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DISRUPTIVE DECENTRALIZATION Cypherpunks, Technology Behind Blockchain, Blockchain Evolution, Global Financial Payments, Cryptosalary.io, Prospectors.io, Community Management

S e c t io n s

Cypherpunks Technology Powering Blockchain Blockchain Evolution Disruption in Global Payments Interview W ith Reibin Amin | CryptoSalary.io Interview W ith Nazer Rubashnney | Prospectors.io

Community Management

IN THIS ISSUE First of many more to come, this issue serves as the introduction to changing dynamics of decentralized eco-systems run by community eliminating the centralized intermediaries. See how the disruption takes place, how far we've come, where we're headed.

Si nce i ncepti on of the Internet, the parallel com m uni ty of technology-centri c enthusi asts has exi sted, evolved and contri buted to the soci al order i n passi ve and acti ve m anner. Ti m e and agai n, the i deas adapted i n thi s com m uni ty have com e afloat i n the m ai nstream w orld i n term s of products and servi ces. From the Internet to soci al m edi a - the w eb 2.0, have the roots i n thi s com m uni ty.

conceptuali zes such appli cati ons, m ust not be i gnored i n order to grasp the current affai rs.

The current era i s publi ci zed as a tech-savvy w orld credi ti ng the unavoi dable need for technology i n routi ne li festyle. Nonetheless the di sti ncti on betw een the m ai nstream populati on that uses the technology and the com m uni ty that i deates ;

The follow i ng content provi des valuable i nsi ghts. How ever, to contai n the i nform ati on w i thi n i ts accuracy, oversi m pli fi cati on i s avoi ded. It m ay at ti m es be hard to follow the logi c w hi le sk i m m i ng through the content passi vely.

The future despi te bei ng uncertai n, does not happen am bi guously. It rather depends on the progressi ons of the present. Understandi ng thi s technology dom i nated realm through i ts core not only m akes understandi ng the current scenari o better but also provi des clear i nsi ghts i nto extrapolati on of i t.

Cypherpunk A cult(ivated) term, originating from 'cipher', a process of turning messages into secrets; and the sci-fi sub-genre 'cyberpunk', a fiction revolving around a society under the exploits of mega-corporations using technological advances, and its conflicts with hackers marginalized characters who lived on the edge aiming for righteous radical change in social order.

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Prelude Since World War II, as the communications evolved, the technology around hiding information in plain sight (over the radio, and the Internet) aka encryption has turned relevant. Public-key encryption, heavily picked-up by hackers, mathematicians and cryptographers, solves the problem of the prying eye.

Privacy and Cryptography As the use of internet evolved, the easy opportunity of 'invisible mass surveillance' by service providers and the likes became a serious concern. Since cryptography was a solution to such concerns, the community

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developing it was well aware of the consequences before the concerns became relevant to the mainstream users. The community was feared by the government subverting their cyberspace playground through surveillance and censorship. In the early 90's a sub-community of the Cypherpunks emerged, initially starting as a mailing list, created by Eric Hughes. By 1994, it had 700

subscribers and active forums discussing mathematics, cryptography, politics and philosophy. A Cypherpunk's Manifesto written by Eric, in 1993 reflects the stance of the community on individual freedom over the Internet. Excerpts follow. "When I ask my electronic mail provider to send and receive messages, my provider


need not know to whom I am speaking or what I am saying or what others are saying to me; my provider only need know how to get the message there and how much I owe them in fees. When my identity is revealed by the underlying mechanism of the transaction, I have no privacy. I cannot here selectively reveal myself; I must always reveal myself."

The Movement

" We cannot expect governments, corporations, or other large, faceless organizations to grant us privacy out of their beneficence. It is to their advantage to speak of us, and we should expect that they will speak. To try to prevent their speech is to fight against the realities of information."

Pretty Good Privacy or PGP for message privacy (by Phil Zimmerman), Tor the ananonymity network - a couple of projects that have been popular beyond the cypherpunk networks - originated from this community.

The Cypherpunk Movement was the political and philosophical ideologies of cypherpunk community, fueled by implementable tech-profeciency coalesced the ideas into active projects. The projects that could in fact enforce their ideology in the existing ecosystem of the Internet.

