Ethereum V Ethereum Classic
Round 1 : Silbert v Seaman and the Ongoing Ethereum Divide
“Ethereum has the potential to completely change our concept of society.”
Every so often a big idea comes along. Ethereum is one such idea. Building on and extending Bitcoin’s original blockchain implementation, Ethereum has the potential to completely change our concept of society.
Ethereum promises to do this through Smart Contracts. These decentralised pieces of software, running on the Ethereum ‘world computer’, have far reaching implications.
With a monumental change upon us, things are getting divisive.
The Ethereum community is now split over the DAO and decision to hard fork the protocol. The split is real and is manifested in two separate networks and tokens.
Some believe that the hard fork shows a weakness in the governance structure. Others see the ability to hard fork away a theft as a demonstration of strength; an appeal to a type of ‘high court’ in the community.
Despite the best efforts of community leaders to end the vitriol, there is still visible animosity between both camps. Ethereum can be stifled. But it can never really be stopped. Such is the nature of blockchains.
As it continues to spread, the debate continues to intensify.
Silbert v Seaman
This is best demonstrated in the ongoing and very public tussle between David Seaman and Barry Silbert.
Both are public figures and both have taken strong opposing positions. They have been pitted against each other as a result of circumstance.
Barry Silbert is a well renowned financier. He is notable for his work at Second Market. This organisation has considerable standing in the world of mainstream finance.
Barry is somewhat of a bitcoin maximalist and has been pushing bitcoin and its blockchain for some time now. His ventures in the space are Digital Currency Group and Bitcoin Investment Trust. He is directly linked to investments in numerous bitcoin and blockchain companies.
Barry Silbert has not made any effort to hide his scepticism of the Ethereum platform and its utility. Yet, despite his previously negative attitudes, he has thrown his standing and weight behind Ethereum classic.
This surprised a lot of people, considering that both are exactly the same code. It left some to conclude that his support was based only on ideology. Either that or a strategic move against the Ethereum itself. He has also been uncharacteristically vocal about his own stake and position in ETC tokens.
This has bought him in direct challenge with David Seaman. A journalist and digital currency prognosticator, Seaman writes for leading mainstream news publications such as the Huffington Post.
Concerned with Bitcoin’s slowing pace of development, he started championing Ethereum some time ago. He has a sizeable position in ETH which is no secret.
David Seaman has used his personal platform and journalistic standing to openly declare his belief that ETC is actually a scam.
He has suggested that the ETC chain might be in violation of SEC rules. And has taken the battle personally to Barry Silbert on social media platforms like twitter, accusing Silbert of unprofessional conduct and using his position to push an illegitimate and possibly illegal implementation of Ethereum.
Round one goes to…
There is a place for both sides is a free and thinking community. Technique is purely individual. It is a personal means of expression. So long as the intention is good.
Regardless of where you stand it is always important to remember that the greater promise of Ethereum has not changed.
ETC shows by example that we are free to cooperate and collaborate in any way we so choose. If we do this, in the spirit of decentralised organisation, there will be no single monolithic entity exercising too much control.
Therefore round one in this epic battle between Ethereum and Ethereum Classic goes to Ethereum Classic . This is because it has not only survived the hard fork but has risen significantly in value and remains to be an ongoing concern. This is further exemplified by the resurrection of Charles Hoskinson, an Ethereum founder, who has now come out and spoken of his support for Ethereum Classic . Stay tuned for the latest on Charles Hoskinson in round 2..
BASIC ATTENTION TOKEN
Global Blockchain Digital Advertising Platform
BAT- What is it?
Basic Attention Token (BAT) is an ERC20 Token to be used as a fully integrated currency for internet browsers ( e.g. BRAVE or Mozilla Firefox). It can help distribute payments to websites, advertisers, artists and content producers directly through the browser. It will also be developed to allow digital advertisers to transact with publishers more transparently and with less friction.
The BAT currency is already integrated into the Brave Browser which is a fully functioning product with real utility. The Brave browser blocks online advertisements and trackers right within the browser. This saves loading times, bandwidth and allows for more browsing privacy. The BAT token currently functions as an automatic distribution method to websites that are visited by the user within the Brave browser. The user must deposit BAT into their token wallet and the Brave browser will automatically pay the most popular websites visited on a set basis (subject to custom user settings). In November 2017 Brave also allowed for individual YouTube channels to be paid through the browser, which is a real game changer. The user doesn’t have to do anything except deposit BAT and everything is arranged with the websites and publishers by the Brave team. The BAT payments are purely voluntary and completely customisable but the browser’s advertising blocker works automatically by default.
Although BAT started as an additional revenue model for websites who have their ads blocked by Brave, the intention is to expand the use of the BAT currency to solve the current issues with online digital advertising. These problems include the friction of payments, fraud, fake clicks and general transparency to publishers ( e.g. accurately tracking how effective advertising is to the target audience).
