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How NFTs, DeFi and Web 3.0 are intertwined

April 10, 2021 by Blockchain Consultants

While blockchain itself provides the technology constructs to facilitate exchange, ownership and trust in the network, it is in the digitization of value elements where asset tokenization is essential. Tokenization is the process of converting the assets and rights to a property into a digital representation, or token, on a blockchain network. 

Distinguishing between cryptocurrency and tokenized assets is important in understanding exchange vehicles, valuation models and fungibility across the various value networks that are emerging and posing interoperability challenges. These are not just technical challenges, but also business challenges around equitable swaps.

Asset tokenization can lead to the creation of a business model that fuels fractional ownership, the ability to own an instance of a large asset. While discussing asset tokenization in a previous article, I also mentioned the value of an instance economy in democratizing finance, commerce and global access, as well as in creating a broader global marketplace at a scale never before seen.

With digital assets and their fungibility in a blockchain ecosystem, there are various drivers of valuation. These include: 1) tokens based on crypto economic models that are driven by supply and demand, and the utility of the network; 2) nonfungible tokens, or NFTs, which have an intrinsic value such as identification, diplomas and healthcare records — essentially, tokens that are simple proof validations of the existence, authenticity and ownership of digital assets; and 3) fungible tokens that are valued on various bases, such as the sum total of economic activity in the network (cryptocurrency), its utility (smart contracts and transaction network processing), assigned values (stable coins and security tokens), and so on.

In this article, I address the complex issue of the hyperbolic and rapid rise of NFTs, after a similarly meteoric rise of decentralized finance, or DeFi, creating amazing innovations — with immense promise of democratization, new business models and global marketplaces with global access — all fueled by the basic premise of decentralization and fundamental constructs of tokenization and wallets. While NFTs may be characterized as one-of-a-kind cryptographic tokens with some intrinsic value to a holder or to a market (art, collectibles), the NFT movement is indicative of a larger token revolution that will not only fuel massive innovation and growth in Web 3.0 protocols but also test the resolve of the DeFi movement, along with its ability to intersect and provide platforms and an exchange vehicle for all token types.

Growth in Web 3.0 protocols

The first two generations of web protocols were largely about disseminating information and connecting people. They fueled a massive growth in information and collaboration, and did wonders for connecting the world. However, those web protocols were never designed to move things of value. Also, as the Web 2.0 era reached its fullest potential, vulnerabilities such as “fake news” and the “batched relay” of the movement of assets via a series of intermediaries emerged. Threats to the commerce and financial infrastructure of the system risk destabilizing it.

Web 3.0 promises to safeguard all things we value: information, truth and digital assets — both fungible and nonfungible. Whereas Web 2.0 was driven by the advent of social, mobile and the cloud, Web 3.0 is largely built on three new layers of technological innovation: edge computing, decentralized data networks and artificial intelligence.

The growth of NFTs has not only empowered the ability for artists, skilled professionals and entrepreneurs to encapsulate innovation in a tokenized form but has also fueled the democratization of the platform as one of the promises of blockchain technology. The underlying infrastructure includes decentralized storage technologies, efficient consensus protocols, off-chain computing, and oracle networks to provide connectivity and validation to existing systems.

Collectively, the Web 3.0 set of technologies envisions a connected, trustless, accountable network for efficiently delivering value, thus crafting an infrastructure for things of worth. NFTs represent both transferable entities and nontransferable tokens that we value. The latter include things such as our identification, healthcare records and passports, things that represent us and allow us to participate in the digital economy with our own unique, digital identities.

As we dare to envision a shift toward a world with decentralized control, governance based on distributed technology that challenges every business model, and governance structure built upon centralized business frameworks, we do have to ponder some things. Not only the shift itself, but the motivation, incentive and monetization elements that fuel and power the economic infrastructure to move things that have value — thereby keeping up with our changing perception and subsequent realization of that value.

Intersecting with finance — DeFi

DeFi is the movement in the blockchain applications space that leverages decentralized network technology to disrupt and force a transformation of old financial products into trustless, transparent protocols, facilitating digital value creation and dissemination with few to no intermediaries. It is widely understood and accepted that — due to new synergies and co-creation via new digital interactions and value-exchange mechanisms — blockchain technology lays the foundation for a trusted digital transactional network that, as a disintermediated platform, fuels the growth of marketplaces and secondary markets.

