Articles Is the Decentralised Autonomous Organisation (DAO) the Next Trusted Evolution of Online Casinos? Published 2 years ago on March 20, 2017 By Nick Ayton Nick Ayton explores the myths and misunderstandings regarding the Decentralised Autonomous Organisation, where recent bad press with the ‘DAO hack’ hasn’t improved the basic understanding. The hack may have created perceptions as to how a DAO actually works. Lots of activity, a hot space. The gaming industry, like music, is being disrupted by Blockchain start-ups that are challenging the status quo. Who wants to challenge the traditional online gaming sector that has an increasingly poor reputation for tampering and moving the odds? Recent successful crowdsale, including vDice.io that exceeded expectations, suggests there is a growing appetite for blockchain gaming investment opportunities. Ethereum decentralised properties are a perfect storm for addressing the concerns of online gaming that not only squares the odds, but creates a transparent and open environment that players can trust. Random Number Generation delivered by Smart Contracts is proving itself as an ideal technology for bringing change to the sector. DAO – The Decentralised Autonomous Organisation The Wikipedia definition of a DAO is: a decentralised autonomous organisation is an organisation that is run through rules encoded into computer code called Smart Contracts. The DAO financial transactions record and program rules are maintained on a Blockchain. Is it unreasonable to judge any DAO by the recent event where a DAO was set up as a Venture Fund raising $150 million in crowdsale in June 2016 – and was then immediately hacked and drained of $50 million in cryptocurrency? A DAO is a software construct whose architecture can vary enormously, it is just a way of building software so that it is sustainable and doesn’t rely on a single trusted third party. A way of scaling trust that is often left to people has issues. A DAO is software designed in certain way.The DAO hack was a result of a bug that left the door open for someone to exploit and as a result the Ethereum community decided to hard fork. It is clear there are many different ways of building a DAO, which is based on crypto-economic principles that create an eco-system where all the participants have a role and can share the benefits. For the purists a DAO isn’t seen as a platform but as a Peer 2 Peer Marketplace, which is an important distinction. A marketplace that behaves as a sustainable autonomous economy. New Constitutions The early DAOs were used as an experiment where developers could understand how autonomous structures as constitutions would work. A good example is The Peoples Republic of Doug which was written in early versions of Ethereum using LLL (Lisp Like Language) to generate Smart Contracts that formed the constitution back in June 2014. As Vitalik Buterin confirmed back in Nov 2015, LLL was always meant to be a simplistic language, suggesting Serpent is better suited. And now there is Solidity that is rapidly becoming the favored language for Smart Contracts that lie at the centre of a new Democracy. Are DAO’s therefore misunderstood and getting bad press? Almost certainly yes, as any new technology comes to terms with itself, and Blockchain is not different, there are those that want to see it struggle and even fail. But these early examples are merely evolutionary experiments on a path to where a new generation of organisations, of self governing economies, of self sustaining eco-systems; to be used, maintained, and controlled by the community itself with the underlying constitution written as software rules. The aim is 100% autonomy with no delegates appointed making decisions, but inevitably some human involvement is required at the outset. It was interesting to learn that the inventor of The Peoples Republic of Doug was locked out of the system he had created once it was operational. Ethereum is the creator of the DAO concept that has come a long way in recent years with many lessons learned – not to be repeated. As Roger Aitken, a distinguished journalist for Forbes Magazine, notes in his article DigixDAO Crypto Trading: Are we seeing a new Gold Standard for Crypto-Assets? The construct of a DAO has many use cases including the concept of a self-renting autonomous electric vehicle Mobotiq. DAO for gaming – a new era in Gaming or what? There are some DAO ICOs coming up that create a coin as a Token which offers certain obligations, rights, and benefits for investors. DAOCasino is a bit different and more like a Token launch rather than an ICO. It encourages and gives incentives to communities of game developers, auditors, and partners to participate in the eco system – where each can receive an