powpos Steem Profile | Ecosynthesizer

@powpos

steemit.com/@powpos

VOTING POWER100.00%

DOWNVOTE POWER100.00%

RESOURCE CREDITS100.00%

REPUTATION PROGRESS0.00%

Net Worth

0.379USD

STEEM

0.000STEEM

SBD

0.000SBD

Own SP

6.538SP

Detailed Balance

STEEM
balance	0.000STEEM	STEEM
market_balance	0.000STEEM	STEEM
savings_balance	0.000STEEM	STEEM
reward_steem_balance	0.000STEEM	STEEM
STEEM POWER
Own SP	6.538SP	SP
Delegated Out	0.000SP	SP
Delegation In	0.000SP	SP
Effective Power	6.538SP	SP
Reward SP (pending)	0.000SP	SP
SBD
sbd_balance	0.000SBD	SBD
sbd_conversions	0.000SBD	SBD
sbd_market_balance	0.000SBD	SBD
savings_sbd_balance	0.000SBD	SBD
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Account Info

name	powpos
id	68594
rank	186,360
reputation	22894682
created	2016-08-17T23:46:42
recovery_account	steem
proxy	None
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voting_power	9,949
delayed_votes	0
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reset_account	null
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last_account_update	1970-01-01T00:00:00
mined	No
sbd_seconds	0
sbd_last_interest_payment	1970-01-01T00:00:00
savings_sbd_last_interest_payment	1970-01-01T00:00:00

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From Date

To Date

steemitboardreplied to @powpos / steemitboard-notify-powpos-20190818t003324000z

2019/08/18 00:33:24 UTC

35,645,710|e6c0439

author	steemitboard
body	Congratulations @powpos! You received a personal award! <table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@powpos/birthday3.png</td><td>Happy Birthday! - You are on the Steem blockchain for 3 years!</td></tr></table> <sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@powpos) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=powpos)_</sub> ###### [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!
json metadata	{"image":["https://steemitboard.com/img/notify.png"]}
parent author	powpos
parent permlink	synereo-is-pre-alpha-with-the-potential-for-ethereum-level-protocol-improvements
permlink	steemitboard-notify-powpos-20190818t003324000z
title
Transaction Info	Block #35645710/Trx e6c0439104c93cef8e834082b344b37625865fd4

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      "body": "Congratulations @powpos! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@powpos/birthday3.png</td><td>Happy Birthday! - You are on the Steem blockchain for 3 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@powpos) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=powpos)_</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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nabilovreplied to @powpos / re-powpos-synereo-is-pre-alpha-with-the-potential-for-ethereum-level-protocol-improvements-20160828t054714159z

2016/08/28 05:47:24 UTC

4,466,698|b14bff7

author	nabilov
body	Nicep post
json metadata	{"tags":["investing"]}
parent author	powpos
parent permlink	synereo-is-pre-alpha-with-the-potential-for-ethereum-level-protocol-improvements
permlink	re-powpos-synereo-is-pre-alpha-with-the-potential-for-ethereum-level-protocol-improvements-20160828t054714159z
title
Transaction Info	Block #4466698/Trx b14bff7f941a028ed9df1c318a3d6457511103a1

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alina1upvoted (100.00%) @powpos / synereo-is-pre-alpha-with-the-potential-for-ethereum-level-protocol-improvements

2016/08/27 06:27:15 UTC

4,438,811|36282f9

author	powpos
permlink	synereo-is-pre-alpha-with-the-potential-for-ethereum-level-protocol-improvements
voter	alina1
weight	10000 (100.00%)
Transaction Info	Block #4438811/Trx 36282f96578768df770cbac5b3d4b3f8e717b0a6

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powposupvoted (100.00%) @powpos / synereo-is-pre-alpha-with-the-potential-for-ethereum-level-protocol-improvements

2016/08/27 05:07:09 UTC

4,437,216|46d502b

author	powpos
permlink	synereo-is-pre-alpha-with-the-potential-for-ethereum-level-protocol-improvements
voter	powpos
weight	10000 (100.00%)
Transaction Info	Block #4437216/Trx 46d502bd0fda71f49b1a4acd7c5c6a54d6af2f4b

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powpospublished a new post: synereo-is-pre-alpha-with-the-potential-for-ethereum-level-protocol-improvements

