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      "body": "Congratulations @kvakes! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@kvakes/birthday2.png</td><td>Happy Birthday! - You are on the Steem blockchain for 2 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@kvakes) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=kvakes)_</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemitboard/@steemitboard/the-steem-community-has-lost-an-epic-member-farewell-woflhart\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmQWnM36SWCPGn98nY83M1ArgweMz5fnovQEp2E4FiDdug/Wolfhart_header.png\"></a></td><td><a href=\"https://steemit.com/steemitboard/@steemitboard/the-steem-community-has-lost-an-epic-member-farewell-woflhart\">The Steem community has lost an epic member! Farewell @woflhart!</a></td></tr><tr><td><a href=\"https://steemit.com/steemtoolbar/@steemitboard/steemtoolbar-update-display-bug-fixed\"><img src=\"https://steemitimages.com/64x128/http://i.cubeupload.com/7CiQEO.png\"></a></td><td><a href=\"https://steemit.com/steemtoolbar/@steemitboard/steemtoolbar-update-display-bug-fixed\">SteemitBoard - Witness Update</a></td></tr><tr><td><a href=\"https://steemit.com/steem/@steemitboard/do-not-miss-the-coming-rocky-mountain-steem-meetup-and-get-a-new-community-badge\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmUphCGZFWgt6bJ1XTtunV7esnwy6bxnGqcLcHAV3NEqnQ/meetup-rocky-mountain.png\"></a></td><td><a href=\"https://steemit.com/steem/@steemitboard/do-not-miss-the-coming-rocky-mountain-steem-meetup-and-get-a-new-community-badge\">Do not miss the coming Rocky Mountain Steem Meetup and get a new community badge!</a></td></tr></table>\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "author": "hodorhodor",
      "body": "Thanks for your work  @kvakes   Followed...",
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      "author": "dustinthornton",
      "body": "Awesome. Thanks!",
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      "author": "kvakes",
      "body": "Following on the <a href=\"https://www.coindesk.com/blockchain-end-travel-industry-pain-points/\">brilliant article from Trond Vidar Bjorøy</a>, I’d like to elaborate on the points Trond outlined in his article. Trond, thank you for your clarifications and comments on this text!\n\n# Overbooking\n\n> Blockchain’s ability to prevent double spending could, in theory, remove the problem of double bookings in the industry, which would hopefully (for both passengers and airlines) eliminate instances like this from happening.\n\nOne of the companies that I founded a while ago was Walksource. It aimed to solve the problem of overbooking at hotels and I know for sure that hotels and other travel companies will never stop that practice because it is a model that brings additional revenue to the table. Call ahead to make sure they hold your room for you.\n\n# Fraud and Chargebacks\n\n> Merchants that sell travel are typically seen as high risk because of the amount of refunds and chargebacks that occur in the industry.\n>\n> With blockchain, once a payment has been made, typically you can’t reverse it. And this mechanism will make fraudulent cases easier to spot and less likely to occur.\n\nFraud and chargebacks are two sides of the same coin. We call “fraud” a case when there is a transaction that was *submitted* by a fraudulent party, e.g. someone who is using someone else’s credit card. A chargeback, on the other end, is needed when the *receiving* party is fraudulent.\n\n## Chargebacks\n\nChargeback is a feature, it’s not something that we need to eliminate. We do need a new system for having chargebacks available on a platform with irreversible transactions. It already can be done without an intermediary, e.g. by transacting via an escrow smart contract that would only release the funds to the seller if the buyer explicitly allows it. E.g. when you check in at a hotel, you have to provide a secret code to the front desk agent that only you possess, that was generated at the time of booking. Without the code, you can’t check in, because it acts as a proof of your booking. But when you disclose that code to the hotel, they have proof that the service has been rendered.\n\nIn more complicated cases fully decentralized arbitration platforms, like <a href=\"https://kleros.io/\">Kleros</a>, will be used.\n\n## Fraud\n\nThere will be less fraud on the blockchain, indeed, but not because the payment can’t be reversed, but because the underlying principles of the blockchain technology require its users to have better overall security. Your average crypto owner (if they don’t just store their BTC on an exchange because it’s convenient) is light years ahead of an average internet dweller that uses the same password on all the sites they register.