Steemit the blockchain based social media platform has stated they are not threatened by ww cryptocurrency the Libra. This was made known in Youtube Video by Steemit Head of Communication Andrew Levine. In the same video, Andrew pointed out that the Facebook Libra is a validation of the ingenious idea and decision made over three years ago to build the Steemit social blockchain.
Congress is calling for a moratorium on @Facebook's #cryptocurrency. If you'd like to learn more about the only REAL social blockchain, check out this video feat. #Steemit's Head of Communications @andrarchy https://t.co/fBADR05ihK
— steemit (@steemit) July 9, 2019
According to tweet, Steemit calls itself the only “REAL” social blockchain thus telling Facebook and everyone that it remains the first ever and only actual social blockchain and that Facebook attempt to get onto the blockchain and cryptocurrency industry is in fact a move out of fear of the disruptive power of the technology.
Facebook Libra is a validation of Steemit
Comparing Facebook Libra to the Steemit cryptocurrency, Andrew pointed out that the Libra will feature fee charges whereas the Steem cryptocurrency is fast and feeless. The Libra is a centralized cryptocurrency which is will be controlled by massive corporation but the Steem cryptocurrency is one that promotes freedom, privacy etc.
Andrew speaking on the whole Facebook Libra, he said “…because a company as rich as Facebook is afraid of the disruptive potential of this technology that is why they are trying to figure out how to use, not to benefit ordinary people like you are me but themselves, their bottomline and few other massive corporations. But we believe in people that is, we believe in decentralization, we believe in people will see what Facebook is doing and what we are doing and come to the right conclusion about the type of future that you want to be part of.”
As the world continues to learn of the incredible ways blockchain technology can be applied to our various everyday activities, products and services to make life easier, Facebook has decided to hop upon the moving train. The decision to get onboard cryptocurrency started in 2018 with the unveiling of its native cryptocurrency and wallet the Libra and Calibra respectively via the Libra whitepaper in the first half of 2019 just few weeks ago. The announcement sparked a significantly felt rally in the price of bitcoin and altcoins with bitcoin crossing upwards to $13,000.
While the price of Bitcoin and other cryptocurrency saw a rise, many crypto believers were expressing their concerns with the privacy issues of Facebook and wondering how the social media giant will be able to protect user financial data as it has failed miserably in time past.
Steemit is a blockchai based blogging and social media which rewards users with the steemit cryptocurrency for publishing and curating contents. It is a private firm based in New York City and created by Daniel Larimer in 2016. It currently accommodates over one million users.
Andrew puts forth a question which everyone will need to answer. With Facebook Libra, “is that really a future people are asking for? What is your answer?
Waves to Launch Blockchain-Based Games Marketplace with The Abyss
Blockchain Platform Waves and blockchain distribution platform – The Abyss will jointly launch blockchain-based marketplace of digital goods and in-game items.
The co-operation will see the building of a universal marketplace of all tradable goods and in-game items offered by Abyss partner game developers through their games.
The marketplace will enable users to purchase items with Abyss Tokens and sell to other users no matter what supported game it was purchased from. This, according to Waves will open another way for game developers to monetize their games on The Abyss.
Waves revealed the Abyss tokens will be integrated with the Waves Blockchain thereby enabling developers to connect The Abyss Token operations directly into their Waves-based games.
This will be made possible and easier by the release of an SDK and provision of technical assistance by Abyss.
Founder, The Abyss Konstantin Boyko-Romamovsky is quoted saying “The Abyss development team has already started preparation for the integration of Waves solution. The respective API methods and libraries will be added to the platform SDK and offered to game studios and developers.”
As a mutual benefiting arrangement, games built on the Waves blockchain will be able to utilize the distribution network of The Abyss therefore getting exposure to a wide audience of gamers.
Speaking on the arrangement between both firms, CEO, Waves Platform, Sasha Ivanov said, “The integration of Waves technology will enable The Abyss to create one of the best and the most advanced digital marketplaces in the video game industry. Apart from boosting up blockchain adoption, it is also supposed to increase the speed of processing trading transactions”.
Based on the Ethereum blockchain, The Abyss is a digital distribution platform for online video games with a unique revenue sharing system. The Abyss offers browser, client and blockchain games and provides game studios with additional customer benefits, from community features to marketing tools. Part of the income generated by sales of games & services is distributed between users in the form of rewards for various activities available on the platform.
A Proposal Has Been Made To Move ZCash from POW to POS
A ZCash Improvement Proposal ZIP was submitted to the ZCash community to migrate the privacy focused blockchain from the Proof of Work protocol to Proof of Stake.
The proposal was made by a user rebekah93. According to the community member, “Zcash was launched using Proof of Work. This meant that as well as removing the risk of POS being in some way faulty, the developers could focus on snark development rather than proof of stake development. Now the situation is a little different, as POS is a little mature and shielded transactions in zcash have come leaps and bounds.
This means that we should be able to switch from POW to POS without diverting developers too heavily away from other protocol improving works.”
The motivation according to rebekah93 for the improvement proposal was “by not wanting to have ‘destroying the planet’ as one of zcash’s most prominent achievements.
This is related to the amount of power needed to maintain the proof of work blockchains with Bitcoin being the highest consumer as the largest pow blockchain.
In order to achieve consensus, the community will have to answer some questions such as:
what properties does it want from POW? BFT or not?, Which are the best POS protocols that satisfy the needed properties, who gets to have the loudest/definitive say, when will it be implemented, who will implement it, will there be a transition period, when will the transition go live?
The ZIP which is currently in draft stage has attracted comments from the zcash community with one member Faddat defending POW by saying it doesn’t harm the environment and that it is one of the most efficient uses of stranded energy. According to him, POS chains have more favourable performance characteristic, but POW is more secure.
Another member of the Zcash community by the name OliverNChalk is of the opinion that the migration to POS should be put on hold and wait to see how the Ethereum imminent migration to POS goes as this would give an idea of how POS looks in the ‘wild’.
A member of the Zcash foundation by the name Sonya said concerning the ZIP “I like proof-of-work because the economics are straightforward and the model is battle-tested. I don’t think proof-of-stake has been around long enough that we should jump on it — maybe another couple of years.”
The proposal was created over 40 hours ago, it has received 1500 views and 12 replies. At current it is still a draft.