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CommBank starts using Ripple digital currency network – what it means for Australian fintech

Just when we thought the digital currency opportunity was moving offshore, the Commonwealth Bank has stolen a march on London, New York and Hong Kong with CommBank CIO David Whiteing’s announcement it would be using the Ripple digital currency network.
 
This has been noted around the globe and has significant positive implications for financial innovation in Australia. While other global banks including HSBC and Santander have hinted at participation, CommBank is the largest bank by a wide margin to form an innovative strategic partnership with a major digital currency network.
 
If the momentum can be carried through with enabling policy and investment, innovation at this institutional level can provide significant consumer savings as well as opportunities for Australian fintech investors and entrepreneurs. Consuming these new sources of instant liquidity opens the opportunity for entrepreneurs with the technical know-how to offer a variety of new services, from very fast, low-cost cross-border remittances to new hard asset mobile digital currencies.

Factom - 2287 BTC from presale
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Demo Day Recap: 5 Boost VC Bitcoin Startups on the Rise

Reveal

"Coin-first is the new mobile-first."

Such was the opening salvo of Reveal CEO Matt Ivester's enthusiastic introduction to Reveal, a social networking company billed as the first to use its own integrated cryptocurrency, revealcoin, which is an asset on the Stellar network.

The founder of college gossip website JuicyCampus, Ivester had reason to be confident at the event, having already closed the majority of its seed funding from investors including Resolute Ventures and Bitcoin Opportunity Corp.

While light on technical details, the pitch seems telling of the company's strategy to come. Reveal has so far sought to target everyday teenagers outside the bitcoin community while courting unidentified "social media celebrities" to the service.

"We believe that users should share in the value they help create," Ivester said. "We can do things that no other social network can. We can create true community ownership, we can directly incentivize viral growth."

Designed for quick sharing, Reveal allows users to design two-layer messages, the first of which can be peeled away to reveal a picture or drawing. Reveal aims to monetize through a similar strategy as the messaging service GetGems, mandating advertisers on the network pay with revealcoin.

Users can in turn earn revealcoin for promoting the network, interacting with ads or by reading priority messages from other users.

"We can solve spam, access and messaging," Ivester said. "Eventually we can be the way millions of teens are introduced to cryptocurrency."

Reveal is currently operating in beta with an eye to launch this fall.

Complete article here http://www.coindesk.com/boost-vc-tribe-5-demo-day

Ethereum vs. Bitcoin

As a starting point, and only as a reference, we could begin by comparing Ethereum to Bitcoin, because Bitcoin seems to have been understood, at least by those who wished to understand it.

At first sight, one can easily be duped by apparent similarities because both Bitcoin and Ethereum are open source platforms that have four common staples: an underlying cryptocurrency, an inherent blockchain, a decentralized consensus-based proof mechanism, and miners that support the network; therefore they must be similar. But that is a wrong conclusion. As soon as you dig deeper, reality reveals that Bitcoin and Ethereum are more dissimilar than similar. Each one of these 4 staples has a fundamentally different purpose in terms of what it enables, and for that reason, Ethereum is headed into a different direction than Bitcoin.

For background, Bitcoin was originally designed as a decentralized cryptocurrency network for transacting monetary value, and the main purpose of the Bitcoin blockchain was that backbone of trust for these financial transactions. It was only more recently that Bitcoin’s blockchain started to find use cases in non-financial applications relating to decentralized trust and as a store of value. Therefore, the programmability aspects of the Bitcoin blockchain itself were almost an after-thought, although sidechain proposals are hoping to make this programmability a little easier. In contrast, Ethereum was conceived from Day 1 as a software development platform for decentralized applications, and its blockchain was specifically designed to support executing apps on it. So, the Ethereum design had the luxury of learning from Bitcoin’s experience and remedied some of its shortcomings. For example, the Ethereum blockchain is faster at performing verifications, down to a typical range between 5 and 30 seconds, as compared to Bitcoin’s 10 mins...

Ripple Labs Raises $28 Million in Series A Round

Digital currency startup Ripple Labs announced today that it has closed a new $28m Series A funding round.

The company drew support from a mixture of new and existing investors, including the venture arms of US futures and options exchange CME Group and data storage firm Seagate Technology.

Other participants in the round include AME Cloud Ventures, ChinaRock Capital Management, China Growth Capital, Wicklow Capital, Bitcoin Opportunity Corp., Core Innovation Capital, Route 66 Ventures, RRE Ventures, Vast Ventures and Venture 51.

The company said that it planned to use the funds to fuel international expansion efforts, most notably in Asia.

Demo Day Recap: 5 Boost VC Bitcoin Startups on the Rise

Reveal

"Coin-first is the new mobile-first."

