<h2>Satoshi&#8217;s Treasure</h2>
A group has hidden the keys to $1 million worth of bitcoin — and left cryptic clues to find them, <a href="https://www.coindesk.com/satoshis-treasure-is-a-global-puzzle-with-a-1-million-bitcoin-prize">CoinDesk reports</a>. The game has the adventurous name &#8220;Satoshi&#8217;s Treasure,&#8221; a reference to the eponymous inventor of Bitcoin, Satoshi Nakamoto.
Think of it as a large-scale treasure hunt a la &#8220;Ready Player One,&#8221; with clues spread out across the internet. The first clue of the puzzle was released yesterday, and 6,000 people have already signed up to play.
<img class="alignnone size-full wp-image-157193" src="https://wp-assets.futurism.com/2019/04/satoshis-treasure.jpg" alt="" width="1172" height="737" />
<h2>Logic Puzzles</h2>
&#8220;There are some clues that are very scavenger hunt-y, and clues where it’s purely logic puzzles or math problems,&#8221; Primitive Ventures co-founder Eric Meltzer, the game&#8217;s co-creator, told CoinDesk. &#8220;Forget about the rules, just go goddamn play.&#8221;
Once the final key — there are 400 key fragments required in total to move the funds — is found, the winner walks away with the $1 million.
&#8220;There are so many unknowns in this game that we kind of just want to see what happens,&#8221; Meltzer said.
<h2>Peak Bitcoin</h2>
It&#8217;s a pretty literal take on the wild west nature of the cryptocurrency market, where sometimes it seems like anything goes.
To sign up and keep up with the progress of Satoshi&#8217;s Treasure, go to <a href="https://satoshistreasure.xyz/">satoshistreasure.xyz</a>.
READ MORE: <a href="https://www.coindesk.com/satoshis-treasure-is-a-global-puzzle-with-a-1-million-bitcoin-prize">‘Satoshi’s Treasure’ Is a Global Puzzle With a $1 Million Bitcoin Prize</a> [CoinDesk] 

More on Bitcoin:<a href="https://futurism.com/analysts-bitcoin-mining-costs-more-worth"> Analysts: Bitcoin Mining Costs More Than Its Worth</a>

"There are so many unknowns in this game that we kind of just want to see what happens."

Someone hid $1 million in Bitcoin and left clues to find it

Satoshi's Treasure

A mysterious group of individuals hid the keys to $1 million worth of bitcoin in a twisted game with no rules, CoinDesk reports.

Someone Hid $1 Million In Bitcoin and Left Clues to Find It

Psst... want a million dollars in bitcoin?

Tor Ekeland, hacker lawyer, fights back against the harsh punishments decreed using the Computer Fraud and Abuse Act. And one of those fights can be seen in “Trust Machine,” available now at Breaker.io.

Future Society

In Trust Machine, Tor Ekeland, hacker lawyer, fights back against the harsh punishments decreed using the Computer Fraud and Abuse Act.

