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      "body": "Congratulations @cupher! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@cupher/birthday1.png</td><td>Happy Birthday! - You are on the Steem blockchain for 1 year!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@cupher) and compare to others on the [Steem Ranking](http://steemitboard.com/ranking/index.php?name=cupher)_</sub>\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "title": "Why Bank Credit System is Just a Joke? Why Blockchain will Build a Better Credit System?",
      "body": "I hate banks. I think banks are the most disrespectful Financial Institutions I’ve ever seen.\n\nYou may doubt that but once you are applying for a loan or credit card, you will agree with what I am saying: bank is just a joke because of their credit system is so bad!\n\nI remember the first time I am applying for a credit card: the applying process is easy, but the result is frustrating: I’ve got a very low credit limit and I feel disrespect. I complained to the bank and they just gave me an official answer. What makes me unhappy most is not because of the limit, however, just because of dignity.\n\nSame thing happened to the famous economist Zhu Wu Xiang in China, who is a professor in Tsinghua University. “I have applied a credit card years ago from ICBC bank, it makes me feel shame that they only give me 20,000 RMB(about 3,000 USD) limit, what kind of big data is this? They increased the limit up to 30,000 RMB(about 4,500 USD) after a year. They explained that I don’t use the credit card often so they can’t approve a higher limit. Yes, I don’t use the credit card very often, but that does not mean I have a low credit level. So there are problems with existing bank credit assessment methods.” he said.\n\n“So the current bank credit assessment methods are often based on scattered, limited, biased and incorrent information that will cause problems. Bank loan, so called no mistakes, however, there are a lot of bad debts in reality.” Professor Zhu Wu Xiang said.\n\nI have also given an example from the famous movie “Fantastic Beasts & Where To Find Them’(2016)” in my previous article: “Why Blockchain is an Antidote to Great Human Problems such as Human Value Problem”. Jacob Kowalski, in the film is working in a canning factory and goes to a bank to get a loan for bakery. He shows the design of the bakery he is going to run and his paczki(a kind of doughnut by his grandmather’s special recipe) to the banker. The banker has no interest to it at all, he just asked “Mr. Kowalski, what do you propose to offer the bank as collateral?”. So, as we all know, unfortunately, Kowalski’s application is refused by the banker. The banker does not care about the talent what Kowalski have to make fantastic doughnuts, he only cares for collateral.\n\nI think many people don’t like banks just like me, but we all have no better choices. However, when blockchain technology appears, things will change.\n\nWhy blockchain will build a better credit system? In 2008, a man named Satoshi Nakamoto published a white paper “Bitcoin: A Peer-to-Peer Electronic Cash System”. After then, bitcoin and many other cryptocurrencies are introduced. Bitcoin is an open, decentralized, distributed ledger crypto currency and the backend technology is called blockchain.\n\nThe best part of blockchain is: it can bring decentralization. Decentralization is so important to credit ratings because no one can control the credit rating result thus it brings objectivity. Another feature of blockchain is immutability. Immutability makes the data stored cannot be changed in certain circumstances.\n\nDecentralization brings objectivity to credit ratings, immutability makes credit ratings cannot be changed or controlled by a third-party. Is that enough? Not yet, the key to a reliable credit rating is the credit assessment method.\n\nFortunately, [Digital Credit](http://digitalcredit.io) has finally find the solution. With years of experiences of working in [Topcoder](www.topcoder.com), a competition based crowdsourcing website, Bruce Zhang, founder of [Digital Credit](http://digitalcredit.io)  has found that in an open, widely involved, competition-based, result and performance based environment, talented people will emerge. “What surprises me most, is that in Topcoder, there are so many talented people in less developed countries.” Bruce said.\n\nIn 1977, China has resumed the colledge entrance examination. Though colledge entrance examination is often criticized in China now, it has truly done great contributions to the success of Chinese Reform and Opening. Every student can have the oppotunity to go to the best universities in China such as Tsinghua University, Beijing University and more, only by their scores in the exam. It brings true talents to China and is relatively fair. In 2005, China has started Civil Service Exam, which will select the Civil servants and government officials openly and fairly. The colledge entrance examination and Civil Service Exam, in result, greatly promoted developments of China.