Browsing Tag

token

Technology

Brave Payments for Content Creators

July 24, 2018 • By

Last post I looked at the web browser, Brave. I have since adopted it as my default browser. I love that it is fast, private, and secure; blocking third-party ads and trackers. If you are looking to get exposure and experience with blockchain technology without trading cryptocurrencies, this is a great place to begin.
It’s not going to take you into the dark web, force you to download an entire blockchain onto your computer, upload content to an immutable blockchain or any other misconceptions that might be circulating. What it will do: give you exposure to one a clean interface, provide a user-friendly experience, allow you to receive and distribute BAT tokens within the Brave ecosystem. Along the way, you’ll have an opportunity to learn about two-factor authentication, private keys, and connect a digital wallet. This process is unidirectional, you cannot receive BAT tokens into your wallet and then transfer them out for trading.
Here is a brief excerpt from my analysis I did for Seeking Cryptos when Coinbase announced BAT as one of the possible additions, regarding the team and my experience to date.

It makes sense that this project enjoys successful user adoption and a proven success record to date (see roadmap). Brendan Eich (Creator of JavaScript and co-founder of Mozilla/Firefox) leads Brave as CEO. Brian Bondy, Browser Engineering Lead, has former experience with Khan Academy, Mozilla, and Evernote. Yan Zhu, Security and Privacy Engineering, is an EFF Fellow with prior experience at Yahoo, Tor Project, HTTPS Everywhere, and Privacy Badger. The depth of the team in all disciplines can be found on the BAT website.

For my fellow bloggers, video and podcasters, and other content creators, here is how you can take the Brave Browser experience a step further:

For those of you that have crypto experience, you can probably stop reading here. It is seriously the most seamless signup process I have experienced to date. Block.one and EOS should have hired the Brave team for building a token holder voting interface.

  • Click “Get Started”
  • Enter your email and verify
  • Enter your name
  • Set up 2FA (two-factor authentication) using google authenticator – Scan Barcode
  • Add Channel (big button to the left of your name) – Website, YouTube, or Twitch
    1. If you have a WordPress site, there is a plug-in. Brave will take note of it and walk you through step by step.

 

Add or setup an Uphold Wallet. Note you can do this directly from within the Brave Payment Dashboard. Fun fact for anyone new, Uphold has a useful Cryptionary on their site.

What’s next? Consumers of your content, when viewing it in the Brave Browser, will have an opportunity to allocate their monthly BAT to your website/wallet.

If you think I am missing a step or have any questions, let me know.

 

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

Disclosure: Author holds BAT tokens received through the Brave Wallet for educational purposes and use within the system. 


ICOs, Token

What is Trans-Fee Mining?

June 27, 2018 • By

The “Trans-Fee Mining” model seems to be growing in the smaller, exchanges as evidenced by a couple of recent news stories on FCoin and Bit-Z, CoinBene, and BigOne. Liquidity challenged, smaller, cryptocurrency exchanges compete for users and funds. Exchanges adopting this model seem to be enjoying record volume.

FCoin, based out of China, led by former Huobi CTO, Zhang Jian, (according to this paid press release) is perhaps considered the pioneer of this model with Bit-Z and CoinBene implementing similar models.

Using the FCoin whitepaper, here’s a brief look at how this proposed model will work. It is important to add forward looking emphasis, as the project is only a little over a month old with most of the concepts still waiting to be tested in the months ahead.

FCoin (FT) is an issued token, it is not mined.

FT provides transaction free mining. The platform charges fees, payable in BTC or ETH and then issues FT to reimburse 100% of the fees. It functions similar to a reward token, giving the trader FT as a reward for utilizing the platform.

Total Supply = 10 billion

Token Distribution

Private Sale = 5%
Strategic Partners = 9%
Founding Team = 12%
FCoin Fund = 23%
Community Rewards = 51%

The FT tokens in the Community Rewards serve as the reimbursements.

What may be some of the potential benefits and uses of this model? For the exchange, this certainly would increase the supply of BTC and ETH. Additionally, with ICO fatigue, and projects looking for innovative methods to increase user adoption, this will serve to distribute the token and increase network effects. Finally, the exchange will see increased volume.