Computer fraud laws are flawed, this lawyer is fighting against them

Computer Fraud Laws are Flawed, this Lawyer is Fighting Against Them

<h2>JPM Coin</h2>
It&#8217;s been a long time coming — but it still feels surprising.
New York-based investment bank JP Morgan Chase is launching the first-ever major cryptocurrency backed by a U.S. bank. The digital token, dubbed &#8220;JPM Coin,&#8221; will be used to &#8220;instantly settle payments between clients,&#8221; <a href="https://www.cnbc.com/2019/02/13/jp-morgan-is-rolling-out-the-first-us-bank-backed-cryptocurrency-to-transform-payments--.html">CNBC reports</a>.
The announcement comes as a substantial change of tune for JP Morgan Chase. Its CEO Jamie Dimon famously called Bitcoin a &#8220;fraud&#8221; in 2017 before <a href="https://futurism.com/j-p-morgan-chase-ceo-regrets-calling-bitcoin-fraud">changing his mind</a> the following year.
<h2>Speedy Transactions</h2>
The new token will initially run on top of JP Morgan Chase&#8217;s Quorom platform, its own take on popular blockchain platform Ethereum, <a href="https://www.coindesk.com/jpmorgan-moving-its-in-house-crypto-to-real-world-trials-report">according to Coindesk</a>.
Each JPM Coin will be worth a single U.S. dollar, like other so-called <a href="https://futurism.com/sponsored-stable-coins-future-crypto-economy">stablecoins</a>. JP Morgan Chase clients will deposit their fiat currency in exchange for JPM Coins, and after settling the transaction, the coins will be returned in the form of U.S. dollars.
Wire transfer systems, including networks like Swift, are clunky — they can take long periods to complete and verify, especially when making payments internationally.
Blockchain technology has the potential, according to JP Morgan Chase, to speed things up considerably.
<h2>Mixed Reactions</h2>
&#8220;The first bullet in any war is always the most important, and it looks like this could be the first move in a broader adoption of blockchain and digital currencies by large institutions,&#8221; London hedge fund Prime Factor Capital co-founder Adam Grimsley <a href="https://www.bloomberg.com/news/articles/2019-02-14/jpmorgan-to-use-cryptocurrency-for-payments-business-cnbc-says?utm_campaign=socialflow-organic&amp;utm_source=twitter&amp;utm_content=crypto&amp;utm_medium=social">told Bloomberg</a>.
But not everybody is convinced that it&#8217;s as groundbreaking as JP Morgan Chase wants us to think. Technology reporter for the New York Times Nathaniel Popper argued it might be &#8220;less useful, because it can&#8217;t move anywhere beyond the walls of JPMorgan,&#8221; in <a href="https://twitter.com/nathanielpopper/status/1096102644605571072">a tweet</a>.
Editor&#8217;s note: This post originally misspelled the name of the CEO of JP Morgan Chase. It has been updated. 
READ MORE: <a href="https://www.cnbc.com/2019/02/13/jp-morgan-is-rolling-out-the-first-us-bank-backed-cryptocurrency-to-transform-payments--.html">JP Morgan is rolling out the first US bank-backed cryptocurrency to transform payments business</a> [CNBC]
More on JP Morgan Chase: <a href="https://futurism.com/j-p-morgan-chase-ceo-regrets-calling-bitcoin-fraud">J.P. Morgan Chase CEO Says He Regrets Calling Bitcoin a Fraud</a>

The new token will run on top of JP Morgan Chase's Quorom platform, its own take on Ethereum.

The first major U.S. bank just launched a cryptocurrency

JPM Coin

JP Morgan Chase is launching the first ever major U.S. bank approved cryptocurrency called "JPM Coin."

The First Major U.S. Bank Just Launched a Cryptocurrency

A couple of years ago, its CEO called Bitcoin a "fraud."

<h2>Crypto Wake Up Call</h2>
For many low-income young South Koreans, it was an an entirely new way of making a living.
The cryptocurrency market made a ton of people rich during its early years, with the value of Bitcoin reaching incredible heights.
But what goes up must come down: 2018 was a harsh wake-up call for those invested. Many Koreans who invested in cryptocurrencies lost many thousands of dollars in the crash, the <a href="https://www.nytimes.com/2019/02/10/business/south-korea-bitcoin-cryptocurrencies.html">New York Times reports</a> — but still hope for a rebound.
<h2>Block Battle</h2>
South Korea remains the third-largest market for cryptocurrencies after the U.S. and Japan, with a side dish of crypto pop culture that hasn&#8217;t been diluted by the market meltdown. For instance, contestants compete to build blockchain businesses on &#8220;Block Battle,&#8221; a TV show that <a href="https://news.bitcoin.com/blockchain-survival-show-blockbattle-to-premiere-on-asia-economy-tv/">calls itself</a> the &#8220;world&#8217;s first blockchain survival TV show,&#8221; with viewers at home voting in real-time like &#8220;American Idol.&#8221;
&#8220;Who&#8217;s the next Satoshi?&#8221; the moderator asks rhetorically at the top of the show, a nod to the <a href="https://www.nytimes.com/2015/05/17/business/decoding-the-enigma-of-satoshi-nakamoto-and-the-birth-of-bitcoin.html">nebulous forefather</a> of blockchain tech.
The show aired its first episode back in October 2018 — a terrible period, ironically, for crypto prices.
<h2>Cryptopia</h2>
While many Koreans are still counting their losses, the dreams of becoming rich through cryptocurrencies is still very much alive.
But the harsh reality — including <a href="https://www.coindesk.com/koreas-exchange-hacks-countrys-crypto-scene-saying">numerous hacks</a> and scandals involving South Korean crypto exchanges — should really be a sobering wake up call.
READ MORE: <a href="https://www.nytimes.com/2019/02/10/business/south-korea-bitcoin-cryptocurrencies.html">Cryptocurrency Was Their Way Out of South Korea’s Lowest Rungs. They’re Still Trying.</a> [New York Times] 

