Leveling the playing field for all agricultural participants through technology, innovation, and financial inclusion

GrainChain

Startups of the Year 2023: How GrainChain Is Leveling the Playing Field

The following curriculum is updated periodically with new modules and readings. The last update was made on August 20th, 2020. If you are interested in learning more about blockchain governance or contributing to our work, reach out to our Chair, Thomas B. Cox , or our Vice Chair, Kirsten Pomales Langenbrunner . Module 1: An Introduction to Blockchain Governance The Role of Governance | Article What is Governance for? | September, 2019 | Video An Introduction to Blockchain Governance with Thomas Cox | Video Blockchain Governance 101 Governance Models and Design | Video Blockchain Governance Models: On-chain and Off-chain | Article Blockchain and Coordination Games: Failures and Focal Points | April, 2019 | Article A Framework for Blockchain Governance Design | Article What is voting for? Module 2: Advanced Concepts in Blockchain Governance Incomplete Contract Theory | Article Incomplete Contracts and Blockchain | Classroom Lecture Asymmetric Information — Cryptoeconomics, Tokenomics, and the Economics of Blockchain Game Theory and Blockchain Governance | Video The Political Economy of Blockchain Governance | Article Introduction to Game Theory (If you aren’t already familiar) | Article Game Theory and Blockchain Stakeholder Alignment in Blockchain Systems | October, 2019 | Video Aligning Stakeholder Incentives in Blockchain Systems | Jan, 2020 | Article A Summary of Aligning Stakeholder Incentives in Blockchain Systems | Research Paper The Governance of Blockchain Dispute Resolution Module 3: An Introduction to Tokenomics The Economics of Blockchains | Article The Blockchain Economy: A beginner’s guide to institutional cryptoeconomics | Article The economics of crypto-democracy | Article Crypto Public Choice Tokenomics (Cryptoeconomics) | Article Economics of Tokenized Incentives 1: Intro to Pay for Performance | Article Economics of Tokenized Incentives 2: Selecting Effective Performance Metrics | Article Economics of Tokenized Incentives 3: Token Value Won’t Align Stakeholders | October, 2018 | Research Paper Crypto Economics — The Top 100 Token Models Compared Module 4: Introduction to Blockchain Consortium Governance Consortium Basics | 2019 A Simple Guide to Blockchain Consortia, Deloitte Consortium Design & Governance | February, 2019 The Politics and Governance of Consortium Blockchains | Research Paper Blockchain Deployment Toolkit, Supply Chain, Consortium Formation Section| 2020 | 2019 So You’ve Decided to Join a Blockchain Consortium? | August 2020 California GovOps Blockchain Report Section IV, Potential Applications Module 5: Use Cases In Action: Scaling Through Governance | 2020 | Article Ve-Chain Governance | 2020 | Article Chronicled Mediledger Governance | 2020 | Webinar Enterprise DLT Live Episode 001 — Susanne Somerville, Chronicled MediLedger | 2019 | Article EOS Mainnet Governance | 2020 | Webinar Enterprise DLT Live Episode 003 — Luis Macias, GrainChain (After Governance Revamp) | 2019 Maersk adds two big shipping firms to its blockchain ledger The Chair's Recommended Reading on Blockchain Governance The following books and courses are exceptional resources for those seeking a greater understanding of blockchain governance and collectives design. , Elinor Ostrom Governing the Commons: The Evolution of Institutions for Collective Action , Radhika Iyegnar, Jorden Woods Enterprise Blockchain Has Arrived , Robert Gertner Game Theory and the Law , Michael Suk-Young Chwe Rational Ritual: Culture, Coordination, and Common Knowledge: Culture, Coordination and Common Knowledge , Jonas Moberg Beyond Governments , Robert Paul Wolff An Introduction to the Use of Formal Methods in Political Philosophy , Alfie Kohn Punished by Rewards: Twenty-fifth Anniversary Edition: The Trouble with Gold Stars, Incentive Plans, A’s, Praise, and Other Bribes Gordon Tullock; James Buchanan The Calculus of Consent, , David R. Koenig Governance Reimagined: Organizational Design, Risk, and Value Creation , Frederic Laloux Reinventing Organizations: A Guide to Creating Organizations Inspired by the Next Stage in Human Consciousness , M. Ridley The Origins of Virtue: Human Instincts and the Evolution of Cooperation , John Holland Hidden Order: How Adaptation Builds Complexity , F. A. Hayek Law, Legislation and Liberty, Volume 1: Rules and Order Thomas Schelling The Strategy of Conflict, CommunityRule.info About IEEE P2145 Working Group on Blockchain/DLT Governance Blockchain / DLT Governance is a complex topic. The topic is made more difficult by a lack of a shared language. The IEEE P2145 Working Group exists to identify and share a common vocabulary for discussing the governance of shared ledgers, and to eventually draft standards for DLT governance activities (a Process Model), and possibly for defining the maturity of a governance regime (a Maturity Model). P2145 actively seeks participation from individuals plus other standards organizations, blockchain ecosystems, consortia, and other entities in pursuit of our holistic and collaborative approach to standards development. If you represent an organization with an interest in DLT governance standards, please connect with us . through our website. About the IEEE Standards Association The Institute of Electrical and Electronics Engineers is a professional association for electronic engineering and electrical engineering. The IEEE Standards Association is an international leader in technology standards creation. Learn more about the IEEE here. Previously published at https://kirstenpomales.com/aug_26_2020.html

