Spreading Crypto: How Protocols Reach Mainstream Adoption
This is the first post of ourSpreading Cryptoseries where we take a deep dive into what it’ll take to help this technology reach broader adoption. We look at some of the obstacles holding it back and what strategies we think will be successful. Mick Hagen (FoundeCEO) talking about protocols and how they become adopted Like many others working in crypto, I really want to see this tech reach a larger audience. I’ve been drinking crypto kool-aid for awhile now. I bought my first Bitcoin in 2013 and have been working full-time with decentralized protocols since 2014. I’ve been through the peaks of the bull market down to the depths of the bear market. Multiple times. I would not be all-in on this technology if I wasn’t a true believer. I obviously hope that Genesis Block will play an important role. But this goes beyond self-interest. I think for most of us in the industry, increasing crypto adoption is not about money.
It’s not about dumping our bags on retail. But rather it’s about the positive impact we believe this technology can have on the lives and societies all around us.
So, how do we bring this to the masses? How do we rid ourselves of the reputational damage that came with Mt Gox and dark markets like Silk Road? How do we make this technology easier for the normals to use? Today we start answering those questions. ---
Most of the products and services that we all enjoy today use protocols that are under the hood, operating in the background. For example, when you send someone an email you’re using a protocol called SMTP. When you browse the web, you’re using the HTTP protocol. Protocols allow for applications, computers, and devices to interact with each other. They are similar to a spoken language, where they have their own set of rules and vocabulary. If two people share the same language, they can communicate with each other. Protocols are usually hard for the common person to understand because they’re very technical and provide no user interface. There are a few rare cases where the protocols themselves have made it into the cultural lingo, like Bluetooth, WiFi, and SMS. But for the most part, protocols are invisible and hidden from end-users. Other protocols that have reached broad adoption
The world did not embrace the web when the TCP/IP or HTTP protocols were first invented. Nor did they start using email when the POP, SMTP, or IMAP protocols were invented. The masses started browsing the web when AOL and Netscape were launched. They started using email when Hotmail and Gmail went live.
Protocols become adopted when an application makes them more accessible and easier to use.
Protocols become adopted when a strong team abstracts away the complexity, and delivers a compelling product experience that solves a real user pain. This is a pattern that has repeated throughout the history of technology. Other examples include XMPP (chat), VoIP (internet audio calls), WebRTC (video conferencing), and NFC (close-contact device communication). Those protocols weren’t widely adopted until the launch of applications like AIM, WhatsApp, Skype, Google Hangouts, and Apple Pay. Protocols become adopted when the killer application arrives. Screenshots of Netscape and Hotmail
If history is any indication, crypto and blockchain will be no different. Bitcoin is a protocol. Ethereum is a protocol. Decentralized Finance (DeFi) is filled with low-level protocols. What many out there don’t realize — and those within our industry don’t like to acknowledge — is that Crypto today is mostly all protocols.
Decentralized protocols won’t be replacing Robinhood, SoFi, or Venmo anytime soon. They never will. They aren’t meant to!
Crypto protocols are the building blocks, the lego pieces, the primitives that developers can use to build applications on top of. As with the numerous protocols that came before, these innovative protocols need world-class applications. They need product experiences that can propel this exciting tech to the masses. Crypto needs great product teams that abstract away all the blockchain complexity, and deliver it in a way that is simple, convenient, and powerful. Decentralized protocols are like lego pieces
Protocols usually operate in the background. So it should be no surprise that interacting directly with crypto and decentralized protocols is raw, rough, confusing, and complicated for most “normal” people out there. Most of the crypto industry today is still focused on protocol development. That’s totally fine — we’re still at the early stages of this entire industry. But because of that protocol focus, it should be no surprise to any of us that we still haven’t seen mainstream adoption. But as an industry, we cannot forget or lose sight of what it takes to reach the masses. As Mark Twain said, “history doesn’t repeat itself, but it often rhymes.”
If we want these exciting protocols to be adopted by billions of people around the world, we’re gonna need killer applications. Just like every protocol before.
