How the blockchain technology is going to revolutionize the world.
Don’t pay attention to the challenges and backlash the blockchain receives, in this article we’ll be looking at ways the blockchain will revolutionize the world at large. The blockchain is the technology that underpins the crypto world.
Blockchain which is a database that’s distributed and open-sourced, using a phenomenal style of cryptography, cryptography which is the mode of operation used by the blockchain makes it possible for interactions and transactions to be tracked and monitored.
It’s widely believed that technology wields the power and potential of offering sincere privacy protection, which fortunately, the blockchain happens to be a platform that’s trustworthy and translucent.
Back in the days, the media industry was centralized. The entertainment industry was controlled by some big shots, and every other person(s) was a mere passive recipient, however, the new media wouldn’t be this way, in the new media, everything will be decentralized and distributed.
In the new economy, everyone will be a participant and not just a passive recipient. Right now, the blockchain is most secured and accessible way to store data. Data and values can be read and interacted on the blockchain by almost any computer and any mobile device.
Once a data has been put on the blockchain, it’ll be there forever, it can’t be edited by anybody, no matter how influential such person turns out to be, the technology behind the blockchain is very immutable.
It’s almost as if everybody has a magical device that enables them on demand to view a file or data that has been shared but can’t be edited, however, such data and file is readable and interactive. Everything on the blockchain can be used in the court of law because 100 percent of the happenings there are time stamped.
Deeds, identifications, records, contracts, you name it. Would you save such important files on another place you’re unsure of, if not the blockchain?
4 simple ways the blockchain will revolutionize the industries
The blockchain will reduce the workforce of industries by giving them other options that’ll be creative and better.
The blockchain is going to sprout new industries that were never in existence thereby create more job opportunities
Blockchain is going make storage of data traceable, secured and easily accessible
Most importantly, the blockchain offers a fresh method of financial option with the likes of bitcoin and other crypto, other cryptos that doesn’t involve middlemen such as credit card companies or financial institution whose transaction fee are very high.
Blockchain: a harbor for new freelancers
You’ll agree with me that there has been some slight changes in the way work are being done all over the world, the reasons for this changes are not far-fetched, the reasons are because our world today is being partially led by a legion of freelancers and consultants, freelancers who allow employees and businesses to enjoy more freedom.
There are at least sixty million freelancers in the United States, and these sixty million makes up almost forty percent of the entire workforce in the united states, the US GDP continues to soar higher all thanks to these freelancers whom contribute a large junk to the GDP.
We all know that the blockchain is a special kind of technology that enables people to connect easily through a decentralized network; this decentralization is most likely going to cause a sort of disruption in the financial market.
The blockchain will cause a disruption in the financial world because of its ability to create a decentralized and distributed digital ledger which poses as transparent living records of financial transactions.
One of the most thrilling ways the blockchain is revolutionizing the economy is in the freelancing world, like we’ve said earlier that freelancers and independent employees make a significant amount of the US work force.
Right now, there’re about sixty million freelancers scattered all over the united states, however, these freelancers has been increasing tremendously, but something along their line of business makes them weary, and that’s no other than the exorbitant transaction costs.
But with the help of blockchain and various cryptos such as eth and bitcoin, getting paid as a freelancer hasn’t been more comforting than it is now, with the blockchain, you can get paid instantly without your cash necessarily going through financial institutions or credit card companies.
With the blockchain, the fee that’ll be cut from your payment will be almost insignificant, whats more is that you’ll receive the payment almost instantly, there’re no chargebacks and you’ll be anonymous if you do not wish for your identity to be revealed unlike banks where you have to go through some security checks in other to deposit or cash your money.
In theory, blockchain will open a gate for fresh freelancers to emerge in the market. Let’s have a quick peep at the ways blockchain will transform the freelancing industry in the foreseeable future.
Specialization in new opportunities: since the blockchain is a new piece of technology, it’s only natural for freelancers to be hit with new opportunities of delving into a fresh niche or specialized field.
A majority of digital companies and startups will be in constant search for blockchain specialists and experts, experts that’ll assist them in setting up smart contracts and blockchain systems, systems and contracts that’ll be efficient. As of now, I don’t think there’re enough of experts or specialist to fill the gap.
As supply continues to be submerged by demand, you’ll agree with me that it’ll be very lucrative if one is versed in matters relating to blockchain and its likes. For the next 15 years, at least, there’ll be enough chances and juicy job opportunities for anybody that’s skilled and experienced in constructing digital contract system.
