During an interview with CoinDesk Korea, Mayor Park Won-soon announced the initiation to create a cryptocurrency for the South Korean city of Seoul. The city will soon be developing its own cryptocurrency – the “S-Coin.” The cryptocurrency is set to play a significant role in city-funded social benefits programs- according to Park Won-soon. Park also shared his intentions to encourage the development of industrial clusters and potent startups that will function or promote the use of blockchain technology.
Park Won-soon stated, “As Seoul is the world’s leading city in the field of information and communications, including the 4th industrial revolution, I think it should naturally study new technologies such as block chains.”
Similar to Estonia, which is endeavoring to utilize blockchain innovation to all legislature regulatory procedures, Park believes that the blockchain can be connected to every bureaucratic organization in Seoul, for example, the general population transport framework worked by Seoul City and the arrangement of youth allowance. Besides, Park demonstrated that the S-Coin could be utilized as a transaction technique for city-financed welfare programs for open representatives, youthful occupation searchers, and natives helping the earth by sparing power supply, gas, and water.
Specifically, Park focused on Seoul’s readiness to issue money. He stated that to influence an S-coin, we have to develop institutional and lawful help, such as local laws. He also said that he would attempt to change different rules and controls of the central government. He gave eco-mileage that gives monetary advantages to subjects sparing power, water, and gas, youth recompense to help youngsters who are looking for occupations, open representative welfare focuses. The organization is additionally thinking about plans to apply blockchains to its frameworks.
This is required to be incorporated into the blockchain end-all strategy of Seoul, which will be completed in April. In November, a year ago, the Seoul Metropolitan Government (Samsung SDS) has been entrusted with building up a data technique design (ISP) for the Seoul City blockchain-based local development. This is the initial phase in setting up a guide for the presentation of a blockchain among local government and open foundations.
At the point when a city chooses to issue its own local currency, there is a considerable measure of inquiries holding up to be replied. On account of S-Coin, the money will be utilized for different ideas all through Seoul. As a matter of first importance, the new coin will be used to pay for public transportation. It is additionally an installment strategy for city-subsidized projects and environmental projects.
This attracts a few likenesses to how Bitcoin is functional as a part of Zug’s economy. All things considered, S-Coin will be controlled by the city chamber of Seoul, as opposed to being decentralized cryptographic money. Specific technological details of S-Coin stay hard to get at the current moment. It stays hazy which blockchain will be utilized to issue this money or how high the aggregate supply will be.
Possible Effects on Bitcoin
Given South Korea’s significance in the realm of Bitcoin and cryptographic forms of money, the dispatch of S-Coin is somewhat interesting. These monetary standards won’t contend with each other given the current aspects. S-Coin is constrained in usefulness to Seoul, while Bitcoin utilize traverses South Korea completely. The two types of significant worth can without much of a stretch exist together in the capital city.
The majority of this further affirms South Korea is getting ready for real digital currency and blockchain direction. With the administration inclining toward presenting another tax collection system for these financial standards, Bitcoin and altcoins keep on gaining authenticity. These new tax assessment rules will become effective in June of 2018.
It isn’t the first run through a city chooses to issue its own local cryptocurrency. In the UK, the town of Hull as of late propelled HullCoin. It appears this idea is catching public interest, which isn’t really a terrible thing. Activities like these assistance individuals get more familiar with the concept of digital monetary forms. Over the long haul, it might just make ready for more prominent worldwide digital currency acceptance.
Regional sources report S-Coin will be presented sooner or later in April of 2018. The up and coming dispatch of this money will without a doubt draw in a considerable measure of consideration. In conjunction with S-Coin, the city of Seoul additionally needs to set up a fund to help nearby blockchain ventures. This expanded spotlight on more up to date advancements has all the earmarks of being of impressive enthusiasm to chairman Won-soon too.
Park likewise said he wants to cultivate a blockchain environment. He said that he met blockchain organizations, and thinks that their organizations are not seeing the light due to several different directions. He also added that all things considered, innovation is as cutting edge as any other nation. “We are planning to create clusters where the start-ups we want to build up, and how they can develop the technology and spread the funds to the world,” he said.
Concerning government’s solid administrative strategy on ciphered cash, Park stated, “The last time the Ministry of Justice announced regulatory measures, it was tremendous resistance, and the government seemed to think deeply about it.” Park also added later, ” First, it is the local government’s task to create cases and models. If the Seoul government releases certain regulations, it will be able to make the model more freely.”
Park, a standout amongst the most compelling government officials in Korea, who is most inspired by the blockbuster innovation, will challenge out of the blue among the Seoul showcase in the elections decisions hung on 13th June.
