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May 29
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Facial Recognition is Advancing in Land-Based Casinos

By News & more 2 Comments

New technologies make our lives easier. They also provide ultimate services to companies which use them. There has been much talk recently regarding the utilization of security cameras, especially the ones performing facial recognition, as there is always a debate over the law allowing such activity, as well as the place where these cameras are installed, and so on.

Facial Recognition in Land-Based Casinos

When it comes to land-based casinos, Macau is one of the largest centers of this kind of entertainment. And as such, subject to gaming laws, and potentially – facial recognition regulations, which are expected to officially become part of security measures in 2022.

Reportedly, there are lawmakers who are pushing the technology and enhancing the usage of facial recognition software. At the moment, there are purportedly 1,620 cameras throughout Macau, and there are plans for this number to increase and to include the latest facial recognition software.

facial recognition

Artificial Intelligence in Casinos and Everyday Life

Moving over to another part of the world, “Knightscope” is the US-based company developing the mentioned software. Their CEO, Mr. William Santana Li, reportedly claimed:” We make really smart eyes and ears that operate 24/7/365 for an affordable price. We have actually operated more than 700,000 hours in the real world, both outdoors and indoors, across 15 states and are now operating across five time zones – fully autonomous without any human intervention.”  Sounds powerful, doesn’t it?

They have actually built their K1, K3, and K5 robots and applied the mentioned technology, making artificial technology interacting with humans and engaging in activities such as identifying people, detecting wi-fi devices, doing a check on license plates, having a conversation with humans just like you and me. They claim that one of their plans for the future is making a robot that can detect dangerous object in the surroundings. We can only guess what the comprehensive plan could be. We bet that facial recognition is among their priorities, as we believe the list of potential customers is long. The software itself is said to use deep learning in order to detect, analyze, and compare faces. There is already a casino, namely Pechanga Resort in Temecula, California, which is reportedly using their K1 platform. As far as we know, this is still a stationery platform.

However, everyone expects the later versions to move around and act as “security officers”. The question is whether this would significantly impact not just the gambling experience, but our everyday lives at work, school, in the streets.

Does the thought of being in a presence of a robot that knows so much about you scares you?

May 28
BitPay crypto

How Does BitPay Fit Into Crypto Tax Law

By News & more No Comments

“…In this world nothing can be said to be certain, except death and taxes”. Throughout time, there have been many references to this phrase by Benjamin Franklin. And it still stands today. However, we are witnessing a tremendous moment in time, when boundaries are pushed, new currencies evolve and the law is trying to keep up with reality. So, what is the story about cryptos and taxes, and how does BitPay fit into this?

Most people are aware of the importance of filing taxes, and they do it regularly. With cryptos, things got a bit challenging. The IRS has reportedly received complaints from its citizens and officials asking for clarifications regarding the way cryptocurrencies are treated, and claiming that they are in constant risk of being marked as individuals who try to evade taxes, all due to the volatile nature of the existing law.

At the moment, the law states that a taxpayer should file each transaction executed when using a cryptocurrency because each transaction is considered to be a taxable event. At the same time, in the US, cryptocurrencies are also taxed under capital gains law that applies to property investments. The current regulations issued back in 2014 state that cryptocurrencies should be treated as property, meaning that they fall under statutes that apply to property transactions. However, the IRS appears to be reconsidering the nature of cryptos, as the IRS Commissioner has reportedly claimed that the situation has changed since 2014 and that cryptos are developing both as “a medium of exchange and as an investment vehicle”. Now, I am not an expert, but this sounds to me like the lawmakers are about to officially characterize cryptos as currencies.  Furthermore, the IRS has announced the issuing of clearer guidelines on how to treat cryptos and how to properly file taxes.

On another note, what we found a bit more interesting, and equally important is the news coming from BitPay. It is about the option given to income tax payers, allowing them to receive the federal and state refunds in bitcoin. This very fact could be seen as getting a foot in the door on a way to officially accepting cryptos as currencies, instead of just property. Blockchain payment processor, BitPay has reportedly announced that the firm had partnered with Refundo – which is a US based taxation services provider, in order to secure this option for tax payers. The users of Refundo will be able to receive either a fraction, or entire tax refund in BTC, using its CoinRT. All they need to do is open an account, following instructions and to provide the required background info and a bitcoin wallet address. Then, when the IRS (or state) deposits the refund, BitPay will process it and transfer the bitcoin to the taxpayer’s wallet. The CoinRT service is said to cost app. $34.95, regardless of the amount which is being transferred. Above all, this should be the only fee paid by the user.

As a quick reminder, BitPay was founded in 2011, and this is not the first time they are dealing with cryptos. Previously, they co-operated with Florida county tax collector, as well as with Ohio State, when Ohio needed some input into accepting taxes in cryptocurrency. They claim to have processed over $1 billion worth of transactions last year.

