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How Could Blockchain Transform the Way We Travel? TravelChain CEO Explains

Ilya Orlov, one of the founders of TravelChain, а decentralized data exchange for the travel industries, believes that Blockchain technology gives a prodigious opportunity for travel industry players. Travellers can now earn money for sharing their experience directly and safely with travel businesses, and the companies can integrate new products and services easier by using Blockchain.

Fast and powerful

Ilya Orlov explains that unlike others TravelChain platform has their own graphene-based Blockchain, which allows travel companies to integrate into the system and create their business models on top of the platform provided by TC.

The difference between graphene-based and a “standard” Blockchain is that Graphene-based Blockchain allows users to make the public information available for every part of the system, while safely encrypting the private information. Individual users own the private keys to their data in order to control secure storage in real time. Ilya Orlov adds on:

“At this moment there is no Blockchain faster and more powerful than Graphene-based. Moreover, the community of this technology is ideologically close to us. We share and build the hypothesis of gathering, storing and transferring data in the Blockchain.”

Other side of the coin

While planning a trip travelers browse hundreds of websites, blogs, forums, read articles, reviews, watch videos. All this content is created for free by millions of people because they want to share their experience with their friends, colleagues or even the whole world. But it doesn’t occur to them that they are creating value and don’t get any reward for it. That’s exactly what TravelChain is built for: to change this whole experience for the better.

However, fellow travelers are not the only ones to benefit from the platform. The small and medium-sized business can cut their costs in half, improve and target their offer and grow in leaps by using the data that the users are willing to sell.

Ilya explains how that works

“Traveler Passport” is a key component of TravelChain functioning. It is a model with distributed trust which allows you to form an image of another person without being acquainted personally.”

The idea is to collect such profiles called “passports” by motivating travelers  to share their information in exchange for a reward. Users get travel tokens for sharing the info such as preferences (in food or entertainment, for example), location, the way of living and traveling, etc. The question which appears in minds “who needs this data and how it will be used?”

Orlov clarifies that the primary consumers of this information are travel businesses, also using the TravelСhain platform. These companies will buy potential customers data with travel tokens, and travelers, at their end, will get travel tokens as a reward. Here is the explanation of how it works with a real example:

“For instance, say you have a vegetarian restaurant, thanks to TravelChain you´ll find out that there are 150 vegetarians currently living in the neighborhood. You can purchase the more specific data like their tastes and preferences in exchange for Travel Tokens. Once you get the information, the users will receive the tokens as a reward.”

According to Orlov, data is a private issue. Travellers might be hesitant to share their personal information with the third party. He believes the user is to decide which information they are ready to share and with which categories of he fellow platform members. Besides, once shared, the personal data will be as safe as it could be using Blockchain.

The road ahead

Orlov says, Blockchain universe evolves within the travel sector, TravelChain makes it possible to integrate new products and services without excessive investment costs or overly complicated implementation efforts.

“We have ambitious plans for 2018. The key point is that we do not compete with anyone, we are striving to make the market and services better by integrating the industry.”

Currently one of the top priorities for TravelChain is to integrate with travel businesses. As of now, they have an agreement with IZI.Travel, tourister.ru, tvil.ru, more agreements are under discussion and soon to be announced.  

Another step in the list is their aim to is the integration with EOS.io Infrastructure for Decentralized Applications. TravelChain is planning to allocate smart contracts for the most apps within the Travel Chain platform on EOS.

To summarize, Orlov explained his view on humanity future through Blockchain development:

“Blockchain platforms like TravelChain could completely change the landscape of the travel market with users taking an active part in creating value, communicating and sharing data directly avoiding intermediaries and aggregators.”

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Matrix Reveals a Brand New PoW/PoS Consensus Algorithm

A Hong Kong-based Matrix AI Network is developing a prototype of a new hybrid PoS/PoW consensus algorithm. This update was shared with Cointelegraph by Owen Tao, the company’s CEO.

Tao described Matrix to Cointelegraph as:

“Designed to be the new generation blockchain, MATRIX leverages the latest AI techniques to revolutionize the landscape of cryptocurrency. MATRIX differentiates itself from previous blockchains by offering breakthrough technologies in building AI-enabled autonomous and self-optimizing blockchain networks, which feature multi-chain collaboration and decoupling of data and control blocks”.

