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3 Common Blockchain Traps to Avoid

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There
are many myths and common traps surrounding blockchain that are hindering
businesses from fully harnessing its true potential. Although the
technology is now past the “trough of disillusionment
phase, many business executives are still not fully confident in their understanding
of blockchain.

Debunking these blockchain traps can help business leaders track a path to achieve success with their pilot solutions.

Trap #1: Blockchain is essentially bitcoin

Many business leaders
assume that bitcoin is the blockchain— and so they cannot integrate
cryptocurrencies in their businesses. However, the truth is that bitcoin is
implemented over the blockchain framework. True, bitcoin is the most popular
application of blockchain but it does not mean blockchain is only meant for
cryptocurrencies. This is a common trap to avoid.

While
cryptocurrencies rely on the public permissionless blockchain framework, there
other versions of blockchain that
are particularly useful for businesses. For instance, a private permissioned
blockchain framework is most relevant to enterprise applications with a focus
on privacy. Permissioned blockchains emphasize privacy and as such, require
permission to validate transactions. They are usually widely implemented in
situations that require collaboration between businesses such as the supply
chain.

Business executives need to understand its marketplace and industry well enough to able to pinpoint how blockchain might make every process better. The key to success is aligning business processes and services with the technology to effectively address your clients’ market needs.

Trap #2: Implementing new technology like blockchain is cool

The appeal of becoming an
early adopter of emergent technology draws many business leaders to the
prospect of launching their own pilot programs. What lots of people find is
that while they leave behind old systems of records, they exchange them for new
demands. Sure, there will be more improvement in terms of cost savings and
efficiency, but blockchain implementation often comes with its set of
challenges.

Taking interest in
emerging technologies is important, but so are planning, talent, resources,
collaboration and a host of other factors. The blockchain solution being
explored should be driven by customer value rather than simple interest. Asking
the following questions could help clarify the applicability of blockchain:

  • Does the new solution
    enhance experience for end customers?
  • Will it offer great value
    to unfulfilled or under-served needs?
  • Can it accomplish
    complete or partial disintermediation?
  • Does it improve
    transparency by digitizing and preserving the provenance of an activity?

These four questions can help companies to identify suitable use cases for blockchain in their business operations. While having an enthusiasm for blockchain is sensible, it is important for companies to carefully evaluate how the technology can be used to solve tough business problems when other technologies fail. Otherwise, blockchain initiatives will fail and discourage people from using or exploring them.

Trap #3: Industry-wide collaboration is required to make blockchain implementation successful

Some business leaders
mistakenly believe that unless everyone else is part of it, blockchain cannot
be successful. So they want to wait till someone takes the lead, sets standards
and builds a usable infrastructure for effective deployment of blockchain
before they can jump into the train. This is a mistake.

Although joining a
consortium can help accelerate the implementation process, companies could
benefit more if they built the blockchain solution on their own. Rather than
outsource from outside, firms could take the DIY approach and develop their own
private blockchains. This approach also allows the company to maintain a high
level of trust and data integrity when dealing with different sets of partners.
It also makes it easier to integrate legacy systems that are unique to the
business. As a result, companies can benefit significantly in terms of cost and
time savings by implementing blockchain.

For instance, deploying blockchain in the supply chain has resulted in reducing shipment errors. It includes effective and real time tracking of goods from one port to another among other benefits in this industry.

This article was originally posted on businessblockchainhq.com

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Blockchain

COVID-19 spill: Ebang revenue dropped by 50% in H1 2020

Ebang, one of Chinese Bitcoin mining machine manufacturers, has posted a sharp drop in revenue generated in the first half of the year compared to the previous year. Giving reasons for the slump in Ebang revenue, the chairman blamed the recent outbreak of coronavirus as the major cause. Meanwhile, the company has launched a subsidiary […]

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Ebang, one of Chinese Bitcoin mining machine manufacturers, has posted a sharp drop in revenue generated in the first half of the year compared to the previous year. Giving reasons for the slump in Ebang revenue, the chairman blamed the recent outbreak of coronavirus as the major cause. Meanwhile, the company has launched a subsidiary in Canada today.

