A recent report about a single whale manipulating the bitcoin price in 2017 has gotten a lot of attention, but the research leaves much to be desired.nThe post Was a Lone Whale Really Behind Bitcoins 2017 Bull Run Dont Bet on It appeared first on Bitcoin Magazine.n
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Bitcoin All-Time High Organic, Not Single Whale Manipulation, Says Vaneck Analyst
Researchers behind an earlier study claiming that US Dollar Tether (USDT) was the cause of the 2017 Bitcoin bull market peak now claim that a single large holder drove the price upwards. However, an analyst at VanEck believes this to be nonsense.
Instead, Gabor Gurbacs claims that the rise was caused by “organic bitcoin and crypto demand”. Tether, the company behind USDT has also called the research “foundationally flawed” and that it was likely published to support a “parasitic lawsuit”.
Did Bitcoin Nearly Hit ,000 Organically, or Was it Helped up by a Lone Whale?
According to a report in Bloomberg, University of Texas Professor John Griffin and Amin Shams from Ohio State University have updated their 2018 paper relating to the massive Bitcoin price rise in 2017. The two academics now claim that the manipulation was the work of a single large holder of Bitcoin, popularly known as a “whale”.
Griffin commented:
“Our results suggest instead of thousands of investors moving the price of Bitcoin, it’s just one large one.”
The researchers still claim that USDT was used in the manipulation. They observed that Bitcoin purchases increased on the Bitfinex exchange platform whenever the price fell by certain amounts. They have not speculated as to the identity of the whale they believe to be behind the price manipulation. The paper reads:
“This pattern is only present in periods following printing of Tether, driven by a single large account holder, and not observed by other exchanges.”
They added that such patterns are unlikely to be the result of chance and that one massive trader had “an extremely large price impact on Bitcoin”.
However, Gabor Gurbacs, an analyst at fund management firm VanEck, refutes the study. He alleges that those behind it do not understand the Bitcoin market structure. Instead, he believes that no such manipulation took place and the epic price run that took Bitcoin just short of ,000 was “organic”.
I continue to be disappointed by career academics that fail to understand Bitcoin/crypto market structure basics as well as the fundamentals of cause and effect. The rise of tether is a result of organic bitcoin and crypto demand in periods of hyper growth.https://t.co/fMyhwPC5oa
— Gabor Gurbacs (@gaborgurbacs) November 4, 2019
Similarly, General Counsel at Tether, Stuart Hoegner, says that the study has no merit. He claims that the updated study still lacks “academic rigor”. Agreeing with Gurbacs, he told the publication that the large increase in Bitcoin prices were the result of growing interest in Bitcoin, which in turn drove demand for USDT. He also added:
“This is a transparent attempt to use the semblance of academia for a mercenary money grab.”
Tether and Bitfinex have been no stranger to such controversy over the years. In an ongoing case, New York Attorney General Letitia James alleges that the companies’ executives attempted to cover up 0 million of missing funds. However, Bitfinex say that the case is full of errors. Hoegner believes that the latest study has been produced to support the case against the firms.
Related Reading: Bitcoin Signal That Preceded 42% Price Jump to ,500 Flashes Again
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Peter Schiff Back Bashing Bitcoin Hodlers With More Whale Song
Sometimes you get the feeling that certain industry pundits would rejoice if Bitcoin and crypto markets crashed and everyone got wiped out. New ideas and technology frightens a lot of people, especially the old school types that have made their money in other investments.
Bitcoin Holding Steady
We are now into the fifth day since the epic market surge that briefly took BTC back to five figures again. A little has been added since yesterday but Bitcoin is still consolidating around the ,300 level. Aside from a brief dip below ,100 yesterday there has been no attempt to break out of this channel.
Spending some time on crypto twitter you get the impression that some would actually revel in a massive collapse of digital assets. Peter Schiff is one of those characters that appear to post just to get a reaction, and he usually does. He almost changed stance on crypto last week but is back on the attack again.