Blockchain Governance: Everything You Ever Wanted To Know

The Internet of People uses a new type of cryptographically secured data structure called the graphchain. The main difference between a graphchain and a blockchain is that the first acts as a cryptographically secured data structure, in which no blocks or transactions have to be stored. At the graphchain the information to be stored concerns either nodes or edges of a . The difference with a regular graph is that nodes are identified by a public key and its information is controlled by the corresponding private key holder. Edges represent relationships between the entities controlling nodes and some of these relationships can only be added to the graphchain if they are signed by the private keys of both connected nodes. graph At a graphchain nodes are fully owned by their private key holders and the information stored can only be changed by signing with the respective private key. Edges are co-owned by the entities holding the private keys of the connected nodes. The possible actions they can individually perform on information at the edges is constrained by the relationship type and conditions agreed upon when the relationship was established. In some cases either of the parties might be able to cancel the relationship or change some of its properties. In most relationship types the control resides on the node. predecessor The Internet of People’s implementation of a graphchain distributes the data structure across two different sets of computers or hardware devices in general. All nodes and public edges belong to the first group: a set of devices running on top of an open and public p2p network. All private edges are stored at the devices of the entities holding the private keys of the node. This means that one part of the graph is publicly accessible by anyone and the other part is not. The private part of the graph is fragmented into different devices owned by different entities and external parties can learn about it only with the consent of the owner of that private part of the graph or when the owner privately exposes these relationships to a third party with the purpose of declaring a relationship. predecessor These two sets of edges, the private and public ones are linked together because the Internet of People allows end user devices to keep an open connection to the public network. Anyone with access to the public network can locate a device associated with a graph node and use that open connection to learn more about that piece of the private part of the graph, if granted permission by its owner. The Internet of People’s usage of a graphchain is with the purpose of creating a secure, open and publicly accessible social graph that is user owned and controlled. The end result would be like combining Facebook, Twitter, LinkedIn, Google, and all user databases of all tech giant companies together and expose them publicly on a blockchain-like p2p-network that anyone can use to consume information and create software in a permissionless way. The most important difference with such a combined user database is that end users own and control both their information and their relationships with others across all type of applications. Different apps running at end user devices control different sets of private and public edges and nodes on behalf of end users. This means that a single end user can have multiple nodes on the graph and any amount of private and public edges. All of this is enabled just by using IoP apps for different types of social or business interactions. Thanks to Amadeo Charlé for the editing. If you are interested in learning more about this technology, this list might help you: The Internet of People architecture dissected. “Fermat, the Internet of People and the Person to Person Economy.” Like Bluetooth with global range. “ Introducing Redtooth ” The cornerstone software of the Internet of people. “ The Profile Server. ” The geo-located network that help other services to be geo-localized. “ The Location Based Network. ” [ ](mailto:web@fermat.org?subject=Please invite me to the Fermat Slack Team&body=Hi! I have visited Fermat.org and I am interested to join your slack community. Cheers!) The Internet of People is being built by the Fermat Project . If you like what you are reading, check out our online community on Slack . A bit about me: I am a systems architect who started his career designing and building banking systems. Later I turned into an entrepreneur. Three years ago I and decided I would use the underlying technology to fix the biggest problem we have as humans: “ ”. learned about bitcoin unlimited concentration of power

Introducing the Graphchain

