is known as the ‘plateau of productivity’, where technologies simply become a part of the fabric of the technology and business landscape.”

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Oracle Exec: 50% Of Companies Will Use Blockchain Tech in Next Three Years

Blockchain technology could possibly be used by 50 percent of all companies within the next three years, the vice president of blockchain product …

Blockchain technology could possibly be used by 50 percent of all companies within the next three years, the vice president of blockchain product development at software company Oracle said on Monday, April 8.

Frank Xiong participated in the Forbes CIO Summit in Half Moon Bay, California, where he estimated that 50 to 60 percent of companies will use blockchain technology in the next few years.

At the same time, Xiong believes that people have become much more realistic about what blockchain can affect in various business models:

“We’re past the stage that blockchain can cure everything, so people are becoming more realistic about what’s good for their business model.”

According to Forbes, Oracle currently has more than 100 customers using its blockchain solution for supply chains. As Cointelegraph previously reported, the company launched a suite of software-as-a-service (SaaS) applications based on its Oracle Blockchain Cloud Service in late October 2018. The offering purportedly enables customers to track products through supply chains, increase transparency, accelerate product delivery, and improve customer satisfaction.

More recently, Oracle partnered with a European-based fintech startup SDK.finance that offers a payment platform for banks and financial institutions. The company will use Oracle Blockchain Platform to improve its payments processes and remove intermediaries.

A recent survey conducted by Big Four auditing firm KPMG shows that high-profile executives are interested in blockchain, but mostly delay its adoption in their companies.

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What you need to know about blockchain storage

There’s a lot of hype around blockchain storage and its underlying distributed ledger technology. That makes sense, what with IDC forecasting …

There’s a lot of hype around blockchain storage and its underlying distributed ledger technology. That makes sense, what with IDC forecasting worldwide spending on the technology hitting $12.4 billion in 2022, with a five-year compound annual growth rate of 76% from 2018 to 2022.

However, the reality is it’s early days for blockchain and its use in data storage. There are still many details for companies to understand and work out.

Blockchain is based on peer-to-peer, distributed network technology used to validate transactions. It breaks up data and distributes it across thousands of nodes. The technology enables participants to see all the transactions as they happen.

There’s a lot to recommend with blockchain when it comes to tracking the movement and storage of data, but there are still a lot of questions surrounding its use for storage. How will enterprises be adequately compensated for being part of a blockchain environment? What strategies are best to minimize risks to participants? What new data security threats will emerge as blockchain storage gains a foothold? How does blockchain compare to other distributed data storage options?

Worldwide spending on blockchain

Below, we answer five key questions about blockchain’s use for data storage and highlight others that have yet to be answered.

How does blockchain storage function?

Blockchain is based on distributed ledger technology (DLT), which serves as a decentralized database of information about transactions between multiple parties. The transactions populate the DLT chronologically. They’re stored in the ledger as a series of blocks, where each block refers to the preceding one, forming an interconnected chain.

Blockchain technology distributes the ledger across multiple nodes. Each node maintains a complete copy of the data, and all the participants in the blockchain can see and verify the ledger so no central authority or verification service is needed.

A blockchain-based storage system prepares data for storage by creating data shards or segments, encrypting the shards, generating a unique hash for each shard and creating redundant copies of each shard. The replicated shards are then distributed across the decentralized nodes in the blockchain infrastructure. The transactions are recorded in the blockchain ledger, and the system validates and synchronizes the transactions across the nodes in the blockchain.

How do you become a blockchain provider?

An organization with available storage can participate as a provider — or farmer — in a blockchain storage network, leasing nodes to a blockchain service. When signing up with a blockchain service, such as Storj or Sia, potential farmers must provide information on how much available storage and bandwidth they have, as well as the average downtime of their systems.

Sharing excess storage with a blockchain-based service is a new concept, and understanding its full effect on an organization’s storage resources is still unclear. How participating enterprises minimize the risks involved with opening their systems to third-party data and how much compensation they need to take on this risk are among the details service providers and participants are still working out.

What are the advantages of leasing storage to a blockchain service?

There are a number of advantages to leasing storage from a blockchain-based storage network. Distributed storage through a blockchain service is cheaper than on-premises or traditional cloud-based storage. Enterprises using blockchain for storage don’t have to buy and maintain equipment or software. They also may not need to have as many management resources devoted to storage infrastructure as they would with traditional storage.

Blockchain data storage offers more transparency than a traditional cloud service. With data distributed across multiple nodes, blockchain technology is able to provide higher levels of availability and fault tolerance. Blockchain also offers performance advantages because users can access data closer to where it’s stored.

There’s a lot to recommend with blockchain when it comes to tracking the movement and storage of data, but there are still a lot of questions surrounding its use for storage.

Blockchain storage is also thought to be more secure than centralized storage because the data is spread out across many data points. Distributed storage is less likely to be universally hit by invasive malware. In addition, the redundancy built into these systems protects against data loss from all sorts of events.

What are the potential drawbacks of blockchain storage?

For blockchain to work effectively for storage, users must have sufficient visibility into the storage environment and must be sure the multiple peers it’s made up of are physically and logically diversified enough to guarantee high availability and reliability. For instance, if all the peers in a network happen to reside in the same region, the system could be vulnerable in the event of a major outage in that region.

Operational strain on the network when companies retrieve and consolidate data from different nodes could also be a potential blockchain problem once the technology is in more widespread use. Data security is another area where issues could arise as attackers look for and find new ways to compromise and exploit the technology.

What synergies exist between cloud and blockchain?

Industry experts expect cloud-based infrastructures to be the basis for the majority of blockchain deployments. The two technologies are built on the same concepts and provide similar benefits.

Public cloud providers operate large distributed computing environments, which are key requirements for a blockchain network. They also offer advantages, such as scalability and on-demand compute access, which are blockchain advantages, as well. Moving a blockchain deployment into the public cloud can provide more efficiency and flexibility compared with a corporate environment.

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Get acquainted with blockchain technology for just $29

Many seem confused about blockchain. They fail to understand what it is, what it does, and how it’s going to shape the future. But it doesn’t have to be …

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