When Blockchain Saves Customer Reviews, All of E-commerce Will Prosper

In the climate of click bait, unreliable journalists and “fake news,” it’s something of an unspoken rule that any you should take any opinion with a pinch of salt.

Professional review writing industries, as well as aggregates, have arguably been irrevocably tainted by financial interests. They are, after all, companies and as such have been formed with requirements (if not objectives) of creating opportunities for revenue generation: to pay the staff, cover overhead investments and ensure the ongoing development of the project.  

Issues that affect professional reviews are, however, are shared in many ways by user reviews as well; including unethical practices from retailers, review writers, product creators, and others. It does appear that our hallowed Blockchain technology could provide a solution to some, if not all of these if given a chance,  but first, it would do well first to consider what needs to be improved upon.

Problem #1: the conflicts of interest

Having an objective customer reviewer is all good and well but unless the website their review is posted on is managed by similarly minded managers & institutional practices, then there is no guarantee that the message will stay the same by the time it is published.

This is because, much like the professional magazines, the largest part of their revenue most often comes from advertisers and sponsors. To these investors, the audience is a valuable target – having established themselves as consumers by virtue of reading the content, to begin with, and as such, they are mostly comprised of those producers and retailers of the very products being covered by the publication.

There is, therefore, a clear conflict of interest between the review-hosting sites’ respective loyalties to their advertisers, and to their readers. The results of this can be manipulation of the review scores post-publication, censorship/omission of negative reviews, and the fabrication of positive reviews by the shop or manufacturer.

Problem  #2: The unreliable reviewers

Shills (Exhibit A)

Shills embody an end result of the aforementioned “conflicts of interest.” These particular individuals often manifest when one party who benefits the sale of a product approaches a reviewer (with either no reputation or with experience/trust-ability from the background) and persuades them to write positively about the product in question in return for a financial inventive or free products themselves.

This can even appear on well-known marketplaces such as Amazon (although compared to the accusations levied against them regarding employee welfare standards, I’d imagine it’s the least of their worries) and contribute to a negative perception of their reviews as being an “untrustworthy measure of quality,” according to Jeff Bercovici at Forbes.

He continues to describe the perpetrators as writers with a “vested interest – a friend, family member, [or] a fan” writing positive reviews” in addition to “notorious “sock puppets” created by novelists skilled in the practice of inventing characters and putting dialogue in their mouths.”

‘Review Bomb’ squads (Exhibit B)

Review bombing is a unique phenomenon which is most frequently associated with video-gaming and nerd culture. “The act of an organized group getting together and tanking the overall user review score.”

It is defined by the collective nature of the “attacks,” often represented by the proximity to which each is posted and to the aftermath of a certain event. They can also be identifiable in their conspiratorial nature, through semi-public announcements made on message-boards such as 4chan.

To clarify: not all instances of contradictory public opinion are examples of review bombs. A recent example presents a dichotomy between audience and reviewer opinions regarding the latest, post-Disney acquisition Star Wars film ‘The Last Jedi.’ It shows that the audience is somewhat active and reasoned in their criticisms.

Although if you were to listen to the politicized pundits, you would believe that everyone here (paying critics, who happen to disagree with their opinions) was a member of an organized “right-wing group.”

The conclusion: a Blockchain solution

A recently launched left-field ICO which appears (or at least claims) to have created a solution based on the Ethereum platform and its Blockchain to these highlighted concerns as well as much more you might not have even thought of. In fact, it is this company and their vision which inspired this piece.

Solution #1: The concern over review scores being manipulated or censored post-publication would be mitigated with Lina’s platform as all information would be stored on the public Blockchain, in addition to being backed up onto a private copy of said information (in a system called a ‘Hybrid Blockchain’). This means that nobody can tamper with it once it’s been submitted without the changes also being a public record.

Solution #2: Lina intents to tackle unreliable reviews by enlisting customers based on skill, experience, and ability. This is before monitoring their progress and customer approval in order to best determine future training/progress paths. With the project being an economy into itself, this allows for a form of compensation which encourages reviewers to contribute, which in turn helps to develop the ecosystem.

