Forbes partner ICO Civil failed to raise $8 Million

ICOFailOfTheWEEK:

Forbes partner ICO Civil failed to raise $8 Million! Just 10 days ago Matt Coolidge, founder of journalism platform The Civil Media Company announced a cooperation with Forbes media giant. The collaboration was a “milestone for the block chain-based journalism,” said Coolidge on Medium.

The joy, however, was only of short duration. The blockchain startup www.Civil.co failed to reach the $8 million soft cap and canceled the ICO. Seems to be the end of the days when promoters simply had to hint at collaborations with established companies to impress investors.

Civil CEO Matthew Iles said it was probably too complicated to buy tokens. However, there were more problems as it was not clear why blockchain would be used. ICO projects fail all the time, of course.

But Civil’s stumble is particularly notable because the platform recently grabbed headlines due to its partnership with the two mainstream media organisations. Obviously ICO investors becoming more selective in general. First signs that we are back to a kind of normal.

Source: www.BTC-Echo.de, CCN.com 

#16 Blockchains with a #ReturnOnSociety

Why Blockchain matters!

Blockchain is a digital ledger that records transactions or other data over time. A blockchain can be designed to be operated by a group of companies or individuals together such that no single entity controls the system or its data.

It offers a way for people who do not know each other to create a record of who owns what, that will compel the assent of everyone concerned.

What does that mean for real life? At the moment we hear a lot about Bitcoin and cryptocurrencies. It made blockchain technology famous.

My personal focus goes well beyond Bitcoin and cryptocurrencies towards blockchain use cases which serve the needs of people; which create an added value for the society, a #ReturnOnSociety

Where will we see blockchains in real life?

Health:

The blockchain can be used to create a type of universal record for patients with a timestamp, a library that enables data retrieval across diverse databases. This will become valuable as precision medicine and the explosion of data, sensors, wearables proceeds.  Take Medical Data Management

MedRec, one prototype using blockchains, is intended to improve electronical medical records and allow patients’ records to be accessed securely by any provider who needs it solving the waste of time, money and duplication in procedures, confusion and sometimes even life-threatening issue of records being distributed across many different facilities and providers.

Medicare fraud caused more than $30 million in losses in the United States in 2016, and blockchain-based systems could help minimize it. In addition, it could reduce admin costs for billing by eliminating the need for intermediaries with automated activities and more efficient processing.

#ReturnOnSociety: focusing on better health care for people

Finance:

The most mature plans for using blockchains aim to cut costs for financial institutions in tasks such as settling transactions involving bonds or other financial instruments. Which means in future we will be able to transfer money from A to B only over the blockchain without knowing A who B is and B who A is. We will trust in the blockchain technology to make that transfers happen. We trust the technology. And here I am very convinced. We will see banking systems on blockchain.

Peculium.io is a French based ICO. The idea is to manage people´s savinges with the help of Artificial Intelligence. It is a revolutionary savings platform developed specifically to benefit from managing a superior cryptocurrency portfolio with the help of artificial intelligence based decision making. It shall assist people with a smaller income to still allow for growth of the savings they put at the bank. In this case it will be Peculium.io. Definitely a type of innovative social banking.

Hada-dBank Islamic banking is another very nice example of a way to introduce sharing economy into financial sector.

There are two basic principles in Islamic banking. One is the sharing of profit and loss; and two, significantly, the prohibition of the collection and payment of interest by lenders and investors. Collecting interest or “Riba” is not permitted under Islamic law. In the case of profit, both the bank and its customer share in a pre-agreed proportion. In the case of a loss, all financial losses will then be borne by the lender. In addition to this, Islamic bank cannot create debt without goods and services to back it (i.e. physical assets including machinery, equipment, and inventory). Hence savings, deposits and investments with our Hada-DBankwill be backed by physical assets such as precious metals and gemstones. This project has a clear #ReturnOnSociety.

#ReturnOnSociety: focusing on making crypto world safer.

