Scoop: Forbes is trying out the blockchain

Forbes, the century-old business publisher, is joining forces with Civil, a journalism blockchain network, to become the first major media company to …

The big picture: Forbes is experimenting with publishing a sample of its content to the Civil Network. Eventually, the broad goal is to one day migrate all of its published content over to the blockchain.

“We have an opportunity to participate in the development of this ecosystem and help shape it around our unique business model.”
— Salah Zalatimo, Senior Vice President of Product & Technology at Forbes

How it works: Forbes will plug in Civil’s software to its proprietary content management system called “Bertie.”

  • Once plugged in, Forbes journalists will be able to upload their metadata to the Civil network early next year, while simultaneously publishing to Forbes.com.
  • The company will begin uploading cryptocurrency content first — an editorial focus they’ve increased investment in lately. If the experiment works well, other topics will follow.

Between the lines: Civil has previously brokered a photo partnership with the AP using its blockchain technology for photos, but it’s the first media company to strike this type of a partnership around actual stories.

What’s next: Forbes specifically sees opportunities for it to expand the footprint of its extensive contributor network.

  • The company is exploring the use of “smart contracts” for their contributors to be able to upload content through Forbes’ CMS that can then be published to various outlets across the web, like Medium or LinkedIn, and to Forbes and Civil.
  • Through the tech that makes those contracts possible, contributors can time when content is published to various outlets, giving some outlets windows of exclusivity.
  • All transactions between Forbes and its contributors will be conducted on through Forbes’ CMS and are made possible though Civil’s software integration.

Between the lines: There’s been a lot of confusion about how Civil works and what exactly the benefits are for media publishers.

  • In short, Civil (the non-profit media company) is a decentralized, cloud-based ledger (think Google Sheets) that records when things are published and who published them. Civil Media Company doesn’t make any money, but the participants in the decentralized network, called the “Civil Network,” do.
  • Yes, but: There’s been some confusion around who has actually bought Civil tokens. Civil says it’s planning to publish a transparency report on Wednesday that aims to answer who has tokens and how many, so that people can visualize the Civil token ecosystem.

The bottom line: Forbes is in a better position if they get ahead of this new technology than if they wait for what they believe is inevitable.

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Beyond CryptoKitties: Is There A Place For Blockchain In The B2C Market?

But the uniqueness of the game is that it is built on the blockchain technology developed by Ethereum. Sales and ownership of each unique pet is …

CryptoKittiesPexels.com

CryptoKitties, for anyone who is not familiar, is a virtual game in which players buy, collect, breed, and even sell virtual cats. But the uniqueness of the game is that it is built on the blockchain technology developed by Ethereum. Sales and ownership of each unique pet is validated through this network and no transactions can occur without the participants’ permission. It was launched in in October, 2017 and went viral by December, jamming the Ethereum network.

Since then, it has been spun off and managed to raise $12 million in funding from a combination of high-profile venture capitalists and angel investors. To clarify, cryptokitties are not a cryptocurrency. They are virtual pets bred and collected on an online platform. But the underpinning technology of this game is blockchain.

And here’s the thing: consumers can develop understanding of and comfort with the process by which blockchain is used for transactions, along with the benefits of that technology (security, privacy, immutability, etc.) by playing the game. And as they become comfortable, the opportunity for businesses to use blockchain and cryptocurrencies in the B2C marketplace will increase.

The B2B market is already benefiting from the blockchain

Blockchain technology has been adopted by financial organizations, healthcare providers, insurance enterprises and even by some agricultural companies. The reason is clear. “With blockchain, transactions, records, contracts and other documents are recorded and securely stored,” said Andrew Wong, a former JPM banker who left to join IDCM to pursue his dream of cryptocurrency. “They cannot be changed without permission from all parties involved. The potential for reducing fraud alone makes this technology valuable.”

And the initial blockchain technology has now given rise to decentralized apps (dApps) – the creation of software applications for real-life situations and solutions, and this may be the key to the B2C marketplace.

Why consumers hesitate to use blockchain

Anything new, especially in the world of technology, takes time to make its way to consumer acceptance. And so it is with blockchain. Why? Because it’s tough to understand. And people tend to mistrust what they don’t understand.

A survey conducted by Bitcoin.com revealed that in the largest crypto-market – South Korea – 90% of respondents have heard of bitcoin and understand what it is. However, only 8% know what a blockchain is and understand how it’s related with bitcoin and other cryptocurrencies.

Many consumers may already know that some of the businesses they patronize already use or are at least experimenting with blockchain technology – banks, the travel industry, insurance companies, for example.

But to use it themselves and to actually make purchases using a crypto, is taking a big step into the unknown.