His latest comments are still suggesting that the entire Bitcoin market is being manipulating by whales that are feeding off the ambitions of the hodlers.
“Bitcoin hodlers won’t sell as they believe they’ll get rich when #Bitcoin moons. Bitcoin whales get rich by selling now to realize their paper gains before a market crash wipes them out. The whales must make sure the hodlers don’t lose faith and cash out so that they can cash in!”
Bitcoin hodlers won't sell as they believe they'll get rich when #Bitcoin moons. Bitcoin whales get rich by selling now to realize their paper gains before a market crash wipes them out. The whales must make sure the hodlers don't lose faith and cash out so that they can cash in!
— Peter Schiff (@PeterSchiff) October 29, 2019
This makes sense partially in that there has been a bit of pumping and dumping by day traders but this usually occurs during periods of consolidation. There is also the notion that this can apply to any market such as stocks or gold. Anyone with enough of the asset can cause wider market movements through manipulative tactics.
Hodler to Whale
What Schiff fails to realize is that Bitcoin has ‘mooned’ a couple of times in recent years so those hodlers would have got rich if they sold at the right time. Additionally hodlers usually have more faith in the technology than day traders who are just looking for a quick buck.
This belief in Bitcoin will prompt them to buy back at lower levels which is known as accumulation. If this is repeated over time through a number of market cycles the hodlers will soon become whales themselves.
Crypto analyst ‘Rhythm Trader’ pointed out that there is another ethos to holding Bitcoin and that is freedom from the current financial system which, and Schiff agrees, is totally flawed.
“Bitcoiners don’t see it as a get rich quick scheme Peter, we see it as a get free quick scheme. It’s one of the only tools to escape this Orwellian future.”
Not sure how that fits in with the goldbug’s latest rhetoric but he has been singing the same tune since BTC was in double digits.
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Coinbase Pros Fees Surge 233 for Lower-Volume Users, Whale Fees Drop
n Coinbase Pro wants to enact 233 maker fee for trades of ,000 and below while giving discounts to high-volume usersn
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Ethereum Posts 4% Gain, But Lack Of “Whale Accumulation” Could Spell Trouble
After facing a significant amount of selling pressure over the past several days, Ethereum (ETH) has been able to post a decent bounce from its recent lows and appears to have established a notable support level around the 0 region.
Despite being able to climb from its recent lows, it is important to note that Ethereum is still down significantly from its recent highs, and one piece of on-chain data may spell significant trouble for its long-term price action.
Ethereum Posts 4% Gains as 0 Support Level Holds Strong
At the time of writing, Ethereum is trading up over 4% at its current price of nearly 8, which marks a decent surge from its weekly lows of 7 that were set as Bitcoin capitulated within the upper-,000 region.
Ethereum’s ability to surge from its dip below 0 signals that this price region is a key near-term support level, and it is highly probable that this will be its near-term target if the aggregated markets continue their descent lower.
ETH is also currently showing strength against Bitcoin, as it is currently trading up over 3% against its BTC trading pair.
The crypto still has a long way to go before it climbs back up towards its multi-month highs of over 0 that were set earlier this month.
It is highly probable that Ethereum’s near-term price action will be largely guided by that of Bitcoin, as most major altcoins closely track Bitcoin’s price action during tumultuous times.
Whales May Not Be Accumulating ETH
One critical piece of on-chain data that investors should consider is the fact that whales are not currently purchasing as much Ethereum as they are Bitcoin, which may cause problems for the sustainability of any upwards surge that ETH experiences in the future.
Intotheblock, a crypto analytics group, spoke about this data in a recent tweet, saying:
“Can you tell the difference between our last tweet and this one? #ETH has fallen 25% on the last 7 days Vs the 21% drop of #BTC. Why? –> Whales are NOT accumulating #ETH as they are with #bitcoin,” they explained.