Lina.platform is a token based rating system, an economy whose value (and therefore the developer’s primary concern) is in the publication and promotion of high-quality objective reviews; as well as focusing on the development of popular and consistent writers for both prolific in content as well as audience bond.

Their ICO launched on Jan. 15, and you can read more about their detailed plans either on their website or by reading their whitepaper.

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Blockchain is gaining momentum in a number of growing industries. Because of the rise in popularity of Bitcoin, Blockchain technology has proven useful in the financial arena. A growing number entrepreneurs are utilizing Blockchain to transform a number of industries.

Blockchain is known for driving greater transparency and security across the digital information ecosystem. Armed with this knowledge many startup companies are beginning to implement use cases for the nascent technology.

This has caused a heightened awareness around the technology in areas stretching from payments to public policy. As popularity grows, the need for more information and training will increase as well. Learning how these industries are using Blockchain to advance their companies is becoming more and more accessible with more events and conferences happening every day.

Impacts on a global logistics

The transfer of goods, service and value drive the way humans exist. This important reality of life is accomplished through communication flow and logistics. CEO of Shipchain, John Monarch, believes that the logistics sector employs more people than any other industry. Due to the natural growth over time, it has required innovative ways to scale in order to handle the growth of the shipping and logistics needs.

Monarch said, “Connected devices revolving around the Internet of Everything (IoE) need a higher level of security. Blockchain technology is a matchless solution in this regard because it provides the best protection through distributed ledgers, advanced encryption, smart-contracts and reduced intermediaries. As a result, this will tackle corruption, ransomware, theft, premium-fees and tracking issues.”

His estimates predict that more than $50 billion per year could be saved just in the beginning, and after maturity, as much as $500 billion annually when Blockchain networks are implemented on a mass-market level.

Blockchain’s key role

Efficiency isn’t the actual selling point of Blockchains for the logistics industry, according to Monarch. Plenty of other options outside of Blockchain can provide more efficient systems. What Blockchain does offer, however, is a way “to make systems more transparent, more robust and less dependent on intermediaries.”

When there is a change of ownership, tracking this information becomes an issue as it relates to the chain of custody. One example of this is how a car’s history is tracked as noted by Christopher Bates, COO of Bitland:

“It is pretty important to know if a car has been in a major accident and has frame/structural damage,” he says. “If there was an immutable accessible record that kept track of the car history, there would be no way a car salesman could sell a car that had been extremely damaged.”

Bates also explained the problem as it relates to ownership of land. In some places, land titles are tracked on paper only or by one individual. Fraud happens in situations like these because the land can be sold two to three times without truly knowing who the real owner is.

Providing safety

There is a constant battle over the imperfections of shipping. Tracking the chain of custody when it is passing through so many hands begins to break down. There is no perfect way to find who is responsible for the break in the chain. Bates observes:

“The issue therein is that since they are mutable, shipment records can be hidden or erased completely to the detriment of the people at large. Governments are able to hide their black budget spending by erasing shipping records or preventing records from being issued at all.” 

Blockchain fixes this issue by implementing technology that decreases the potential of malicious action and creates better transparency with immutable record-keeping.

Creating new opportunities

 As Blockchain technology continues to find traction among industry insiders and new markets, the potential for adoption continues to grow as well. Of particular note are new startups and existing businesses that are conducting Initial Coin Offerings (ICOs). This model of decentralization provides a way for Blockchain technology to enter various industries.

Arcade City is a startup up company similar to Lyft and Uber. They are now facilitating all of their transactions through a Blockchain system. They are providing their drivers the freedom to establish their own rates with Blockchain tracking all of the data. This will appeal to drivers who would like to build up their own business instead of being controlled by a corporation. They can build their own customer base, determine rates and offer additional services (deliveries and roadside assistance).

This is just one example of many new ICOs who are starting to take advantage of the Blockchain technology. The movement of putting freedom and control into the customer’s hands will be an upward trend that many will begin to use to their advantage. ICO provides industries with a platform to offer tokens to pay for services. It is a great way to establish the capital for a new company while providing services to your customer base.

As the crypto-craze continues, canny companies are clamoring to climb aboard the digital train destined for greater profits. Kodak is the latest company to join the crypto club with announcements of its own blockchain platform and digital currency.

