Category: Blockchain

Telos Saves the World

An ode to a reliable utility blockchain.


There was zero social distancing in the hall,
This gathering would be attended by all;
A cryptocurrency bonanza,
A blockchain – extravaganza.

Bitcoin veterans suave as could be,
Buterin’s boys singing Ethereum Me.
Binance reps were strutting the floor,
Litecoin ladies gave greeting at the door.

Ripple was there, but feeling unwelcome up-back;
with the Monero men, all shrouded in black.
Tezos was seated, Zcash was too,
NEO and NEM had just stepped out to the loo.

As Satoshi softly keyed the grand piano,
Closely nearby stood the likes of EOS, Xaya and Cardano.
The Tron team was all in here of course;
Along with the Hive guys, showing little remorse.

All-in-all the turnout was Stellar,
regardless of this being one huge crypto Tether.
Because soon a bombshell, was about to drop,
Which nothing short of an Exodus could readily stop.

A familiar and experienced architect walked out on the stage,
Matured and wise; made Ivan on Tech look a simple young page.
And though this audience could sense his forlorn,
He swore he would take this crowd by the Horn.

Ladies and gentlemen, this point I unveil,
Proof of stake and decentralised governance will ultimately prevail,

And as the sounds in the hall rose and swirled,
he exclaimed…

Telos will save the world’.

What started as mirth, soon became laughter,
Even B1 and Larimer were rolling on the floor.
How could this unknown EOSIO blockchain,
Possibly lay claim to be anything more?

Undeterred by the shreeks, the jeers and the heckling,
the MC threw just one question back –
Name the single biggest problem all the world faces?
And give this here Telos blockchain a crack.

Crypto-enthusiasts are curious by nature,
And will never let a problem go unsolved.
So the room went dead quiet in this moment.
And would remain this way until problem resolved.

‘Covid19’ was the response from the gallery,
Some Theta fan from within the BAC rank,
The reply however was swift and decisive,
Telos keeps all the virus data for Genobank.’

Dogecoin weren’t taking this matter too lightly,
the world’s biggest problem was ‘Fake News‘, of course.
And this is why Telos has ‘Unbiased’,
to gather the news and the facts from the source.


‘The problem is Social media censorship,’
Berwick and the libertarians proclaimed.
And this is why Telos has Murmur,
Peeranha and Unbiased again.


‘Come on, get real’, said the Steem crew,
Unrewarded content creation’ is the problem that breeds.
‘You are right’ replied this grinning conductor,
‘And Telos has Newlife, Zeptagram and Seeds.’

Tensions were beginning to rise now,
And the frustrations you could cut with a knife.
For everyone knew where this was going,
and the urgency had just become rife.

According to Xaya ‘Game Worlds and human mining was the solution,
And, Telos doesn’t have games!’

‘Well actually, we’ve partnered with Unity through Qudo,
We’ve also got Angry Warlords, Blox and V8 Planes.’

‘Our journey with games doesn’t stop there though,
we have dRealms coming soon, prey tell.
Not to mention our last massive announcement,
the Steam Gaming Platform, via Farm Game, has started using Telos as well.’


You could have heard a pin-drop,
with the room in a complete state of shock.
This Maestro had picked up a hammer,
to decisively crushed the last block.

Decentralised and trustless document storage,
we are calling this our dStor,
Quick, uncensored and interplantary,
it is IPFS, plus video, plus more.


Do we need to remunerate musicians and lyrical artists?
Well Telos has Zeptagram for this.
Crowdsourcing and rights trading; it is,
New art, new sound, new world bliss.


You are forgeting the poor and disadvantaged,
Called out one mislead member of Dash.
No way – we are most certainly banking the unbanked,
And for this we have Sesacash.


Or are you talking food assistance?
Another “world saving” place to start,
Telos is scaling All_EBT’s public welfare programs,
A virtual card with a heart.’

Worried about the real world communities?
We’ve got them here at Telos too.
Africans, South Americans and Christians,
Our blockchain based societies – just to name a few.


‘We’ve got a working foundation, worker remuneration,
and double digit REX staking rewards – does it get any better?
Yet we never had the need for ICO money,
So we are not a security – and we even have a legal letter!


‘Please excuse the brief off-topic, sorry to digress,
Saving the world needs free and fair elections, to ensure true democracy.
For this we have Telos Decide – blockchain ballots and voting,
End intimidation, illegal voting and political hypocrisy.’