Present Scenario A vast community of tech-savvy visionaries

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with a diverse spectrum of contribution and involvement exists today, aware of, if not endorsing the ideals of cypherpunks. The general purpose behind their activities goes beyond the community itself. The general notion is that the consequences of censorship and monitoring of Internet affairs affect the mainstream population directly. Yet, the 'convenience over privacy' mindset, leads to overshadow such scrutiny. Potential threats become relevant to the mass population only after the occurrence of the mishaps. (The affairs involving Cambridge Analytica; protests for net-neutrality) For more on this matter read the book Freedom and Future of the Internet by Julian Assange


Technology Poweri ng Blockchai n In this section, dissection of the blockchain technology into discipline-specific approaches is attempted. When combined, it makes up for an explanation of the blockchain technology as it is. The disciplines being network theory, economics and cryptography.

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Net work Theory : P2P Decent ralizat ion Peer-to-peer network involves direct communication between devices, aka peers. Each node is assigned equal rights and acts as both the client and the server. Each participant provides services to other peers while using services from them. Peer-to-peer network infrastructure is obtained on a global level over the Internet with a certain set of protocols. Such networks avoid centralization by maintaining equality among participants of the network. This is how blockchain technology enforces decentralization. Any service is ideally provided by more than one peer, and hence cannot be stopped by individual decision. In other words, to completely eliminate a service from the eco-system, it has to be simultaneously discontinued by all the participants in the network. Such nature of blockchain network makes it robust and immune to individual or group level influence.

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Cryptography: Public Private Key Pairs and Hashing Cryptography is used in blockchain networks to enforce securit y and privacy. In a currency based application of blockchain, a participant willing to transact gets a public-private keypair, aka the wallet. The public key is the public identity of the wallet while private key is used to digitally sign the transactions. A transaction request consists of the digitally signed request and its encrypted copy. The verifying nodes then decrypt the encrypted copy using public key of the sender and matches both the requests. If they match, the transaction request is deemed valid and it is forwarded for addition to the real-time block.

Torrents for example, are files shared over decentralized peer-to-peer network using BitTorrent protocol. Due to its decentralized nature, it has not been possible to completely eliminate the pirated content sharing, to this day, despite piracy via torrents being

a major menace entertainment industry.



Hashing Algorit hm: Hashing is a process where input data results in a string of fixed size, which gets changed entirely by a single change in any input byte. The miners in a proof-of-work consensus need to hash the block with the specific requirement for the output. Generally a certain zero's in the beginning. To come to the acceptable hash, miners brute-force a random

number aka nonce. Such consensus makes it tough to find the right nonce for the block, while keeping it easy to verify if validity of the found nonce. PoW avoids the spamming of blocks flooding the network with malicious content. Once a mined block is approved by majority of participants, it is added to the blockchain.

Economics Theory



A peer-to-peer network being decentralized, depends on all the participants (nodes) to enforce protocol and security to ensure proper functioning of a decentralized ecosystem. A central entity for such requirement, would dis-allow malpractice by using the authority and regulate the ecosystem. Decentralized platforms however cannot be regulated by traditional means since it conflicts with the freedom of an individual. That's where the concepts of Game Theory come handy.

a sub-community putting itself ahead of the community, at the expense of the community. The game theory provides the grounds for aligning the grater good with the individual benefit. Incentives in such decentralized community are devised such that enhancing the community is the only way for an individual to gain value. This is how 'trustlessness' is gained. By assuming that each participant would always act in self-interest. i.e. by inherently removing the assumption of trust in the protocol design. Vast domain of theoretical models devised using concepts of game theory have come into existence with blockchain technology by the alias of DAOs. Decentralized Autonomous Organizations, where the governance through autonomy is enforced using the concepts of game theory.

In any community of autonomy, the negativity comes from an individual or

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Overview of blockchain community since the inception of bitcoin as an independent currency to enhancing the traditional operations. How projects evolved, and what to expect in 2019. The Forks; DAOs; and significant events in blockchain era...

