Decentralized identity is the way to fighting data and privacy theft – Cointelegraph
Decentralized identity is a function of blockchain technology that delivers real-world benefits to users quickly and easily, allowing them to benefit from things such as easier logins, faster credit checks and an overall smoother online experience.
The proliferation of websites, e-commerce hubs and social media platforms means we can all have a huge database of logins, passwords and usernames to remember. As these increase, the use of password managers has become commonplace (as has the use of one-time passwords and two-factor authentication) to effectively allow websites and services to double-check our identity.
The result is that the end-user now faces an almost overwhelming number of hoops to jump through if they lose their password or two-factor authentication application or access to their smartphone.
The whole process of transacting online has become much more complicated. However, with the advent of blockchain, businesses are now in a far stronger position to provide their customers and end-users with a much more streamlined identity verification process, which removes many hurdles and comes with the added benefit of not placing users at risk of harmful privacy or data breaches.
Digital and social media have become an indispensable part of everyday life for people all over the world: “More than 4.5 billion people now use the internet, while social media users have passed the 3.8 billion mark.” However, data misuse remains a major problem. This is a huge issue for all stakeholders in the digital economy: individuals, enterprises and governments.
Investing in DeFi is seriously risky, but maybe it doesn’t have to be – TechRadar
In the last two years, a whole new industry has emerged within the blockchain and cryptocurrency universe, that of decentralized finance (or DeFi for short).
Built predominantly on the Ethereum blockchain, DeFi is the crystallization of ambitions held by the architects of cryptocurrencies, to build a fully fledged financial system controlled by no single entity.
The arrival of crypto allowed us to send and receive money with no intervention from an intermediary (e.g. a bank), but the rise of DeFi allows us to borrow, lend, save, speculate and more under the same conditions.
For example, with DeFi lending protocols such as Compound, anyone can take out a cryptocurrency loan backed by collateral or gain interest by lending out their own crypto, irrespective of their identity and financial history.
Decentralized exchanges (DEXs), meanwhile, facilitate peer-to-peer transactions without the need for an intermediary that holds custody of the funds. Unlike on traditional crypto exchanges, users can also trade any Ethereum-compatible token for any other, provided there is supply and demand.
As explained by Michael Beck, Project Lead at DeFi risk management firm UNION, “DeFi apps are built on smart contracts, like traditional DApps, but they strive to decentralize the role of governance and the custodial role of the application.”
“That’s favorable from the perspective of DeFi because people are putting a lot of value into smart contracts, so they want to know there’s no single person who can pull the rug out from under them.”
Falk is a startup veteran and founder of DoubleJack, a fintech company with a philanthropic lottery.
Everyone wants to be the good guy—or, at least, appear that way. Whether addressing environmentalism, human rights, or wealth inequality, brands have come to understand the value of associating social responsibility with their image, such as Tom’s Shoes associating with fair trade and fair labor practices. Yet for all the social responsibility imagery brands project, we still see their profit margins fatten while many around the world are compromised as a price. Can the world of decentralized, blockchain-based applications take the lead and create real change?
Corporate social responsibility (CSR) considerations in the U.S.––as a point of public consciousness––date back to post-WWII. By the early 1940s, companies adopted principles of social responsibility and had broader discourse about these responsibilities to the public. Within 10 years, the modern definition of CSR came into the picture, with economist Howard Bowen writing “Social Responsibilities of the Businessman,” in which he explained the ethical behavior expected of corporations to be leaders in environmental and legal ideals.
However, these considerations began to shift toward an attitude of corporate gain above all else in the 1980s, after Milton Friedman’s series of essays Source…
How Esports and Gaming Are Bringing Crypto to the Masses – Entrepreneur
5 min read
Opinions expressed by Entrepreneur contributors are their own.
Since PayPal announced late last year that it was making a foray into cryptocurrencies, investment has been flooding into the market. In particular, the price of Bitcoin has spiked, leading to much speculation about crypto going mainstream.
However, this has happened before. Bitcoin’s previous all-time high led to a sudden surge of interest that cooled off into the long “crypto winter” of 2018. If cryptocurrencies, and the blockchain technology that underpins them, are ever to unlock mainstream adoption, then real-world utility combined with a compelling user experience is more likely to provide the key. Looking at recent news trends, combined with the macro events of 2020, esports and gaming currently seem to be one of the hottest tickets.
Due to a lack of attendance at in-person events this year, the global esports market shrank slightly, but it’s forecast to grow by over 50 percent in the next three years, rising to $1.6 billion. Analysts within the crypto sector already believe there’s vast potential to tap into this market, with digital research firm Messari predicting mass adoption of blockchain technology. The market demographic fits well into this scenario Source…
Bitcoin and blockchain 101: Why the future will be decentralized – Big Think
WENCES CASARES: It’s hard to have a rigorous discussion about Bitcoin without understanding money. And the best way to understand money, is to understand the history of money. Anthropologists agree that there is no tribe, much less a civilization, that ever based its commerce on barter. There’s no evidence, barter never happened. And that’s counter intuitive to most of us, because we are taught in school, that we first bartered and then we made money because barter was too complicated. Well, barter never happened, and that’s one of the key sort of myths about money. So then, you would ask the anthropologists like, okay so how did we do commerce before money, if there was no barter? There was no commerce? No, there was plenty of commerce. And the way that commerce would happen is that, let’s say that someone in our tribe had killed a big buffalo and I would go up to a person and say, “Hey, can I have a little bit of meat?” And that person would say, “no,” or “Yes, Wences, here’s your meat.” And then, you would go up to the person and say, “Hey, can I have a little bit of meat?” And that person would say “Yes, here’s your meat.” And basically, we all had to keep track, in our heads, of what we owed other people, or what other people owed us. And then someone would come to me and say, “hey, Wences, can I have a little bit Source…
Fractal, Kilt Protocol and Polkadex Collaborate to Provide Decentralized Kyc Solution for Exchange – GlobeNewswire
BERLIN and TALLINN, Estonia, Jan. 28, 2021 (GLOBE NEWSWIRE) — Fractal, KILT Protocol and Polkadex today announced a partnership to create a decentralized KYC system for exchange customers. Polkadex and Fractal will use the KILT Protocol as the underlying infrastructure for managing the KYC credentials required by Polkadex, to simplify and streamline the onboarding experience.