\n\nIn an open, widely involved, competition-based, result and performance based environment, why talented people will emerge? Because in such environment, talent is the only factor what you can prove yourself, so it’s fair. Fair brings oppotunity.\n\nThink about it, if your fate is determined by other people’s decision, not by your own talents and ability, you will not have a chance to change your fate, especially people from social bottoms.\n\nBruce Zhang realized if talent can be identified in an open, widely involved, competition-based, result and performance based environment, it will be a good idea to make talent the only factor to evaluate one’s credit.\n\nThis is the basic concept of [Digital Credit](http://digitalcredit.io) , a decentralized digital credit community and platform. Digital Credit will not evaluate your credit by other factors except your talent. To evaluate your talent, you have to take part in POA(Proof-of-Ability) actions such as competition, challenge, testing, review and contribution. By doing this, in an open, widely involved, competition-based, result and performance based environment, your talent assessed will be objective and fair. So, credit assessed from your talent will be objective and fair as well.\n\nBruce has given an example of one of the use case: In modern investment area, most investors are unprofessional, but it is very difficult for them to identify those professional investors and conduct “follow-up” because they have no way to effectively verify investment levels of other investors.\n\nBy using Digital Credit, Investor’s investment ability can be verified in [Digital Credit](http://digitalcredit.io) . Therefore, investment is no longer a difficult task, thus ordinary investors only need to follow up the “guru” for investment.\n\nFor example, holding a long-term, regular investment competition to evaluate performance of investors (assuming the use of simulation investing environment to assess the returns of participants), and regularly rank the participants’ investment performance (eg, weekly, monthly, quarterly etc.) Because the investing performance is automatically verified by the system, its investment performance and stability can be effectively verified by the system. In such investment system, it is easy for ordinary investors to find those who are professional at investment by their investment performance in competitions. Those professional investors can obtain greater returns by launching crowdfunding, lending, and selling tickets (sharing their own investment decisions).\n\nSounds unbelievable? By using blockchain technology and POA actions, Digital Credit has a chance to build a fair an objective credit rating system only by your talents. You can’t fake your talent, and your talent is not decided by others but the decentralized system.\n\nTo have a quick launch, [Digital Credit](http://digitalcredit.io)  will use EOS.io to build token and smart contracts, and will use Tendermint and BigchainDB to build a decentralized blockchain database. There will also be compatible version using other blockchain such as Ethereum and Bitcoin.\n\n[Digital Credit](http://digitalcredit.io)  will be launched in August, 2019, with multiple clients(web, desktop, cell phone and more) and multiple blockchain(EOS.io, Ethereum, Bitcoin and more), and will support multiple programming languages such as javascript, Golang, Java, Python and more. Developers can develop dapps based on Digital Credit API and upload and deploy the codes to the cloud to register their application in Digital Credit app market.\n\nToken sale of [Digital Credit](http://digitalcredit.io)  will begin from June 2 to July 2 2018. Most of the token of [Digital Credit](http://digitalcredit.io)  will be distributed to community.\n\nIn July, an MVP version of [Digital Credit](http://digitalcredit.io)  will be released. This MVP version will show how it will be looked like and will record the early talents and credits from early community members.\n\nImagine that, if Jacob Kowalski joined the Digital Credit community and has proved his fantastic doughnut making skills to Digital Credit, will his loan application be refused? Will he have to go to the bank to get ridiculed?",
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      "body": "This is why Coinbase just bought Paradex, a decentralized exchange built on the 0x protocol.  Nice post",
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      "title": "The Biggest Risk of Crypto is the Centralized Exchange in a Decentralized World",