In our next post, we’ll explore the current state of application development within crypto. Are we getting closer to that killer app? What will it look like? How do we achieve it? Stay tuned, that’s all coming next. --- Other links related to this episode:
Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download We have a lot more content coming. Be sure to follow our channels: https://genesisblock.com/follow/
r/MAINSTREETCRYPTO EXCLUSIVE: INTERVIEW WITH ROGER VER
MAINSTREETCRYPTOEXCLUSIVE: INTERVIEW WITH ROGER VER https://preview.redd.it/9rycme1mdgr41.jpg?width=200&format=pjpg&auto=webp&s=30c55fb3ff8b3705726a04109797063a26798798 Roger Ver, is one of the five founders of the bitcoin foundation. You could say he was ahead of his time, buying $25,000 worth of bitcoin when they were merely $1 each. He was the first major investor to invest millions in Blockchain.info, Ripple, Kraken, and Bitpay among others. Now he wants Bitcoin Cash, a fork of the legacy chain, to be used as a global P2P currency, and says it can scale just like Satoshi first laid out in the original Bitcoin whitepaper.--------------------------------------------------------------Bitcoincash.orgRank: #5Current Price: $257.65Market Cap : $4,741,042,75924 hour trading volume : 1.741 Billion USD--------------------------------------------------------------Hi Roger, first and foremost, I wanted to thank you for taking the time to do this. You are truly a pioneer in the Bitcoin space, and all of us owe you a debt of gratitude. On behalf of all of us, I wanted to say thank you for advancing the space. 1. First, I want you to take a moment and appreciate how far bitcoin and cryptocurrency has come this past decade. Did you ever believe you would see such growth, interest, and adoption in such a short period of time or has it completely surprised you? We always over estimate the amount of progress that will be made in the short term, but underestimate the amount of progress that will be made in the long term. Crypto currency is another example of that. 2. At what point did it hit you that bitcoin was history in the making? From the very first day I knew it was one of the most important inventions in the history of humankind. The book Digital Gold goes over how I literally had to go to the emergency room because of the excitement I had for Bitcoin. 3. How did you first get into bitcoin, pre Bitinstant? I first heard about it on the FreeTalkLive.com radio show. A full history of the early years is covered well by Digital Gold. 4 .What economists and philosophers do you align with? I think Murray Rothbard fits into both categories and his thinking influenced mine more than any other single author. Others who have influenced me would include: Adam Smith Ludwig von Mises Milton Friedman David Friedman John Locke Henry Hazlitt Frederick Bastiat Larked Rose Ray Kurzweil 6. What has been your favorite moment in crypto history thus far? My favorite moments were reading the underlying philosophy behind the Silk Road. The government has done an amazing job distorting and smearing the underlying message behind the site. My eyes started to tear up when I read this post on the front page of the Silk Road for the fist time: https://www.reddit.com/Anarcho_Capitalism/comments/29diyt/defcons_latest_post_on_silk_road/?sort=top I never bought or sold a single thing there, but I spent countless enjoyable hours reading their forums and exploring the site. 7. What are your future plans for Bitcoin Cash? It isn’t just a hobby, it’s a global revolt. We will become money for the world. 8. Branding is so important. Bitcoin currently has greater brand recognition a la Coca-Cola, and is regarded by many as the “real” Bitcoin, even though this is widely disputed, especially by crypto-fundamentalists. Do you envision a Coca-Cola vs. Pepsi type scenario? Do you envision parity price-wise between the two on a long enough timeline? Bitcoin Cash has more utility than BTC, so in the long run it will have a larger market cap. Currently we are in the era when Myspace was bigger than Facebook, but Myspace’s servers were being over loaded and causing a bad user experience. Eventually people migrated to Facebook and eventually people will migrate away from BTC. 8. a) Have you ever thought of re-branding Bitcoin Cash? No one is in control to do such a thing by themselves. The community can’t even agree on orange vs green for the colors. 9. Bitcoin Cash has the potential to truly be used as a global form of payment rather than merely a store of value, what else excites you the most about the potential of Bitcoin Cash?