\n\nWhen we start paying for goods and services with cryptocurrencies, such as Líf, the fraud problem will be eliminated simply because if someone is able to access your private key and send a transaction on your behalf, then you have a much bigger problem than one fraudulent transaction. The attacker won’t spend your BTC/ETH/LIF on booking hotels (a very amusing scenario!), they will simply transfer all your funds to the account that they control, as quickly as possible.\n\nAs opposed to crypto, credit card security today looks like a joke. Your one and only key (your CC number and all other information on your credit card) are exposed EVERY TIME you make a transaction. And when you tick the “store payment method for later” that key is stored in a database which will be accessed by at least employees of that company and, in many cases that are simply too hard to ignore, by other parties, usually with malicious intent in mind.\n\nThe downside of the new way is that you have to educate yourself about the implications of having one master password, your private key. First of all, if you lose it, this is it, your funds are gone for good, there is no call center to call. Secondly, no one else should be able to gain access to your private key, because if they do, your funds are gone for good. <a href=\"https://www.youtube.com/watch?time_continue=272\">Andreas Antonopoulos explains it very well</a>.\n\nThe best practices for having your private keys at hand and yet not lose control of them is a combination of a hardware wallet (like Trezor or Ledger) and cold storage (fancy term for writing your private key or mnemonic phrase down on a piece of paper).\n\nThe upside of this system is that we can finally have full and complete control over our funds. How can you start on this steep learning curve? Buy some Bitcoins or ETH or any other currency and store it in a wallet private keys from which only you can control. It’s easier than you think.\n\n# Identity and Reputation\n\nIdentity is overrated. I want to be completely anonymous unless I really want to do something that requires me to disclose some (not all!) of my personal data (e.g. entering a nuclear plant or running for president). Why isn’t this a default option everywhere? Why does my phone come with a hundred of pre-installed and activated trackers? Why does Facebook require you to supply your real name to its algorithms? The right to be anonymous on the internet should be engraved into all the protocols we use. But I digress, so let’s get back to the case where you have to prove who you are.\n\n> Decentralization through crypto-economies will enable billions of people to get access to basic financial services, connecting them with the rest of the world.\n\nThe statement above is correct: it is much easier to store and manage your identity via a fully automated system, as opposed to obtaining a passport. But there is a “but”, and one that we can’t ignore. To enable banking for the unbanked and provide identities for the unidentified, we need to give them the following, in this order: 1) food, 2) shelter, 3) electricity, 4) computers, 5) education about public key cryptography. The good news is that you, the reader, are already on level 4, so you are just one step away from taking full ownership of your own financial life. But not identity, not just yet.\n\n> Even though there are identity systems in use for authentication today, like federated identity and social login, you can’t easily build on them to pull in data from many sources or use the attributes that you want when you want them — unless you integrate with every party. Decentralized identity systems are here to fix that.\n\nFederated identity systems are, first of all, centralized and therefore prone to attacks, like the mind-boggling leak of <a href=\"https://www.washingtonpost.com/news/the-switch/wp/2017/09/08/what-to-know-before-you-check-equifaxs-data-breach-website/?utm_term=.a90350128b29\">143M US identities by Equifax</a>, so let’s see how a decentralized identity would work.\n\nWhat does a truly decentralized identity on blockchain mean anyway? It means that you and only you control your data, including read and write access to it. E.g. you are checking in to a flight and the airline requires you to prove that you are the same person that bought the ticket, you need to disclose the same nuggets of your personal data (today: name, DOB, etc., tomorrow: biometric data) that you used when you booked it.