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Steve Bannon is an innovative, albeit controversial, man. He’s had a diverse career that includes serving in the Marines, working for Goldman Sachs, making documentaries, heading the Breitbart news outlet, and, most recently, working as the White House Chief Strategist. He no longer works for President Donal Trump, nor is he working with Breitbart. But that does not mean that he is slowing down. His latest project involves marrying populist politics with a cryptocurrency. The token will be used as a tool to empower the disenfranchised working class in the United States. Bannon, however, also has plans for his European counterparts.
Deplorables Coin
Bannon has been very enthusiastic about Bitcoin and cryptocurrencies in general and has stated that he believes they are the future of the economy. He has for a long time been toying with the idea of launching his own ‘deplorables’ coin, which is a reference to Hillary Clinton’s description of Trump supporters during the 2016 presidential election campaign. Although Bannon himself has not gone into much details about the cryptocurrency token, his new partner Jeffrey Wernick has shed some light on the project.
Who is Jeffrey Wernick?
Bannon’s new partner is a seasoned trader, entrepreneur, and investor. Wernick has worked for the investment bank Salomon Brothers, invested in startups like Uber and Airbnb, and, more recently, is an evangelist for cryptocurrency and blockchain technology. Last year, he joined the advisory board of Qtum, which is a Chinese blockchain firm. Wernick and Bannon have a shared interest in helping online users protect their data from being exploited by the big tech companies. The transparency and security offered by blockchain technology seem a natural fit for this goal.
A utility token for political activists
What will the ‘deplorables’ coin do? According to Wernick, it will have multiple functions. First and foremost, it will help provide users with an alternative to the current financial system which is run by the central banks. Secondly, it will be used to incentivize people to engage in political activism. Although Bannon’s political leanings are clear, his token will not be biased towards any particular party. Rather, the aim is for political activists to be able to support smaller parties and break the two-party system of Democrats and Republicans.
From the United States to Europe
Bannon has recently begun to involve himself more in European politics. In particular, he is in support of the Five Star Movement and the League in Italy, Alternative for Germany in Germany, National Rally in France, and UKIP in the United Kingdom. He sees the emerging populist parties in Europe as an opportunity to form a coalition he calls ‘The Movement’.
As he is opposed to the European Union and the European Central Bank, he will encourage EU member states to launch their own cryptocurrencies. This will, according to Bannon, help them break free of what he views as an oppressive bureaucracy.
What do you think about the ‘deplorables’ coin? Would it be good to incentivize political activism with money in this way? Leave your comments in the section below!
There is much confusion about what constitutes a cryptocurrency, and no wonder. With so many different combinations of cryptoassets, they can easily get mixed up. Here, we have a look at the seven most common cryptoassets, and outline what makes each of them unique.
Cryptocurrencies
Cryptocurrencies are by far the most known form of cryptoasset. This category includes the godfather of cryptocurrencies — Bitcoin. It is money in its purest form, and can be used to purchase products and services from vendors who accept cryptocurrencies. Cryptocurrencies can be traded for other tokens on cryptocurrency exchanges. They have been criticised by banks like JPMorgan and Bank of America, mainly because they are a new form of competition challenging the status quo. Conversely, firms like Goldman Sachs and Shorcan are embracing the new developments and investing in cryptocurrencies.
Platform tokens
Platform tokens are a form of cryptoasset that are unique to a specific platform. A good example of this is Ether tokens, which are unique to the Ethereum platform. Ethereum is a particularly interesting example, as it is now widely used in ICOs. Many development teams launching their own ICOs use Ethereum’s platform, and create their own customized versions of the Ether tokens to go with the ICO. ICOs are a hugely popular method of fundraising. Over $7 billion dollars have been raised through the method of ICOs, and 70% of these ICOs use the Ethereum platform.
Utility tokens
Utility tokens are a bit different from platform tokens, in the sense that they work with a specific application rather than an entire platform. A good example of utility tokens are those used on Golem, which is an application that aims to connect all the processing power of smartphones into a collective processor. This collective processor can then be used in exchange for Golem’s utility tokens. It could be compared to Amazon’s offering of Amazon Web Services. Amazon is the platform, and Amazon Web Services is the app.
Security tokens
There has been much debate about whether or not Ethereum is a cryptocurrency or a security. The outcome of this debate will determine which regulations would be applied to the token. Security tokens are what could be considered bonds and equities. Traditionally, these kinds of transactions have to go through a number of intermediaries. In the world of blockchain, however, the costs and time required to complete this kind of trade is greatly reduced.
Natural asset tokens
This kind of cryptoasset is perhaps what will make cryptocurrencies go mainstream. They are tokens that represent the value of a real material good. This can range from traditional ones like oil and gold, to trees in a forest. A good example of natural asset tokens is Chicago Mercantile’s exchange’s Royal Mint Gold, which is backed by gold bullion.
Cryptocollectibles
Much like regular collectibles, cryptocollectibles are just that: collectibles, but based on blockchain technology. An example of cryptocollectibles is the CryptoKitties, which is the blockchain version of Tamagochi. Owners of CryptoKitties can raise, feed, and breed virtual kittens. These collectibles accrue value over time, much like stamps or action figures.