2016/08/27 05:07:09 UTC

4,437,216|46d502b

author	powpos
body	<html> <p>Bitcoin changed everything by introducing a new way of transacting with immutable and incorruptible consensus. Ethereum was another game changer 6 years later making it accessible to the wider development community while adding enormous protocol improvements. Synereo might be taking the next step. The alpha launch is still two weeks out. It's under the radar, to grab 4 digit returns now is the time to bite. It is rife with enormous uncertainty but tremendous upside, make an informed decision and only trade what you can afford to lose. But there are hundreds of billions to be made in decentralized protocol investment over the next ten years and I believe synereo could be a part of that.</p> <p><br></p> <p>http://themerkle.com/dao-attack-nullified-using-synereos-smart-contracting-language/</p> </html>
json metadata	{"tags":["investing","bitcoin","blockchain","ethereum"],"links":["http://themerkle.com/dao-attack-nullified-using-synereos-smart-contracting-language/"]}
parent author
parent permlink	investing
permlink	synereo-is-pre-alpha-with-the-potential-for-ethereum-level-protocol-improvements
title	Synereo is pre alpha with the potential for Ethereum level protocol improvements
Transaction Info	Block #4437216/Trx 46d502bd0fda71f49b1a4acd7c5c6a54d6af2f4b

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      "author": "powpos",
      "body": "<html>\n<p>Bitcoin changed everything by introducing a new way of transacting with immutable and incorruptible consensus. Ethereum was another game changer 6 years later making it accessible to the wider development community while adding enormous protocol improvements. Synereo might be taking the next step. The alpha launch is still two weeks out. It's under the radar, to grab 4 digit returns now is the time to bite. It is rife with enormous uncertainty but tremendous upside, make an informed decision and only trade what you can afford to lose. But there are hundreds of billions to be made in decentralized protocol investment over the next ten years and I believe synereo could be a part of that.</p>\n<p><br></p>\n<p>http://themerkle.com/dao-attack-nullified-using-synereos-smart-contracting-language/</p>\n</html>",
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angryredbarberupvoted (100.00%) @powpos / how-blockchain-can-change-billions-of-lives

2016/08/18 15:46:15 UTC

4,193,198|2c6387b

author	powpos
permlink	how-blockchain-can-change-billions-of-lives
voter	angryredbarber
weight	10000 (100.00%)
Transaction Info	Block #4193198/Trx 2c6387b569fd9fad8671ab8f34c6268d79c893ad

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powposupvoted (100.00%) @steemgod / dawn-of-a-new-age-autonomous-vehicles

2016/08/18 05:17:54 UTC

4,180,675|782d33e

author	steemgod
permlink	dawn-of-a-new-age-autonomous-vehicles
voter	powpos
weight	10000 (100.00%)
Transaction Info	Block #4180675/Trx 782d33effceeef473d6b1f57ac3b39bac1e64eb3

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powposupvoted (100.00%) @kurtbeil / the-thing-about-a-collapsing-civilization

2016/08/18 05:17:39 UTC

4,180,670|3b955eb

author	kurtbeil
permlink	the-thing-about-a-collapsing-civilization
voter	powpos
weight	10000 (100.00%)
Transaction Info	Block #4180670/Trx 3b955eb9ee9bfba1b13c4672d2e30a212d71ee1a

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powposupvoted (100.00%) @powpos / re-kepo777-why-steem-steemit-has-value-opinion-piece-20160818t051450109z

2016/08/18 05:16:48 UTC

4,180,653|0cdfcee

author	powpos
permlink	re-kepo777-why-steem-steemit-has-value-opinion-piece-20160818t051450109z
voter	powpos
weight	10000 (100.00%)
Transaction Info	Block #4180653/Trx 0cdfcee1056043334b884b3d92ab9a096b5ddd89

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powposreplied to @kepo777 / re-kepo777-why-steem-steemit-has-value-opinion-piece-20160818t051450109z

2016/08/18 05:14:48 UTC

4,180,613|1406672

author	powpos
body	OK leaving aside all the confirmation biases this post is inevitably catering towards I think you make some good points. Ultimately I think what is so cool about steemit is, as you mentioned, the fact that you don't interact with the blockchain side of things and the UI is completely seamless. It's amazing to someone who is a blockchain fanatic that we are finally seeing the commercialized mass appeal apps like steemit. Also, a model that will hopefully optimize for great content and a fair reward system is pretty cool too ;) One other note is that actually the value of bitcoin and essentially all speculative investments come from the perceived use rates at some discounted future time. The current steemit price reflects how the market believes steemit will grow in the future discounted on the basis of net present value, not on the current use rates.
json metadata	{"tags":["steem"]}
parent author	kepo777
parent permlink	why-steem-steemit-has-value-opinion-piece
permlink	re-kepo777-why-steem-steemit-has-value-opinion-piece-20160818t051450109z
title
Transaction Info	Block #4180613/Trx 1406672b72012789e2c375c4ee434be03320b267

