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Fort Network @ Blockchain For Finance Conference

As part of the Blockchain For Finance Conference 2018 in Dublin’s Aviva Stadium, the IFSC’s Dogpatch Labs hosted a pre-conference pitch session attended by about 60 people. The third talk was about the Fort network, and was given by Matthew Arnett, the company’s CEO and looked at their platform for linking real-life assets with non fungible tokens (NFTs). The platform aims to enable liquidity for a range of sectors with real-life assets (ranging from precious metals, property, artwork etc), by creating non fungible asset-backed tokens and uses the ERC721 token popularised by Crypokitties to tokenise illiquid assets. The platform builds

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As part of the Blockchain For Finance Conference 2018 in Dublin’s Aviva Stadium, the IFSC’s Dogpatch Labs hosted a pre-conference pitch session attended by about 60 people. The third talk was about the Fort network, and was given by Matthew Arnett, the company’s CEO and looked at their platform for linking real-life assets with non fungible tokens (NFTs).

The platform aims to enable liquidity for a range of sectors with real-life assets (ranging from precious metals, property, artwork etc), by creating non fungible asset-backed tokens and uses the ERC721 token popularised by Crypokitties to tokenise illiquid assets. The platform builds a protocol layer on top of a blockchain (in this case ethereum), which sits among an off chain custodial layer, audit, security, asset management and verification layer, and in short enables people who hold assets to create tokens for verifiable real-life assets, which can then be traded. It aims to bridge dAPPs, ERC1155 templates, the fort protocol and a blockchain platform layer.

The platform has been designed to address a number of challenges surrounding digitising assets, namely provenance, governance, transparency, custodianship and liquidity, with the Fort protocol aiming to particular work on the latter two. The example he gave was a painting, where a museum is a custodian, and if they wanted to sell parts of it, they could issue 100 tokens which relate to 1% ownership of the painting, and enable them to sell parts of the painting. The painting would remain held in the museum on display, although the ownership could be shared without moving it (or tearing it to shreds á la Banksy).

People using the platform can sign into the Fort terminal, which lists a range of different items which can be bought, sold and leveraged. On top of this is a super dApp which is linked to all stakeholders who are informed of ownership changes as they occur. The platform also has a NFTwerks platform, which is a white-label solution for different sectors. Banks or traders can plug this into their system to build out an ecosystem, or developers can build their own dApps on the protocol, with equity providers, investment funds or real estate companies mentioned as examples.

He then went onto showcase some live examples, where they have partnered with a gold and silver bullion provider, and enable people to buy gift vouchers for gold which can be purchased with fiat, wire transfer or cryptocurrencies. I asked what would happen if someone wanted to redeem the voucher for gold, and he said that it’s held in custody of the bullion company, so while you own the gold, you can’t get it in your hand.

A second example he showed was a partnership they have with NGC, a dealer of rare coins. They have a particular coin which only has 14000 which are held in their US based vaults, and they have tokenised them to enable people to own them.

Fort is also looking to build a Non Fungible Token alliance to build inter-operable systems running on the ethereum and neo blockchains.

After the talk, the crowd asked a couple of questions. Who are their partners? Capgo is their distribution partner, with NGC being their custodial partner. Another question arose about handling money laundering, and Matthew explained that the platform has an AML/KYC wrapper. While you can buy into the platform without, if you want to move or sell your tokens, KYC/AML is required via World Check.

The following day at the conference, I caught up with Matthew to get some more questions outside of the pitch environment. First up I asked why he was in Ireland, and he replied that they are looking at where they want to position themselves within the European market, as there are custodians already here, data centres here and to generally build relationships. Next I mentioned that Irish regulations haven’t kept up in the crypto space with other jurisdictions such as Malta, and he said that while this may be the case, Irish regulations around custodianship are already in place and established. All an existing custodian would need to do is build a dApp to use with existing assets. Fort aren’t themselves doing banking, as they’re a platform provider.