Can you tell the difference between our last tweet and this one?#ETH has fallen 25% on the last 7 days Vs the 21% drop of #BTC
Why? –> Whales are NOT accumulating #ETH as they are with #bitcoin
Join us at https://t.co/RPXjIXG5Vh and do the same analysis!#realanalytics pic.twitter.com/26b4lv3VcV
— intotheblock (@intotheblock) September 27, 2019
While considering this data, it is imperative to note that Ethereum may not fare well compared to Bitcoin if the markets continue to drop, as the lack of massive buyers holding ETH may make its price more prone to major volatility.
Featured image from Shutterstock.
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Ripple Whale: It Only Takes $20,000 To Become a XRP One-Percenter
How cryptocurrencies like Bitcoin or XRP are distributed can impact a specific asset’s success, both in terms of trust in the asset, but also how scarcity might affect an asset’s long-term value.
And while XRP is often the target of much distaste surrounding the way the asset was distributed, becoming a Ripple whale and joining the top 1% of all XRP holders doesn’t take a lot of initial capital.
It Costs ,000 To Become a XRP Whale
Because cryptocurrencies like Bitcoin and XRP are new, emerging technologies that are also financial assets, analysts look at a number of different data points to attempt to determine a fair market value. One such metric that’s often looked at, is the distribution of each asset across wallets, including the percentage breakdown of how many wallets are holding different levels of assets.
Related Reading | Crypto Analyst Says XRP Fireworks Are Coming After Bounce From 2014 Support
One crypto analyst has shared a chart that reveals the average assets held across the top 10% of XRP holders. The data shows that to become a “one-percenter” in XRP – a term coined to show high wealth inequality against the other 99% of the population – one only needs to hold roughly ,000 in Ripple at today’s prices of 26 cents per XRP token.
A simple breakdown of what it takes to be in the top 10% of $XRP holders. Came across this and thought it was pretty interesting. If you are holding more than 70,000 XRP you are in the top 1% of holders. pic.twitter.com/kt6fEdvcBj
— Credible Crypto (@CredibleCrypto) September 15, 2019
The table shows that the top 1% of Ripple accounts hold roughly 69,000 XRP on average. To become a one-percenter in Bitcoin, one would need to hold an account containing 10 BTC or more – or the equivalent of more than 0,000.
To be in the top 0.1% of account holders, one would need to hold over 188,000 XRP, and to earn the highest spot at 0.01% of account holders, it would be over a cool .25 million USD for under 16.5M tokens.
Holders Divided Due to Ripple Escrow Selling During Downtrend
The distribution of XRP has been a controversial issue as of late. Much of the XRP supply is held in escrow by Ripple Labs, the company tasked with pushing adoption of the crypto asset. The assets held in escrow are unlocked, then sold on the market to fund important Ripple operations.
Related Reading | Will Upcoming Ripple Conference Cause XRP Price to Swell?
However, the regular selling of XRP assets during a downtrend has caused Ripple and CEO Brad Garlinghouse to come under fire by upset holders. Many Ripple holders, despite being “whales” due to holding such a large supply, could be down by as much as 90% if they bought anywhere near the peak of the crypto hype bubble in late 2017, and early 2018.
2/ XRP sales are about helping expand XRP's utility – building RippleNet & supporting other biz building w/XRP ie Dharma & Forte. Reality is we DECREASED our sales by volume Q/Q and since then the inflation rate of XRP circulating supply has been lower than that of BTC and ETH.
— Brad Garlinghouse (@bgarlinghouse) August 27, 2019
It’s among the worst-performing altcoins in the top ten crypto assets by market cap, even despite Brad Garlinghouse defending the company saying that Ripple has “decreased” sales by volume quarter over quarter. The continued selling has even prompted a subset of XRP holders to consider forking the asset.
The post Ripple Whale: It Only Takes ,000 To Become a XRP One-Percenter appeared first on NewsBTC.
