{
  "block": 106152343,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tssandor",
      "delegator": "steem",
      "vesting_shares": "7941.570348 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2026-05-18T07:41:48",
  "trx_id": "fa002b8306882e327f028b4a37cf4e0b0c15f137",
  "trx_in_block": 1,
  "virtual_op": 0
}

{
  "block": 106011835,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tssandor",
      "delegator": "steem",
      "vesting_shares": "5229.359943 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2026-05-13T10:01:00",
  "trx_id": "c0fea8ce68c8335846904796ab04bbbebe7ab9dd",
  "trx_in_block": 3,
  "virtual_op": 0
}

{
  "block": 105519793,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tssandor",
      "delegator": "steem",
      "vesting_shares": "7954.086104 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2026-04-26T06:51:48",
  "trx_id": "381599d83062090dc05c018b1090b48e7e974468",
  "trx_in_block": 0,
  "virtual_op": 0
}

{
  "block": 102875747,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tssandor",
      "delegator": "steem",
      "vesting_shares": "5270.906762 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2026-01-24T03:47:21",
  "trx_id": "5d1da2ac76eddb007bcb125e321b4a4000a194e0",
  "trx_in_block": 3,
  "virtual_op": 0
}

{
  "block": 91321940,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tssandor",
      "delegator": "steem",
      "vesting_shares": "5435.125959 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2024-12-17T22:56:03",
  "trx_id": "df9cce5f06b7b22fe0f6c9710c5faa493ab44593",
  "trx_in_block": 1,
  "virtual_op": 0
}

{
  "block": 79876021,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tssandor",
      "delegator": "steem",
      "vesting_shares": "5604.259491 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2023-11-14T14:34:21",
  "trx_id": "704656071104b42e6b4e479e1a11947c526064a3",
  "trx_in_block": 4,
  "virtual_op": 0
}

{
  "block": 78364834,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tssandor",
      "delegator": "steem",
      "vesting_shares": "8541.168277 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2023-09-22T12:02:21",
  "trx_id": "36249723a9e7284fcfef030b2388c760e64b6631",
  "trx_in_block": 0,
  "virtual_op": 0
}

{
  "block": 69122357,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tssandor",
      "delegator": "steem",
      "vesting_shares": "8763.219715 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2022-11-03T19:19:09",
  "trx_id": "14865661f1d9b0433998d3215d123626fbe467c7",
  "trx_in_block": 11,
  "virtual_op": 0
}

{
  "block": 60825442,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tssandor",
      "delegator": "steem",
      "vesting_shares": "8983.327316 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2022-01-18T00:22:45",
  "trx_id": "98f913d238726fefeaf0bbf4323f188364aa5e8f",
  "trx_in_block": 23,
  "virtual_op": 0
}

{
  "block": 54615693,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tssandor",
      "delegator": "steem",
      "vesting_shares": "9167.521604 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2021-06-14T07:30:18",
  "trx_id": "a13bf9333318ae9eb6db127f0149dbac67a9298e",
  "trx_in_block": 5,
  "virtual_op": 0
}

{
  "block": 49362913,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tssandor",
      "delegator": "steem",
      "vesting_shares": "9354.943578 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2020-12-11T17:41:21",
  "trx_id": "76233ec9f33efbad6aee0f8f199c345595ff6d4c",
  "trx_in_block": 0,
  "virtual_op": 0
}

{
  "block": 49214429,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tssandor",
      "delegator": "steem",
      "vesting_shares": "1912.543513 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2020-12-06T11:16:36",
  "trx_id": "3ca652ce8eb948b96d86fc1f836d2a85f10a9155",
  "trx_in_block": 8,
  "virtual_op": 0
}

{
  "block": 49197998,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tssandor",
      "delegator": "steem",
      "vesting_shares": "9361.151432 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2020-12-05T21:19:15",
  "trx_id": "b02024405a2755553c4886dcdcadf091ee8510fa",
  "trx_in_block": 4,
  "virtual_op": 0
}

{
  "block": 48273802,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tssandor",
      "delegator": "steem",
      "vesting_shares": "1920.017158 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2020-11-03T05:13:48",
  "trx_id": "b1f6786b3fc0686de58ba746da4f828729278ea2",
  "trx_in_block": 0,
  "virtual_op": 0
}

{
  "block": 43224779,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tssandor",
      "delegator": "steem",
      "vesting_shares": "9563.956791 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2020-05-09T12:20:57",
  "trx_id": "2e6d6b6a71faf7f3f05d0888906a7525f5ff0c4e",
  "trx_in_block": 20,
  "virtual_op": 0
}

{
  "block": 43202037,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tssandor",
      "delegator": "steem",
      "vesting_shares": "1953.311140 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2020-05-08T16:56:21",
  "trx_id": "1bd9d3bfda30ef9d1d11704f720d35fd1be32042",
  "trx_in_block": 0,
  "virtual_op": 0
}

{
  "block": 39887231,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tssandor",
      "delegator": "steem",
      "vesting_shares": "9627.324728 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2020-01-13T08:18:51",
  "trx_id": "02de3077fa9c6d8ed20b1a66f01838cbc133256c",
  "trx_in_block": 41,
  "virtual_op": 0
}

{
  "block": 36695611,
  "op": [
    "comment",
    {
      "author": "steemitboard",
      "body": "Congratulations @tssandor! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@tssandor/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/@tssandor) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=tssandor)_</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemfest/@steemitboard/steemitboard-supports-the-steemfest-travel-reimbursement-fund\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmXDHs9xfx8ZZ3DESFUqHRUQAcQT5kUWobArsRoJg2Yz1F/image.png\"></a></td><td><a href=\"https://steemit.com/steemfest/@steemitboard/steemitboard-supports-the-steemfest-travel-reimbursement-fund\">SteemitBoard supports the SteemFest⁴ Travel Reimbursement Fund.</a></td></tr></table>\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!",
      "json_metadata": "{\"image\":[\"https://steemitboard.com/img/notify.png\"]}",
      "parent_author": "tssandor",
      "parent_permlink": "a-gentle-introduction-to-blockchain-scalability-part-i",
      "permlink": "steemitboard-notify-tssandor-20190924t073002000z",
      "title": ""
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2019-09-24T07:30:06",
  "trx_id": "e73c001ab890ac77a3c87ae7ffb750ba42b52501",
  "trx_in_block": 0,
  "virtual_op": 0
}

{
  "block": 30281196,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tssandor",
      "delegator": "steem",
      "vesting_shares": "9823.958550 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2019-02-12T11:18:45",
  "trx_id": "6419cb72cff15a602b3056b749020be8784f03b7",
  "trx_in_block": 10,
  "virtual_op": 0
}

{
  "block": 29711441,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tssandor",
      "delegator": "steem",
      "vesting_shares": "29910.377912 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2019-01-23T16:03:42",
  "trx_id": "b57d09c7a20236fac904d0ccb21a08064fc0d71b",
  "trx_in_block": 16,
  "virtual_op": 0
}