Just a day after we read about Russian owned messaging platform Telegram starting its own cryptocurrency another big name joins the fray. Crypto is currently a hot potato and companies are looking for a slice of the pie by getting onboard with the tech that everyone is talking about. The 130-year-old photo company has been looking for a cash injection since its film revival fell flat, and building a blockchain is as good an idea as any.

New York-based Kodak has announced a partnership with Wenn Digital to develop an image rights platform called KodakOne. This will run in tandem with a new photo-centric virtual currency called KodakCoin. The coin will be designed as a payments platform for photographers to get paid instantly and securely via the blockchain when their photos are sold online. Meanwhile, KodakOne will crawl the internet looking for image copyright violations. The concept is to create an encrypted distributed ledger of rights ownership running on the Ethereum platform using smart contracts.

Kodak chief executive Jeff Clarke had this to say;

“For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who’ve long struggled to assert control over their work and how it’s used, these buzzwords are the keys to solving what felt like an unsolvable problem,”

The ICO will be launched on January 31 but only open to accredited investors from a few countries including the US, UK, and Canada. It was a good day for Kodak shareholders as the price tripled in the hours after the announcement. According to NASDAQ Stock in the Eastman Kodak Company surged from around $3 to just under $10 in six hours. Currently Kodak stock is up over 190% proving that affiliation with the world’s hottest tech at the moment is great for company coffers.

Whether the company actually needs this technology and has a clear vision for its future or whether it was just an attempt to cash in on the current trend in cryptocurrency remains to be seen. What is guaranteed though is that more companies will follow in the coming weeks and months; crypto fervor is at an all-time high.

As global interest in bitcoin, Litecoin and other cryptocurrencies continues to rise, the infrastructure that underpins the space is having to expand. Exchanges are dealing with tens of thousands of new account openings daily, transaction counts are up dramatically and price, the bellwether for the general health of the cryptocurrency sector, is up pretty much across the board for the top ten coins.

One side of the industry that’s not getting as much attention as it perhaps ought to, is mining. Mining is necessary to process transactions – it’s essentially the lifeblood of the cryptocurrency space – but growth and progress in this arena haven’t been as prolific as it has in others.

This has created an opportunity for an early mover willing to step in and fill the gap.

And a company that’s doing just that is Moonlite.

Moonlite is a cryptocurrency mining company that’s about to set up the first of a number of planned cryptocurrency mining operations. The company’s initial project is located in Iceland (more on this in a moment) and it is set to start mining a spectrum of the major cryptocurrencies (starting with bitcoin and Litecoin before expanding to include Dash) before the end of this year.

So, why Iceland?

Iceland is a top location for cryptocurrency mining operations for a number of reasons. First, it’s very cold. This negates the necessity for the expensive cooling equipment that’s required to maintain a stable thermal environment in mining centers in other regions. Second, electricity is incredibly cheap in Iceland – in fact, it’s some of the cheapest (if not the cheapest) electricity in the world. This maximizes the income generated from the cryptocurrency that’s mined. Additionally, all the electricity derives from renewable sources – wind, hydro and geothermal. Third, Iceland is one of the most highly educated nations in the world, with a 100% literacy rate and a very technically savvy workforce.

What does all this mean to an investor?

The company is currently conducting a token pre-sale that offers a between 100-300% bonus on tokens purchased during phase 1 of the pre-sale. Beyond the pre-sale, a full token sale will kick off at the end of February and is set to close on March 15, 2018.

There are a few reasons why an investor might want to pick up tokens.

First, as this company expands its mining operations in line with its roadmap, the assumption is that the value of the tokens will increase organically. In this sense, then, the tokens are a store of value for anyone that picks them up at pre-listing rates.

Outside of this organic revaluation, however, the company intends to share profits with its token holders by way of a buyback scheme. Basically, 35% of profits will be used to buy back tokens and these tokens will subsequently be burnt (meaning they will be removed from circulating supply).

When tokens are burnt, the market capitalization of the company (so, in other words, the total valuation of Moonlite) will be spread across a smaller number of outstanding tokens, which will have the effect of driving up the value of the tokens that remain in circulation.

