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Why connecting all the Blockchains is the final step for mass adoption of Cryptocurrencies

Why connecting all the Blockchains is the final step for mass adoption of Cryptocurrencies

Dr. Julian Hosp, 16 Jun 2017 – Development, Opinion, Protocol

Dr. Julian Hosp is the co-founder and CVO of TenX, a Singapore based FintechCompany that makes any Blockchain asset spendable instantly by offering a debit card payment system to its users on the frontend and by connecting any Blockchain at the backend.

Since the start of Bitcoin in January 2009, we have seen the introduction of a multitude of blockchains across all kinds of areas and financial markets. Today we can count hundreds of public blockchains that amount to a total market cap of almost 100 Billion dollars, excluding many more private blockchain installations.

Last year we saw the emergence of precious metal backed tokens, derivatives, entirely new asset classes representing entire ecosystems, and even ETF tokens to invest into other blockchain assets. One such example is Initial Coin Offerings (ICOs) or token sales that are gaining in popularity. The World Economic Forum is even going as far as predicting that 10% of the global GDP will be stored on the blockchain in less than 10 years. In terms of today’s global GDP that would be $7.8 trillion.

Here a challenge arises: If we as a community do not find a way to connect blockchains, these 7.8 trillion dollars will be dispersed in such a way, that its true value is a lot lower. So what is the solution? The solution is one that we have seen in a similar way being executed around 30 years ago already:

Before the invention of the TCP/IP protocol the Internet was also dispersed in many local networks, so-called Intranets. These provided local efficiency over the more traditional point-to-point communication (such as letter, fax, telephone calls). The real breakthrough only came in 1973, when different Intranet networks realized that they could use a unifying Internetwork protocol to communicate among each other, thereby extending reach by compatibility even more.

With the requirements for an Intranet to join the so called Internet dropping to the bare minimum, it became possible to add almost any Intranet, no matter how basic or sophisticated their characteristics were.

The initial adoption by users was relatively slow, as the services offered at the beginning were limited. There was one major factor however, that eventually sped it up significantly. The same providers that were already offering mail, FAX and phone services, could now add Internet services to their portfolio giving them extra revenue streams. User adoption came easily, as a trust basis between the customers and these services providers was already established for years or even decades. Early adopters started, the late adopters followed.

Today the Internet spans across the entire world and information that used to be accessible only locally is now accessible from anywhere, even from the moon. Information is stored by servers all over the world while routers create the backbone. Internet service providers (ISP) give the average end-user easy and quick access to this vast database of information by opening a communication channel to their customers and to other ISPs, servers and routers.

Once the average user accesses the Internet through his or her communication channel with the ISP in order to gain information from the Internet, the user does not have to worry about how the information is retrieved exactly. All she has to do, is to type in the destination from where she wants to retrieve the information (URL). The ISP, to which she has the communication channel to, does not know the exact path to the destination either. However, through the TCP/IP protocol, the request is routed through from one communication channel to another using routers, servers or ISPs, who then either know the location or continue the process.

The important point is, neither one of them has to know the entire way. All they have to do, is to trust the TCP/IP protocol, which has the task of delivering packets from the source host to the destination host, solely based on the IP addresses in the packet headers. Its routing function enables internetworking, and essentially establishes the Internet.

How does this translate into connecting blockchains? What if there was a way to connect literally any blockchain, without creating a new larger blockchain, like some companies have suggested. Creating a new blockchain would be like a large intranet, that all the other intranet would have to trust. It would be way more difficult to convince everyone. It is easier to leave everyone on their blockchain/intranet and just connect them.

With that in mind, I therefore suggested a Cryptographically-secure Off-chain Multi-asset Instant Transaction network (COMIT) at the end of 2016 and wrote a white paper on that: www.comit.network.

What does such a network look like? Just like in the Internet, we need a stable and trustworthy backbone. In our opinion any large blockchain provides exactly that. It can be any blockchain, because just like on the Internet, different modalities will be interconnected (For example: the initial Internet never foresaw mobile app messaging services, but these have been implemented without any problems). The same will be true for COMIT, where any new blockchain can be connected to an existing one through the use of the COMIT Routing Protocol (CRP).