      "body": "In May 22, there was a fatal bug in famous crypto exchange OKEX when the exchange upgrades its system. Trading is suspended due to technical issues in OKEX. This causes panic in crypto world: from May 22th to May 24th, BTC falls from $8463 to $7475, ETH falls from $700 to $583.\n\nIt was not the first time the whole crypto market facing low level errors from exchange that beat the market’s confidence. In April 22th, there is a contract bug of BEC token in OKEX that hackers can use this bug to get unlimited free tokens and this causes the BEC token’s value to go nearly zero. OKEX rolled back the data after that.\n\nOther than the collapse of Mt Gox, those scandals above are not worth mentioning. The exchange filed for bankruptcy in April 2014 after admitting it had lost more than 700,000 of its users’ bitcoins, and it’s safe to say the impacts of Mt Gox’s collapse can still be felt in the industry today.\n\nIt is obvious, the biggest risk of cypto is the centralized exchange in a decentralized world.\n\nIn exchange, your cryptographic assets are stored in the exchange. Actually you don’t have a wallet in the exchange that can be controlled by you. Quite the opposite, the wallet in the exchange is controlled by the exchange itself. When you withdraw the crypto assets from the exchange, the exchange guy will review your request and handle the withdrawal from their wallet. This is very unsafe if the exchange been hacked, crypto assets are stolen by its staffs, bugs or technical issues occur and more.\n\nCrypto investors are very sensitive to the safety issue of crypto exchange. In such a world that emphasizes decentralization, the centralization of crypto exchanges are truly freaks. However, they are so profitable. According to the report of CCTV, the fee income of one of the biggest crypto exchange in just a single day is $ 8,000,000. They are making money like printing machine and they cannot lower the risk at all.\n\nI think the biggest pain point in crypto world today, is decentralized crypto exchange. Centralized exchanges are so risky and they are Sword of Damocles to its investors.\n\nThe essential problem of centralized crypto exchange is the crypto assets in exchange are not controlled by investors but the exchanges. Hacker attacks, bugs, technical issues, moral hazards will cause losses to investors and they can’t do anything to it.\n\nIn a decentralized exchange, the crypto assets are controlled fully by investors. They have their own wallets and can transfer and exchange their crytos all by themselves. However, performance issue is the biggest problem. If you need to exchange BTC and ETH with another one. The transaction time is so long that you may lost a lot of trading opportunities. How to leverage decentralization and performance is the biggest challenge.\n\nMany famous crypto exchanges is researching on decentralized crypto exchanges, however, they still have not found a feasible solution.\n\nWithout any exaggeration, the biggest opportunity in crypto world today is the first, stable, feasible and safe decentralized exchange. Such exchanges will surely be popular and earn a lot of money.\n\nWith the release of EOS.io v1.0, the first blockchain platform that supports more than 500–1000 TPS will be available. With that performance, to make such kind of decentralized exchange become truth.\n\nHow to utilize the EOS.io platform to realize such decentralized exchanges? That depends on you, my dear developers. I believe the chances are there when EOS.io released.\n\nOur team, Digital Credit, is working to build such decentralized exchange based on EOS.io. We are also the team to build the first credit system(http://digitalcredit.io) that evaluate your credit only by your talents.\n\nBye bye centralized crypto exchanges, I can’t wait to the real decentralized, high performance, safe exchange. I can’t wait anymore.",
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      "body": "✅  @cupher, I gave you an upvote on your first post! **Please give me a follow** and I will give you a follow in return!<br><br>Please also take a moment to read [this post](https://steemit.com/spam/@pleasestop/introducing-pleasestop-here-to-reduce-comment-spam) regarding bad behavior on Steemit.",
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      "title": "Why Blockchain is an Antidote to Great Human Problems such as Human Value Problem",
      "body": "Jacob Kowalski, in the film ‘Fantastic Beasts & Where To Find Them’(2016), is working in a canning factory and goes to a bank to get a loan for bakery. He shows the design of the bakery he is going to run and his paczki(a kind of doughnut by his grandmather’s special recipe) to the banker. The banker has no interest to it at all, he just asked “Mr. Kowalski, what do you propose to offer the bank as collateral?”. So, as we all know, unfortunately, Kowalski’s application is refused by the banker. The banker does not care about the talent what Kowalski have to make fantastic doughnuts, he only cares for collateral.\n\nSame thing happens every moment in every day and in every corner of the world. I believe, one of the greatest tragedy in human race, is the underestimation of human value.\n\nThere is an old Chinese saying “冯唐易老，李广无封”, which comes from a poem from a famous Chinese poet Wangbo in Tang Dynasty. This saying has been handed down for more than 1300 years in China. Feng Tang and Li Guang are two famous talented heroes in Chinese history, they have done outstanding achievements but their value is underestimated in their time: they were offered very small official titles in their whole life regardless of their great talents and contributions. Many later Chinese intellectuals are often touched to this saying and even with tears.