This algorithm, according to Owen Tao, is a unique, one-of-a-kind development which is to be patented by Matrix soon. The company’s approach in implementing its innovative idea is based on a random clustering algorithm, which is executed in a distributed manner.  Owen Tao states that the algorithm guarantees fairness in the sense that the probability to be selected as a delegate is proportional to its PoS (and other factors). In addition, the selected node further assigns its PoW to its voters. “Our design combines both PoS and PoW for both efficiency and fairness” – Tao concludes.

The hybrid algorithm, according to Owen Tao, is designed to accelerate transaction confirmation latency. Tao further explains the essence of the algorithm’s function:

“With the PoS-based random clustering, a small number of nodes will be chosen as delegates. The transactions are broadcast only among these delegates. In previous blockchains, transactions have to transferred to every node in a P2P network and the latency increases as  the number of nodes grows. With our algorithm, the small number of nodes enables a significantly lower latency because of the reduced overhead of broadcasting transaction”.

Back at BlockShow

The first time the Matrix algorithm was introduced to the public was during the BlockShow Asia 2017 (hosted in Singapore in November 2017), where Steven Deng, the company’s Chief AI Scientist, performed as a speaker. Back then the PoW/PoS consensus was highlighted as an important part of the company’s development plan for 2018 – more specifically, the so-called “age of Speed”, scheduled for mid-2018. Keeping in mind the fact that Matrix is currently working on the prototype of the company’s hybrid development, one can safely say that the first full-scale version of algorithm will be launched this summer – most likely in June.

Big plans for 2018

After BlockShow Asia, Owen Tao shared more details about the company’s forthcoming plans and called 2018  “a big year for Matrix”. The company’s annual plan is divided into 4 “ages” which, according to Tao, correspond to important phases of Matrix development.

The first phase, called “Age of Genesis”, will include building and releasing the infrastructure of Matrix blockchain. The second one, the above mentioned “Age of Speed”, will be dedicated to developing and releasing a PoS/PoW consensus algorithm for an expected target transaction throughput of 500,000 transactions per second. The third phase, “Age of Civilization”, will include building the AI-based code generation and security checking frameworks. According to Owen Tao, main target of this stage is to integrate AI techniques with the Matrix blockchain so that orders autonomously emerge. The fourth and final stage,  “Age of Wonder” will mark the development of the prototype of mining hardware as well as AI based mining mechanisms.

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Orioncoin Further Unveils Loyalty Program Blockchain Platform

Cointelegraph is bringing continuous updates about the companies that made significant input to the recent BlockShow Asia conference in Singapore. This time it is a company called Orioncoin and its CEO – Woanjen Tang.

His main goal of participating at the Blockshow was to achieve market awareness and educate people about what Orioncoin (ORC) will bring to the world and promote Orioncoin’s long-term vision and agenda. But that’s not all he is driven by, and he wants to support the Blockshow event because of the good role the Blockshow played in bringing Blockchain startups and all people together.

Next-generation marketing model

Orioncoin (ORC) is the next-generation multi-tiered loyalty and marketing platform which harnesses the power of the Blockchain to turbocharge merchandising revenue in ways that traditional models cannot.

Tang comments to Cointelegraph:

“We make loyalty points on our own Blockchain. We basically just simply provide a Blockchain technology to the loyalty point system, which can increase value. We move the development forward through loyalty points, which they can have for free and use the coin access to the cryptocurrency market.”

Connecting East and West

At BlockShow Asia, Woanjen Tang revealed his preparations for a new Blockchain platform that addresses the complications with traditional loyalty programs. In Singapore just last month, Tang explained his Blockchain based loyalty program based on their universal ORC cryptocurrency that can be redeemed throughout various loyalty programs or simply cashed out.

As BlockShow Asia was interested in ways to bridge the gap between the Eastern and Western Blockchain scenes, Cointelegraph asked Tang if he believed it is important to connect the Eastern and the Western Blockchain scenes. He believes it is inevitable!