While DeFi aims to deliver the promise of finance democratization, NFTs test the resolve of DeFi by delivering a competitive yet inclusive asset class, plus avenues to provide a medium of exchange, fungibility by other fungible asset classes, and liquidity to a traditionally illiquid market.

Asset classes resulting from DeFi protocols and NFTs avail themselves of the advantages of fractional ownership of the assets, blurring the lines between asset classes and using constructs like digital wallets as a receptacle for them. This is all supported by underlying layers of Web 3.0 that provide security and availability via decentralization, as well as trust and immutability via consensus, extending these principles to basic computer infrastructure like storage and interconnect.

Commercialization of Web 3.0 protocols, which manifest as fungible utility tokens, further blurs the lines with diverse financial innovation products introduced by DeFi (such as base assets and derivatives), products that are also tokenized. So, while decentralization is the underlying theme — and the wallet and the token are fundamental constructs — these blurring lines are quite profound.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Nitin Gaur is the founder and director of IBM Digital Asset Labs, where he devises industry standards and use cases and works toward making blockchain for the enterprise a reality. He previously served as chief technology officer of IBM World Wire and of IBM Mobile Payments and Enterprise Mobile Solutions, and he founded IBM Blockchain Labs where he led the effort in establishing the blockchain practice for the enterprise. Nitin is also an IBM Distinguished Engineer and an IBM Master Inventor with a rich patent portfolio. Additionally, he serves as research and portfolio manager for Portal Asset Management, a multi-manager fund specializing in digital assets and DeFi investment strategies.

How NFTs, DeFi and Web 3.0 are intertwined

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Filed Under: blockchain technology Tagged With: art, article, artificial intelligence, Artists, asset tokenization, authenticity, blockchain, Business, chief, cloud, computing, crypto, cryptocurrency, data, decentralization, decentralized, Decentralized Finance, decentralized network, DeFi, derivatives, Digital, Digital Asset, Director, Disrupt, economy, engineer, Enterprise, entrepreneurs, exchange, finance, founder, healthcare, IBM, information, Infrastructure, innovations, Internet, investment, linkedin, Market, marketplace, Markets, Mobile, mobile payments, Model, nft, NFTs, nonfungible tokens, opinions, oracle, other, patent, payments, security, smart contracts, Space, storage, Technology, token, Tokenization, Tokenized assets, Tokens, Trading, us, vulnerabilities, wallet, wallets, Web 2.0, Web3, world

VORTECS Report: Storage coins rev up gains as Markets Pro rides the green wave

April 4, 2021 by Blockchain Consultants

It’s been another great week for altcoins as the total market capitalization of all cryptocurrencies moves within spitting distance of the $2 trillion mark.

And it’s been equally positive for the Cointelegraph Markets Pro platform, which tracks crypto market conditions and real-time headline news in the blockchain industry to deliver market intelligence for every investor.

Markets Pro offers two unique features: The VORTECS™ Score, an algorithmically-derived weighted score that compares current market conditions to historically-similar marketscapes, and NewsQuakes™ — the industry’s most rapid aggregator of market-moving news, analyzed and collated from over a thousand primary sources every minute.

In this weekly report we analyze the most important highlights from the week’s events on Markets Pro.

Top VORTECS™ Score gains this week

Between March 26 and April 1, the three best-performing assets identified by Cointelegraph Markets Pro were Storj (+121%), Filecoin (+115%), and Holochain (+111%). All three rode green waves powered by patterns of trading and social activity that the VORTECS™ model has seen before — as described in our description of how the algorithm works.

Analyzing STORJ

As the graph above demonstrates, the cloud storage token STORJ recorded a streak of high VORTECS™ scores, marked by the first red circle, roughly 60 hours before the price spike on April 1 (first and second red boxes).

This price increase could also be explained by the effect of Storj-USDT margin swaps being listed on Huobi Futures the same day, an announcement captured in a NewsQuake™. Those using Markets Pro intelligence in their market research had the advantage of this powerful dual-validation pointing to both historically auspicious market conditions and favorable news around the asset following its recent listing on Coinbase.