\n\nNo one will ever pay you what you’re worth. They’ll only ever pay you what they think you’re worth. Being properly valued is so important to humankind, the implications range far beyond just finances, into the realm of self-respect, self-confidence and dignity.\n\nIn 2006, I started my freelance work in a crowdsourcing website: Topcoder(www.topcoder.com). Topcoder is a competition based crowdsourcing website mainly in coding, software development, design and idea generation areas. In topcoder, if you want to earn money, you have to compete with other competitors around the world and submit the best solutions to a competition project. Only the winner and the second place in the competition will get paid from Topcoder in most of the cases. If you won a competition, not only you will get paid, you will get a higher rating in Topcoder. After several years of working in Topcoder, what surprised me most is, in such an intense competition environment, true talented members will emerge, and most of them are from less developed countries such as in Vienam, Pakistan, Philippines, Kenya, Nigeria and more. This makes me believe that there are talents everywhere in every corner in the earth, even in less developed areas, social bottoms.\n\nJanuary 21st, 2009 is not a date that Susan Boyle is ever likely to forget. It was the day that the shy, devout 48-year-old stepped onto the stage of the Scottish Exhibition and Conference Centre in Glasgow for an audition on Britain’s Got Talent. Or to put it another way, the day her world turned 360 degrees on its head. In front of the three-strong panel of judges charged with divining which of this year’s British hopefuls really did have talent, the singing voice of Susan Boyle turned out to be a watershed moment neither she nor anyone involved in the show could possibly have foreseen. It is now both her and the show’s defining moment.\n\nStories are often telling us there are undiscovered talents everywhere, and everyone is so unique. However, the reality is very cruel: there are prejudices and discriminations everywhere, that your race, gender, family, birthplace, social relations, social class that will determine your destiny. You must have seen so many talented, hardworking persons’ values are so underestimated due to these realistic reasons. This is probably the hardest problem in human race and is essential to most of the social problems. To get real talented person appropriate value estimation, is not only a finance problem, but about the self-respect, self-confidence, fair, just, dignity and fate of humankind.\n\nIs it an impossible problem to be solved? Most of you may say “yes”, because this problem is so complicated and tough, that among centuries this problem does not get any tiny relief.\n\nWhen the internet, web, social media and social network come to our life, in the beginning, some talented persons are truely discovered from those platforms such as youtube, Facebook and Instagram. However, quite the opposite, due to the information explosion, social media and social network is not a solution to reveal true talents, but make the situation even worse: nowadays the only chance for you to promote your talent is advertising, which highly increased the threshold.\n\nIs it a dead problem? I once believed so until I found blockchain technology.\n\nIn 2008, a man named Satoshi Nakamoto published a white paper “Bitcoin: A Peer-to-Peer Electronic Cash System”. After then, bitcoin and many other cryptocurrencies are introduced. Bitcoin is an open, decentralized, distributed ledger crypto currency and the backend technology is called blockchain.\n\nA blockchain, originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. By design, a blockchain is inherently resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.\n\nHow can blockchain do to human value problem?\n\nYou may find, the essential to the human value problem is human value is often judged by centalized entities such as person, company or organization. The judgement of your talents is often not objective by truth but by prejudices and discriminations. Take Kowalski’s story as an example, the banker does not care about Kowalski because he is just a canning factory worker. Because your talents are often judged by human not by truth, and is judged subjectively, so the results must be underestimation of your talents.\n\nThe best part of blockchain is: it can bring decentralization. Decentralization is so important to human value judgement because no one can control the judgment result of your true value and thus it brings objectivity. Another feature of blockchain is immutability. Immutability makes the data stored cannot be changed in certain circumstances.