Crypto Firm Severs McAfee Ties Apparently Regarding “Whale F**king” Comments
John McAfee will apparently no longer be working with crypto project SkyCoin in an advisory capacity. Although McAfee has not publicly stated the reasoning behind the dismissal, the lead developer of the SkyCoin project and a blog associated with the SkyCoin community allege that the the termination was brought about by the software developer’s recent comments regarding so-called animal abuse in New Zealand.
According to the SkyCoin dev and the blog post, McAfee has been let go over a series of comments he made about having sexual intercourse with, of all things, a humpback whale. McAfee stated last December that he was denied the opportunity to take part in a whale copulating ceremony and thus sought one out to perform the deed by himself.
SkyCoin Casts McAfee Back to the Ocean
Yesterday, crypto uber-bull and software developer John McAfee took to Twitter to reveal that he would no longer be providing advisory services to the decentralised web project SkyCoin. The software developer and controversial cryptocurrency figure did not give exact reasoning for his sudden departure, instead stating that those who wanted more information could contact him via Twitter direct message:
I am no longer working with or promoting Skycoin. DM me if you want to know the reasons.
— John McAfee (@officialmcafee) March 20, 2019
Many were on hand in the comments to remind McAfee of the SkyCoin tattoo he had previously had done. To one such respondent, McAfee alluded to some potential foul play behind closed doors at SkyCoin:
“I’ll keep it [the tattoo] as a reminder that no matter how old I get, I still get scammed by unscrupulous people with pie in the sky plans. They almost drove me to violence.”
McAfee’s announcement yesterday was suitably vague with many, presumably mostly SkyCoin bag holders, questioning the sudden departure from the decentralised web project. Fortunately, representatives from SkyCoin have helped to fill in some of the gaps within the story.
The first resource detailing the reasoning for McAfee’s supposed termination as adviser comes from the SkyCoin community (known as the Sky Fleet) blog. The post details that McAfee had to be removed from his position as SkyCoin adviser following comments he made via Twitter in December 2018.
In the post, the author, Lawrence Qholloi, states that the lead developer of the SkyCoin project goes by the name “Synth”. Synth, presumably along with other SkyCoin developers, supports the version of events detailed in the blog:
We had to sever our relationship with McAfee after his irresponsible tweets about whaling fucking.
— Synth (@NotSkycoinCEO) March 21, 2019
In the comments section of the Tweet, Synth supported this initial statement and that of the Sky Fleet blog post:
“Our corporate partners do not want SkyCoin associated with animal abuse.”
“His [McAfee’s] drug fueled [sic] demanding demeanour [is] not meant for business”.
Tried ro join a secret Maori Whale Fucking club but the discrimination against elderly, bearded, Tagalog speaking white men, which runs rampant in New Zealand, caused them to mistake me for a well known tech personality, and i was soundly thrashed. Tried on my own and failed.
— John McAfee (@officialmcafee) December 31, 2018
There was considerable backlash from many following this comment. Given the wording of the Tweet, it does seem like McAfee made his whale comments in jest. However, based on how eccentric McAfee can be, the truth is anyone’s guess. The software developer did go on to offer the following as a rebuttal to those who had called him out for making comments referencing cruelty to animals:
Enough of the "Whale Fucking is non-consensual" bullshit. A Humpback Whale weighs 70,000 pounds, is fifty feet long, can dive more than a quarter mile and can crush ships with a single swipe of its tail. If a human manages to fuck one, you damn well better believe it's consensual
— John McAfee (@officialmcafee) December 31, 2018
From McAfee’s vague statement on the matter, we may infer that he left because he was led to believe the team was more competent than they in fact were. Meanwhile, from SkyCoin team, it seems that the case is more about distancing themselves from a potentially divisive character in the crypto community. The real truth behind the dismissal is anyone’s guess.
However, one Twitter user did offer a third interpretation of events, which referenced some of the “paid shilling” McAfee has done for various crypto projects in recent years:
Is it because everything you promote turns to shit?