{
  "block": 27825228,
  "op": [
    "vote",
    {
      "author": "tssandor",
      "permlink": "should-a-company-ever-consider-using-blockchain-for-anything",
      "voter": "fred4crypto",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-19T03:09:03",
  "trx_id": "5a13ff62c64223ae4538d92b5e3ef5a3b27e3565",
  "trx_in_block": 9,
  "virtual_op": 0
}

{
  "block": 27824909,
  "op": [
    "vote",
    {
      "author": "tssandor",
      "permlink": "a-gentle-introduction-to-blockchain-scalability-part-i",
      "voter": "fred4crypto",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-19T02:53:06",
  "trx_id": "d5597645e4b12576179db695cde9a3a274f1fbda",
  "trx_in_block": 43,
  "virtual_op": 0
}

{
  "block": 27682475,
  "op": [
    "vote",
    {
      "author": "tssandor",
      "permlink": "a-gentle-introduction-to-blockchain-scalability-part-i",
      "voter": "bwhli",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-14T04:06:12",
  "trx_id": "bf52f038cd17100fbd428d120caff1b50a9d4aa4",
  "trx_in_block": 22,
  "virtual_op": 0
}

{
  "block": 27662923,
  "op": [
    "custom_json",
    {
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"tssandor\",\"following\":\"devsup\",\"what\":[\"blog\"]}]",
      "required_auths": [],
      "required_posting_auths": [
        "tssandor"
      ]
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-13T11:47:54",
  "trx_id": "a8f40051ba0a787c2e0d99c79534fd12d1726a2a",
  "trx_in_block": 30,
  "virtual_op": 0
}

{
  "block": 27662328,
  "op": [
    "vote",
    {
      "author": "tssandor",
      "permlink": "a-gentle-introduction-to-blockchain-scalability-part-i",
      "voter": "devsup",
      "weight": 69
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-13T11:18:09",
  "trx_id": "f1309d9ea31db6d094e4d4b72c0d05d7a8dce38d",
  "trx_in_block": 6,
  "virtual_op": 0
}