For the FT token holder, the rights and interests are:

  • Revenue distribution – 80% of the revenue will be distributed to token holders and the remaining 20% will be used for operations and future growth
  • Voting – FT holders will be able to vote using smart contracts on operational decisions and governance

So far, transaction free trading and participation in an autonomous organization sounds ideal. What could possibly go wrong? Let’s have a look at some of the criticisms raised to date, mainly by Binance Co-founders:

  • Is it an ICO? The user is paying BTC or ETH for the token. Albeit, there is the utility of a trade in the mix, substantively it resembles an ICO.
  • With “no fee” trading, it is possible to “create” fictitious volume. Traders may trade with themselves or a bot. Coinmarketcap.com, an exchange aggregator, will not include trades from “no fee” exchanges in the price and total trading volume because it is not possible to verify the true volume.
  • Token price manipulation. Even if the platform is transparent, the team and project control a significant amount of the circulating supply. It does not seem difficult to imagine a bot or a small number of individuals could quickly earn a majority of the community.
  • Is it sustainable? After distribution of the tokens, how will the tokens re-enter the ecosystem?

The screen shot below of CoinBene on CoinMarketCap demonstrates some of these potential concerns. You will see the significant volume and “**” indicate that it cannot be counted toward total volume for the trading pair. To give reference, I’ve included Poloniex volume also. If you are following “Tethers,” you know that a recent study found limited “Tethers” returning or burning. Perhaps they’re all stuck on CoinBene?


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.


Airdrops, PPI

Airdrops

May 15, 2018 • By

This past week on The Henry Raines Show, I talked about airdrops. I have been contemplating what token projects to use as an example for my blog and assisting colleagues interested in learning more about cryptocurrencies, coins, or tokens. I needed a “Rock Castle Construction,” (the iconic QuickBooks® sample company file).

Open Source Accountant at the ready.

Silicon Valley, a show airing on HBO, recently aired episodes surrounding Initial Coin Offerings (ICOs). Shortly after, a clever, well-versed in both the show and the cryptocurrency space, personality appeared on twitter as @PiedPiperCoin.

In less than six days, this handle managed to produce a wealth of humorous tweets and material, as well as developing an ERC-20 token and distributing it through an airdrop.

I consider myself a connoisseur of low-end whitepapers and tokens. What this handle has managed to assemble in such a short period of time is remarkable. It is the perfect hypothetical (I’ll reiterate it several times … it is a meme, satire, I do not recommend buying, selling, trading or doing anything other than enjoying the show). @PiedPiperCoin ($PPI) has constructed a far more transparent project than many of what I have seen. No funds were solicited, and $PPI has provided transparent, timely, relevant data for me to use as examples for many posts and lessons.

What exactly is an airdrop? They typically are the disbursement of native tokens (for future or current use on a platform/project).  Many refer to them as “free,” I prefer to liken them to a coupon. They can be provided as the result of a fork, a bounty, holding a particular currency or wallet, or being on an exchange. I’ll address forks and possible accounting implications for the ICO in future posts. With social media and larger technology companies banning advertising of ICOs, an AirDrop is an alternative method of creating awareness for the token and project by distributing the native token to potential users.

The first airdrop utilized what I consider a set of best practices as a consumer signing up for an airdrop. Most ICOs will ask you to register for an airdrop, providing the Ethereum public address to send the tokens.

  • Protect your private keys. – $PPI asked for your public, Ethereum Address and provided instructions on how to sign up for the two primary ERC-20 token wallets. MyEtherWallet.com (and MetaMask) provides a detailed safety tutorial on the difference between public and private keys.
  • Use caution when downloading native wallets of smaller projects – ($PPI) does not have a separate wallet nor a website requiring registration.
  • Do not click on redirect links to wallets – $PPI gives explicit instructions on how to be certain you are at the correct website with SSL certificates and “Secure” is noted in your browser.
  • Do not send cryptocurrencies in exchange for the airdrop – The $PPI did not ask you to send ETH in exchange for $PPI.
  • Beware of scams and hijacked accounts – someone is already scamming the satire!

  • Do not share personally identifiable information (social security numbers, government issued id’s, banking information, etc.) $PPI asked for a few, basic public identifiers and references to the show. (Public Ethereum Address, twitter handle, a link to a tweet about the airdrop, and a couple of TV show references in a Google Doc)

 

After the airdrop completed, $PPI published a post on how to check for your tokens and an additional post covering the history and possible future of the project. I am happy to see in this update that $PPI is going to take some time to focus on the project and building out the team (I can barely keep up, I’ve had to put my cat to work).

I spy $PPI … tokens in my wallet.

$PPI is offering an additional type of airdrop, a social bounty.

I am looking forward to blogging about the additional events and accounting for the transparent smart contract in the days ahead.

This blog post is for informational purposes only. Nothing herein shall be construed as financial or legal advice.