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Russian Foodie Boris Akimov “Tokenizes” Himself: Offers Expertise and Advice

NewsBTC

Russian celebrity, organic food fan, cryptocurrency enthusiast, and co-creator of BioCoin, Boris Akimov, has decided to “tokenize” himself. Akimov, founder of Russian online organic food exchange LavkaLavka, will launch his own cryptocurrency, Akimov coin, on the Waves Platform, a blockchain system developed in Moscow. As of today, Waves has not issued any further details about the coin or its pre-sale date.

“It’s a simple idea in principle,” he says. “I have certain skills, knowledge, and experience, as well as my time — and that is what will be tokenized.”

Akimov coin owners are basically getting discount services for his agribusiness and e-commerce expertise. If demand for his time goes up, so does the value of his coin; If less people requires his time and services, then his coin gets priced accordingly.

“Let’s say I tokenize two days a week of my time, or 16 hours per week, for 832 hours per year. And let’s say that the token expires after four years. That’s 3,328 hours or 12 million seconds. So the plan is to create 12 million tokens, each of which can be redeemed for a second of my time and skills!” he says.

BioCoin

Akimov is one of the creators of Russia’s BioCoin, a so-called utility token that gives users discounts on organic foods and locally farmed products. As per the company, “BioCoin is a token that can help anyone build green future for the whole planet.”

According to its website, BioCoin can be exchanged for products and services in all stores and cafes that are members of the loyalty program. All customers of these companies receive BioCoins as rewards for the purchases of the companies’ products — as coins go up in value, customers benefit. Further, the company asserts that BioCoin can be integrated with many international loyalty systems and “turn” rewards given to clients into BIO token.

“Tokenizing”

Alexey Ivanov, CEO of crypto-investors Polynom Crypto Capital in Moscow described Akimov’s undertaking as follows:

“It’s like buying the time of a popular consultant,” he says. “It’s the old basic principle of economy — time is money. He is tokenizing his time and selling it in advance.”

Akimov’s idea is certainly novel, but he’s not the first to “tokenize.” Moscow-based TokenStars (ACE), launched last year, uses a similar concept to tokenize celebrities and athletes. ACE token holders are investing in the time or the knowledge of athletes like tennis player Tommy Haas or footballer Giancarlo Zambrotta.

“We help promising talents raise funds by tokenizing their income, talent support and time,” says Pavel Stukolov, CEO of TokenStars. “A celebrity’s time is a precious and limited resource, which is a fundamental growth factor. They can do their own personal coin offering and get upfront payment for various exclusive interactions with fans,” he says. After obtaining a person’s token, fans can redeem them for things like meet and greets, lectures, or one-on-one training.

The post Russian Foodie Boris Akimov “Tokenizes” Himself: Offers Expertise and Advice appeared first on NewsBTC.

From Gibraltar to Australia: How Countries Approach ICOs

Cointelegraph.com News

With the boom in ICOs over the last year or so, there has been an increased need for regulation, however, with no global standard, different countries are taking different approaches. #INFOGRAPHICS

Russian Engineers Arrested for Mining Bitcoin at Federal Nuclear Center

NewsBTC

A team of Russian nuclear engineers have been arrested for allegedly using a powerful government supercomputer at the Federal Nuclear Center to mine Bitcoin. In a statement, the center’s press service said: “There has been an unsanctioned attempt to use computer facilities for private purposes including so-called mining.”

The supercomputer was not supposed to be connected to the internet — to prevent misuse — and once the scientists got online, the nuclear center’s security department was alerted. The scientists were then handed over to the Federal Security Service (FSB).

Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the blockchain. And cryptocurrency enthusiasts are rewarded lucratively for mining with a stash of newly minted cryptographically-signed Bitcoin.

The number of scientists has not been specified, but they are understood to have worked at the restricted Russian Research Institute of Experimental Physics (RFNC-VNIIEF), located in the city of Sarov, Nizhny Novgorod. Head of the institute’s press service, Tatyana Zalesskaya, confirmed the arrests to Russian news agency Interfax.

She added that she understood a criminal case has been brought against the engineers: “Similar attempts have recently been registered in a number of large companies with large computing capacities, which will be severely suppressed at our enterprises, this is technically a hopeless and criminal offense.”

The Federal Nuclear Center — the heart of Russia’s nuclear operations — reportedly employs up to 20,000 people and its supercomputer boasts a capacity of 1 petaflop, the equivalent of 1,000 trillion calculations per second. It’s a perfect fit, as mining cryptocurrencies requires great computational power and huge amounts of energy.

In the Cold War, the USSR’s first nuclear bomb was produced at Sarov, during Joseph Stalin’s rule. The top-secret town was not even marked on Soviet maps and special permits are still required for Russians to visit it. The town is surrounded by a tightly guarded no-man’s-land, with barbed wire fences to keep the curious away. There are even suspicions that the radioactive polonium-210 used to kill ex-FSB agent Alexander Litvinenko in London in 2006 came from Sarov.

