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Facebook new project LibraCoin

Facebook Revealed Plans for New Project LibraCoin

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Facebook has revealed its plans for their new project, a stablecoin, which is now officially called LibraCoin. The public launch will reportedly happen in the first half of 2020. The media went frenzy and we are now witnessing the opposing views on LibraCoin’s future. But, first, let us explore LibraCoin.

What is LibraCoin

What is LibraCoin is the frequently asked question these days. As majority of other cryptocurrencies, LibraCoin is a digital currency that serves as a means of payment. As expected, the transaction fees that apply to LibraCoin are near to zero. Facebook reportedly announced that the users would be able to buy LibraCoin or get their cash from LibraCoin either online or at local exchange spots.

Facebook has also developed its Calibra wallet. Apparently, it will be governed by Facebook, as a subsidiary of its own. This wallet will be integral part of Messenger, WhatsApp, and other Facebook’s apps. However, it appears we will wait a few more months to be able to use Calibra.

The Libra currency is represented by a 3 wavy horizontal lines character ≋

Advantages of LibraCoin

We all expect LibraCoin to have some advantages over other cryptos. Facebook did not disappoint us in this respect. LibraCoin is fast and less expensive, especially if we use it for international transactions.

Apparently, the companies which accept LibraCoin as means of payment will have discounts or rewards.

This new stablecoin is powered by the Libra Blockchain. This ecosystem is announced as an open-source. It is developed in Facebook’s own Move programming language.

Libra Vs. Bitcoin

With Bitcoin being the leading crypto, we cannot avoid comparing the two . Bitcoin has proved itself as the master of decentralization. On the other hand, LibraCoin is controlled by Facebook and the Libra Association. Furthermore, Facebook declared that they would not have full control over LibraCoin. Other members of the Libra Association will participate in decision making. Among many companies, there are Visa, Uber, Andreessen Horowitz, etc. These members invested more than $10 million each in the project.

Bitcoin’s and Facebook’s blockchains also differ. Bitcoin runs on permissionless blockchain. This means that the miners do not have to ask for approval before they start their mining. LibraCoin’s block chain is permissioned.

Challenges LibraCoin Faces

When launching plans for the new financial ecosystem that has impacts worldwide, it is expected to face certain challenges. As stated above, LibraCoin is centralized and supported by government-backed currencies and securities. They claim that this should secure low risk and avoid fluctuations. Nevertheless, there are voices raising questions. Experts claim that LibraCoin is challenging banking systems, although they doubt this would be the end of the traditional institution. What we can predict at this stage is that LibraCoin will seek to exploit the weaknesses of banking transfers and offer more convenient solutions.

One of the main concerns mentioned in the media is over Facebook’s ability to secure the financial information of their clients. The concern is justified due to the previous breach of users’ personal information. With information about financial transactions, Facebook will now definitely have unrivaled advantage over all other companies in the industry.

Concerns from regulators include the ways LibraCoin will be regulated and in what way exactly Facebook and the Libra Association will be fighting money laundering.

Apparently, making LibraCoin the new leading crypto would take some time. As Facebook Inc. Chief Operating Officer Sheryl Sandberg said, this project is a “long way from launch.” She also added:

“Regulators have concerns. We’re already meeting with them. We know we have a lot of work to do, but this was an announcement of what we would like to do with a roadmap for people to jump in and help us do it.”

 

We would appreciate your thoughts on LibraCoin.

commencement speech sharing values

Commencement Speech Sharing Values

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The time to give or to receive a commencement speech and sharing values has just ended. It made us think how seldom we go back to the words of wisdom we heard at that certain moment. Reminiscing can be rewarding, if we know how to interpret the values and remember them every now and then.

Graduating is an important time in a persons life. The best among us are usually invited to share their thoughts, advice, and pledges in the name of the entire generation. We stand there, proud and eager to take a plunge in life. Once it happens, the circumstances and paths we take lead us far away. Sometimes, they make us forget the essence of our beliefs. We experience difficulties remembering the way we were. The ideas we believed in. The dreams we had.

Without any pretension to sound too wise, this is just a short collection of what we believe should be the most important lessons to remember in life.

It Is OK to Fall, As Long As You Are Not Afraid to Get Up

Regardless of what your job may be, or your purpose in life, learning to “get up” is one of the most important lessons anyone should learn. This is probably the advice your parents have given you. If not, you must have experienced it yourself.

Fear is what usually makes us incapable of reacting properly. Facing fear and believing in yourself is what can pull you through.  This is a process that can last a lifetime. However, the sooner we realize that we have a certain power to create the circumstances the more self-confident we will be. Furthermore, our lives would be more fulfilling. Or, as Bill Nye said:” As we say in the theater and on television, take that fear and turn it into excitement.”

Another positive aspect of this small wisdom is that by accepting the fall, we accept our own imperfections. It may sound strange but being humble and aware of your own deficiencies can make you a better person. Additionally, the only way to advance in life is to pursue the skills and knowledge you are lacking. But, first, you need to be aware of what you are lacking.

Each Experience Is a Lesson

There is no great wisdom here, although this is completely true. Especially if you read between the lines. It is not about the experience itself, rather about the context of your own way of living. A lesson learned through experience can be different for anyone. It depends on how you interpret it. It also depends on what your moral grounds are. Either way, each experience is a lesson.

The toughest experiences make the toughest characters. Sometimes you will realize that you wasted your heart on a wrong person. Other times, you will see how deeply rewarded you can be for learning to be independent or to connect. There are times when experiences can teach us how to be patient and invest in the future. There are also times when we are faced with circumstances beyond our control. These are usually the moments when we test our faith.

Life is difficult, beautiful, hectic, romantic, tough. What we do with it, it is up to us. However, the only way to make this life a joyride is to take a break every now and then. Resetting can be healthy in the modern-day dynamics. Stop and smell the roses. Remember the important things and people in your life. Give them a call. Undo the wrong you may have done. You can feel better.

 

What is the most important advice you stick to?

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Facial Recognition is Advancing in Land-Based Casinos

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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?

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Smart Contracts Making Blockchain Transactions Easier

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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.
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The Ethereum Foundation Granting $30 Million in 2019

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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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