—
Shillex
(@shill_ex) March 20, 2019
Related Reading: Bitcoin Price (BTC) Undervalued By Nearly K According to Infamous Dickline
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Fake FUD Blamed For Market Slump, One Bitcoin Whale Proves Otherwise
Last week, after a slow grind up to its most recent peak of roughly ,400, Bitcoin’s price plummeted over 20% in less than 48 hours. All signs had pointed to a slow, steady recovery for the cryptocurrency market, leaving investors shocked as recent gains evaporated before their eyes. This prompted the cryptocurrency community to do what they do best: speculate. Speculation ran wild, and internet sleuths discovered a wallet transaction trail leading back to a mysterious bitcoin whale that dumped a large sum of bitcoins on the market.
Reddit Goes Bitcoin Whale Watching
After much debate on Reddit and other social media platforms, users turned detectives discovered a cryptocurrency wallet dating back as far as 2011 was on the move. The Bitcoin whale’s original wallet at one point had 111,114 Bitcoins, but was distributed to a number of smaller sub-wallets over time. Reddit user u/sick_silk found that “at least 15,593 BTC,” worth over 0 million at the time of the selloff, was sent to wallets at Bitfinex and Binance – two of the world’s largest cryptocurrency exchanges by trading volume.
The coins were transferred between August 24 and September 2, just days prior to the massive sell-off on September 5 when Bitcoin’s price neared the current bear market downtrend line, plummeting over 20% in two days.
Bitcoin Blast From the Past: Mt. Gox or Silk Road?
Given the timing of the wallet original funding date of June 21, 2011, speculation led to the cryptocurrency community pointing fingers at two potential sources: defunct and hacked cryptocurrency exchange Mt. Gox, or a wallet potentially tied to convicted Silk Road head Ross Ulbricht.
Speculation suggests that the wallet could have been Mt. Gox trustees selling Bitcoins to pay back creditors. Mt. Gox trustee Nobuaki Kobayashi has reportedly been responsible for previous Bitcoin price declines at key peaks throughout the 2018 crypto bear market.
Another potential source could have been related to dark web drug den Silk Road. A BitcoinTalk forum post dating back to October 2013 noted on what was presumed to be a Silk Road related wallet that had around 111,114 BTC in it “with nothing spent.”
However, it could just has easily been an early Bitcoin adopter frustrated with declining prices who finally decided to sell their holdings. Thanks to Bitcoin’s pseudo-anonymous design, the owner of the wallet may never been known.
Crypto Investor Over-Reaction to Media-Driven FUD
Per usual, shocked cryptocurrency speculators sought out news that they believed could coincide with, or may have been responsible for large price movements. In this case, that speculation was further fueled by mainstream media outlets reporting that the sell-off was due to the market’s reaction to Goldman Sachs reportedly delaying their cryptocurrency trading desk for the foreseeable future.
Neither the correlation or even the news itself turned out to be true. Goldman Sachs CFO Marty Chavez told TechCrunch while speaking at the recent Disrupt San Francisco Conference that the Goldman Sachs report was “fake news.” Later, the evidence of the Bitcoin whale was discovered, throwing a wrench in the theory that the sell-off was related to the Goldman Sachs non-event.
Charts further disprove the theory, showing that the Goldman Sachs false sell-off had occurred mid-way through this Bitcoin whale’s coin dump. This serves as a shining example of how cryptocurrency bear market has seemingly weakened the previously strong hands of cryptocurrency “hodlers,” who are too often overreacting to FUD-focused news from mainstream media.
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‘Whale’ Moves 48,000 Bitcoin for 4 Cents in Fees As Scaling Solutions Develop
The development of scaling solutions, along with a decrease in Bitcoin transaction throughput, has allowed for Bitcoin fees to drop under a dollar. A Bitcoin ‘whale’ utilized these dropping fees, moving 48,000 Bitcoin for just four cents.