One topic not mentioned during their pitch was how they’ll make money from the platform, so Matthew explained there’s a few approaches. Firstly, they have the NFTwerks platform, around which they can make money from training and transaction fees. They can also charge for platform customisation and a subscription fee to use the platform. The platform is b2b, and the terminal where people can buy the assets is consumer facing. The platform is also in closed beta at the moment, starting with NFT for Gold and Silver. Going forward, they’ve three tiers of users they’re looking at, firstly existing people who sell already as brokers and distributors, with an existing userbase. Secondly, they’re targeting existing wealth management companies, for example Capco’s partnership will allow them to offer NFT as a new class of commodity. Their third target market is the general public, who already have a portfolio.

I then asked how they’ve raised funds so far, did they do an ICO? He said they didn’t go the ICO route and instead raised money privately, and are continuing to raise a bit more, and are using their own NFT to issue some equity after a vesting period. Give that they’re based in The Bahamas, I asked where their development team is based and he said they’ve 8 full time developers (expanding to 20) in Vietnam. If you’d like more information on the Fort Network, you can contact them at Fortnetwork.io

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Source: https://bitcoinsinireland.com/fort-network-blockchain-for-finance-conference/

Blockchain

The NFT Magazine Project Plans to Drop a Periodical in the Form of an NFT on Ethereum

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On November 2, a non-fungible token (NFT) magazine is coming to the Ethereum blockchain called “The NFT Magazine” — a periodical publication containing articles and illustrations in the form of an NFT. The project, promoted by Advtech IT Solutions, has partnered with members of the Zilliqa, Algorand, and Bitcoin Cash blockchain communities, alongside Art Rights, Artuu, The Cryptonomist, and the Poseidon Group.

The NFT Magazine — A Non-Fungible Token Periodical Featuring Blockchain Topics and Crypto Artists

Non-fungible token (NFT) assets and collectibles have become a mainstay in the world of cryptocurrency and blockchain. During the last 12 months, thousands of artists, celebrities, athletes, designers, DJs, and more have published NFTs that have sold for millions of dollars.

There have been all types of NFTs such as artwork, gaming items, music, and even physical items that are tethered to some form of blockchain technology. Now, a team called Advtech IT Solutions plans to drop an NFT-based periodical containing miscellaneous topics related to the world of crypto art, blockchain, and fintech.

The NFT Magazine Project Plans to Drop a Periodical in the Form of an NFT on Ethereum

The project, called The NFT Magazine, will be minted on the Ethereum (ETH) blockchain and 500 copies of the magazine will be issued. According to information shared exclusively with Bitcoin.com News, the artist that will be featured on the magazine’s first cover will be the well-known crypto artist dubbed Hackatao.

However, the cover image of The NFT Magazine will not be revealed until the November 2 drop. Moreover, the website details that magazine readers will be able to discover the “biggest players in the crypto world, market trends, rankings, and expert advice.”

Readers Club to Transform Into a DAO

According to the team, unsold copies will be burned to increase scarcity, and owners of the NFT magazine will be part of an exclusive “Readers Club.” The NFT Magazine creators say the Readers Club will eventually become a decentralized autonomous organization (DAO). The DAO will leverage the community who can “decide topics, artists and projects to include in the future issues of the magazine.”

Among some of the project’s partners are members of the Bitcoin Cash, Algorand, and Zilliqa blockchain ecosystems. “Bitcoin Cash and Zilliqa, in fact, will be quoted as one of the most promising blockchains where users and artists can create NFTs,” the magazine’s announcement details.

The day the first issue of The NFT Magazine drops, it will be listed on leading NFT marketplace Opensea. The magazine’s covers will continue to feature “famous artists of the sector, becoming collector’s cards, given the extremely limited number of copies.”

Meanwhile, the well-known magazine brand TIME has recently partnered with the Cool Cats NFT project in mid-August. At the end of June, Bitcoin.com News reported on the largest U.S. newspaper publishing company, Gannett, launching the firm’s first NFTs. Furthermore, on August 12, the business magazine Fortune raised $1.3 million in an NFT cover sale.

What do you think about The NFT Magazine dropping on the Ethereum blockchain? Let us know what you think about this subject in the comments section below.