A user today, who is using crypto-currencies, currently has to wait minutes if not hours before a transaction is accepted by the counterparty. With the adoption of payment channels, such as the Lightning Network, Raiden or many others, such users can transfer assets instantly from person A to person B. If person B then opens another payment channel to person C, person A can also transfer assets to person C via B instantaneously, as long as person B provides enough liquidity. In theory there can be an infinite chain of participants in between person A and C, as long as they all provide enough liquidity. Again, such transactions are immediate without person A needing to know which route the assets took to end up at person C. She can trust this system as the routing protocol ensures its correctness, plus the cryptographically secured payment channels, which will be described in the next chapter, ensures flawless functionality.

What we end up with, are cryptographically-secured instant payments off-blockchain that can even be transferred from one asset to another via hashed time-lock contracts (those will also be described in the next chapter). In order for this network to have enough liquidity (in the example above person B needs to provide enough liquidity to enable a transaction between person A and person C), we introduce the concept of Liquidity Providers (LP). LPs can be seen or understood as hubs or nodes in the COMIT network, that create payment channels to users, other LPs and businesses. They are a core part in COMIT. Just like servers, routers and ISPs are to the internet.

Adoption of this system will be seamless, fast and will bring great benefits to all of its participants, just like the Internet did. Some of the benefits of COMIT include:, but are not limited to:

  • Open source infrastructure
  • True instant, frictionless and cheap payments for users all over the world
  • True global access without limitations to any asset or business process connected to a blockchain
  • Cryptographically secure trustless global transactions network
  • Amazing new business opportunities for companies
  • New recurring revenue streams for banks and other liquidity providers
  • Rapid adoption based on existing networks build with new cheap and secure infrastructure

We have already checked and over 95% of all the blockchains (especially the large important ones can) can be connected. In the next article I will discuss in great detail what the 3 requirements are for such a system to work and how it looks from a technical perspective. With COMIT our vision for the world seems to become reality: Sending money as cheap and seamless as sending a WhatsApp message.

Source: Why connecting all the Blockchains is the final step for mass adoption of Cryptocurrencies » Brave New Coin

Waste Not Want Not
Mike Prettyman
Chief Information Officer
Green Fire Engineered Reclamation
Member GreenFire DAO

Whatsapp only Phone:    1-602-315-1571 
Skype: mike.prettyman

David

3 Struggles that Only People who are Truly Awake Will Understand

3 Struggles that Only People who are Truly Awake Will Understand

MARCH 28, 2016 BY 

3 Struggles that Only People who are Truly Awake Will Understand

One Topic I Read About In My Personal Life A Lot Is The Concept Of Being “Awake”. I’m Not Talking About Literally Not Being Asleep, I’m Talking About Being Awake To The World Around You.

Wakefulness is a combination of mindfulness, consciousness, and awareness on a very deep and often spiritual level. Imagine walking around with your eyes open in a world full of people with their eyes clenched shut. That’s honestly what it feels like. The more I study, meditate, and really search my soul – the more I realize that this mentality isn’t the norm. No matter how much I wish it was. If you’re like me and consider yourself to be awake in a world full of people with their blinders secured tightly to their heads, then you’ll understand the following struggles just as much as I do.

Seeing The Forest For The Trees

Of all of the aspects of wakefulness that I struggle with, this notion is #1 on my list, and the entire reason for me writing this post. You’ve heard the cliché of people “missing the forest for the trees”, meaning that when you look so intently at that one tree – you don’t notice that you’re surrounded by them. If you’re truly awake, or at least well on your way to being awake, you see the forest from an aerial view. You see the connections between people and actions in ways that other people don’t understand. A big part of wakefulness to me is understanding people and human nature in general. Intuition has a lot to do with it, but studying psychology, spirituality, and the human mind