“Blockchain technology is developing every day and people are advancing to the next level in technology. People are coming closer together as a global village. Distance is no longer a problem day by day because of today’s infrastructures and technologies. The reality is people are connecting even stronger together through Blockchain far greater than anyone can understand today. A new world is forming, the largest country on earth: “Online”: with people as the government and Blockchain as the weapon.”

In addition, Orioncoin chose ‘The Final Frontier of Cryptocurrency’ as their main topic at BlockShow Asia. When asked why he chose this as a topic the ambitious CEO told us:

“In short, we are aiming to be bold and I have a vision and agenda for Orioncoin. It’s about life and death and the real purpose of human beings. The cryptocurrency that will change the world more than anyone could ever imagine now. Orioncoin will be the final frontier of cryptocurrency.”

Future plans

The company is doing a lot of marketing work to boost the Orioncoin crowdsale from Dec. 18, 2017 to March 18, 2018. Besides this, they will also be announcing and introducing new Blockchain IoT products and two new online platforms for Orioncoin. So be sure to stay tuned for that.

Keep staying up to date with Cointelegraph! We will be making updates of interviews and influential insights learned from BlockShow Asia. You can enjoy more BlockShow-related materials at our official Social Media channels and make sure to stay tuned for some fresh announcements which are coming up soon.

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Blockchain Revolution for the Art Industry

Soon after wrapping up BlockShow Asia 2017 main conference, Cointelegraph has been updating you about the companies that made some significant efforts at the event. This time let’s discover a company called INK and understand its COO Daniel Zhai’s perspective.

Daniel Zhai told us about the next revolution, a revolution of Blockchain environment in the creative scene. So if you’re an artist and you’re sick and tired of other people copying your work or some middleman taking away too much money, INK is the platform for you to sign up.

Cointelegraph: What is INK? Could we call it a Blockchain platform where creative individuals don’t get screwed over by the system?

Daniel Zhai: Yeah, that’s right. Couldn’t have made a better introduction myself. INK is a set of Blockchain solutions for the creative industry, mostly for the artists. If you want to do an art project, you got to claim ownership of your project. If you are a writer – you write something in your article on your blog and somebody say “Ok. This is a good idea! There’s a piece of good, you know, thoughts and pitiful words.” Then, they put it in their book. So there is no way for you to claim that is what you’ve written.

CT: And then there is legal aspect of it, which most people don’t understand, right?

DZ: With the Internet and traditional industry, the action of encouragement is everywhere. If you wrote a song, I wrote a song and it sounds very similar who’s there to say that I wrote a song or you wrote the song. No! There’s no perfect solution for that. But, if you register your work on a Blockchain that guarantees an ownership. This is yours and nobody can take it from you.

That’s the first step that we’ve been doing for over one year – to really expand the vision. Our second and third step is to tokenize your art projects. If you want to shoot a film, and you’re young artists, you’re doing something very ambitious. You don’t know anybody in the industry, you don’t have the resources to, you know, distribute your work. So you’re basically screwed. That is why young artists really need a way to fund their projects.

In our second and third step, we’ll have a crypto crowdfunding platform – if you want to do a film, an album or anything for that matter, you can INK cash it and support your own project, using our resources. Also, once your art project tokens get recognized, you can list them on our INK exchange – an exchange designed for artists.

CT: How is this gonna be different from existing platforms, like a Kickstarter project or even Patron? There’s a lot of platforms out there that support artists and get them paid. How is INK going to be a distraction?

DZ: That’s the best question I’ve had so far, thank you. So when you have an idea and others don’t, say, you want to make a fancy water bottle and I also want to make a fancy bottle of water as well. Your design of water bottle, anyone can copy and put it on Kickstarter. How would you claim that it is yours? No, you can’t. But on Blockchain you can.

Let’s admit, Kickstarter does not have Blockchain. We have it. Also, on Kickstarter, there is a risk of fiat, and they have developed this huge amount of projects where they pick the best projects, and more often than not, good projects are abandoned.

