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Tuesday, 31 July 2018
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Fresh analysis from “big four” auditor KPMG shows that U.S. blockchain investment in the first half of 2018 has already outstripped the overall total seen in 2017
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An Ethereum-based audit firm is developing a Bug Prediction Market, aiming to provide a transparent and accountable metric for smart contract security #SPONSORED
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The social network has found evidence of a co-ordinated campaign to influence the US mid-term vote.
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Access to personal financial data and the emergence of blockchain technology have been the catalyst for a revolution in the banking sector. At the start of this year, banks within the European Union were ordered by the Competition and Markets Authority (CMA) to grant customers access to their personal data.
Banks must allow customers ownership of their financial data which they can then share with other banks and regulated financial businesses to shop around for a better deal — such as getting a cheaper overdraft.
With Open Banking, anything from customer transaction history and product information to branch locations will now be owned by the customer, not the bank.
This combination of available financial data and new possibilities for blockchain-driven efficiencies have made the climate ripe for the disruption of traditional investment banks.
“Accenture has estimated that some major investment banks could make a whopping $10 billion in efficiency savings by utilizing blockchain technology,” explains Thomas Levene, founder of Best Blockchain Solutions Consultancy.
“In current systems, there needs to be careful checks and balances of huge amounts of data that can prove time consuming for investment banks and remain open to some degree of error.”
For example, blockchains carry the promise of making international money transfers cheaper and faster for all parties involved. And while it may be in fledgling stages of innovation, once the technology has proven its speed and scaling abilities, investment banks and international settlements will undoubtedly become increasingly comfortable as transaction partners.
Levene explains, “The other side of the crypto coin is that while existing investment houses need to adapt and adopt, they could very well be replaced, at least in part, by new blockchain startups that have the potential to ‘eat their lunch.’ And it’s a big lunch. In the 2017 fiscal year, Goldman Sachs amassed $32 billion."
Currently for large issuers, it’s a given that you simply have to use investment banks. But assuming regulatory compliance, it doesn’t need to be this way.
The Upstarts
“Companies like tZero, whose Chief Executive Officer is the founder of Overstock, are aimed at eating some J.P. Morgan lunch. They are creating a distributed ledger platform for capital markets. Some have called this offering, whose ICO finishes at the end of June 2018, WallStreet 2.0, as they aim to fuse traditional finance with the benefits of a token crypto economy,” says Levene.
Using blockchains, compliance for investment banks could be fully automated. Dividends and voting could also be done on the blockchain automatically and without expensive backroom office administrators.
This elimination of middlemen coupled with unlimited access to the market, day or night and even on weekends, is set to revolutionize the finance sector.
Thus, it’s no surprise that significant numbers of blockchain-based prediction market platforms and exchanges have sprung up to challenge the dominance of traditional investment banks.
Augur, Bodhi, Numerai and Artificial Intelligence Exchange are just a few of the firms that have launched with decentralized prediction market protocols and exchanges, and if these new models prove to be better than current systems, they could soon be snatched up by investment banks eager to protect their market share.
Polymath is challenging the status quo of capital markets with a network that connects token investors, KYC providers, smart contract developers, and legal experts to help firms form the basis of their securities token.
Meanwhile, Globitex is one of several platforms making it possible to buy commodities with crypto assets.
Not Going Down Without a Fight
In response to these new market entrants, the traditional sector has been hedging its bet on beating the upstarts through significant adaptation and adoption of new technologies.
Goldman Sachs, J.P. Morgan and Santander have been making moves to couple with blockchain technology.
“It’s not surprising that investment banks, including Goldman Sachs and JP Morgan, are getting on board with blockchain,” Levene says. “These two apparently completed a test in the $2.8 trillion equity swaps market with a 100% success rate using blockchain technology.”
J.P. Morgan has also established a Blockchain Centre of Excellence, and Goldman Sachs has revealed plans to setup a trading operation in Bitcoin. Meanwhile, Santander has joined the blockchain with the launch of a new foreign exchange payment system, One Pay FX.
“The current system is ripe for disruption,” Levene concludes. “Time-consuming and expensive venture capital funded investment bank models cannot compete with streamlined token-based funding efforts that are already having an impact on traditional investment banks’ bottom line.”
This article originally appeared on Bitcoin Magazine.
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Twitter brings in anti-Trump academics to combat bias
Twitter’s campaign to foster healthier conversations on its platform with the aid of academics is itself facing an allegation of anti-Trump bias.