income based on the contributions made. A DAO can be explained as a marketplace infrastructure built on Ethereum using Smart Contracts for the underlying governance to form the constitution. The DAOCasino offers a gaming backbone: A core infrastructure for developers to develop games (back end) and to promote games (front end) – kind of like App Store. With the Ethereum core development team working on SWARM, their decentralised storage and file sharing solution – and Whisper messaging due soon, the next generations of DAO will evolve as stronger and more reliable. DAO Gaming Community Is the future of gaming autonomous gaming markets that are not owned by the large Casinos and Online Betting organisation, but by people who want to enjoy gaming, trust gaming and ensure fair play…? Is DAO the only real way to achieve this? The DAOCasino is building a community around a marketplace for game developers, auditors, referrers, community members and players so they can enjoy a trusted, open, transparent environment that ensures everyone is rewarded based on contribution. At the start minimal human involvement (delegates) will agree the consensus that sets the parameters of the community, for audit and security that defines how and where the code is checked and the broader governance formulated, and then release the DAO for 100% autonomy. The future of gaming looks like a DAO The concept of a DAO has always been a strong one in markets where vested interests and tampering creates distrust – and the temptation to make disproportionate amounts of money from unsuspecting customers. The DAO is a Decentralised Autonomous Organisation, a company, a new type of human organisation operated by its members who create a constitution that cannot be manipulated or tampered with, doesn’t have a management hierarchy, jurisdiction, or legal framework. As Stephan Tual, founder of www.Slock.it breaking new ground in autonomous business models and one of the original entrepreneurs involved in the DAO, says: “It (the DAO) is not bound by terms of law and jurisdiction. It is bound by code”. Will the DAOCasino herald in a new era in online gaming and casinos where a broad range of games are offered and supported – lottery, slot machines, card games, betting terminal and sports betting are vetted to ensure they are fair and trusted by the DAOCasino community? A community eco system that wants to flourish, that by its very existence needs to deliver confidence and trust to players or fail. I am reliably informed the DAOCasino Token Launch is planned for the spring of 2017. To find out more visit www.DAO.Casino (The writer is not affiliated with DAO.Casino). Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this. Loading... Nick Ayton Follow @HackedCom Feedback or Requests? Related Topics:DAO Up Next Price Analysis of Bitcoin, Litecoin, Ethereum, Monero and Dash Don't Miss Blockchains And The War on Cash You may like ICO Analysis: Trecento Dash Price Records Gains as Venezuelan Adoption Heats Up ICO Analysis: DataBroker DAO DigixDAO: The Only Light in a Sea of Red The Lamen’s Story behind QTUM ICO Analysis: DADI Click to comment You must be logged in to post a comment Login Leave a Reply Cancel replyYou must be logged in to post a comment. Analysis Bitcoin Cash Continues To Drop Ahead Of The Hard Fork Published 2 days ago on November 13, 2018 By Chris Matthews The past few months have been really quiet in the crypto world. Traders are used to dealing with big stories and big drama. And while there hasn’t been much drama over the past few months, that’s all about to change. Bitcoin Cash (BCH) has had a crazy 30 days of trading ahead of its scheduled hard fork on November 15. For a while, it appeared that BCH would be trading near a high as the fork commenced. BCH had a strong rally for about a week starting on November 1. The price soared by more than 50% as it reached its high of approximately $637. But over the past week, the price has been tanking and doesn’t show any signs of recovering. Since November 7, BCH has dropped in value by more than 20%. Why Is Bitcoin Cash Falling Ahead of the Fork? There are two possible explanations for why Bitcoin Cash is dropping ahead of the scheduled hard fork. One reason is profit taking. Although a 50% return wouldn’t have meant much in 2017, it certainly is a lot in 2018. However, a second and potentially more troubling reason is the conflict between Bitcoin Cash SV and Bitcoin Cash ABC. Craig Wright, an Australian computer scientist and the biggest proponent of Bitcoin Cash SV (BCHSV), appears to be at war with Roger Ver, the most famous name behind Bitcoin Cash ABC (BCHABC). Wright was in the news recently after proclaiming to be Satoshi Nakamoto, the founding father of Bitcoin (BTC). As