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      "author": "powpos",
      "body": "OK leaving aside all the confirmation biases this post is inevitably catering towards I think you make some good points. Ultimately I think what is so cool about steemit is, as you mentioned, the fact that you don't interact with the blockchain side of things and the UI is completely seamless. It's amazing to someone who is a blockchain fanatic that we are finally seeing the commercialized mass appeal apps like steemit. Also, a model that will hopefully optimize for great content and a fair reward system is pretty cool too ;)\n\nOne other note is that actually the value of bitcoin and essentially all speculative investments come from the perceived use rates at some discounted future time. The current steemit price reflects how the market believes steemit will grow in the future discounted on the basis of net present value, not on the current use rates.",
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powposupvoted (100.00%) @trisnawati / lets-fly-higher-together

2016/08/18 04:59:18 UTC

4,180,306|edf7fce

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permlink	lets-fly-higher-together
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powposupvoted (100.00%) @judyd100 / lazy-summer-days

2016/08/18 04:57:45 UTC

4,180,275|b667869

author	judyd100
permlink	lazy-summer-days
voter	powpos
weight	10000 (100.00%)
Transaction Info	Block #4180275/Trx b6678698d6c10274b77a6d9a740548efe5e8cdcd

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powposupvoted (100.00%) @winstonwolfe / i-have-a-sore-throat-e-p-i-c-m-o-v-i-e-t-r-a-i-l-e-r-v-o-i-c-e

2016/08/18 04:57:30 UTC

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powposupvoted (100.00%) @kakaotalk / 2

2016/08/18 04:57:12 UTC

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powposupvoted (100.00%) @brianphobos / ready-for-the-nostalgia-steemit-my-top-5-favorite-sci-fi-tv-shows

2016/08/18 04:54:21 UTC

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powposupvoted (100.00%) @tanata / fashion-fun

2016/08/18 04:53:27 UTC

4,180,189|fbfe9e6

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powposupvoted (100.00%) @runthis / a-new-painting-i-just-slapped-together-for-my-first-steemit-post

2016/08/18 04:38:09 UTC

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keverwupvoted (100.00%) @powpos / how-blockchain-can-change-billions-of-lives

2016/08/18 02:26:45 UTC

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powposupvoted (100.00%) @codymac40 / ways-to-improve-the-social-media-portion-of-steemit

2016/08/18 00:10:21 UTC

4,174,549|59a86fb

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powposupvoted (100.00%) @gonzo / the-dark-side-of-the-blockchain-chapter-one

2016/08/18 00:10:15 UTC

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powposupvoted (100.00%) @kopasi / create-trading-strategies-group-12

2016/08/18 00:10:12 UTC

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powposupvoted (100.00%) @kental / hi-steem-make-a-hive-for-bees-with-their-hands-beekeeper-bees-on-steemit

2016/08/18 00:09:30 UTC

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ateamreplied to @powpos / re-powpos-how-blockchain-can-change-billions-of-lives-20160817t235605425z

2016/08/17 23:56:03 UTC

4,174,263|c537ad0

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ateamupvoted (100.00%) @powpos / how-blockchain-can-change-billions-of-lives

2016/08/17 23:55:42 UTC

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powposupvoted (100.00%) @powpos / how-blockchain-can-change-billions-of-lives

2016/08/17 23:54:18 UTC

4,174,228|851bdf7

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powpospublished a new post: how-blockchain-can-change-billions-of-lives

