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The Henry Raines Show, Token

Brave Browser Revisited

July 17, 2018 • By

Last week I stepped away from my daily routine, environment, and work. Of course, even a slow week in crypto generates plenty of news and often on Friday afternoons. Missing the crew, I stopped at the studio on my way back into town.

Coinbase managed to drop a short-list of potential cryptocurrency candidates that it may entertain making available on its platform. Basic Attention Token happened to be one of these tokens, which I have a general familiarity from earlier reads and uses.

What is so lovely about the Basic Attention Token (BAT) is that there is actual product that is useful to even those not interested or involved in cryptocurrency. BAT is to be used with the Brave Web Browser. I briefly used Brave earlier in the year but had a few cumbersome moments that I returned to Chrome.

In an effort to clean up and follow up my limited remarks on the show, I decided to revisit Brave. There have been significant improvements since I last used it and additional functionality worth highlighting. Brave is free to use. It is a web browser. Download it here or directly visit brave.com.

The Brave FAQs do a terrific job of explaining Brave Payments. The following is an overview geared toward noncrypto enthusiasts who may be interested in participating in the ecosystem and supporting the concept that makes this browser beautiful.

I understand the concept behind Brave and BAT to be more of a user driven advertising platform. Ideally eliminating the data mining method of inundating users with ads related to their recent searches. From their whitepaper, I recall an interesting piece was that it would be able to measure user attention based on active windows and reward publishers based on engagement.

The Brave web browser is designed to block third party tracking and advertisements. For example, if “golf” is included in my search in other browsers or on social media platforms; immediately ads begin to appear from golf suppliers or based on the websites that I visit, related advertisements appear. A secure and anonymous algorithm power the platform, so contributions truly are anonymous to Brave and all other entities.

One can elect the search engine of choice. I have been a DuckDuckGo fan since their inception.

Advertisers, publishers, and content creators can use BAT to pay for user attention.

Individuals are able to support favorite sites using BAT with the use of a Brave wallet found in the browser settings. Currently, Brave will provide 15 BAT to new users. The team has made it incredibly easy, literally a toggle switch and an exercise to prove humanity.

For those interested in continuing to reward sites, there are instructions on obtaining additional funds. This is a one-way ticket. Once BAT is in a Brave wallet, it can only be used as intended; to reward website publishers at the holder’s discretion. BAT cannot be earned, purchased, and transferred out of the Brave Wallet to be traded on an exchange. Use it or lose it. Tokens have an expiration (at least those rewarded by Brave here).

To reward content creators, navigate to preferences and payments. Browsing history appears in the payments section of Brave Preferences with the option to include the provider in the allocation reward.

Now that I have had an opportunity to revisit Brave, I am looking forward to employing it as my default browser. For content creators interested in exploring Brave, I suggest starting with the FAQs. Cryptocurrency enthusiasts can find additional trading and investing information at Seeking Cryptos.

This post is provided for informational purposes, nothing herein shall be taken as legal or financial advice.

Airdrops, ICOs, The Henry Raines Show, Token

Start Here

June 11, 2018 • By

Interested in learning about cryptocurrencies and blockchain? Having trouble consuming the literature and filtering the noise?

FRESCO co-founder, Roy Huang, joined us on the Henry Raines Show and shared a way that you experience the process without risking or surrendering any fiat currency.

After learning about FRESCO, reviewing their whitepaper, and engaging with several members of the community on twitter; I was delighted that Henry coordinated a guest appearance with Roy. His warmth, enthusiasm, and sincerity naturally create an engaging environment. Reminding us that it is possible to leverage our existing strengths, talent, and social platforms to contribute.

What is FRESCO?

A blockchain application (DApp) that serves to create an awareness about art, reduce the opaqueness of the industry, verify authenticity, and create a navigable path for newcomers. Do you consider art a store of value? If your answer is no or you are uncertain, now is the time to explore and expand. By leveraging blockchain technology, FRESCO seeks to increase the number of participants in the world of art. You can learn more by listening to the show, reading my review of their whitepaper, checking out the artist amongst us on the show, Augi, or have a look at the FRESCO site and whitepaper.