‘Why don’t we cut to the chase and be honest,
Blockchain is let down by one major theme.
Twelve transactions per second….
Would always stop us from going mainstream.’


‘Telos has solved this problem,
Thousands of transactions per second have been seen.
All for free on our decentrized blockchain,
With our efficiency keeping the environment green.’


‘Forget about a lightning network,
Forget about Ethereum fast,
Now through our Transledger partner,
You can transfer Bitcoin and Ether on Telos…

instantly… en masse… for free… at last!’

GOLDSMITH


Photo by Suzy Hazelwood on Pexels.com











XAYA SME beta testing and more

Blockchain Gaming


Over the past month Goldsmith Money has found itself thoroughly involved in XAYA game beta testing. This is the beta testing for one of their two major blockchain gaming projects, being Soccer Manager Elite (SME).

Over the course of testing we produced a number of SME review videos and uploaded these to YouTube. The aim of these videos was to both provide a visual report on bugs that might be found in the game software; and, to aid in promotion (of both SME and our own branding). Importantly, it has been a lot of FUN.

We now move into phase two of the testing and it appears that all testers are stepping it up a notch. Game-play is now thrillingly serious and at times can involve a mild level of sledging. There are now others also promoting SME with YouTube game clips and written articles.

This week Goldsmith Money stepped it up a notch too, by introducing a treasure hunt prize being 200 CHI, with a 50 CHI prize being available to 4 of the current SME Managers.

CHI is the native money for the XAYA blockchain and a necessary fuel for participation on the chain. It is of course the velocity of money which will builds thriving economies, so sharing a little CHI around could produce some new blockchain growth.

Similarly, the team at XAYA HQ have just announced a 50 CHI prize for all team managers who win their upcoming games. So you can be sure that managers will be setting and adjusting lineups, formations, tactics and substitutions, right up to the 12 hour cutoff.

We are now at 80+ managers testing the software and I hope they are all enjoying it as much as I am. And hopefully for everyone this type of enthusiasm continues into the full release.

Finally – the following is a link to the YouTube clip from last night which announced the treasure hunt.

I am very pleased to announce that we had 2 treasurer hunters who found the ball from the video at Good Money and the Dollar. Congratulations to SME managers UiGoku and Dacho 1888 – CHI has been sent your way.

There were some participants who thought that the SME Balls may have been the ball in the video – unfortunately this was not the case. So no prizes here. As such the remaining 100 CHI will be carried over to a new Goldsmith Money SME Treasure Hunt in a week or so.

Stay well everyone and keep gaming – because this is where the money is. Better yet… keep Blockchain Gaming – because this is where the future is.

GOLDSMITH.




Games, Crypto and Lockdown

An Epic Combination!


According to CNBC, video game sales are soaring. They stated:

Sales of the latest video games have smashed records as millions are stuck at home after governments around the world locked down entire cities and pushed for social distancing measures to stop the coronavirus from spreading.

One example cited was Activision Blizzard’s free-to-play, Call of Duty: Warzone, which launched on 10 March. Within just 10 days it had attracted 30 million players.

It certainly makes sense that more and more good global citizens would be entertaining themselves through online gaming, as they abide by their coronavirus lockdown regulations. What however, if we could take it one step further…

What if we could earn tradable cryptocurrencies as we play?

This idea is certainly not new. In Ernest Cline‘s novel and Steven Spielberg blockbuster film ‘Ready Player One’, the citizens of Earth spend most of their days gaming within a virtual utopia known as the Oasis. Within the Oasis participants were able to earn Oasis Credits, which also serve the function of a reliable and stable real-world currency.

Ready Player One Movie Review Roundup: Another Spielberg Classic?
Ready Player One

In previous Goldsmith Money posts we discussed the evolution of blockchain technology and the advancements in functionality that were being made. One part of this evolution is the integration of games onto blockchains.

By integrating games onto blockchain, developers are able to allow their customers to communicate, trade and transact both within a game and with other games, via a secure, trustless and decentralised gaming ecosystem. And in light of the coronavirus lockdown, the environment and timing for such an ecosystem, may be perfect.


When it comes to technology, nothing seems to happen in a hurry. Regardless, progress in the blockchain gaming industry is slowly being made.

A little known game called Angry Warlord, is now available on Google Play. This Android App Game is actually built upon the Telos blockchain – Telos being a decentralised, 3rd generation EOSIO blockchain.

Having been described as a casual and fun, platform style game, Angry Warlord, from developer Gems Lab, is merging blockchain and gaming and taking it to a massive worldwide mobile audience.

