Connect with us

Interview

“Stop conflating bitcoin with blockchain,” says Daniel Gouldman, CEO of Ternio

Published

on

beyond bitcoin

Ternio is looking to solve the biggest problems that plague the digital advertising space: transparency in the digital advertising supply chain and ad fraud.

Ternio, an enterprise blockchain in the programmatic advertising space, boasts a third party verified 1 million transactions per second.
Highlight and Share any textIf we were in 2017, this verified million transactions feature would have pushed the FOMO engines of the crypto machine, however, we are in 2019 and people are treading carefully around these claims.

Why do a million transactions per second matter when visa only processes around 1700 transactions per second?  Is this all just hype or is there a logical reason to it?

It turns out, at least in the industry Ternio operates, there is a real need for such scalability. We sit with Daniel Gouldman, CEO of Ternio, to learn more.

Don’t go looking for a problem

Most blockchain whitepapers address real-world issues with a phantom solution. Or sometimes they have a grandiose solution for a problem that simply doesn’t need blockchain.  

Ternio is one of those blockchain projects that actually is aiming to solve a real-world issue that can use blockchain solution, however, sheer scalability that is needed to serve this space has kept most ideas at bay.  Even at a million transactions confirmed speed – Ternio still is not at par with the number of transactions that take place in the digital ad space.

In truth – 1 million isn’t enough in digital advertising.  It’s an industry that handles more than 10 million TPS at any moment; it’s a massive scale relative to data,” Daniel said.

Look beyond Bitcoin

beyond bitcoin

Daniel views the majority of blockchain space still under-educated. “Stop conflating bitcoin with blockchain,” he says passionately, “I hate that I’ll go to a meeting supposedly with people talking about blockchain and the people on the panel devolve into talking about Bitcoin.”

Daniel is interested in use cases of both public and private blockchains.  There are a lot of creative solutions brought to life every day in the blockchain space.

“It’s another level of stupid because even in the world of cryptocurrencies – there’s so much amazing innovation happening with aasset-backed tokens and smart contracts, look beyond Bitcoin,” he said.

Both private and public blockchains have their specific use cases depending on the industry and need: “If you think only one has a use – you’re missing half of the important developments happening in the industry,” he concluded.


$50 Billion dollar problem in $630 billion market

Digital ad spending is expected to continue its upward trend into the year 2022.  The spend that is at about $630 Billion worldwide at 43.5% of total ad spend is expected to reach 50% of total ad spend by 2022.

That is a huge upside.

With that upside comes to the increase in the fraud in this space, that is already at $50 Billion annually.

A traditional solution just doesn’t cut it when it comes to the trust issue at this mass scale.  Solutions like Ternio will become the norm in the coming decade.

In conclusion

Ternio is spearheading a solution to address rreal-worldissues and they are seeing traction in the space.

They are not trying to change the structure of the supply chain, instead, they are bringing transparency into the existing business model.  This transparency and ability to settle directly instead of relying on third parties will eventually make the whole supply chain lean.

You face resistance when you want to change the whole structure of any given supply chain, however, if you bring about the blockchain technology to work within the existing framework and eventually change it during the natural course of progress, such solutions have a greater shot at adoption.

Ternio is seeing the traction, “We have announced several partnerships publicly and many more not publicly. Many large companies prefer to wait to publicize anything until it suits them.  Nothing I can add here that’s not already public. We recently communicated being one of only five blockchain companies that is an advanced tech partner of Amazon and we’re proud of that,” Daniel said.

Enjoy the interview.

Ternio Exclusive Interview Transcript

CryptoTapas: Tell us a little bit about yourself and what in your view makes you (and your company) ideal players in the blockchain space?

Daniel: Well for myself, I have a long history in management – managing people, products and the overarching business itself.  As for our company, we have a very talented team of people with backgrounds in large corporations, startups, public and private sector.  We have a very tech-oriented team and we’re breaking ground to solve problems that others have yet to solve.  Ternio team

CryptoTapas: How did you get started in the Blockchain space?