And it’s not just a smart business model

There’s a very strong team behind this company, with both its day to day management and board of advisors having vast amounts of experience in the cryptocurrency sector across a range of different niches within the space. Anyone looking to pick up a bit more detail on who’s at the helm can do so here.

So what’s next?

As mentioned, the pre-sale is underway, so anyone looking to gain an early exposure (and to benefit from the bonus tokens) can do so here. Beyond that, the primary ICO will kick off at the end of February and close around six weeks later.

Participants can pick up tokens using traditional payment methods (Visa, MasterCard) as well as with six of the leading cryptocurrencies.

From an operational perspective, Moonlite expects to officially open its first Data Center on August 1, 2018.

Check out the white paper here.

Between 18-19 January, 2018, the cryptocurrency and blockchain technology world will convene in Miami, Florida.

What’s drawing them there?

The North American Bitcoin Conference.

The event has been put together by Keynote, one of the biggest (if not the biggest) players in this side of the industry, being responsible for the largest and longest running conference in the blockchain space and having run twelve global conferences since 2012. As Keynote states on the event’s promotional website:

“We will also be hearing from the biggest in the industry about the hottest new thing in the crypto-currency community – ICOs.”

Of thousands of applicant companies, only a handful have been accepted and selected as sponsors of the event. These represent some of the most promising and well-supported companies in the blockchain space right now and the sponsorship presence (which, in a select number of cases, also includes a booth at the event) is sure to draw a considerable amount of interest and attention as the event matures.

One of these companies is CLOUT.

CLOUT is a company that’s trying to change the way the bitcoin and blockchain spaces publish, share and create media, content and information.

The company’s Founder, Sean Kirtz, founded Bitcoin Day Traders, a leading social cryptocurrency enthusiast community. Through Bitcoin Day Traders, Kirtz discovered that the individuals that made up the community were desperately seeking accurate and relevant information relating to the cryptocurrency and blockchain space but were unable to find it or – if they did find it – couldn’t rely on it as accurate.

Kirtz spotted an unmet need and figured he could develop a platform, built on blockchain technology, which could incentivize quality to ensure consistent and reliable access to information for anyone inside or outside of the space looking for it.

And so, the platform, called CLOUT, was born.

CLOUT will be the first to tokenize content in this way and – in turn – the first to employ a blockchain based token system not only to ensure that content creators are rewarded for the content they create but also that the highest quality content is seen by the most people and, in turn, that those who share the content are rewarded for dissemination of top quality material.

Think Reddit crossed with Facebook, but built on a blockchain based reward network and focused (from both a content and a user perspective) on blockchain technology and all its various applications to the modern world.

It’s a neat idea and it’s one that some of the biggest names in the industry have gotten behind. Toni Lane Casserly, Co-Founder of Cointelegraph, is an Advisor. As is Sam Lee, Co-Founder of Ethereum China. David Cohen, a well-known pioneer in this space, is also one of the company’s Advisors.

And it’s not just strong leadership – the company just proved that it’s got a very strong level of industry and community support with a sold-out pre-ICO and is scheduled to hit a number of big-name exchanges near term.

On February 1, 2018, CLOUT’s ICO tokens will list on HitBTC, a European exchange that launched in 2013 and that has since grown to become one of the industry’s most respected exchange providers. The tokens will also list on Coinbene, a major Asian exchange, on February 15, 2018.

This is an exciting technology and one that’s sure to garner a substantial amount of attention at the upcoming Miami event. If you’ve got any questions or want to know more (and if you’re attending the event) be sure to check out CLOUT’s booth.

Readers looking for information can find it on CLOUT’s website here. The company’s whitepaper is available here.

The North American Bitcoin Conference is upon us.

Many established and emerging crypto & ICO stars are soon to hit the stage at the James L Knight Center in downtown Miami. To many outsiders it might seem to be against better judgment to spend time inside a packed conference hall right next to that seductive turquoise water, gently swaying palm trees and that world famous golden beach. That is true especially for those traveling over from the currently Blade Runner-esque January London. To most crypto obsessives, however, the weather can’t compete with what is available inside.