Crypto-fiat currencies
As with natural asset tokens, crypto-fiat currencies could well be the concept that makes cryptocurrency payments a mainstream phenomenon. It is essentially a cryptocurrency token backed by the fiat money and/or natural resources of a given country. A good example of this is the Petro, which was launched by the Venezuelan government last year. The Petro is backed by Venezuela’s large oil reserves, which makes it more stable than other kinds of tokens.
DeStream ICO Review
As data becomes cheaper, streaming becomes more and more popular. From Facebook to YouTube to Switch, the platforms are numerous — and so are the streamers. Some kinds of streaming are more popular than others. Gaming has for a long time been a favorite in the streaming world, and the audience keeps growing every day.
The industry has become so profitable that it is now a legitimate occupation to be a full-time streamer. Some accept donations from their fans, others are sponsored by corporations. Needless to say, streaming eats up a lot of data. As a matter of fact, two thirds of all Internet traffic is down to streaming services. Due to the rapid growth of the industry, it is an ever-changing space. Whilst many have enjoyed great success from their streaming, others have been left disappointed with the platforms themselves. YouTube, for example, recently changed the eligibility criteria for streamers who want to earn ad revenue from their streams. Streamers who previously were able to make some money from ads discovered that they were no longer eligible. In addition, YouTube tends to censor certain content that is not in line with their own political leanings. This has caused many streamers and content creators to look for other platforms. Fortunately, there are alternatives to making an income. Patreon is a very popular website where content creators and streamers can accept regular donations from their audience. YouTube, Twitch, and other platforms also allow livestream chats to be pushed to the top in exchange for a donation. The only problem is the cut the platforms take from the donations. Patreon takes 10%, and the other platforms also impose heavy fees.
What is DeStream?
DeStream is a project that aims to address all the issues outlined above. While many streamers have digital wallets where they can accept cryptocurrency donations to, there is not yet a dedicated streaming platform that facilitates crypto-payments. DeStreams wants to be that platform, and it will not only allow for a decentralized streaming platform where cryptocurrency donations are possible, it will also make it completely free from censorship. Best of all is that the platform will drastically reduce the fees charged on donations, so streamers will see more of their fan donations in their bank accounts.
What is the DST token?
The DST tokens are the native currency on the DeStream platform, and will have several uses. They will obviously be used by fans to make donations to their favourite streamers. They will also be used to pay for the transactions, and purchasing digital goods on the platform and its affiliate partners. When streamers take on advertisers, they will also be paid in DST tokens. The tokens can also be used by streamers to access big data analytics. Finally, streamers will also be able to pay for marketing on the platform using DST tokens.
IAT ICO Review
Few industries are as profitable as real estate. Transfer of ownership is far from an easy process, however. Stacks of legal paperwork has to be read and signed, and numerous intermediaries want a slice of the pie. It takes a lot of time and costs a lot of money to trade in real estate. Fortunately, there are a number of interesting blockchain projects dedicated to simplifying this process. One of these is the IAT project.
What is IAT?
IAT is a team of people who want to revolutionise the real estate market, starting with the Philippines. One of the attractive features of this ICO is that IAT already has a functional management company in place. They are now seeking funding to develop their blockchain platform.
What problems will IAT solve?
The team behind IAT cite several issues with the current real estate market. The main aim is to cut down on all round transactional costs. The real estate market is currently inflated due to agents, taxes, brokers, and developers all adding to the transactional costs. In the Philippines, the cost of buying or selling a property is almost a quarter of the total property value. IAT wants that cost brought down to half. Another issue IAT wants to address is that of security. Because many properties on the market are of such high value, the buyers and sellers are often the target of hackers. The current system, albeit relatively secure, is not sufficient to protect all the parties involved in a real estate transaction. IAT wants to utilise blockchain technology to safely store the data of the buyers and sellers. There is also the risk of fraud and ownership disputes, which often results from a lack of transparency. IAT also wants to create this much-needed transparency, and thus eliminate these risks.
How does IAT work?
As mentioned, IAT wants to utilise the blockchain to secure client data. Because the data will be stored on a digital ledger that is decentralised, it will mean that it cannot be changed or manipulated in anyway by one single source. This will not only protect the data, but also save everyone money on much more expensive (and less effective) security measures. Another benefit of storing the data on a digital ledger is that it is there for everyone to see, thus creating the transparency that will prevent ownership disputes and fraudulent activity. Finally, the platform will be using the Ethereum platform, which means that smart contracts can be used as agreements between buyer and seller. This will further reduce the costs of the transaction, as a number of intermediaries will be cut out of the process.
What are the benefits of IAT?
The real estate market is very profitable, which means there is a high likelihood that the IAT tokens will rise in value. Because the market is ever expanding, the IAT project also has a lot of growth potential. The team behind the ICO already has a management company in place, and already has a lot of interest from investors.
Who is behind IAT?
The CEO is Lim Kim Hwee (AKA Raymond), the director is Chiew Zi Kai (AKA Bryan), the marketing director is Jovelle De Guzman, the PR manager is MJ Pojida, the events manager is Leo Salonga, and the operations manager is Marelyn Cubian.
Token distribution
45% of the tokens will be available during the official token sale. 33% of the tokens will be kept as a reserve. 13% of the tokens will be spent on operational costs, such as marketing, bonuses, and bounty programs. The final 9% of tokens will be allocated to the team members, their advisors, as well as the legal consultants.
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