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Once blockchain is in place, is there any room left for another Great Recession?
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Coinbase has hired Jeff Horowitz, formerly a managing director at Pershing LLC and a banking regulator with the FDIC, as its Chief Compliance Officer
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Edge of Belgravia’s new $299 Japanese-steel knife set will inspire your most wishful culinary dreams.
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After five years, US lawmakers and law enforcement are starting to fight back against 3-D printed firearms and "ghost guns."
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Online bank Swissquote opened its banking doors to accommodate Bitcoin trading accounts for its clients in July of 2017. It was thought to be the first European online bank to do this.
A year on, and Swissquote has revealed the fruits of its labor for adopting the cryptocurrency with a 44% surge in profits attributed to the “Crypto Boom” in the early half of 2018.
According to Finews, the online bank’s massive growth in Q1 2018 was thanks to a “brisk demand” for crypto products and the eruption of the crypto markets earlier this ...
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The technology company says sales of its phone were lower than expected, but has plans to fix the problem.
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Forget #vanlife—#nestlife is about to have its moment.
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Senior writer Andy Greenberg reported on the landmark legal shift that allowed 3-D gun blueprints to be freely available online. Plus: The nine things Robert Mueller will pursue next, and inside Facebook's early days.
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Air Force brings AI to B-2, F-35 and F-15
The US Air Force is now accelerating a massive AI push to cyber-harden networks, improve weapons systems and transform functions of large combat air platforms such as the B-2, F-15 and F-35, service officials said.
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A new U.S. Ripple-based decentralized crypto marketplace dubbed DCEX has now opened registration for retail and institutional accounts, initially offering 15 crypto-crypto trading pairs
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Widespread losses in the markets are seeing Bitcoin back below the $8,000 mark for the third time this week, and total market cap down about $10 billion on the day
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A Letter of Intent has been signed between Billon and FIS to implement blockchain tech into the global financial market
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As with brick-and-mortar industries that are slowly fading away to the globalism of the online world, so too will the traditional prediction market industry have to innovate to keep up with the sheer efficiency, reliability and security that the decentralized prediction markets promise to bring.
Augur (REP) has grabbed headlines lately with the launch of its highly anticipated prediction market earlier this month. Ethereum-based futures market DApp Gnosis (GNO) is also under development and running on the Ethereum testnet. Meanwhile, Bodhi (BOT/BOE), another decentralized application, has been operating on the Qtum mainnet since April 23, 2018.
These decentralized prediction platforms aim to disrupt the institutional futures markets by lowering the barrier to entry, allowing more people to cast predictions on a global scale and increase the mindshare of information; creating transparency in the prediction process via the blockchain ledger and smart contracts; increasing the integrity and accountability of payments; and lowering the costs to transact in the prediction markets.
Predictions can be made on just about anything: 1) the financial markets, 2) information in general, 3) insurance claims, 4) sports lotteries, or 5) anything that isn’t immoral. For instance, the financial markets would gladly welcome Michael-Burry-number-crunching predictions on what to invest in and the general information markets would benefit from open-sourced information, in which participants use their closed-source information and other resources they may have to support their prediction analysis.
How Does Bodhi Work?
Bodhi is a DApp that currently runs on the Qtum (QTUM) network, using the QRC20 token BOT and QTUM to run on the Qtum network. The team plans to include the Ethereum (ETH) user base by allowing Bodhi to run on the Ethereum network through its cross-chain implementation initiative; they have already created the ERC20 token Bodhi On Ethereum (BOE). The Bodhi Ethereum DApp is expected be released on the Ethereum network in Q4 2018, according to Bodhi Founder Xiahong Lin in an interview with Bitcoin Magazine.
On the Qtum platform, QTUM is used to pay for the transaction fees to operate on the Qtum network and to wager bets and the BOT is used “primarily to arbitrate against bad actors,” Lin said. In this way, both QTUM and BOT are needed to power the Bodhi DApp on the Qtum network. Similarly, when Bodhi is released on the Ethereum network, ether will be used to pay for the Ethereum network transaction fees and to wager bets and BOE will be used “mainly to arbitrate against bad actors,” according to Lin.
Although the current version only supports wagering with QTUM, the Bodhi DApp is designed to scale and allow it to use any cryptocurrency that is not a security, meaning it can eventually run on stablecoins and others. This larger scope means more people will be able to contribute their research and place a bet on that research to predict the outcome of a prediction — which should lead to better prediction results.
