DISRUPTING HUMAN RESOURCES
The 4th Pillar is looking to rethink the way individuals manage their professional history and receive payments. Using blockchain technology, existing barriers to financial security are crushed due to the ability to decentralize one’s savings and send cross-border payments with a nearly zero cost-basis. Along with payments, professional identities can be streamlined and smoothly presented to recruiters.
Recruitment has been an archaic procedure for the last few decades, filled with bottlenecks, bureaucrats, and bedlam. The 4th Pillar plans on replacing CVs, old-school references, and clunky databases with its next-generation all-in-one platform. Work-related documentation can be securely sent and organized, as well as controlled directly by the user.
On the platform, individuals will have the ability to control their data, build their savings, and develop a rich, private identity. Organizations will be able to manage payments, document confidentiality, and reward employee achievements to keep a harmonious workplace. Lastly, recruiters will now have the ability to comb databases, check verified work history against an immutable ledger of activity, and throw out their traditional, clunky documentation processes.
THE FOUR PILLARS OF THE FOUR TOKEN
The FOUR token provided by The 4th Pillar offers a wide variety of utility both directly on the platform and as a payments system. The entire 4th Pillar economy will be powered by the token in conjunction with Bokky’s token teleportation service to substitute normal gas costs for the token itself.
Platform access is granted by the FOUR token, as well as the ability to send any form of value to any party. On the community level, the tokens will be leveraged as positive incentive mechanisms and will provide early adopters value in being the first to use the platform.
In order to increase the accessibility of the token considering that it will be used to pay for subscriptions, 4th Pillar will be selling the tokens in euros directly to companies requesting to use the platform. The rollout of their direct sales exchange will occur in September and will continue to keep the company revenue-positive as they develop their blockchain-based ecosystem.
MILESTONES TO SUPPORT THE FOUNDATION
The 4th Pillar has a development schedule stretching through the next three years, with feature additions including mobile wallets, document distribution modules using IPFS, and a white-collar management algorithm implementation. With a team comprised of multiple professionals from the HR industry, they’re well suited to disrupt this type of business model.
The 4th Pillar’s platform isn’t still in a conceptual phase, but rather has plenty of administered development. The project has secured plenty of early users and strategic partners in order to kickstart adoption and efficiently market to the greater public. The working beta will be released on April 2nd, 2018 for the wider blockchain community to test, coinciding with their public sale.
Targeting a wallet deployment, identity database, and document distribution, the 4th Pillar is not only blockchain-positive but transparent as well with a public repository.
4th Pillar’s token sale is currently in its early contribution phase, and participation information can be found on their website. To read more about the project, check out both their Lightpaper and Whitepaper. Make sure to check out their Twitter and Telegram channel to stay on top of the latest news about the sale, or to chat with the team.
Bitcoin Educator Andreas Antonopoulos Gives a Digital Deep Dive on Blockchain Transactions
One of the ways by which the crypto industry can make significant process is through the education of those who make use of crypto and those who simply observe the industry.
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He recently uploaded a video in which he touched the process of manual construction of transactions that have multiple inputs in response to a question posed by a user about whether the process will be done by a blockchain or not. Antonopoulos explained that the process is done by a wallet and not a blockchain.“You can conduct the process with a variety of wallets that allow you to construct transactions. With multiple inputs. Electrum wallets and other web-based wallets are good examples of platforms that give you the liberty to control transactions. Just to clarify, the process is done by the wallets and not by the blockchain,” Antonopoulos said.
He also pointed out that the construction wallet is based on an algorithm and if more than one payment is needed due to small amounts the wallet will construct the transactions with payments. This process, he explained, is called coin selection and helps in the movement of various transactions.
Also, he touched on the concept of change on the blockchain and pointed out that bitcoin transaction outputs have two states in which the exist which are spent or unspent and that there is no concept of a half-spent transaction.
While this was very helpful for users, some controversy was caused when Antonopoulospointed out that the scalability problem that bitcoin struggles with will always exist and that solving one issue will inevitably bring up more.