Where is the “be your own bank” dream after almost 10 years of development with the brightest minds on earth? It is almost forgotten. The cryptocurrency industry was hijacked. It happened quite a long time ago, when the flow of venture capital started flowing into the cryptocurrency ecosystem. Where are we more than two billion dollars later? We are stuck with a lot of centralized services which dilute the transformative potential of the technology Satoshi gave to the world. Unfortunately a very big percentage of the funding went to the big centralized players of the industry. Just an upgraded version of the current financial system with little chance of producing any change on the status quo. Sadly, very little funding went to standalone wallets or truly decentralized services. There was a small group of people that understood the divergence and stood firm to the original principles of empowering people and allowing them to be their own bank. Although many geeks understood how to handle cryptocurrency, regular people were far from being able to enjoy the benefits. Three years ago we drafted a plan to make Satoshi’s dream come true for everyone. That plan started with the , which creates the underlying infrastructure needed to enable the and ultimately decentralized banks. Now that the Internet of People is on the way, we can start thinking on how to build on top of it the . We have already identified all the problems to be solved and created a roadmap which would make Satoshi proud. Internet of People Person to Person economy Decentralized Bank project Problems to Solve The main problem for non-geek people to be their own bank is that all this crypto technology is very difficult for them and they perceive it as very risky too. Non geeks won’t make a wallet backup, store safely a copy of the wallet.dat, encrypt the wallet.dat file, or write 12 words without mixing things up. They don’t like these cryptic addresses used to send and receive coins either. They feel scared of typos that could lead to money being lost. They will never put a lot of money on their phone, knowing that it can be lost, stolen, the wallet app mistakenly erased, etc. Non geeks will never do cold storage or even understand what it is. It is simply too risky and too difficult in comparison to the perceived benefits. These are the reasons why cryptocurrencies might never get mass adopted, since their real advantage is when you handle and control them by yourself. Even geeks ended up using centralized services instead of standalone wallets. These centralized services are now as regulated as any other financial service providers, killing the disruptive potential of cryptocurrencies and many of it’s advantages. Backups and crypto addresses need to be removed and the user experience needs to be as simple as possible. The risk of holding crypto-currency by yourself needs to be minimized by automation. Vision Imagine a future where you can store any amount of crypto currency without using any centralized service, without backups or cold storage, and without crypto addresses. Imagine that if your phone is lost or stolen it doesn’t matter, because it only contains a tiny part of your wealth. Imagine you have in your smartphone a petty cash wallet that is topped up automatically every time it’s balance is close to zero. Imagine that your wealth is at a multisig vault managed automatically by a network of devices you own and control, automatically, without you doing anything at all. Imagine that in the event of a lost or stolen phone, you use any of the other devices of your private network and eject the stolen one. The network then reconfigures itself with one less device, revoking its signature and moving the petty cash balance to a new account. Only if the thief is an expert and opens your phone before you eject it from the private network you would lose the balance of the petty cash wallet. The real money is on the vault managed by a . Decentralized Bank In order to be super secure, your private network must have the following properties: Have as many devices as you want (up to the limit of IoP multi-sig technology, which should be around 10 times the one of bitcoin). The devices could be anywhere on earth. Nobody should be able to know which devices are part of your private network. With these conditions met, a would be extremely secure and anyone could store any amount of cryptocurrency there. A typical private network would have your mobile phones, tablets, laptops, pcs, some family members pcs at remote locations, etc. Decentralized Bank Being your own bank is Satoshi’s vision. We just refined it based on experience and made it our own. To get to that future first we need to finish the Internet of People. The Internet of People Project Essentially, the Internet of People is a set of technologies: IoP Token, Graphchain, Redtooth and dAPIs. The following is a very high level roadmap of this project: It is a cryptocurrency modeled on bitcoin with some changes to prevent centralization of mining and embedded governance functionality with . For decentralized banks we need to expand the amount of possible signatures of multisig transactions, to better adapt it to the “be your own bank” use case. IoP Token — Cryptocurrency with Democratic Mining: Contribution Contracts This technology creates an open social