Payments for the world. That’s all we need. 10. I asked Adam Back the same question: If you could remove yourself from the equation, and remove bias, how would you objectively evaluate the pros and cons of Bitcoin Cash versus The Lightning Network? Anyone can permissionlessly start using BCH to start sending or receiving payments world wide in about 30 seconds. (The time it takes to download an app) It is accepted by more than 100,000 websites around the world, and has millions of users. Lightning Network would take about a full day to setup and get working permissionlessly, and would take several hundred dollars of additional computer hardware. Once it is setup, you can spend it at about 300 websites world wide, and it has maybe a few tens of thousands of users. 11. When you’re not working, what do you like to do for fun? Favorite hobbies? I enjoy reading, and Brazilian Jujitsu. I’m especially interested in doing more competitions before I get too old. 12. What are a few of your favorite books? What are some that have made a long lasting impact on you? (Can be fiction or nonfiction) I loved the Age of Spiritual Machines. It painted a picture of how exciting the world is going to be thanks to More’s Law. I also loved The Moon is a Harsh Mistress. I see crypto currency being a world life parallel. 13. What are you most excited about for the future of blockchain technology and where do you see the space in 5 years? I’m excited to see wide spread wallets with strong privacy, and more agorism starting to take place around the world. 14. What are your personal theories of who Satoshi was / were, what was their motivation, and do you think something like bitcoin would have inevitably been created eventually, had Satoshi never existed? I don’t know who Satoshi is or was, but it was clear they were trying to build a peer to peer electronic cash system, not what BTC has become today. It was an inevitability that someone would create something like Bitcoin eventually. People like David Friedman and others had been writing about it for decades in advance. 15. What advice would you give our viewers regarding blockchain, business, motivation, or life in general? Read more books. Reading a book like having a one on one tutoring session from the author. It’s the best way to learn directly from the greatest minds the human race has ever produced. BONUS: If you were a director and could make only one film out of all the wild stories regarding crypto, what subject matter would you choose and why? The Silk Road because it embodied the spirit of peer to peer cash and voluntaryism.
What if Bitcoin is nature's way of preserving itself? Considering everything the ecosystem is going through presently, it seems plausible that what may seem like merely a new computer technology is actually much more in a wider view. Stepping back, one may notice that everything that is happening in this moment is on purpose. There is no such thing as coincidence. In the highly egocentric western world, many people see themselves as outside of nature instead of part of it. The reason for this is the abandonment of certain parts of ourselves and surroundings, more or less because of the cultural programming implemented in us from a young age. Glance back to the first boom of usefulness for Bitcoin. It played a massive role in supporting black market activity, making it a valuable tool for transferring wealth and illegal goods in a nuanced and relatively safe manner. Arguably, plant medicines that have been used by humankind for thousands of years to evolve consciousness now deemed illegal by mainstream culture are so rooted in the subconscious of our species that those very organisms used those willing to explore the forbidden mystery within them to eventually create Bitcoin and propagate for the benefit of all living systems. When a psychedelic compound such a psilocybin present in magic mushrooms is comsumed, it's very apparent that it dissolves one’s sense of self in a way not fathomable in any other form that is legal besides maybe meditation with much practice. It breaks one down to one's most simple self, an observer of the universe unfolding, leaving one scraping away for any bit of sanity that culture has peddled if the ego fights the experience in any way, lost in a loop of hellish abyss. Once the realization is had that all one can do is let the experience happen as there is no use fighting what the substance is trying to reveal is submitted to, it is as though a huge weight is lifted, catapulting consciousness into a wild, ego shattering understanding of unconditional love and interconnection. Having such an experience surely causes any “rational” being to question the nature of reality with a more scrupulous eye. In an age where it is becoming more apparent by the day that the current power structure is not only not serving the majority of people, but ultimately destroying one’s physical/mental/emotional/spiritual health, it is a dire time that people need to come together, back to a sense of balance. As many know, the disparity of wealth in the world is wider than ever before. This is not by accident. The parasites at the top thrive on fear and greed to cultivate and maintain their power over the masses. Many tactics, including banning psychedelic organisms to keep people disconnected and unhappy with whom they truly are so to disempower, continues the endless cycle of chasing false hopes in order to do their bidding. Fractional reserve banking, responsible namely for the US dollar is arguably the sole reason all of this is possible, as every person on the planet must spend the majority of their life finding ways to collect pieces of paper in hopes of survival. That does not mean there is anything inherently wrong with money. In fact, it is a rather useful invention. The problem is most people hardly understand anything about fiat currency, yet slave away for it every day for the majority of their healthy life. This is why Bitcoin was birthed. Its purpose is to expose the rampant fraud we're all subject to. Debt based money solely derives its value on faith, where which that earned