Humanitarian:

There are several very nice initiatives on Charity, Refugee registry and UN Programmes.

BCharity (Article) has the idea is to collect funds for less privileged people, ICO will soon be launched. Another example is refugee camps in Kenya and Myanmar using a blockchain to help residents establish a financial identity through their dealings with aid agencies.

#ReturnOnSociety: focusing on making banking fairer.

Security:

Blockchains can also be used to create so called distributed contracts which can be used for keeping track of Internet of Things devices, which were the main weapons used in a DDoS attack, and hence it can be seen as a step towards making the internet a secure place for everyone. I am cofounder of the initiative HackerTracker, we work with crypto and cyber security experts to make ICOs and crypto world less vulnerable.

#ReturnOnSociety: focusing on making crypto world safer.

Energy:

I personally was involved in energy blockchain. It is possible to register not only currencies but any units on the blockchain. In the energy sector it can be kilowatt. There are several ICOs focusing on developing energy blockchains which will distribute energy but not rely on the services of utility companies but only on the blockchain technology it self.

KWHCoin has an approach of linking green energy in form of kWh (kiloWatt hours = unit for energy) with their KWHCoin. The idea is to make 1kWH = 1 KWHCoin

#ReturnOnSociety: supporting green energy to fight global warming

Decentralisation:

Internet giants like Google and Facebook contributed to a total centralised cyber world. Startups like Blockstack want to change that. They plan to release software, based on blockchain, that will enable your regular browser to explore a parallel universe to the Web where users have more control of their data.

#ReturnOnSociety: getting your personal data back, making data management more fair

And more:

And there are 1000s of applications possible like putting the land registry on blockchain to make it safer. Writing ideas on blockchain to help inventors proving that an idea came to their mind at a certain time.

And have a look at Blockchainforscience.com which postulates a new way how scientific publications are stored, and a new way of research is funded: not only a report at the end of a project but continuous publication and also funding!

Such a rich world of blockchain

use cases for #ReturnOnSociety

Let´s make it happen!

 

#1 My wettest Blockchain dreams!

Dies ist die Kurzfassung des Beitrags.

How I got to know about cryptocurrency:

Four years ago, it was a topic on social media, especially on Twitter. It also came up when we had to design new research programs at City of Tomorrow, a research program I manage focused on digitisation in planning, construction, management, and greening of buildings and city districts, and sustainable city planning.

What are thoughts on digital currencies like bitcoin?

Bitcoin is the least intelligent application for blockchain technology for the moment. Given that 7 transactions per second are only possible on their system, it’s still super slow compared to Visa, which handles 2000 transactions per second. However, bitcoin became very famous over the last years and has helped bring more attention to blockchain technology.

To explain blockchain to people is difficult for me. We still have to learn a lot of vocabulary.

Blockchain, Ethereum, ICO, DLT, DAO, NEO, SH-256, hashes… it still needs a lot of effort to explain to my parents what I am doing at the moment with blockchain.

How important, do you believe, is blockchain technology to future developments cross-industry?

Very important.

It could probably disrupt many industries. Banks, real estate companies, and energy utilities are seriously threatened by young cheeky startups. Some people working in the sectors threatened, know about it and are enthusiastic about blockchain technology. It´s just that CEOs do not fully understand the impact and power of blockchain technology.

Through City of Tomorrow, you work with many cutting-edge technologies like virtual and augmented reality, drones, and blockchain. Where do you see the future taking us?

Physicist Nils Bohr once said, “It’s difficult to make predictions, especially about the future”. I may add: and especially about blockchain.

What I see is that we will have to live with many surprises. Blockchain will take its time to be implemented on a scale where we can see that it works. At the moment it’s still at laboratory scale. And we know from other technologies: what works in the laboratory sometimes still has a long way to go to be accepted by the market, accepted by the people.

I see that augmented and virtual reality is slowly taking off, and even now applied to the conservative construction industry. However, the applications are still very limited, the quality is lacking and there are only a small number of use cases.