Ebang revenue shades 50 percent from the previous record

Following the company’s latest filing with the United States Security and Exchange Commission (SEC), the Ebang revenue in the first six months of the year totaled $11.04 million. When compared to the revenue generated in H1 2019 (at $22.35 million), the recent amount represents a 50.6 percent decrease year-over-year (YoY).

The company also posted a poor sale of computing power within the same period. Precisely, only 0.25 million Thash/s was sold in the first six months of the year. However, the company sold as high as 1.82 million Thash/s last year, representing an 86.02 percent drop YoY, according to the SEC filing.

Ebang chairman blames COVID-19

While commenting on the sharp drop of Ebang revenue, the chairman and CEO of the company, Dong Hu, related the development to the coronavirus outbreak. Hu mentioned that the business operations were affected due to COVID-19 measures. Also, the company’s chip suppliers reduced their production capacity, which consequently led to a shortage of raw materials.

The outbreak of the COVID-19 has significantly affected business and manufacturing activities worldwide,” Hu commented. “Measures to contain COVID-19, such as travel restrictions, mandatory quarantines, and suspension of business activities, have caused severe disruptions and uncertainties to our business operations and adversely affected our results of operations and financial condition. 

At the same, the company had seen its net loss reduced to $7.3 million in H1 2020, compared to the $17.6 million recorded last year. In a separate report, the company revealed the launching of its wholly-owned subsidiary in Canada to improve its industrial chain layout.

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Introducing Omni, the Next-Gen Social Platform Which Shares its Profits with Users

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Bitcoin Press Release: Omni.ai release details of their Social Media platform, which aims to provide the next leap in innovation with gamification & profit share.

28th September 2020 – In 2020’s lightning-paced media landscape, and in response to current untapped technological opportunities, it’s imperative to innovate. The giants of today, and indeed yesterday, have all brought something unique to the table – from Facebook’s often-touted “7 circle of separation”, to Instagram’s feed, and now TikTok’s viral video-based success, unicorn status comes from breaking the mold and providing something nobody else has thought of.

 

Gamification: The Golden Goose in a Market Begging for Something New

Omni understands the importance of gamification & social reward in deepening and strengthening communities regardless of their location, age, or gender. Not only that, but to forge new connections between them, and to create new links between content creators and content consumers, which have not yet been available on any social media platform. 

 

To this end, interacting with fellow Omni users gives users a chance to earn Omni. Inviting new users gives a chance to earn Omni Coins. In fact, everyday functions users pay little attention to on other social media platforms can all earn users Omni Coins – From following, sharing a status or video, chatting with friends, to livestreaming – almost every aspect of the platform has a real chance to win users Omni Coin. And that’s what is going to make Omni such a powerful force. 

 

“The first system that truly gamifies the delivery of crypto will rocket to exponential growth, upending the current system for good. That will set the initial playing field dynamically and allow players who never would have gotten into the game to compete. The more people who can participate, the more efficient and valuable the network becomes” 

Daniel Jeffries, Hackernoon (Source)

 

The Power of Linking Profit & Activity

Tapping into the innate human desire to be rewarded is an extremely effective way to engage users. And the true revolution in Omni’s app is powered by linking personal activity to company profit. Subject to applicable laws, the tokens earned on the Omni App can then be sold back to the company at a rate relative to company profit. 

What this means is that as user activity rises, company profits rise, which means that advertisers become more interested in the platform, raising profits. And since company profits dictate personal reward, this raises the users’ payouts which should result in a positive feedback loop. 

 

Recent neuroscience has revealed that our dopamine system works to keep us searching through desire. The hunt itself is rewarding, and it explains why so many of our favorite mobile apps and social networks are so addictive”. 

Sheana Ahlqvis (Source

 

Omni App – Proposed Feature Highlight

  • Secret Chat – Share disappearing messages with other users.
  • Stores – Businesses can create stores where users can shop using Omni.
  • Channels – Follow channels you like or simply create one for your audience. 
  • Content – Create or follow channels for viral video content sharing & viewing
  • Dub & Duet – Dub your favorite song from the millions of songs & videos. Users can also perform duets with other Omni App users.