Intuition has a lot to do with it, but studying psychology, spirituality, and the human mind has given me a different perspective. I have always wanted to know what makes people tick outside of the actual physiological components. That’s why I write a lot about emotional intelligence; because I think it is the first step in being awake. If you consider yourself to be emotionally intelligent, then you understand how many people are emotionally ignorant. This is where the forest and trees come in…

As someone who is awake, you see the actions of people and understand why they do them. For me, it is seeing the underlying reasons for people’s actions. Perfect example: I have a friend who is passive aggressive to a fault. But when he gets behind the wheel of a car, he turns into a road rage machine. Not because the people around him are really driving badly – but because there is a wall of metal and glass around him that prevents others from hearing him express himself. All of those frustrations that get bottled up throughout the day, get unleashed as a torrent of ranting and cursing that would make a sailor blush. And for what? Nothing really. It doesn’t solve any of the issues that have been bottled up. Hell, it doesn’t even address them. Now, I know that there has got to be a pressure valve somewhere, in all of us. Seeing this behavior, I know exactly what is going on but never bring it up, which brings me to my next point:

People Don’t Want To Hear The Truth

Most people are completely comfortable with their blinders. Thos blinders provide a sense of safety and security. One of the hardest things people can do is focus their gaze inward. The general consensus seems to be that if you’re looking for answers to the way that you are, that something must be wrong with you. Nothing could be farther from the truth. That’s like saying that you are exploring a coral reef because there is something wrong with it. The human psyche is fascinating, and there is nothing more fulfilling than exploring your own. Again, there is a very strong parallel here to emotional intelligence. There is a difference in knowing what you feel and knowing why you feel it.

When you have this understanding of the human psyche, even on a basic level, you see those “forest and trees” connections. For people who choose not to see those connections, the last thing in the world that they want to do is hear about them, let alone understand them. People take evaluations of their actions and emotions as criticism. If you say, “you do (this) because you do/feel (this),” people get the notion that you are psychoanalyzing them. They don’t want to focus that microscope on themselves because they are afraid of what they might find. Tearing apart your own psyche and peeling back the layers of how your mind works and why isn’t a comfortable process. No matter how fulfilling it is in the end. So, then you find yourself understanding the thoughts and actions of the people around you better than they understand them themselves. That’s when the hard part comes in:

No matter how fulfilling it is in the end. So, then you find yourself understanding the thoughts and actions of the people around you better than they understand them themselves. That’s when the hard part comes in:

The Fear Of Expression, And The Consequence Of That Fear

Knowing that people don’t seek the same enlightenment for themselves that you seek in yourself leads to a condition where you want to express yourself about someone’s actions, but you fear the defensive nature that comes with it. Have you ever tried to tell someone that their behavior is a result of an emotional condition that they don’t care to understand? It’s like telling an alcoholic that they drink too much. SO in an effort to avoid those defensive repercussions, you end up biting your tongue, which only leaves your blood in your mouth.

There are so many situations in my everyday life where I see the underlying emotional connections to people’s actions and choose not to say anything about them, that the end result is nothing but stress. Stress, for me, often manifests itself physically, so the more stressed out I am – the worse I feel. I just want to snap, and yell at people to stop projecting their emotional ignorance in the form of finger-pointing and deflection, and address their own issues. But…I simply don’t. I reflect on how their actions make me feel, and I ruminate on the things I wish I could say, and I’m the one that ends up absorbing it. For instance, have you’ve ever been around a coworker that treats you like crap because of some other aspect of their lives outside of work?

You worry that if you point out that you aren’t the problem – they are, there could be repercussions from you expressing yourself. So you end up in a terrible work environment, fully aware of why this person treats you the way they do, knowing it’s not your fault, and afraid to do anything about it. That’s a very general example of wakefulness, but the reality of it is universal. The struggle is all too real.

BY 

David

More than 5 billion people – or two-thirds of the world’s population – now have a mobile phone connection

More than 5 billion people – or two-thirds of the world's population – now have a mobile phone connection

You can watch the number increase in real time

By  on Jun 19, 2017, 10:00 AM

gsma

How many people do you know that don't own a cell phone? For the majority of us, that number will be very small, if not zero. Not too surprising considering that 5 billion people around the world – or two-thirds of the earth’s population – now have a mobile phone connection.