Daniel: My partner and Ian and I have had several years in the digital advertising space in various ways.  We had a couple of developers who thought they could use blockchain to solve for the scalability issue based on architecture; in order to address issues in the digital advertising industry – you really need tremendous scalability.  It’s not uncommon for ad tech companies to handle 10 to 15 million ad impressions per second; it’s a really massive scale we’re talking about. We can thank IBM for their contribution with hyper ledger fabric that allowed us to jump in.

CryptoTapas: What is your elevator pitch for Ternio (for blockchain naïve crowd)?

Daniel: Well, if it’s someone who doesn’t understand Blockchain, that’s a bigger conversation. I usually say Blockchain is a technology that is well suited to internal and external supply chains. It’s really just a bunch of redundant databases that prevent any one person from gaming the system on their own and allows for real-time data sharing.  The big problem is that it’s slow and Ternio makes it fast.

CryptoTapas: If you were to choose only two BIG problems that blockchain can solve in the advertising industry using blockchain, what would those be and why?

MediaDaniel: Tracking the supply chain of media spend and ad fraud.  Advertisers spend about 70% of their money on just paying the middlemen; there is no other industry that has that inefficient a supply chain.  Additionally, tracking the supply chain of fraud is something that doesn’t presently exist.  The way we use blockchain, we can solve that problem.

CryptoTapas: What makes Ternio better than other blockchain solutions in the advertising industry space?

Daniel: We’re the only company that can track ad impressions on an impression level basis. Everyone else is tracking it in bulk files which really makes blockchain obsolete.  That’s because they don’t have speed and that’s because they don’t have a solution for the scalability challenges of the technology.  We are one of only two companies with our own technology as far as I know; we’re not using other people’s systems exclusively.  We built our stuff in house minus our integration of Hyper Ledger Fabric.

CryptoTapas: Since June 2018, has your user | publisher | advertiser base grown?  Can you shed light on growth statistics of Ternio?

Daniel: We have announced several partnerships publicly and much more not publicly.  Many large companies prefer to wait to publicize anything until it suits them. Nothing I can add here that’s not already public.  We recently communicated being one of only five blockchain companies that is an advanced tech partner of Amazon and we’re proud of that.

CryptoTapas: Why not connect the publishers and advertisers, and why have you decided to enable existing ad supply chain distribution channels instead of removing middlemen?

Daniel: We’re agnostic to the process; we simply focus on making sure that people know where the media spend is going.  That transparency will drive the advertiser and publisher closer naturally. We simply provide the tools that enable better decision making with real-time analytics on supply chain spend.

CryptoTapas: Why is the race for 1 million transactions per second (TPS) such a big deal when Visa only processes 1700 transactions per second?  Is there a logic to competing on the TPS ground or is this what digital ad space requires?

Daniel: Well, people get stuck on this 1 million TPS thing.  It’s much bigger than that.  In truth – 1 million isn’t enough in digital advertising.  It’s an industry that handles more than 10 million TPS at any moment; it’s a massive scale relative to data.  But this scalability will prove to be just as important with things like Artificial Intelligence. It comes down to data passing from A to B to C.  Doing 2k TPS is a joke in digital advertising, candidly. I think that will prove to be the same with AI due to the weight of that tech on the blockchain.


CryptoTapas: What would you do differently based on the experience you gathered since launching Ternio and living through this crypto winter?

Daniel: I’m a firm believer that you learn from everything – good or bad.  I’m not sure I’d do much different honestly. I don’t dwell on the past and I think we’ve pivoted quickly when we make those inevitable mistakes.

CryptoTapas: What impact did Ternio have on you as a person?  How (or what) did it change in you?