Twitter and Mailchimp ban ads on cryptocurrencies and ICOs
After Facebook and Google, two more online platforms including Twitter and Mailchimp have banned the ads for cryptocurrencies and ICOs. On Monday, Twitter announced that it would remove such ads, unless, listed on a major stock market, placed by a public company. Jack Dorsey, founder of Twitter is a cryptocurrency bull, but the move comes keeping in mind, the scam accounts and bots in social media sites recognized in the past.
A few days later, Mailchimp, the email distribution service, said that it would also block marketing campaigns relating to ICOs and crypto coins. Mailchimp explains that these campaigns are often associated with frauds, scams, phishing and misleading business practices.
Rising closures of cryptocurrency startups recorded
This week is marked by several new closures of cryptocurrency startups, indicating the uncertain nature of the rapidly evolving market. Firstly, Litepay, a merchant processor for litecoin payments, similar to BitPay, has ceased its operations. Litecoin Foundation apologizes for its hype, calling it “less than transparent nature”.
In Japan, two crypto exchanges are shut down over growing regulatory scrutiny. Mr. Exchange, being one of them, said that it had received an order late in January to beef up its internal protocols relating to the attack on Coincheck.
Similarly, Coinprism, a wallet service for colored coins, decided to shut down its operations, four years after its launching. Founder & CEO of Coinprism, Flavien Charlon, gave many reasons for its pack up, including rising of ethereum as the referred rails for token insurance; congestion on the bitcoin network; limitations of blockchain technology and prospects of heavier regulation.
Thailand moves a step closer to cryptocurrency taxation
Thailand is soon going to enact taxes on cryptocurrencies. As per a report by Nikkei Asian Review, Thai Revenue Department is expected to collect 7% VAT along with 15% withholding tax from investors trading cryptos in the country.
To regulate cryptocurrencies in Thailand, two decree drafts were passed previously by the Cabinet of Thailand. One of the two decree drafts is an effort to avoid tax avoidance and money laundering.
As per Bangkok Post, if trading through cryptocurrency exchange, retail investors may be eligible to waive VAT after the law comes into effect, they will face liability even if they have no capital gains. The report also suggested that the draft law is currently pending by the Royal Gazette, later which will be formally enacted.
AirAsia launching a cryptocurrency-based reward program
Tony Fernandes, AirAsia chief executive, has notified Nikkei Asian Review that the company is going to convert its frequent-flyer rewards program to a cryptocurrency platform “Bitcoin”. The move comes a part of company’s aim to proceed towards a cashless system and improve airline’s digital services.
Based on the platform, the customers will be able to buy seats, in-flight meals, seat upgrades, among various other services. He also told that the company would launch an initial coin offering (ICO). However, he did not provide any firm timeline or any information whether the company is planning to develop its own blockchain.
IBM taking cryptocurrency seriously
IBM has stepped forward to take cryptocurrency seriously. IBM has started to talk about how it can make use of cryptocurrencies in live applications and early-life prototypes. This has given a new reason for investors to consider cryptos.
With $140 billion, IBM has revealed CoinDesk about its meeting with executives of commodities trading platforms, large corporations and central bank to explore opportunities with cryptocurrencies to save money and generate higher revenue. The company has also hired a new head of blockchain development, Jesse Lund, to develop cryptocurrency strategy.
Creativity and entertainment walk hand-in-hand! With the internet connecting the world, people everywhere can now create, share, and showcase their ideas with the power of numerous online technology platforms. Video content platforms make for a big chunk of this internet industry. They are now part and parcel of our lives. But this domain is evolving dramatically.
With every flourishing technology comes the instincts to monetize it. And, middlemen pop-up reaping substantial profits. Same is the case with popular video content platforms. Recent changes in the Youtube’s monetization policy hit the video creators hard. This centralized action needs to be addressed. In this post, we will take a look at the autocracy and democracy paradigms of the video content tech-platforms. It is the ultimate face-off between Viewly, Vimeo, and Youtube!
The Autocratic paradigm!
Autocracy simply means that absolute power lies with a single person or an organization. A dictatorship if you may! And platforms like Youtube, Vimeo, Amazon Prime, etc. are central platforms with total control of the content lying with them. However, these popular video publishing platforms have entertained us for long. The creatives beg to differ. Why so? Here are the reasons;
- Unjust monetary distributions: Video creators and content developers power this industry. But central platforms give them only a fraction of revenue in return. While creative professionals deliver the most value to such platforms, they are often struggling to make the money they deserve. And, their monetization is only limited to ad revenues, without any direct contribution or connection with the audience to support their work!
- Costly content delivery: It is a herculean task to deliver video and creative content globally. The cost of this expensive operation is loaded on the shoulders of the content creators. High-performing content creators usually have to pay for hosting and storage of their content.