{
  "block": 27662028,
  "op": [
    "comment",
    {
      "author": "tssandor",
      "body": "<html>\n<p><strong>Scalability, or rather lack of it, is one of the main roadblocks to the business adoption of blockchain technology. Why is it so hard to solve?</strong></p>\n<p>Bitcoin, in its current form, can handle around 7 transactions per second (TPS). Ethereum, which businesses are often more interested in as it can run smart contracts, can manage about 20. These are unacceptably low throughputs for most business applications. If you've just started researching blockchain, you'll immediately see there is a \"TPS war\" going on between competing projects, and many of them claim to be much faster. If Ripple can handle thousands of transactions (and it can, indeed), shouldn't <em><strong>everyone</strong></em> switch to XRP?</p>\n<p><em><strong>No.</strong></em></p>\n<p>Because of Kevin.</p>\n<p>Let me explain.</p>\n<p>https://cdn.steemitimages.com/DQmduo3YuemUQSkcgTT6krP1vZsY8Kd3SCdK7vRkhTQkNGy/IMG_0418.PNG</p>\n<p>Kevin is in the business of moving houses. He owns a small but reputable moving company, and he's <em><strong>flooded</strong></em> with clients. If you are about to move and you text Kevin, you will find yourself in a \"pick two\" situation: a service can be fast and affordable, but poor; fast and great, but expensive; or great and affordable, but slow. You can never have all three, i.e., fast, great and affordable service. People think it is a joke, but it has been a subject of academic study since the 1950s under the fancy name \"Project Management Triangle.\"</p>\n<p>https://cdn.steemitimages.com/DQmdpnkkkwE6XnwNB6krBoPMoCFnAM1D7rKoHb9ntRxFWrA/IMG_0417.PNG</p>\n<p>Blockchains suffer from a very similar problem, called The Scalability Trilemma. It is essential to understand how constraints and trade-offs work in this space, before jumping on a train which looks shiny, fast and comfortable, but goes nowhere.</p>\n<h2>The Scalability Trilemma</h2>\n<p>A blockchain can only at most have two of three properties: fast, secure and decentralized. No one ever succeeded in creating a fast, secure and decentralized blockchain, although we are getting close (more on this later).</p>\n<p>https://cdn.steemitimages.com/DQmUiFBK7DGCp4ZCFBsv7Kkzbz6RuAnpXHS3jELnk4MXsKf/IMG_0416.PNG</p>\n<p>Let me add two important points before we dig deeper. First, I am not going to talk about the differences between public / private and permissionless / permissioned blockchains. Understanding them is crucial, and they will be part of an upcoming article, but we don't need to know much about any of these to figure out the trilemma. Second, if you are a developer, you will find this way oversimplified. It's intended.</p>\n<p>So, how does an \"ideal blockchain\" looks like?</p>\n<ul>\n  <li>It should be <em><strong>fast</strong></em>, or rather scalable, capable of handling thousands of transactions per second.</li>\n  <li>It should be <em><strong>secure</strong></em>. Not free of bugs - those are inevitably present - but resistant to threats such as the 51% attack (one actor controlling more than half of the network), Sybil attacks (one actor forging and using multiple identities) or denial-of-service attacks.</li>\n  <li>An ideal blockchain is <em><strong>decentralized</strong></em>. It ensures, among other benefits, that no single actor or a group of actors can hijack the chain, censor it, or introduce changes in governance through backroom deals. This can be important in business applications where the participants often don't trust each other. In the case of public and permissionless blockchains, it allows anyone to join and participate in the network.</li>\n</ul>\n<p>Satisfying all three at the same time is difficult.</p>\n<p>We will never be able to build a blockchain which is faster than a traditional database running on a single server. The question is, how much speed are we willing to sacrifice.</p>\n<p>If you want your blockchain to be as resilient to attacks as technologically possible, you need to choose Proof of Work as the consensus mechanism. In a Proof of Work system, nodes have to spend a significant amount of computing power (electricity) before they can add a block to the chain. This is a time-consuming process, so PoW chains like Bitcoin will not ever be able to compete in speed. This is not an issue; <em><strong>this is by design</strong></em>, as Bitcoin de-prioritizes network throughput.</p>\n<p>Other consensus mechanisms (Proof of Stake, Delegated Proof of Stake, Proof of Authority, et cetera.) are significantly faster than PoW. You can't run meaningful operations on a 7 transactions-per-second blockchain like Bitcoin, but the difference between 1000 and 15,000 TPS is irrelevant for most business applications. 1000 TPS is probably <em><strong>fast enough</strong></em>.</p>\n<p>Non-PoW blockchains have to make a trade-off between security and decentralization and, unsurprisingly, they tend to sacrifice decentralization - no one wants to build on a vulnerable blockchain, after all. There is no single perfect solution, and individual preferences, as well as the use case, matter a lot. It's easier to understand it through examples.</p>\n<p>https://cdn.steemitimages.com/DQmc64kFKn8JiaWGhn8CK7LV3ckGzLjHHU9mhv2UZQAXHxd/IMG_0415.PNG</p>\n<p>An extreme example of a fast and secure but centralized blockchain is Ripple. The validators (nodes which can add now blocks) are pre-selected by the Ripple Foundation. Participants in the network have to trust these validators, which kind of defeats the whole purpose of using a blockchain. Have we just traded unaccountable private banks for... another unaccountable private entity? The blockchain community generally dislikes Ripple, and I am sure you can see why. My unpopular opinion: Ripple is a fantastic technology, the company is incredibly efficient in business development, and I respect that. But it is a BINO. Blockchain In Name Only.</p>\n<p>EOS is another controversial project heavily prioritizing security over decentralization. The EOS blockchain is maintained by 21 \"block producers\": only they can add new blocks, and get a monetary reward. It looks very centralized compared to Bitcoin (more than 10000 nodes) or Ethereum (more than 12000 nodes), but the problem is not just technical, it's political. First, it is widely reported that 17 of the 21 block producers are controlled by one entity, Huobi, through backroom deals. Second, EOS has a governance mechanism to reverse transactions, something they just did recently. Both go against the core philosophy of blockchain, and I would never recommend anyone to build applications on EOS. It doesn't matter how good the technology is if the incentives in the network are entirely misaligned.</p>\n<p>Stellar, in contrast, seems to be doing the right trade-offs. It lets *anyone* run a node; you don't need to be \"selected\" by some unaccountable central entity. The problem with Stellar is the lack of incentives, as node operators don't get a monetary reward. This design choice helps keep the transaction fees very low, but it is a double-edged sword.</p>\n<h3>There's no free lunch. Low (or zero) transaction fee leads to less decentralization.&nbsp;</h3>\n<p>If people are not incentivized to participate in the network, groups and organizations with spare cash to spend will inevitably control most of the nodes. That said, Stellar is mostly doing it right.</p>\n<p>The project trying the hardest to solve the trilemma is Ethereum (it was Vitalik who coined the term \"scalability trilemma\" in the first place). Ethereum is switching from Proof of Work to Proof of Stake sometime in the next 12-18 months, and this by itself will result in a higher TPS without sacrificing much of the security and decentralization it currently enjoys. Other developments like sharding will further increase the network's throughput.&nbsp;</p>\n<h2>Coming in Part II</h2>\n<p>All the trade-offs and developments we discussed so far happen on the <em><strong>protocol level</strong></em>. It's about the core logic. However, this is not the only way to scale a blockchain. Layer 2 solutions, which we will discuss in Part II, don't increase the throughput, rather move some of the transactions (data) off the chain.</p>\n<p>Imagine you want to store the results of a chess competition on the Ethereum blockchain (it's a bad example as you should use a simple database, but bear with me). Every single move made by the players can be a transaction by itself, but you <em><strong>don't</strong></em> necessarily want to store each one of them on the main blockchain. Since the players know the rules and generally trust each other, it's enough if the individual moves are registered in transactions <em><strong>between the two of them</strong></em>. You can use the Ethereum chain to record the state of the board after every 5-10 moves or so, hitting a sweet spot between the amount of data stored and the chain being the representation of the truth.</p>\n<p>Lightning Network, state channels, and Plasma in Part II - stay tuned!</p>\n</html>",
      "json_metadata": "{\"tags\":[\"blockchain\",\"bitcoin\",\"ethereum\",\"ripple\",\"eos\"],\"image\":[\"https://cdn.steemitimages.com/DQmduo3YuemUQSkcgTT6krP1vZsY8Kd3SCdK7vRkhTQkNGy/IMG_0418.PNG\",\"https://cdn.steemitimages.com/DQmdpnkkkwE6XnwNB6krBoPMoCFnAM1D7rKoHb9ntRxFWrA/IMG_0417.PNG\",\"https://cdn.steemitimages.com/DQmUiFBK7DGCp4ZCFBsv7Kkzbz6RuAnpXHS3jELnk4MXsKf/IMG_0416.PNG\",\"https://cdn.steemitimages.com/DQmc64kFKn8JiaWGhn8CK7LV3ckGzLjHHU9mhv2UZQAXHxd/IMG_0415.PNG\"],\"app\":\"steemit/0.1\",\"format\":\"html\"}",
      "parent_author": "",
      "parent_permlink": "blockchain",
      "permlink": "a-gentle-introduction-to-blockchain-scalability-part-i",
      "title": "A gentle introduction to blockchain scalability (Part I)"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-13T11:03:09",
  "trx_id": "035c492a01b2a6f0f10ae69063dc839a7cecea74",
  "trx_in_block": 26,
  "virtual_op": 0
}

{
  "block": 27489131,
  "op": [
    "comment",
    {
      "author": "tssandor",
      "body": "@@ -820,27 +820,43 @@\n ain \n-would be plain dumb\n+is not innovation; it's a step back\n .%3C/p\n",
      "json_metadata": "{\"tags\":[\"blockchain\",\"cryptocurrency\",\"bitcoin\",\"ethereum\",\"business\"],\"image\":[\"https://cdn.steemitimages.com/DQmNguWswBYwLQw4hm25c27r6JfkXTqqa7TkTjiW7uivfbz/Blockchain_Illustration.jpg\"],\"links\":[\"https://www.agrello.io/\"],\"app\":\"steemit/0.1\",\"format\":\"html\"}",
      "parent_author": "",
      "parent_permlink": "blockchain",
      "permlink": "should-a-company-ever-consider-using-blockchain-for-anything",
      "title": "Should a company ever consider using blockchain for... anything?"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-07T10:53:09",
  "trx_id": "288fe4c59618eb3b45b52d1e8b9698a82acb2c24",
  "trx_in_block": 2,
  "virtual_op": 0
}