To be honest, in our content we are very much like a Kickstarter but we give people crypto. And the market is very liquid so when you raise your project – it’s a very easy thing to do, to get your project funded, even though you don’t have a nice presentation on the Kickstarter, a nice website, a good presentation of your ideas. But if you are a rough diamond –  we are really the guys who helped you to shine and, you know, get your radio discovered.

CT: Also there’s a psychology behind the market. These days the sentiment is that if it’s crypto, then it’s far more likely to be spent. Anyway, this is gonna be an area where you mentioned that they don’t have to be, they can be diamond in the rough and they can get a spot but that was also how a lot of this young early platforms started, right? People just come in and provide content? But as this platform grows at the 2.0, 3.0 and then becomes a race between one developer – second developer – this gonna be the same with INK as well?

DZ: Right now we’ve seen some competitors but they are not doing it right. They all made something that very elementary and fundamental to the whole big picture. We’re working with some of the best lawyers across the world to design our own token economics behind everything and there is solid legal ground and on top of that, we have some of the best developers. We have a bunch of PhDs from my university UCL to guarantee from the technology side. So I think we’re presenting the best case that, you know, possible.

CT: This the other thing that I would like to get your thoughts on: what is your sentiment about the creative market these days, where people are constantly working for free, artists could be exploited, right? Due to this exposure, they maybe don’t get paid enough. And then, small guys pitch something to the big guys?

DZ: That’s the old industry, there is a clear hierarchy. So it’s a pyramid. If you want to climb to the top, you got to know someone, got have messy resources, make people behind you, to support you. So it’s not really good money for the young artists. When they’re young, they have the youth and the most energy to create; they are very innovative when they’re young, less active as they get old.

For instance, a young singer can only claim about ten percent from what she makes. If your tail is waved and you have Michael Jackson you can clear out of the 20 percent, but the middleman and the big guys who are sitting on top of the hierarchy of pyramid make the most money off the value that the artist creates. These are some pain points in this industry and we’re here to change that.

Whether the artist is existing, established or emerging, this platform is for all. Money is being made and someone is taking a huge chunk of it. And especially for young artists, you know, that’s where you get a push from INK.

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Blockchain and Smart Contracts For Everyone: Interview With CEO of Matrix

Today, we continue to share our findings from BlockShow Asia 2017 being held in Singapore and here is one more expert interview coming.

This time we talked to Owen Tao, CEO of Matrix, a Blockchain company that is aiming to take Blockchain and smart contract to non-technical people using AI.

You are welcome to read the interview and travel through the expert mindings by yourself:

Cointelegraph: What brought you to launch Matrix?

Owen Tao: I’m a big fan of Blockchain and I have been following this industry for years. But the smart contract can only serve you if you know how to program; otherwise, you can’t use the smart contract. That this is the reason why Matrix uses AI technology – if you only just need to write down what you want or what you need in natural language –  it is the machines who will do the coding – that is, to run the smart contract for you.

That’s what we want. We want to create a smarter contract as much a Blockchain to serve anyone.

CT: How do you think: this technology and AI together will actually help us? Could it push the boundaries of what we think is possible?

OT: We hope that through Blockchain, the power of the smart contract could be accessible to every person and the inefficiencies at larger scale could be eliminated. These days, the most criticized part of mining is the waste of energy. In the future, more electricity will be wasted on mining the cryptocurrencies. So that’s the power going waste, which can actually be used for other opportunities such as sensitive computing and soft analysis. In a nutshell, we want the mining process generally to have universal values –  it is pretty much our dream for the future.

CT: Your background is more in business. Do you think that smart contracts will really change the way that business is done?

OT: In fact, it won’t change the rules one bit. The most important thing for Matrix is that we want to increase the number of people using Blockchain and smart contract. So one day we will have millions using these technologies all around the world and anyone could also use our product. That’s probably billions of users. So maybe we won’t change the business per se, but change the world of business.

CT: And in what industry, do you think, this technology will help the most? Which industry needs smart contracts and Blockchain more than anyone else?

OT: That’s actually a hard question. I’d say virtually any industry would require a service like this. For instance, in the future, maybe you’ll be able to put all the things on the network – you can make the machines do the work for you or you could even schedule the work for particular timings.