So if you are considering incorporating blockchain technology, you have to tread gradually. Start with an educational campaign to communicate the benefits of using blockchain to your current users. Also, consider polling your target audience about their current awareness of the blockchain technology. Survey Cool lists a number of fee-based focus group survey organization that you can leverage. You can run these periodically and determine the increase in understanding the technology and the willingness of customers to embrace it. And before pushing for a change, consider the B2C niches where blockchain has already made some progress.

Current consumer-based dApps

Gaming (e.g., CryptoKitties) currently has the largest percentage of all dApps (42%). Exchanges come in second with 22%. And, in fact, only 25% of all DApps have more than 100 transactions a week. Over time, however, this will change. And it seems that Ethereum may be the catalyst.

Ethereum is a blockchain-based financial platform, originally designed for smart contracts, using its own cryptocurrency (ether). But it has much larger plans in mind. It has opened up its programming language, Solidity, to developers, as well as its virtual machine. Developers will be able to use these tools to create dApps that will have real-life uses, certainly for consumers.

For example, one recently developed dApp is Golem, which establishes a global market for idle computer use. So, if a consumer’s computer is idle all night, a user in another part of the world can contract for use of that computer during those hours – a part of the new “sharing” economy that consumers are now embracing.

Additionally, companies like Overstock, Expedia, PayPal, Shopify and Microsoft already accept payments with cryptos. The list continues to grow. Consumers who decide to use this method of payment will do so through blockchain and will come to realize that it is not that difficult to do.

Separating out blockchain and cryptos

There does have to be an understanding of the fact that, while blockchain technology support all cryptocurrencies, the opposite is not true.

Many companies are now setting up their own private blockchain platforms, which are used for transactions with their customers, even if those customers are using fiat currencies.

Ultimately, consumers will come to embrace blockchain, just as they did computers, online shopping, cell phones and now smart homes and appliances. These were all at one time unknown and thus untrusted technologies.

Blockchain technology is not going away. While it is still evolving, its early benefits are unmistakable. Practice patience as you move your customers toward it.

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Expert: Self-Regulation on Crypto Exchanges Not Enough to Appeal to Institutional investors

The second group, the Blockchain Association, is comprised of companies like Coinbase, Circle, Digital Currency Group, Polychain Capital, Protocol …

In the absence of regulatory oversight, crypto insiders are looking for ways to self-regulate in attempts to make the industry more attractive to institutional investors, some of whom are wary of entering the market due to the potential for hacks and fraud. But some experts are calling into question the practicality of these groups.

Industry Groups Look to Regulate Crypto From the Inside Out

Interest amongst consumers and institutions is undoubtedly growing, but the nascent industry is still plagued by fraud and regulatory uncertainty. As for numbers, in the second quarter of 2018 investors lost $670 million in cryptocurrencies due to hacks and scams, according to Business Insider.

In attempts to change this and shine more light on the sometimes opaque crypto market, as well as push for fair regulations, two new groups have emerged. One is the Virtual Commodity Association, the industry’s first self-regulatory organization, which was launched by the Winklevoss brothers’ Gemini exchange, Bitstamp, bitFlyer USA, and Bittrex this past August.

The second group, the Blockchain Association, is comprised of companies like Coinbase, Circle, Digital Currency Group, Polychain Capital, Protocol Labs, and Zcash, and focuses on topics such as tax treatment of tokens and consumer protection.

While many say the establishment of the VCA and other groups is a step in the right direction, some skeptics, like Joseph Moreno, a partner in Cadwalader’s White Collar Defense and Investigations Group, say the idea of self-regulatory organizations may not be very effective.

“There’s no teeth in an SRO if there’s not a regulatory body behind it… It doesn’t look to be very effective without statutory authority.”

Moreno contrasted the self-regulating nature of the VCA with that of Financial Industry Regulatory Authority (FINRA), a self-governing body which is authorized by Congress and supervised by the Securities and Exchange Commission (SEC). FINRA, thanks to its direct connection with the federal government, can take a variety of steps against cryptocurrency service providers it believes to be operating on the wrong side of the law.

Self regulatory groups, on the other hand, “will not have any governmental-like regulatory authority to bring enforcement actions or levy fines,” Moreno says.

Does the Crypto Industry Itself Want to Self-Regulate?

Another point to consider is that not everyone in the crypto world is open to self-regulatory organizations like the VCA and the Blockchain Association, which, to many, go against the concept of decentralization that is at the very core of blockchain-based digital currencies.

“Part of the charm and fascination of blockchain is its ability to take out central intermediaries,” Moreno said. “Within the community, there is a direct natural bias against centralization and giving power over to the central authority.”

That said, there is obvious reasons why these organizations are springing up, as 2018 has seen government forces across the globe looking with increased scrutiny at the industry in attempts to regulate from the outside in.

Earlier this year we saw this in the form of cease-and-desist orders and even blanket bans against cryptocurrencies and the company’s that create them. And in just the past few months, the SEC and FINRA have issued a string of punitive actions against companies involved with digital coins.