{
  "block": 27489124,
  "op": [
    "comment",
    {
      "author": "tssandor",
      "body": "@@ -127,37 +127,8 @@\n bini\n- (an attention-seeking troll)\n . %22B\n@@ -222,90 +222,30 @@\n ncer\n+,\n %22 \n-is also something you might read quite often. The hype machine runs in high gear\n+says the other side\n . Th\n@@ -254,16 +254,17 @@\n truth is\n+,\n  %3C/stron\n@@ -467,307 +467,8 @@\n /p%3E%0A\n-%3Cp%3EIn this post, I am trying to answer the %22to blockchain or not to blockchain%22 question. I have the privilege to work with some of the brightest minds in the industry, and I am happy to share some of their thoughts (and my findings) with anyone interested in finding the %3Cem%3Eright%3C/em%3E answer.%3C/p%3E%0A\n %3Ch1%3E\n@@ -1543,23 +1543,25 @@\n em%3E.\n- We must always\n+%3C/p%3E%0A%3Cp%3EWe should\n  ass\n@@ -1612,17 +1612,112 @@\n em, and \n-w\n+preventing them from breaking the rules is a big part of how we %3Cem%3Edesign%3C/em%3E these systems. W\n e tradit\n@@ -1760,21 +1760,8 @@\n ying\n- (supposedly)\n  imp\n@@ -2287,35 +2287,8 @@\n es).\n- The consequences are huge.\n  Blo\n@@ -2321,30 +2321,16 @@\n es trust\n-%3C/strong%3E%3C/em%3E\n  through\n@@ -2338,16 +2338,30 @@\n the code\n+%3C/strong%3E%3C/em%3E\n , even b\n",
      "json_metadata": "{\"tags\":[\"blockchain\",\"cryptocurrency\",\"bitcoin\",\"ethereum\",\"business\"],\"image\":[\"https://cdn.steemitimages.com/DQmNguWswBYwLQw4hm25c27r6JfkXTqqa7TkTjiW7uivfbz/Blockchain_Illustration.jpg\"],\"links\":[\"https://www.agrello.io/\"],\"app\":\"steemit/0.1\",\"format\":\"html\"}",
      "parent_author": "",
      "parent_permlink": "blockchain",
      "permlink": "should-a-company-ever-consider-using-blockchain-for-anything",
      "title": "Should a company ever consider using blockchain for... anything?"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-07T10:52:48",
  "trx_id": "bcd129b418886abe3c6b9b0ee96d8cb45163c570",
  "trx_in_block": 25,
  "virtual_op": 0
}

{
  "block": 27487734,
  "op": [
    "comment",
    {
      "author": "meetyy",
      "body": "It is logical and professional. I like this article. Blockchain can not solve all the problems, it is just a kind of technology.",
      "json_metadata": "{\"tags\":[\"blockchain\"],\"app\":\"steemit/0.1\"}",
      "parent_author": "tssandor",
      "parent_permlink": "should-a-company-ever-consider-using-blockchain-for-anything",
      "permlink": "re-tssandor-should-a-company-ever-consider-using-blockchain-for-anything-20181107t094301960z",
      "title": ""
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-07T09:43:09",
  "trx_id": "bf3e98e178fcd18a5f23ed6a7b0817d4bd3bafd5",
  "trx_in_block": 17,
  "virtual_op": 0
}

{
  "block": 27487621,
  "op": [
    "vote",
    {
      "author": "tssandor",
      "permlink": "should-a-company-ever-consider-using-blockchain-for-anything",
      "voter": "meetyy",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-07T09:37:30",
  "trx_id": "10cd8b47fce3f6e3c5f4d4d2f761adb93180aa84",
  "trx_in_block": 25,
  "virtual_op": 0
}

{
  "block": 27487089,
  "op": [
    "comment",
    {
      "author": "tssandor",
      "body": "@@ -1666,17 +1666,17 @@\n esting i\n-t\n+s\n  not how\n@@ -4483,32 +4483,8 @@\n are \n-already legally binding \n bloc\n@@ -4514,18 +4514,87 @@\n roviders\n+, and some of these cryptographically-secured IDs are legally accepted\n .\n- \n  &n\n@@ -8131,24 +8131,126 @@\n se problems.\n+ This should apply to all grants and aid, and taking it to the extreme, eventually to all tax dollars.\n %3C/p%3E%0A%3Ch2%3EBus\n",
      "json_metadata": "{\"tags\":[\"blockchain\",\"cryptocurrency\",\"bitcoin\",\"ethereum\",\"business\"],\"image\":[\"https://cdn.steemitimages.com/DQmNguWswBYwLQw4hm25c27r6JfkXTqqa7TkTjiW7uivfbz/Blockchain_Illustration.jpg\"],\"links\":[\"https://www.agrello.io/\"],\"app\":\"steemit/0.1\",\"format\":\"html\"}",
      "parent_author": "",
      "parent_permlink": "blockchain",
      "permlink": "should-a-company-ever-consider-using-blockchain-for-anything",
      "title": "Should a company ever consider using blockchain for... anything?"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-07T09:10:51",
  "trx_id": "51148c98ce2380d8765736ad4a17bea940b99262",
  "trx_in_block": 19,
  "virtual_op": 0
}

{
  "block": 27476978,
  "op": [
    "vote",
    {
      "author": "tssandor",
      "permlink": "should-a-company-ever-consider-using-blockchain-for-anything",
      "voter": "vsc",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-07T00:44:54",
  "trx_id": "7e7ae5937d3baa17cc2023bc0dbce3cdf0c9f1f0",
  "trx_in_block": 20,
  "virtual_op": 0
}

{
  "block": 27474648,
  "op": [
    "vote",
    {
      "author": "tssandor",
      "permlink": "should-a-company-ever-consider-using-blockchain-for-anything",
      "voter": "coinalyze",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-06T22:48:24",
  "trx_id": "c7f223ca0c1f0b34ec3c897612cba6328df5101b",
  "trx_in_block": 55,
  "virtual_op": 0
}

{
  "block": 27472611,
  "op": [
    "comment",
    {
      "author": "scalextrix",
      "body": "I think resiliency is a major selling point if public blockchains where many parties are incentivised to store the data and build on them",
      "json_metadata": "{\"tags\":[\"blockchain\"],\"app\":\"steemit/0.1\"}",
      "parent_author": "tssandor",
      "parent_permlink": "should-a-company-ever-consider-using-blockchain-for-anything",
      "permlink": "re-tssandor-should-a-company-ever-consider-using-blockchain-for-anything-20181106t210624989z",
      "title": ""
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-06T21:06:27",
  "trx_id": "00dcbeec8073358cb712a6f2194ba1c965ef0ed5",
  "trx_in_block": 21,
  "virtual_op": 0
}

{
  "block": 27466636,
  "op": [
    "custom_json",
    {
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"tssandor\",\"following\":\"bwhli\",\"what\":[\"blog\"]}]",
      "required_auths": [],
      "required_posting_auths": [
        "tssandor"
      ]
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-06T16:07:15",
  "trx_id": "a42d0970a37cf3c371f2d8809dde920d9a663572",
  "trx_in_block": 28,
  "virtual_op": 0
}

{
  "block": 27466513,
  "op": [
    "vote",
    {
      "author": "tssandor",
      "permlink": "should-a-company-ever-consider-using-blockchain-for-anything",
      "voter": "bwhli",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-06T16:01:06",
  "trx_id": "2aa0d0c5577f22eaa54867decf28c45d996b8fa9",
  "trx_in_block": 5,
  "virtual_op": 0
}

{
  "block": 27465922,
  "op": [
    "vote",
    {
      "author": "tssandor",
      "permlink": "should-a-company-ever-consider-using-blockchain-for-anything",
      "voter": "sowakot",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-06T15:31:27",
  "trx_id": "94551760e670f149ce66a6c031cf956c66d813ce",
  "trx_in_block": 29,
  "virtual_op": 0
}