today is worth less tomorrow, selling future generations prosperity away now. Many people don't yet view Bitcoin as a reliable store of value, but can one imagine where it would be today if regulators didn't have the authority to step in and put restrictions on its usage? Namely, KYC & AML laws that bar people from buying/selling without a bank license and require exchanges to demand the identity of every user with multiple forms of government identification. So too with capital gains tax. These regulations solely function to slow the inevitable growth of this unstoppable technology. At its grassroots, none of that ever being needed for Bitcoin to function is how it was brought into mainstream view following eventual restrictions. Arguably, if those laws weren’t placed upon Bitcoin, there would already be an even more thriving new economy backed by it firmly in place. Instead, it's being stunted by the currently insolvent and collapsing system that is built on the premise of "too big to fail" corporations that pillage the world's labor and resources so a few can live absurdly lavish lives. Fact is, it is one’s birthright to freely exchange ideas and goods with anyone else voluntarily. When denied of such interactions, our very nature to be liberated is denied,which creates inevitable resistance and strife. Looking at what many see as the solution to this corruption that causes such wealth disparity – the undeniable craving for unity and respect for the planet seen widely in the democratic-socialist movement in America calling for redistribution of wealth and addressing rampant pollution of the earth is partially misled in the sense it calls for more government intervention that relies on stealing from people. That is what allowed this mess to happen to begin with. America is already socialist for the “too big to fail” class in the form of endless money printing, claiming it is a capitalist nation where the rest of the people are deemed too small to survive, scrambling for the scraps that are supposed to trickle down though a rigged economy. What society actually needs is to go back basics with fulfilling simple living backed by sound money that can’t be manipulated by an either ignorant or conspiring ruling class. As the Bitcoin motto goes, "don't trust, verify". As long as the system is propped up by infinitely printable money, it can be used to corrupt those put in power, continuing a war on the people around the world. Everything that is going on right now is supposed to happen. For the exact same reason Bitcoin is trustworthy because it is mathematical, so too is the universe. Nature constantly breaks down to build itself back up, over and over again. In this time of uncertainty, on the cusp of watching society as we know it crumble, a new paradigm is unfolding. It is no coincidence this is all happening as Bitcoin has more people interested in it than ever before. This is the beginning of a potentially very prosperous age, unfathomable to most in the current moment. People are not meant to be domesticated, controlled by others granted higher status. We are all the same at the end of the day. Psychedelic experiences can reveal this truth of oneness; a push against mindlessly obeying authority that further attempts to rob critical thinking to create better life for all. Just as mushroom mycelium works as a network to break down old organic material to feed the forest and all who inhabit it, the internet and Bitcoin network work to break down centralized control of information and money that no longer serve the ecosystem. All in all, Bitcoin is a peaceful protest against the current system that is much needed. So too are consciousness shifting psychoactive plants that originally propagated the technology, as though to say to those that unjustly assert authority, “you fucked with the wrong organism. May the love be spread all around”! Thanks for reading! One love.
When alprazolam powder ran through the postal system like gold
So roughly around the end of winter in 2015 going on 2016 I was finishing up college for my computer networking degree. I was a avid silk road customer with ties to Xanaxman and few others I wont mention but mostly all are incarcerated now. With real alprazolam xanax powder flowing through the postal system like gold in the hills, there were 2, 2.5, and 3 and even 4mg pressed xanax bars being sold for .20 cents to 75c per pill. As a college student in a college town and experimenting with different drugs every weekend I knew I could make some money. I quickly made friends with one of the biggest xanax distributors on the silk road. We actually had conversations daily and I considered him a friend. He would explain his press machine, the way he operated his business and allot of personal information as we just clicked and quickly a friendship became. From going to selling 1000 every 2 weeks for 3$ ea and customers coming back like clockwork this quickly went to 5k a week selling bulk. He would eventually front me 20k sent 4 packages to 4 different addresses that I knew my friends wouldn't mind for cash. This is where I knew I fucked up. With cash coming in like I've never seen before I literally could do or go anywhere. I was on top of the world. ( I'll get back to this in a second). One afternoon I woke up from a night at the bar, head still spinning and that good next day feeling from the benzos. As I tried rubbing the sleep off my eyes I stumbled out of my roommates bed onto his glass table breaking the entire thing, shattering it into hundreds of peices. How I didn't get hurt is beyond me. As I lay on the ground very confused and panicked I look at the ceiling fan which is on, swinging a belt from the blades around and around. I get up cussing at my self and remember yelling out to my roommate to come here. I took the belt off the fan and noticed it wasn't mine and a wallet came off with the belt that was holding it down. I looked at the wallet, I had no idea who this person was. After sitting down for a second trying to recollect from the night before I get up and go to the living room where I see my front door wide open I