The data comes from GSMA Intelligence, the research unit of the GSMA trade body that represents the interests of mobile operators worldwide. Its real-time tracker shows that the number of unique mobile subscribers has now passed the 5-million-person milestone, representing year-on-year growth of almost 5 percent.

The site also shows the number of mobile connections around the world. This figure is considerably higher as many people use more than one SIM card, and it includes machine-to-machine connections, of which there are around 400 million.

It’s taken four years for another billion people to acquire a mobile phone connection. Back in 2003, there were just one billion unique mobile subscribers across the globe. GSMA director Mats Granryd called reaching the milestone a “tremendous achievement for an industry that is only a few decades old.”

“Today, mobile is a truly global platform, delivering connectivity and, perhaps more importantly, social and economic opportunities to citizens in all corners of the world,” said Granryd.

Over half of all mobile subscribers, 2.7 billion, are located in the Asia-Pacific Region. When it comes to individual countries’ mobile markets, China sits at the top with 1 billion subscribers, while India is second with 730 million. It is in Europe, however, where phone penetration is at its highest, with 86 percent of citizens subscribed to a mobile service. The US has the second-highest subscriber penetration at 80 percent.

By the end of this decade, GSMA predicts that the number of unique phone subscribers will reach 5.7 billion – around three-quarters of the earth’s population – with India responsible for the largest share of this growth.

David

More than 5 billion people – or two-thirds of the world’s population – now have a mobile phone connection

More than 5 billion people – or two-thirds of the world's population – now have a mobile phone connection

You can watch the number increase in real time

By  on Jun 19, 2017, 10:00 AM

gsma

How many people do you know that don't own a cell phone? For the majority of us, that number will be very small, if not zero. Not too surprising considering that 5 billion people around the world – or two-thirds of the earth’s population – now have a mobile phone connection.

The data comes from GSMA Intelligence, the research unit of the GSMA trade body that represents the interests of mobile operators worldwide. Its real-time tracker shows that the number of unique mobile subscribers has now passed the 5-million-person milestone, representing year-on-year growth of almost 5 percent.

The site also shows the number of mobile connections around the world. This figure is considerably higher as many people use more than one SIM card, and it includes machine-to-machine connections, of which there are around 400 million.

It’s taken four years for another billion people to acquire a mobile phone connection. Back in 2003, there were just one billion unique mobile subscribers across the globe. GSMA director Mats Granryd called reaching the milestone a “tremendous achievement for an industry that is only a few decades old.”

“Today, mobile is a truly global platform, delivering connectivity and, perhaps more importantly, social and economic opportunities to citizens in all corners of the world,” said Granryd.

Over half of all mobile subscribers, 2.7 billion, are located in the Asia-Pacific Region. When it comes to individual countries’ mobile markets, China sits at the top with 1 billion subscribers, while India is second with 730 million. It is in Europe, however, where phone penetration is at its highest, with 86 percent of citizens subscribed to a mobile service. The US has the second-highest subscriber penetration at 80 percent.

By the end of this decade, GSMA predicts that the number of unique phone subscribers will reach 5.7 billion – around three-quarters of the earth’s population – with India responsible for the largest share of this growth.

David

Forfeit Your Bitcoin? Congressional Bill Draws Fire Over Border Check Rules

A group of US lawmakers wants to see cryptocurrency holdings declared at the nation's border – and advocates of the tech are pushing back.

Bitcoin value continues to fluctuate, price fails to go beyond year's ...

Introduced last month, the Combating Money Laundering, Terrorist Financing and Counterfeiting Act of 2017 – which is actually the third iteration of a bill that debuted in 2011 – would bring a range of digital currency services under federal scrutiny, including those that provide transaction mixing services.