A possible attraction for this game is the ability for players to earn Gems, the game’s native cryptocurrency. These Gems are then able to be traded on the Telos blockchain for other cryptocurrencies and potentially local fiat currencies.

Angry Warlord is just the beginning though.

The team behind the popular Soccer Manager games are looking to take Soccer Manager to the blockchain with their new game Soccer Manager Elite(SME).

To be built upon the specialist XAYA gaming blockchain, SME will seek to take the popular sports management gaming genre to a whole new level, as it attempts to monetise an entire virtual soccer competition.

Soccer Manager Elite

SME beta testing is to commence soon – the team at Goldsmith Money are quietly hoping to be part of this.

To also be built upon the XAYA blockchain and now in the final stages of development testing is Taurion.

Taurion purports to be a fully-decentralised, massive multiplayer online role playing game (MMORPG), equipped for communication, trade and human cryptocurrency mining.

Set on it’s own virtual planet, with a backstory spanning multiple galaxies – Taurion includes everything from warring resource hungry factions to all manner exploration and mining, craft and trade, diplomacy and combat, heroes, ancient artifacts, buildings and vehicles, taxes and even in-game advertising billboards (just like the Oasis).

Taurion surely has the potential to keep gamers the world over, working feverishly for many years, to build, conquer and maintain their epic virtual empires.



These are but a few of what is likely to be a huge new trend of decentralised, blockchain based games promising to both entertain and financially reward users.

So coronavirus lockdown or otherwise, the time has never been better to feel like a kid once more – and get gaming!

GOLDSMITH


References:

CNBC
https://www.cnbc.com/2020/04/03/video-games-sales-soar-as-coronavirus-leaves-millions-trapped-at-home.html

Angry Warlords
https://medium.com/telos-foundation/mainstream-crypto-gaming-is-finally-here-with-angry-warlord-on-telos-53db866b56ac

Soccer Manager Elite
https://soccermanagerelite.com/

Taurion
https://taurion.io/

XAYA
https://xaya.io/


Good Money and Cryptocurrency

Could cryptocurrency be considered ‘good money’?


In our previous two posts on the topic of cryptocurrency, we learned what blockchain and cryptocurrency is and briefly examined the technological leaps it had made over the past decade.

In this post we shift our focus back to GOOD MONEY, by asking the question – does cryptocurrency really cover all the criteria necessary to be considered ‘good’ money?


Photo by Worldspectrum on Pexels.com

Let’s revisit the criteria – one at a time.

  1. A Store of Value

    This is the most contentiously argued point in regard to cryptocurrency being considered ‘good money’. 

    Some argue there is simply no store of value for a unit of cryptocurrency whatsoever, and its price is merely a result of speculation. I do not accept this premise.

    There is an inherent value in the computing infrastructure which runs the individual blockchains. There is value derived from the skills, efforts and energies of those actively maintaining and developing the capabilities of these cryptocurrency networks and platforms.

    There is value being created by those developing the applications to tap into these blockchains.

    There is ultimately value being derived from the use and adoption.

    I will accept the argument that if the internet fails and the world stops producing electricity, and as such cryptocurrencies have no value. However, the likelihood of this happening in our modern world is so extremely minute – it is a poor argument. Besides, if for some reason we lost the internet or our ability to produce electricity on a global scale – we would have much bigger problems to worry about than how we access our cryptocurrency tokens.

    Finally, it is argued that the creation of new tokens at a rate in excess of the growth of the participation in that particular blockchain will be value destructive, similar to the destruction in the value of the dollar. However, unlike dollars,  blockchain currency expansion can be easily monitored and the market is able to adjust prices accordingly.

    So I would argue, YES, cryptocurrency can be a store of value. Especially those cryptocurrencies which end up being highly utilised and responsibly governed.
  2. Scarce and difficult to create

    Within an individual cryptocurrency network, all tokens can be seen and are only ever created as per the rules of that blockchain.  The rules of an individual blockchain can be altered. However, this is transparent for all involved and therefore the market can reprice tokens based on the changes.

    In cryptocurrency, inflation is measured in its true sense – as the expansion of the token supply.  So unlike dollars, where nobody knows how many dollars are actually in circulation – cryptocurrencies are very much a known quantity and inflation can be measured with 100% accuracy.