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root of all blockchain evolution, Bitcoin, was created solely for the purpose of acting as an independent currency which existed entirely over the Internet. The definition of truly independent currency implies decentralized, borderless, open, censorship-resistant and neutral currency. (defined by Andreas Antonopoulos and widely accepted) To achieve such potential, the underlying blockchain was kept heavily confined and restricted in its operability to ensure maximum robustness against any type of exploitation. Technically speaking, to minimize the attack vector. Security at the cost of scalability, applicability and convenience. Bitcoin maximalists to-this-day believe bitcoin to be the only truly independent currency. W ith the growth in userbase, the limitations of Bitcoin turned relevant. The difference in opinions and ideals led to division of the Bitcoin community. The community willing to treat bitcoin as a currency over store of value, being concerned over the rising transaction fees on bitcoin network, proposed a change in protocol to increase the block size limit. This network was called Bitcoin Cash (Aug 1st 2017), a better transactional currency. Adaption of the

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proposed protocol resulted in a split in bitcoin network with miners divided in two different blockchains - following two different protocols; aka the hardfork. Bitcoin Cash later hardforked into Bitcoin ABC Adjustable Blocksize Cap and Bitcoin SV Satoshi's Vision, over further modification in block-size, in November 2018. Bitcoin Gold was another hardfork of bitcoin which was purposed for restoring mining functionality with GPU's in place of the dominating specialized ASICs used to mine Bitcoin. One of the most performing blockchain Ethereum (July 2015) leverages blockchain technology for distributed computing. Ethereum allows for smart-contracts, the programmable transactions which trigger over certain conditions. Programmable

logic powered by blockchain opens up room for decentralized applications. Opening up such feature also creates potential for exploits, which have come to surface in past. However since it wasn't created to serve as a currency, the damage due to exploitation depends on the stakes of involved use case. One major event of an exploit in a smart contract was in The DAO - Decentralized Autonomous Organization project in June 2016 where US$50 million were stolen. The community divided over a consideration to re-appropriate the exploit by reversing back to previous state of blockchain. The Ethereum network continued over the forked blockchain that reversed the exploit losses, while the original blockchain was termed Ethereum Classic.

On the parallel grounds, Litecoin(Oct 2011), forked from Bitcoin, with faster transaction confirmation and hashing algorithm scrypt (as compared to SHA-256 in Bitcoin) was released. Namecoin(Apr 2011), another Bitcoin fork, had the functionality to store data on blockchain, mainly to create censorship-resistant top level domain


.bit, was released. First cryptocurrency linked (pegged) to USD, Tether(Jan 2012) a stablecoin was conceptualized. Ripple(2012), then OpenCoin, a payment protocol was released. PeerCoin(Aug 2012) utilized both proof-of-work and proof-of-stake consensus. Bytecoin(Jul 2012) the first CryptoNote based cryptocurrency providing absolute anonymity using ring signature and one-time addresses was released. Monero(Apr 2014) , a consumer grade hardware supported mining cryptocurrency focused on fungibility, privacy and decentralization was forked from Bytecoin. The meme culture's "joke currency" Dogecoin(Dec 2013) developed its online community. Dash(Jan 2014) a form of Decentralized Autonomous Organization was released, forked from Bitcoin. Privacy focused cryptocurrency Zcash(Oct 2016), where transactions are auditable but disclosure remains under participant's control, was released.

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next wave of coins or tokens were introduced in the market after a massive adaption of Ethereum for decentralized projects. Ethereum powers an open source development community over github where major development takes place under EIPs or Ethereum Improvement Proposals. The standardization of silo'd protocols takes place whilst widely accepted and supported protocols are released as ERC protocols. Certain such protocols like ERC20 for fungible token offerings, and ERC721 for non-fungible token offerings opened up opportunities to create new tokens over the Ethereum blockchain itself, leading to the wave of token offerings. Starting with raising funds and engagement for projects developing the blockchain infrastructure, the wave expanded to wide range of start-ups relevant and irrelevant to blockchain. Essentially the technology opened up a new vehicle for fundraising, albeit, pending compliance. There exist a major population in the Ethereum community that believes in growing Ethereum as a platform for blockchain applications, as opposed to creating a different blockchain, with a purpose to leveraging and adding to the

robustness and network effect of Ethereum. The following foundations follow this vision.

Ethereum Foundation : Founded by Vitalik Buterin, one of the creator of Ethereum and a former active member of Bitcoin community, Ethereum Foundation focuses on eliminating the major frictions of Ethuereum to keep up with the rising adoption of the platform, Currently the focus being the community management, and protocol development for scalability.