{
  "block": 27465887,
  "op": [
    "comment",
    {
      "author": "tssandor",
      "body": "@@ -445,39 +445,8 @@\n %0A%3Cp%3E\n-!%5BBlockchain_Illustration.jpg%5D(\n http\n@@ -546,17 +546,16 @@\n tion.jpg\n-)\n %3C/p%3E%0A%3Cp%3E\n",
      "json_metadata": "{\"tags\":[\"blockchain\",\"cryptocurrency\",\"bitcoin\",\"ethereum\",\"business\"],\"image\":[\"https://cdn.steemitimages.com/DQmNguWswBYwLQw4hm25c27r6JfkXTqqa7TkTjiW7uivfbz/Blockchain_Illustration.jpg\"],\"links\":[\"https://www.agrello.io/\"],\"app\":\"steemit/0.1\",\"format\":\"html\"}",
      "parent_author": "",
      "parent_permlink": "blockchain",
      "permlink": "should-a-company-ever-consider-using-blockchain-for-anything",
      "title": "Should a company ever consider using blockchain for... anything?"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-06T15:29:42",
  "trx_id": "3ea30e5c084816553e6463431e628fcebd37a68a",
  "trx_in_block": 14,
  "virtual_op": 0
}

{
  "block": 27465857,
  "op": [
    "comment",
    {
      "author": "tssandor",
      "body": "<html>\n<p><strong>\"Blockchain is just a glorified database\" is something you hear from self-appointed pundits like Nouriel Roubini (an attention-seeking troll). \"Blockchain is the future, the solution to all our problems, and possibly the cure for cancer\" is also something you might read quite often. The hype machine runs in high gear. The truth is </strong><em><strong>neither</strong></em><strong> of these opinions is correct.</strong></p>\n<p>![Blockchain_Illustration.jpg](https://cdn.steemitimages.com/DQmNguWswBYwLQw4hm25c27r6JfkXTqqa7TkTjiW7uivfbz/Blockchain_Illustration.jpg)</p>\n<p>In this post, I am trying to answer the \"to blockchain or not to blockchain\" question. I have the privilege to work with some of the brightest minds in the industry, and I am happy to share some of their thoughts (and my findings) with anyone interested in finding the <em>right</em> answer.</p>\n<h1>What is a blockchain, anyway?</h1>\n<p>A blockchain is not a database. It stores data, but the similarities end here. In fact, blockchain mostly fails as a database. Searching it or running queries on it is hugely painful, ruling out many applications. Putting the company knowledge base, client files or the task management system on the blockchain would be plain dumb.</p>\n<p>Blockchain is a simple technology: a sequential chain where each data block is tied to the previous one through cryptographic hashes. If you want to change a data point in an earlier block, it will change all the cryptographic hashes, and you need to rebuild all the subsequent blocks. This <em><strong>immutability</strong></em> is very different from a traditional database.</p>\n<p>However, what makes blockchains truly interesting it not how data is stored, but how the blocks are produced. To add a block to the chain, participants in the network need to reach <em><strong>consensus</strong></em> that the information in is the <em><strong>accurate representation of the truth</strong></em>. We must always assume malicious actors are present in any system, and we traditionally solved this problem by employing (supposedly) impartial middlemen like payment processors, banks, notaries public or governmental organizations. Blockchains work differently. Participants adding new blocks are incentivized to act truthfully, as malicious behavior results in losing money (proof of work), their stake (proof of stake) or their right to become validators (proof of authority). Malicious actors <em>can</em> compromise a blockchain, but the economic incentives are set up in a way that an attack is economically unfeasible (except for, maybe, nation states). The consequences are huge. Blockchain <em><strong>enforces trust</strong></em> through the code, even between parties who don't even know each other and have vastly different priorities.</p>\n<h3>To summarize, a blockchain is not a database. It's a tool for multiple parties who already have a database to agree on a single immutable truth without an intermediary.</h3>\n<p>The moment you stop thinking of the blockchain as a database and start thinking of it as a \"truth machine,\" you will have a much better understanding of its potential. There are plenty of applications where a truth machine is useful, especially when the incentives of different parties are misaligned.</p>\n<p>(There are other advantages to using a blockchain, but they are not necessarily useful for traditional businesses. Public and permissionless blockchains are not controlled by a central entity, and they are censorship resistant. Corporations might not care much about this, but this is why you see projects like SteemIt and Peepeth building their product on top of a blockchain. Using a database would be much more efficient, but that is not their goal.)</p>\n<h1>When to blockchain?</h1>\n<p>I believe there are clear business cases when using a blockchain makes sense, and solves more problems than it creates. Remember, businesses ultimately care about one thing, and one thing only: profit. Anything that makes operation faster, cheaper or less complex have a good chance of being implemented.</p>\n<h2>Business use case #1: Eliminating the middlemen</h2>\n<p>Trusted intermediaries cost a <em>lot</em> of money. Attorneys, notaries public, correspondent banks, payment processors, you name it. Many of these can and will be eliminated using blockchain technologies.</p>\n<p>Intermediaries providing identification services are probably the easiest to replace. These costs are unjustifiable considering there are already legally binding blockchain-based identity providers. &nbsp;&nbsp;</p>\n<p>Escrow is another area ripe for disruption. A popular service (escrow.com), charges 3.25% escrow fee and 3.05% payment processing fee for a $5,000 business to business transaction, a blatant display of rent-seeking. On the other hand, you can write a fully-fledged, general purpose escrow smart contract on the Ethereum chain in less than 500 lines of code.</p>\n<p>Banks and payment processors are middlemen, too, and very profitable ones. Imagine a company in Chile buying electronics parts from a factory in Vietnam. The payment goes through at least three different banks with two currency exchanges. PayPal charges 2.9% per sale. The costs of moving money around the world are obscene. The same company could directly send USDC or any other regulated stablecoin, for a fraction of a dollar, almost instantaneously.</p>\n<p>There are obvious roadblocks. Businesses are not ready to transact in Ethereum or an ERC20 stablecoin because the fiat on and off-ramps are difficult to use. However, these roadblocks are temporary, and many projects work on solving these problems, like OmiseGO. Businesses will be able to convert fiat to stablecoin to fiat without much friction.&nbsp;</p>\n<p>Replacing attorneys who often charge tens of thousands to draft a relatively simple contract will take longer, but we will eventually get there. <a href=\"https://www.agrello.io/\">Agrello</a>, for example, is working on a smart contract builder you can use to create <em>legally binding</em> contracts using LEGO-like building blocks.</p>\n<p>Eliminating these middlemen is not a fantasy. It will become the business reality in just a few years, and considering the cost savings, companies won't even think twice to jump on board.</p>\n<h2>Business use case #2: Creating believable transparency</h2>\n<p>Companies don't like to share more information with the public than legally required. However, transparency can be a rational business decision, especially in industries where trust is critical, like in food production. VeChain, TE-FOOD, and others are solving a <em>real</em> problem with their traceability solution. As a consumer, you might not (you <em>should</em> not) take company claims at face value - but blockchain, since it's immutable, creates <strong>believable transparency</strong>.</p>\n<p>Being transparent is useful in complex cases where many participants (who might not trust each other) work together to deliver a single service. A good example is baggage handling in aviation. Getting a piece of luggage from A to B is a complicated process involving airlines, airports, and ground handling companies; but from the customer perspective, it's one single service delivered by the airline. Using a blockchain for believable transparency doesn't just create trust, but also makes it easier to resolve a dispute.</p>\n<p>A mislabeled food product or misplaced luggage is just an inconvenience. The misuse of tax revenues, on the other hand, is a real issue (although, strangely enough, people seem to care less about it). This happens all the time with European Union structural funds, money provided by the rich member states like Germany to build infrastructure and generate growth in the less-developed EU countries like Hungary. Less-developed countries tend to be corrupt, and these funds are often abused. Putting the whole process on blockchain using a synthetic Euro stablecoin (redeemable to fiat only by the contractors doing the actual work and backed by the European Central Bank) would solve most of these problems.</p>\n<h2>Business use case #3: Enforcing trust</h2>\n<p>There are plenty of business cases where it would be beneficial for competitors to share information about their customers, but they don't trust each other.</p>\n<p>Insurance is a good example. Competitors <em>do</em> share information, like a customer's motor vehicle record (personal driving history) or vehicle history. It is in their interest. But because they don't trust each other, they use external services charging as much as $7 for a single report. This is rent-seeking. It should (and will) be replaced by an impartial blockchain, where malicious actors uploading false reports are automatically penalized.</p>\n<p>Sharing information can be very profitable between companies providing complementary services. An example would be a vertically integrated \"fitness blockchain.\" Imagine a group of gyms, supplement manufacturers, restaurants offering healthy food, and sports apparel brands sharing customer information using a secure, trustless system. Can you hear the cash registers?</p>\n<h2>Business case #4: Connecting silos through a base layer</h2>\n<p>Communication and data sharing between companies are often problematic even if they <em>actively want</em> or <em>need</em> to share data. Working between different internal systems and different workflows is not trivial. A base layer built on blockchain and maintained by the participating companies can eliminate many of the problems.</p>\n<p>Take healthcare as an example. Patient records need to be up-to-date and accurate. Multiple records with different data sitting in the database of multiple different providers can be deadly, literally. In an ideal world, the immutable patient record should exist at one location only, accessible to all authorized parties. The healthcare industry needs a blockchain base layer. (Public blockchains can be used to store sensitive information; this is what encryption and tech like zero-knowledge proof are for.)</p>\n<p>The travel industry provides us with another excellent example. When you book your trip to Bali, a dozen companies work together in unison to make your stay as smooth as possible. Travel agents, airlines, airport operators, payment processors, banks, hotels, tour companies, insurance companies, and others. They share data - they have to! - but the system is much more complicated than it should be. A base layer can simplify it, bringing down operational costs significantly.</p>\n<h1>Ask the right questions</h1>\n<p>There are countless other use cases, and many do overlap. Somewhat counterintuitively, technology is not the most critical part of blockchain; consensus, transparency and algorithmically-enforced trust have way more far-reaching effects. Blockchain technology is not a silver bullet, but in many cases, it is the right answer. Just make sure you are asking the right question.</p>\n</html>",
      "json_metadata": "{\"tags\":[\"blockchain\",\"cryptocurrency\",\"bitcoin\",\"ethereum\",\"business\"],\"image\":[\"https://cdn.steemitimages.com/DQmNguWswBYwLQw4hm25c27r6JfkXTqqa7TkTjiW7uivfbz/Blockchain_Illustration.jpg\"],\"links\":[\"https://www.agrello.io/\"],\"app\":\"steemit/0.1\",\"format\":\"html\"}",
      "parent_author": "",
      "parent_permlink": "blockchain",
      "permlink": "should-a-company-ever-consider-using-blockchain-for-anything",
      "title": "Should a company ever consider using blockchain for... anything?"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-06T15:28:12",
  "trx_id": "061d1f7002bbd7bdc282c79fd8b6cbd58f5057be",
  "trx_in_block": 14,
  "virtual_op": 0
}