Online digital ads and trackers grew from exploits within browsers through cookies etc. Anyone that has visited free digital newspaper/magazine websites has experienced the slow loading pages and annoying ads. Added to this, are the irritating ads for products that you have zero interest in or for something you’ve already bought. This comes from the many ‘trackers’ that record all your internet usage. What’s really scary is when you see an advert on a device where you’ve not even searched for that product on that same device. A sophisticated set of techniques is used to track and profile each user in order to sell your profile to advertisers. BAT and Brave are looking to change this broken advertising paradigm for users, publishers and advertisers.
The big opportunity for BAT is to completely change the current model of browser advertising which is currently dominated by the major search engine and advertising intermediary Google. This can be done by completely blocking the ads being shown in the browser and cutting out the intermediary. If Brave starts to gain traction it will force content publishers to engage with BATs future suite of advertising offerings. Google collects a vast amount of information on users and it’s all aggregated to create a user profile that can be monetised. Basic Attention Token seeks to change this in the favour of the individual user by helping take back some of their information and privacy. The users browser data is intended to stay locally on the users device and is not shared directly with third parties without permission. All this will be achieved through the use of Basic Attention Metrics (BAM).
Basic Attention Metrics (BAM)
The Basic Attention Metrics (BAM) aim to analyse the required personal data better to serve more relevant ads but where the user gets to retain and monetise their own data and profile. This BAM model can help advertisers serve more relevant ads to people more willing to be targeted for certain products. So instead of receiving ads for things you don’t like you could opt in to watch ads for products that you’re really interested in. This can work well for large ticket items such as a car or for gifts around seasonal times of the year when inspiration is useful. This means instead of being bombarded with ads that no one cares for, there could be a more personal interactive experience.
This can result in users spending less time being served irrelevant ads and advertisers targeting more effectively with less money wasted. This can even feed through to better prices, discounts and offers for users. Another potential result is that consumers can become actively engaged in promotions and even become incentivised with tokens to share referral links and offers to friends and followers which could help a promotion go viral.
Earn While You Watch
In the future a whole economy itself could exist where advertisers provide value to users directly just to watch and interact with promotional material and media. This could start by a user declaring they are interested in buying a big ticket item. Then advertisers could bid and compete to show promotional media to the user. A questionnaire or some other interaction could be used to ensure the user watches and shares the media in order to receive the reward. The value exchange could result in a certain amount of BAT being locked away to effectively act as discount if the user goes on to buy the promoted item.
Plenty of other Apps, games and even other browsers such as Mozilla Firefox could integrate BAT payments and the BAM advertising model.
Even individual YouTube channels or Twitch users can benefit from BAT payments without having to go through Google or any intermediary as the value is transferred directly through the browser. Indeed as of November 2017 individual YouTube channels can pick up revenue through BAT (if a user is participating and selects to do so). This is indeed game changing as YouTube has a relative monopoly and has been censoring content. YouTube has also removed advertising revenue from certain videos and channels when ‘they’ feel it’s not appropriate. This is blatant censorship and many popular YouTubers have complained to no avail. If a user watches YouTube content through Brave then there is no way to permanently stop any channel receiving revenue from BAT.
The Basic Attention Token team is one of the best in Crypto.
The non-crypto competition is Facebook and Google who are two of the most powerful behemoths of them all. Together these two companies completely dominate the online advertising market. BAT can expect a fierce resistance from these two companies even if BAT is suspected of making a slight dent in their gargantuan profits. Brave is very much appealing to the growing crypto crowd and the more people that own the BAT tokens the more the network effect could take hold. With Brave potentially owning the non-mobile app browser space that Google and Facebook can operate in, any uptake in Brave usage could get very interesting indeed.
The most evident crypto competition comes from AdChain and Adex. One is partnering with NEO so has a Chinese focus and the other claims to be complimentry to BAT. These two rivals are not seen as a major threat or even direct equal competition to BAT. The Brave browser is the big advantage to BAT as this slick browser can be the foundation of so many applications for the BAT currency.
If BAT can succeed in becoming central to the transformation of online advertising then the potential token value appreciation would be significant. This is because online advertising is one of the biggest opportunities with the most disruptive potential in the crypto space. BAT has an incredibly experienced founder who has put together an amazingly talented team so their chances of success are increased. Brave and BAT are a working product but the real disruptive potential is with the future product roll outs that could transform the multi billion dollar online advertising industry. There is of course execution risk with the future products and it could take time to refine the model but this team has the best chance to make it work.
CIVIC is a personal data app to store encrypted ID information on a mobile device where only the user decides who this data is shared with.
The app is a live working product available for download that can function as a single sign on for websites and apps. It will also soon enable a personal data KYC (Know Your Customer) sharing functionality that always requires a user’s permission to access. The app data is secured by the bitcoin blockchain and they also have a secure native token built on the Ethereum blockchain. This token is a smart contract that will act as a currency within the data ecosystem and is also called CIVIC (CVC).
If CIVIC achieves its ultimate goal of being part of the underlying identification layer for the internet then it could inflict revolutionary change. Incentivising the use of a verified identity on the internet can solve so many of today’s existing problems including Spam, Fake Reviews, Trolling and information reliability. CIVIC also enables end users to control their own data, as opposed to it being centrally stored on a database. CIVIC’s future is creating a Know Your Customer marketplace that could save users time when signing up for new online services that require customers identification.