Yet, the provision that has attracted the particular ire of cryptocurrency advocates – especially those who prefer a regulation-light environment – is one that would make such holdings subject to disclosure requirements at US customs checkpoints. This means if a person trying to enter the country has more than $10,000 worth of bitcoin in their possession, under the proposed legal change, they would need to inform the relevant authorities.

Such requirements are already in place for payment methods like cash. But given the rising public profile of cryptocurrencies like bitcoin, coupled with the perception among policymakers that they could be used to fund terrorist activities, is driving legislative efforts like the bill currently under consideration.

One observer, Joe Ciccolo of Canada-based BitAML, remarked that cryptocurrency has become the "new face in an old debate", going on to say that policymakers and law enforcement officials have long sought to expand the definition of what constitutes a "monetary instrument".

Ciccolo told CoinDesk:

"Earlier this decade, we saw a push to include 'prepaid access' such as gift cards. Law enforcement went so far as to pursue card readers to scan prepaid access devices for their balance. Now that digital currencies have gained traction, they've been included in the same conversation. As in the past, I suspect there will be strong opposition from across the financial services community."

Perianne Boring, president of the Chamber of Digital Commerce, a blockchain trade advocacy organization, said the legislation is "not necessary" given the existence of regulations from the Financial Crimes Enforcement Network (FinCEN), which require exchanges services to register as money transmission businesses and adhere to federal reporting requirements.

"While we encourage thoughtful and meaningful study of the prevention of cross-border financial crime, the storage of virtual currency carries different and complex considerations than those attributable to prepaid access," she told CoinDesk.

Asset grab

It's clear from the response that the frustration toward the measure isn't going anywhere. That anger surfaced in earnest over the past week or so in social media postings and fiery blog entries about the move.

One of the points of concern is a policy called 'civil asset forfeiture'. In the US, law enforcement officials have faced strong opposition to the rules, by which assets, particularly cash, can be seized if they are suspected of being connected to criminal activity. Proponents say it deters money laundering and – controversially – provides a funding means for police forces in the US.

Under the proposed bill, cryptocurrencies would be included in that definition, subject to confiscation by border agents.

The practice has drawn fire in recent years over instances in which innocent people have their funds taken from them, triggering legal processes that can play out for months or longer before any money is returned.

In one high-profile example in 2015, a US man had $16,000 in cash taken from him while he tried to relocate to Hollywood despite the fact that he wasn't suspected of a specific crime. And data published earlier this month by the Chicago Tribune illustrated how the policy tends to target lower-income residents who, if anything, are guilty of crimes of lower severity, if at all.

Investor and writer Simon Black, who pens the Sovereign Man blog, took aim at this aspect of the bill by declaring that, in the eyes of the US government, "bitcoin is evil" and should be up for grabs by border agents.

"So, theoretically if you leave the US with more than $10,000 in bitcoin or ether, you'd have to confess this fact to the authorities or otherwise face the aforementioned penalties, ie prison time, civil asset forfeiture, etc," Black wrote.

"HOORAY FREEDOM!" he added.

Fighting on

Thus far, the bill hasn’t advanced significantly since being introduced last month, public records show. On 25th May, the measure was referred to the Senate Judiciary Committee for further consideration.

At press time, representatives for Senators Chuck Grassley and Diane Feinstein hadn't responded to CoinDesk requests for comment. The bill is also being sponsored by Senators John Cornyn and Sheldon Whitehouse, constituting a group of two Republicans and two Democrats.

But at least one person is moving to wage a war against the bill’s provisions: Theo Chino, who as profiled by CoinDesk last November, has waged a persistent campaign against the New York State Department of Financial Services BitLicense regulatory framework.

He told CoinDesk in an email that he has set up a webpage with the relevant contact information for the senators who are sponsoring the bill. Chino himself has been reaching out to offices in an effort to educate lawmakers on what he described as "misunderstandings of the technology".

"This 'over-criminalization' of bitcoin, based on common misunderstandings of the technology and its economic nature should be worrisome to the bitcoin and technology communities," he told CoinDesk.