0 Million Transaction for Four Cents, Where Else Can You Do That?
Bitcoin fees were the talk of the town in December 2017, as Bitcoin fees briefly reached when the network confirmed nearly 400,000 transactions each day. Since then confirmed transactions have halved, dropping to an average of 200,000 transactions on a daily basis.
![](https://s3.amazonaws.com/main-newsbtc-images/2018/06/28173258/mempool-transaction-count.jpeg)
Chart Courtesy of Blockchain.com
This decrease in transactions has allowed for Bitcoin’s mempool to clear, as the network became clogged with transactions in the latter half of 2017. According to info aggregated by popular cryptocurrency infrastructure firm, Blockchain, the number of transactions waiting for confirmation has dropped by over 95%, from an average of 100,000 to 5,000.
It was widely speculated that Bitcoin’s critics, hell-bent on ruining Bitcoin’s credibility and reliability, purposely inflated Bitcoin transaction fees. These critics reportedly filled up Bitcoin blocks with ‘spam’ transactions, using the Bitcoin network for no real purpose.
However, others observed that the exponential increase in transaction fees was also due to the growth in the interest of Bitcoin, with retail consumers looking to transact value using the ‘flavor of the month.’
A whale, unidentified at the time of writing, has proved this point, paying four cents of fees for the transaction of over 0 million worth of Bitcoin. The transaction occurred late last night, with the Bitcoin user moving 48,500 Bitcoin for mere pennies, a far cry from the fees of late 2017. The ‘Whale’ paid 0.00000675 Bitcoin in fees, offering a rate of 3 satoshis per byte of transactional data.
It came as a surprise to some that a user with such a large amount of cryptocurrency holdings would pay fees well-below the rate suggested by Blockchain, at around 5 satoshis per byte.
A Twitter user, with the handle, @martybent, said:
“Can you imagine trying to move 0M for .04 using the traditional banking system? No, no you can’t.”
However, users have sought for more, looking for ways to decrease transaction fees to the bare minimum, while increasing Bitcoin transaction throughput limits. This search has signaled the development of Bitcoin scaling solutions, pertinent to the future success of this world-changing network.
Scaling Solutions: Segwit and the Lightning Network
For the uninitiated, Segwit is an improvement on the Bitcoin network that changes the transaction format of BTC transactions. Segwit allows for transaction sizes to be reduced drastically, helping to reduce fees, along with allowing for an increased amount of transactions to be stored within one block.
This protocol, activated in August 2017, has already caught on with the network, as over 36% of all transactions now run on Segwit addresses.
The implementation of the Segwit protocol was vital in making sure that the Lightning Network, another popular scaling solution, could function. The Lightning Network is an off-chain scaling solution that promotes the use of Bitcoin for micro-payments. This specific scaling solution utilizes balance sheets, payment channels, and multi-sig addresses to ensure that all parties get the money they deserve. By using this system, thousands of transactions could be made per second for minimal fees, the holy grail for any cryptocurrency network.
Blockstream, leading cryptocurrency infrastructure and development company, recently announced that Lightning Network adoption has grown at a staggering rate, saying:
“Around the announcement of the Blockstream Store, the Lightning Network had a total of 46 open channels and 0.682 BTC in capacity. Today, there are roughly 7,800 open channels with 26 BTC of capacity. That is a 16,856% increase in channels and a 4,084% increase in channel capacity in 6 months!”
Hopefully, the adoption of scaling solutions can continue, as Bitcoin begins to seep into traditional financial systems, finding a place in daily commerce.
Featured image from Shutterstock.
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From Freelancers to Decentralized Empires: Blue Whale, the First ICON ICO
Rewards, Transparency, and Value: blockchain’s answer to freelancing
The state of the gig economy is in a precarious situation – facilitated by the leveling of the marketplace, in part. If you look at any of the current leading service providers for freelancers and their employers, you might notice that after a while: both sides present some recurring complaints.