\n\nBy introducing decentralization and immutability, can the hardest human problem such as human value problem be solved using blockchain technology.\n\nWhy?\n\nThe experiences working in Topcoder inspired me, that, in an open, competition based, performance and result based, worldwide competing platform, one can prove his talents effectively and objectively without being affected by any human prejudices and discriminations. In other words, talents judged by human is often not accurate, we let an open and decentralized application to judge your talents.\n\nYou may not fully understand what it means. I will explain this concept to you by some examples.\n\nIn 1977, China has resumed the colledge entrance examination. Though colledge entrance examination is often criticized in China now, it has truly done great contributions to the success of Chinese Reform and Opening. Every student can have the oppotunity to go to the best universities in China such as Tsinghua University, Beijing University and more, only by their scores in the exam. It brings true talents to China and is relatively fair. In 2005, China has started Civil Service Exam, which will select the Civil servants and government officials openly and fairly. The colledge entrance examination and Civil Service Exam, in result, greatly promoted developments of China.\n\nOnce your talents are judged by an open, wide, objective, fair, performance and result based, competition based activity, even your full potentials is not discovered, you will benefit from it eventually. Open and fair will bring opportunity, and opportunity is the key to human value problems.\n\nThus I started a new career from a project named Digital Credit. Digital Credit is designed using a brand new blockchain architecture by implementing POA (Proof of Ability) actions(such as challenge, competition, test, teaching, posting, ranking, achievement, contribution, review and voting etc.) to create a decentralized, trustworthy, easy to use, immutable, autonomous digital credit community and application platform. Community or application members can apply for loans or crowdfunding, sell tickets or even get a reward from Digital Credit by their credit database only based on their own, genuine talents.\n\nTo build a decentralized and immutable digital credit database of members by the performance and result of open, world wide, objective, fair, competition based actions like challenge, competition, test and contributions, Digital Credit will be able to build a community and application platform that can solve many existing human problems. One of the most important problem is the human value problem.\n\nFor example:\n\nIn modern investment area, most investors are unprofessional, and it is very difficult for them to identify those professional investors and conduct “follow-up” because they have no way to effectively verify investment levels of other investors.\n\nInvestor’s investment ability can be verified in Digital Credit. Therefore, investment is no longer a difficult task, thus ordinary investors only need to follow up the “guru” for investment.\n\nFor example, holding a long-term, regular investment competition to evaluate performance of investors (assuming the use of simulation investing environment to assess the returns of participants), and regularly rank the participants’ investment performance (eg, weekly, monthly, quarterly etc.) Because the investing performance is automatically verified by the system, its investment performance and stability can be effectively verified by the system. In such investment system, it is easy for ordinary investors to find those who are professional at investment by their investment performance in competitions. Those professional investors can obtain greater returns by launching crowdfunding, lending, and selling tickets (sharing their own investment decisions).\n\nIn a decentralized, immutable, fair and objective community, human value is defined only by truth, performance and results. If members’ talents are genuine and verifiable, some other problems can be solved as well.\n\nIn current internet crowdfunding area, especially ICO, it has been criticized more severely. The main reason is the lack of verification of the authenticity of ICO fundraiser’s project and the lack of verification of ICO team’s ability and authenticity.\n\nCrowdfunding and ICO in Digital Credit will have ability/skills requirement to fundraisers and their teams, and this capability needs to be verified by the Digital Credit system. (You must participate in the POA actions, and it is only possible to obtain the ability evaluation through the ability rating, such as participating in the challenge, competition and test.)\n\nDigital Credit has relatively strict requirements for ICO. One of them is that for ICO crowdfunding tokens, Digital Credit will not assign all tokens to the ICO initiator at one time, but will be distributed in stages according to the progress of the ICO initiator’s project. The pre-designated milestones of the ICO project will be reviewed. When the ICO project fails to achieve the milestone goal, or if there is a long-term lack of progress or project stagnation, subsequent token allocations will cease.