Tags in this story
500 copies, Algorand, bitcoin cash, Blockchain, Cool Cats, DAO, Ethereum blockchain, Fortune, Gannett, Hackatao, magazine on blockchain, nft, NFT Magazine, NFTs, Nov 2, Opensea, Readers Club, The NFT Magazine, Time, Zilliqa

Image Credits: Shutterstock, Pixabay, Wiki Commons, The NFT Magazine,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Source: https://news.bitcoin.com/the-nft-magazine-project-plans-to-drop-periodical-in-form-of-nft-on-ethereum/

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Blockchain

Is Hyperinflation Inevitable? Jack Dorsey Says It’ll “Change Everything”

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When Square’s boss Jack Dorsey talks about hyperinflation, the world listens. And Twitter reacts. Since so-called developed economies are now feeling the pain that inflation brings, the concept is in everyone’s mind. Every human has a front-row seat to witness the consequences of the United State’s relentless money printing. And, since the Dollar is still the reserve currency of the world,  they’re all feeling it too.

Related Reading | Bullish For Bitcoin: US Inflation Expectation Breaks Out From Decade Long Downtrend

This is Jack Dorsey’s tweet:

As you can see, he doesn’t merely talk about inflation. He goes for “hyperinflation,” which caused adverse reactions in the replies and the quoted tweets. They accused him of fear-mongering and quoted official numbers at him. And the nay-sayers probably have a point here, because the US is far removed from the reality that word implies. However, one thing’s for sure: money printer goes brrrrrrrr… and it hasn’t stopped working since Covid hit.

Negative And Moderate Reactions To Jack Dorsey‘s Tweet

This is an example of an unnecessarily insulting response from a traditional finance person. 

This man has obviously not done his homework regarding Bitcoin, so his argument is invalid. And doesn’t require a response. Plus, he’s being insulting to get attention, which he got. So, good for him and his dopamine levels. Let’s hope he has fun staying poor.

This is a Venezuelan economist with a moderate answer to Jack Dorsey.

Since Venezuelans have first-hand experience with hyperinflation, let’s take what he says into account. The US is just feeling what inflation does. So-called developing economies live with that concept on their backs every second of every day.

BTCUSD price chart for 10/23/2021 - TradingView

BTC price chart for 10/23/2021 on Bitstamp | Source: BTC/USD on TradingView.com

Informative Reactions To Jack Dorsey’s Tweet

The Human Rights Foundation’s Alex Gladstein, a notorious Bitcoin maximalist, had this to say to Jack Dorsey.

He’s not lying. Hyperinflation is “already one of the world’s biggest humanitarian crises.” However, the US is far away from “Turkey, Nigeria, Ethiopia, Iran, Lebanon, Venezuela, Cuba”, and Sudan’s situation. And, since the Dollar is still the reserve currency of the world, they have a comfortable cushion to resist the constant money printing’s effects.

Serial entrepreneur and former Coinbase CTO, Balaji Srinivasan, answered Jack Dorsey with a fully-fledged idea. A “censorship-resistant inflation index.

In the project, he brings forth some hard truths:

“If inflation is a government-caused problem, we can’t necessarily rely on government statistics like the CPI to diagnose it or remediate it. Indeed, in places with high inflation, censorship and denial is the rule rather than the exception.”

If you are technically capable, there’s still time to send your proposal and earn “A $100k Prize for a Decentralized Inflation Dashboard.” Be aware that “if you use Chainlink’s oracle tech in your project, the best dashboard will be eligible to receive a $100k grant in LINK tokens.” Those tokens are in addition to the main prize.

Poor Understanding Of The Terminology

In a Twitter Spaces room specifically dedicated to Jack Dorsey’s tweet, notorious podcaster Preston Pysh concluded.

“I think people’s understanding of the terminology, deflation, inflation, is just grossly misunderstood. And so, when you say we’re going to have these deflationary events that are then going to lead to more QE, which is then going to result in more inflationary events. I completely agree with you, but we’re talking that there’s so much information loss in such a simple word as deflation and inflation. So the deflationary event is that this whole system is constructed as credit.”