\n\nToday you prove your identity by using a paper blockchain called the passport. That blockchain has a certain amount of trust that was supplied to it by the issuing authority, usually a government agency. The authenticity of the information in that distributed database is ensured by the security features that that ID has: biometrics, holograms, invisible ink, etc. So far so good, this technology allows me to disclose my identity only when I want to and it allows other parties to attach additional information to that identity. E.g. I can have a visa attached to it. Or, if your host’s AirBnB account has a verified government-issued ID, their AirBnB rating is, in a sense, attached to that ID as well.\n\nThere are three problems with your passport though: 1) you have to carry a physical object with you; 2) the information in my passport is not very secure, e.g. if someone simply obtains my passport number, I’m, potentially, in big trouble; and 3) a trust monopoly is necessary in order to issue the ID, therefore the issuance and maintenance of these IDs are very expensive (think about your average DMV visit), not mentioning the censorship problem (try and become naturalized as a US citizen, ha!).\n\nThe first two problems can be solved by governments, but it will take decades before it happens. The solution to the third problem though, by definition, will change everything. How do we remove not just governments but any other entity from this equation?\n\nThere are already completely sovereign individuals, like Roma Siri, but before we all agree on standards about how these IDs are created, stored and shared, we will not have a truly decentralized identity systems. A nonpartisan body that would develop standards is necessary in this case. A for-profit company developing a decentralized ID is an utter nonsense.\n\nMany companies trying to build these identity systems at the moment — Sovrin, uPort, Civic, æternity, etc, — the ones focusing on the protocol, not the frontend, will be the likely winners.\n\n# Settlement and Loyalty\n\nI grouped these two issues into one section because both issues are concerned with the transfer of value and rules around it. Transfer of value is, of course, the core feature of public permissionless blockchains.\n\nIf you are not familiar with the travel industry, the settlement process in it in some cases can take weeks or even months. Worse than that, in the United States, there is only one company that does settlement for airlines. One!\n\nNaturally, the settlement, in the case of blockchain, should happen in a completely autonomous way, without a central party. Same goes for loyalty. Now that you have value transfer readily available for travel companies, they should be able to deploy their own loyalty programs and issue their own loyalty tokens. In fact, this is going to be the core feature of the Winding Tree offering.\n\n# Processes Automation\n\nWe say “process automation”, we mean “smart contracts”. When we say “smart contracts” we mean “process automation”. Smart contracts are the future of business process automation, another core feature of blockchains.\n\nThe main difference of smart contracts from other software that is used today for the purposes outlined above is that smart contracts can transfer value without an intermediary, in a trustless environment. Therefore you should not be seduced by offerings of private blockchains to make your business more effective. “Private blockchain” is a cunning oxymoron created to distract lazy and weak-minded in order to promote business as usual under the flag of innovation.\n\n# Removing Silos\n\n> Will we see a predominance of permissioned and private blockchains in our industry as the big incumbents try to evolve and maintain their power? We’re already good at closed ecosystems, so this could be the next natural step in that direction.\n\nThe beauty of this technology is that it can’t be usurped. If tomorrow all bitcoins were bought out by one party or, say, by three, five or ten, the network would immediately cease to exist. The main value of blockchains comes from precisely from the fact that they aren’t owned by anyone, their ownership is distributed. A company that builds a private blockchain looks like this. The power of blockchain simply dissolves when attempted to control.\n\n![1-M1Pb_L7NwP7ih9vHF7Sskw.gif](https://steemitimages.com/DQmPZaP3XHhPvzXuwm1P2nKUTriUJzWi2WmudB2KH9BRr9h/1-M1Pb_L7NwP7ih9vHF7Sskw.gif)\n\nTravel Industry desperately needs a body that would unite all the players in a nondominant way, without even a possibility to create a monopoly in the future. If we fail to do so, we won’t see any further innovation in the travel industry. Hence, Winding Tree.\n\n![1-Tq9ENE6vLyFliL-It04sNQ.png](https://steemitimages.com/DQmSDnqPrmJuKAY5fvhe5GazkdPuWTE9bB7rNQ7rze46a4i/1-Tq9ENE6vLyFliL-It04sNQ.png)",