According to the latest data from Keynote, the attendance expectancy has tripled to 3000 people. Crypto is undeniably on a high roll in 2018. This year might just be the one that blockchain solutions explode into the public consciousness as much more than just a new form of currency. Considering its been around less than a decade the speed is incredible.


Speaker list at BTC Miami here

I will be among the other floor displayers there to present some crypto art and write to News BTC about the experience. Getting an email offer to join the conference came at the perfect time a month back as another trip over had been in the works since last summer.

My second US art exhibit will be at the Art Fort Lauderdale fair a week after BTC Miami so that serendipitous gap might allow me that day at the beach after all – even if to just mentally prepare for what is to come right after. This is also my first collaboration exhibit through the legends only Tranter-Sinni Gallery. Due to the gallery, AFL will now also include our bodypainting performance with dancers and a 30-minute talk about tech, art and societal change at 3 pm on the 25th.



Art Fort Lauderdale site

“We live in a society exquisitely dependent on science and technology, in which hardly anyone knows anything about science and technology. ” – Carl Sagan

It will be interesting to talk at a mainstream contemporary art show about the blockchain, VR, and AI after hearing the latest tech insights a week before at BTC Miami. It is not apparent to most in crypto why the blockchain is relevant to art – let alone those who might have only heard the name Bitcoin in passing. Crypto is fast becoming connected to visual art through innovations like Verisart and Maecenas, a decentralized art gallery. It can solve things that have caused major problems within it for centuries.

After recently selling a piece to Silver 8 Capital I used blockchain to verify it through an open to public ledger. See the online authentication here. The landscape of art business is changing due to technology, and a few galleries already cater to the emerging crypto collector class.

Tropical Bit Thunder

There will be at least two more articles regarding everything that is about to happen in sunny Florida. These will include some professionally put together video material, images, insights and quotes from speakers. There are not many covering topics in this space from the perspective of a creative, so I’m privileged to offer it on this platform.

In the world of finance people often forget why they are relevant to other sectors outside of their primary field of interest. Money, especially now, can quickly feel like a gamelike abstraction only. The feedback loop from outside it is often the one that fuels intuition on where to invest next, what to support and perhaps help generate a new evolutionary idea.

For me, the blockchain inspired a whole new art platform and freed me to express potential future directions more easily than the previous. Grandiose as that might sound within the art world, in tech, this is just a normal Monday.

“T(r)optical” art piece by V E S A

The trip already inspired me to make this crypto art piece titled “T(r)optical.” The central palm tree has some coconuts in it and suggests that by journeying over you get to crack them open and access what is inside.

The peacock nesting in the tree has spread its wings to flaunt other crypto logos within as well.

The famous Miami skyline at the bottom incorporates the coins as well as the code that is transforming the banking buildings that make it.

If someone had told me only a couple of years ago that I would be making art about digital money and be inspired by a conference –  I’d likely suggested for them to alter their medication.

The power of Bitcoin I guess.

Should you like to purchase the T(r)optical art piece nr. 1s before everyone else you can do so here

More to come and will be listening to U2’s ‘Miami‘ on the way over.

V E S A
Visual Artist
London / Helsinki
www.artforcrypto.com
www.artevo.org

 

The US Securities and Exchange Commission (SEC) has issued its second warning in a month to those investing in cryptocurrencies. In a statement earlier today, the governmental body advised those involved in the space to “exercise caution” with Bitcoin and other digital currencies. SEC Chairman Jay Clayton, along with Commissioners Kara Stein and Michael Piwowar, said many companies hosting initial coin offerings were not doing so within compliance of federal and state securities regulations.

They went on to state that whilst legislators were attempting to keep pace with the rapidly evolving markets, policing them is difficult and thus investors must use their due diligence when deciding whether to get involved with crypto investments.

According to a report by Reuters, the Commissioners’ statement read:

 “The SEC and state securities regulators are pursuing violations, but we again caution you that, if you lose money, there is a substantial risk that our efforts will not result in a recovery of your investment.”