Say, you are working till late at the office but you don’t know when you will leave work. You could use the smart contract to leave the company before 7 p.m. This way your phone will call the restaurant and maybe book the seats for you and your girlfriend. If you leave work after 7, then maybe your phone will cover hotels: just put a room for you.

CT: That sounds very interesting! The future is gonna be different. One last question about the conference as a whole. Have you found out about something you didn’t know before and that you might want to implement into your business ventures in the future?

OT: Actually, this is my first time attending such a conference since BlockShow is the most attended Blockchain conference in the world. So this one is quite different for me. I really enjoyed the whole conference because of such wonderful speakers and I think I’ve learned a lot by talking to people from different backgrounds. I met people from all over the world.

Our project, Matrix, needs to do something along the same lines — connect everyone through Blockchain regardless our nationalities and language. We believe that cryptocurrencies will be the digital of the future. So I’m really glad I attended this conference.

CT: Thank you!

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It’s Pretty Clear That Blockchain is Here to Stay, Joshua Lavin

Cointelegraph continues publishing interviews with prominent guests of BlockShow Asia 2017, that took place in Singapore in November 2017.

This time we talked to Joshua Lavin, who is currently working with block.one to assist in the development of the EOS.IO Blockchain software. He has been involved in product development since 2010, managing distributed teams to deliver digital solutions in a variety of industries and markets.

Before getting involved in software, Josh worked as a professional political operative in the US, and also as a consultant for several NGOs in fundraising and event planning. Originally from Boston, he has lived and worked in Hong Kong for eight years.

Cointelegraph: What is your first impression of BlockShow Asia this year? How do you feel this morning?

Joshua Lavin: So far so good! Obviously it’s still early, but it’s really clear that there is a lot of excitement in the room. In the last year, it’s been really terrific to go to conference and just see more and more people and more different types of people starting to get into the crypto space and into the Blockchain world. Having a huge conference like this is really a great way to interact with that and to meet a lot of new fun people.

CT: What inspired you to enter the crypto community?

JL: I think a lot of people – I was introduced to it by a friend. I didn’t really have an ah-ah moment. A lot of people talk about having that flash of Bitcoin, but that didn’t really happen for me it was more of a gradual process. What really got me excited about the space and what got me interested was the application of Blockchain in terms of product development. The types of products and the ways we can deliver value to users that Blockchain enables are I think are just different and transformative compared to what we have seen in the past. So for me, that’s what really got me into it and what keeps me really excited to be in the space.

CT: If to address the crypto community what would you tell today, in the period of rises and falls?

JL: Obviously it’s been a wild ride! I would say two things. First of all, it’s more a testament to how much mainstream acceptance there is starting to be. Three, four years ago there was really no guarantee this was going to be a successful space, but now I think that it’s pretty clear that Blockchain is here to stay.

If you are a developer, develop!

But I guess what I would say is two things. One — everyone looks like a genius in a full market. So things are going up all investments look good. The other piece is just like in 1994 with the Internet. We knew there was a ton of value there and a ton of things were going to come out of it but nobody could have predicted, and even the ones who did predict it probably would not have thought they were right, nobody could have predicted which direction it was going to go. I would say stay open, stay interested and involved, always be reading and talking. If you are a developer, develop! Add value to the Blockchain universe. If you are not getting involved in other ways, there is room for absolutely everybody to help grow this space.

CT: It’s really a motto. What is inspiring you with the EOS project?

JL: The great thing about EOS is that it’s a general purpose Blockchain. It basically handles your data layer and your communications layer, so what that means is your business logic and your user interface…Sorry to get a little too tacky, the user interface is a sort of the graphical things that we touch, we feel, and we see and the business logic is basically the layer underneath it. This is the peace that governs what the application can and can’t do, what it should do or shouldn’t do – that would be a better way to say it. When you put those things together, how do you use this product and then what are the things that are due to get value of this product – that’s really what EOS is built to support. I’d say, I think there’s a number of ways people can use the Blockchain. It’s really going to be up to the developers to find things they are passionate about and find things that make them want to get up in the morning and work on a product. I’m just very excited to see one’s life and excited to see what types of projects get into it.

CT: How do you want to get people to use EOS?