The two main advocacy groups in Washington, DC – the Chamber of Digital Commerce and Coin Center – are said to be in contact with the relevant Congressional offices. Though it declined to comment on this story, Coin Center indicated on Twitter that it's reaching out amid the furor.

"We are aware of S 1241, are in touch with the relevant folks in Congress, and will post an analysis soon," executive director Jerry Brito wrote on Twitter.

Chino – who in an email called the bill a "sham" – spoke to the grassroots effort taking place, and said that he’s still reaching out to people who have posted on Reddit as part of a broader bid to get constituents to contact the senators involved.

"One call from a constituent has so much impact," he said.

David

There Will Be No Bubble for Bitcoin and Ethereum, Here’s Why

By Joshua Althauser
https://cointelegraph.com/news/there-will-be-no-bubble-for-bitcoin-and-ethereum-heres-why

There Will Be No Bubble for Bitcoin and Ethereum, Here's Why

Tech entrepreneur Mark Cuban has recently stated that Bitcoin is facing a bubble. However, Daniel M. Harrison, the CEO of DMH&CO and managing partner of Monkey Capital, reveals that such a thing is impossible due to the market-influencing capabilities of Bitcoin and Ethereum.

Market bipolarity

The main factor that makes a digital bubble impossible is market bipolarity. For many people, market bipolarity is confusing but it can be distilled in a few important and understandable viewpoints. Apparently, market bipolarity is directly affected by George Soros’ “theory of reflexivity.”

According to George Soros, market conditions are not influenced by equilibrium. Rather, they are “reflexive” due to the synchronization of two functions: cognitive and manipulative function. The cognitive function is a neutral thinking base – this is where economic participants assess facts for what they are.

The manipulative function, on the other hand, turns one fact (or a couple of facts) in order to gain an advantage. Once the cognitive mind is affected by the manipulative mind, the neutrality will be “painted” in a different light it becomes a manipulated fact.

Therefore, markets reflect the view and perspective of participants, not the full scope of economics.

The situation can be represented in two ways:

  • Manipulative Cognitive = Reflexive
  • Manipulative + Cognitive = Equilibrium

The aforementioned equations show that a manipulative thinking pattern is the usual baseline and not a cognitive function. This shows the reflexive nature of all markets one of the clear indicators that Bitcoin and Ethereum are far from experiencing a digital bubble.

Artificial vs. Natural

More importantly, Ethereum and Bitcoin markets are influenced by two thinkers: artificial and natural. Artificial pertains to the Blockchain AI and natural is all about human intervention. Many experts think that Blockchain is adopting an "economic mindset."

If markets with manipulative and cognitive participants are suddenly annexed, it will always result in reflexivity or positive feedback loops. In this case, digital markets are bound by reflexivity or states of reflexivity. This is a self-perpetuating situation that can go on for many years.

It’s also important to know that artificial thinkers are the “igniters” of self-perpetuating reflexivity. With AI (Blockchain), digital markets will continue to thrive, leading to fluctuating values of Bitcoin and Ethereum. Market bipolarity will always be constant.

Through market bipolarity, any episode of a digital bubble is canceled out. The whole Blockchain system will never return to its “roots” but it will continue evolving. Price valuations, on the other hand, may remain grounded and directed by economic factors.

Innovation or its application in various sectors is also another important factor that shapes Blockchain technology’s tenacity and ability to survive a “bubble.”

David

Bancor initial coin offering raises over $200 million in three hours to become the largest crowdfunded project ever

Bancor initial coin offering raises over $200 million in three hours to become the largest crowdfunded project ever

DOMINIC POWELL / Friday, June 16, 2017

A demo of the Bancor protocol. Source: Bancor.network

A new blockchain startup built on the Ethereum platform has become one of the highest funded crowdfunding projects ever, raising approximately $US153 million ($201 million) through an initial coin offering (ICO) in just three hours earlier this week.

The startup is called Bancor, and it offers a platform aimed at making it easier for other startups and users to launch, manage, and trade their own forms of blockchain currency, known as “tokens”. These tokens are managed through the Ethereum network’s “smart contracts”, which enable self-executing contracts enforced and recorded on the blockchain.