Such was the opening salvo of Reveal CEO Matt Ivester's enthusiastic introduction to Reveal, a social networking company billed as the first to use its own integrated cryptocurrency, revealcoin, which is an asset on the Stellar network.

The founder of college gossip website JuicyCampus, Ivester had reason to be confident at the event, having already closed the majority of its seed funding from investors including Resolute Ventures and Bitcoin Opportunity Corp.

While light on technical details, the pitch seems telling of the company's strategy to come. Reveal has so far sought to target everyday teenagers outside the bitcoin community while courting unidentified "social media celebrities" to the service.

"We believe that users should share in the value they help create," Ivester said. "We can do things that no other social network can. We can create true community ownership, we can directly incentivize viral growth."

Designed for quick sharing, Reveal allows users to design two-layer messages, the first of which can be peeled away to reveal a picture or drawing. Reveal aims to monetize through a similar strategy as the messaging service GetGems, mandating advertisers on the network pay with revealcoin.

Users can in turn earn revealcoin for promoting the network, interacting with ads or by reading priority messages from other users.

"We can solve spam, access and messaging," Ivester said. "Eventually we can be the way millions of teens are introduced to cryptocurrency."

Reveal is currently operating in beta with an eye to launch this fall.

Complete article here http://www.coindesk.com/boost-vc-tribe-5-demo-day

SendChat Crowdfunding Campaign Goes Live on BlockTrust

Social messaging applications are playing an ever-increasing role in our daily lives, as we want to be in contact with the rest of the world at any given time. Most everyday consumers have a few different messaging apps on their devices. This growing prevalence of social messaging could be beneficial for Bitcoin adoption. SendChat wants to capitalize on this potential, and has launched a crowdfunding campaign to make its app available for both iOS and Android users.

DriveShare Test Group B Plan

Dear Storj Supporters,

Test Group B is the first time we will be rewarding DriveShare users for participating in the Storj network. Test Group A got us usable data on network latency, disconnects, uptime, and other factors. In this test group we will be specifically testing out reward mechanisms, and expanding the storage capacity of the network as a whole.

Stellar Report: Stellar.im, Bitcoin Indonesia, and South Africa

Bitcoin Indonesia now supports the stellar. Folks can use IDR to get stellars.

Stellar Educator Vanessa taught a workshop on reimagining the future of money. Attendees came up with creative models of currency to think about how we might improve financial systems.

Professor David Mazières gave a talk on the Stellar Consensus Protocol at Stanford’s annual security workshop.

Stellar cofounders Jed and Joyce visited South Africa and spoke at MIH Media Lab at Stellenbosch University.

Beyond Basic Income: The Power of Networks Putting People First

The Basic Income in Brief

Swarm basic income is valued on the basis of the total production of the community. There is one base unit, the Swarm membership, and then a number of tokens which represent the value of other projects. This is similar to the old idea of each community or project having its own unit of account which represents the aggregate value.

At the moment, invitations are sent out manually based on existing human networks of trust. As reputational systems evolve this web of trust will be extended into many other areas as well.

Failures of Governance 1.0
Past notions of basic income typically relied on governmental involvement. This meant, by definition, a centralized control mechanism deciding when and where capital should be allocated.

It also typically involved an old idea of currency, the issuance of which was controlled at will by this same centralized mechanism.

Unfortunately, none of these mechanisms possess dynamic methods of accountability. The systems are not designed by nature to be transparent, and so there is always the possibility of some third party inserting themselves into the mix and taking control at a crucial stage.

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Net Neutrality and the Safe Network

Per Wikipedia, “Network Neutrality” is the principle that all Internet traffic should be treated equally. Essentially, the concept calls for a level playing field for all users, whether they be individuals or providers of high-bandwidth services like Netflix, HBO, etc., or whoever.

From an egalitarian perspective, the answer as to whether net neutrality is a good idea or not is easy: of course, it is good.

From the perspectives of companies which wish to provide high-bandwidth services, as well as the customers who are willing to pay extra to receive those services in the best possible quality, the answer is not so clear. Why, for instance, can’t such services as Netflix, and thus the customers who use them, pay more so that high-access-streaming channels can be built up, taking traffic off of the other lines, thus being better for everyone?

Which others, i'm curious, because i don't see any other app besides dogerain on the app store, you can't reach people with just a desktop wallet.

For me and millions of others it's about user experience which is rising, the app is slowly getting polished but isn't ready yet because the iOS version is in public beta with the main features not implemented yet. I think if this app gets popular, rivals will start to get mad because it's disturbing their whole advertising model where users are the product unlike getgems where advertisers must directly pay the users and not the company like fb, google etc.

Good idea!  I will do that later..