More on cryptocurrencies: <a href="https://futurism.com/growing-suspicion-crypto-ceo-faked-death">Did a Crypto CEO Fake His Own Death to Abscond With $190 Million</a>

South Korea is the third-largest cryptocurrency market in the world.

Low-income Koreans got rich on the blockchain, then lost it all

Block Battle

Despite a plummeting cryptocurrency market, many young South Koreans are still dreaming of getting rich.

Low-Income Koreans Got Rich on the Blockchain, Then Lost it All

Maybe more than anywhere else on Earth, South Korea embraced blockchain as an element of pop culture.

<h2>Password Manager</h2>
A prominent cryptocurrency exchange is scrambling to access $137 million dollars worth of Bitcoin after its founder died and took his passwords with him.
On Jan. 31, Jennifer Robertson <a href="https://www.scribd.com/document/398721572/Jennifer-Robertson-Affidavit?campaign=SkimbitLtd&amp;ad_group=100098X1555750Xc62d80d8591dd7135800787a58bce730&amp;keyword=660149026&amp;source=hp_affiliate&amp;medium=affiliate">testified to the Supreme Court of Nova Scotia</a> that her husband Gerry Cotten, the founder of crypto exchange QuadrigaCX, died in December. As a result, she said that most of the company&#8217;s funds — $137 million worth of Bitcoin — were locked away in an encrypted cold wallet that only Cotten knew how to access, <a href="https://www.coindesk.com/quadriga-creditor-protection-filing">according to CoinDesk</a>.
The grim saga demonstrates that even though blockchain technology can help promote accountability and transparency, it can also allow companies to operate without legal oversight — a glaring problem when it comes to financial matters.
<h2>Dig Deeper</h2>
But there may be more to the story than what Robertson and QuadrigaCX have presented. An <a href="https://medium.com/@zeroresearchproof/quadrigacx-chain-analysis-report-pt-1-bitcoin-wallets-19d3a375d389">unofficial, independent investigation</a> conducted into QuadrigaCX&#8217;s transactions on the blockchain by a pseudonymous blockchain researcher who goes by the handle Zerononcense called into question not only the existence of the alleged encrypted wallet but also the validity of QuadrigaCX&#8217;s business practices at large.
The investigation, which conceded that it&#8217;s based only on the researcher&#8217;s observations and not necessarily the definitive truth of the matter, suggested that QuadrigaCX may not have the massive Bitcoin reserves that it claims to, and may have instead been pocketing some customers&#8217; deposits and using other deposits to fulfill withdrawal requests as needed, not unlike, in the author&#8217;s words, &#8220;operating a shell exchange or a ponzi.&#8221;
Thus far, QuadrigaCX has not responded to the investigation. Futurism reached out to the company for comment and this article will be updated if it responds.
<h2>Cold Storage</h2>
Ironically, a since-archived <a href="https://web.archive.org/web/20190106211608/https://www.quadrigacx.com/about">version of QuadrigaCX&#8217;s website</a> reveals that the company partnered with the Bitcoin Foundation, an organization that aims to standardize the use of cryptocurrency.
Whether QuadrigaCX&#8217;s customers&#8217; money is stuck in an encrypted wallet or whether it was pocketed, what remains clear is that the blockchain, for all its purported safety and security, still has a <a href="https://futurism.com/the-byte/etherscan-hack-security-vulnerability">major accountability problem</a>.
Sure, the philosophy of blockchain technology — circumventing regulation in the interest of personal freedom — is a huge selling point of crypto. But without established, enforceable business practices, problems like this will likely continue to happen. Even if nothing shady happened at all, some sort of overarching rules are necessary to make sure that investors don&#8217;t lose over $100 million dollars just because a company&#8217;s president didn&#8217;t feel like writing down his passwords.
READ MORE: <a href="https://arstechnica.com/information-technology/2019/02/digital-exchange-loses-137-million-as-founder-takes-passwords-to-the-grave/">Digital exchange loses $137 million as founder takes passwords to the grave</a> [Ars Technica]
More on QuadrigaCX: 
<ul>
<li><a href="https://futurism.com/growing-suspicion-crypto-ceo-faked-death/">Did a Crypto CEO Fake His Own Death to Abscond With $190 Million?</a></li>
<li><a href="https://futurism.com/did-a-crypto-ceo-fake-his-own-death-the-latest-updates/">Did a Crypto CEO Fake His Own Death? The Great Quadriga Conspiracy, Day 6</a></li>
<li><a href="https://futurism.com/the-byte/quadrigafx-details-ceo-death">Indian Hospital Fires Back at Rumors That Crypto CEO Faked Death</a></li>
</ul>