Bodhi uses third-party oracles to verify predictions; to further increase autonomy, when the BOT/BOE holders involved in a prediction contest the result, BOT/BOE holders can each participate in voting directly for the answer themselves. If a previous round’s result is not contested within 48 hours, it is then locked in and becomes the final result of the prediction.
However, if the prediction result is contested within the time limit, then the new round requires 10 percent more BOT/BOE than in the previous round to place a vote on the new result in the current round. The result from the previous round(s) is no longer able to be voted on in the current round. For example, consider there are four prediction results to vote on: A, B, C and D. If the previous round’s BOT/BOE holders majority vote resulted in answer A in the last round, then in the current round, any result other than A can be voted on, and it’s only in a round after the current one that prediction result A can be voted on again.
This voting process continues until the BOT/BOE holders no longer contest the result. This helps dial in the result to the correct result by requiring 10 percent more BOT/BOE than in the previous round to cast a vote. The voting process is meant to make it harder for bad actors to overpower the system and it uses “game theory as a theory of conflict resolution,” according to Lin.
The question of immoral predictions is a real concern. However, Bodhi seeks to address this by allowing BOT/BOE stakeholders to moderate the community by voting on which predictions the community deems illegal or malevolent which, in turn, should allow the stakeholders to preserve their shared interest in the platform.
The Road Map
Lin said Bodhi is developing a social media plugin to put the power of the decentralized prediction market at the fingertips of social media users, starting with the social media platform WeChat, creating a seamless integration between the centralized and the decentralized. Lin described it this way:
“User experience and user growth are the two key metrics for building a widely adopted prediction market. The Bodhi social network plugin will allow users to create a prediction market directly within a social network and easily share it with their friends to participate. Imagine that you are in a WeChat group, while you are talking about some topic, you create a prediction event with respect to that topic right away, and your friends can make predictions immediately. We are going to build a social network gadget that can associate your social network account with your Qtum/Ethereum wallet, so that it will automatically take your input within a social network and synchronize it with Bodhi’s prediction market.”
They also have “Bodhi Light” in the works: the development of a lightweight Bodhi application client version “which is meant to remove the need for the Qtum desktop wallet in [the] DApp,” Lin said.
Disclosure: The writer holds both QTUM and BOT.
This article originally appeared on Bitcoin Magazine.
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The Liebian Building in Guiyang, China has a 350-foot-tall artificial waterfall built into its face.
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Have a friend on social media who's always reading 10 times as much as you? I feel your pain.
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WIRED set out to examine how technology is shifting our relationships with books. Here's what we found out.
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Apps like Pocket and Flipboard have turned commutes into the perfect time to binge-read.
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Plus: Our review of Apple's new MacBook Pro, Roku's new TV speakers, and the next generation of Gorilla Glass.
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Legal action in eight US states seeks to ban the blueprints, published four days ahead of the planned date.
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"Virtual queues" on the Vue cinema website have left some customers struggling to see popular films.
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The department plans to protect the nation's infrastructure. Rachel Martin talks to DHS Under Secretary Christopher Krebs about the administration's strategy for confronting threats.
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The lawsuit is seeking a temporary restraining order to bar the government from lifting export control restrictions, and stop a company from posting downloadable gun plans online later this week.
(Image credit: Karen Ducey/Getty Images)
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It's been on Netflix for weeks, but people are still discussing this special. So are we.
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The second death of long-submerged shipwrecks.
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The RP-HD605N over-ear headphones with noise cancelling prove Panasonic's still got it.
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Reuters’ financial desktop Eikon platform will track 50 cryptocurrencies through a new partnership with CryptoCompare
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Last week researchers announced more than 1,000 genetic variants associated with how far a person gets through school—along with warnings for how *not* to use that data. But earlier results from the same group are already available in a consumer product.
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Google, Facebook, Microsoft, and Amazon have made some artificial intelligence tools open source. But they're also working to claim ownership of some techniques.
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The well-functioning systems that allow us to trust our food and move us seamlessly from place to place are at risk of being devalued by technocratic, start-uppy thinking.
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Cryptographers have developed a new technology designed to protect your secrets at the border.
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Swiss online banking service provider Swissquote has seen a 44% surge in profits in the first half of 2018, a strong upturn attributed to the “crypto boom” earlier this year
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The sun is responsible for all life on Earth, but we still have a lot to learn about it. So this summer, NASA is sending the Parker Solar Probe closer to the sun than we have ever been before.
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