Investment orientations: a lot of freelancers have hanged the boot because of the discouraging transaction fees attached to monetary payment by these huge banks and credit card companies, but with the help of blockchain, freelancers can be paid directly with crypto’s.
People now have substantial amount of trust and familiarity in crypto’s, thereby cultivating a habit to receive wages with crypto’s such as the eth, bitcoin etc.
Rather than just having a focus on basic salary and wages, freelancers have stepped up the game by having a willingness to delve into the world of investments, since there has been a major breakthrough with the penetration of crypto currencies in the market world.
This “investment spirit” is a new shift at which freelancers are going to envisage their streams of income. There’ll be enough of new opportunities for the likes of financial advisors and investment bankers to assist these freelancers.
These financial professional are going to be needed to assist these freelancers with their recently discovered willingness to undertake risks, and focus on ways in which their wealth can autonomously grow.
Creating a history that is verifiable: the freelancing industry faces a big problem today which is the problem of fake reviews and spamming. But with the emergence of smart network which is a significant part of the blockchain mechanism, spamming and fake reviews will come to an end.
Smart contracts are kept directly in a trusted network, this means that they can’t be edited or compromised without drawing the attention of other participants of the network.
With the smart contract and blockchain in place, freelancers would focus more on increasing lients metrics rather than promoting themselves with fake reviews.
Besides, with the smart contract in place even employers and companies can relax knowing full well that online information can’t be altered by freelancers.
The rise of DAO’s
What are DAO’s you’d ask, DAO’s are often referred to as decentralized autonomous organizations, this is an entity that’s defined by smart contracts, smart contracts that works as a distributed computer program.
It’s the blockchain that gives these smart contracts vitality. The code which is being executed in a decentralized and consensual order, an order that exists in the system, this order is what maintains the state of the code.
“Programmable money,” the name most people call these contracts are used specifically to source codes to manage and implement all available cash flows, transactions, rules and rights of the organization.
It’s on the basis of these smart contracts that members of the organization are being recorded and managed. Internally, these members will be able to interact with the organization. So, from there, they’ll be listed in the history of the blockchain permanently.
With the help of the blockchains verifiable histories, there’ll be easier demonstration of the affiliation the members have with the organizations. But in order for this to be feasible and achievable, there has to be certain deployable smart contracts that can be expanded over a period of time.
This tells us already, that there’re people who are the founding members of the DOA, and these set of founding fathers are responsible for the creation of the basis of the actual DOA, and these men ensure that the DOA is dependable in the eyes of the community and members.
In other for changes to occur in the organization, there has to be a change in its code. The new code must therefore be retested, reviewed, re-implemented and redeployed. I know this sounds boring and a little bit futuristic to you, So we’ll be looking at real life instances, to give you a clearer understanding.
Cases whereby the DOA have been used
Predominantly, the financial technology sectors are the ones that utilize a majority of the potentials of the DOA. The digital currencies are the major focus here, the digital currencies which can benefit from a fast moving and sophisticated organizational structure in a fast moving and volatile market.
A good example is DIGITAL CASH “DASH”, aiming to be one of the worlds renowned digital currencies, dash is secure, fast, eliminates scenarios of double spending and dash is completely digital.
The communities are the ones who decide and publicly propose about the development of the dash project and how it’ll be funded. The community can submit proposals, and such proposals are also going to be voted in or out by the same community.
Operators will have to freeze a substantial amount of capital in the DASH system to prove their loyalty and interest in the system. Thus, relatively, within a short period of time, organizations will be able to execute projects that usually take them a lot of month or years to execute, all thanks to the DOA.
This seems to boil down well with dash, because most of the contractors of the project will be paid in the dash crypto currency.
The rise of crypto bounty hunter by virtue of the blockchain
A bounty is more or less a reward or incentive that’s meritoriously awarded to someone being a compensation for the fact that such person has executed a big task. Few years ago, the government or police usually place a bounty on wanted fugitive or criminals.
So anyone who discloses information or assists the police in catching such criminal is going to be compensated with money, then this money is what we’re referring to as a bounty. Till date, an abstract approach of this concept is widely utilized in various industries, industries such as the digital marketing industry, consulting industry and software development.
Who are the crypto bounty hunters? Just like the example I have cited above, a bounty hunter is one who is skilled at capturing a criminal or fugitive ultimately for the purpose of receiving a reward or bounty for engaging in such a daunting and daring task, but crypto hunters don’t engage in dangerous tasks, rather they engage in intellectual tasks.
So, now, crypto bounty hunters are people who complete specific tasks and are in return paid in form of crypto currencies. These bounty hunters get paid after their works have been submitted for approval, and eventually approved by a site, product or service admin.