Artificial Intelligence and self-learning systems could really be of help and at the same time the greatest threat to humanity. Here we have to learn a lot. And also regulate.

Blockchain technology will be implemented in the city of the future for land registration, confirmation of ownership, health services, and food safety, to name only some.

What are some of your biggest concerns around blockchain?

Actually, I have no concerns. But maybe I am much too in love with this technology and don´t see the disadvantages yet. I just see chances, opportunities, and dreams coming true!

What trends are you witnessing in Europe?

Good old lady Europe shows that she has some really capable people who can bring forward wonderful use cases for blockchain and dig deeper into its secrets.

There are slowly – too slow, but we are in Europe – being developed national funding programs for research funding of blockchain technology projects. Incubators are opening, offering accelerators to startups and entrepreneurs. The City of Zug in Switzerland has started their crypto valley and Austria started a Blockchain in the hub, which both show how the scene is developing.

Which industries, in your opinion, will be easiest and hardest to disrupt through the blockchain?

Easiest: Banking.

Hardest: ICT industry.

Why: Banking has, per definition, given the highest amount of trust to their customers. And blockchain technology is all about trust. You don’t have to trust a bank to transfer the money to your kids. You trust the technology. In our case, blockchain technology. The ICT industry will be the hardest to disrupt because this industry will maybe even have new jobs to offer.

While we’re seeing promising blockchain startups across a variety of industries, the technology is still in its infancy and some believe that it will take years for it to mature enough to become viable commercial alternatives. What are your thoughts on this?

I agree. It will take time.

Time to understand what are the best systems we can work on, like ethereum is. It still has many weaknesses.

Time to find out what problems can be solved best with the technology. Is it the complicated applications used by small groups or peers? Is it the large-scale applications involving every citizen on this planet (and his future avatar/digital twins)?

Time to see where the market appreciates the technology. Time to overcome concerns and critics after the crash of some of the cryptocurrencies and after people lost money through failed ICOs.

What are your thoughts on blockchain in energy management as seen in the light of the high energy costs contributed by crypto mining?

I talked to my father about blockchain. We discussed the energy consumption of crypto mining. He told me that the first computers he worked with had some MByte capacity and an enormous energy consumption.

Blockchain technology is in its infancy. Energy consumption is a problem that will be solved. We solved it for computers; why not for blockchain?

What are some blockchain use cases you are most passionate about?

Energy, health, elections, food security, and land registry, to name some of them. My favorite is energy applications and health.

I find it very touching to see that I can have my data back. I won’t have to give it to Facebook in the future. And if they want my data, they have to pay me for that.

Do you believe blockchain has the potential to solve some of the world’s most pressing socio-economic needs?

I am not sure. A technology is as good as its users. It can lead to some layoffs, especially in large industries. But new jobs will evolve. However, I personally think that it will contribute to people having a less direct link between a job and an income. To disconnect that is one of our world’s most pressing needs.

How is the blockchain industry evolving, from what you’ve seen since you first become involved?

We are still in the laboratory scale phase. Some testing applications can involve a few thousand users. It’s the beginning. Still amateur craftspeople style. Internet of 1992.

A crowd of motivated people follow my posts and articles on LinkedIn, and every day there are more of them. This is an indication of how the blockchain topic is gaining momentum.

From your evaluation of blockchain whitepapers, where do you think companies are going wrong, and what principles should they align themselves with?

White papers are sometimes what they call themselves. All white. I sometimes don’t find any intelligent words on them.

My main point: a technology shall solve a problem. And sometimes I don’t find the problem described in white papers.

What is the problem blockchain technology shall solve? That is the first question! And then one has to prove it. In written form. Most whitepapers I see make the mistake of starting with the hypothesis that blockchain can solve every problem of this planet.

Are you personally invested in any blockchain companies?

I am not. I bought some bitcoins and ethers, at the time of purchase valued 1000 Euro. The maximum amount I would allow myself to lose when gambling in a casino.