In response to this, some companies facing undesirable regulatory environments in countries like the U.S., Japan, and South Korea have moved their entire operations to jurisdictions with more favorable and concrete financial climates, like the island nation of Malta.

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Bitcoin (BTC) Price Analysis: Slow and Steady Does It!

Bitcoin recently broke out of its long-term symmetrical triangle pattern, indicating that a rally is in the works. Zooming in to short-term charts shows that …

Bitcoin recently broke out of its long-term symmetrical triangle pattern, indicating that a rally is in the works. Zooming in to short-term charts shows that price is also inside an ascending channel and is currently testing the mid-channel area of interest.

Stronger bullish pressure could take price to the top of the channel around the $7,000 level, but it would need to clear this barrier around $6,750 first. A brief pullback to the broken triangle top or the channel bottom around $6,600 to $6,650 could still take place before more buyers join in.

Stochastic is heading lower to indicate that sellers are regaining control and may be eager to hop in as overbought conditions haven’t been shown yet. RSI is just turning south from this area, so bitcoin might follow suit. A break below the $6,600 level could signal that further consolidation could happen.

The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This signals that the uptrend is more likely to resume then to reverse. Also, these moving averages are located close to the potential floor around the broken triangle top and the bottom of the channel, adding to its strength as a floor.

Bitcoin dipped after Coinfloor CEO Obi Nwosu warned that it would be cutting its staff, explaining:

“Coinfloor is currently undergoing a business restructure to focus on our competitive advantages in the marketplace and to best serve our clients. As part of this restructure, we are making some staff changes and redundancies.”

Coinfloor is one of the oldest bitcoin exchanges and is based in London. This business move could mean a dimmer outlook for the market and bitcoin in general, as Nwosu cited that they’ve seen a significant change in trade volume across the market.

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Litecoin Cash 24 Hour Volume Reaches $97787.00 (LCC)

Litecoin Cash (CURRENCY:LCC) traded 0.5% lower against the U.S. dollar during the 24 hour period ending at 20:00 PM E.T. on October 8th.

Litecoin Cash logoLitecoin Cash (CURRENCY:LCC) traded 0.5% lower against the U.S. dollar during the 24 hour period ending at 20:00 PM E.T. on October 8th. One Litecoin Cash coin can currently be bought for $0.0261 or 0.00000392 BTC on popular cryptocurrency exchanges including YoBit, CryptoBridge, Braziliex and Mercatox. During the last week, Litecoin Cash has traded 2.8% higher against the U.S. dollar. Litecoin Cash has a market cap of $15.40 million and $97,787.00 worth of Litecoin Cash was traded on exchanges in the last 24 hours.

Here is how other cryptocurrencies have performed during the last 24 hours:

  • Mixin (XIN) traded 1.8% lower against the dollar and now trades at $134.98 or 0.02027118 BTC.
  • Fusion (FSN) traded 0.5% higher against the dollar and now trades at $0.98 or 0.00014745 BTC.
  • Sakura Bloom (SKB) traded 10.8% lower against the dollar and now trades at $0.0045 or 0.00000068 BTC.
  • Distributed Credit Chain (DCC) traded down 0.3% against the dollar and now trades at $0.0076 or 0.00000115 BTC.
  • Bean Cash (BITB) traded up 0.6% against the dollar and now trades at $0.0033 or 0.00000049 BTC.
  • DAO.Casino (BET) traded 5.2% lower against the dollar and now trades at $0.0407 or 0.00000611 BTC.
  • XinFin Network (XDCE) traded 7.9% higher against the dollar and now trades at $0.0015 or 0.00000022 BTC.
  • Bitcoin Atom (BCA) traded 4.1% lower against the dollar and now trades at $0.28 or 0.00004190 BTC.
  • Measurable Data Token (MDT) traded up 6.8% against the dollar and now trades at $0.0078 or 0.00000117 BTC.
  • Qbao (QBT) traded 8.1% higher against the dollar and now trades at $0.0433 or 0.00000650 BTC.

Litecoin Cash Profile

Litecoin Cash (LCC) is a coin. Its launch date was February 3rd, 2018. Litecoin Cash’s total supply is 589,773,957 coins. Litecoin Cash’s official website is litecoinca.sh. Litecoin Cash’s official Twitter account is @LitecoinFork. The Reddit community for Litecoin Cash is /r/LCCofficial and the currency’s Github account can be viewed here.

Buying and Selling Litecoin Cash

Litecoin Cash can be purchased on the following cryptocurrency exchanges: Braziliex, SouthXchange, Trade Satoshi, HitBTC, Mercatox, Exrates, YoBit, CryptoBridge and Stocks.Exchange. It is usually not possible to purchase alternative cryptocurrencies such as Litecoin Cash directly using U.S. dollars. Investors seeking to acquire Litecoin Cash should first purchase Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Coinbase, Gemini or Changelly. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Litecoin Cash using one of the exchanges listed above.

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