🖲 There is a problem with crypto funding and vitalik just might have a solution
There are free-riders in the cryptocurrency ecosystem. At least, that's the contention of a new paper, shared with CoinDesk on Monday, written by ethereum founder Vitalik Buterin, Microsoft researcher Glen Weyl and Ph.D. of economics at Harvard, Zoë Hitzig.And free-riders pose a problem. Described in the paper, free-riders are people or businesses that profit from the under-provision of public goods. And, on top of that, "the more people [these public goods] benefit the more they will be under-provided." It's an issue that plagues development even outside the cryptocurrency space, but the authors are – at least – initially focused on how the idea creates harmful incentives for the funding of blockchain projects.
🖲 In a First, Japanese City Deploys Online Blockchain Voting System
the government of the Japanese city of Tsukuba has introduced an online voting system, powered by blockchain, to enable residents to vote for social development programs.The first-of-its-kind digital vote in Japan, Tsukuba will use Japan’s “My Number” system – a 12-digit social security identifier afforded to all Japanese residents – to verify voters’ credentials before securing the vote from being falsified or accessed through decentralized blockchain technology, the Japan Times reports.Specifically, the voting system has been put to use for the city’s residents voting for proposals on local social development programs.
🖲 Industrial and Commercial Bank of China To Embrace Blockchain Technology
The Chairman of the Industrial and Commercial Bank of China (ICBC) has said that the bank will focus on blockchain technology development, BiaNews reported September 1.Founded in 1984, the ICBC is reportedly the largest bank in China with over 5,000 corporate and 530 million personal customers. In 2017, the bank focused on the construction of “intelligent banking” and “accelerated deployment in the field of financial technologies.”The ICBC Chairman Yi Huiman reportedly said that the financial institution will focus on innovations in cloud computing, big data, artificial intelligence (AI), blockchain, and Internet of Things (IoT).