Crypto site loses $137 million in dead founder's encrypted wallet

Shell Game

The founder of a crypto exchange, QuadrigaCX recently died, and his widow claims that the company's Bitcoin reserves are now stuck in an encrypted wallet.

Crypto Site Loses $137 Million in Dead Founder’s Encrypted Wallet

Take this to your grave.

<h2>Blockchain-Powered ATMs</h2>
Bank of America customers could soon use automatic teller machines, better known as ATMs, that are powered by a blockchain ledger. The company filed a <a href="http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&amp;Sect2=HITOFF&amp;p=1&amp;u=%2Fnetahtml%2FPTO%2Fsearch-adv.htm&amp;r=1&amp;f=G&amp;l=50&amp;d=PTXT&amp;S1=(%22bank+of+america%22+AND+%22blockchain+%22)&amp;OS=%22bank+of+america%22+AND+%22blockchain+%22&amp;RS=(%22bank+of+america%22+AND+%22blockchain+%22)">new U.S. patent</a> for the system that was published online Tuesday.
According to the patent, Bank of America could use blockchain tech to verify and track ATM cash transactions and improve ATM performance. The move highlights the tension and irony of the contemporary blockchain ecosystem. BofA, fearful of being left behind by new financial innovation, now holds more than 50 patents for blockchain technologies, <a href="https://www.coindesk.com/bank-of-america-files-for-blockchain-atm-as-a-service-patent">according to</a> Coindesk. That could be a sign that it&#8217;s positioning itself for a serious push into the same decentralized technology that was originally designed to take power away from big banks.
<h2>Decentralized Hub</h2>
The idea behind the patent, which was first filed in June 2017, is that tracking cash transactions on the blockchain could help plan and predict which ATMs need cash when — the bank would be able to cut down on how costs related to transporting the physical cash, <a href="https://www.coindesk.com/bank-of-america-files-for-blockchain-atm-as-a-service-patent">according to Coindesk</a>.
Bank of America also got the rights to new &#8220;ATM as a service&#8221; platforms, which the patent describes as a way to boost engagement with ATM services like video calls and integration into local marketing campaigns or pop-up stores. These features are seemingly intended to make cash withdrawals fun and trendy.
<h2>Full Circle</h2>
Two months after the blockchain ATM patent was filed, Bank of America and Wells Fargo cut down on cash-related costs by <a href="https://www.bizjournals.com/bizwomen/news/latest-news/2017/11/big-banks-ban-cash-deposits-into-others-accounts.html">banning third-party cash deposits</a>. This move away from tangible money <a href="https://twitter.com/tressiemcphd/status/1077221502137917440">recently resurfaced and drew ire</a> by would-be gift-givers over the holiday season.
If this blockchain patent is any indication, we can expect more changes in the future that make things smoother for BofA — even if we get fewer options as a result.
READ MORE: <a href="https://www.coindesk.com/bank-of-america-files-for-blockchain-atm-as-a-service-patent">Bank of America Files for Blockchain ‘ATM as a Service’ Patent</a> [Coindesk]
More on blockchain finance: <a href="https://futurism.com/bank-america-wins-patent-crypto-exchange-system">Bank of America Wins Patent for Crypto Exchange System</a>

The idea is part of an ironic trend: banks want to leverage a technology that was invented to take power away from financial institutions.

A new Bank of America patent describes blockchain-powered ATMs

Boosting Engagement

A newly-published patent grants Bank of America the rights to blockchain-powered ATMs and "ATM as a service" platforms to cut costs boost engagement.