I’ll highlight one of my favorite parts of this token: the incentive to learn. Not only about art, and blockchain, but about the economics surrounding both. The FRESCO community gives a detailed walk through in this post. Briefly, when an artist creates a work, for example, a print, s/he has the opportunity to create multiple editions. What is the right number of “editions” to create? Through FRES Edition, owners will be able to experiment with the appropriate number to offer. If an owner believes that s/he can generate interest by creating 25 multiples, s/he can allocate the token FRES Cash to reproduce and issue 25 FRES Editions. These must be ‘transferred’ to investors within 24 hours to be deemed a successful issuance. If not, the owner has the opportunity to revise the number of multiples. Once issued, collectors, dealers, institutions, and users have the opportunity to contribute additional FRES Cash toward the artwork, increasing the value of all editions. The FRESCO team is attracting experts in all areas of the art world, providing a transparent platform where one can learn by watching, engaging, experimenting, and doing.

Photo by Ian Schneider on Unsplash

Confidence in their product, a passion for giving emerging artists a voice, and expanding the art investing market; FRESCO secured funding (most recently from Elastos co-founder, Dr. Feng Han) and abandoned an effort to raise capital through an ICO. Rather than put retail investors at risk during this time of uncertainty or delay participation, FRESCO is conducting an Initial Coin Distribution (ICD). Through the ICD, you have an opportunity to earn 2,000 FRES tokens, experience some basic elements of utilizing blockchain technology, and gain an understanding of the art market.

There are several ways to participate:

  • Register for the ICD. It is in the final stages, and requirements vary depending on whether you are or are not actively involved in the art world. The theme of this version is “The Art Expansion”
    If you are not in the art world, you’ll need to upload a video of you conversing about art to YouTube, twitter and Instagram with #FRESCOArtExpansionv5.
    Next you need to take a 100-question test about art.
  • FRESCO Awards. Use your talent to share with the world what Art and Blockchain mean to you. There are weekly awards for writers, designers, and videographers. Additionally, there is a special Art Award running through August 22, 2018.

Before you start:

Learn how to set up an Ethereum Wallet. If you do not have experience is setting up a wallet, now is the time. This is a perfect way for you to understand the difference between public and private keys in cryptography.

Recommended wallets include, My Crypto Wallet or My Ether Wallet. Both have tutorials that are exactly where you should start in understanding some basics. Learn about browsers and extensions that are compatible with the blockchain through MetaMask.

Even if you know the basics of phishing attempts and scams, I see these happening regularly throughout the cryptocurrency world and on social media. Reminders of insuring that you are on the correct, secure (https://), website and best practices are helpful even for seasoned experts.  Once you get a comfort level, it is easy to be tempted by scams. Many have learned this lesson by experience and losing a transaction. In an effort to curb that I’ll repeat my regular PSA … legitimate airdrops, distributions, circulation of tokens DO NOT ask you to send BTC, ETH or any other cryptocurrency, or fiat currency. Do not fall prey to false social media handles (often with a slight transposition of characters or addition of numbers) encouraging you to send .03 BTC for the token.

Photo by Austin Chan on Unsplash

This blog is provided for informational purposes only. Nothing herein shall constitute legal or financial advice.

The Henry Raines Show

Why is Bitcoin?

May 29, 2018 • By

Last week started with an article where the president and CEO of the American Institute of CPAs, Barry Melancon, called for accountants to embrace emerging technology, particularly the blockchain. Sadly, his choice of words may not have been the best in mobilizing the profession. I trust his intention was to not allow the fear of technology to be the reason we ignore it.

“We don’t need to really understand the underlying software,” he said. “It’s the implications and power of blockchain that are more important that (sic) the actual software.”

I disagree. I believe that we do need to understand the underlying software. Not to the degree of being able to program or develop, but we need a clear understanding of the terminology, applications, and how certain platforms differ from others; particularly as it relates to our respective disciplines. For example, my work with retail clients. I cannot write code for a point-of-sale system, but by learning the underlying systems, I know where to look for vulnerabilities and determine if an area requires additional controls.