\n\nIf a crowdfunding or ICO party has breached the contract or engaged in fraud, Digital Credit has corresponding penalty measures.\n\nNot only in the business areas, in non-business areas such as poverty problem, refugee problem can be solved by means of Digital Credit to provide a fair, trustworthy, objective platform to every member.\n\nDigital Credit will build such a community and application platform based on EOS.IO(There will also be a compatible version build by Ethereum as well). EOS.IO has a lot of features such as free usage, low lantency, good performance and role based managements that will make the implementation of Digital Credit easier and more effective. Digital Credit will also utilize the BigchainDB and Tendermint to build its decentralized credit database. To simplify the development of decentralized applications based on Digital Credit, a decentralized MVC framework will be build by Digital Credit which will allow cloud deployment of applications.\n\nDigital Credit will distribute its ERC-20 based tokens named DGCT in Ethereum, and the token sale will be started in June 2, 2:00 AM GMT time. Most of the tokens will be distributed to community for the use of award community members or as prizes to ability proving actions such as competions. Digital Credit has also publish its white paper in Github: White Paper(https://github.com/digitalcredit-io/whitepaper/blob/master/WhitePaperv1.0.md) and lauched the website: http://digitalcredit.io. Digital Credit is planned to launch the official version in August, 2019.\n\nImagine that, if Jacob Kowalski joined the Digital Credit community and has proved his fantastic doughnut making skills to Digital Credit, will his loan application be refused? Will he have to go to the bank to get ridiculed?\n\nDigital Credit will definitely a great project not only an antidote to finance problems, most important, it is an antidote to great human problems such as human value problems.\n\nIn the end, I will end up this article by another famous Chinese poem by a Chinese famous poet named Gong Zi Zhen in Qing Dynasty: “我劝天公重抖擞，不拘一格降人才。”What means that “I suggest the God to rejuvenate the world not to underestimate the value of talents”.",
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      "body": "Jacob Kowalski, in the film ‘Fantastic Beasts & Where To Find Them’(2016), is working in a canning factory and goes to a bank to get a loan for bakery. He shows the design of the bakery he is going to run and his paczki(a kind of doughnut by his grandmather’s special recipe) to the banker. The banker has no interest to it at all, he just asked “Mr. Kowalski, what do you propose to offer the bank as collateral?”. So, as we all know, unfortunately, Kowalski’s application is refused by the banker. The banker does not care about the talent what Kowalski have to make fantastic doughnuts, he only cares for collateral.\n\nSame thing happens every moment in every day and in every corner of the world. I believe, one of the greatest tragedy in human race, is the underestimation of human value.\n\nThere is an old Chinese saying “冯唐易老，李广无封”, which comes from a poem from a famous Chinese poet Wangbo in Tang Dynasty. This saying has been handed down for more than 1300 years in China. 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In topcoder, if you want to earn money, you have to compete with other competitors around the world and submit the best solutions to a competition project. Only the winner and the second place in the competition will get paid from Topcoder in most of the cases. If you won a competition, not only you will get paid, you will get a higher rating in Topcoder. After several years of working in Topcoder, what surprised me most is, in such an intense competition environment, true talented members will emerge, and most of them are from less developed countries such as in Vienam, Pakistan, Philippines, Kenya, Nigeria and more. This makes me believe that there are talents everywhere in every corner in the earth, even in less developed areas, social bottoms.\n\nJanuary 21st, 2009 is not a date that Susan Boyle is ever likely to forget. It was the day that the shy, devout 48-year-old stepped onto the stage of the Scottish Exhibition and Conference Centre in Glasgow for an audition on Britain’s Got Talent. Or to put it another way, the day her world turned 360 degrees on its head. In front of the three-strong panel of judges charged with divining which of this year’s British hopefuls really did have talent, the singing voice of Susan Boyle turned out to be a watershed moment neither she nor anyone involved in the show could possibly have foreseen. It is now both her and the show’s defining moment.