The Ghanaian central bank recently collaborated with the Monetary Authority of Singapore (MAS) to demonstrate the use of digital credentials in international trade. The second phase of Project DESFT culminated in the execution of cross-border trade between the West African nation and Singapore in April 2024. Ghana’s CBDC to Streamline Cross-Border Trade The Bank of […]
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What it Means to “Own” Your Online Credentials
Googling “What are online credentials?” is quite like taking a shot in the dark. Results may differ across the likes of “banking credentials”, or “one’s online username and password”. Although these versions are also correct, they only cover the very basics of online credentials. In a more expansive and elaborative sense, online credentials pertain to a user’s online behavioural patterns, looking at how they use an app, analysing different aspects such as how many hours they spend on certain features, which aspects of the app they use most, and so much more.
What Are Online Credentials Used For?
Online credentials can be used for a number of purposes, including targeted advertising, or the improvement of web app user experiences. The different data collected for these purposes include personal demographics (age, location, gender, etc) as well as behavioural patterns (locations visited, interaction with different pages, etc). With such a massive range of data being collected from individuals – corporations have access to a pool (or more so an ocean) of data, for the benefit of their business.
Who Owns Credentials and How is it Stored?
One would automatically assume that their own personal information that they add onto the likes of Instagram would be their own intellectual property. In fact – this cannot be further from the truth. As soon as a user signs up to a Web2 social media platform, the information that they have uploaded is now owned by the corporation in question. Unfortunately, through agreeing to the terms and conditions of these Web2 apps (which are more than often not read through by the users due to the thousands of pages), the user grants access to the corporation and is then left with little to no wiggle room when it comes to deciding who can or cannot use their online credentials, and how it is used.
Through this ownership, Meta is able to make billions through the use of personal data, making an estimated profit of 7.92 Billion in 2021, with an approximate 43% of this total revenue coming from North America (albeit only 10% of Meta users bring based in North America.) The benefit or rewards that users reap from sharing their personal data, helping Meta make billions? None. The simple gesture of being able to use an app such as Facebook, Instagram, or Whatsapp is what users get in return for their data.
Apart from the non-existent benefits for Web2 users when it comes to online credentials, the lack of privacy is yet another issue. With millions of users’ private data being stored on one centralised system, there is an extremely high risk of data breaches. This proved to be true when 530 million Meta (Facebook) users were victims of one of the largest Web2 data breaches, where not only was their private data used by Cambridge Analytica without their consent – but it was also later leaked on another forum.
Enter the World of Decentralization
Considered to be the next version of the internet, Web3 is mainly characterised by its decentralised model, which is built on blockchain technology. This decentralised version of the web means that instead of companies such as Meta and Google mediating and controlling data on the web, users of Web3 are the ones who own and govern their own data online, made possible through the use of blockchain, cryptocurrencies, and NFTs. In Web3, ownership covers the ownership of information, meaning that in future Web3 social media apps, content posted by users would each have a smart contract attached to it – granting true ownership to the content creator in question.
What does it mean that users actually “own” a part of the web? In Web3, digital identities make use of self-sovereign identities (SSL), which move identity credential management from a centralised silo system (as seen in Web2) to a peer-to-peer model, using the likes of public-key cryptography, decentralised identifiers and blockchain. In turn, this model gives users the power to decide how their information is distributed by websites, services and applications across the web, as the point of connection has been shifted to the individual user, as opposed to the corporations.
The Rewards are Endless
Shifting the ownership of online credentials to individual users is not the only benefit that Web3 offers. GALXE, the largest Web3 credential data network in the world, offers Web3 users benefits that go way beyond shifting the ownership of their online credentials from corporations to the individuals. Through GALXE’s multiple Application Modules which include Credential Oracle Engine and Credential API, data curators now have the opportunity to be rewarded and monetise their credentials, thanks to the open and collaborative infrastructure provided by the data network. The ecosystem of GALXE can be easily accessed by all Web3 developers and projects, allowing them to leverage credential data – ultimately helping them to build better products and communities for their users.
Are You Ready to Take Your Power Back?
Looking at the differences between Web2 and Web3 in terms of data ownership – it is clear that Web2 favours giant corporations, leaving individuals powerless in terms of how their data is used. The emergence of Web3 is shifting the notion of how online credentials are used and is truly giving individuals their well-deserved power back. With the help of networks such as GALXE, both Web3 developers and individual users are given an opportunity to benefit and thrive in this new age of the web. Are you ready to take your power back with Web3 online credentials?
Cardano (ADA) Takes A Tumble After Hoskinson Is Accused Of Falsifying Credentials
Cardano (ADA) is one of the most popular digital assets in the crypto market. The network which has been the subject of never-ending upgrades has made its mark as a force to be reckoned with, both development-wise and price-wise. However, it has been on a downtrend since it hit its all-time high of last year and has not made any meaningful recovery since then.
This has recently been further made worse by accusations about the network’s founder, Charles Hoskinson. Hoskinson who founded Cardano in 2017 has come under fire for some information that was published in journalist Laura Shin’s new book.
Hoskinson Falsifying Information?
In her new book The Cryptopians, Laura Shin opens a window into the world of key players in the space. One of those who made the lineup was Cardano founder Charles Hoskinson. According to Shin, Hoskinson had made some untrue claims with regards to his schooling and education. Shin said that the founder had previously told her that he had dropped out of a Ph.D. program which she had confirmed to be false.