A New Bank of America Patent Describes Blockchain-Powered ATMs

BofA can now build a distributed "ATM as a service" platform.

<h2>More Sanctions</h2>
U.S. regulators are taking a stronger stance against Iran&#8217;s plans to develop its own sovereign cryptocurrency.
Congress introduced a <a href="https://www.congress.gov/115/bills/hr7321/BILLS-115hr7321ih.pdf">bill</a> on December 17 called the &#8220;Blocking Iran Illicit Finance Act&#8221; that threatens Iran with more sanctions in response to activity that could see Iran develop its own national cryptocurrency. The U.S. is worried that the development of such a cryptocurrency could allow Iran to launder money, thereby dodging U.S. sanctions.
A <a href="https://www.congress.gov/bill/115th-congress/senate-bill/3758/text">corresponding bill</a> sponsored by Ted Cruz (R-TX) calls for additional sanctions against anybody who could be aiding Iran to develop such a digital currency, including sanctions against any foreign person that might facilitate transactions for the &#8220;sale, supply, or transfer&#8221; of such a currency.
<h2>Existing Tension</h2>
And tensions between the U.S. and Iran are already high after the Trump administration decided to withdraw from the <a href="https://www.bbc.com/news/world-middle-east-33521655">Joint Comprehensive Plan of Action</a> (JCPOA) in May 2018. Under the accord, Iran agreed to limit any nuclear activity, and allow international actors to inspect any nuclear plants in the country. In return, economic sanctions would be lifted.
And Iran has been busy laying the groundwork for an official national digital currency. The country has been in the news recently, promising that blockchain technology could give Iran a much-needed <a href="https://www.coindesk.com/iranian-official-says-blockchain-could-deliver-economic-boost">economic boost</a>, Coindesk reports.
Officials <a href="https://www.ccn.com/iran-inches-closer-to-national-cryptocurrency-in-plan-to-evade-us-sanctions/">announced in July</a> that Iran was planning to issue its own national cryptocurrency. Months later, Iran agreed to <a href="https://news.bitcoin.com/iran-officially-recognizes-cryptocurrency-mining/">officially recognize</a> crypto mining as an industry in the government.
<h2>The Petro</h2>
There&#8217;s a precedent for a country developing its own sovereign cryptocurrency — without the best of intentions. Venezuela&#8217;s <a href="https://futurism.com/venezuela-cryptocurrency-petro-blockchain">highly controversial &#8220;petro&#8221;</a> — an oil- and state-backed cryptocurrency pushed by president Nicolas Maduro — is meant to give the South American nation a way out of crippling hyperinflation. So far, the people of Venezuela have yet to see any tangible benefits from the petro.
In fact, the Trump administration has also <a href="https://www.nytimes.com/2018/03/19/world/americas/trump-venezuela-sanctions-petro.html">expanded sanctions</a> in March against Venezuela to include any trade of the petro.
Will Iran comply with Congress&#8217; demands — if the bill passes — and cease any activity related to the issuing of a digital currency? Unlikely. But it could have a negative effect on already poor relations between the two countries.
READ MORE: <a href="https://www.coindesk.com/us-lawmakers-seek-sanctions-against-irans-cryptocurrency-efforts">US Lawmakers Seek Sanctions Against Iran’s Cryptocurrency Efforts</a> [Coindesk] 

More on Iran&#8217;s cryptocurrency: <a href="https://futurism.com/iran-national-cryptocurrency">Iran May Move to Create Its Own National Cryptocurrency</a>
&nbsp;

Tensions are already high between the two countries.

The U.S. challenges Iran's attempt to develop a cryptocurrency

Iran Crypto

Congress just introduced a bill calling for sanctions against Iran's efforts to develop its own national cryptocurrency.

The U.S. Challenges Iran’s Attempt to Develop a Cryptocurrency

According to the U.S., entering the crypto space would let Iran dodge sanctions.