Key issues include extortionate service fees (often applied to both participating sides of a freelance contract), slow processing times, and a lack of customer support. Unfortunately, it’s now been a while since a new contender has had a significant disruptive impact on the market.
That was, until a unique solution based on decentralized blockchain technology decided to enter the arena…
To Decentralize & Disrupt an Industry
‘Blue Whale Platform’ is the next evolutionary step in the long-term vision of a company named Verlocal, who are specialists in the creation and distribution of various SaaS solutions. These include a tried and tested, pre-existing freelance marketplace and economy infrastructure.
Essentially, it is a decentralized take on the freelancing platforms and web services that you may be already familiar with. Verlocal hopes to prove to the world that blockchain / distributed ledger technology can improve upon the (centralized) gig economy just as significantly as it has fiat currencies.
Both the Blue Whale Foundation and Verlocal are headed by Will Lee, a crypto entrepreneur possessing a strong vision, along with a portfolio of qualifications and professional experience. What’s different about Lee and his team’s approach to the freelancing sector, is that they offer unrivaled standards of partnership, support, and facilities to their clients.
Furthermore, the organization has been incrementally growing their talent, having recently added the co-founder of OKCoin to their team (Professor Arturo Bris) as an advisor.
Hail to the Whale: The Benefits of Blockchain Freelancing
The original use case for blockchain technology was Bitcoin, and subsequently cryptocurrencies.
Features offered by this phenomenon include anonymization and encryption of user data, whilst allowing these users to privately access information pertaining to them through use of a private/public key system. In terms of finance, the high commission fees and slow payment processing times are to be negated using a proprietary cryptocurrency token (BWX).
According to the white paper, BWX will be used for all financial transactions which take place on their platform. This isn’t just between client and freelancer, but also for their revolutionary advertising and referral schemes. By introducing new methods of revenue generation, Blue Whale aims to significantly reduce costs associated with traditional online freelancing platforms.
CAM DAN ReBa: Big Fish, or a Blowhole?
Blue Whale themselves have actually published what they consider to be the ‘three pillars’ of their platform’s underlying proposition. These are all considered to be both decentralised applications (‘dApps’) and APIs, which means that they can be adapted and implemented by third parties.
These are referred to by the team themselves as the Blue Whale ‘WORK’ (Worker Optimized Reward Keeper) – which comprises a set of tools and functions divided into three distinct categories…
Contribution Activity Manager (CAM)
- The system which supports the tracking and distribution of rewards to users. These incentives are rewarded for the completion of a range of tasks, including successful introduction of new clients or freelancers to the platform. Other bounties include successful driving of traffic to various service providers as an influencer and established recommender; as well as community-driven conflict resolution & reputation verification.
Decentralized Associated Network (DAN)
- This is the name which Blue Whale uses to refer to its community of freelancers and clients; denoting the advanced level of interconnectivity afforded by their platform. One of the main draws for both parties is the competitive cost and value propositions. The benefits of their decentralized relational databases are linked to the implementation of cutting-edge machine learning activity; resulting in a truly bespoke yet-secure service. Additional unique selling points of this network include the provision of a comprehensive suite of valuable business development tools – giving freelancers unparalleled support for scaling and streamlining their operations.
Reward Bank (ReBa)
- A decentralized entity, accountable for the automated processing of payments, both receipt, and distribution, for the Blue Whale eXchange (BWX) coin. The activities and decisions implemented by the Reward Bank are informed by the algorithmic and machine learning systems contained within the DAN. Additionally, all transactions are transparent & trackable on the ICON decentralized blockchain – with agreements enforced via smart contracts.
The Blue Whale ICO is slated for a May 2018 launch. If their pre-launch funding round is anything to go by (25 million Singapore Dollars raised): then the hard cap is going to be reached extremely quickly for the public launch in May
Check out their website, social media (Facebook / Twitter), whitepaper and Telegram group if you are interested in learning more.
Keep an eye out in the following weeks for big news regarding forthcoming partnerships with traditional / ‘centralized’ businesses.
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