    It is true that new cryptocurrency blockchains can be created quite easily. Creation of a new cryptocurrency though is akin to the creation of a new monetary system, not inflation of the current. There is no guarantee that this new monetary system will be adopted though and  new cryptocurrencies do act as competition for the existing. Which is not a bad thing in that it is keeping the blockchain engineers and application developers busy constructing bigger and better financial ecosystems.
  3. Generally acceptable.

    Cryptocurrencies such as Bitcoin are growing in acceptance.  It is believed that over 20 million people worldwide are using Bitcoin and other currencies on a regular basis.  More and more desktop and mobile wallet applications are being developed to facilitate quick and easy trade. 

    Some countries are considered to be very friendly toward cryptocurrency based trade and business development. Some of these countries include: Malta; Switzerland; Singapore; Honk Kong; Japan Belarus; and, Estonia.

    We have had indications out of Russia and China that they are working on their own national cryptocurrencies, which in itself would compel acceptance.

    There has been speculation that Chinese and Russian cryptocurrency tokens might be backed by their national gold reserves – which would resolve any question around ‘Store of Value’. 

    The concept of a gold backed cryptocurrency would freely encourage mass adoption, quickly becoming an accepted and desirable medium of exchange. It is for this reason that I do not speculate in Bitcoin. A gold backed cryptocurrency, where say a single cryptocurrency token could be exchanged for a gram of gold, might end Bitcoin’s appeal very quickly.
  1. Trustless

    A decentralised cryptocurrency such as Bitcoin has no single point of failure as it is run on computers all over the world simultaneously.

    Furthermore, a Bitcoin held on the Bitcoin blockchain belongs only to the one who holds the private key to the account. Meaning the Bitcoin is not the liability of a bank or other third party. As such, we should consider cryptocurrency to be trustless.
  2. Durable and indestructible

    As mentioned previously, Bitcoin is the most powerful decentralised computer network on the planet.  It would be virtually impossible for a hacker, company or government to bring down the network. This makes Bitcoin virtually indestructible. There is no reason that other blockchains will not be constructed with similar or even enhanced durability and indestructibility features.
  3. Portable

    Accessing your cryptocurrency can be as easy as carrying around a unique 50 digit password in your pocket. This password can be easily carried anywhere in the world.

    To access the cryptocurrency you simply need a PC or mobile phone wallet. Establishing a wallet is now as easy as downloading a free Android or App Store app.  Try setting up a bank account this quickly.
  4. Divisible

    Yes! Generally speaking a cryptocurrency can be divided up into smaller units – often utilising between 4-6 decimal places.
  5. Homogenous and fungible

    Yes! Every Bitcoin is the same as every other Bitcoin on that blockchain. Other blockchains are similar in that their native tokens are identical.

It is clear that ‘cryptocurrency’ may have all the characteristics of ‘good money’, yet as established previously, ‘fiat currencies‘ do not. For this very reason it is possible that those in government, banking and finance will attempt to regulate cryptocurrency and/or discredit it.  Afterall, if you were allowed to print all the currency you wanted to – wouldn’t you try to put a stop to a competing system, which does not? 

Regardless, the world of blockchain is here to stay and the disruption to the established monetary and banking systems will be total.

Instantaneous and free international transactions will be available on trustless and infallible payment systems.

Public blockchains, private blockchains and national blockchains are all possibilities. Blockchains with physical backing of precious metals and other commodities and resources are likely to emerge.

The winners and losers with regard to blockchain is the unknown. However, over the next 10 years expect that the complete replacement of current systems will take place. And for the Financial Awakened – there will be a smorgasbord of opportunities.

In coming posts we will look at some of the opportunities which have already begun to arise. Please be sure to subscribe.

GOLDSMITH


Innovation through cryptocurrencies II

Blockchain – Generations 2 and 3


In a recent post titled Innovation through cryptocurrencies we provided you with an introductory explanation of blockchain, along with a quick brief on the original, 1st Generation blockchain and our most well known cryptocurrency – Bitcoin.

Over the years however, blockchain has evolved. It is no longer simply a transaction platform for transferring electronic tokens. Generation 2 and 3 blockchains are doing much, much more.


Photo by Launchpresso on Pexels.com

Second generation blockchain Ethereum (launched 30 July 2015), was the first smart contract blockchain, which not only allowed the transfer of tokens, but allowed conditions to be attached to the transfer.  Meaning a transfer would only be executed when the conditions of the contract had been satisfied. Smart contracts have opened up blockchain to an unlimited array of commercial opportunities. Unfortunately, Ethereum like Bitcoin is limited by speed to approximately 15 transactions per second. 