graph, which allows people to find each other on the internet without ever going through a company’s or any other type of entity’s servers. This is needed to connect your own devices across the world in a secure way. Graphchain — Open Social Graph: This technology enables the pairing of devices over the internet. It allows mobile apps to securely exchange data directly between any two devices. This data for instance could be crypto addresses, enabling crypto-wallets not to show these addresses to end users anymore, and automatically get addresses from counter parties on the wallet’s contact list. Redtooth — Bluetooth over the Internet: This technology enables any device to run different services anyone connected over Redtooth with that device can consume. These services can be about anything: chat, online dating, taxis, you name it. dAPIs — Decentralized APIs: Once the previous technologies are developed, anyone can create Apps both for commercial and social purposes. That means that a whole ecosystem can blossom. All of it enabled by the Internet of People. But the Internet of People also enables other projects that are not simple end user apps. Person to Person Decentralized Bank Project Roadmap This project needs the Internet of People to be ready before it can be implemented. If we add to the Internet of People a few more layers of infrastructure then we would reach Satoshi’s dream of allowing people to be their own bank: This technology enables the setup of a private network of devices owned either by a single user or a trusted group of people over Redtooth and dAPIs. This private network can later be used by apps for multiple purposes, for example to securely synchronize data among devices, or to run a Decentralized Bank. DPN — Decentralized Private Network: This technology creates a multisig vault over a DPN and allows you to store any amount of IoPs on it as secure as any centralized crypto bank or centralized wallet. This is not an APP that someone can open and access the funds. It is an autonomous software that does it’s job automatically. That is the reason why it can run for instance on the devices of many family members, and no one can see or withdraw the funds of individual members except the owners of those funds. It replaces the concept of cold storage by a massive multisig vault which can require up to dozens of devices to sign transactions if needed. Decentralized Bank: This could end up being the most user friendly crypto wallet possible. Its main features include: Petty Cash Crypto Wallet: The wallet can get connected to a Decentralized Bank and be automatically topped up when low on funds. It can easily withdraw large funds from the Decentralized Bank upon user request. It can also deposit funds on the Decentralized Bank when needed. Decentralized Bank Ready: Besides IoP, the wallet can also store bitcoin since it is the single most accepted cryptocurrency, with a large network of merchants, large liquidity and easily exchanged for fiat currencies all over the globe. Note that bitcoins can only be stored at the petty cash wallet, not at the Decentralized Bank. Bitcoin Supported: The wallet must allow end users to easily convert IoP to Bitcoin and vice versa. Funds at the Decentralized Bank are stored in IoPs, and can be converted to Bitcoin on demand before spending from the wallet. IoP to Bitcoin Exchange: For transactions between IoP users, payments are sent to wallet contacts (aliases and pictures), no addresses. End users will never see these long strange strings of characters again. No Crypto Addresses: Conclusion A growing community is helping make Satoshi’s dream come true by building the Internet of People. We are spread all over the world. The graphchain has already been released in beta, and it is currently waiting for the first apps to be developed. The community is working on Redtooth now, and slowly moving towards dAPIs. The IoP tokens are on the market at bittrex.com. You can buy some if you want to support the Decentralized Bank project and make it happen. If we allow regular people to easily and securely store any amount of cryptocurrency at their own Decentralized Bank, IoP tokens might become a very good early investment opportunity. If the concept of decentralized banks and be your own bank resonates with you, come and join us. Help make Satoshi’s dream come to life. Get into our , meet the community, join #decentralized-bank channel and tell us how you can help. slack Thanks to Amadeo Charlé, Guillermo Villanueva, Rich McDowell for their contributions to this piece. If you are interested in learning more about this technology, this list might help you: The Internet of People architecture dissected. “Fermat, the Internet of People and the Person to Person Economy.” The cryptographically secured data structure we use to store profiles and their relationships. “ Introducing the Graphchain. ” Like Bluetooth with global range. “ Introducing Redtooth ” The cornerstone software of the Internet of people. “ The Profile Server. ” The geo-located network that help other services to be geo-localized. “ The Location Based Network. ” Apps that run over Redtooth. “ Person to Person Apps. ” An open map of everyone and how we are related. “ The Web of People ” The way we govern ourselves. “ Fermat Distributed Governance Model ” How the Fermat project was born. “ Fermat’s Inception ” How to enter into the world of mining IoP Tokens. “ IoP Mining ” The Internet of People is being built by the Fermat Project . If you like what you are reading, check out our online community on Slack . A bit about me: I am a systems architect who started his career designing and building banking systems. Later I turned into an entrepreneur. Three years ago I and decided I would use the underlying technology to fix the biggest problem we have as humans: “ ”. learned about bitcoin unlimited concentration of power