Analyzing Filecoin (FIL) and Holochain (HOT)

Indeed, this has been a good week for storage coins. The second-best performer, Filecoin, pulled off a rally that saw it appreciate from around $125 to $233 in two days.

As seen in the graph above, some 24 hours before the price took off Filecoin’s VORTECS™ Score ventured into the 80+ territory for a few hours, marked by the red circle.

The rise of another big winner of the week, Holochain (seen below), also unfolded following a sequence of strong VORTECS™ scores, ranging from high 60s to high 70s, with a peak of 82 (red circle in the graph) coming around 50 hours before the asset began its ascent from $0.010 to $0.019.

Understanding VORTECS™: The relationship between the score and Newsquakes™

Some users wondered whether NewsQuakes™ are a constituent part of the VORTECS™ score. The short answer is no. These are two completely different functionalities within Markets Pro that can complement each other but can also be used separately.

In fact, some of the NewsQuakes™ feature assets for which the score is not yet generated: One example is this week’s announcement of a partnership between DAFI and DIA saw the latter asset, not yet indexed by the VORTECS™ model, appreciate by almost 22%.

That said, oftentimes the two work in conjunction. The example of Filecoin already mentioned above showcases how a high VORTECS™ score and a subsequent NewsQuake™ can be used to boost users’ confidence that the conditions for a coin are favorable.

In other cases, a positive VORTECS™ score can follow the news: Once a favorable announcement is absorbed by market participants, trading and social conditions can align into a pattern that the model identifies as bullish. And sometimes, the two can be completely unrelated.

Analyzing 0x (ZRX)

The graph above shows the price of 0x starting to climb steadily after the news of the asset’s listing on OKEx went public — all while the VORTECS™ score remained neutral.

Testing results: Week’s top strategies

This week, 17 of the 42 VORTECS™ strategies currently tested outperformed both Bitcoin and an evenly weighted portfolio of all the top 100 altcoins. Of those strategies, 8 were score-based (Buy at VORTECS™ X  / Sell at VORTECS™ Y) and 9 were time-based (Buy at VORTECS™ X / Sell after Y hours).

The table below contains information on ROI that the top-5 strategies of the week have generated up to April 1st 2021. For more context, you can also see these strategies’ monthly and all-time returns (tracked since January 5th 2021). 

These strategies are designed to represent benchmarks for the VORTECS™ model’s aggregate performance. To discover how these tests are performed, consult the methodology help file.

Testing results: All-time leaders

The table below presents three best all-time strategies in each category (score-based and time-based) and their performance this week. As the table demonstrates, strategies that do well in the long run can have a downward blip in any given week: Buy at 90 / Sell after 168 hours is a particularly conspicuous example this time. At the same time, two of the all-time best have also had a solid showing this week.

New alerts system

A total of 107 VORTECS™ hit Markets Pro users this week, featuring 27 different coins.

One of the most frequent requests we’ve been getting from the community is to enable notifications at different levels of the VORTECS™ score. There are now 12 dedicated Discord channels designed to alert subscribers when an asset goes above or below a specific threshold.

Powerful NewsQuakes™

A total of 86 NewsQuake™ notifications went out to the Cointelegraph Markets Pro community this week, including 44 exchange listings, 25 partnerships, and 17 staking announcements.

Markets Pro also tracks the most consequential news identified by NewsQuakes™ and the price action of various crypto assets following the headline. This week the most consequential news items were followed by significant price gains over the course of the week:

· Storj listing on Coinbase: +161% peak return

· Ankr Network listing on Coinbase: +109% peak return

· Filecoin’s partnership with Chainlink: +48% peak return

Cointelegraph Markets Pro is available exclusively to subscribers on a monthly basis at $99 per month, or annually with two free months included. It carries a 14-day money-back policy to ensure that it fits the crypto trading and investing research needs of subscribers, and members can cancel anytime.

Important disclaimer

Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing. Consult your financial advisor before making financial decisions. Full terms and conditions.