What problems can CIVIC solve?
Much of the spam and unnecessary noise on the internet is the result of it’s anonymity. This is fine and helps nurture innovation, but if you could opt-in to receive information or messages from ‘verified’ individuals then a considerable amount of time could be saved. This is because you could choose who to filter and trust in public forums. If CIVIC was part of this solution on the internet then it would achieve enormous success. We could also see another level of innovation being enabled. It could help personal, business or even pre programmed (e.g. AI) economic decisions being made quicker and in real time for the benefit of society as a whole. Too much time on the internet is spent manually filtering through spam and CIVIC could help reduce this wastage. Any useful technology that saves time and cost will always be adopted and gain widespread appeal. This is even true if the useful technology only saves a few seconds from a certain task.
Fake Accounts / Reviews / Tickets
Fake accounts are a big problem on the internet and it’s something that seems to be proliferating with the explosion in social media. It is clear that fake accounts are used in social media to steer a particular narrative or political agenda. Fake accounts on Twitter are becoming a big issue, especially in the Bitcoin and Crypto space. Filtering out fake accounts of faceless anonymous trolls could significantly improve the overall user experience and even deter bad actors from creating fake accounts. Although an identity system will never solve every problem, it could deter this kind of foul play.
Another big problem with fake accounts is review sites like Tripadvisor, where rival hotels or businesses will fabricate reviews to bad mouth their competition. This means that the reviews on Tripadvisor can be difficult to rely on. Indeed the top rated services in a certain category are not always the best experience. Again, if it was possible to filter out unverified or certain reviews then you could save a considerable amount of time and potentially have more accurate information. This is an area outside of Crypto where CIVIC could provide some serious value. An additional idea is if CIVIC could capture people’s tastes and income bracket, which could really improve filtering out less relevant reviews for users and add perspective. After all, an expensive restaurant is less likely to get a good review from someone with less disposable income.
CIVIC could also help with live events when organisers issue and allow re-sale of tickets. There are indeed a number of other crypto projects looking at event ticketing on the blockchain ( e.g. Aventus). Such projects would be best advised to look into CIVIC as a potential identity layer as opposed to building out any proprietary KYC solution.
CIVC user data is not held on a centralised database and is instead secured cryptographically on the users device only. The end user then has to give permission for that data to be shared with any data requestor. This avoids centralised data issues that all companies face. This has been the cause of some serious data breaches in recent years (e.g. Equifax and Uber). Most companies store users personal information on insecure centralised databases that are a honeypot with an economic incentive to hack. This is a massive use case for CIVIC to help resolve. The more hacking that happens, the sooner consumers will start switching to services that adopt decentralised data applications such as CIVIC.
CVC Token for KYC Marketplace
The CIVIC token will be the payment currency for their decentralised KYC data marketplace. So when you perform identity confirmation with one service provider requiring KYC ID (e.g. a crypto exchange or bank) this data could then be securely shared to another company service provider (always with the users permission). This could save considerable time and cost for users and service providers. It also means that KYC Identification service companies can monetise their KYC efforts. KYC is costly and time consuming for businesses and is a big increasing burden for financial institutions. Therefore if CIVIC can execute effectively on this KYC Marketplace and achieve widespread adoption it would become a truly unique service adding real value to the CIVIC (CVC) tokens. These CIVIC ‘Smart Contract’ tokens would become a useful currency that is part of a thriving identity ecosystem. These tokens could even be programmed to do more in future such as profit sharing, governance or enable community participation.
Team and Development
CIVIC is backed by Vinny Lingham, a proven winner in business and also well known in the Crypto space. His business record stands for itself and he heads a growing development team working towards realising CIVIC’s full potential. Vinny has openly admitted that CIVIC receives more partnership enquiries per day than they can handle. The CIVIC team appear to have first mover advantage in the crypto identity space, which is an enormous opportunity. However because of this there is inevitably some competition hot on their heels.
The closest competition appears to be Air Sphere and Airbitz (Now Edge Secure) who are partnering on ID services with the Airbitz single sign on ‘Edge Secure’ product. Although Edge Secure is a well developed sign sign on product, it’s unclear on the real progress over at Air Sphere. It’s clear they are not as high profile and developed as CIVIC. The more serious competition comes from Blockstack, which is essentially trying to recreate the entire internet with identity services at its core. Blockstack’s launch appears to be at least a year away so CIVIC’s product will likely be released and have some adoption by then. Blockstack will be playing catch up but will provide healthy competition by the time of their launch.
If CIVIC achieves its ultimate goals it can truly become groundbreaking and inflict revolutionary change. CIVIC (CVC) is a limited supply token that should gain considerable value if the whole platform is an enormous success. This means that CIVIC (CVC) has a very good chance of being a great long term investment. Identity is one of the biggest opportunities on the internet right now and CIVIC’s competition is playing catch up.
CIVIC Must read disclaimer : Click Here Executive Summary CIVIC is a personal data app to store encrypted ID information on a mobile device where only the user decides who this data is shared with. The app is a live working product available for download that can function as a single sign on for websites and apps. It will also soon […]
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