JL: I’m a products person, my background has always been in product development and I view the people who want to build DApps, decentralized applications, I view them as the primary users of EOS. The best way for me, as far as I’m concerned, to motivate them is to build the best platform to develop a DApp. If we can look back in a year and say that we now succeeded when other people are saying, “If you are going to build a DApp, build it on EOS.”

The best software is really art

CT: You mentioned to be open to the world, to read, to watch… What was the recent book that actually impressed you the most? What would you advise to our readers?

JL: It’s actually an old-school book that’s come up. It always comes up irrelevant tonight. I’ve just finished re-reading it on a flight here. It’s not a Blockchain book; it’s actually much older than that – it’s called “The Mythical Man-Month” – it’s an explanation and an exploration of what it takes to successfully build software. I think the author really understands the best software.

We like to talk about it, I think, we like to teach it in many ways as a hard science, but the best software is really art. The code is just a medium, so rather than painting you use code to express yourself artistically through software. I think that he has a very good grasp of that nuance, but also it’s a very clear-headed approach to the fact that, you know, you’re managing, you’re working with a large number of developers, everyone with their own understanding.

It can be very hard to deliver things on time, schedule… and he talks about his lessons – he was one of the very first operating system designers. He had done software called OS/360 which predates us by 13 years. He had managed huge teams and, actually, he talks very frankly about his failures and lessons he learned. He knew the right way to approach building projects, so if you haven’t read that one, I highly recommend it.

HOST: Thank you very much for your participation and I wish you to enjoy everything that happens.

EOS: I’m sure it’ll happen!

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Blockchain Will Fulfill the Broken Promise of the Internet For Creatives, Says INK COO

In a presentation at BlockShow Asia, Daniel Zhai, COO of Blockchain startup INK Labs Foundation, introduced the company’s Intellectual Property Assets Exchange built on the Qtum Blockchain. The platform will help artists both protect and monetize their creative works.

According to Zhai’s presentation, current global creative industries revenue is at $2.25 tln market cap, while Bitcoin is currently under $260 bln. INK is seeking to bring Blockchain technology into the creative industry to make content production more secure and beneficial to the creators themselves.

Speaking about the current state of the creative industry in the Internet age, Zhai stated:

“[The] Internet did revolutionize the creative industry…but the pattern is broken…If you wrote a song and somebody listened to your song and…they copy it. So there are various acts of infringement happening on the Internet. So, original content creators, they can’t claim what is theirs by right.”

By providing a distribution network that maintains copyright ownership, INK’s platform will allow artists to both better protect, distribute, and be rewarded for their work. The peer-to-peer (P2P) nature of Blockchain technology lets lesser known artists be compensated for their creations by their supporters and fans, without depending on a third party, like a record or publishing company.  

The INK platform allows artists to protect and monetize their project or creative endeavor via tokenization, transforming each work of art into an asset in which the public can invest. INK’s team create the tokens and handle the technical details so that artists can continue to focus on their work.

According to the company’s presentation at BlockShow Asia, INK already raised $65 mln during their ICO in November and plans to hold their first system launch by Q1 2018.

BlockShow Asia is an international event with more than 1,500 attendees in the tech, finance, and Blockchain industries, dedicated to showcasing and supporting innovations in Blockchain technology.

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Future is in Leaving Trusted Third Party Documents Behind

Cointelegraph spoke to many industry pioneers at the BlockShow 2017. We continue our efforts to keep you updated on who our guests were, what they’re currently working on, and how are they planning to put a dent in this always-evolving Blockchain industry.

This time we spoke with Kiyoung Tack, Head of Sales at Aston, a South Korean Blockchain company that is looking to make documents issued by trusted third parties obsolete. Even though he hasn’t been in this industry for a long time, his credentials are definitely suited for his role at Aston.

It goes without saying, the use of smart contracts will be key in implementing such technology. Here’s what Kiyoung said about it:

CT: Could you introduce yourself, sir?

KT: My name is Kiyoung Tack from South Korea. I am working as the Head of Sales in Aston. Aston is a simple decentralized document distribution platform which we set to replace ultimately documents issued by trusted third parties. I’ve been in this industry not so long, but I’ve had connections with Blockchain industry since 2013. I was in college in UC Berkeley. I had been influenced by Blockchainers in Silicon Valley, that’s how I really got into this industry.