: Consensys is a start-up incubator for blockchain based projects, focused entirely over Ethereum blockchain. It provides development libraries, tutorials and further incubatory support for upcoming projects. Many organizations and other blockchain applications have developed over Ethereum platform. The most relevant

ethereum based projects follow.


a DAO with a lending platform and a stable coin Dai was introduced in 2015. The Collateralized Debt


Positions in MakerDAO platform provides loans in form of stablecoin Dai, pegged to USD, accepting certain cryptocurrencies as collaterals. The loans are over-collateralized to support the global settlement mechanism which deals with the volatility of cryptocurrency used as the collateral.


Attention Token (2017), focuses on decentralizing the digital advertising space. W ith BAT token being the currency between publishers, users and advertisers. The project offers Brave browser focused on privacy. Moreover, the browser also rewards users in BAT for their 'attention' to advertiser.

Augur(2015) is a decentralized

prediciton market which leverages game theory and crowd-sourcing 'claims' from users, run by a value system of Augur Coins aka REP. The coins allow people to report or weigh outcomes of events.

u Port(2016)

is an identity management platform purposed for digital transactions. uPort has been used for digital identification of Switzerland citizenship. It

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remains one of the promising ID management platform for future usecases of blockchain where single identity verification can be leveraged universally.


, the infamous cat-breeding apps is supposedly one of the first blockchain based game allowing the trade of cryptocollectibles ever. Despite having no legitimate use case, it acted as a significant proof-of-concept for non-fungible tokenization. To overcome the frictions of Ethereum, there have been alternative to the platform, which again lead the convenience at the cost of core security and decentralization principles. EOS(2017) is one such platform that uses delegated proof of stake (DPoS) consensus mechanism allowing the platform to operate at no transaction fees, while compromising absolute decentralization. NEO (2016), then known as AntShares is an Ethereum alternative dominated by the Chinese community. Waves(2016), another alternative supported by Russian community claims to be the fastest decentralized blockchain.

Coming to 2019, one of the most promising financial use case of blockchain is rather evolutionary than revolutionary. Tokenization and globalization of assets. W ith the wave of ICO's in 2017 and early 2018, the regulatory institutions world-wide actively got involved in the scrutiny of token offerings. W hilst many offerings were deemed non-compliant, which were being offered as Utility Token Offerings, the regulatory framework paved path for compliant fund-raising via Security Token Offerings. Still under a native stage, the aim forward is to incorporate blockchain in the markets to eliminate existing frictions and open up the traditionally illiquid assets for retail investors. W ith the blockchain technology and features of token offerings, an illiquid asset can be tokenized with fractional ownerships and can be allowed a partial trade. Major asset-class under such opportunities are real-estate, fine-arts and private equity. Tokenization of such assets, despite having the technical infrastructure ready, lacks the regulatory framework. Currently, pioneers have tokenized assets for validation purposes whilst opening such features at scale still remains a future distant enough. ( To be continued in Issue-2)


Di srupti on i n Global Payments Unlocking the locked-in capitals, removing the intermediaries, high cost-efficiency and low latency for cross-border transactions are introduced to Global Payments industry leveraging the blockchain technology.

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target of global industry valuation crossing $2 Trillion is to be achieved 2 years sooner than projected and a $3 Trillion threshold is inside the five-year horizon. (source: McKinsey) The non-open-source alternative to blockchain, essentially a patented blockchain, known as Distributed Ledger Technology fundamentally changes the competitive dynamics. Outburst in developments enabling globalization has created a steep demand for inter-operability, specifically in data, goods and money. W hile the internet allows for universal platform of data sharing, and shipping services have been evolving since import-export industries, the flow of money lacks the infrastructure 21st century needs. Global cross-border payments require multiple entities to involve in the transactions, leading to upwards of 10% in transaction fees. This inevitably happens since each entity involved maintains secure records and generates reports for compliance. Crossborder Scenes

Payment s

: Behind


For an e-commerce cross-border transaction, routing, processing and approval takes place. Credit card

