Proof-of-Importance: How NEM is Going to Add Reputations to the Blockchain
While we all live in societies where money is mostly considered as a mean to bring wealth and prosperity, there are other factors and aspects in life that all people appreciate. One of these elements is reputation. Reputation is defined as an overall quality or character, as seen or judged, by people in general. It is totally relative among people in a society and has properties of decentralization. Unfortunately, reputation has never been considered in any monetary system and its value has never been appreciated as it should be. “This algorithm gives a pretty good approximation for the....
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The blockchain project New Economic Movement (NEM) has big goals; namely, re-creating the economic system without the predominance of traditional power brokers. As the project’s website states: “NEM is a movement which aims to create a new economy based on the principles of decentralization, financial freedom, and equality of opportunity.” The project’s “Proof-of-Importance” model as an alternative to Proof-of-Work and Proof-of-Stake represents its central innovation. Proof-of-Importance calculates how much users transact, and with how many other participants, so as to place a value on the....
After a year in the making, the cryptocurrency NEM (New Economy Movement) has officially been launched. CoinTelegraph had the chance to site down and discuss the ambitious project with one of the lead developers, Makoto, to find out more. CoinTelegraph: Please introduce yourself to our readers. Makoto: I am Makoto, one of the lead devs on NEM. I am a PhD student in computer science and my areas of expertise are cognitive science and artificial intelligence, fields where I have published many papers. NEM's consensus algorithm, Proof-of-Importance (POI) was proposed based on work I am doing....
Irish company Cryptoauction is aiming to become the new eBay of bitcoin. The company is due to launch on 30th November under the helmsmanship of entrepreneur Daryl Cusack. He believes that, since the closure of Bitmit.net, the field is wide open for a new bitcoin-based auction marketplace. Cusack will present a talk on decentralised corporate models "in order to achieve a people-not-profit corporate outlook". He will explain how Cryptoauction's trustless model fits in with concepts from game theory that incentivise trusting relationships between users without the need for third party....
The recent Craig Wright incident has again reiterated the importance of blockchain technology and how it can prevent falsification of information or fraud. Most of us know about the recent incidents revolving around Craig Wright, an Australian computer scientist, who claimed that he is the creator of Bitcoin. He even went ahead and provided certain proofs to support his declaration. His claims took the internet by storm, until people decided to make use of the blockchain technology, to verify the proof. Those who double checked his proof had something entirely opposite to say. The concept....
The Bitcoin technologies, namely blockchains are sidechains are used for various other purposes than just for registering and facilitating transactions over the Bitcoin network. Some of the new companies like Astroblocks and Bitproof are building Proof-of-Existence platforms (there is also another platform by the same name) over the Bitcoin blockchain. These Proof-of-Existence platforms provides a smart tamper-proof way of storing encrypted information on the Bitcoin blockchain. Each file stored on the blockchain will be associated with a unique irreplicable transaction hash. These....