The Decentralized Bank Project

The Fermat Project is part of a great story that started at ancient Greece with Pythagoras and of course it also involves Pierre de Fermat. Here I tell the complete story up to the very moment I became part of it. Greek origins Pythagoras had to pay his first student to convince him to study with him. He gave him three oboli (about a penny in today’s money) per lesson until one day he said there was no more money. The student replied that he preferred to pay, provided that they continued with the lessons. The rumor ran through the Greek islands and so the Pythagorean School, also known as the Secret Brotherhood, a philosophical/religious monastic order counting 300 members, was formed. By then counting and calculating had been widely practiced by the Babylonians and Egyptians but the Pythagoreans went far beyond that. “All is Number” was their motto attesting to their conviction that numbers were the key to life itself. Pythagoras strongly believed that relationships between numbers could reveal, through logical demonstration, all the secrets of the universe, hence he started producing his theorems. The Brotherhood walked briskly with his theorems but did nothing to share the secrets of the universe arousing the ire of the people who one day set the school on fire. Despite the desperate attempt of his students to save him, Pythagoras himself died in the fire. The Brotherhood was dispersed until Alexander the Great founded Alexandria and in order to attract scholars to the new city he took the advice of his general, Ptolemy: “Gather the great books; great minds will follow.” Hence the Library of Alexandria was established with the overall aim of collecting every book ever written. Each traveler had their books confiscated upon arrival to Alexandria. They would be handed over to scribes, who made a copy for the owner and sent the original to the library. The extensive collection comprising 500,000 volumes made Alexandria the intellectual capital of the ancient world and as Ptolemy had envisaged attracted the most famous scholars of the era. Euclid was put in charge of the math section and by inventing the “reductio ad absurdum” that is the proof by contradiction, he took the findings of Pythagoras one step further. Anything that would defy logic seemed abominable to Pythagoras and as such was dismissed. Though the Pythagoreans had discovered irrational numbers (pi, or the square root of two) such was their fear of the “unutterable” numbers that their study was immediately forbidden and the disciple who came up with the concept of the “square root of two” was executed. Euclid announced to everyone that Pythagoras was abominable and advocated that irrational numbers would open a new door for mathematics and as such encouraged them to think about them without fear. The First Peer to Peer Network Julius Caesar’s attack on Alexandria marked the demise of the Royal Library as it was burnt down in a devastating fire and the invaluable collection of scrolls was reduced to ashes. In an attempt to win Cleopatra’s heart, Mark Antony bought the entire Library of Pergamos, which had been second only to the Great Library of Alexandria, and presented the 200,000 volumes to Cleopatra. By having done so, Alexandria continued to boast the greatest library in the world until its eradication by Islamic troops entering the city in the 7th century under the leadership of Caliph Omar. The Caliph ordered the destruction of all books on account of either opposing the Koran, which was considered to be heresy or for being superfluous. For years, the water of the public baths of Alexandria was heated using those books to feed the fire. Mathematicians learned their lesson: in order not to disappear, the Brotherhood expanded to everywhere without having a center but its members continued keeping in close contact with each other. This marked the beginning of the mathematical tradition of sharing every doubt, every finding and every gossip with the near and distant colleagues (feedback). Should we call it the first and oldest peer-to-peer network? Soon two separate branches of mathematics i.e., applied mathematics and number theory began to evolve dividing the mathematician community. Those more intrigued by the practical application formed working groups whereas those merely interested in numbers preferred to work alone. Newton accused the representatives of the latter branch of being vulgar ego jugglers, who had been wasting their time teasing each other with riddles which lacked concrete utility. An ardent supporter of that school was a judge in Toulouse