2016/08/17 23:54:18 UTC

4,174,228|851bdf7

author	powpos
body	The July sun beats down on Achike Okafor’s back as he boards a bus leaving the small town where he has been working for the last nine months at an oil refinery. The bus will take him nine hours across Nigeria’s poverty stricken countryside to Lagos where he will see his family for the first time since starting work at the refinery late last year. The largest city in Africa, Lagos is an expansive port town of 14 million people. Like most major hubs in the developing world, Lagos juxtaposes both crippling poverty and unimaginable wealth often directly adjacent to each other. Achike, a bald middle-aged Nigerian man is dripping sweat as he pulls his two bags onto the bus. The temperature has long since blown past the torturous landmark of 100 degrees Fahrenheit. In one hand Achike carries a bag with clothing and a few other essentials. In the other, a potato sack filled with 500,000 Nigerian naira (about 1,500 USD) constituting the fruits of nine months’ labor; all the money he has to support his wife and two young daughters for the next year. Achike is also harboring another piece of luggage unbeknownst to the rest of the bus, a 4-inch stainless steel blade tucked inside his waistband to fend off any would-be bandits who might endeavor to rob him of his hard earned cash. Riding a New York subway Achike would seem like a criminal carrying a bag of cash and a knife the size of his forearm. But this is reality for Achike and millions of other African laborers willing to literally risk their lives to avoid devastating 15-20% fees charged for domestic money transfers. The high fees, and sloth-like service, often taking upwards of two weeks to process can be more than most workers can handle given they are already faced with some of the lowest wages in the world. Achike Okafor and his sack of cash on an overheated bus seem fundamentally disconnected from Bitcoin and the typically wealthy, libertarian community it attracts. But it is Bitcoin and the revolutionary technology that enables it, that could hold the keys to unlocking financial freedom for Achike and the billions like him abandoned by a broken financial system. Known as the “blockchain”, no technology can claim a narrative so fundamentally disruptive since Tim Berners Lee and the World Wide Web. Blockchain was first introduced by an ingenious, and fascinatingly to this day completely anonymous creator, Satoshi Nakamoto. Nakamoto (a pseudonym) published in late 2008 a white paper titled “A Peer-to-Peer Electronic Cash System” (I.e. Bitcoin). Bitcoin, a virtual currency, was the first successful large-scale implementation of blockchain technology as a decentralized ledger system. What this means is that when your friend Alice sends a Bitcoin to a stranger named Bob, they do it directly with each other over the Bitcoin network without having to trust a bank with keeping an accurate record and handling the transfer. When transferring money there are three essential functions that a traditional centralized financial authority would serve for Alice and Bob: 1. They would’ve ensured Alice did not send that same Bitcoin to another person while also sending it to Bob (known as “the double spend” problem) 2. That Alice had enough in her account to send that Bitcoin to Bob. and 3. once the Bitcoin was sent they would’ve updated Alice’s account to have one less Bitcoin and Bob’s to have one more. With a bank, you not only must relinquish your financial agency by placing complete trust in the bank which can cause problems (see: Bank of Bangladesh), but you also have to pay sometimes significant fees, and wait days or weeks for these incredibly fundamental value transfers to occur. What the blockchain does is it provides the mechanism for individuals to transact on a peer-to-peer basis with zero trust and ensure that there is no possibility for transaction reversal, or that the money will be locked up for long periods of time all while paying negligible fees. With Bitcoin, each member of the network receives a copy of all the Bitcoin trades ever made, made up of a series of connected, time ordered blocks filled with transactions (i.e. the “blockchain”). Computationally endowed network verifiers (called miners) solve cryptographically randomized puzzles to ensure the validity of those transactions. This seemingly mundane use case of transferring value via electronic tokens peer-to-peer can be extrapolated to highly potent applications. Harking back to the comparison with the Internet, we saw how the rise of the world wide web led to great changes in the financial system. Throwing the information highway wide open meant equal access to information and created opportunity for social and economic mobility particularly among the middle class. Blockchain takes the next step in changing the financial system; most immediately by leveling the barriers to entry in the banking system and expanding opportunity for low-income unbanked workers like Achike. The potential effects of a paradigm shift of this magnitude on the banking system, and beyond, is difficult to overstate. Even in the relatively financially promiscuous United States, 27.7% of households are either unbanked or under-banked according to national survey results published in 2013 by the FDIC. In other words, 34.4 million households in the U.S. either have no bank account at all or have an account but don’t use it, typically for financial reasons. The numbers are even more severe in the developing world where there are nearly 2.2 billion unbanked adults in Africa, Asia, Latin America and the Middle East according to a 2010 