Daniel: Ternio has definitely taken over my life.  For my birthday – my cake had Ternio’s logo on it.  I can’t think of anything that has changed about me personally since my voyage began.  I’ve always been obsessed with my work. I marinate in my work and really enjoy what I do.  The experience has allowed me to learn a lot about the technology, the very real differences between blockchain and cryptocurrency, and – however egotistical this may sound – I honestly feel confident that I can speak to blockchain’s use in enterprise in non-technical terms relative to how to craft use cases better than most people on the planet.

CryptoTapas: In your own words, can you talk about the use-cases in non-technical terms?

Daniel: Whereas cryptocurrencies are excellent for peer to peer payments, blockchain excels in many things including what’s called “Track and Trace”. 

It especially excels in complicated supply chains where there are many different companies operating together.  One example of this is in programmatic digital advertising.  70% of all money spent by advertisers in this programmatic digital advertising world that includes Google and others gets spent on the middlemen that sit in between the advertiser and the publishers. 

There is no other industry with supply chain costs like this.

So, what blockchain is able to do is to prevent one company from gaming the system; firstly, advertisers can use blockchain to verify ad impressions, and secondly, they can use it to track where all their money is being spent from who, what, when (right now they have literally no idea). 

Thirdly, they can use blockchain to track the supply chain of fraud which is currently a $50 billion problem in the industry.  And fourth, instead of paying this guy to pay that guy to pay the next guy – they can pay everyone in the supply chain from the top to the bottom. 

These are all revolutionary shifts from what exists today, made possible by blockchain technology. 

CryptoTapas: Talk a little bit about BlockCard, the purpose it serves in the Ternio’s ecosystem?

Daniel: The BlockCard is awesome because it allows users to keep their crypto in crypto until they spend it; right now other cards force all deposits to convert to a fiat currency immediately. I envision BlockCard as more than just a card – we have some big plans for BlockCard. The special thing we do is the technology behind the card. 

CryptoTapas: Are you planning on listing on more exchanges to be able to be accessible to more users?

Daniel: There are very few real exchanges that would make any kind of meaningful impact on Ternio in this crypto winter; to the extent that an exchange would make that impact – we would be interested of course.  But if a token is truly a utility token, exchanges are irrelevant.  They’re relevant because most tokens have no real purpose and aren’t actually being used for utility – just fundraising.


CryptoTapas: What excites and pushes you every day about blockchain in general and Ternio in particular?

 Daniel: There’s always deals happening. Its exciting times filled with lots of peaks and valleys. I love working with my team; we have really good people – not just great workers – on the team.

CryptoTapas: How do you strike a work-life balance? How do you stay away from digital noise?  Any tips?

Daniel: I don’t care about work-life balance.  Work-life balance is a joke.  I like what Jeff Bezos said: work-life harmony.  I work a lot.  I love my work; it’s an extension of me and we’re crafting, building something.  I don’t have a 9 to 5; I wouldn’t want a 9 to 5.  As for being efficient – I know what my mission is.  It comes down to this: how am I going to make money today.  We do whatever it takes to be successful – to close deals – to execute on our plans.

CryptoTapas:  Is there anything you would like to add as your closing comments to the blockchain community?

Daniel: Stop conflating bitcoin with blockchain. 

I hate that I’ll go to a meeting supposedly with people talking about blockchain and the people on the panel devolve into talking about Bitcoin.  It’s another level of stupid because even in the world of cryptocurrencies – there’s so much amazing innovation happening with asset-backed tokens and smart contracts, look beyond Bitcoin.

Understand the differences between private blockchains vs. that of public blockchains; each has an important use depending on the circumstance.  If you think only one has a use – you’re missing half of the important developments happening in the industry.

Thank you for reading this article.

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

CryptoTapas does not endorse or guarantee the accuracy of the information and claims made.

Subscribe to be notified for new updates in Crypto and Free eBooks!

