Showing posts with label Ethereum. Show all posts
Showing posts with label Ethereum. Show all posts

Saturday, November 23, 2019

Humanitarian aid groups turning to blockchain

PolloPollo: The crypto project putting chicken back on the table in Venezuela - Decrypt - Adriana Hamacher:

November 9, 2019 - "In a TV broadcast last month, Venezuelan President Maduro suggested installing hen coops in classrooms to feed the country’s starving children. It’s a measure of the enduring humanitarian crisis that he’s persistently insisted does not exist. And this stance, say aid workers, makes it impossible for international agencies, like UNICEF and the World Food Programme, to airlift and distribute the supplies that Venezuelans so desperately need....

"But a new initiative, PolloPollo, is hoping to put poultry, and other groceries back on the table once again. PolloPollo is using blockchain to deliver on its promise, but also to address questions of transparency and accountability that have been levied against other donation programs....

"It’s not the only one. Further afield, the World Food Programme has also been using DLT [distributed ledger technology] to distribute aid to those who need it most since early last year, and is now both expanding the ground it covers and improving on the technology....

"Casper Niebe, PolloPollo’s founder, told Decrypt [that aid] recipients don’t even need a smartphone. They simply have to register on the platform’s website, and post a request.... When a third party responds to the request and makes a donation on the platform, the person requesting food gets a text message or an email. They then pick up and digitally sign for their supplies from a food retailer or producer nearby. The shop or farm then receives payment for the produce in 'bytes,' the cryptocurrency of the Obyte platform PolloPollo is built on. The final step is when an Obyte representative visits the supplier and converts the cryptocurrency into Venezuelan Bolivars, or another crypto.

"Niebe said that the project was born out of his frustration at the lack of transparency in current aid distribution platforms. Transaction fees and costs eat up around 3.5 percent of the average donation, according to estimates, and former UN Secretary-General Ban Ki-moon has warned that up to 30 percent of development funds are lost to corruption.... Niebe believes PolloPollo is a better solution, one that offers more accountability. With their digital signature, the aid recipients activate the smart contract that ensures suppliers are paid. And donors are notified via the PolloPollo platform.....

"Since early in 2018, the World Food Programme has been using blockchain to address the food shortages that dog the 106,000 refugees who have fled Syria, and set up temporary homes in Jordan’s camps. 'Currently, we’re exploring the foundational blockchain layer, rather than cryptocurrency,' Houman Haddad, the UN executive behind the project, told Decrypt.

"His initiative, Building Blocks, provides food vouchers for the refugees to redeem in local stores. It uses a 'permissioned' or private version of the Ethereum blockchain, together with iris scanning technology, to manage the data underpinning the delivery of the vouchers. To buy food, a recipient need only go to a participating supermarket, where their iris is scanned and the price of the food they need is deducted from the family’s account....

"Instead of furnishing refugees with crypto, Haddad’s dream is to roll out a more decentralized version of Building Blocks; one that all 40 of the organizations assisting people in the camps can use.... Meanwhile, Building Blocks is expanding to Bangladesh and rolling out a blockchain that Haddad hopes will — eventually — service more than 800,000 Rohinga refugees."

Read more: https://decrypt.co/10972/pollopollo-the-crypto-project-putting-chicken-back-on-the-table-in-venezuela
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Saturday, September 7, 2019

How the Bitcoin Protocol 'changes everything'

How To Understand Bitcoin If You're Over 40 - Matt Hougan, Forbes:

August 15, 2019 - "Those of us who are over 40 can remember a time when the internet stunk: When you had to look up websites in a (printed) book; when email didn’t exist; when you couldn’t do much with the internet except send files ... using something called 'FTP' [or] 'file transfer protocol.'  'Protocol' is a fancy word that means a set of insructions for how to transfer information across the internet....

"In 1982, researchers developed ... the Simple Mail Transmission Protocol, or SMTP. SMTP allowed us to send email over the internet.... In 1989, we took another big step forward with the creation of Hypertext Transfer Protocol, or HTTP. HTTP lets us send webpages with linked text (or 'hyperlinks'). It gave rise to the World Wide Web.

"In 1994, the Secure Sockets Layer protocol was created, better known as SSL. SSL allows us to securely enter sensitive information into the internet, like personal or credit card information. Not coincidentally, Amazon was founded later that year.... Voice Over Internet Protocol, or VOIP, created 1995, changed telecom forever; Real-Time Streaming Protocol, or RTSP, created in 1996, helped enable streaming video. And so on. From a distance, each of these advances seemed unprecedented. But in reality, they were just the next logical thing: a new protocol that expanded the way the internet can be used.

"The right way to think of bitcoin, crypto, and public blockchains is as the next step in this evolution. Just instead of sending files or email or voice or credit card data, bitcoin and crypto let us send money. Of course, there have been online banks and payment services for decades. But they’ve always been hybrids or bridges: A bank like Wells Fargo or a service provider like PayPal might put up a digital veneer, but it would actually extract each transaction and process it in the traditional, physical world....

"The Bitcoin Protocol’s breakthrough – the reason 'it changes everything' – is that it lets you send money over the internet natively, without a bank or a service provider in the middle.... If you want to wire $10 million to someone in another country today, for instance, it takes three-to-five days, they can deny your wire for any reason or create limits, and the fees are significant. With bitcoin, it takes about 10 minutes, it’s open 24/7, and is essentially free.... Instead of using lawyers and investment bankers, you can create any contract or trust or entity or set of financial instructions … for free.... That means disrupting services like escrow, debt issuance, derivatives, trust creation, fundraising, and more....