\n\nStories are often telling us there are undiscovered talents everywhere, and everyone is so unique. However, the reality is very cruel: there are prejudices and discriminations everywhere, that your race, gender, family, birthplace, social relations, social class that will determine your destiny. You must have seen so many talented, hardworking persons’ values are so underestimated due to these realistic reasons. This is probably the hardest problem in human race and is essential to most of the social problems. To get real talented person appropriate value estimation, is not only a finance problem, but about the self-respect, self-confidence, fair, just, dignity and fate of humankind.\n\nIs it an impossible problem to be solved? Most of you may say “yes”, because this problem is so complicated and tough, that among centuries this problem does not get any tiny relief.\n\nWhen the internet, web, social media and social network come to our life, in the beginning, some talented persons are truely discovered from those platforms such as youtube, Facebook and Instagram. However, quite the opposite, due to the information explosion, social media and social network is not a solution to reveal true talents, but make the situation even worse: nowadays the only chance for you to promote your talent is advertising, which highly increased the threshold.\n\nIs it a dead problem? I once believed so until I found blockchain technology.\n\nIn 2008, a man named Satoshi Nakamoto published a white paper “Bitcoin: A Peer-to-Peer Electronic Cash System”. After then, bitcoin and many other cryptocurrencies are introduced. Bitcoin is an open, decentralized, distributed ledger crypto currency and the backend technology is called blockchain.\n\nA blockchain, originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. By design, a blockchain is inherently resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.\n\nHow can blockchain do to human value problem?\n\nYou may find, the essential to the human value problem is human value is often judged by centalized entities such as person, company or organization. The judgement of your talents is often not objective by truth but by prejudices and discriminations. Take Kowalski’s story as an example, the banker does not care about Kowalski because he is just a canning factory worker. Because your talents are often judged by human not by truth, and is judged subjectively, so the results must be underestimation of your talents.\n\nThe best part of blockchain is: it can bring decentralization. Decentralization is so important to human value judgement because no one can control the judgment result of your true value and thus it brings objectivity. Another feature of blockchain is immutability. Immutability makes the data stored cannot be changed in certain circumstances.\n\nBy introducing decentralization and immutability, can the hardest human problem such as human value problem be solved using blockchain technology.\n\nWhy?\n\nThe experiences working in Topcoder inspired me, that, in an open, competition based, performance and result based, worldwide competing platform, one can prove his talents effectively and objectively without being affected by any human prejudices and discriminations. In other words, talents judged by human is often not accurate, we let an open and decentralized application to judge your talents.\n\nYou may not fully understand what it means. I will explain this concept to you by some examples.\n\nIn 1977, China has resumed the colledge entrance examination. Though colledge entrance examination is often criticized in China now, it has truly done great contributions to the success of Chinese Reform and Opening. Every student can have the oppotunity to go to the best universities in China such as Tsinghua University, Beijing University and more, only by their scores in the exam. It brings true talents to China and is relatively fair. In 2005, China has started Civil Service Exam, which will select the Civil servants and government officials openly and fairly. The colledge entrance examination and Civil Service Exam, in result, greatly promoted developments of China.\n\nOnce your talents are judged by an open, wide, objective, fair, performance and result based, competition based activity, even your full potentials is not discovered, you will benefit from it eventually. Open and fair will bring opportunity, and opportunity is the key to human value problems.\n\nThus I started a new career from a project named Digital Credit. Digital Credit is designed using a brand new blockchain architecture by implementing POA (Proof of Ability) actions(such as challenge, competition, test, teaching, posting, ranking, achievement, contribution, review and voting etc.) to create a decentralized, trustworthy, easy to use, immutable, autonomous digital credit community and application platform. Community or application members can apply for loans or crowdfunding, sell tickets or even get a reward from Digital Credit by their credit database only based on their own, genuine talents.