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information is captured by the payment gateway, which subsequently forwards the transaction information to the bank on the receiving end. Approval request to debiting bank is generated subsequently. Based on funds available in debit account, transaction value and currency-matching, the bank approves or denies the request. The footprint of currency: Sender?s Bank > Local Clearing Network > Correspondent Bank > Payment Gateway > Correspondent Bank > Local Clearing Network > Receiver?s Bank Blockchain infrastructure eliminates intermediaries by creating common link between banks. The immutable nature of blockchain allows banks to rely on a single, shared database, which keeps the record of bank-to-bank transactions. Institutions that transact capitals, require a large pool of capital locked between the institutions. This money sits in the Nostro and Vostro accounts which can not be utilized for any other purpose but to enforce the reliability of the institution. Holding such capital gets charged to the clients in terms of fees. W ith the services like Ripple cryptocurrency?s xLiquid, such capital can be unlocked, potentially reducing the fees and utilizing the locked capital. Multiple start-ups have emerged solving

specific frictions in the payments industry, forcing the incumbents to adapt or be obsolete. The following are well-established projects. Ripple : beyond




Ripple visions around internet of value. Fundamentally, anything of value should be trade-able. To ease the frictions in inter-operability of financial institutes globally, ripple features xCurrent for efficient cross-border payments, xRapid for liquidity, xVia for end to end customer transactions. OmiseGo : Enabling developers to the FinTech Based on Ethereum blockchain, OmiseGo is decentralized and provides a decentralized exchange platform. OmiseGo aims to enable a platform to transact value of any type starting with end to end payment solution between merchants and customers,. OmiseGo provides open source Software Development Kits for ventures to build and integrate OmiseGo based payment gateways.


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Gi g Econom y has been the back bone of flexi ble w ork force si nce the days of pre-i ndustri al revoluti on. Wi th the grow i ng globali zati on, fri cti ons i n cross-border paym ents and adm i ni strati ve burden i n freelanci ng have turned m ore relevant. Cryptosalary.i o easi fi es current freelanci ng scenari o w i th blockchai n based global salary platform . The com pany also ai m s to serve sm all and m i d-si ze busi nesses that need to pay thei r w orkers w i thout em ployi ng them . A m ajor fri cti on w hi ch has si lo'd soluti ons that do not serve the enti re dem and. We had an opportuni ty to connect w i th Rei bi n Am i n, the CEO hi m self. The i nsi ghts follow...

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"In the digital w orld today, w here there exist applications and services for m ost of the things that w e need, w hy shouldn't there be an application that just allow s one to becom e a freelancer instantly?" - Reibin Amin CEO, Cryptosalary.io

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The int erview revolves around t he concept ualizat ion behind Crypt oSalary, a peak int o Gig Economy and Global Salary Payment s, opport unit ies for freelancers and small/mid size businesses. The t heme is focused on what Crypt oSalary brings t o t he market ? W here, and when.

Pu jan : How did you guys come up with the concept of CryptoSalary? Was it that you were already providing similar services and decided to switch to decentralized platform? Reibin : Well, the idea behind CryptoSalary comes from my former business venture PaySalary. I have been working in the Gig Economy for 10 years now and I started my career at a Swedish company called Frilans Finans. Frilans Finans was in the Umbrella Company business. Umbrella companies, act as employer of record for independent contractors instead of permanent employees. After having worked 5 years with Frilans Finans, I found that there seemed to be another type of demand in Sweden that the market had not offered services to. This market can be referred to as "pass-through agencies". So I quit my job after having worked there from 2009-2013.

workers, but not employees. When you are starting out, or working in different type of Gig Economy markets such as application jobs, you have the wish to pay workers, but sometimes not the structure or system available to support permanent workers or full-time employees. Companies could use PaySalary as a sort of a payment platform. We would take the responsibility of managing payroll processing, employer payroll tax filing, workers compensation insurance, health benefits, liability insurance etc. Bootstrapped, we released the website and started getting traction on the Swedish market. Our breakthrough came in the end of 2015 when we were contacted by Uber - it had launched recently in the Swedish market.

I reached out to an old friend of mine and pitched him the idea behind PaySalary. He liked it and jumped aboard! In 2014 we launched PaySalary.

Pu jan : Interesting, even in India, the manufacturing companies at times need additional workers, which are not permanent employees... Mainly to adjust with the variable demand and hence the variable need for man-power.

The idea behind PaySalary was to be sort of a Professional Employer Agency. We realized that tech companies, mid size companies and small companies seemed to have the demand for

Reibin : That is interesting. I don't know if you have looked through our Whitepaper - India is actually one of the companies of our Global Expansion plan.