Combining these two features, the Bancor protocol offers “smart tokens”, which enable “any party to instantly purchase or liquidate the smart token in exchange for any of its reserve tokens, directly through the smart token’s contract, at a continuously calculated price, according to a formula which balances buy and sell volumes”.

The ICO was intended to run for an hour, reports Coindesk, with a funding target of 250,000 ether (the main currency of the Ethereum blockchain), or around $US95 million. Due to alleged difficulties with the network, including supposed delayed transactions, the campaign was extended an additional two hours, resulting in a total of 396,720 ether or approximately $US153 million being raised.

Over 10,000 investors got on board with the ICO, with Coindesk reporting the largest single purchase was $US27 million, equalling 6.9 million BNT, the token used by the Bancor protocol to fuel its new platform.

This was enough to shoot Bancor into the number one spot of highest funded crowdfunds, and continues the recent initial coin offering craze, with blockchain startup Brave raising $US35 million in 30 seconds via a recent ICO.

However, due to the transitory value of cryptocurrencies such as Ethereum, the true amount raised by these startups is ever-changing. With the value of ether increasing over 2800% this year alone, a $US153 million raise could be $50 million more, or less, in a matter of days.

The Ethereum protocol is proving to be a popular platform for successful crowdfunds, with seven of the top 10 crowdfunding projects having been based on the platform, including the crowdfund for the platform itself.

David

Social Media and the Blockchain

Social media has penetrated individual and collective lives to a huge extent and consequently modified many of our online and offline behaviors.

Public and private organizations worldwide would therefore greatly benefit from a better understanding of the fundamental principles governing the individual and collective behaviors of people connected through social media.

Recently, a framework  called Virtual Collective Consciousness (VCC). It is defined as the internal knowledge motivated by social media and shared by a plurality of individuals driven by the spontaneity, the homogeneity and the synchronicity of their online actions.

Thus, the extensive outreach of information sharing through social networking platforms can build a momentum of consensus based on converging informational contents. Ultimately, a crystallized stance can be forged as a resulting effect of the collectively shared consciousness.

The VCC model assumes that any virtual massive-scale collective consciousness depends on transactive memory (TM). The latter can be defined as a set of individual memory systems combined with a set of individuals interacting with each other. In other words, TM can be considered as the collective memory of the online community that is afforded by social media.

So how does their collective behavior exhibit awareness, cohesion, and self-identity?

We have both the internal framework and the platform, which will produce such a mind-like process. To be explicit, we use the Mycryptoworld/Infinity Economics (MCW/IE) advanced blockchain as a paradigm based on its very recent innovations in the blockchain domain. Indeed, the blockchain protocol offered by MCW/IE and its TM operations emerges as an example on which the knowledge framework of VCC can operate.

Blockchains are based on strong cryptography and memory of operations – and illustrates peer-to-peer interaction with no central agency.

Applied to social networks, the blockchain protocol provides an explicit model for a platform that incrementally incorporates immediate experience with an integrated memory of the past, provides a global workspace, and a mechanism for consensus between participating individuals operating within a Virtual Collective Consciousness.

Blockchain protocols maintain the relatively secure identity of participants and the integrity of the records. It is this methodology of linked records that provides a proxy for a linked, on-going record of experience, which is an essential feature of idealized virtual consciousness.

Making the case for adopting a blockchain approach to a social network, the result would be a cloud based entity which might satisfy the criteria for a Virtual Collective Consciousness.

In any case, blockchain will provide the key services needed for integrating a decentralized planet wide distributed group activity.

Mike Prettyman,
CIO Green Fire Engineered Reclamation
Member GreenFire DAO
GreenFire DAO – a blockchain application and its cryptocurency, the "Gladiator" – a gold backed cryptocurrency
You may purchase "Gladiator" HERE, in Bitcoin:
GreenFire DAO bitcoin address: 1HBUKMz77xtRh1vNzFAtnJ488NoYde15o5

David