Bitcoin faucets: bitcoin faucets are programs or schemes that dispense the rewards of consumers or participants in form of bitcoins. Visitors or Participants who engage in the competitions or completes the instruction as laid by the platform admin get paid in form of bitcoin.
This competition could be completing a captcha, completing a game or any other task as specified by the website or platform. However, these websites, blog or platforms gain revenues primarily from ads.
Back in 2008/2009, these bitcoin faucets usually pay up to four bitcoins per hour whenever someone completes one or two tasks on the website. With today’s bitcoin price, that’ll be around $7000 for a bitcoin.
Although, we should keep in mind that back then the price of a bitcoin was about less a penny if I’m not mistaken, in fact, some people traded their bitcoin for a slice of pizza and a can of coca cola. Those set of people who traded their bitcoins for a can of coca cola will be swimming in regret by now. Had they known, they wouldn’t have thrown away their fortune.
Nowadays, these bitcoin faucets reward their players and participants not in form of bitcoin but in form of satoshis and various other ICO’s.
Now, in the ICO sphere, bounty programs or campaigns are offers made to individuals by startups for the sole purpose of enabling those individuals to earn a reward and in return those individuals have to complete a specific task.
These tasks could depend on different factors, from verifying captchas as we’ve previously discussed, to reporting bugs, to reviewing a product or service or even to improving a product of service. Bounty network and Bitcointalks are typical examples of forums where one can find crypto bounties.
There are no rigorous requirement or barriers to qualify or be eligible to participate in any of these bounty schemes, the only thing that’s required of a bounty hunter who’s interested in participating in any of these bounty schemes is to submit a link to your portfolio, or submit a link to your already executed work.
The administrator of the site will then take it upon himself to do a background check on you, and the works you’ve done, for him to be able to deduce if whether or not you’re fit or eligible to be accepted into the scheme or if you executed delivery is satisfactory to earn you a pay.
Example of a bounty faucet is steemit, steemit is a social media platform ran by a decentralized autonomous organization called “steem.io”. The core objective of stemit is to draw attention of the public to rich and unique social media content, and to reward the creators of such contents handsomely for the hard work they’ve contributed in conceptualizing the content.
Bloggers, readers and entrepreneurs alike are brought together and compensated for their work. Rewards are paid in steemit’s currency, and these rewards can also be used to reward other steemit users or paid out, whichever way you prefer. The steemit platform has been forecasted to be more scaleable than the reddit platform.
Why do companies choose to do bounty campaigns instead of conventional product marketing?
A majority of ICO startups prefers sticking to bounty campaigns as against conventional product or service marketing because, with bounty campaigns, these ICO startups get to initiate multimillion dollar worth of improvement suggestions, bug reports or marketing impact for just a little token allocation.
Not forgetting that bounty schemes or bounty competitions have been proven to be one of the most ideal tools and mechanism plots for building a healthy, loyal and engaging community around a service or project.
How to become a thriving bounty hunter or scavenger
There’re various types and categories of bounty campaigns, we have those were you earn crypto’s by simply re-tweeting tweets on twitter, liking a facebook post or re-sharing a facebook post, writing an article, bug bounties, suggestion bounties too and a whole lots other.
Just about anybody that participates in these tasks can be paid a portion of bounty rewards, provided such participant met minimum requirements to earn such bounty reward or token.
However, these platforms always spell out detailed and lucid instructions on how and when a bounty hunter should submit his completed or undertaken bounties or tasks in order to receive his compensation, or reward, for executing the task.
It’s pertinent that a bounty hunter scrupulously selects the kind of bounty campaign he’s investing his efforts and time to. A majority of tokens that’s shared on delusive bounty programs might end up having little or no significant value at all.
There’s no point in earning thousands or millions of tokens, if those tokens aren’t going to worth a dime in the future, or if the bounty platform administrators and stakeholders are less likely to distribute the token to participants.
Before one joins a bounty program, one has to have familiarized himself with the project that’s upholding the bounty campaign, and not only familiarity, but also one needs to analyze the project holding the bounty campaign.
Below, I’ve drafted a well detailed list of watch-outs for bounty schemes that pose as legitimate, when in fact there’re only in your face to rip you off your sweat, I’ll strongly suggest you make use of this approach whenever you’re about participating in a bounty scheme.
Here’re ways to spot delusive and trickish bounty campaigns
Be wary of startups that promote themselves using IG ads or Google ads
Be chary of startups that didn’t invest up to a hundred dollars in the bounty program
Be cautious of bounty organizations you know will probably not pay you your reward