Subscribers get our upcoming copy of ‘STAYING RELEVANT’, an essential primer from Cryptotapas for FREE!
Staying Relevant by Cryptotapas
Buy us a Coffee: Keep information FREE. We do not sell what we research. A small tip from you can help us bring you more content like this for FREE.

BTC: 37kJr9PodRHzsG5u1ZfKkfYpHFSZrS8s9n 

If you are thinking to open KuCoinKucoin Referralaccount, please consider using our referral link.

About the author

RK Reddy holds two Masters degrees, one in Accounting and another in Business Administration with over 15 years of experience in the financial services industry.

RK Reddy is an ardent fan of Blockchain and Cryptocurrencies. You can see the excitement about this new technology in every article on Cryptotapas.com. Sometimes this excitement leads to an overly optimistic view. Guilty as charged. RK Reddy says what may seem like an ‘overly optimistic expectation’ today may become an everyday norm in 5-10 years; look at the history of cars or airplanes, Blockchain and Cryptocurrencies belong to a similar frame of reference.”  Of course, that is just his opinion.


Interview

“Coda is world’s lightest Blockchain,” an exclusive interview with Emre Tekisalp of Coda Protocol

Published

on

Coda Protocol Interview

What happens when the miners decide to pull out their support of a public network? What
happens when nodes find a project not-profitable and they abandon the project?

It makes the blockchain network weak and vulnerable to attacks. In theory, all public blockchain
networks that rely on network strength to sustain face this existential threat.

Coda Protocol “addresses blockchain’s scalability problem at its source by utilizing recursive zk-
SNARKs to ensure the blockchain never exceeds the size of a few tweets, making it the world’s
lightest blockchain.”

Coda wants to provide a viable scalable solution without sacrificing the decentralized nature of
blockchain.

We asked Emre Tekisalp, Director of Business Development at O(1) Labs, the team behind
Coda Protocol, a lot of questions about Coda Protocol and his answers are below for anyone
wanting to learn about Coda Protocol.

Emre spent two years at Coinbase’s Business Development team where he led a number of strategic programs during a period when the company grew 10x. Before Coinbase, Emre was a Product Manager at Intel’s wearable devices group. Originally from Istanbul, Turkey, Emre has an MBA degree from Columbia University.

Q&A with CryptoTapas

In a world of 1000’s of blockchain projects and protocols, how do you envision Coda
making its mark?

Coda addresses blockchain’s scalability problem at its source by utilizing recursive zk-SNARKs
to ensure the blockchain never exceeds the size of a few tweets, making it the world’s lightest
blockchain.

Legacy blockchains like Bitcoin and Ethereum are incredibly heavy chains from a data
perspective. The heavier the chain, the greater the data processing requirements placed on
nodes, which limits the number of nodes eligible to participate. As the pool of potential nodes
diminishes, decentralization declines, jeopardizing the strength of the network.

Decentralization is not a sacrifice blockchains should be willing to make, yet this is
precisely the danger facing blockchains that focus solely on scalability. Coda confronts this
problem by using recursive zk-SNARKs to encapsulate the entire history of the chain in a single,
lightweight zero-knowledge proof.

To ensure sufficient decentralization upon mainnet launch this summer, we launched Genesis, a
token program to prepare members of our community to be block producers. With more than
500 users joining our testnet, Coda is now one of the largest layer 1 testnets by peer count. It’s
the strength of our technology and commitment to our community that differentiates us from
other protocols.

What would you say to convince the team of a project that is already on another protocol,
say Ethereum or Tron, to move to Coda?

Coda is designed for developers and for projects to use it as an easy tool to enable value
exchange in their existing apps. It is incredibly lightweight and prioritizes decentralization and
security. Already more than half of all web traffic can be attributed to mobile, and so it is
absurd to believe any blockchain system that does not work on mobile will be able to meet
the needs of the increasingly mobile digital economy. Coda’s inclusive and lightweight approach
will allow the protocol to be useful for the existing mobile internet ecosystem.