freak out worried my dog got out but I ran to my room which door was closed and thankfully he was on the bed looking at me like mother fcker you have some big problems. Sigh of relief my pup was there but shit and piss was everywhere. Now to find my phone. I tore up my roommate's bedroom looking for my phone. No luck. As a few hours passed I got a more worried as I totally blacked out the night before and couldn't remember anything after popping 3 3mg xanax and flow of drinks. I realized I was supposed to be getting a package this day and went out to mailbox but nothing was there. Little freaked out I came back inside and grabbed my burner phone and called one of my drops. The package wasn't there either, nor was any of them. I then drove to the bar I was last at the night before and not even 3 steps in the owner stopped me and said sir you are no longer allowed in here after what happened last night and I'm calling the police. Stunned, I said I don't remember what happened last night and whatever I did I'll pay for the damage. He said the only thing you broke was a pool stick across a police car and you and your friend got into a fight with 5 college students. I looked down and things were starting to come to me. He said police were looking for me and my roommate was in jail. Very confused I thanked him and gave him 100$. So I assume the wallet was one of the persons I got into a fight with. I go to address on ID but no one answered so I left it on the chair on the front porch. Why the hell was a belt and his wallet on the blade of my ceiling fan? So many questions I had. I come home and get on my computer to see where my packages were at before I call the jail. All packages said they needed to be picked up at post office sig required. This freaked me out beyond belief. How was I going to tell this vendor I wouldn't be able to pay for 40k bars that were fronted. Logged off my account and got off my chair and a knock on the door. I hit my toe on the edge of my bed and there was my phone, I was very happy. I plugged it in and went to front door. It was a police officer. Freaking out, I didn't know what to do so I just stood behind the door panicking. I ran to my safe and put everything I had in there which I hadn't used in years because I forgot the code to get in. Along with the drugs was my random generated pin for my btc wallet. As I closed it I very loudly shouted FUCK as I watched it closed remembering I didn't know the code. I'll just worry about it later I told myself and rushed to door. Officer asked if I was at the bar last night where the incident happened I said yes I was and he asked if I could come down to station to write a affidavit. Agreeing nervously as I didn't want more cops to come or come inside my house he let me follow him up there. As i sit down he asks me questions about the fight and said my roommate had broken one guys jaw that's why he was in jail. I told him honestly sir I blacked out, defended myself and I don't remember how I got home. He said I was told you were running down the street with only shoes on and a belt. I looked down and busted out with a laugh saying sir there is no way that's accurate. With the straightest face he said does it look like I would make this up. My face was white as a ghost and I looked down again apologizing asking if I was in trouble. He stated there was nothing on camera about the fight nor was the guy pressing charges. Thought maybe this day will finally get better. So he said to fill out the affidavit best of my knowledge and I asked when my friend was getting out since no charges were being filed. He said when he calms down as he was still in the drunk tank. I left there wth only one thing on my mind, how in the hell am I going To get these packages. I was honestly scared and figured they were seized but wondered why I didn't get a controlled delivery instead. Not that I was complaining but I was still freaked out about losing 40K bars and how is it going to explain it to my silk road vendor. Days go and pass and about a week later I find over 200 people had had controlled deliveries across the US and my vendor had been arrested. I had been so scared these past few days that I haven't even thought about getting back into the safe as I had bars laying around the house that I was taking to call my anxiety and so I didn't have any type of come down in decided to wing myself off now that I Was facing possible charges on these packages. 3 weeks pass and I finally try to get the remaining bars I had left from the safe and remember about my btc wallet code. This wasnt a 100$ safe it was a family members huge gun safe that was like a bank vault. My roommate and I tried to get into that safe for 3 days straight doing anything and everything I could and nothing would budge. I was out of options. I finally gave up and given up selling xanax as I was afraid of the possible consequences that might occur. Almost a year later when I moved out of the house I had a few friends of mine get to say from the back of The truck to take it out to a lease to blow it up with tannerite. It took us a few days of blowing up, shooting it and putting a drill to the corners we finally opened it. I had forgotten how many drugs were actually in there. Finding my btc pass for my wallet I was really excited as the price of bitcoin had gone up substantially. It was all there. Ended up being close to 65k worth of btc. It was a glorious day. I was completely off all drugs and had all this bitcoin. Nothing ever came about the packages and I moved far away from where I went to college. Looking back it was a fun, dangerous ride but wouldnt change a thing. Unfortunate events for my buddy being busted for his lab and I eventually found him in prison system and sent a letter anonymously saying I can send him money to family if he wanted. I never got a letter back and dont know if he even got the letter. Craziest thing I've ever done but wouldn't of gone back to do it any different. Bars took a tole on me and I'm very fortunate I even came out of the situation not in jail or repercussion for owing someone money. Oh the good ol days...?