{
  "block": 27456157,
  "op": [
    "vote",
    {
      "author": "tssandor",
      "permlink": "tokenization-of-economies-and-the-future-of-investing",
      "voter": "iwanderela",
      "weight": 1000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-06T07:22:45",
  "trx_id": "d06d7951d447de154546dcb595ad769c70c49a6c",
  "trx_in_block": 21,
  "virtual_op": 0
}

{
  "block": 27455875,
  "op": [
    "comment",
    {
      "author": "tssandor",
      "body": "@@ -3971,17 +3971,10 @@\n p%3E%0A%3C\n-pre%3E%3Ccode\n+h3\n %3ETok\n@@ -4070,18 +4070,10 @@\n e.%3C/\n-code%3E%3C/pre\n+h3\n %3E%0A%3Cp\n",
      "json_metadata": "{\"tags\":[\"blockchain\",\"investing\",\"crypto\",\"history\",\"tokens\"],\"image\":[\"https://cdn-images-1.medium.com/max/1600/1*t7zpsvxsPVxI1zuDtFguuQ.jpeg\"],\"app\":\"steemit/0.1\",\"format\":\"html\"}",
      "parent_author": "",
      "parent_permlink": "blockchain",
      "permlink": "tokenization-of-economies-and-the-future-of-investing",
      "title": "Tokenization of economies and the future of investing"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-06T07:08:39",
  "trx_id": "47961fc7c882b179189d56a4b0ed150fc0e2f0ed",
  "trx_in_block": 15,
  "virtual_op": 0
}

{
  "block": 27455850,
  "op": [
    "comment",
    {
      "author": "cheetah",
      "body": "Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:\nhttps://medium.com/sandor-report/tokenization-of-economies-and-the-future-of-investing-5d1c0f6d9044",
      "json_metadata": "",
      "parent_author": "tssandor",
      "parent_permlink": "tokenization-of-economies-and-the-future-of-investing",
      "permlink": "cheetah-re-tssandortokenization-of-economies-and-the-future-of-investing",
      "title": ""
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-06T07:07:24",
  "trx_id": "3cb6e0b09b0f0337eca5ba7ab81c520eaa394d84",
  "trx_in_block": 20,
  "virtual_op": 0
}

{
  "block": 27455849,
  "op": [
    "vote",
    {
      "author": "tssandor",
      "permlink": "tokenization-of-economies-and-the-future-of-investing",
      "voter": "cheetah",
      "weight": 8
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-06T07:07:21",
  "trx_id": "0e5c47dda7b13ebde5334e96cc696130a435fd3c",
  "trx_in_block": 3,
  "virtual_op": 0
}