McKinsey report, the largest and most comprehensive recent analysis of its kind. These numbers reveal that Achike’s nine hour, sweltering--knife wielding bus ride serves as a disappointingly accurate archetype of the financial privation faced by the working class in the developing world. While Nakamoto’s technology is incredibly groundbreaking, it comes at a cost. Some estimates, like one put out by the Hamilton Institute of the National University of Ireland compares the energy cost of the Bitcoin network to the energy consumption of all of Ireland. Another figure, calculated by technology journalist Chistopher Malmo put the energy cost of a single Bitcoin transaction equal to the daily energy usage of 1.57 U.S. households. This raises serious environmental questions about the scalability of Bitcoin-style blockchains and whether one could ever come close to supporting the transactional demands of a national bank, let alone the entire global financial system. However, the energy-intensive protocol used by Bitcoin is not an essential element of blockchain technology. It is possible to leverage the value of an open, distributed ledger, along with other protocols that address needs for privacy, regulatory review, etc. without relying on computationally intensive methods to reach a consensus about whether a transaction can be trusted. For example, companies like Ripple Labs in San Francisco have developed blockchain protocols that completely eliminate the need for computing power to verify transactions. Ripple Lab’s blockchain consensus protocol uses a community-based approach; where there is an established list of trusted users to help facilitate energy-free transaction verification. This of course poses its own set of problems in terms of who belongs on the list. In preliminary testing vulnerabilities have been shown with this protocol but the technology is still very promising. The Ethereum network, the only other crypto currency with a market cap near the $1B mark outside of Bitcoin is hoping to accomplish something similar with their upcoming switch to a consensus protocol known as “proof of stake”. Proof of stake will employ mathematically robust game theory to direct the consensus protocol ensuring good behavior. David Mazieres, a Stanford University computer science professor, recently developed his own blockchain system called the “Stellar Consensus Protocol” aimed at resolving the vast imbroglio that is remittance payments in the developing world. I sat down with Mazieres in January ’16 to discuss the technology behind Stellar as well as its real world applications. According to Mazieres, “Stellar takes a similar blockchain concept to Ripples but applies it to the transfer of fiat currencies (like dollars and naira) in a non-profit format using a much more streamlined consensus protocol”. Mazieres also discussed Stellar’s recent partnership with cloud-based micro financing company Oradian, based in Achike’s home country of Nigeria. Among other uses, micro finance technologies like that developed by Oradian drastically reduce the cost of certain forms of banking in the developing world, a valuable service that has no doubt applied significant downward pressure on the 2.2 billion adults unbanked figure cited in McKinsey’s 2010 report. According to Mazieres, the partnership between Stellar and Oradian was formed when Antonio Separovic, Oridian’s Ceo, marched into his Silicon Valley office and announced “it takes 12 hours and a bus to move money from a microfinance center in Lagos to a microfinance center in the North of Nigeria”, an arduous journey that Achike can no doubt empathize with. Mazieres was apparently immediately convinced of the consonance of the partnership and agreed to it on the spot. Stellar’s blockchain money transfer technology working in tandem with Oradian’s microfinance platform, establishes a powerful system for the storing and transferring of money across Nigeria at virtually no cost. Within a week of its rollout in Nigeria, over 300,000 Nigerians were using Stellar and Oradians joint service with great success. After the January rollout, I imagine the possibility that Achike no longer carries his bag of cash and knife with him on his long bus rides to see his family. Rather, he can store his money with Oradian and wire it to his family hundreds of miles away in Lagos in a matter of seconds with Stellars transfer protocol at virtually no cost. Just like the Internet 25 years ago, Blockchain is a technology that is confusing, requires more than 10 minutes to explain and is surrounded in a haze of technical jargon complicating the laypersons ability to fully grasp its implications. The Internet quickly shed this enigmatic status because of its sheer usefulness and the transformative impact it had on the world. It is at least worth acknowledging the possibility that blockchain, with all its limitations, has the potential to be as powerful a disruptive force in the next two decades as the Internet has been in the last two. Blythe Masters, a finance prodigy and former JP Morgan executive put blockchains potential in even more definitive terms at a tech conference last year exclaiming that, “you should pay attention to blockchain the way you should have paid attention to the Internet in the early 1990s”. Bitcoin, the virtual currency that started it all is no guarantee to make it out of the decade. In-fighting and scaling limitations might send the still infantile virtual coin to an early grave. But it is difficult to foresee a future in which blockchain, the technological legacy of bitcoin, does not play a major role in the increasingly globalized world of the coming decades.