As mentioned, today’s warning is the second from the SEC in less than a month. On Monday 11 December, Jay Clayton advised caution to those wishing to partake in initial coin offerings. The SEC Chairman’s statement came just hours after the Commission were forced to intervene in an ICO being held by a restaurant review application. The issue arose due to the company not registering as a security:

“A number of concerns have been raised regarding the cryptocurrency and ICO markets, including that … there is substantially less investor protection than in our traditional securities markets, with correspondingly greater opportunities for fraud and manipulation… If an opportunity sounds too good to be true, or if you are pressured to act quickly, please exercise extreme caution and be aware of the risk that your investment may be lost.”

Despite the frequency with which the SEC are issuing warnings surrounding the cryptocurrency space, the Commission seems much more concerned with initial coin offerings than it does with Bitcoin and existing digital currencies for now. The cautionary words should go without saying to anyone hoping to invest in anything.

Initial coin offerings have come under increased scrutiny by the SEC. That is only normal, as a lot of these projects catered to US-based investors. However, very few of these concepts effectively filed with the SEC to issue securities. After Tezos, Giga Watt is now the second major project to feel the SEC’s wrath. The company is effectively being sued for securities fraud as we speak. Whether or not this group of investors will benefit from such legal action, is a big unknown.

Investing in an ICO is always a certain risk. Most novice users tend to ignore these risks and potential warning signs as well. It is far from an ideal situation, to say the very least. Giga Watt is one of the ICOs which attracted a lot of attention in 2017. Although the tokens are going up in value, investors are not impressed. This is mainly because no one has received their tokens or been refunded in the process. Nor is there any sign of the promised mining equipment either. A very disturbing development, especially for a project of that magnitude.

Giga Watt ICO Fails to Deliver

After all, not issuing tokens to investors is a very serious problem. It has affected the Tezos ICO as well. That particular company is facing three different class action lawsuits as we speak. For Giga Watt, the first of such lawsuits have been filed by investors as well. These people are – genuinely – concerned they will never receive their tokens or mining equipment activated. It is unclear why the ICO team hasn’t issued the tokens to investors or made any other significant progress, though.

At the same time, there’s the concern over the token “status” as well. More specifically, it seems Giga Watt violated securities laws in this regard as well. Although advertised as a utility token, it’s not immune from SEC regulation whatsoever. It will be interesting to see what the government agency has to say regarding this matter. Until this matter is resolved, investors will have to hope for the best. It is unclear if they will reap the benefits of the token value appreciation in the end.

All of this goes to show initial coin offerings remain a big problem. While there are legitimate projects out there, some of the bigger ideas simply fail to deliver on their promises. It is evident issues like these will set the whole industry back over time. Giga Watt is a very ambitious project, but a lawsuit can make the whole thing fall apart pretty quickly. Moreover, the creator of this ICO is Dave Carlson. He has a colourful history of failed mining ventures. The people who conducted their research would have known that from day one.

A lot of countries around the world are actively contemplating Bitcoin regulation. When that happens, one of two things will happen. Either the government bans cryptocurrency altogether, or they allow it to thrive. In Malaysia, there have been conflicting reports about what the future may hold for Bitcoin. Deputy finance minister Datuk Seri Johari Abdul Ghani stated how there is no plan to effectively deem cryptocurrencies to be illegal. That is good news, although the actual regulation has yet to be presented to the world.

Malaysia is not a region most people associate with major cryptocurrency activity. That is not surprising whatsoever. The lack of clear Bitcoin regulation makes it difficult for consumers and businesses to embrace cryptocurrency. Thankfully, that situation will come to change very soon. The local central bank is actively working on regulation. The big question is how positive or negative these new guidelines will be in the end.

Malaysia Won’t ban Bitcoin After all

Some sources claim Malaysia wants to ban all cryptocurrencies. It would appear to be the most logical outcome, after all. However, the local deputy finance minister surprised us all by contradicting such statements. More specifically, there is no plan – or reason  -to consider cryptocurrencies as illegal. The country wants to pursue every option for financial innovation. Bitcoin and other cryptocurrencies can certainly play a big role in this process.

Deputy finance minister Johari comments as follows:

“The government is fully aware of the need to strike a balance between public interest and integrity of the financial system, similar to any financial and investment schemes, there is a need to have proper regulation and supervision to ensure any risk associated with such schemes are effectively contained.”