called Pierre de Fermat, whose greatest pleasure in life was to play with numbers and then to send little notes about his findings to Descartes and Pascal. When it came to mental calculations such were his skills that Fermat had no inclination to spend time putting them in writing claiming that it would halt his reasoning and hated being asked about the intermediate steps. He was solution -rather than demonstration- oriented and found it appealing to be compared to big names. One day he took the famous theorem of Pythagoras (the square of the hypotenuse equals the sum of the squares of the legs) and concluded that the equation has no integer solutions for powers greater than two. “It is impossible for a cube to be the sum of two cubes, a fourth power to be the sum of two fourth powers, or in general for any number that is a power greater than the second to be the sum of two like powers. I have discovered a truly marvelous demonstration of this proposition that this margin is too narrow to contain.” he scribbled in the margin of his copy of the ancient Greek text Arithmetica by Diophantus thereby creating one of the most notable puzzles in mathematics driving many mathematicians to insanity until proven three hundred and fifty years later. The Prize In the first two hundred and fifty years it was a puzzle merely for young mathematicians who immediately abandoned it as soon as they had arrived to the conclusion, previously drawn by Gauss, that solving this puzzle would not contribute to the progress of mathematics. It was toward the end of the nineteenth century that a German amateur mathematician Paul Wolfskehl struck by love sickness was on the verge of committing suicide. While waiting for the stroke of midnight to shoot himself in the head he passed the time reading about the latest progress in solving Fermat’s Last Theorem. Touched by a flash of inspiration he began working on the solution and so lost he became in it that morning found him in his library. Even though his approach failed at last the intricate beauty of number theory once again awakened his desire for life. The young Wolfskehl turned out to have more talent for business than for pure numbers and over the years he had become a millionaire, however, he never forgot that night. In order to repay the debt he rewrote his will bequeathing 100,000 Marks to the first person who could solve the puzzle. Following his death in 1906 the Wolfskehl Prize was announced fueling public desire to prove Fermat’s Last Theorem, which greatly contributed to the progress of number theory. The Solution A mountain of failed attempts to win the prize had been accumulating in the basement of the University of Göttingen, 621 proofs, all flawed had been sent just within the first year of Wolfskehl’s death. By 1993 no serious mathematician would engage in trying to solve the longstanding riddle of Fermat’s Last Theorem, only fans, mostly inmates and lunatics, persisted. Then in 1993 it was at the Isaac Newton Institute in Cambridge, the heart of the world of mathematics (a building created with the intention of bringing together the greatest mathematicians for a week each year, a building with not a single private corner, with offices having no doors and with blackboards even in bathrooms and in the elevator) that a freckled Englishman announced to his illustrious peers that working fully alone for ten years without the aid of a computer he had solved Fermat’s Theorem. Returning from his classes at Princeton University he would sat alone at the table, sometimes even twelve hours, a piece of paper lying in front of him every so often scribbling a formula like the old Fermat did. However, unlike Fermat he diligently noted down not only each and every formula but their endless developments also. Mathematicians say their specialty is an archipelago of small certainties scattered in a sea of ignorance. The real advances in mathematics are made when the bridges connecting these islands are built. In his dissertation Andrew Wiles established so many bridges that the entire history of mathematics could be reconstructed based on that, and that is exactly what the Hindu Simon Singh did by writing his beautiful book entitled Fermat’s Last Theorem. All representatives of number theory are enumerated in that book, however, the most remarkable of all is an unnamed colleague, who when facing Wiles as he was triumphantly leaving the stage addressed him with undisguised obfuscation: “And now that you have taken away the problem, what are you going to give us in return?”