Related Reading | Risk Aversion Pulls Crypto Market Down, Bitcoin Still Below K
Shin made the accusations in response to a comment Hoskinson had made on Twitter calling her book a “great work of fiction.” The crypto journalist had subsequently fired back at Hoskinson asking him to address the discrepancies between his claims about his schooling and the statements from the schools stating that Hoskinson was never enrolled in their Ph.D. program and one of the schools didn’t even offer a math Ph.D. program.
Hi Charles, speaking of fiction, do you want to address the discrepancies between your claims of dropping out of a PhD program and the schools' assertions that you were enrolled as an undergrad? pic.twitter.com/gBULGEa6KK
— Laura Shin (@laurashin) March 6, 2022
Other Twitter users had replied to Shin saying that Hoskinson never said he had been in a Ph.D. program. To which the crypto journalist had countered with an audio recording of Hoskinson saying that he was a grad student. “I was trying to get a Ph.D., and I ended up dropping out and never finished,” Hoskinson is heard saying on the recording.
Cardano (ADA) Takes A Hit
Hoskinson is yet to respond to the accusations levied by Shin regarding his claims that he had dropped out of a Ph.D. program. Nonetheless, the digital asset has reacted to this controversy.
On March 6, when Shin had posted the accusations, there had not been much movement in the price of the digital asset, although it had continued its downward plunge. However, once the exchange began to gain more attention, the effects were being felt on the charts.
ADA falls to .8 | Source: ADAUSD on TradingView.com
On Monday, March 7th, ADA had taken a pretty significant nosedive that put it below ..8 for the first time in over a year. A small recovery had since it break back above .8 but the cryptocurrency has not had much luck continuing on that recovery as it is now back down to the low .8.
Related Reading | TA: Bitcoin Faces Uphill Task, Why BTC Bears Are Still In Control
Laura Shin’s book opened a conversation about a lot of leaders in the crypto space and their conduct over the years. But besides calling the book a work of fiction, Charles Hoskinson has not said much about the book or the parts that involve him.
Featured image from Cointribune, chart from TradingView.com
NewsBTC
BBC Says Tesla’s Bitcoin Buy Weakens Its Green Credentials
Tesla announced on Monday it had purchased .5bn worth of Bitcoin, which boosted the entire cryptocurrency sector. However, some criticized the move due to the added financial risk this imposed on the automaker.
Today the BBC joined in with the criticism by saying this undermines Tesla’s environmental credentials.
“Critics say electric-car firm Tesla’s decision to invest heavily in Bitcoin undermines its environmental image.”
The BBC article pulls data from research conducted by The Cambridge Centre for Alternative Finance. Their work estimates that, over a year, Bitcoin mining consumes more electricity than Argentina.
“Cambridge researchers say it consumes around 121.36 terawatt-hours (TWh) a year – and is unlikely to fall unless the value of the currency slumps.”
Tesla Comes Under Fire From The BBC
Unfortunately, as is often the case with mainstream media reporting on cryptocurrency, there are some slight misconceptions in the article. This detracts from the underlying message of the piece.
One example relates to the block writing process, which the author likens to a lottery in which miners occasionally receive small amounts of Bitcoin. However, a more fitting analogy describes Bitcoin as a race in which the winner always receives 6.25 BTC.
“As a reward, miners occasionally receive small amounts of Bitcoin in what is often likened to a lottery.
What’s more, the article quotes blockchain author David Gerard, who makes several disparaging points about the leading cryptocurrency, including its wastefulness. He also criticizes Musk by saying he used .5bn of taxpayer money to buy Bitcoin. Adding that BTC miners primarily use coal to power their mining rigs.
“Elon Musk has thrown away a lot of Tesla’s good work promoting energy transition. This is very bad… I don’t know how he can walk this back effectively.
Tesla got .5bn in environmental subsidies in 2020, funded by the taxpayer. It turned around and spent .5bn on Bitcoin, which is mostly mined with electricity from coal. Their subsidy needs to be examined.
Research shows that since 2007, Tesla received .4bn in state subsidies and federal grants. But nothing since 2015. The firm also took on a 5.5mn Advanced Technology Vehicles Manufacturing (ATVM) loan in 2010, which was paid back in full with interest before the stipulated term.
For comparison, Ford has received .49bn in state subsidies and federal grants. They also borrowed .9bn under the ATVM program and have yet to pay it back.
The Truth About Bitcoin’s Reliance on Coal
The Bitcoin Energy Consumption Index (BECI) gives a different take on Bitcoin’s energy profile. It claims that 70% of Bitcoin miners are located in China, with most miners found in the Sichuan province.
Of the 104 major power stations listed in the province, 9 are coal, 1 is gas, 1 is pumped storage, 1 is wind-powered, and 92 are hydroelectric.
As far as being wasteful is concerned, Dan Held, the Director of Business Development at Kraken, said:
“Bitcoin is a super commodity, minted from energy, the fundamental commodity of the universe. PoW transmutes electricity into digital gold. The fact that PoW is “costly” is a feature, not a bug.“
Misunderstandings over Bitcoin’s energy profile provides critics with avenues of attack. However, in reality, it’s greener than most people think.
Pilot Project Verifies Academic Credentials on the Bitcoin Blockchain
The UCL Centre for Blockchain Technologies at University College London UCL CBT is launching a new pilot project for blockchain-based verification of academic credentials. MSc Financial Risk Management graduates are now able to display a verified qualification on their CV through a QR codebased on the Bitcoin blockchain, which instantly provides tamper-proof, verifiable information.The pilot will show that blockchain technology can be used outside of the financial sector, said Professor Tomas
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Australian University Tests Blockchain in Bid to Back Up Academic Credentials
The University of Melbourne is testing a new system for storing academic credential information on a blockchain.
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