VORTECS Report: Storage coins rev up gains as Markets Pro rides the green wave

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Filed Under: blockchain technology Tagged With: 0x, altcoin, altcoins, Bitcoin, blockchain, Chainlink, Circle, cloud, coinbase, crypto, Cryptocurrencies, events, exchange, filecoin, Futures, Huobi, information, Investing, investment, Investment Adviser, Investments, Market, market capitalization, Markets, markets pro, Model, news, newsquake, other, storage, Storj, Trading, vortecs

Return of the oracles: Band Protocol, API3 and DIA price soar to new highs

April 3, 2021 by Blockchain Consultants

Nonfungible tokens (NFTs) have been the talk of the town over the past few months, but as the start of the second quarter gets underway for the global financial markets, it possible that traders may start looking for opportunities in other parts of the crypto market.

Oracle projects are one sub-sector that has been making moves over the past few weeks as some traders shift their focus away from NFTs.

BAND/USDT vs. API3/USDT vs. DIA/USDT 1-day chart. Source: TradingView

As shown above, Band Protocol (BAND), API3 and DIA are three oracle projects that have entered sharp rallies over the past week.

BAND/USDT

Band Protocol is a cross-chain data oracle platform that operates on the Cosmos (ATOM) network. The protocol aggregates real-world data and APIs and supplies the data to on-chain applications and smart contracts in order to facilitate the exchange of information between on-chain and off-chain data sources.

Between Jan. 1 and Feb. 13 BAND price surged by nearly 300% then in March the token traded in a sideways range between $11 and $15.30.

BAND/USDT 4-hour chart. Source: TradingView

Activity for protocol began to pick back up on March 26 after it was revealed that the team was instrumental in bringing VeChain (VET) to Linear Finance (LINA). The developers also announced that they would continue to assist in bringing new assets to the LINA ecosystem.

The subsequent revelation that BAND had partnered with SCB 10X, one of the biggest financial institutions in Thailand, brought further momentum to the token and pushed it to a high of $17.78 on April 1, an increase of 60% over the past week.

API3/USDT

API3 is a DAO-governed oracle project focused on the creation of fully decentralized, blockchain-native APIs (dAPI) that aggregate data from first-party oracles.

Price action for the token began to pick up on March 1 and continued to build throughout the month as the protocol announced multiple new partnerships including collaborations with Option Room, Royale Finance (ROYA), MobiFi and Bridge Mutual (BMI).

API3/USDT 4-hour chart. Source: TradingView

Since hitting a swing low at $3.28 on Feb. 28, the price of API3 has climbed 220% to establish a new high of $10.50 on April 1.

DIA/USDT

DIA is an open-source data and oracle platform for the DeFi ecosystem that enables market participants to source, supply and share trusted data. Essentially, the protocol provides a reliable and verifiable bridge between off-chain data from various sources and on-chain smart contracts that can be used to build a variety of financial DApps.

The platform brings data analysts, data providers and data users together to create a space for open financial information in a smart contract ecosystem that is like the Wikipedia of financial data.

DIA/USDT 4-hour chart. Source: TradingView

After dropping to a low of $1.87 on Feb. 28, DIA revealed multiple partnerships in March, including an integration with the Polkadot (DOT) parachain Moonbeam. This resulted in the price of DIA climbing 150% to a high of $4.79 on April 1.

Another potential catalyst for the current rally came shortly after the launch of the DIA Univesity Student network on March 12.

We are delighted to announce the launch of the DIA University Student Network, a global network of elite universities to foster knowledge exchange between academia and DeFi and collaborative research into #DeFi and #oracles.https://t.co/tjsg4nB5Wyhttps://t.co/YJFoIKWq2G

— DIA | Open-Source Data and Oracles for #DeFi (@DIAdata_org) March 12, 2021

In total, DIA announced partnerships with eight different blockchain projects and companies during the month of March, indicating that the team is serious about its goal to create a cross-network oracle system that provides trusted data for the cryptocurrency ecosystem.

Oracles now appear poised to continue the uptrend that began in January as blockchain technology and cryptocurrencies gain additional attention from investors and the business sector.