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"body": "The July sun beats down on Achike Okafor’s back as he boards a bus leaving the small town where he has been working for the last nine months at an oil refinery. The bus will take him nine hours across Nigeria’s poverty stricken countryside to Lagos where he will see his family for the first time since starting work at the refinery late last year. The largest city in Africa, Lagos is an expansive port town of 14 million people. Like most major hubs in the developing world, Lagos juxtaposes both crippling poverty and unimaginable wealth often directly adjacent to each other. Achike, a bald middle-aged Nigerian man is dripping sweat as he pulls his two bags onto the bus. The temperature has long since blown past the torturous landmark of 100 degrees Fahrenheit. \n\nIn one hand Achike carries a bag with clothing and a few other essentials. In the other, a potato sack filled with 500,000 Nigerian naira (about 1,500 USD) constituting the fruits of nine months’ labor; all the money he has to support his wife and two young daughters for the next year. Achike is also harboring another piece of luggage unbeknownst to the rest of the bus, a 4-inch stainless steel blade tucked inside his waistband to fend off any would-be bandits who might endeavor to rob him of his hard earned cash. \n\nRiding a New York subway Achike would seem like a criminal carrying a bag of cash and a knife the size of his forearm. But this is reality for Achike and millions of other African laborers willing to literally risk their lives to avoid devastating 15-20% fees charged for domestic money transfers. 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Bitcoin). \n\nBitcoin, a virtual currency, was the first successful large-scale implementation of blockchain technology as a decentralized ledger system. What this means is that when your friend Alice sends a Bitcoin to a stranger named Bob, they do it directly with each other over the Bitcoin network without having to trust a bank with keeping an accurate record and handling the transfer. When transferring money there are three essential functions that a traditional centralized financial authority would serve for Alice and Bob: 1. They would’ve ensured Alice did not send that same Bitcoin to another person while also sending it to Bob (known as “the double spend” problem) 2. That Alice had enough in her account to send that Bitcoin to Bob. and 3. once the Bitcoin was sent they would’ve updated Alice’s account to have one less Bitcoin and Bob’s to have one more.\n\n With a bank, you not only must relinquish your financial agency by placing complete trust in the bank which can cause problems (see: Bank of Bangladesh), but you also have to pay sometimes significant fees, and wait days or weeks for these incredibly fundamental value transfers to occur. What the blockchain does is it provides the mechanism for individuals to transact on a peer-to-peer basis with zero trust and ensure that there is no possibility for transaction reversal, or that the money will be locked up for long periods of time all while paying negligible fees. With Bitcoin, each member of the network receives a copy of all the Bitcoin trades ever made, made up of a series of connected, time ordered blocks filled with transactions (i.e. the “blockchain”). Computationally endowed network verifiers (called miners) solve cryptographically randomized puzzles to ensure the validity of those transactions. \n\nThis seemingly mundane use case of transferring value via electronic tokens peer-to-peer can be extrapolated to highly potent applications. Harking back to the comparison with the Internet, we saw how the rise of the world wide web led to great changes in the financial system. Throwing the information highway wide open meant equal access to information and created opportunity for social and economic mobility particularly among the middle class. Blockchain takes the next step in changing the financial system; most immediately by leveling the barriers to entry in the banking system and expanding opportunity for low-income unbanked workers like Achike. \n\nThe potential effects of a paradigm shift of this magnitude on the banking system, and beyond, is difficult to overstate. Even in the relatively financially promiscuous United States, 27.7% of households are either unbanked or under-banked according to national survey results published in 2013 by the FDIC. In other words, 34.4 million households in the U.S. either have no bank account at all or have an account but don’t use it, typically for financial reasons. The numbers are even more severe in the developing world where there are nearly 2.2 billion unbanked adults in Africa, Asia, Latin America and the Middle East according to a 2010 McKinsey report, the largest and most comprehensive recent analysis of its kind. These numbers reveal that Achike’s nine hour, sweltering--knife wielding bus ride serves as a disappointingly accurate archetype of the financial privation faced by the working class in the developing world.