of this writing, BCHABC is trading at $420 while BCHSV is trading at $118. According to Coin Dance, data shows that a majority of hash power favors SV. On the other hand, there are significantly more BCHABC nodes running on the Bitcoin Cash network than there are BCHSV nodes. Although it’s interesting to look at this data, it’s quite simply impossible to determine what this means as far as which network will come out victorious. Creating a BTC node is relatively inexpensive so a user could start several of them for under $1,000. And while the hash rate is important for demonstrating PoW (proof-of-work), it’s meaningless if exchanges don’t accept the coin. Bitfinex Support On November 12, Bitfinex announced support for the Bitcoin Cash hard fork. On the exchange’s twitter handle, they tweeted, “We are happy to provide full support for the upcoming Bitcoin Cash hard fork.” While the support is certainly helpful for traders, Bitfinex wouldn’t commit to choosing a side. Instead, the exchange said, “At the time of writing, we do not believe that there is sufficient consensus to identify a clear winner in the Bitcoin Cash hard fork.” Bitfinex expects to release an additional statement on November 16. Traders should certainly pay attention to that as it could be material. Final Thoughts There is an incredible amount of information to digest regarding the hard fork. As of this writing, it’s unclear which side will prevail as both certainly have their positives and negatives. Given the recent slide of Bitcoin Cash, BCH holders should certainly be paying very close attention as the hard fork nears. Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading. Featured image courtesy of Shutterstock. Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this. Loading... Chris Matthews 5 stars on average, based on 2 rated posts Follow @HackedCom Feedback or Requests? Continue Reading Altcoins “The Core of Any Blockchain Project is Decentralization” – Jack Zhang, Lightning Bitcoin Published 1 month ago on October 15, 2018 By Daniel Mitchell Lightning Bitcoin is a fork of the ‘first-crypto-currency’ Bitcoin about which we decided to take the opportunity recently to speak to advisor Jack Zhang (AKA DianfuDatou / 点付大头 – known best as a Founder of Chainfunder and DAF). Discussion topics include: what makes this project unique, as well as how you shouldn’t get it confused is not to be confused with the Lightning Network upgrade which is being applied to the original ‘Bitcoin’. Who is Jack Zhang Jack Zhang (AKA DianfuDatou / 点付大头) is a Chinese investor, business leader, and entrepreneur whose “portfolio includes XRP, XEM, IOTA, NEO, EOS, TEZOS, VEN”. Zhang proudly describes himself as “one of the leading advocators of Ripple in China” having “translated Ripple into Chinese as ‘ruibobi’” – as well as the co-founder of NEO. Please note that most sources ascribe this latter achievement regarding NEO to an ‘Erik Zhang’ and so this claim requires further confirmation – however this writer sees no reason for him to lie in this respect. He claims that his first experience with cryptocurrency was in 2011, when he entered the industry himself having previously worked as an investment banker at companies such as Zhejiang investment bank. “I bought more than 10 thousand bitcoins at the price of 5 dollars and sold all of them out at the price of 7 dollars. At that time, I remember how I was reading posts on Bitcointalk about blockchain for several months and got fascinated by the genius design of the technology.” Zhang says that the Lightning Bitcoin team members “come from a diverse cultural background, including China, the United States, Canada, the UK, Russia, Germany, and India.” And that: “Currently Lightning Bitcoin has four core developers (listed on the website) with a team of 6 specialists. Eason Zhao is a CTO and H.H.Wang is a leading developer. “Lightning Bitcoin also has an operational team of 8 outstanding and hardworking people managed by Wasley together with a community manager James Vuitton… We have independent leaders for each directions of the business;” What is Lightning Bitcoin? According to Zhang, Lightning Bitcoin is “a coin that takes the best from existing blockchain titans and adds advanced consensus mechanism.” “Lightning Bitcoin forked from Bitcoin blockchain at block height 499,999… Lightning Bitcoin (LBTC) is a fully decentralized Internet-of-value protocol for global payments. “The specific applications include peer-to-peer transactions and exchange platforms. Any users that operate on the LBTC protocol can enjoy instant, secure and nearly free global financial transactions of any size.” Lightning Bitcoin is far from the first (nor will it be the last) fork from Bitcoin. A number of observers have claimed