CT: When it comes to fiat money, what do you think is the future of money in that sense? Do you think fiat money is going away? Is it going to be replaced by cryptocurrency? How do you see the future of these two?

KT: The relationship between fiat currency and Bitcoin is that fiat currencies will never be replaced by Bitcoin. Bitcoin is a way to connect, the only a way of linking fiat currencies across the globe.

According to Kiyoung, Bitcoin will be replaced by some other coin that has better specs.

“Bitcoin will never replace the fiat currencies. There will be some countries that will replace their fiat currencies by Bitcoin, but I don’t think Bitcoin will replace fiat currencies as a whole.”

CT: I know there’ve been some confrontations on ICOs in South Korea. What do you think is the future of ICOs in South Korea?

KT: South Korea has just banned ICOs in their jurisdiction. The Korean government is waiting for foreign countries, such as the US or China to take the lead in mapping out a policy for ICO before it follows. What Korea does is follow the instructions from the bigger countries. There are small movements to fight against those regulations and there are a lot of Blockchain communities arising. I think the regulations will be partly worn off when it comes to the utilities of the coin. If the coin is not in form of the securities, I think that Korea will let it be just like the US did.

CT: What do you think is the industry that is most in need of this technology, most in need of a whole upheaval renovation?

KT: The CEO of McAfee, Mr. Dave DeWalt said, “There’s one trillion dollars of damage caused by data breach.” In all of those cases, we’ll be joined by the IT industry and the documents, like confidential documents breach by an ordinary company. I might say, any company that has an office is actually good for the Blockchain industry. That’s what I think.

CT: For our subscribers, we have to think of a way to inspire them: what company or technology do you wish existed, but hasn’t really been invented yet or hasn’t gone out.

KT: One second. My dad has been trading for his entire life. He always had headaches with old documents and the manipulation of the documents because they’re not very honest with the documents. There’re people who fraud documents, so I think there should be a Blockchain that records all of the documents incurred from the international trade.

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After BlockShow: How Achain’s Fork Theory Has Worked in Real Life

It’s been less than a month since Achain introduced its Fork Theory at BlockShow Asia 2017. The project has recently released light-speed ABitcoin (ABTC) and the global cloud computing service token Acute Angle Coin (AAC).

Achain is the public Blockchain platform that allows users of any skill level to issue tokens, smart contracts, create applications and Blockchain systems. Its fork theory is a bold attempt at gearing the current forking technique towards an end goal of technological innovation instead of just financial profiting, lifting Blockchain industry from mutual exclusiveness onto the air of open collaborations. This system would require a process of requesting, approving and executing through mutual agreement of participants. The newly created sub-chain will have its consensus method, data storage and block capacity available for free customization.

How did it begin

On Nov. 23, Achain founder Tony Cui posted on BitcoinTalk Forum to unveil the basic framework of the freshly designed Fork Theory on chain-split. Cui’s purpose of this posting was
to gather public feedback in preparation for his keynote which was later presented at BlockShow Asia 2017.

The posting included several bullet points highlighting the main aspects of the theory. According to Cui, a development such as this is made necessary by the abiding concern of technical qualifications restricting Blockchain accessibility to mass commercial marketplaces. Tony Cui commented:

“How could new developers quickly develop secure Blockchain applications? And where could they even start to find their first customers?”

Inspired by the recent trends of Bitcoin forking, Cui’s theory proposed a coexistence of a main chain and several sub-chains derived from the main. The former is committed to the basic Blockchain infrastructure, while the latter could be customized to the various needs of their applications.

The theory

Achain’s Fork Theory is a company’s bold attempt at gearing the current forking technique towards an end goal of technological innovation instead of just financial profiting. To new
developers of future Blockchain applications, it solves the problem of their initial lack of customers, since the sub-chains inherit the reservoir of existing users directly from the main
chain database. Furthermore, it avoids disruptions of communications, as all information and value exchange will be shared among all chains following a universal VEP 1.0 (Value Exchange Protocol). Finally, the theory requires the type of forking – whether hard or soft – to be considered according to the scenarios required by each application and be voted on by the wide majority of the Achain community.