Who is behind o1Labs.org? How big of a team is working on Coda?

Emre Tekisalp founder of coda protocolCo-founders Izaak Meckler and Evan Shapiro created Coda with the goal of solving the
scalability problems that have plagued blockchain since its inception. We now have 28 full-time employees and hundreds of dedicated community members. The first cohort of validator teams participating in our Genesis program includes Bison Trails, Figment Networks, dsrv labs, and Sparkpool.

Coda Protocol Team

[CryptoTapas Side note: Bison Trails is a Libra Network member]

How does SNARKs make Coda better than other projects, can you explain in a way that a
non-blockchainer can understand?

The basic idea of zk-SNARKs is that they allow one to verify the result of any computation
without having to redo or acquire any detailed information about said computation. For example
you can prove “you are who you say you are” to a website without sharing any sensitive
information like a password. Coda uses zk-SNARKs to enable anyone to easily connect to the
blockchain from any device just by downloading a couple kilobytes of data. In contrast,
traditional blockchains like Bitcoin require expensive desktop machines to download hundreds
of gigabytes over many hours.

In the whitepaper, we read “The resulting consensus protocol is consistent and
responsive as long as at most 1/2 of the mining power is malicious,” can you elaborate
what this means?

In order to function, blockchains require all nodes connected to the network to periodically come
to consensus regarding the latest state of the world. The way this consensus is achieved varies
from blockchain to blockchain.

Coda Consensus

Bitcoin, for example, also requires at least half of the nodes participating in consensus to stay
honest. Unlike Bitcoin, which is a Proof-of-Work network, most Proof-of-Stake networks like
Cosmos or EOS require at least two-thirds of the nodes to stay honest. This higher requirement
makes such networks less resistant to attacks. The specific consensus mechanism we use in
Coda, a variant of Ouroboros, allows Coda to stay secure as long as half of the nodes are
honest, similar to Bitcoin. This is one of the factors that allows Coda to be more decentralized
than other blockchains out there.

Will there be a token sale? What will be the maximum supply of Coda?

We have not disclosed any plans for a token sale before the mainnet release of Coda. Coda will
not have a maximum supply, as it will have ongoing inflation per our Economic Whitepaper. At
mainnet launch, Coda will have an initial supply of 1 billion tokens.

Can non-technical members become Genesis Founding members? How many of your
1000 slots are still available?

Absolutely! We see Coda as a decentralized network and currency built by its participants, and
this includes users with many different sets of skills. The majority of the 1,000 Genesis
Founding Member slots are still open, so hop on over to our website to start getting active on
our testnet.

If you were to meet all of your goals, what would Coda look like in 5 years? What kind of
clients would it have on board and what kind of social impact does Coda have in the
blockchain space?

Coda is built first and foremost for developers.

In 5 years we see Coda enabling internet users to exchange value from any app. This will allow
any developer and business owner to easily accept money and new novel types of tokens from
anyone around the world from any device. We recognize that such a future is not built just by
one company. This is why we emphasize inclusivity above all else and are encouraging people
of all backgrounds to participate at this early stage through our Genesis program. Only by
supporting diverse participation today can we be sure the system will be equipped to serve the
diverse, global population of internet users.

CryptoTapas wishes all the best to Coda Protocol.

Thank you for reading and sharing this article and if you have spare satoshis lying around – consider donating.

CryptoTapas BTC Donation Address

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

Subscribe-top5-long-term-cryptocurrencies

Continue Reading

Interview

“The Asensys system delivers 1,000 times the throughput and 2,000 times the capacity of the Bitcoin and Ethereum networks” Says Dr. Brendon Wang, founder of Asensys

Published

on

Asensys AMA with CryptoTapas

There are over 5100 crypto projects that are listed on CoinMarketCap. This is not a complete list though, there are 1000s of other blockchain/crypto projects that are out there that are not listed on CMC yet for various reasons (one big one is they may not have their own cryptocurrency to trade). 