When he says QE, Preston refers to Quantitative Easing, which Investopedia defines as:

 “A form of unconventional monetary policy in which a central bank purchases longer-term securities from the open market in order to increase the money supply and encourage lending and investment. Buying these securities adds new money to the economy, and also serves to lower interest rates by bidding up fixed-income securities.”

Related Reading | Jack Dorsey Plans to Build A Decentralized Exchange For Bitcoin

That being said, Preston asks:

“How many people in the US, or in the world, have that context when that’s not their expertise, right? They didn’t get a major in macroeconomics, or finance, or whatever. So, it’s just all buzzwords that people throw around. And, in the meantime, no one really even understands what those definitions even represent.”

For more information about inflation, check out the Bitcoinist Book Club analysis of Saifedean Ammous’ “The Bitcoin Standard.”

Featured Image by Gerd Altmann from Pixabay - Charts by TradingView

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Source: https://www.newsbtc.com/news/bitcoin/hyperinflation-jack-dorsey/

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A Face Too Sexy For Social Media

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Fullmetal Magdalene

Being a 90s kid I don’t remember a time where female sexual empowerment wasn’t a hot topic. When Madonna kissed both Britney Spears and Christina Aguilera in their 2003 VMA performance people were shocked to see such behavior on TV. Fast forward to today where WAP has over 400 million views on YouTube with no age restriction on the video, photos and videos of scantily clad women flood all social media platforms, and popular streaming service Netflix hosts Cuties, a film featuring what some critics describe as ‘soft core porn’ involving girls at the young age of eleven.

As a female artist who explores my own relationship to feminine sexual energy in my works, I began posting my art to my social media accounts with no concern that any of them would be viewed as obscene or breaking community guidelines. None of the women in my pieces are engaged in sexual acts and they were created with the intent of exploring the female experience rather than as visual aids for sexual gratification. In fact, I have been met with criticism from viewers that my work is not sexually explicit enough for their liking.

My current NFT art series titled ‘Crypto Sluts’ plays with tongue-in-cheek sexual innuendo but is some of my most demure work. Each piece in the series features a portrait of a beautiful woman, face flushed and eyes rolled back in ecstasy, with a round item on her tongue sporting her favorite Cryptocurrency’s logo. ‘Crypto Slut’ is a self descriptive term I use for myself as I am not a maximalist for any crypto project but rather I prefer to experiment with them all. The collection itself is a representation of the passion I have witnessed the crypto community showing for their favorite projects, so Crypto Sluts felt like a perfect title. Innuendo aside, each piece shows absolutely no sexual activity nor adult theme. It’s drawn leaving interpretation completely up to the viewer, including what that round item on her tongue might be.

When the art reveal video for my Bitcoin Slut caught some traction on YouTube it was met with a near 50/50 like to dislike ratio and the comments were ‘WTF?’, ‘Why…’, and ‘I am utterly disgusted’. Unexpected but not terrible. Twitter flagged multiple posts of mine for using the word ‘Slut’ but I was able to resolve that. The most shocking was what happened on TikTok. TikTok is a platform where videos of girls under the age of 18 twerking in crop tops and booty shorts, strippers in the club dancing on stage, and women discussing working as Sugar Babies have hundreds of thousands of views. Artwork from my Crypto Sluts collection was flagged as ‘Adult Sexual Content’ so many times on TikTok that I was eventually restricted from posting. Each time my work was flagged I appealed and each time the team said that after review my posts were found to have in fact broken the platform rules of no adult sexual activity and were permanently removed. Compare this to Minds, a platform that requires users to flag NSFW content or face a channel strike. Not only am I not required to flag my Crypto Sluts as NSFW, but they are eligible for promotion across the site (Minds does not allow promotion of NSFW material and all promotions are reviewed by the platform).

I’ve experienced inconsistent censorship of my art before this, but this is the most perplexing circumstance. This and previous instances have created blurred lines of what is too sexy for social media and leaves me confused. Whereas I started publishing my work believing it would be met with general platform acceptance when compared to the content already being hosted, I now lack confidence in my ability to continue to share my art on social media with out fear of losing my entire account.

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Source: https://medium.com/@fullmetalmagdalene/a-face-too-sexy-for-social-media-1fbb8d181872?source=rss——cryptocurrency-5

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