The post Russian Engineers Arrested for Mining Bitcoin at Federal Nuclear Center appeared first on NewsBTC.

The war on the petrodollar through Bitcoin

Crypto Insider – Bitcoin News

Established in the early 1970s, the petrodollar has secured the United States’ influence over the oil trade for over 40 years, but recently, it is clear that this monopoly is slowly beginning to fall apart – in some part due to the influence of Bitcoin and other emerging cryptocurrencies.

Background

Due to the plummeting value of the dollar, the debt from the Vietnam War, and excessive domestic spending, President Nixon abruptly pulled out of the Bretton Woods Accord, which pegged the dollar to the price of gold and based the value of other currencies on that of the dollar. Labeled the “Nixon Shock,” these actions left the country bursting with debt and low on cash, with many of its key allies such as Britain, France, and Germany questioning whether the U.S. was justified in its position as the leader of the global economy.

While the U.S. economy entered a nose dive, another geopolitical event was unfolding which exacerbated the economic free fall.

In 1973, Syria and Egypt, backed by several other Arab Nations, launched an attack on Israel which marked the beginning of the Yom Kippur War (or Ramadan War). The war placed increased pressure on oil prices, and when the United States provided Israel with financial aid and arms, the Arab Nations responded.

In 1960, the Organization of Petroleum Exporting Countries (OPEC) was formed. At the core of this organization were Kuwait, Iran, Libya, Qatar, Saudi Arabia, Iraq and the United Arab Emirates – countries which were strongly opposed to U.S. interference in the 20-day war.

Following U.S. provisions to Israel, resource rich OPEC placed an oil embargo on all those thought to have aided Israel, including the United States, Britain, Canada, Japan, the Netherlands and later South Africa and Portugal. By 1974, the price of oil quadrupled.

With the success of the embargo, and cartel’s new role as an oil price influencer, Saudi Arabia became the de facto leader of OPEC.

In 1974, desperate to return value to the U.S. dollar, President Nixon and Secretary of State Kissinger entered negotiations with the Saudi Royal Family. In the agreement, the United States would provide Saudi Arabia with arms and assist with the protection of oil fields. In exchange, Saudi Arabia was to price all oil sales in U.S. dollars and invest surplus oil proceeds in U.S. debt securities. And by 1975, all oil-producing members of OPEC followed suit. This began the reign of the petrodollar.

The petrodollar has since elevated the United States economically and politically throughout the world, but after years of unprovoked wars and geopolitical belligerence, U.S. influence is beginning to fade.

Through the years, there have been a number of attempts to move away from the petrodollar system, especially within OPEC, in which many of its members are not particularly friendly with the United States. Another strong advocate of change is Russia, which suggested to China and Japan to purchase oil in yen or yuan.

Bitcoin, the Russian Miner Coin and the Cryptoruble

A Kuwaiti finance firm, however, took this debate a step further, suggesting in 2014 that the Gulf Cooperation Council could benefit from trading oil for bitcoin. The suggestion was based on the idea that the GCC could save time and money with faster, cheaper, and more efficient transactions.

This idea has been debated back and forth for some time, with some even suggesting that the “anonymity” factor could usher in a new era of world peace. The idea is that, using a neutral “petro-bitcoin,” countries would be immune to currency manipulation from governments, which has clear global impacts. In an unbiased-blockchain could act as a great medium for doing business on a global scale.

While this is all well and good, neither the U.S. or China are looking to ease up on their power push.

China, indeed, has taken the lead in the fight against the petrodollar. In 2012, Iran began trading oil in yuan,  and earlier this year, in response to U.S. sanctions, OPEC member Venezuela began pricing its oil sales in Chinese yuan, as well. China’s biggest move, however, was its push for Saudi Arabia to do the same. One of the most notable efforts from China to tackle the petrodollar was the country’s yuan-priced crude oil benchmark, which it recently unveiled.

While China pushes for the petro-yuan, Russia is also making moves which could have serious implications for the U.S. dollar.

In addition to the Russian Miner Coin, the Kremlin announced that it will be creating a new state-endorsed cryptocurrency backed by gold. The goal of this coin is to allow free exchange between the cryptoruble and the ruble, and to reduce dependence on foreign currency while stimulating the domestic online economy.

While few details of the cryporuble are known, the technology does seem to be blockchain-based, as Putin has met with Ethereum and WAVES advisors to build the platform.

With these major moves from China and Russia, there is no doubt that the dollar will see downward pressure in the near future. As the world’s major economies vie for geopolitical power, it is worth following the growing role of bitcoin and cryptocurrencies in this story.

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