{
  "block": 27455845,
  "op": [
    "comment",
    {
      "author": "tssandor",
      "body": "<html>\n<h3>Investing and speculation are as old as humanity, or at least as old as capitalism. Investing used to be, and still is, the privilege of a few. But not for long.</h3>\n<p><img src=\"https://cdn-images-1.medium.com/max/1600/1*t7zpsvxsPVxI1zuDtFguuQ.jpeg\" width=\"816\" height=\"603\"/></p>\n<h1>The prehistory of asset tokens</h1>\n<p>1200%. This is how much money you made if you invested in the world’s first IPO in 1602, and you were smart enough to sell at the top. It’s a respectable return even by crypto standards. But not many could participate in the initial public offering of the Dutch East India Company (the VOC). You had to be informed about the recent developments in history (namely be aware that there are continents in the world other than Eurasia), you had to be rich, and, well, a white Dutchman.</p>\n<p>But casting the apparent inclusivity problems aside for a second, this was a truly revolutionary development. Humans discovered the power of financial abstraction much earlier — money itself is such an abstraction — but this was the first time in history “average people” could invest in a company, which owned assets — warships in this case — and used these assets to generate profit and yield to its shareholders. The original, pre-cryptocurrencies definition of the word “token” is “a thing serving as a visible or tangible representation of a fact.” VOC shares (technically, bonds) were, in a way, prehistoric tokenized assets.</p>\n<p>These sheets of paper, printed and signed by the issuer, were representing ownership in the company. This is easy for us to understand today, but it was something mind-bogglingly new in 1602. Bonds made investors eligible for yields (50% per year was not uncommon), and they could be traded freely on the world’s first stock exchange in Amsterdam, not coincidentally established the same year. Capitalism suddenly started rolling full-speed.</p>\n<h1>A web of middlemen</h1>\n<p>The world of investing became more inclusive and much more confusing over the next centuries. Investment banks started offering trading and custody services, and electronic databases replaced sheets of paper. (Before going digital, losing your printed shares might have meant that you indeed lost your shares in the company, as issuing a replacement was often wildly difficult.)</p>\n<p>But over the decades the whole industry became entangled in a web of intermediaries, brokers and other sorts of go-betweens.</p>\n<p>For instance, when you buy an Apple stock today, the company has no idea who you are. They don’t even know you exist. It just doesn’t sound right, since publicly traded companies do need to keep a record of their shareholders. So, how is this possible? It might come as a surprise, but most of the time you don’t actually own a share you buy. It’s owned by the bank, and your investment only appears on the bank’s books as a liability. This is called street name registration, and it’s the norm in most countries (Australia being a notable exception).</p>\n<p>There are reasons we tolerate a middleman sitting between us and our investment: it makes investing and trading much more convenient (we no longer have to approach the sellers and buyers directly), and proving ownership is more comfortable if there is a trusted third party keeping records. On the other hand, the system is prone to apparent risks (banks are usually trustworthy custodians until they are not), and even more importantly, this structure limits the options of investors. Banks act as curators and gatekeepers; if they don’t offer a vehicle to invest into something you’d love to put your money into, you are mostly out of luck.</p>\n<h1>Video kills the radio star</h1>\n<p>If you know anything about blockchain technologies, this is the point when you should get excited. As a recap, there are three main reasons for these middlemen to exist: they provide custody services, they keep ownership records, and they make trading convenient.</p>\n<pre><code>Tokenizing these assets and putting them on the blockchain will make them completely obsolete.</code></pre>\n<p>The blockchain is an accurate representation of ownership and custody remains at the investor. Trading is easy on crypto exchanges. And it even gets better: business logic can be translated into smart contracts, opening up brand new ways for corporate governance.</p>\n<h1>Tokenize everything</h1>\n<p>In theory, any asset can be — and will be — tokenized. But tokenization works exceptionally well when the asset is difficult to buy, as it’s just too expensive for an average investor.</p>\n<p>For instance, owning a piece of property in Central London is a big deal. Indeed, it’s too big of a deal for anyone but the one percent of investors. The same goes for private planes, valuable land and a dozen of other investment class. Real estate is perceived as a conservative investment, but the yield can be reasonably attractive. The return on a flat in Mayfair (4–5%) is the double of a 1-year US Treasury Bill. These type of assets also tend to appreciate over time. But very few investors can afford these type of investments, and setting up a pool is legally complicated, inconvenient and requires more trust than most people are willing to grant to strangers. Tokenization solves this problem elegantly, even offering a convenient way to distribute yields (through smart contracts).</p>\n<p>Tokenization of economies also works great when the underlying asset requires specialized knowledge.</p>\n<p>You don’t need to understand how an iPhone works under the hood to buy Apple stocks. It doesn’t hurt to have some understanding of the industry, but it’s not a requirement. One Apple stock (in the same class) is exactly like the other Apple stock — it is a fungible asset. Not all assets are fungible. A piece of agricultural land this side of the river might worth double the price of the same size of property on the other side. Royalty rights to Hey Jude are a much better asset to hold than rights to a summer hit.</p>\n<p>Gold is a famously fungible asset, but gold mines are not — indeed, investing into junior mining companies is especially tricky. It often requires specialized knowledge to pick the right assets in an asset class; something ordinary investors generally do not possess.</p>\n<p>Counterfeiting is a real threat when it comes to precious metals, art and collectibles, and it also requires professionals on the field to spot them.</p>\n<p>We shall see the emergence of <strong>curators</strong>, projects tokenizing these type of assets while providing the necessary knowledge and experience. Some of them might be today’s investment banks, searching for a new role in the new economy.</p>\n<p>Finally, there is another under-appreciated angle of tokenization.</p>\n<p>Asset tokens bring the physical world and cryptocurrencies together, and this is a great thing. Imagine a token backed by physical silver, for instance. Silver is an exciting asset, as it’s both a proven store of value and an industrial raw material. Its price movements are relatively slow and predictable, especially compared to pure crypto assets: if you bought 1 silver token for $16.50 today, there is a good to fair chance you can sell it a week from now for about the same price. In this situation a silver token is, essentially, a stablecoin; and it’s just one of the many to come. You can tell such asset-backed stablecoins will be warmly embraced by the community.</p>\n<h1>Tokenization of economies is here</h1>\n<p>It’s going to happen right in the next few years, and it’s going to be as big of a game changer as the VOC IPO was in 1602 — except it will create a more inclusive, more democratic and more efficient world.</p>\n</html>",
      "json_metadata": "{\"tags\":[\"blockchain\",\"investing\",\"crypto\",\"history\",\"tokens\"],\"image\":[\"https://cdn-images-1.medium.com/max/1600/1*t7zpsvxsPVxI1zuDtFguuQ.jpeg\"],\"app\":\"steemit/0.1\",\"format\":\"html\"}",
      "parent_author": "",
      "parent_permlink": "blockchain",
      "permlink": "tokenization-of-economies-and-the-future-of-investing",
      "title": "Tokenization of economies and the future of investing"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-06T07:07:09",
  "trx_id": "87b3bf4f2703ec2ec9638182255f161a717ba77e",
  "trx_in_block": 1,
  "virtual_op": 0
}