"[T]o move money around the world instantly on the Bitcoin blockchain, or to replace your investment bankers with the Ethereum blockchain – you have to own and use bitcoin or ether.... A lot of smart investors are buying up bitcoin and ether today, before everyone else figures out how valuable these new technologies can be....

"[E]very major new internet protocol has disrupted a major industry:
"By allowing money to travel over the internet, Bitcoin and crypto will disrupt the financial industry just as surely as Amazon disrupted Sears."

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Friday, August 25, 2017

Venezuelans turn to bitcoin as currency collapses

Why Venezuelans Are Turning to Bitcoin Mining - The Atlantic - Rene Chun:

September 2017 issue - "In Venezuela, home to some of the worst hyperinflation since the Weimar Republic, a Big Mac costs about half a month’s wages. Or rather, it did, until a bread shortage forced the burger off the menu. The annual inflation rate is expected to hit 1,600 percent. Life resembles an old newsreel: long lines, empty shelves, cashiers weighing stacks of bills.

"To survive, thousands of Venezuelans have taken to minería bitcoin — mining bitcoin, the cryptocurrency. Lend computer processing power to the blockchain (the bitcoin network’s immense, decentralized ledger) and you will be rewarded with bitcoin. To contribute more data-crunching power, and earn more bitcoin, people operate racks of specialized computers known as 'miners.' Whether a mining operation is profitable hinges on two main factors: bitcoin’s market value — which has hit record highs this year — and the price of electricity, needed to run the powerful hardware.

"Electricity, it so happens, is one thing most Venezuelans can afford: Under the socialist regime of President Nicolás Maduro, power is so heavily subsidized that it is practically free. A person running several bitcoin miners can clear $500 a month. That’s a small fortune in Venezuela today, enough to feed a family of four and purchase vital goods — baby diapers, say, or insulin — online....

"But recently, Maduro has begun cracking down on mining operations, apparently finding in them a convenient political scapegoat — much as he calls those who seek to profit off inflation “capitalist parasites.” Yet trading bitcoin is still condoned. It’s as if Maduro realizes that cryptocurrency is one of the few things holding the country together.

"Because Venezuela has no cryptocurrency laws, police have arrested mine operators on spurious charges. Their first target, Joel Padrón, who owns a courier service and started mining to supplement his income, was charged with energy theft and possession of contraband and detained for 14 weeks. Since then, other bitcoin rigs have been seized — and, in many cases, rebooted by corrupt police for personal profit....

"Venezuela’s most resourceful miners ... are moving on to a new inflation-buster: the cryptocurrency ether (ETH). The profit margins are higher and, more important, the risk factor is much lower. 'Mining ETH or bitcoin is pretty much the same principle: using free electricity to generate cash,' one Venezuelan miner told me. 'But ETH mining is more affordable — all you need is free software and a PC with a video card. Any police officer is easily fooled into thinking your ETH miner is just a regular computer.'"

Read more: https://www.theatlantic.com/magazine/archive/2017/09/big-in-venezuela/534177/
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Thursday, January 5, 2017

Ethereum, a censorship resistant 'world computer'

Ethereum Project Offers Censorship Resistant 'World Computer' for Developers - Breitbart - Tom Ciccotta :

January 3, 2017 - "The Ethereum Project, an open source platform developed by 22-year old programmer Vitalik Buterin, is seeking to build upon the blockchain technology established by Bitcoin by allowing developers to use the blockchain to build decentralized applications.

"The blockchain is a decentralized database where records and entries are virtually unchangeable. While Bitcoin utilizes blockchain technology to manage a currency, the Ethereum Project provides an open source environment where programmers can create applications on the blockchain.

"Tristan Winters, a reporter at ETHNews, the leading online Ethereum news site, explained to me the Ethereum project in layman’s terms: 'Ethereum is a "world computer." Instead of hosting apps on a server, you host them on the Ethereum blockchain and p2p network.... So the apps are censorship resistant and no one can shut them down'....

"Ethereum is driven by Ether, a cryptocurrency that acts as 'fuel' for the system. According to the project’s website, Ether is a necessary element that ensures that developers are writing quality applications ... (wasteful code costs more), and that the network remains healthy (people are compensated for their contributed resources).

"Because of the open source nature of Ethereum, it has almost limitless functions. Developers have proposed and began work on decentralized file storage systems, financial systems, and business management systems.

"Ethereum allows actors to create smart contracts, which are programs that run on the blockchain that can handle currency in a way that is unchangeable. Smart contracts can be used for a variety of business functions, such as the representation of shares, organizational voting, and fundraising.

"The decentralized nature of the Ethereum blockchain would allow for social networks that are truly resistant to censorship. Unlike Facebook or Twitter, a social network operating on Ethereum wouldn’t be accessed via centralized servers. Such a network would exist as a peer-to-peer network that lives on computers throughout the world. Because such a network would have no centralized body, censorship would be extremely difficult."

Read more: http://www.breitbart.com/tech/2017/01/03/ethereum-project-offers-censorship-resistant-world-computer-for-developers/
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