The first questions I am asked by my peers interested in learning about blockchain is generally one of the following: “How do you know all of this?” “Where do I start?” “What is Bitcoin?” or “When should I buy bitcoin?”

I had the pleasure of being in studio for The Henry Raines Show this week where we had, Bitcoin pioneer, Charlie Shrem, of Crypto.IQ as a guest. A powerful reminder that what you read and hear  is not always a complete story or worthy of developing an informed opinion. Charlie left us with a final thought, the one question we fail to ask, should be our starting point.

 

“When it comes to Bitcoin, don’t ask ‘What is it?” ask “Why is it?”

 

Start with “Why?” And if you think that our current processes and systems are working, if you cannot recall some accounting scandals, failed regulation, or even relate to an example of occupational fraud, I have a primer for you: this presentation by Caitlin Long. Regardless, I urge everyone to watch. She does a remarkable job of explaining the overleveraged nature of our current economy and highlights a couple of accounting examples where “we” could never arrive at the same number twice.

For those who revert to asking “What?” and remain comfortable with stopping at the uniformed answers of a Ponzi scheme or “Tulip Mania,” I ask that you refrain from draining the limited US resources in convincing you otherwise at this time. “Why?” As you will hear from both Shrem and Long, the US is so far behind in this space.

We need to leverage the resources of the accounting professionals and local leaders like Joel Greenberg, the Seminole County Tax Collector (and another great interview) interested in moving our community and country forward.

Both interviews and the presentation have downloadable audio. No excuses. Find the “why.”

This post and the contents included are provided for informational purposes and shall not be considered legal advice.

Photo by Ken Treloar on Unsplash

The Henry Raines Show

Traveling the world to find digital assets next door

May 6, 2018 • By
Headset on the microphone with the "On The Air" light on.

For the past few years, I have been floating my interest with blockchain technology and cryptocurrencies to peers, family, and friends. Generally, I failed to elicit the necessary enthusiasm to yield more than a one or two minute exchange.

One or two minute exchanges grew logarithmically with the price of bitcoin and introduction of alt coins and tokens last fall.

The possibility of access to transparent, immutable, real-time data to make financial decisions is what attracted me to this space. With the surge of Initial Coin Offerings (ICOs) in 2017, visions of consuming financial statements danced in my head the first quarter of 2018. Needless to say, I am starving.

After reading several white papers, I routinely searched for financials looking to see how people were accounting for minted or pre-mined tokens. Would the liability be mark to market?  Would the offset of 1 million token inventory plague balance sheets as “Opening Balance Equity?”

After attending a couple of local events, I was thrilled to find genuine interest and people willing to tolerate my curiosity beyond a placating smile. I had the opportunity to be introduced to some incredible talent spanning multiple industries and disciplines. You can hear many of these voices on The Henry Raines Show discussing the current developments and news related to bitcoin and cryptocurrency each week.

In my short time of being acquainted with participants on and off of the air, I have already been overwhelmed by the depth. While the show should not be taken as investment advice, and exists to inform and entertain; it has proven to be a catalyst of many thought provoking questions that I look forward to exploring in the days ahead.

Last week, Andy explains the concept of Over-the-Counter (OTC) trading and how it could bring more stability to the cryptocurrency market. I introduce a segment called “Token Troubles.” 

This week, we discuss Goldman Sachs’ formal entry to the space, continue following the debate as to whether bitcoin and other cryptocurrencies are a commodity or a security, and consider implications from the recent class action lawsuit against Ripple.

In the second half of the show, we welcome Terry L. Brock, MBA, CSP, CPAE, a prominent speaker, syndicated columnist and video blogger to the show as he inspires author Sabine Priestley and me to explore some of the dApps available for content creation.

You can listen live every Saturday to The Henry Raines Show on WWPR AM 1490 from 12-1:30 PM Eastern or catch it in your favorite podcast platform.