This semi-positive approach to cryptocurrency regulation is somewhat surprising. After all, Asian countries are mainly leaning toward banning cryptocurrency activity altogether. Malaysia may reap some of the economic advantages of taking this approach. It will be interesting to see what the actual Bitcoin regulation will entail when it is made public, though. For now, there is still no official ETA on when these guidelines will be presented.

Since 2014 Cointed has transformed from a small start up to a mature company with diverse businesses. How did they do it? Learn straight from the people who made it possible!

How it all started?

“We want to offer the customers a solution for every problem in the crypto sphere”-Wolfgang Thaler

cointed

In the beginning of 2010, Christopher was struggling to mine bitcoin on his laptop. Shortly after setting it up, he lost it. Determined to get some bitcoin one way or another, he tried getting some from an exchange, which turned out to be a dreadful process.

Nevertheless, he was fascinated by blockchain and wanted to pursuit a career in it.

His colleague at the time, Wolfgang Thaler, was also getting acquainted with the new exotic currency. In casual conversation at work, both found out they had a similar bad experience when buying crypto.

 cointed

 

“You don’t need a reason to help other people.”-Charli Aho

Charli Aho joined the team in 2017. He had previously worked for other companies in the digital currency industry. When he met Wolfgang and Christopher, Cointed was already enjoying suc1111cess. As a finance professional, Charli knew the value of cryptocurrencies lied was to be found in its universal use, rather than in exclusivity.

Seeing that cointed were already on the way to achieve this, he was certain he wanted to take part.

cointed

“Impact, that’s the right word. I want to have an impact on the world, through Blockchain Technology this seems quite easy. Be part of it, it is free, it is legal, and it is definitely part of our future.”-Daniil Orlov

Daniil worked together with Charli and after being familiarized to it, also embarked immediately. Daniil’s strength is finance. At Cointed, he is responsible for sales, communication and accounting, as well as designing the best strategy for the company’s international expansion.

Allegations

cointed

“The bigger we grow more and more such accusations will come. However, we take such situations as a moment to self-reflect and improve our transparency.”-Christopher Rieder

Cointed is currently conducting internal investigation together with an external firm to shed light onto this matter. The company expects to publish a transparency report in January, 2018.

There are two main allegations revolving around the internet. One is an open letter by General Bytes, claiming that after working together, Cointed stole their product’s design and sold it as proprietary. All of the details, as well as pieces of evidence will be included in the Transparency report.

When a company has a product that is unique in terms of function and design it gets a patent for it. Courts review such cases by comparing the two products in terms of: design and functionality. Even if two products have numerous similarities, if they have different functionality or distinct design features that affect its performance/durability, they are considered different under the law.

It is impossible to sell the same product as a patented one without getting sued. Most products today built upon others, but that does not mean they are the same. If a company’s only asset, in the case software and technology, is copied they will surely take immediate legal action.

cointed

What next?

“We are not scared of regulation. Regulation is necessary and I am sure it will come. If we could lead a regulated business we would be the first ones to apply for a license. For example, in Germany we would need a banking  license to operate our ATM business, we are in the process of applying for one in order to fulfill all regulations in all respective countries”-Wolfgang Thaler

For the near future, the company’s focus is obtaining the necessary licenses to expand their services to more countries.

The team believes that regulation is a must and that it would bring stability to the sector. However, as licenses are expensive, to acquire prioritization is key.

One such priorities is acquiring emoney license for Europe. And it’s already on the way. Especially for the German market, the company is applying for a banking license as it is required for their bitcoin ATMs.

When PayPal got banned in Turkey in the middle of 2016, Cointed quickly stepped in and acquired a license for international payments solutions. This year, they started the process of expanding it into a banking license.

The focus is Asia, where these licenses are worth more. The company already operates a branch in Hong Kong that is working on the matter, so make sure to read the latest Bitcoin News to find out more.

Cointed are committed to making an impact this is why talking openly with their community members is of top priority. The company has prepared some quite interesting pieces regarding allegations and ownership of the funds from the Cointed ICO!

cointed