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      "body": "@@ -51,16 +51,17 @@\n elow at \n+%5B\n TheBlock\n@@ -68,16 +68,43 @@\n chain.NZ\n+%5D(http://theblockchain.nz/)\n  confere\n@@ -399,16 +399,17 @@\n se read \n+%5B\n Satoshi%E2%80%99\n@@ -421,16 +421,50 @@\n te paper\n+%5D(https://bitcoin.org/bitcoin.pdf)\n . You do\n@@ -1427,16 +1427,17 @@\n ed, but \n+%5B\n two new \n@@ -1442,16 +1442,117 @@\n w papers\n+%5D(https://www.bloomberg.com/view/articles/2017-01-26/blame-monopolies-for-short-changing-u-s-workers)\n  show th\n@@ -2142,16 +2142,17 @@\n rests.%0A%0A\n+%5B\n Research\n@@ -2153,24 +2153,100 @@\n search shows\n+%5D(https://hbr.org/cover-story/2017/03/corporations-in-the-age-of-inequality)\n  that, indee\n@@ -3077,16 +3077,17 @@\n othesis \n+%5B\n fails to\n@@ -3106,16 +3106,62 @@\n  reality\n+%5D(https://www.oecd.org/eco/growth/2496562.pdf)\n . Many c\n@@ -3194,16 +3194,17 @@\n r ideas \n+%5B\n will pro\n@@ -3222,16 +3222,107 @@\n  results\n+%5D(https://www.forbes.com/sites/timothylee/2012/05/27/two-views-of-innovation/#45aaf36b6a9e)\n .%0A%0A## Im\n@@ -3640,16 +3640,17 @@\n panies, \n+%5B\n nothing \n@@ -3690,16 +3690,116 @@\n tom line\n+%5D(http://www.newsweek.com/2017/04/14/harvard-business-school-financial-crisis-economics-578378.html)\n . It%E2%80%99s a\n@@ -4492,16 +4492,17 @@\n .%0A%0AIn a \n+%5B\n decentra\n@@ -4533,16 +4533,62 @@\n n system\n+%5D(http://windingtree.com/) that I'm working on\n , for ex\n@@ -5022,16 +5022,17 @@\n hed, to \n+%5B\n double t\n@@ -5048,16 +5048,117 @@\n sion fee\n+%5D(http://therideshareguy.com/whats-the-real-commission-that-uber-takes-from-its-drivers-infographic/)\n .%0A%0A# Pub\n",
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      "body": "### ![aantonop](https://pbs.twimg.com/profile_images/570063561603289088/CfuQCX0Y_normal.png) **[Andreas](https://twitter.com/@aantonop/status/729462686514208769)** tweeted @ 09 May 2016 - 00:07 UTC\n\n> I'm reclaiming the word \"Blockchain\", but using it with a qualifier:\n\nOpen Blockchain\n\nIf it ain't open, it ain't worth shit\n\n\n### ![kvakes](https://pbs.twimg.com/profile_images/877990965713133568/ctC77Arg_normal.jpg) **[Maksim Izmaylov](https://twitter.com/@kvakes/status/872160766450741248)** tweeted @ 06 Jun 2017 - 18:38 UTC\n\n> Every company that tries to use [#blockchain](https://twitter.com/search?q=%23blockchain) to be the [#middleman](https://twitter.com/search?q=%23middleman) doesn’t understand the concept. How do we win? Focus on the right thing.\n\n\n### ![naval](https://pbs.twimg.com/profile_images/749155852683055104/0StT9uYS_normal.jpg) **[Naval Ravikant](https://twitter.com/@naval/status/877470766249369601)** tweeted @ 21 Jun 2017 - 10:18 UTC\n\n> 32/ It's nonsensical to have a blockchain controlled by a sovereign, a corporation, an elite, or a mob.\n\n\n###### *Disclaimer: I am just a bot trying to be helpful.*",
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      "body": "I originally presented the ideas that I describe below at TheBlockchain.NZ conference on May 8th, 2017.\n\nI’ve heard enough talk about private and consortium blockchains over the past few months. It baffles me still that many people take private blockchains seriously. Blockchains were fundamentally designed to remove middlemen from our affairs. If you don’t agree, please read Satoshi’s white paper. You don’t even have to read it all, it’s all on the first page. It’s already been sung, but it can’t be said enough:\n\n- https://twitter.com/aantonop/status/729462686514208769\n- https://twitter.com/kvakes/status/872160766450741248\n- https://twitter.com/naval/status/877470766249369601\n\nOnce again, the ultimate feature of blockchains is that they do not allow for centralization of power. Why? Well, because humans suck! If we’re put in a position of power we tend to use it for our own gain. Where there’s a monarchy, there is a possibility of tyranny. The 2008 crisis, for example, was caused by a few bad actors with a lot of power, nothing else. In the process, they had made billions of dollars leaving the rest of the world in ruins. Après nous le déluge!\n\n# The Economic Case for Decentralization\n\nOne of the defining factors of our societies today is inequality. There are articles, books, and papers written about inequality, it’s been very well researched, but two new papers show that this change might be due to high market concentration.