ABitcoin, approaching the Speed of Light

ABitcoin was forked at the height of 498888 at BTC on Dec. 12 and will initiate forking at 1498888 at ACT on Jan. 12, 2018. It inherits Achain’s DPoS consensus algorithm and features light-speed contracts of mega-level TPS with 0.00001 USD transaction rate. Oriented to the technological future, ABitcoin strives to integrate concepts of AI, Big Data, game industry and the Internet of Things in Blockchain application and fully protect against quantum attacks by 2019.

Having improved the operation rate and network huff-and-puff movement performance of smart contract, ABitcoin represents a Blockchain+ platform that runs free of barrier. By the end of 2018, it will complete automatic discovery and organization of clusters to improve concurrency rates.

The smart contract platform will be launched in January 2018. BTC holders will obtain ABTC following a ratio of 1:100, and ACT holders following 1:1.

Acute Angle Cloud: IaaS experience powered by Blockchain

Acute Angle Cloud is a globally distributed IaaS platform. Its cloud computing service platform encompasses Acute Angle PC, Acute Angle Chain and IPFS system. The project plans to achieve its goal through Acute Angle Chain, Acute Angle Cloud 1.0 and Acute Angle Cloud 2.0.

Acute Angle PC was launched on its official website on Dec. 12th. It is a universal host based on IPFS P2P hypermedia protocol storage and Acute Angle Chain digital assets management. And it can formulate reward system for all the users according to smart contract. It significantly differs from Xunlei’s previously released device OneCloud. Acute Angle PC functions as a genuine PC, which means that mining will be automatically implemented once the users boot into the system. Its digital currency Acute Angle Coin can be gained through sharing idle disk space and bandwidth, providing its users with an efficient private mining experience.

Victor Gao, founder of Acute Angle Cloud, has 17 years of experience in PC, intelligent hardware product definition and development, supply chain production and brand marketing
management. He shows optimism of building with Achain a new ecosystem of the Blockchain community and promoting the advancement of human information technology in the service of society.

Achain’s Founder Tony Cui remarked that Blockchain has reshaped current business scenarios, removed unnecessary middleware and optimized the efficiency and cost of the entire
transaction. Achain’s technical philosophy and structure root from the perspective of smart contracts, which neatly fits into the Acute Angle Cloud’s program and vision.

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Bitcoin Mining Can Power Neuroscience, Says Matrix Chief AI Scientist

At this year’s BlockShow Asia, Yangdong Deng, chief AI scientist of Blockchain startup Matrix, explained how inserting Artificial Intelligence (AI) into the Blockchain ecosystem would make it possible to use Bitcoin mining computational power for scientific innovation.

According to Deng, the current computing power being used in Bitcoin mining operations is 8.23×10²² floating point operations per second (FLOPS for short), while the total computing power in the world is 1.2×10²³ FLOPS. According to these calculations, Bitcoin mining is consuming 17 percent of total global computing power, justifying the frequent accusations that Bitcoin mining is wasteful.

Matrix is seeking to reinvent mining algorithms by including AI into the equation through a Bayesian mining system that utilizes a Markov chain Monte Carlo algorithm (MCMC). Because these computations function similarly to traditional mining functions, they work well for Bitcoin mining.

As Deng argues, using AI, the computing power used to verify transactions on the Bitcoin network can be leveraged for other uses outside the world of cryptocurrencies.

One example he gave his scientific research — a brain network simulation requires approximately 1018 FLOPS, while a complete human metabolic network simulation requires 1025 FLOPS.

According to Deng, other important non-crypto use cases that require massive computing power are chemical reaction simulations, medical diagnoses and complex finance modeling.

Intel recently filed a patent for a Blockchain-based system that also works to harness the energy used in cryptocurrency mining for scientific development – in this case particularly for genetic sequencing.

The BlockShow Asia conference this November included a number of innovative projects in addition to Matrix. 1,500 entrepreneurs and experts gathered at the event in Singapore to share and discover the latest developments in the industry.