“..and you can’t, in the beginning, solves the problem for the end there is no end and also if you prematurely optimize if you try to solve scale problems for a scale that doesn’t yet exist you shift the problem somewhere else in the case of cryptocurrencies,” he said.
The Need for an Education
While Antonopoulos might have caused some controversy, it cannot be denied that his efforts to educate the public on blockchain and crypto are highly needed, especially seeing as many of the problems faced by users can put down to a lack of education about how blockchain works.
An example of this can be seen in security as a research piece that was published recently pointed out that over 700 crypto wallets were broken into by the researchers merely guessing the passphrases which were usually weak and repetitive phrases.
In such a case, education about how wallets, blockchain, and crypto work could go a long way to prevent such issues, ensuring Industries safer for all.
Blockchain Capital Ltd Co-Founder: Release Of New Crypto Assets By Businesses Isn’t “Unreasonable”
Co-Founder Of Blockchain Capital Says That The Release Of New Cryptocurrencies From Businesses Isn’t “Unreasonable”
There is a strong possibility that multinational firms could end up creating their own cryptocurrencies. Gavin Brown, the co-founder, and director at Blockchain Capital Limited commented that this idea isn’t “unreasonable” right now while speaking at the Credit Suisse Global Supertrends Conference, hosted in Singapore. According to reports from CNBC, the director said that it would be possible to create a CNBC coin as the “democratization of money” happens.
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To further explain this concept, Brown brought up prepaid cards for Starbucks. With “over a billion dollars of assets work on their balance sheet” of people that like their morning coffee enough to buy a prepaid card, it is clear that they trust the brand to be around and that they like spending their money with the company. Considering that there are some companies with better credit than others, like McDonalds over the whole government of Ireland, there is a chance that multinational companies could easily get involved to start using crypto as something between an asset and a loyalty credit.
Brown believes that the next “big one” that could happen is most likely to be Facebook coin, even though the company has yet to actually confirm that they’re following this path. However, reports indicate that the social media platform has been working on crypto asset to tie directly with fiat currency, which will be used through their messaging app. So far, both Bloomberg and the New York Times have run this report, and Facebook still has not expanded on the work.
When asked if it would cause too much confusion to have many companies simultaneously offering their own tokens, Brown commented that the mostly likely outcome would be “groups or alliances” developing. He even called the launch of the JPM Coin by JPMorgan Chase a “really intelligent play.” However, the rise of the coin’s popularity will ultimately dictate how strong the asset becomes.
China’s Foreign Exchange Regulator Piloting Blockchain in Trade Finance
The agency that regulates and manages China’s foreign exchange reserves has developed a blockchain system aimed to address inefficiencies in cross-border trade finance.
As reported by local financial news source CNStock, the State Administration of Foreign Exchange (SAFE) worked with the Hangzhou Blockchain Technology Research Institute to build the open blockchain platform, which uses multi-signature technology to keep transaction content private, revealing details only to the firms involved and regulators such as those relating to customs, taxation, industry and commerce.
Traditionally, China’s import and export financing uses a manual, paper-based operation for processing a hugely complex industry and that brings low efficiency, commonplace errors, high operational risk and, thus, elevated cost of financing. Putting the financial data on a distributed network enables information to be shared transparently and in real-time, according to the report.
The forex watchdog’s blockchain platform takes a focus on export receivables – the funds owed to a company by a foreign buyer after delivery – allowing firms to enter data on financing, audits, loans repayments and so on, and manages the entire process. It further automatically verifies customs documents and calculates a final balance for the customs declaration, a factor that prevents double or excessive financing, according to the report.
With initial development now complete, SAFE will now pilot the blockchain platform in three major trading provinces – Jiangsu, Zhejiang and Fujian – and two cities, Shanghai and Chongqing, CNStock indicates.
The pilot will run for six months and is expected to be taken nationwide going forward, with many banks said to be involved in the scheme.