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So PaySalary became a successful company. Uber used us to pay their office staff, their UberEATS riders and later on even their taxi drivers who wished to work without starting a company. You see, a company such as Uber usually works with contractors, but does not hold employees. For them, a service such as ours was very suitable for their business model. Pu jan: Yes! That makes a lot of sense. Coming back to Cryptosalary, what was the motivation for switching to it from PaySalary? Reibin : In 2017, I made an exit in the company and sold it to a global HR company and left because I had a new idea. I wanted to create something that was truly global, and find a way to connect workers and employers across the world. Pu jan: I assume there would be frictions in going global? Such as the silo'd and different regulations around different countries ? Reibin : Yes that is correct. Obviously, there are different tax requirements for each countries. This can be according to state, province, city and municipality. Every country has different requirements for income tax withholding and


for contribution towards unemployment. One must not only be familiar with wage and labor laws but also have in mind the cultural differences.

Pu jan: Indeed. That?s a major concern. How does CryptoSalary approach such challenges?

So there are many things that needs to be taken into account for while looking at a global business.

Reibin : We will provide a platform for Freelancers and Employers by taking over and automating the administration process of conducting business, thus letting them focus on their core business.

CryptoSalary will start by expanding to countries with either a strong Gig Economy market or a large market of Freelancers.

For Freelancers, we will provide a security by requesting the Employer to place funds into Escrow before a Gig can start.

When we enter a country, we move in with tax experts and a legal team to access and learn about the specific systems put in place. We want to do this in the right way, but we also want to automate and digitize the process as much as we possibly can.

For Employers, we will provide a platform where they can set terms for a Gig and have the Freelancer accept the terms before paying to Escrow.

There are also some other frictions that we see. How do we get global parties to trust each other? That is a tough one, we believe that people should not have to shake hands and meet in order to be able to do business. At the same time, we have to mitigate the problems that can occur when doing business online with parties who have no prior relationship.

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Gate Payments will allow the parties to agree upon salary amount and milestones within the Gig. This acts in order to lower the risk of bad business, increase trust between the parties and create fairness and balance within the Gig. Another positive consequence of Gate Payments is that even if a Gig would end prematurely, the Freelancer will still have received payments for completed milestones while the Employer has only paid for agreed upon tasks.

" When we ent er a count ry, we m ove in wit h t ax expert s and legal t eam t o access and learn about t he specific syst em s put in place. "

It should be fair to all parties. In the Gig Economy and Freelancer landscape - all parties must feel they have the power to engage in the


work that is being done. Pu jan: I really like the vision of enabling the Gig Economy that has been surpassed by the industrial boom and centralization? Speaking of Gig Economy, what sectors do you think would be the beneficiaries of CryptoSalary?

"Crypt oSalary will be global plat form for:


a) Freelancers t o send invoices wit hout st art ing a com pany b) Em ployers or individuals t o pay workers wit hout em ploying"

Reibin : CryptoSalary will be a global platform for (a) Freelancers to send invoices without starting a company and (b) Employers or Individuals to pay workers without employing. Someone who has become a Freelancer today, is a person who has gone through many of the administrative processes that are required to start a company. Entity Setup. Banking. Legal requirements. Tax requirements... In today's digital world, where there are applications and services for most of the things that we need, why shouldn't there be an application that just allows you to become a freelancer instantly? The administration of being a Freelancer can be shifted onto us, you can just focus on your core business. So we believe that of the future Freelancer aspirants out there, some will want to go traditional, while others will want to use

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And that leads me on to the next customer segments, which are Employers or Individuals who wish to pay workers without employing them. Given these two customer segments, we see different types of customers. An Influencer company wishes to expand to global markets and has found Instagram Influencers in different countries for ad campaigns. The influencers do not have their own companies and needs to be paid somehow. It would be much to ask for a newly started out influencer to go through all the hassle of starting a company when you only have one job to offer. How you do pay someone in another country then! Pu jan : The latter customer segment seems very opportunistic, because of the emerging long tail of small businesses that are not very savvy with employment laws, nor do they prefer to get involved in that direction without absolute necessity... However the services like Fiverr do allow almost anyone to sign up and become freelancer, am I correct? Reibin : Yes you are right. But these Freelancers have already managed a way to handle taxes and local regulations, probably by having started a company.