With 1000s of Crypto projects already existing – it is difficult to get excited about new projects.  However, when you hear about a project that is conceived and built by a Lead Researcher who lead the team at Microsoft on Distributed Systems, you want to learn more.  

Brendon WangDr. Brendon (JiaPing) Wang, along with Co-Founders Minghao Pan and David (Xiaobing) Zhang, has conceived of an idea that could increase the current transaction speeds by 1000s of times that of Bitcoin or Ethereum. The exciting part about Asensys is its performance increases with the user base. The more users who use the network the faster the network becomes.

This counterintuitive novelty could give Asensys the edge in the blockchain space.  But, is it all hype or is there mettle in this project?

We wanted to find out directly from the founder.  This exclusive Q&A with Dr. Brendon Wang is geared to provide great insight to the reader about Asensys.

best Crypto Tax Software

CryptoTapas Q&A

1) How would you describe Asensys to an already confused novice with 2000 odd projects in the market?  What sets it apart?

To understand Asensys, you first need to understand the problem we are solving. Bitcoin revolutionized finance by introducing the first peer-to-peer electronic cash system. Its brilliance lies in the fact that two individuals can exchange value without verification from a third party intermediary, upending the system we’ve relied on for centuries that gave undue power to trusted, centralized entities like banks and governments to validate transactions and provide legitimacy to currency itself. The way Bitcoin circumvents the need for trusted, centralized validators is by outsourcing verification to a decentralized web of computers, called nodes. This means that every transaction and action on the network needs to be broadcast and replicated by all nodes, a process that takes time—too much time to meet the needs of the fast-paced digital economy. This issue of how Bitcoin and all blockchain networks can scale has been one of the biggest roadblocks to adoption of cryptocurrency and blockchain systems to-date.

One obvious way to improve the speed at which blockchain networks can process transactions is to decrease decentralization. The more centralized a system, the fewer nodes need to be communicated with to replicate the action. However, decreasing decentralization compromises the security of the network, making it more vulnerable to a 51% attack—when a majority of nodes collude against the whole to update the chain of transactions in their own interests (AKA: cheating). Incentives are designed to deter nodes from weakening the network, as they stand to benefit from a fully-functioning blockchain, but most members of the crypto community believe weakening security is a bad idea. Furthermore, decreasing decentralization is contrary to the spirit of cryptocurrency that drew so many of us to cryptocurrency in the first place. 

What we’ve done with Asensys is introduce a way to dramatically reduce over-redundant actions across the network (the main culprit contributing to blockchain latency). Our novel solution utilizes Asynchronous Consensus Zones to essentially “divide and conquer” all intra-network tasks into “mini” networks, which are independent and parallel zones.

Dividing workload produces substantial performance lift for the entire network, but it raises two problems: cross-zone transaction handling, which is when a user in one zone transacts with a user in a different zone, and mining power dilution. Asensys addresses the efficiency issue of cross-zone transactions with eventual atomicity and the security threat of mining power dilution with Chu-ko-nu mining.

Eventual atomicity enables transactions to be verified and executed in the zone where the transaction’s first state was initiated. Groups of operations are then conveyed to other zones in relay transactions, but the data pertaining to the transaction remains in the zone in which the initial state resided.

Chu-ko-nu mining protects each zone and the entire network against a 51% attack by incentivizing miners to create multiple blocks for different zones with a single nonce, which enforces even distribution of mining power across zones.

2) Most projects do well in a test environment but fail miserably when it comes to real world application – what factors contribute to this variance and how is Asensys going to circumvent these very issues?

We have conducted an in-house experiment to simulate how Asensys will scale as more users are added to the network and greater capacity and throughput are required. The results demonstrated that performance by the Asensys protocol increases proportionately to the community size. This means that as the user base grows, Asensys becomes even more efficient at processing transactions. In a test including 1,200 virtual machines worldwide to support 48,000 nodes, the Asensys system delivers 1,000 times the throughput and 2,000 times the capacity of the Bitcoin and Ethereum networks. The below graphs are from our whitepaper.”