Both Bitcoin and Ethereum transactions incur transaction fees which are paid to the miners.   These fees are are difficult to gauge as they change depending on how business the network is. They have also been known to get very expensive in busy times, causing both delays in transaction times and high transaction costs.

In the end, the fees make it next to impossible to use Bitcoin or Ethereum for small purchases – your morning coffee for example. So again this comes as a drawback to mainstream adoption for Generation 1 and 2 blockchains.

Third generation blockchains, such as the EOSIO blockchains (first launched in 2018) can now process thousands of transactions per second, near instantaneously, with no transaction fees.

These EOSIO blockchains are run efficiently by 21 specialised and elected block producers, with paid backup block producers on call should any top 21 servers be taken offline.  

They come with smart contract capability, multiple account permissions, human readable account names and multiple token functionality. They are opening up a huge range of trade and commercial opportunities for individuals, businesses and other organisations.

Third generation blockchains could theoretically connect people in every country throughout the world – allowing them to freely and securely communicate; trade and transact instantaneously and, all completely outside of current banking and finance systems.

As a part of your financial awakening you should strive to understand blockchain technology. Consider the evolution it will take over the next decade; and, the role it could play as a future monetary supply and global transaction platform. 


So does cryptocurrency really cover all the criteria to be considered ‘good’ money?

Be sure to subscribe to Goldsmith Money, so as not to miss our next blog, which will answer this very question.

GOLDSMITH


Innovation through cryptocurrencies

Bitcoin and the blockchain – an introduction


Previously I mentioned that there may soon be a new medium of exchange which could one day be a ‘good’ form of money.  This money is what is has been named ‘cryptocurrency’ – a result of combining the internet, cryptography and currency. No doubt the first cryptocurrency to spring everyone’s mind is of course is – Bitcoin.


Photo by Pixabay on Pexels.com

Bitcoin (launched 2009) was the first cryptocurrency, built upon a decentralised blockchain. In essence, a ‘blockchain’ is simply a ‘spreadsheet’.  However, unlike a spreadsheet which is open and running on a single computer, this spreadsheet is run on computers all over the world – simultaneously, with no single point of failure.

Each Bitcoin (or part thereof) represents a unit of currency on the spreadsheet and each Bitcoin account represents a cell.

Only those who hold the password (private key) to an account are able to transfer Bitcoin from this account to others. This means that so long as an account owner keeps their private key safe, their Bitcoin will not leave their account. However, others may send Bitcoin to the first owner’s account if they know the account address (the public key).

Blockchain can be trustless, to the extent that responsibility for operating and maintaining the blockchain can be spread across multiple third parties, across multiple jurisdictions and can be kept outside the boundaries of any one government, regulator or bank.

Transactions are near instantaneous, are borderless and permanent. Compare this to the transfer of monies to foreign bank accounts which can take many days to complete the transactions. Bitcoin and other cryptocurrencies make transfers happen in minutes and with some, mere seconds.

Once a transaction has been made, it becomes forever written upon a single block within the blockchain. Each block is compressed, encrypted and verified by the miners or block producers. The ending ‘hash’ of one block then becomes the ‘header’ of the next, thereby forming the chain.  And the more blocks in the chain, the more difficult it becomes to alter earlier transactions.

Bitcoin itself is now the most powerful computer network on Earth and it is virtually impossible for any one organisation to hack and fraudulently alter transactions.


We are still in the very early stages of cryptocurrency, however blockchains are evolving rapidly. Bitcoin itself, whilst the most commonly used blockchain is only capable of a maximum 10-12 transactions per second. This is nowhere near quick enough to be a mainstream transaction platform – at least not in its current state. Visa for instance, processes thousands of transactions a second.

In addition to transaction limitations, Bitcoin also requires enormous quantities of electricity to maintain the blockchain.  The servers (called ‘miners’) which are running the Bitcoin blockchain, are said to be collectively using enough electricity to power a small country. Unless Bitcoin can overcome this inefficiency, its future again looks limited.

As I have said in the opening – Bitcoin was just the very beginning of blockchain and cryptocurrency – the 1st generation. The technological advancement of blockchain over the past 5 years though has been remarkable.

In upcoming posts we will discuss 2nd and 3rd generation blockchain technology. We will also examine cryptocurrency with respect to the 8 characteristics of ‘good money’. All part of your…

Financial Awakening!

GOLDSMITH