{
  "block": 27455688,
  "op": [
    "account_update",
    {
      "account": "tssandor",
      "json_metadata": "{\"profile\":{\"profile_image\":\"https://cdn.steemitimages.com/DQmQepvqf2iabpkuJcQDXpU4igGgT3hNMG9gagAY8cSPMvF/jaa5lVK0_400x400.jpg\",\"cover_image\":\"https://cdn.steemitimages.com/DQmNiMRuqpGXFLdVRMj7wKQY2T4PS8Vkz5G1KuT1Nzf9BQd/1500x500.jpeg\",\"name\":\"TSS\",\"about\":\"Marketing exec turned blockchain geek. Entrepreneur at heart, world citizen. Head of Blockchain Comms BigPay (AirAsia), ex-Exodus. Huge history buff.\",\"location\":\"Taiwan\",\"website\":\"https://sandor.im\"}}",
      "memo_key": "STM5tXcdTZwuTUWp3nC5puEpJpqbCQtmxfSA1kajf7nTj75A9Emcj"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-06T06:59:18",
  "trx_id": "8cb9b6e48e4a617aa2237dec1f07f0677361144c",
  "trx_in_block": 26,
  "virtual_op": 0
}

{
  "block": 27455630,
  "op": [
    "account_update",
    {
      "account": "tssandor",
      "json_metadata": "{\"profile\":{\"profile_image\":\"https://pbs.twimg.com/profile_images/1016595808781664256/jaa5lVK0_400x400.jpghttps://pbs.twimg.com/profile_images/1016595808781664256/jaa5lVK0_400x400.jpg\",\"cover_image\":\"https://cdn.steemitimages.com/DQmNiMRuqpGXFLdVRMj7wKQY2T4PS8Vkz5G1KuT1Nzf9BQd/1500x500.jpeg\",\"name\":\"TSS\",\"about\":\"Marketing exec turned blockchain geek. Entrepreneur at heart, world citizen. Head of Blockchain Comms BigPay (AirAsia), ex-Exodus. Huge history buff.\",\"location\":\"Taiwan\",\"website\":\"https://sandor.im\"}}",
      "memo_key": "STM5tXcdTZwuTUWp3nC5puEpJpqbCQtmxfSA1kajf7nTj75A9Emcj"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-06T06:56:24",
  "trx_id": "47a679a68a1e0a0b1e427d1679e523ed88aabb81",
  "trx_in_block": 5,
  "virtual_op": 0
}

{
  "block": 27455579,
  "op": [
    "account_update",
    {
      "account": "tssandor",
      "json_metadata": "{\"profile\":{\"profile_image\":\"https://cdn.steemitimages.com/DQmQepvqf2iabpkuJcQDXpU4igGgT3hNMG9gagAY8cSPMvF/jaa5lVK0_400x400.jpg\",\"cover_image\":\"https://cdn.steemitimages.com/DQmNiMRuqpGXFLdVRMj7wKQY2T4PS8Vkz5G1KuT1Nzf9BQd/1500x500.jpeg\",\"name\":\"TSS\",\"about\":\"Marketing exec turned blockchain geek. Entrepreneur at heart, world citizen. Head of Blockchain Comms BigPay (AirAsia), ex-Exodus. Huge history buff.\",\"location\":\"Taiwan\",\"website\":\"https://sandor.im\"}}",
      "memo_key": "STM5tXcdTZwuTUWp3nC5puEpJpqbCQtmxfSA1kajf7nTj75A9Emcj"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-06T06:53:51",
  "trx_id": "4faec46adfa1ce4754b18f8e90b144fd10bd83e8",
  "trx_in_block": 3,
  "virtual_op": 0
}

{
  "block": 27455558,
  "op": [
    "account_update",
    {
      "account": "tssandor",
      "json_metadata": "{\"profile\":{\"profile_image\":\"https://cdn.steemitimages.com/DQmWa5ffNWNgfo6MYzr2PWJsnMdev8SwezERYf1AJYWPqXA/IMG_3732.JPG\",\"cover_image\":\"https://cdn.steemitimages.com/DQmNiMRuqpGXFLdVRMj7wKQY2T4PS8Vkz5G1KuT1Nzf9BQd/1500x500.jpeg\",\"name\":\"TSS\",\"about\":\"Marketing exec turned blockchain geek. Entrepreneur at heart, world citizen. Head of Blockchain Comms BigPay (AirAsia), ex-Exodus. Huge history buff.\",\"location\":\"Taiwan\",\"website\":\"https://sandor.im\"}}",
      "memo_key": "STM5tXcdTZwuTUWp3nC5puEpJpqbCQtmxfSA1kajf7nTj75A9Emcj"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-11-06T06:52:48",
  "trx_id": "cb3a7ca6914aed7e96739a666c44825fd69bc524",
  "trx_in_block": 11,
  "virtual_op": 0
}

{
  "block": 26220811,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tssandor",
      "delegator": "steem",
      "vesting_shares": "30111.194956 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-09-24T09:00:57",
  "trx_id": "bb0ee562e3dcd1df57bb7fa6ca3c094866883ba3",
  "trx_in_block": 11,
  "virtual_op": 0
}

{
  "block": 26218079,
  "op": [
    "account_create_with_delegation",
    {
      "active": {
        "account_auths": [],
        "key_auths": [
          [
            "STM7Btt7nMPQTjtxHgEGVdera1TqVnb6Wv4BdoJz3r1wK95WVg51a",
            1
          ]
        ],
        "weight_threshold": 1
      },
      "creator": "steem",
      "delegation": "30690.000000 VESTS",
      "extensions": [],
      "fee": "0.100 STEEM",
      "json_metadata": "{}",
      "memo_key": "STM5tXcdTZwuTUWp3nC5puEpJpqbCQtmxfSA1kajf7nTj75A9Emcj",
      "new_account_name": "tssandor",
      "owner": {
        "account_auths": [],
        "key_auths": [
          [
            "STM6erbLNayWuqjRkWCrxM5nNx6tD6mcH7EMMJs6U7cRDETtvxPMg",
            1
          ]
        ],
        "weight_threshold": 1
      },
      "posting": {
        "account_auths": [],
        "key_auths": [
          [
            "STM8ZRc7YuaLExgV4WpZt9v7zP6abYaPJWYSD5bwBmctG5esPzrxW",
            1
          ]
        ],
        "weight_threshold": 1
      }
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-09-24T06:44:21",
  "trx_id": "e512a6fc27fe038c8fa25932db097d40cd8493b0",
  "trx_in_block": 10,
  "virtual_op": 0
}