With the hype behind NFTs beginning to subside, oracle tokens could be the next group to entice investors and break out to new all-time highs.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Return of the oracles: Band Protocol, API3 and DIA price soar to new highs

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Filed Under: blockchain technology Tagged With: Altcoin Watch, api, APIs, author, Bitcoin, blockchain, Business, Companies, crypto, Cryptocurrencies, cryptocurrency, data, decentralized, DeFi, developers, Developments, exchange, finance, information, investment, Market, Markets, NFTs, opinions, oracle, Oracles, other, Polkadot, smart contract, smart contracts, Space, Technology, Thailand, Tokens, Trading, tradingview

Blockchain Technology as an Application to Combat Covid-19

March 30, 2021 by Blockchain Consultants

Codezeros

With the past year being a wave stirrer in the lives of one and all, the pandemic has certainly left us all hoping for better things to come. The advent of the coronavirus has largely impacted industries, businesses, communities, and countries as a whole. By affecting each and every path of life, the pandemic has made it difficult for individuals to attain a gasp of air.

codezeros.com

With the number of cases increasing day after day, the death toll had been skyrocketing on to time. As a result, the economy is hit by a hard blow with Sensex falling every other day. It resulted in most of the brands being shut down with big companies facing the loss of a few million.

This emerged the dire need for having a technological solution addressing the growing concern. With governments largely scrambling to address the underlying issues, a number of solutions based on Blockchain Technology in COVID-19 have emerged to address the worldwide health crisis.

Overview of blockchain technology as an application to combat the pandemic:

A blockchain is an important tool that establishes a transparent and efficient healthcare business model, completely based on a high level of accuracy and trust. This is because the technology is a tamper-proof one, and creates the first line of rapid protection, supported by a vast network of connected devices.

This is where the primary goal lies in staying alert about the outbreaks and hence the use of the platform is largely beneficial to address the situation and prevent pandemics. Blockchain Technology as an Application does so by facilitating the early detection technique and efficiently tracks drug trials while managing the impact of treatment and outbreaks.

Can blockchain aid to prevent pandemics?

The technological solution helps individuals and organizations to share any information, data, and transaction in a real team between the relevant parties. The information is shared as nodes in the chain, in a completely secured manner.

The onset of such a technology would have managed to combat the pandemic, had there been a blockchain that WHO and the healthy Ministry in each country and hospitals were connected through. This would have enabled them to share relevant information about any communicable disease such as covid 19. This would have helped to spread the word faster and stop the pandemic from spreading.

How does blockchain help to combat Covid 19?

Blockchain solutions during covid-19, as mentioned earlier, is helpful to track public health data surveillance, and especially with the outbreaks of diseases like this. With increased transparency, it helps to attain a more accurate and efficient response. This can help treatments to prosper swiftly as they would allow for rapid data processing. This enables early detection of symptoms prior to them spreading to being epidemic. This will also enable the agencies to keep track of the virus spread and combat new cases.

Tracking donations:

With trust being a major issue in this situation, blockchain has a cure here too. With its help, donors can view the places where there is a dire need to attain funds. This can help them to track the donations until and unless they are offered verification of the contributions being received. The technological solutions embrace transparency to regulate donations and their usage.

Manages crises:

Blockchain has the ability to alert the public instantly about the advent of the virus and by global institutes such as WHO. Apart from this, blockchain can also enable governments with recommendations of not contracting the virus. It helps to secure a platform for all concerned authorities including medical staff, governments, health organizations, media, and more to stay updated and update each other on the same.

Track medical supply chain:

The spread of Covid 19 witnessed a shortage in the supply of sanitizers and facial masks. As a result of the shortage, a few ill-deed individuals were taking advantage to generate fake products and earn more. Blockchain technology can fill the gap and offer smart contracts and accurate data for the technology to eliminate any occurrence of the breach between the needy and the supplies.

As the supply chain involves multiple parties, hence the entire process promises a tamper-proof procedure, enabling individuals to track the process. The technology is largely helpful in streamlining the medical supply chain and ensures that both doctors and patients have equal access to the tools whenever needed.

Conclusion:

Thus the usage of the blockchain to share the information would have saved the world from succumbing to the pain and how. With the world being completely naive to something as disastrous as Covid 19, it is extremely important to reassess decisions made and embrace new promising technologies. This is how both regulations and technology can bank on one another to safeguard the world from such pandemics ever in the future.