Chinese authorities are testing the digital yuan: is it worth waiting for the digital dollar?
Chinese authorities are testing the digital yuan: is it worth waiting for the digital dollar? The development of the digital renminbi is proceeding rapidly: a few days ago it became known that companies and customers of the largest banks in several cities of China were testing it. Moreover, corporations such as McDonald’s and Starbucks will take part in the test, among others. + Why is China in a hurry to release a national cryptocurrency, at what stage is development and why its main opponent is not Bitcoin or Libra from Facebook, but the US dollar, DeCenter found out. For a long time, almost nothing was known about China’s national digital currency (DCEP), or the digital renminbi, except that the Chinese authorities were working on it. Information was officially confirmed only in 2018. Moreover, it turned out that research and development has been ongoing since 2014. And in the summer of 2019, the deputy head of the department of the National Bank of China (NBK) Mu Changchun, who is called the main ideologist of the digital renminbi project in power, said that he was “almost ready.” This was preceded by the sensational announcement of the cryptocurrency project Libra from Facebook, which officials in many countries took with hostility. As DeCenter wrote, cryptocurrencies have pushed the Chinese authorities to create DCEP by the growing competition with fiat currencies. Despite the formal ban on cryptocurrency exchanges and ICOs, Chinese people are still actively using crypto assets. The digital yuan could be an alternative to decentralized coins. In addition, the main capacities of world mining of the Bitcoin network are concentrated in China, the blockchain startup industry is developing rapidly and with government support. Such a contradictory and motley picture. According to the professor of Fudan University, Michael Song, the real impetus for accelerating the development of the digital renminbi was not so much the Libra coin, but the keynote address by President Xi Jinping in October 2019. Then he called on officials to “make every effort” to develop the blockchain and introduce solutions based on it into the real economy. At the same time, Xi noted the importance of implementing technology in digital finance. According to Song, this was a signal for central authorities to accelerate the release of DCEP and facilitate its distribution in China and beyond. Mobile App First But the real details about the digital yuan became known recently, in April. Then, WeChat published screenshots from the test mobile application of the Agricultural Bank of China (SBC) for operations with DCEP. Some of the application’s functions were visible on the screenshots: wallet, function of payment via QR-code (a popular payment method in China), receiving and sending money, as well as “pairing” wallets of two users for transactions through convergence of devices (probably using NFC-technology) Mobile app interface for the RMB. Later, the NBK confirmed the authenticity of the screenshots and added that the digital renminbi is being tested in cooperation with several commercial banks, and its territory is limited to four major cities. As The Block later clarified with reference to Chinese media, in one of the cities — Suzhou — municipal officials in May will receive half of the subsidies for travel on public transport in “digital yuan”. The authorities did not disclose the official launch date for DCEP, but added that the next test of the digital national currency will be held in 2022, during the Beijing Winter Olympics. Probably, then the scale of the test will be much larger and will also affect foreign citizens. It is curious that on the same day, the State Committee for Development and Reforms of the PRC — the former Gosplan, now in charge of strategic economic planning, announced the inclusion of blockchain in the national technology development strategy. Now it is a priority for the state along with other promising areas, such as artificial intelligence, cloud computing and the Internet of things. Commerce and trading in the digital yuan The NBK is not limited to banks and individual users of the digital yuan: thanks to a report from the Chinese publication InterChain Pulse, another test was revealed, but with the participation of almost two dozen companies. The project will be held on the territory of the New Xun’an District (something like a special economic zone, but an urban type). The project includes companies in the field of catering, retail, transport and entertainment. The list also includes American companies McDonald’s, Starbucks and Subway, as well as a number of local chains: fast food Qingfeng Baozi, supermarkets JD (operated by the leading online retailer of the same name in China), Jinfeng cafe and others. Four state-owned banks provide financial infrastructure, as well as fintech giants Ant Financial (formerly Alipay) and Tencent. Administrative support is provided