We are not necessarily targeting them. We are targeting those who have not yet taken that step. CryptoSalary could in the future, offer White Label solutions for services such as Fiverr to open up the possibility to have Freelancer who click in the option of "I do not have a company". Pu jan : Moving on to the Initial Coin Offering, we have seen a lot of ICO's being presented as utility tokens in 2017 and 2018. Due to various factors, many have not been able to live up to the expectations... Do you find any resistance due to the current sentiment of investors towards utility token offerings? Reibin : First of all, I think it is a shame that many companies chose to ride the ICO wave without actually providing real value and real services. It is important to have this said. But I think it is good that there is now resistance from investors towards Initial Coin Offerings. People need to investigate before investing, and they need to see real utility within a service or a platform before taking part in this type of crowd-funding system. For us, it only means that we need to be sharper at our Pitch and put a

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large emphasis on the value of our product. Of course, the ICO market has dropped and that is a shame since we believe that crowd-funding is a great way to fund Initial Coin Offerings. At the same time, I would not want someone to buy tokens without knowing what they were getting themselves into. That is not what crowd-funding should be about. It shuold be a road to produce real products and services. Our mission going forward until August of 2019 which is the date of our ICO, is to make sure that the market and our potential investors have trust in our team and in our ideas. Pu jan : I agree... The well-informed investor community would be very convenient for the post-ICO stage of development I believe. Could you share the information about CryptoSalary ICO? How long is it to continue? And would you be using the marketing means like airdrops and bounties? Reibin : It is planned to go on for 1 month. We are looking at ways to provide Airdrops and Bounties but we have not yet decided on how to go forth with this.

" The ICO m arket has dropped and t hat is a sham e since we believe t hat crowd-funding is a great way t o fund Init ial Coin Offerings. At t he sam e t im e, I would not want som eone t o buy t okens wit hout knowing what t hey were get t ing t hem selves int o. That is not what crowd-funding should be about . It should be a road t o produce real product s and services."


PROSPECTORS Economic Strategy Game Powered by Blockchain

Prospectors i ntroduces econom i c i ncenti vi sati on to gam e-play efforts by i ntroduci ng an i n-gam e currency Prospectors Gold ak a PGL , a cryptocurrency that fi nds i ts value beyond gam e w orld.

A qui ck Q&A w i th the Project Manager of Prospectors, Nazar Rubashnyy follow s.

Nazar Ru bash n yy Project Manager, Prospectors.io

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Q: How did the concept behind Prospectors came to your mind? I.e. the idea of putting an MMORPG into blockchain-based environment. A: This idea appeared like something obvious, simple and big at the same time like many other great ideas. The creator of Prospectors Nazar Chervinskyy has been spending a lot of time playing games. MMOs was his biggest passion at this time. Nazar loved to play Travian, big multiplayer online strategy game. He has been spending all nights in it, collaborating with other players, looking for the best strategy to win. Then, a few years after, blockchain technology and bitcoin have become more and more widespread. Nazar and his friend Andrew were among bitcoin pioneers and were studying blockchain technology from the beginning. It becomes the next Nazar?s passion. Till then Nazar had good experience in game design, from his point of view mining bitcoin and mining of gold was alike. He was talking with his friend Andrew about this, and then the idea of Prospectors came to them. They were dreaming about the possibility to make Gold Rush Epoch alive again, to give everyone on the Earth a chance to have a filling of great excitement, when you find your first gold ingot, and this gold is real money, you can spend in real life. And we are almost there! Q: It?s really fascinating to see this game as a simulation of blockchain-based decentralized governance which could in the long term become real-world thing... Do you see such ecosystem

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evolving into the real world? A: To see how Prospectors become a real-world thing is our big dream and goal! We believe, that if the in-game society will grow and evolve enough, we 'll be able to pass Prospectors citizens the right to make and implement some vital decision through the council of their representatives. We are going to give Prospectors citizens rules, the direction of developing and rights to make an important decision. Q: Does the game eventually evolve to include features such as warfare? A: We have a big plan for Prospectors world developing: new features, new buildings, new environment, new materials. But for now, there are no warfare features in the game in any close time. Q: How would the governance evolve? Would the decentralized platform have a different currency than the in-game one, given the potential of a governance token to have a different value than the in-game utility token? A: We can't give an eventual answer to this question right now as we should see how Prospectors society will grow first. It depends on the number of regular citizens and economic stability. Based on this we are going to act and decide how broad powers of citizens will be. It can be just right to vote for some important decision thing or right to choose the representatives for the State Council.