Blockchain Technology as an Application to Combat Covid-19

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Filed Under: blockchain, blockchain technology Tagged With: Bank, Better, blockchain, blockchain-technology, blockchainappdevelopment, Business, Companies, coronavirus, COVID-19, covid-19-crisis, covid19, data, data processing, diseases, donations, economy, Go, health, healthcare, information, IP, LINE, Model, other, pain, public health, smart contracts, supply chain, surveillance, Technology, us, view, world

Blockchain Technology in Garbage Collection

March 28, 2021 by Blockchain Consultants

Blockchain Technology in Garbage Collection

Wondering if Blockchain can help in improving waste management? You have landed on the right page. This article talks about how Blockchain can tackle waste management and enlists some initiatives taken worldwide to deal with garbage collection.

Table of Contents 

  • A Glimpse of Blockchain Technology 
  • How Crypto and Blockchain Improve Waste Collection
  • Blockchain Has Already Entered Garbage Collection: Here is How
  • Concluding Lines

A Glimpse of Blockchain Technology 

In most simple words, Blockchain is a decentralized peer-to-peer ledger that maintains a complete copy of transactional records in a transparent and immutable manner. Instead of relying on a third-party intermediary or any centralized authority, it ensures complete decentralization. 

There are various exciting features of this technology, but among them, immutability is unquestionably one of its key characteristics.

Although many people still relate Blockchain with cryptocurrency, today, the technology has its footprints in almost all industries, including supply chain, healthcare, logistics, finance, and with the continuous advancements in technology, garbage collection is no more an exception.  

Implementing Blockchain in waste management can enable governments to track and monitor waste right from its generation(source) to its disposal(destination), bringing a greener environment. 

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How Crypto and Blockchain Improve Waste Collection

Every day, the planet drowns under an ever-increasing amount of garbage, wreaking havoc on human health, the economy, and the atmosphere. Systematic and effective waste disposal has emerged as a major concern in several countries, including developing nations. The reason for this vast waste management is due to the increased pace of urbanization and accelerated rate of population.

Since the waste management process involves various steps such as segregation, transportation, recycling, disposal, tracking, and monitoring, such complicated processes are nearly hard even for government institutions. But such a process can be streamlined by having a single platform to track all waste management activities right from their origin to their disposal. 

Let’s delve deeper and explore how Blockchain can help in tackling waste management.

Prevents Fraud and Manipulation 

The present disposal of waste management is unfair, lacks transparency and proper documentation. What happens is when contractors dispose of the waste material, they submit a waste plan report to the municipality office for receiving the payment, which is based on the quantity of waste they are collecting and presenting. There is no proper channel that can check the submitted, and hence these reports are easily manipulated, leading to payment frauds at a large scale. 

Blockchain can eradicate this fraud by offering a single decentralized P2P platform where the whole process can be traced and cross-checked. 

Streamlining Documents

In traditional documentations, there are always the possibilities of loss of information. But having information on distributed ledger eradicates such problems as information is stored in an immutable and transparent manner, like forever. Moreover, technology permits a massive ledger of data to be accessed securely by various stakeholders.

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Blockchain Has Already Entered Garbage Collection: Here is How

Seeing the potential benefits of Blockchain, various players have entered this space to tackle waste management. Ivan Zubilewicz, an entrepreneur from Campo Viera in northeastern Argentina, has developed a cryptocurrency that he hopes would improve and enhance local waste management.

Although the regulatory framework for cryptocurrency hasn’t developed in Argentina yet, Viera will soon be utilizing JellyCoin (in a limited capacity) in order to deal efficiently with waste collection. 

Another similar community-driven approach is carried out by a nonprofit group called CITAG which stands for Citizen Involved & Technology-Assisted Governance) in Bengaluru city, India. According to Shobha Ananda Reddy, who is CITAG’s secretary and an environmental scientist, her municipal government, Bruhat Bengaluru Mahanagara Palike, has a Blockchain-based app to manage waste management. For now, CITAG’s Blockchain is in a development phase, but Reddy believes that if successfully implemented, data tampering would become a non-factor, and the record of citizen complaint filings and collector-marked pickups would be more precise. In addition, it will also include feedback to higher-ups on who is doing well and who is not.