by local governments. Xun’an — a kind of testing ground for the “digital city”. All government services have already been digitized here, 5G mobile networks, unmanned vehicles and much more are used. At the end of March, a blockchain laboratory was opened in the city, which will be engaged in the implementation of DLT-based solutions in urban infrastructure and services. At the same time, InterChain Pulse did not provide data on the date of the start of the digital renminbi experiment in Xiongang or the timing of its implementation. Ram against the dollar Given that the digital yuan is a project of the Chinese authorities, it is not surprising that, in addition to domestic economic interests, they also pursue political goals. Namely, the victory over the global “hegemony” of the US dollar. So, the DCEP developer Mu Changchun in September last year said that “the digital yuan is necessary for China to protect the monetary sovereignty of the country”. The Ledger Insights portal cites an article by the Chinese political science center Zero One Think Tank, which states that the digital yuan will help “internationalize” the Chinese currency. In particular, through transactions in large-scale foreign economic projects of the PRC. Among them is the One Belt, One Road initiative, which brings together many of China’s neighbors as part of the Silk Road Economic Belt and the 21st Century Sea Silk Projects. High scalability of DCEP will solve the problem of increasing the share of settlements in RMB in foreign trade. So far, China has failed. State-owned Chinese companies already have the infrastructure needed for cross-border operations in the digital yuan. For example, last fall, the Chinese Construction Bank (the third largest in China) released the second version of its financial blockchain platform for international settlements after the volume of operations on it exceeded $ 50 billion. The platform users are mainly foreign banks and Chinese exporters. All four major Chinese state banks, which recently announced their participation in the project for the commercial testing of the “digital yuan” in Xiongang, have their own foreign trading platforms based on a distributed registry. Digital dollar The U.S. currency really dominates global finance: in 2019, 90% of international transfers and 60% of government reserves were in US dollars, while the yuan in both segments accounted for only 2%. Such data are quoted by Voice of America. The dollar is needed by private companies and banks to hedge the risks of depreciation of national currencies in international transactions. However, the widespread use of the dollar also gives the US government leverage — for example, with the introduction of economic sanctions. The emergence of alternative international currencies could undermine US influence. In a commentary on Voice of America, Special Assistant to the President Tim Morrison expressed confidence that Beijing’s intention to “dominate this new financial technology should be alarming”, referring to cryptocurrencies. Apparently, while the US authorities do not plan to issue their own digital dollar. In late February, speaking in the Senate, US Treasury Secretary Stephen Mnuchin said that Washington does not intend to issue a national cryptocurrency at this time, but may return to this issue in the future. The day before Mnuchin’s statement, Jerome Powell, the head of the US Federal Reserve System, spoke in the House of Representatives. Congressmen called on him and colleagues in the government’s financial bloc to step up work on the digital dollar until they got ahead of the Chinese. To this Powell replied that the conditions in the USA and China are different: “For example, the idea of a registry where everyone will see each other’s transactions is unlikely to be attractive in the context of the United States. This is not a problem for China.” As for Libra, last year’s announcement of which was accompanied by mass criticism of Western officials, on April 20 an updated version of the white paper project was released. In the new document, the developers officially abandoned the concept of a single global stablecoin, decentralization and anonymity and pledged to comply with all regulatory requirements.
Paul Goldenberg San Diego, CA | 619.577.6751 | [[email protected]](mailto:[email protected]) TALENT ACQUISITION / COACHING / SENIOR RECRUITER Specializes in: Full Life Cycle Recruiting and Operational Excellence Innovative leader with strong candidate sourcing and talent acquisition skills. Experience recruiting for large and small organizations, start-ups, and venture capitals. Expert in integrating program capabilities with broader business goals to craft cohesive strategies. Effective critical thinker and problem-solver, ability to recognize issues or discrepancies and produce prompt resolutions. Windows 7 & 10 Professional | Vurv Express | macOS | macOS High Sierra | Avature | Jobvite | Workday | BrassRing Silk Roads | Deploy | iCIMS | Taleo | PC Recruiter | EZAccess | Resumix | Lever | Virtual Edge | Breezy HR | Greenhouse Prophet Pro | Hiretual | LinkedIn Recruiter | Email Hunter | Hound | Lusha | HiringSolved | SeekOut | Hunter | Reddit GitHub | Stack Overflow | Connectifier | GoogleDocs | Google Chrome | Thunderbird Email Host | Slack Professional Highlights § Exceeds company averages in all metrics including time-to-fill, fill rate, and total revenue § Performs full-cycle recruiting & sourcing of an average of up to 50 job reqs up to 25 hires per month § Managed and led virtual teams of up to ten (10) team members while maintaining a 2:1 ratio for interviews to hire § Skilled in information technology (IT), engineering, healthcare, medical devices, finance, FinTech, hospitality, real estate, aerospace, and pharmaceutical C-suite § Trained 250+ hiring managers and peer interviewers on the techniques of behavioral interviews impacting first-year retention rates from 85% to 97% (AMN Healthcare) § Increased production by 75% through the utilization of Avature, Lever & Greenhouse ATS, HiringSolved, LinkedIn Recruiter, Boolean searches, Lusha and phone sourcing Professional Experience Independent Recruiting Projects (Upwork, Workana) 2018 – Present Technical Executive Search Recruiter (Remote) | USA § Offering a SaaS solution that integrates all benefits, in a one stop shop, providing simplicity to complex plans § Headed a 10-week project placing 12 IT/Engineering hires for a late-stage start-up in the FinTech space o Recruited DevOps, Engineering Manager, IT Director, Ruby/React Engineers, Full Stack, Back-End, and Web App Developers § Hired for C-Level Executives, IT/Tech/Engineering, Hospitality, Real Estate, Product Marketing, Accounting, Corporate Communications, Sales and Account Executives § Sourced 250+ candidates and placed 39 in a 12- month period. 2 1/2:1 ratio § Enhanced the overall candidate experience mandate for this project Quantum Technical Solutions, Disney & DirecTV 2015 – 2018 Senior Technical Recruiter (Remote)(2016-2018)| San Diego, CA IT Recruiter (Remote)(2015-2016)| San Diego, CA § Managed an average of 25 - 40 requisitions as the Sr. Technical Recruiter while performing both full life cycle recruiting and strategic sourcing for various information technologies (IT) positions at both Disney & DirecTV o Recruited mobile iOS/Android Developers, Full-Stack Engineers, AWS, Cloud, Java Developers, Sales, ERP (SAP), Big Data and Hadoop Developers, Network Engineers, DBA’s, Cyber Security, DevOps, UI/UX Designers, Cloud Architects, .NET Developers, IT-based sales & marketing as well as non-technical corporate level roles § Exercised traditional and non-traditional sources such as LinkedIn Recruiter, social media (Twitter), Google/AIRS searches, Craigslist, internal applicant tracking system Avature, Lever, Greenhouse, Indeed, Zip Recruiter, Reddit, GitHub and Stack Overflow, Twitter, and Google/AIRS searches AMN Healthcare 2016 – 2016 Recruitment/Sourcing Specialist RPO (Contract)| San Diego, CA § Utilized analytics to track and report progress and success rate of various sourcing strategies § Reached out to 250+ candidates weekly to pre-screen and submit to recruiters resulting in a 3:1 ratio § Sourced and recruited candidates for various healthcare opportunities including RN's, pharmacy techs, dialysis RN’s, clinical nurse specialists, scientists, medical lab technologists, ED nurses and corporate level positions § Created innovative sourcing strategies to recruit utilizing social media (Twitter, LinkedIn, Facebook), paid and free job boards, as well as sourcing tools (Hound, Prophet Pro, Email Hunter, HiringSolved) Talent Fusion by Monster 2015 – 2015 RPO Recruiter (Remote) | San Diego, CA § Designed and executed aggressive sourcing strategies via the internet, social media, and networking channels § Sourced and recruited project managers, IT directors, UNIX administrators, JAVA developers, cloud architects, Big Data, front-end/back-end developers, sales, marketing business managers, and real estate construction managers Independent Virtual Office 2010 – 2015 Recruiting/Sourcing Specialist (Remote) | San Diego, CA § Partnered with a bitcoin cryptocurrency start-up to fill thirty (30) C-suite and director level positions § Referral networking through social media reduced time-to-fill from 45 days to 27 improving start dates § Managed an average of 10 - 50 requisitions while providing high volume sourcing and lead generation for clients including T. Rowe Prices, BDS, Edward Life Sciences and Assurant/Comcast § Domestic and international placements in social media, healthcare, big data, call center, medical and pharmaceutical, retail, cybersecurity, business intelligence (BI), .NET, Hadoop, ERP (SAP), CRM, sales/marketing (all levels, OEM through solutions sales), hospitality, finance/investment banking, automotive, manufacturing, and virtual staffing § Integrated social media into recruiting strategies o Amassed 14K followers on Twitter which boosted LinkedIn connections and incorporated sites (Empire Avenue, Google+