. The New Problem The secret of Fermat’s Last Theorem had been deciphered at last, however, even as of today the world is abundant in puzzles, which despite the tremendous advances in technology, are still waiting to be solved. All my adult life I seem to have been attracted to problems the complexity of which would deter even the most enthusiastic experts of the field. Inspired by the difficulty of the task I have always managed to rise to the challenge and sparing no time and energy succeeded in unraveling the mystery surrounding it. After having designed mission critical systems for banks for more than a decade, I found myself in the United Arab Emirates establishing a techno-artistic startup called Nomad Inception boasting a technology which besides having enabled the automated creation of non repetitive Islamic geometric patterns on a scale never seen before also paved the way for new original non repetitive patterns for the first time in five hundred years. Being Argentinean I have absolutely no relation to the Arabic culture, however, my fascination with the amazing intricacy and sophistication of Islamic geometric patterns helped me grasp the secrets of a traditional art form mastered by a handful of artisans only. Solving a thousand-year-old historical puzzle and thereby potentially contributing to the preservation of our cultural heritage is a vastly rewarding experience worth all the effort invested in it. It was in Dubai, where I was setting up my company called “Nomad Inception”. There I first learned about bitcoin and having spotted the excellent opportunity to use this innovation for good my new mission was conceived: Enabling a world where people can freely interact electronically without unnecessary third party interferences. Both for social and commercial interactions. No spying, no censorship, no taking a cut on private transactions between individuals, no mining of private information, no unnecessary middlemen. A world where people are more important than entities like companies and states, a world where people have the choices and the means to interact directly between each other. To get there we need , with data being stored at end user devices and apps built to interact with each other directly, over the Internet but . We need that can run independent of any entity. Creation of such a technology is the new problem to solve. The problem is as complex as it can be and technologies like bitcoin where showing the way and later proved to be crucial to find the solution. direct device to device communication without going through the web or requiring any service from any company or institution Person-to-Person Apps That solution involved finding the islands not yet discovered and building bridges to connect them both with each other and with the entire current archipelago. A Divine Sign I delved into studying the problem with newfound enthusiasm, however, my commitments at Nomad Inception prevented me from devoting all my attention to finding the solution until a business meeting with a Dubai sheik changed my life forever. I am anything but superstitious, however, it goes without saying that the question that sheik asked me upon receiving my business card, was that the word “inception” in Arabic appeared as the company logo, could only be interpreted as a divine sign compelling me to leave Nomad Inception without further delay and turn all my attention to find the solution for this modern day Fermat’s problem. You may wonder what the life-changing question was… “Have you been aware that the word ‘inception’ in Arabic used as your company logo would read ‘bitcoin’ just by adding one dot to it?” If you are interested in learning about the technology that was created so far after the previous story ended, this list might help you: The Internet of People architecture dissected. “Fermat, the Internet of People and the Person to Person Economy.” The cryptographically secured data structure we use to store profiles and their relationships. “ Introducing the Graphchain. ” Like Bluetooth with global range. “ Introducing Redtooth ” The cornerstone software of the Internet of people. “ The Profile Server. ” The geo-located network that help other services to be geo-localized. “ The Location Based Network. ” [ ](mailto:web@fermat.org?subject=Please invite me to the Fermat Slack Team&body=Hi! I have visited Medium.com and I am interested to join your slack community. Cheers!) The Internet of People is being built by the Fermat Project . If you like what you are reading, consider visiting us at our on-line community on Slack . A bit about me: I am a system architect that started his career designing and building banking systems. Later I turned into an entrepreneur. Three years ago I and decided I would use that technology to fix the biggest problem we have as humans: “ ”. learned about bitcoin unlimited concentration of power

Fermat’s Inception

Bitcoin miners from the earliest days were the OG Bitcoiners. Each one ran a full Bitcoin node and made their own bitcoins. They traded these with other Bitcoiners by writing Bitcoin Script OP codes. Both to transact and to verify if they were talking to real cypherpunks. These guys were tough hombres. Since then, a beautiful and long journey of mountain-climbing hashrate has taken us here into the future. Now we have tokenized Bitcoin mining, and life is easier. This is the present and the future. Tokenized Bitcoin Mining is a real business With all the scams that have wrought the crypto market, it isn’t surprising if you find a Bitcoin maximalist averse to anything ‘token’. But tokenized assets are not a new invention like Bitcoin. They are securities, they have been around, and they are important. Commodities are assets you physically have on your person. They include land, metals, salt, bitcoin mining hardware like electric wires and poles and GPUs, buildings, your bed, smartphone, shoes and clothes. Financial securities allow you to own