RecycleGO, based in New York City, is another Blockchain-driven waste management project that aims to integrate software and technology into recycling. CEO Stan Chen believes that the world needs extensive scalable solutions for tracking in terms of attaching data to human activity to provide social impact behavior to be monitored, measured, and credited. 

Concluding Lines 

This has brought us to the end of our discussion. There is no doubt regarding whether Blockchain can revamp the entire waste management industry or not. By maintaining accountability in waste management by placing producers, customers, and waste management workers into a network together, Technology can give a new definition to the environment.

Not only Blockchain, but, Blockchain coupled with IoT sensors can help in tracking how much waste has been collected, how much can be recycled, how much is hazardous and non-biodegradable, and everything, bringing a cleaner and greener environment for one and all. 

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.

Blockchain Technology in Garbage Collection

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Filed Under: blockchain, blockchain technology Tagged With: Argentina, article, blockchain, blockchain council, blockchain expert, Career, ceo, crypto, cryptocurrency, data, decentralization, decentralized, economy, Entrepreneur, Environment, finance, fraud, government, health, healthcare, India, information, iot, Ledger, Logistics, New York, p2p, Software, Space, supply chain, Technology, transportation, us, world

Control-Finance Scam Mastermind Hit With $570M Fine By CFTC

March 27, 2021 by Blockchain Consultants

Benjamin Reynolds stands as the mastermind behind one of the biggest Bitcoin Ponzi schemes out there. While the man hasn’t been located yet, the US Commodity Futures Trading Commission (CFTC) has enacted a default judgment against him. He will be mandated to pay a fine of $572 million in restitution and penalty after a federal New York judge made the default judgment against him.

Around 22,800 Bitcoin Stolen

The CFTC had accused Reynolds of operating a pyramid scheme that went by the name of Control-Finance. The scheme itself had fraudulently promoted a cryptocurrency investment company based within the UK, and the complaint itself was filed all the way back in 2019.

The complaint itself saw the agency go into detail about how this fictional CEO had, through fraudulent means, obtained 22,800 Bitcoin, which is worth an excess of $1.24 billion. He stole this Bitcoin from more than 1,000 investors, and promptly misappropriated it.

Usual Tactics Involved

Control-Finance made use of the typical promises of daily returned in order to lure in their unsuspecting investors. Promises were made of a 45% monthly returns, 1.5% a day. As is the norm in these types of scams, Control-Finance fabricated weekly trade reports to feed the investors further false information.

bitcoin etf

New participants within the program were given the typical promises of annual returns, but the entire operation was, in fact, just a big Ponzi scheme.

The CFTC explained that the big promise made by Reynolds was that he would return all Bitcoin deposits to the various Control-Finance customers by October of 2017’s end. As we all know now, he didn’t do that, retaining the deposits for his own personal use instead. As a result of this scheme, almost all of the customers managed to lose their entire Bitcoin deposits, with only a few managing to get an inkling of their initial investment

Stealing The Money Of Others

As one would imagine, the watchdog claimed that Control-Finance did no trading for its customers’ behalf, and didn’t earn any profits, to begin with. Instead, the scheme managed to launder the stolen funds by way of thousands of circuitous blockchain transactions. Reynolds even managed to transfer segments of these stolen assets to various bank accounts spread across tax havens, the Seychelles islands being a prime example.

The court paper went as far as accusing Reynolds of forging documents from the UK Companies House in order to convince the victims of this scam that the entire operation was legitimate.

As it stands now, the CFTC has failed to locate Reynolds, but the agency has managed to make a ruling through the New York court to settle his accusations in his absence.

Control-Finance Scam Mastermind Hit With $570M Fine By CFTC

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Filed Under: blockchain, cryptocurrency Tagged With: Bank, Bitcoin, blockchain, ceo, CFTC, commodity, Commodity Futures, Companies, crypto, cryptocurrency, data, ETF, Futures, Go, information, investment, Market, money, New York, scam, scams, tax, Trading, uk, us

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