that the correlation between new forks and over inflation of Bitcoin. Jack Zhang however sees it as follows… “Back in 2017, Bitcoin blockchain started to face network congestions, and a lot of other problems, that is one of the reasons why there were so many hard forks popping up. However, all of them changed either size or difficulty adjustment, what in my opinion did not improve the situation. That is a consensus that makes the difference. Pow and PoS are easily centralized, while DPoS represents true decentralization. Moreover, DPoS has the benefit of high efficiency, with little resource consumption.” This mechanism utilises the relatively young Distributed Proof of Stake (DPoS) protocol which this writer has written about in a recent article, despite its basis upon the Proof of Work (PoW)-based ‘Bitcoin’. Zhang states that Distributed Proof of Stake “allows separation of the voting power and block production, with no risks of a hard fork.” In fact, the aftermath of the announcement of DPoS adoption coincided with the company taking on another of its advisors “Stan Larimer a founding partner of Bitshares… we found mutual interests, as a result Stan joined Lightning Bitcoin advisory board.” “Lightning Bitcoin uses DPoS, with the forging interval of 3 seconds, and the block size of 2M. We have achieved the TPS of thousands of transactions. “Anyone can use LBTC, without censorship. The transaction fees are charged only for preventing network security issues, like DDoS attacks. It is not an off-chain solution on top of the Bitcoin blockchain as Lightning Network. I personally believe that Lightning Network will face the problem of centralization eventually.” Furthermore, “Lightning Bitcoin’s on-chain governance system enables LBTC holders to vote for the blockchain improvement proposals and the delegates who maintain the network as Lightning Nodes. It solves the problems of centralization of bitcoin by incorporating all participants in the Lightning Bitcoin ecosystem into the decision-making process.” Lightning Bitcoin vs Lightning Network Due to the similarities in naming, it seems natural that there may be a little confusion on behalf of the public and crypto-investment community with regards to the differences between ‘Lightning Bitcoin’ and ‘Lightning Network’. “There is some confusion, you are correct. When Lightning Bitcoin forked in December 2017, for Lightning Network it was still unclear when it is going to be launched, since it was still at the internal testing stage; only after four months later, in March 2018 when Lightning Network released its beta, both projects started to be confused by users in some countries.” This, according to Zhang, is actually a problem more specific / limited to region, “In other countries, like China, lightning network is not that well-known, as well as it has different Chinese name, that gives us more room for the development in Asia.” Present and Future of LBTC “Currently, Lightning Bitcoin network is stable, we constantly improving its functions and adding more products. “The next big step for LBTC that we are working on right now is the development of on-chain governance, that will allow the network to self-improve and self-upgrade. “In the future, stable upgrades of Lightning Bitcoin network in combination with chain governance, and decentralized transactions will allow cross-chain flashovers and smart contracts… the exploration of the on-chain governance model will become one of the most important tasks in the current stage of LBTC.” Zhang continues to discuss the future for the coin in-detail as well, including that: “In short, after complete integration of on-chain governance, next milestone is the development of new decentralized exchange. It will be an important component of the LBTC payment function. “This exchange will have both basic functionality such as flashovers function of the gateway, as well as a system to guarantee the ease of cross-chain operations. Additionally, it will have the function of early crowdfunding of project under the necessary supervision.” Finally, “After implementing and perfecting the decentralized exchange, the development of intelligent contracts based on the UTXO model will be carried out, and a high-concurrence-based public chain ecosystem will be established to guide the flow of DAPP traffic.” Featured image courtesy of Shutterstock. Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (3 votes, average: 3.67 out of 5)You need to be a registered member to rate this. Loading... Daniel Mitchell 4.5 stars on average, based on 12 rated posts Follow @HackedCom Feedback or Requests? Continue Reading Altcoins Encrypgen Offers A Low Risk, High Reward Opportunity Published 1 month ago on October 2, 2018 By Chris Matthews Since the start of the year, crypto valuations have been collapsing faster than Kevin Spacey’s career. For investors who entered the market a few years ago, it’s been painful but not deadly. For those who entered the market at or near the highs, this bear market may have turned them off of crypto for a very long time. However, one bright side of the current market is that some incredible values exist. And one day these compelling values are going to make today’s investors boatloads of money. While I’m keeping my eyes on several tokens, perhaps the most exciting crypto company is Encrypgen (DNA). Investors love to claim that projects they are following or investing in are the most likely to succeed. But despite the bear market, many coin price collapses have been the fault of the companies themselves. Many companies have missed their own deadlines and/or adjusted the roadmaps to something less ambitious. Encrypgen has done just the opposite. They are meeting their deadlines and are on the verge of releasing a revolutionary platform in the field of blockchain genomics. It’s well known that small cap healthcare/biotech stocks have the potential of generating the highest returns in the equity markets. Of course, those high returns come with astronomical risk. So what if I told you that Encrypgen could generate those kind of returns with only a fraction of the risk that typically comes with start-up science companies? Well, I fully expect Encrypgen to do just that. I mentioned the risk is only a fraction typically associated with these types of companies because at some point in the 4th quarter (probably much sooner rather than later), Encrypgen will release the full working version of the Gene-Chain. The beta version is already live. The Gene-Chain will allow researchers and scientists to purchase data directly from consumers using Encrypgen’s token, DNA. In addition, a buy-now feature will be implemented in the platform. This is expected imminently. This game-changing functionality will allow researchers to convert FIAT to DNA tokens directly on the Gene-Chain. Researchers will receive DNA tokens and Encrypgen will receive funds that will be converted to BTC so that the company can continue to operate, expand, and enhance their product offerings. Anther reason why I consider the risk to be much lower than usual is that the company has already done a tremendous job of navigating the complicated regulatory hurdles. Because of the sensitive nature of the information being uploaded to the Gene-Chain (consumer genetic data), it certainly is necessary for regulation to exist. Nevertheless, Encrypgen has already dealt with that while other competitors, such as Nebula Genomics, Shivom and LunaDNA, are significantly behind. I always prefer to invest my hard earned money in market leaders rather than followers. And there is no question that Encrypgen is the current leader in this space. Investors should also take note that Encrypgen currently has an ICO cap of approximately $3.1 million. Based on some of the other valuations I’ve seen in the crypto space, that is a significant undervaluation. A $3.1 million valuation for a market leader in one of the fastest growing spaces that is about to release game changing technology doesn’t make much sense to me. I am expecting a sharp and rapid increase once the Gene-Chain is being used by researchers. The opportunity to accumulate at these prices won’t exist for much longer. Featured image courtesy of Shutterstock. Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (1 votes, average: 5.00 out of 5)You need to be a registered member to rate this. Loading... Chris Matthews 5 stars on average, based on 2 rated posts Follow @HackedCom Feedback or Requests? Continue Reading Ethereum Price Extends Slide as ETH Mining No Long... Update: Crypto Selloff Deepens as Bitcoin Hits New... Etheera (ETA) Hits the Big Time with 82,960% Growt... Monero Price Analysis: XMR/USD Bulls Eyeing Explos... Crypto Update: Selloff Accelerates as Bitcoin Brak... 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We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com. Trending Cryptocurrencies6 days ago Why Investors Should Pay Attention to Electroneum Cryptocurrencies1 week ago Why Investors Should Pay Attention to Pundi X Altcoins1 week ago John McAfee Gets Skycoin (SKY) Tattoo; Coin Price Immediately Jumps 12% Cryptocurrencies6 days ago Why Investors Should Pay Attention to Ravencoin (RVN) Opinion1 week ago The Ripple Debate Continues as Coinbase Considers Listing XRP Analysis5 days ago Bitcoin Update: Transition from Depression to Disbelief Altcoins1 week ago Tron Gets Five Fiat Pairs Amid 260% Volume Boost; TRX Price Waiting to Move Altcoins1 week ago Litecoin Price Analysis: $60 and Beyond?