 

For Omni, social media is, rightly, viewed as an absolute staple of modern day business. This is embodied in Omni’s design in tokenization, which is nothing less than a revolution in social media. The diverse range of capabilities offered by the platform will help users transform how they engage with their friends, family, businesses, brands, and more. The opportunity to allow users to benefit from their participation is the icing on the cake because users can earn Omni by spending time on the things they love. 

As they say, “social media should enhance your life, not detract from it.” Omni app does just that. One platform, multiple features. No intrusive message reading. Full privacy, and most of all, earn your share of the social media market you help to create.

 

Don’t be a product of your environment. Make your environment your product. Check out the Omni website today to learn more at omni.ai

Join the community on Telegram: https://t.me/omni_app

 

Media Contact Details

Contact Name: Manny Hernandez

Contact Email: [email protected]

 

About Bitcoin PR Buzz: Bitcoin PR Buzz has been proudly serving the crypto press release distribution needs of blockchain start-ups for over 8 years. Get your Bitcoin Press Release Distribution today.

 

Omni is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all

The post Introducing Omni, the Next-Gen Social Platform Which Shares its Profits with Users appeared first on Bitcoin PR Buzz.

Bitcoin PR Buzz – Massive Exposure For Bitcoin Services, Projects, and Merchants

Source: https://bitcoinprbuzz.com/omni-gamified-social-platform-shares-profits/

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Highlights of Cambridge University crypto market study report

A recent crypto market study report published and examined by the University of Cambridge reveals the market’s perspective of cryptocurrency, Bitcoin mining, crypto-asset user profiling, and most importantly, security concerns. The school’s Center for Alternative Finance also participated in this in-depth research. The study dubbed the “Global Cryptocurrency Benchmarking Study”. A large number of cryptocurrency […]

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A recent crypto market study report published and examined by the University of Cambridge reveals the market’s perspective of cryptocurrency, Bitcoin mining, crypto-asset user profiling, and most importantly, security concerns. The school’s Center for Alternative Finance also participated in this in-depth research. The study dubbed the “Global Cryptocurrency Benchmarking Study”.

A large number of cryptocurrency users and data mining experts took part in the massive research conducted by the Alternative Finance to conclude the crypto market study report. The research came across in two different parts from March 2020 to September 2020. The research also classified the types and order of cloud computing, data mining, crypto custodians, and wallet providers. Several parts of the report suggest different types of changes and adaptations amid global situations and market progress.

Major highlights of crypto market study report

The first part of the crypto market study report comprises the crypto currency’s employment eco-system. The report highlights a massive decrease in the employment rate in the industry. The factual data represents a downfall of 21 percent in 2019. The 2019 data was 57 percent down from the data of 2018. Furthermore, Asia-Pacific has the highest share in the business than any other else.

Highlights of Cambridge University crypto market study report 1

The second part of the crypto market study report discusses the environment of cryptocurrency mining on an industrial scale. The data further shows the leverages and drawbacks of mining. Moreover, the data further shows the mining of different types of coins. As far as the growth rate of coins is concerned, Bitcoin stands first again followed by the Ethereum and Litecoin. Bitcoin, in particular, is the most famous coin for the miners and other wallet consumers.

The utility costs are also briefly described by the 71-page report. Since the introduction of new tariffs by the Chinese government, the US miners have to pay a lot; then it has to be in a few years. The factual data reports a 28 percent increase in the utility cost for and American miner.

The research also examined a clear view of renewable energy in terms of Bitcoin mining. Hydropower energy, ranked top by the researchers, as the miners and hashers are empowered by this sector in the U.S. This part comprises of around 76 percent. The other part, which includes solar and winds energy, further declines to 36 percent.

The security perspective of the report was quite satisfying for the consumers, miners, and other sectors related to this industry. The report contains a variety of subjects such as stable coins, the I.T industry, and other regulations imposed by governments around the world. Stable coins like tether are becoming more significant for the miners and hashers. Tether alone increases from 4 to 32 percent according to the market value.

Apart from the report, a cryptocurrency bill is likely to be presented at the U.S congress. The bill will be 2nd of its kind as the first one was already presented by the U.S congressman in March 2020, also known as the Cryptocurrency Act of 2020.

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