COMMUNITY MANAGEMENT Since decentralized communities capitalize on network effect, i.e attracting more participants, the need for keeping the community needs served timely becomes crucial. Such requirement has led to the shooting demand of community management. Despite the individual freedom and autonomy of a decentralized eco-systems, entities need be assigned that can act as the responsible personnel to fulfill the community needs such as

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managing communication platforms, timely share of important information and the likes. In a nutshell a community manager is essential to bring the individual to the community. Our interview with community manager Haiying Yang provides insights on this newly relevant position.

Haiyin g Yan g Professional Community Manager

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Pujan: How many communities are you managing or have managed in past? Haiying: As a community manager, I currently serve four projects. Prospectors, a MMORTES game, Karma, a decentralized social network, HireVibes, decentralized recruitment platform, and eosDAC, a community-owned EOS Block Producer and DAC enabler. Pujan: How did you decide to become a community manager? Haiying: I started learning blockchain/cryptocurrency from the beginning of 2017. My community management career started with Karma. Initially I was a Karma token investor. I found that Karma has very little Chinese information, although there were a lot of Chinese Karma investors. So I wondered if I could talk with the Karma team to do some translations for Karma, and I became the Karma Chinese Community Manager. Pujan: What were your interests before getting into community management? Haiying: I first had a Java programmer experience for two years, developing an online booking system for an airline ticket website. Later I went to a media agency to do digital news technology development. As a project manager in the Digital Media Technology Department, I witnessed the

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tremendous growth of our media in social media and mobile apps. Now, I operate my own blockchain/cryptocurrency news website http://www.lqtoutiao.com. Pujan: How is a day in life of a community manager? Haiying: Community managers are responsible for connecting users and project teams and need to communicate with them frequently. The timezone difference problem sometimes doesn't allow me much rest. Pujan: How much time do you spend over telegram in a day? Haiying:In fact, the main social tool for Chinese people is WeChat. We mainly communicate with WeChat groups. Of course, I also spend some time on the newspaper, pay attention to the telegram groups of many partners and check their latest news. Pujan: What are your responsibilities in general as a community manager? Haiying:As a community manager, my responsibilites mostly revolve around translation, promotion and updates. I translate website, Dapp, Whitepaper

and new blogs into local language. For promotion, I post new blogs to bihu account (WeChat official account) and send it to Chinese community and EOS communities which would be EOS Dapp communities, exchanges, wallet app communities crypto communities. I'd also send new blogs to partners for release. These would include tokenpocket, meetone, eoslive, mathwalelt, chinance, IMEOS and the likes. With exchanges, wallet apps and media, I communicate for business development. Mostly to list or to expand the brand awareness. For the Chinese EOS community, I provide updates and answer their questions. For the project team, I synchronize the latest news of the EOS Chinese community including BPs, exchanges, wallets and Dapp projects. Pujan: Does this type of work provide you with flexibility in working environment and timings? Haiying: Mainly because the teams I work for are in the early stages of development, I don't require an office. The working hours are relatively flexible. Pujan: Has there been any remarkable event in your experience as a community manager? Haiying: Sure, I'll share this intersting story


with Prospectors team. Prospectors is MMORTES game built on the EOS blockchain, and many Chinese players are looking forward to it. As a Chinese community manager, I proposed to develop a Staking-Rewards system to reward our early adopters and supporters. This proposal was confirmed by the development team, and that system is currently up and running, allowing PGL tokens to be held. They mortgage their tokens to earn more PGL.

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LOOK FORWARD The coming issue sheds insights on the tokenization of global assets and the effects of liquidity premium on relevant asset classes. The regulatory scenario worldwide for fractional ownership of traditional assets, opportunities and obstacles for retail investors. Subscribe to yvasvn.com to get notified when the next issue releases.

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For queries and communication, email us at connect@yvasvn.com

This issue was put together by myself, Pujan Vakharia. For any feedback, communication feel free to connect at pujanvakharia@gmail.com

Pu jan _Vak h ar ia

pu jan vak h ar ia


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