- Unwanted ads: Autocratic video platforms worship ad networks. The reason is that they get revenue from them. This relationship creates a diminished user experience for people, often bombarding them with irrelevant and annoying ads. This becomes a challenge for the creatives as well as their audience with platform keeping the most of the revenue.
Solution? A democratic Blockchain video platform
Enter Viewly! A democratic video publishing platform at its core that is powered by the revolutionary Blockchain technology. Viewly has stepped up to address the fundamental challenges faced by the video content creators and the viewing audience. Viewly is a decentralized social video content platform that empowers the creatives to share their content with their audience freely. The users here can support the work of their favorite video creators with the micro-payments ecosystem. The control of the platform belongs to the users, and the currency used here for incentives is called ‘VIEW.’
Here is why Blockchain platforms like View.ly are the future of video content & entertainment;
- Peer-to-peer content delivery: Viewly uses a Peer-to-peer content delivery network to connect video creators with their audience. Not only this reduces the cost of video content delivery, but also utilizes redundant (extra) resources of the users and incentivize them with VIEW tokens.
- No ads: Since Viewly is a Blockchain platform, the users, and the content creators are directly connected. An absence of the middle-men means no ads are required to generate the revenue in such an ecosystem! It automatically translates into a win-win situation for both the viewers and the content developers.
- Direct Support: With vote-based tipping, recurring payments from fans, and business endorsements, video content creators on Viewly get the real value for their talent! Unlike the unfavorable policies of platforms like Youtube, Vimeo, etc., Viewly’s revenue flows through a Blockchain mechanism. One can start earning right away even with a small audience. As a content creator, you make money as long as you add value to your audience.
How is Viewly’s ICO doing?
Well, View.ly has already achieved 66 percent (US$8m) of their ICO sales goal (US$12m) in VIEW token pre-sales at this point. While this post is being drafted, only 9 minutes are left for its Token sales to go live. It seems that the platform will reach its goal easily.
But how about its future?
Viewly incentivizes the users to pool their bandwidth and data storage resources to power the P2P content delivery network. Content creators get rewards and support from their audience. There are no annoying ads. The users are the decision makers. The preceding statements make one thing very clear. That democracy is a form of freedom cherished by all. A system where everyone wins for adding fair value to it is the choice of the masses. Blockchain technology has allowed us to embed this paradigm in the technological domains too.
This is a nascent point to figure out if Blockchain video publishing platforms like Viewly will surpass giants like Youtube, Vimeo, Metacafe, or Amazon Prime. But one thing is definite. The future of human technology lies in decentralizing them to deliver value to the masses. Democracy has always trumped Autocracy!
According to Urban Dictionary, a nocoiner is a person who doesn’t hold bitcoin. However, the meaning of the term “nocoiner” has evolved in the past few months. Being a nocoiner is all about the sanctimonious attitude of those who don’t hold bitcoin towards those who have bought bitcoin. It means you are not necessarily a nocoiner if bitcoin doesn’t form a part of your investment portfolio.
Nocoiners are those who didn’t buy bitcoin at a low price (thinking it is a scam) and are now bitter about missing out the opportunity. Nocoiners are usually well-educated professionals like economists, investors, socialists, lawyers, etc. who play an essential role in spearheading discussions around new asset classes.
What makes nocoiners a nocoiner?
- Nocoiners think that there is no use case of blockchain technology or bitcoin
- They keep telling you that bitcoins have no underlying asset, so one day it will crash, and your entire investment will be equal to zero
- Some of the nocoiners believe (or pretend to believe) that bitcoin is beneficial only for criminals, scammers, and terrorists due to its anonymity
- They frequently remind you the outcome of dot-com bubble and tell you that blockchain technology will see a similar fate (but they won’t discuss how the internet has changed the economies)
To put it simply, nocoiners are full of what psychologists call “ressentiment.” La Wik defined ressentiment as “a reassignment of the pain that accompanies a sense of one’s own inferiority/failure onto an external scapegoat.”
My take on nocoiners
Nocoiners are similar to frustrated fringe elements (minus violence) who couldn’t find a partner but preach that teen or premarital sex is immoral. They are also like wannabe riches who couldn’t muster the courage to take risks or put themselves into the grind but claim (without any evidence) that all rich men have acquired wealth through unethical or illegal means. The critical lesson from the dot-com bubble was that we shouldn’t accept all technologists’ or tech commentators’ claims unchallenged. Instead, we should keep our eyes and mind open, think beyond the quarterly results of listed companies, look beyond media hype, and question our assumptions about how the economy and technology works. More importantly, learn to differentiate beautiful horses (like bitcoin or world wide web) from the flies buzzing around their rear end (like Mt. Gox, Pets.com, etc.).
In Marc Hochstein words, “you don’t have to hold or even like bitcoin. Just don’t be a nocoiner.”
(Image credit: Reddit)