Latest posts of: provenceday

source: http://thecoinfront.com/want-to-get-paid-to-learn-about-bitcoin-theres-an-alt-for-that/

Want To Get Paid To Learn About Bitcoin? There’s An Alt For That!

News about Mastercoin has been slow lately, but a new second generation crypto asset built on top of the Mastercoin protocol might be about to change that.

Mastercoin, alongside NXT, counterparty, and Ethereum, seeks to expand the possibilities of Bitcoin beyond just a non reversible payment system.

For example, decentralized stock markets could emerge, which would be verifiable by the blockchain and ruled by cryptography, not NASDAQ or the NY Stock Exchange.

Patrick Byrne -CEO of overstock - believes this could eliminate some serious flaws in the world of high-stakes trading.

Decentralized stock markets however are just one of many possibilities opened up to us by second generation crypto currencies, or "Bitcoin 2.0".

Another , perhaps more tangible example is Prozcoin, a second generation asset that wants to pay you for learning on Khan Academy or Coursera!

Its first agenda however is to pay people to learn about blockchain tech. Or anything else related to the Bitcoin technology.

Meet The Team
Chris Bates, with an M.S. in Telecommunication from IU, is a developer and entrepreneur extraordinaire. If you recognize that name, it's because Chris is also an occasional contributor to The CoinFront, beginning last March.

Along with Chris is Shannon Null Code -no joke- Security expert and specialist for Mastercoin, are two of the core devs of CoinProz. And these two have some big plans for the project!

So How Does It Work?
Prozcoin is an asset on top of Mastercoin. As such it does not have the security problems of new altcoins, since all Mastercoin assets are secured by the Bitcoin blockchain.

Where they stand out though, is in their development of a new algorithm that will measure social media engagement on any platform on which it's integrated.

It is called Proof of Action or PoA for short, and their forum coinproz.com will be the first of such smart social media sites. This is where users will have the opportunity to earn prozcoin rewards based on their participation as both students and educators of blockchain tech.

Yup, the opposite of any school you've likely been to, this guys will actually pay YOU to learn!

Proof of Action may in the future be adopted by other social media platforms that seek to implement its innovative reward structure, and this is without a doubt what the team is aiming for. Users would be rewarded based on educational content they submitted, the views it got, the comments it inspired, and the quality of each.

This would be a largely decentralized operation with one particular exception.

Quality as of now would be double checked by admins, to prevent what is called a sybil attack. This sort of attack is common on Twitter, where you can get a thousand fake followers for $11. Robots retweeting hash tags are common place, which would dilute the quality of its reputation system.

To further protect from sybil, identity verifications systems may be placed such as Onename.io linking you to your social media profiles etc.

Onename.io is a a kind of domain provider hosted on the namecoin blockchain. Users can link one name and bitcoin address per email and link it to their social media for free - go get your name before its gone!

Coinproz will be accepted by 5 businesses from the start, including Cryptoshoppers and Elblaus Design.

The initial Coin Offering
In the relentless spirit of innovation, Coinproz has no traditional ICO phase. Since it lives on the already very secure Bitcoin blockchain, it is not concerned with incentivizing mining with block rewards, nor any other kind of security scheme. As such, development can utilize a much larger percentage of the whole currency... if you know where this is going, breath deeply.

Out of the 100 million Prozcoins that can ever be, 20 million have been on sale for the past few days. The current ICO sale is on C-cex and its selling like ganja at a Bob Marley concert.

Another 20% will be used to give a "likely unnecessary but extra reward to miners" as well as fund the PoA users. Both of these rewards are scheduled to last over 3 years.

The remaining 60% will be held in escrow by either C-cex or Bittrex. 10% of it will be distributed to founders of Coinproz over 3 years, and the rest will be held for further development of Coinproz technologies. Some of these including smart hardware, details of which have not been revealed yet.

Further details over the terms of this escrow agreement will be released over the next few days. So keep an eye out!

For now, check out their website, read their white paper or follow them on twitter @Prozcoin to stay posted!

Chris Bates will have virtual office hours on skype from 12pm to 3pm est, Mondays, Fridays and Sundays. Add him on skype at larry.christopher.bates.