Linear scaling

cross zone transactions

3) Your claims are in line with companies like Credits, Hedera Hashgraph, etc., all of which have raised substantial capital to fund their projects.  How big is your team to gain traction for Asensys and how are you going to fund it?

I lead a global team working from the United States, China, and Germany. Co-Founders Minghao Pan and David (Xiaobing) Zhang are based in Frankfurt and Shanghai, respectively. Michelle Chuang leads Audience Engagement and Customer Experience for Asensys. She comes to us with over 20 years of experience in marketing and customer engagement and has led key initiatives for companies such as Starbucks, Chevron and Staples Inc. We have funding from angel investors who are also high-profile leaders in technology, news that we will be [releasing] very soon.

Best Crypto tax software

4) Will you have your native currency on Asensys?

Asensys will have its own currency just like Bitcoin and Ethereum to incentivize miners to add blocks of transactions to the chain. Ultimately, however, Asensys intends to be the underlying system powering a decentralized web of applications, each capable of issuing their own tokens.

5) Is your network designed to support micro transactions, and will it be blockchain platform (bitcoin/ethereum/ripple/etc.,) agnostic? 

Asensys is its own infrastructure layer, distinct from Bitcoin, Ehtereum, Ripple, etc.

6) How does Asensys’s unlimited scalability translate to a real world business use case, can you give an example that can be understood by a non-technical business person?

Asensys will be the system powering the decentralized web, which will be comprised of dapps for entertainment, finance, healthcare, e-commerce, education, and more. Just as developers can build on Ethereum, they will be able to build on Asensys without concern for its capacity to scale as the number of users grows. Asensys has a programming language, Parallel Relayed Execution Architecture Language (PREAL), specifically designed for blockchain systems and based on asynchronous consensus zones (just like nVidia has CUDA language to GPU programming). PREAL is based on a functional programming model that allows developers to describe transaction logic without concerning themselves with the underlying parallel blockchain system. 

7) We only saw Academy research reference on your site, is there a white-paper or document that describes Asensys and contrasts it with existing projects?

If you’d like to learn more, please refer to our whitepaper, which describes the details of our system in great detail. This research was also presented at the prestigious NSDI’19 conference. We are continuing to add to our website and build our community. Feel free to follow us on LinkedIN and Twitter channels for updates on news and developments:

Thank you for reading and sharing this article. You can highlight any text on this page to share on social media.

Check out our exclusive interviews with blockchain/crypto luminaries.

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

Subscribe-top5-long-term-cryptocurrencies



Continue Reading

Interview

A Crypto Crimes Database Is Here, and It’s On to Something

Published

on

Crypto Crimes regulations

If you have ever seen crime shows from the 90s or early 2000s, you inevitably saw a frustrated detective wring his hands and say, “there is no record of the crimes from the other state.”

Even to this day, a national crime database is not a thing in many countries.

In the United States, there is no simple search system to scoop records from national, state, county, and federal databases. These databases operate on a different search parameter.

However, blockchain and crypto space may be able to circumvent the painful lessons from this lack of a single-source reference.

Murphy & McGonigle, a financial services law firm with a focus on blockchain and crypto litigation, has built a database to act as a single-source reference for specific case laws, verdicts, and fact patterns.

Blockchain Litigations Expected to Rise

Daniel Payne, Murphy & McGonigle

              Daniel Payne

As more and more companies are now venturing into the blockchain space, Daniel Payne, a shareholder in Murphy & McGonigle’s FinTech & Blockchain Practice expects an uptick in the number of cases in the space and for the relevance of the database to be more prominent. “As the economy drives toward a blockchain future, we think the litigations in the space will follow,” Daniel said.

