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OpenChat To Experiment With Facial Recognition In Blockchain

bitcoinist.com 19-11-2023 07:32 2 Minutes reading
In a bid to elevate the user experience, OpenChat is steering towards a new frontier where conversations are not just exchanges of words, but authentic connections facilitated by advanced technology. The innovative chat application operating on the revolutionary Internet Computer blockchain acknowledges the imperative to authenticate users and deter the proliferation of multiple profiles by launching a cutting-edge facial recognition technology. OpenChat co-founder Matt Grogan emphasizes the app's goal of attaining "proof of unique humanity." He acknowledges the simplicity of proving one's humanity but underscores the greater challenge of verifying individual uniqueness. The strategic elimination of the potential for users to maintain multiple online accounts stands as OpenChat's solution to discourage unjust practices like token farming and airdrop exploitation. In Grogan's perspective, this emphasis on uniqueness not only enhances security but also promotes a more equitable and transparent user environment within the app. He highlighted the substantial impact of preventing individuals from managing multiple online accounts, emphasizing that such a measure could curtail the extent to which certain users exploit token farming or airdrops through the use of multiple accounts. Grogan sees this as a pivotal step in promoting fairness and integrity within the space, as it addresses the potential for abuse and establishes a more level playing field for all users involved. By utilizing crypto addresses and NFTs for identification and revenue generation instead of standard email addresses and usernames, OpenChat has set itself apart from other traditional social media platforms. Platforms like Facebook and Twitter have become more toxic due to the anonymous usage of bots and many accounts made possible by this unique approach. OpenChat has asked Modclub for assistance with content control in order to allay this worry. A group of moderators from Modclub will examine reports of rule infractions that users can submit. OpenChat - which has more than 100,000 users - seeks to foster an atmosphere that encourages users to participate in moral conversation by assigning moderation duties to an outside platform. The business model in which tech giants provide complimentary or discounted services in exchange for the insights obtained from consumer data has become ingrained in the minds of the public. The OpenChat developers, on the other hand, present their application as an open internet service. Co-founder and developer on the OpenChat project Hamish Peebles explained that the lack of a sponsoring business suggests no tracking or selling of user information. Peebles clarified that the owners and operators of OpenChat are the holders of the governance tokens. The idea behind OpenChat is to disperse these tokens among users in order to promote a decentralized ownership structure that differs from the traditional paradigm of centralized data control. The valuation of the global facial recognition market in 2022 amounted to $5.5 billion, with a predicted growth to $24.3 billion by 2032. This growth is anticipated to occur at a compound annual growth rate (CAGR) of 16.4% from the year 2023 to 2032, according to Allied Market Research.

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The Biggest Spot Bitcoin ETF Myths Debunked
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The Biggest Spot Bitcoin ETF Myths Debunked

With just days left before a spot Bitcoin ETF is expected to be approved by the US Securities and Exchange Commission (SEC), Alistair Milne, Chief Investment Officer (CIO) of Altana Digital Currency Fund, addressed several myths surrounding the Spot Bitcoin Exchange-Traded Funds (ETFs). In recent weeks and months, several shockingly false rumors have persisted, painting a false picture of the future with a spot ETF. Milne emphasized the stringent legal and operational frameworks governing spot ETFs. With this, he addressed the common myth that spot ETF could water down the 21 million supply of BTC by injecting "paper Bitcoin". He stated, "Spot ETFs are legally obliged to invest net inflows in BTC, which will be held by a custodian, fully audited, etc." Moreover, ETF providers like BlackRock, Fidelity and Bitwise are 'seeding' their ETFs with cash on exchanges to be ready to buy Bitcoin when inflows occur. This is a proactive measure to manage liquidity and maintain the ETF's performance in line with Bitcoin's market movements - - but again, no manipulation is taking place. Also, the spot ETFs actions are dictated by inflows and outflows, not by discretionary decisions of the fund managers like BlackRock's Larry Fink. This means the buying and selling of Bitcoin by the ETF are purely transactional, based on the fund's need to balance inflows and outflows. "ETF providers have no discretion with regards to buying or not buying, only inflows/outflows may dictate their trading," Milne clarified. In the same vein, unlike derivative ETFs, spot Bitcoin ETFs involve actual BTC, which underscores their direct link to the cryptocurrency's market dynamics. "Bitcoin spot ETFs will dramatically increase the proportion of spot BTC traded vs derivative (unbacked) volumes ... reducing the influence of the latter BTC's price will be more difficult to suppress, not easier," Milne explained. Market Makers (MMs) and others will trade or arbitrage the ETF's stock versus spot Bitcoin. This is done to ensure that the ETF is priced as close to the actual market value of BTC as possible, thereby exploiting any inefficiencies for profit. Milne further elaborated that a spot ETF that underperforms Bitcoin (before fees) will likely go out of business, as its value is expected to mirror that of Bitcoin's market performance. The discussion on X also ventured into the dynamics of investor movement between different ETF providers. In response to a query about potential shifts from Grayscale Bitcoin Trust (GBTC) to other ETFs, Milne clarified, "GBTC will instantly be at par value, so the only sellers are likely those who bought at a discount and want to rotate back to self-custody (like me). Net effect after 1-2 working days would be zero. Someone selling GBTC and buying, for example, IBTC the same hour should have no effect either." Another myth revolves around the trustworthiness of ETFs. A user expressed skepticism about reliance on traditional auditing methods, suggesting that on-chain signed messages from t...

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