<h2>Abstract Investments</h2>
A cryptocurrency investment firm called Digital Currency Group <a href="https://insights.dcg.co/introducing-metaverse-ventures-f82fc09a5f83">just launched a new fund</a>, Metaverse Ventures, which will focus solely on simulated products in a virtual reality world called Decentraland.
In case you missed it, Futurism <a href="https://futurism.com/virtual-real-estate">previously reported on Decentraland&#8217;s fundraising efforts</a>, where people and companies paid exorbitant amounts of money for a plot of virtual land in what&#8217;s being marketed as a <a href="https://decentraland.org/">virtual reality megamall-meets-amusement park</a>, all of which runs on the Ethereum blockchain.
<h2>Third Life</h2>
According to Digital Currency Group&#8217;s announcement, Metaverse Ventures already made two key investments.
The first is in <a href="https://www.vegascity.org/">Vegas City</a>, a district that takes up about one-twelfth of Decentraland&#8217;s entire virtual map and is currently allotting space to VR game developers.
The other investment is into a <a href="https://www.artie.com/">startup called Artie</a>, which plans to develop AI-driven avatars for Decentraland visitors.
<h2>Breaking Ground</h2>
What remains unclear is just how much of its resources Digital Currency Group has put into Metaverse Ventures for Decentraland investments. If Decentraland lives up to the hype, it could become a successful marketplace that will reward early investors several times over.
But so far, Decentraland isn&#8217;t open to visitors, and its success depends on people widely embracing two technologies — virtual reality and blockchain decentralization — that <a href="https://futurism.com/tech-research-investigated-43-blockchain-startups">tend to get stuck at roadblocks</a> as people try to <a href="https://futurism.com/the-byte/goldman-sachs-cryptocurrency">move them into mass markets</a>.
But if <a href="https://futurism.com/the-byte/trade-commodities-blockchain">these investments</a> are any indicator of Decentraland&#8217;s potential, you could soon find us hanging out in virtual Vegas.
READ MORE: <a href="https://insights.dcg.co/introducing-metaverse-ventures-f82fc09a5f83">Introducing Metaverse Ventures</a> [Digital Currency Group]
More on blockchain investments: <a href="https://futurism.com/the-byte/blockchain-city-nevada-desert-gigafactory">A Millionaire is Building a Blockchain Utopia in the Nevada Desert</a>

It's going to corner the market of people who regularly use VR and blockchain tech and...

A new VC fund is bankrolling virtual products in a simulated world

Decentraland

Digital Currency Group's new branch, Metaverse Ventures, will invest exclusively in Decentraland startups that develop products for the VR blockchain world.

A New VC Fund Is Bankrolling Virtual Products in a Simulated World

It's already started to invest.