\n\nTo build a decentralized and immutable digital credit database of members by the performance and result of open, world wide, objective, fair, competition based actions like challenge, competition, test and contributions, Digital Credit will be able to build a community and application platform that can solve many existing human problems. One of the most important problem is the human value problem.\n\nFor example:\n\nIn modern investment area, most investors are unprofessional, and it is very difficult for them to identify those professional investors and conduct “follow-up” because they have no way to effectively verify investment levels of other investors.\n\nInvestor’s investment ability can be verified in Digital Credit. Therefore, investment is no longer a difficult task, thus ordinary investors only need to follow up the “guru” for investment.\n\nFor example, holding a long-term, regular investment competition to evaluate performance of investors (assuming the use of simulation investing environment to assess the returns of participants), and regularly rank the participants’ investment performance (eg, weekly, monthly, quarterly etc.) Because the investing performance is automatically verified by the system, its investment performance and stability can be effectively verified by the system. In such investment system, it is easy for ordinary investors to find those who are professional at investment by their investment performance in competitions. Those professional investors can obtain greater returns by launching crowdfunding, lending, and selling tickets (sharing their own investment decisions).\n\nIn a decentralized, immutable, fair and objective community, human value is defined only by truth, performance and results. If members’ talents are genuine and verifiable, some other problems can be solved as well.\n\nIn current internet crowdfunding area, especially ICO, it has been criticized more severely. The main reason is the lack of verification of the authenticity of ICO fundraiser’s project and the lack of verification of ICO team’s ability and authenticity.\n\nCrowdfunding and ICO in Digital Credit will have ability/skills requirement to fundraisers and their teams, and this capability needs to be verified by the Digital Credit system. (You must participate in the POA actions, and it is only possible to obtain the ability evaluation through the ability rating, such as participating in the challenge, competition and test.)\n\nDigital Credit has relatively strict requirements for ICO. One of them is that for ICO crowdfunding tokens, Digital Credit will not assign all tokens to the ICO initiator at one time, but will be distributed in stages according to the progress of the ICO initiator’s project. The pre-designated milestones of the ICO project will be reviewed. When the ICO project fails to achieve the milestone goal, or if there is a long-term lack of progress or project stagnation, subsequent token allocations will cease.\n\nIf a crowdfunding or ICO party has breached the contract or engaged in fraud, Digital Credit has corresponding penalty measures.\n\nNot only in the business areas, in non-business areas such as poverty problem, refugee problem can be solved by means of Digital Credit to provide a fair, trustworthy, objective platform to every member.\n\nDigital Credit will build such a community and application platform based on EOS.IO(There will also be a compatible version build by Ethereum as well). EOS.IO has a lot of features such as free usage, low lantency, good performance and role based managements that will make the implementation of Digital Credit easier and more effective. Digital Credit will also utilize the BigchainDB and Tendermint to build its decentralized credit database. To simplify the development of decentralized applications based on Digital Credit, a decentralized MVC framework will be build by Digital Credit which will allow cloud deployment of applications.\n\nDigital Credit will distribute its ERC-20 based tokens named DGCT in Ethereum, and the token sale will be started in June 2, 2:00 AM GMT time. Most of the tokens will be distributed to community for the use of award community members or as prizes to ability proving actions such as competions. Digital Credit has also publish its white paper in Github: White Paper(https://github.com/digitalcredit-io/whitepaper/blob/master/WhitePaperv1.0.md) and lauched the website: digitalcredit.io. Digital Credit is planned to launch the official version in August, 2019.\n\nImagine that, if Jacob Kowalski joined the Digital Credit community and has proved his fantastic doughnut making skills to Digital Credit, will his loan application be refused? Will he have to go to the bank to get ridiculed?\n\nDigital Credit will definitely a great project not only an antidote to finance problems, most important, it is an antidote to great human problems such as human value problems.\n\nIn the end, I will end up this article by another famous Chinese poem by a Chinese famous poet named Gong Zi Zhen in Qing Dynasty: “我劝天公重抖擞，不拘一格降人才。”What means that “I suggest the God to rejuvenate the world not to underestimate the value of talents”.",
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