\n\nToday’s capitalism is set up in such way that it incentivizes companies to become bigger and bigger, by means of acquiring other companies, until just a few companies are left. We live in a world with one search engine, one social network, one store and one taxi company. Monopolies or companies in oligopolistic markets can and do extract rent, that is they charge more for their goods and services than they would in a market with perfect competition. This, in turn, allows them to attract more talent and lobby their interests.\n\nResearch shows that, indeed, inequality between individuals has risen, but it might be due to the fact that corporate inequality has risen quite dramatically. In fact, the above-mentioned research shows that wage gap within companies does not increase as fast as the wage gap between employees in top firms and the rest.\n\n![BLOOM_WINNERTAKEMOST-850x509.png](https://steemitimages.com/DQmf7CB5vjcQxAkpTs9PGZ3nZLwmVTWjHw152Fv1MysxJqY/BLOOM_WINNERTAKEMOST-850x509.png)\n\n## Monopolies and Innovation\n\nMonopolistic or oligopolistic markets don’t just cause economic inequality. Companies in highly concentrated markets also don’t have an incentive to innovate. Why do so, if there is no threat? So, instead of providing better services, these companies spend their hard-earned rent on preventing competition and therefore innovation. The Schumpeterian hypothesis fails to explain the reality. Many companies working on similar ideas will produce better results.\n\n## Immoral Profit Strategies\n\nThe bigger company gets, the more capital it possesses, the easier it becomes for that company to lobby its interests. Wall Street companies, for example, paid economists for endorsing business models that at the end led to the worst financial crisis in the human history. For these companies, nothing is immoral if it improves the bottom line. It’s amazing that it all happens quite naturally, the tragedy of commons is very real.\n\n# Solving Inequality with Blockchains\n\nHow does blockchain solve any of these problems? By equalizing all the participants of the market, by removing power from the equation. If there is no central point of failure, e.g. no bank to facilitate transactions and store the account balance, then there is simply no room for a bad actor here. With Bitcoin, for example, no one controls the accounts, therefore no one can steal from them or otherwise manipulate the network, like banks used to do. This comes with the downside, of course, that no one can restore your password (i.e. private key) if you lose it.\n\nIn a decentralized travel distribution system, for example, there is no room for rent-seeking intermediaries, therefore the wealth they are currently hoarding will be distributed to the rest of the network, making travel cheaper for travelers and more profitable for travel companies.\n\nWith decentralized market models, it’s impossible to game the system by e.g. subsidizing the participants of the marketplace and then, when a critical mass for the creation of a monopoly is reached, to double the commission fee.\n\n# Public or Private?\n\nThe immutability aspect of smart contracts prevents the creation of monopolies, but how can we trust a blockchain that is fully controlled by a single company or individual? With private or consortium blockchains, where it is possible to change the rules of the platform, the incentives to game the system by a bad actor are too high. If there is a slight possibility for someone to withdraw one billion dollars from such a system, that possibility will be used. If not by a bad actor inside the company, then someone else, a hacker, will do it.\n\nAnother downside of consortium blockchains is that the whole consortium will only move as fast as its slowest participant. With the inability of big companies to innovate, it’s a recipe for a disaster.\n\n# Conclusion\n\nOnly public, permissionless blockchains can help us solve problems like inequality. Private or consortium blockchains are irrelevant in the grand scheme of things.\n\nBig companies fail to understand that they can’t just simply use blockchain and win. The beauty of the blockchain technology is that it loses its power once controlled by someone. That is why attempts like R3 and Enterprise Ethereum Alliance are doomed to fail. These consortiums have been created for discussing the standards for intranets (as opposed to the Internet), at best, and at worst they are attempts of big corporations to curb innovation. In my opinion, they are simply a way for founders of those consortiums to extract huge amounts of money from the participants, nothing more. I do hope that I’m wrong, but it seems to be very unlikely.",
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