\n\nWhile Nakamoto’s technology is incredibly groundbreaking, it comes at a cost. Some estimates, like one put out by the Hamilton Institute of the National University of Ireland compares the energy cost of the Bitcoin network to the energy consumption of all of Ireland. Another figure, calculated by technology journalist Chistopher Malmo put the energy cost of a single Bitcoin transaction equal to the daily energy usage of 1.57 U.S. households. This raises serious environmental questions about the scalability of Bitcoin-style blockchains and whether one could ever come close to supporting the transactional demands of a national bank, let alone the entire global financial system. \n\nHowever, the energy-intensive protocol used by Bitcoin is not an essential element of blockchain technology. It is possible to leverage the value of an open, distributed ledger, along with other protocols that address needs for privacy, regulatory review, etc. without relying on computationally intensive methods to reach a consensus about whether a transaction can be trusted. \n\nFor example, companies like Ripple Labs in San Francisco have developed blockchain protocols that completely eliminate the need for computing power to verify transactions. Ripple Lab’s blockchain consensus protocol uses a community-based approach; where there is an established list of trusted users to help facilitate energy-free transaction verification. This of course poses its own set of problems in terms of who belongs on the list. In preliminary testing vulnerabilities have been shown with this protocol but the technology is still very promising. The Ethereum network, the only other crypto currency with a market cap near the $1B mark outside of Bitcoin is hoping to accomplish something similar with their upcoming switch to a consensus protocol known as “proof of stake”. Proof of stake will employ mathematically robust game theory to direct the consensus protocol ensuring good behavior. \n\nDavid Mazieres, a Stanford University computer science professor, recently developed his own blockchain system called the “Stellar Consensus Protocol” aimed at resolving the vast imbroglio that is remittance payments in the developing world. I sat down with Mazieres in January ’16 to discuss the technology behind Stellar as well as its real world applications. According to Mazieres, “Stellar takes a similar blockchain concept to Ripples but applies it to the transfer of fiat currencies (like dollars and naira) in a non-profit format using a much more streamlined consensus protocol”.\n\nMazieres also discussed Stellar’s recent partnership with cloud-based micro financing company Oradian, based in Achike’s home country of Nigeria. Among other uses, micro finance technologies like that developed by Oradian drastically reduce the cost of certain forms of banking in the developing world, a valuable service that has no doubt applied significant downward pressure on the 2.2 billion adults unbanked figure cited in McKinsey’s 2010 report. According to Mazieres, the partnership between Stellar and Oradian was formed when Antonio Separovic, Oridian’s Ceo, marched into his Silicon Valley office and announced “it takes 12 hours and a bus to move money from a microfinance center in Lagos to a microfinance center in the North of Nigeria”, an arduous journey that Achike can no doubt empathize with. Mazieres was apparently immediately convinced of the consonance of the partnership and agreed to it on the spot. \n\nStellar’s blockchain money transfer technology working in tandem with Oradian’s microfinance platform, establishes a powerful system for the storing and transferring of money across Nigeria at virtually no cost. Within a week of its rollout in Nigeria, over 300,000 Nigerians were using Stellar and Oradians joint service with great success. After the January rollout, I imagine the possibility that Achike no longer carries his bag of cash and knife with him on his long bus rides to see his family. Rather, he can store his money with Oradian and wire it to his family hundreds of miles away in Lagos in a matter of seconds with Stellars transfer protocol at virtually no cost. \n\nJust like the Internet 25 years ago, Blockchain is a technology that is confusing, requires more than 10 minutes to explain and is surrounded in a haze of technical jargon complicating the laypersons ability to fully grasp its implications. The Internet quickly shed this enigmatic status because of its sheer usefulness and the transformative impact it had on the world. It is at least worth acknowledging the possibility that blockchain, with all its limitations, has the potential to be as powerful a disruptive force in the next two decades as the Internet has been in the last two. Blythe Masters, a finance prodigy and former JP Morgan executive put blockchains potential in even more definitive terms at a tech conference last year exclaiming that, “you should pay attention to blockchain the way you should have paid attention to the Internet in the early 1990s”. Bitcoin, the virtual currency that started it all is no guarantee to make it out of the decade. In-fighting and scaling limitations might send the still infantile virtual coin to an early grave. But it is difficult to foresee a future in which blockchain, the technological legacy of bitcoin, does not play a major role in the increasingly globalized world of the coming decades.",
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"timestamp": "2016-08-17T23:54:18",
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steemcreated a new account: @powpos

2016/08/17 23:46:42 UTC

4,174,077|723a75b

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fee	3.000 STEEM
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new account name	powpos
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Transaction Info	Block #4174077/Trx 723a75b80888dd6b399976e9f01d00adccd4b1b8

View Raw JSON Data

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Manabar

Voting Power100.00%

Downvote Power100.00%

Resource Credits100.00%

Reputation Progress0.00%

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Account Metadata

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[]