The database tracks the trend line of litigations in the space. For instance, the 2017 and 2018 trend line shows a massive increase in blockchain litigations, which has subdued in 2019 as illegal and unauthorized ICO’s died down.

According to a report by Murphy & McGonigle, securities-related fraud lead the litigation list, while Texas leads the charts for the most number of blockchain-related litigations in the US. The report also notes that “the SEC issued a warning that it has put market participants on notice and is now focusing on non-fraud violations.”


Comprehensive Search Functionality

CryptoTapas had the opportunity to preview the Blockchain Litigation Database with Daniel Payne. The search criteria are quite comprehensive, with options to search for a specific case by plaintiff, lawyer, code, verdict, or any number of parameters. All the charts and statistics on the database are hyperlinked, helping to take the users straight to the details of whatever information interests them, depending on their search.

The database lets users narrow down their searches to the minutiae of a specific type of complaint. For example, if you want to see only criminal cases within a broad category, you can do that. You can further narrow down the search to a particular jurisdiction. You can even find cases by law firm or attorney. “One interesting aspect of the database is it helps you find the law firms that dealt with specific case types,” said Daniel. “One of the interesting aspects is that a particular attorney in Florida has been very active in finding plaintiffs to file a specific type of litigations.”

“Our database helps tie the incidents together that lead to a case,” Daniel said. “A case is otherwise just a case; however, learning about the incidents helps us advise our clients so that they don’t fall into the same pitfalls.”

Bitcoin and the Blockchain Litigation Database Have Common Roots

The idea behind the database came from the mortgage litigations the firm dealt with during the 2008 financial crisis. To help the clients they represented, Murphy & McGonigle started tracking all the mortgage litigation cases, whether their clients were involved or not. This database gave them the edge in terms of finding case laws and rulings to leverage in their cases.

The utility that the firm drew from tracking mortgage litigations sowed the seeds for the Blockchain Litigation Database. Bitcoin was also born during the recession, which was primarily caused by the subprime mortgage crisis.



Smart Contracts Are Legally Binding

“Smart contracts can absolutely be legally binding, and because of that, parties entering into smart contracts need to be careful,” Daniel said. “They should consider getting the legal advice they need before entering the contract.”

All the aspects of a legally binding contract are present in a smart contract. For instance, an offer, conditions, an acceptance, and an execution are all part of the smart contract’s protocol, and as such, they can be just as binding as any other contract.

“Parties should be aware of the ramifications of entering into a smart contract before they enter into them,” warned Daniel.

Education Is Needed in the Space

“I do not think that the attorneys or the courts have the full understanding of this new technology necessary to get questions right that are being presented to them in every case,” Daniel said. “However, we have seen that many of the verdicts on the cases we are tracking are absolutely correct.”

Daniel said that there is a need to educate the individuals working in the blockchain space, especially in terms of the law. “We have seen instances where failure to really understand the technology has led to the decisions that we question,” Daniel clarified.

There is no one to blame here because this technology is so new that many people do not have the required understanding. This lack of understanding is part of the growing pains that any new industry goes through. It is part of the evolution.

“Many of the undertakings of the companies within this space fall within the purview of the existing laws, while few specific aspects need some updates,” Daniel said.

Talking about the efforts made in the space by the blockchain community, Daniel said, “I am happy with the efforts by the blockchain communities in educating the Congress so that they have the background necessary for dealing with the issues that come before them.”

The database is not available for public viewing, but they do offer subscriptions for those who want access.




___________________________________________________________________________
Thank you for reading the article.

Binance now allows Lending with interest rates of up to 15%.  Open your Binance account.

Consider subscribing to get ONE email per week with all the important curated information, tax alerts and free eBooks.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.
Subscribe-top5-long-term-cryptocurrencies
IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

About the author

RK Reddy holds two Masters degrees, one in Accounting and another in Business Administration with over 15 years of experience in the financial services industry.

Read more about the author here.



Continue Reading

Trending