KILT Protocol will integrate Fractal’s user-centric KYC/AML platform, which is built for compliance with global, regulated industries. BOTLabs GmbH (the company behind KILT Protocol) will provide a wallet as a browser extension for customers to hold their credentials, and make the wallet available to Polkadex for verification. Fractal and Polkadex will integrate KILT’s SDK to build out the platform.
The onboarding flow will be as follows:
– Fractal will automatically issue KILT-Credentials to Fractal’s current user base of 140,000 users who have previously KYC’d
– Polkadex will ask new users for credentials
– If the user has no credentials, they are directed to download and set up KILT’s wallet
– If a user is not verified, Fractal guides them through identity verification and attests the KYC credentials when complete
– When the user’s identity is verified, Fractal stores the credential hash on the KILT blockchain.
Decentralizing the KYC Process
Polkadex is a fully decentralized, peer-to-peer, orderbook-based cryptocurrency exchange for the DeFi ecosystem built on Substrate, the same framework that powers Polkadot. Source…
What is DeFi? • Decentralized Finance • Benzinga – Benzinga
Want to jump straight to the answer? The best crypto platform for most people is definitely eToro.
Decentralized finance (DeFi) seems a lot more complicated than it actually is. DeFi is not a company or a cryptocurrency — it’s an attempt to recreate the existing financial system on the internet.
Using cryptography, blockchain technology and smart contracts, the decentralized finance system is trustless and borderless.
The DeFi industry offers stablecoins, lending, exchanges and other products and services found in the traditional banking industry, but with a catch. The difference lies in DeFi’s distinct technological advantages that allow for superior products never before possible.
How Decentralized Finance Works
Recent advancements in blockchain technology have sparked a new wave of online financial services without a central authority for the 1st time. DeFi is an umbrella term for any decentralized financial product. The majority of DeFi products rely on Ethereum and its turing-complete programming language Solidity.
Central banks employ thousands of people, incurring huge expenses to offer products and services. Banks also need to rely on the legal system to handle disputes.
DeFi replaces employees and the legal system with Ethereum smart contracts on the blockchain, drastically reducing operating expenses in order to provide products many deem superior to their traditional bank counterparts.
Smart contracts are legal or business agreements written in code (Ethereum’s Solidity programming language).
Smart contracts typically replace the need for trust with the use of collateral. By requiring collateral, parties are incentivized to behave properly without Source…
Last week, India-based Tanla Platforms launched a new communications platform-as-a-service (CPaaS) with Microsoft (Microsoft is the development partner who architected and built this platform for Tanla). Any new communication platform entering the market is interesting, but this one had an added attraction — it is blockchain-enabled and built on Microsoft Azure. Called Wisely, the new platform offers a global edge-to-edge network that delivers private, secure, and trusted communication experiences.
Blockchain for Communications
The Wisely network takes advantage of Microsoft Azure Kubernetes Service, Azure Cosmos DB, Azure Databricks as well as Azure PostgresSQL Database and other Azure services. Enterprises can access the network with a single API offering omnichannel capabilities. Edge-to-edge encryption ensures data security and data privacy for end users.
The network built on blockchain provides complete data visibility, enabling a single source of truth for all stakeholders. The AI/ML powered insights help enterprises improve quality of service and reduce costs. The platform ensures compliance with local regulatory practices and data protection laws as well as best-in-class service frameworks.
Decentralized Insurance For The Crypto Ecosystem – Benzinga
The decentralized finance (DeFi) ecosystem continues to expand as more people leverage the benefits of improved market access, lower fees, and non-custodial protocols.
As a broad term defining open finance, dApps cover a range of sub-sectors including swapping platforms like Uniswap, lending protocols like Maker and Aave, derivatives platforms like Synthetix, and so much more. Their popularity has translated to a higher valuation. Year-to-date, the total assets under management in DeFi protocols have risen over 23X to $24 billion as of late January 2021.
According to one of the leading crypto data provider, CoinCodex the total DeFi token market cap stands at over $35 billion, translating to a 3.45 percent dominance. The most valuable DeFi token, LINK, has a market cap of $9.49 billion. This could be attributed to Chainlink’s central role in connecting most DeFi dApps to vetted, real-world data being the most popular decentralized oracle. Meanwhile, the total trading volumes were up to $13.2 billion on the last day, with a majority (82 percent) of DeFi tokens posting gains versus the USD.
However, while these emerging products and services are deemed more secure than their centralized counterparts, DeFi smart contracts and stablecoins still carry considerable risk. Further, in secondary markets, centralized crypto exchanges account for the vast majority of trading volume. This trend is likely to continue as institutional investors seek out exchanges that meet regulatory requirements. As such, risk mitigation must extend beyond price volatility to consider the security and usability of digital assets Source…