Do you think that the tax law would change significantly in favor of crypto lovers?

May 27
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May 22
crypto bitcoin smart contracts

Smart Contracts Making Blockchain Transactions Easier

By News & more No Comments

Informing yourself about blockchain will inevitably take you to the exploration of new topics and terms. “Smart contracts” is one of those terms. It sounds very official and strict, and in a way it is. However, it appears that smart contracts are there to make our purchases, for example, easier, and the terms of the purchase (or any other transaction) more reliable.

How Do Smart Contracts Work?

Do you remember how various physical contracts have stipulations? A contract usually states that one party accepts to undertake certain obligations, and when that party executes them, the other will then provide something, etc. All parties in the agreement have to sign the agreement to show that they have no objections to the stated provisions and that they will comply.

When it comes to digital, smart contracts, users of the blockchain platform need to agree on the “rules of the game”, and to accept the way their data is represented, to agree with the rules of the transactions, as well as with the possible exceptions. Smart contracts also stipulate the ways in which possible disputes can be resolved.

What is unique is the fact that the entire process is automated. In order to enable the tasks to run smoothly, the developers have included “if/when…then…” statements that repeat themselves as long as needed or as long as there are conditions that need to be fulfilled.

In plain English: once a payment has been made, the network of computers will issue a ticket, for example. Or, once all the necessary docs have been provided, the system will register a new company, or a vehicle or whatever is in question…  After that, the system updates itself. In short, there are no credit card verifications, no filling out the forms, no additional fees, and no dealing with the third party. Above all, everything happens within seconds.

crypto smart contracts

Smart Contracts Overview

“Smart contracts” is the term used for lines of code that are stored on the blockchain.  Therefore, we could say that a smart contract is an application that executes automatically once the predefined terms are met. A smart contract makes sure that all parties involved in the purchase or supply, for example, are certain of the final outcome. Furthermore, being based on blockchain, smart contracts are easily traceable, and act instead of an intermediary.

As a quick reminder, blockchain is a shared ledger where information about each transaction is stored and linked together. The info on each transaction is stored after validation, to ensure the accuracy. The details are also protected by few layers of encryption. The information stored on blockchain is usually referred to as “immutable” – meaning it cannot be changed or reversed.

Recap of the Advantages

  • Saving on the fees for validation or verification of the data by a third party, as everything is done by the network of computers.
  • Automatization, resulting in quick transactions in accordance with pre-defined rules.
  • Accuracy, due to the exact terms stated in the app.
  • Encryption, which secures execution of the transactions to be done and shared across all participants, excluding the possibility for the data to be tempered with.
May 20
ethereum crypto

The Ethereum Foundation Granting $30 Million in 2019

By News & more No Comments

Last week, at the ConsenSys-organized Ethereal Summit in Brooklyn, Ethereum Foundation’s Executive Director, Aya Miyaguchi, reportedly announced the plans to spend $30 million on the development and improvement of Ethereum ecosystem. This means that the company will invest the mentioned amount in different projects aimed at the upgrade of Ethereum’s performance and security.

Speaking at the Summit, Miyaguchi accentuated the willingness to attract academic circles to Ethereum Foundation, as top researchers and developers are of high importance for advancement. The idea was also to secure grants to academic teams and similar institutions.

Another important news that was revealed was the fact that the Foundation will, reportedly, continue to support MolochDAO, which is a decentralized system seeking to provide funding for the Ethereum infrastructure. Just recently, Ethereum founders Joseph Lubin and Vitalik Buterin and their respective organisations ConsenSys and the Ethereum Foundation have each donated 1,000 ether (ETH) to the Moloch decentralized autonomous organization (DAO), as an incentive to raise the value of MolochDAO’s funding pool to over $1 million.

Furthermore, Miyaguchi also announced that the next Ethereum Devcon 5 will be held in Japan from October 8th to October 10th this year. As a reminder, events like this one are important in not just exchanging ideas, but in raising awareness and attracting new talents.

Although there have been voices in ConsenSys criticizing the slow development of certain algorithms, the overall impression was undoubtedly positive.

cryptocurrency altcoin litecoin

In previous year, Ethereum Foundation spent $27 million on various grants, all with the goal to support the Ethereum ecosystem. The grants were rewarded in five installments. We remain to see the dynamics of rewarding grants in 2019. What we do know is what Ethereum Foundation will be looking for in a candidate program, as reportedly stated by Aya Miyaguchi:

How important is the problem the team is working on?

How unique is the solution?

Will the grant produce second-order effects?

How urgent is the problem?

Ethereum is the second largest blockchain in the world. So far, the majority of funds have been invested in scalability. Whether this year they will follow the same pattern, it remains to be seen. The founder, Buterin as well as Exec Director, Miyaguchi have announced more news in the following weeks.

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