an asset, or even a piece of it, without having to physically have it on you. They include things like stocks, bond certificates, gold certificates, a legal receipt showing that your friend owes you bitcoins that you stored with them, and many a receipt of ownership. Securities law has been around for decades and is well entrenched. It emerged because it is infeasible to carry on crucial financial activity such as the funding of companies and governments using only commodities or cash. Risk appetite A key problem with securities, especially in a financial climate as dynamic as the one we live in, is the problem of trust. Being too trusting is how people lose their life savings to cranky securities investments spamming the cryptocurrency and traditional currency markets. Being too untrusting is how you remain broke. Bitcoiners ask that you . Sage wisdom to apply as we explore this Bitcoin mining landscape. But bear in mind that all financial investments need a little faith. Even Bitcoiners transacting on the mainchain can (low-key) be swindled of their money if they only trust two confirmations. The probability is small, but it still exists. do not trust, verify We must have faith, for there is always risk. Because you can keep your eye on your commodities they are less risky to own and hold than securities, which are abstract ownership. But since commodities are like physical cash and securities are like digital cash, commodities are more expensive and hence riskier to transit during a trade e.g. Gold, or Bitcoin due to the fluctuating prices and the ballooning :-( fees. Meanwhile, securities are easy-peasy e.g. USDT, stocks, ETF holdings that you can safely transit while in your bed. Physical Bitcoin miners (commodities) have risks as well as tokenized Bitcoin miners (securities). But tokenized miners provide efficiency gains that cannot be matched by most physical miner systems today. Learn your risk appetite, and feed it well. Turning Ethereum into Bitcoin Did you know? You can turn Ethereum into Bitcoin! Lead into Gold. This cryptographic alchemy is being made possible by tokenized mining platforms like . After signing up for an account, a user can purchase an Ethereum-gas-powered NFT of their choosing, which acts as their virtual Bitcoin mining hardware. GoMining I say and not to avoid confusion. virtual Bitcoin mining hardware Bitcoin mining software The user shall be buying a security backed by and pegged to real mining hardware in the background. Meanwhile, Bitcoin mining software is software that enables you to mine bitcoins on a physical Bitcoin mining system. Below is one of the GMT (the name of their NFT) mining assets on the GoMining platform. Available to you at the click of a button no matter where you live in the world. I know the artwork is not fancy. But this is to keep the user focussed on what matters, which is mining bitcoins and making money. For example the above token is worth $17 per TH of mining power with a total of 5000TH up for grabs in that single token. This price might seem high, but it is less than that of whose cost per terahash is well over $22 (image below). this Antminer on Amazon.com I haven’t included the import duty payable at the Kenyan port if you are in Uganda like I am, nor the other setup costs that await you such as connecting wires, a better laptop, an air conditioner to cool your house. So we can see that this by GoMining allows their users to effortlessly own GMTs that return them real-world value , as opposed to cranky jpegs that only gain value when hype is in plenty. idea of a Liquid Bitcoin Hashrate every day This makes these GMT assets (Real World Assets) as much as a physical Antminer. It blurs the line between commodity and security to make these closer to RWA digital commodities. Of course, the Antminers must exist somewhere, held by a big mining pool like Foundry USA. Since Foundry has a majority of the hashrate then they win a majority of the Bitcoin rewards. These rewards are then enjoyed by GoMining users, to the chagrin of Solo miners and Pool miners running physical hardware with high maintenance costs (that Antminer above is going to need cleaning every other while. Which will be hell if you live in a dusty area of the world). The Future is Tokenized Bitcoin Mining As can be appreciated, the future is tokenized Bitcoin mining. Especially when mining becomes so unprofitable for physical holders of 1,2,3 ASICs with the ballooning of maintenance costs following a shrinking of mining rewards with . each Bitcoin halving Even more impressive is the fact that tokenized Bitcoin mining is an easy on-ramp for holders of alternative cryptocurrencies such as Ethereum, Solana, Dogecoin. If some of Ethereum’s huge ($200 billion) market cap is channeled towards mining bitcoins, I, a Bitcoiner, have no problem with that. I like that. And what do you know, platforms like GoMining hit these two birds with one stone. ; When in doubt, please call your lawyer friend. This should be (high-key) cheaper than buying an ASIC, setting up a fence and hiring a security guard, which you would do if you were a Bitcoin miner like the OG Bitcoiners. Remember

From Physical to Tokenized Bitcoin Mining 

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