The world has a wealth problem and it’s getting bigger. The 2008 financial crisis cast the fundamental inequalities and imbalances in our financial systems in a very stark light. Since that alarm bell, one might assume that reforms were in order, even imminent, but in fact the opposite has proven harrowingly true: the wealth divide has only deepened since the financial collapse. According to a <a href="https://www.theguardian.com/inequality/2017/nov/14/worlds-richest-wealth-credit-suisse">2017 study</a>, the world’s richest 1% of the population now control more than half of the world’s wealth—up significantly from the already staggering 42.5% they controlled before the global recession.
Solutions are obviously needed: inequity and imbalance at the scale it exists today predictably leads to <a href="https://www.nytimes.com/2018/12/02/world/europe/france-yellow-vest-protests.html">social instability</a> and conflict. While activism and political participation play a key role in driving systemic change, disruptive technologies and new forward-thinking business models may also hold a key to restructuring our systems of wealth creation. For most companies, addressing the wealth divide may not be a core business objective. But a new emerging class of progressive enterprises, many of them operating on the blockchain, afford an opportunity for important social and economic transformation through democratizing financial access and restorative environmental impact. One such company is <a href="http://fullcyclefund.com/" target="_blank" rel="noopener">FullCycle</a>.
FullCycle’s primary mission is expediting the adoption of clean technologies globally. In partnership with Synova Power, the world’s premier waste to energy technology provider, and other proven clean-tech platforms, FullCycle finances the rollout of state of the art, carbon negative waste plants that convert waste into energy. But their commitment to a cleaner, better world doesn’t end there: They also want to help expedite the rollout of other market ready water, energy, and transportation technologies too, but they want to finance it in a new way.
In our global financial markets, investment opportunities have historically been <a href="https://www.theatlantic.com/magazine/archive/2018/11/private-inequity/570808/">restricted</a> to those with the resources required to access the market and these asset classes, whether due to high transaction fees, preferential insider access, prohibitive minimums, or regulations that shut out smaller investors. Many argue that these market mechanisms ensure that the already wealthy just keep getting wealthier. This winner take all approach is preventing the everyday person from making meaningful financial headway. Our middle classes, are <a href="https://www.brookings.edu/blog/social-mobility-memos/2018/06/05/seven-reasons-to-worry-about-the-american-middle-class/">under pressure</a> by changing job dynamics and a persistent assault on our welfare programs, our education and healthcare systems, and the foundations of social mobility and wellness are lacking. We need a more inclusionary attitude towards financial opportunity access. We often hear that &#8220;talent is universal, but opportunity is not.&#8221; FullCycle wants to play its part in correcting this unsustainable trajectory by creating greater access to these opportunities, which will also lead to more restorative environmental outcomes on a larger scale than was previously possible.
“There is enormous opportunity in renewable energy and sustainable investments. But often the average individual—who cares deeply about the environmental and the social impact of their dollar—isn’t able to access it. That doesn’t make sense to us. We believe it is better for society if as many people as possible participate and profit from the switch to low-carbon technologies; it’s not right, nor healthy for society that the economic reward keeps accruing to a limited class of people,” says Caitlin Sparks, Director of Partnerships and Sustainability at FullCycle. Blockchain offers a viable mechanism for that broader financial inclusion.
And FullCycle intends to pursue it. “In discussing blockchain, most people focus on the cryptocurrency component rather than the revolutionary technology underlying it,” FullCycle founder and CEO Ibrahim AlHusseini recently told Futurism. “But the truly disruptive component of the blockchain ecosystem is the distributed ledger technology: DLT acts as a decentralized database that updates in real time. This technology holds the unique potential to securely track, divide, and transfer wealth over the internet to anyone in the world, upending the middlemen and institutions that have previously held this privilege.”
As we are <a href="https://www.npr.org/sections/thetwo-way/2017/06/29/534896130/mapping-the-potential-economic-effects-of-climate-change">witnessing season after season</a>, climate disruption affects all socio-economic classes, so all have a vested interest in reversing it.  By opening access to its energy token to sustainability-minded investors all over the world regardless of their net worth, FullCycle hopes to simultaneously grow their own business while creating a path for wealth to those who might not otherwise have one. “Although we have multiple ways to fund this technology rollout, including traditional institutional investment, now that technology has made it possible and new regulations support it, we believe that is part of corporate responsibility to do our part to broaden the financial access to all who want in.  Why not make what was once only available to the few now available to the many?” AlHusseini says. “Even though FullCycle is a corporation, a corporation is made of human beings. People who require a functional environment and society to live and thrive in. It is in our personal and professional self-interest to draw as many people into the environmental movement as possible. Profit is a huge motivator but so is the increased impact potential of the restorative environmental outcomes.”
“FullCycle has a dedicated team of professionals who are fiercely committed to the realization of a world that works for everyone,” he goes on to say. “I know that I won’t see a perfect realization of that world in my lifetime, but the team and I are inspired by the good that is possible now and it’s a great deal. FullCycle is an expression of my belief in that future. I hope it will outlive me and remain a vehicle for solving big problems for many generations to come.”
The preceding communication has been paid for by FullCycle. This communication is for informational purposes only and does not constitute investment advice or solicitation to sell shares or securities in FullCycle or any related or associated company. Futurism expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind arising directly or indirectly from: (i) reliance on any information contained herein, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting from such information. This post does not reflect the views or the endorsement of the Futurism.com editorial staff.

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The World Has a Wealth Problem and This Company Is Working to Balance the Scales

The future of finance is sustainable investing.

<h2>Weakest Link</h2>
Ask a blockchain advocate and you&#8217;ll hear all about how decentralized databases are primed to save the world. But if you ask 43 high-profile blockchain technology startups what they&#8217;ve built since raising funds, you&#8217;ll hear nothing but crickets.
At least, that&#8217;s what happened when MERL Tech, a technology research firm that monitors trends in emerging technology, reached out to blockchain companies about their work. The firm&#8217;s conclusion is that blockchain startups are promising big and delivering nothing.
<h2>Investigating the Ledger</h2>
In a <a href="http://merltech.org/blockchain-for-international-development-using-a-learning-agenda-to-address-knowledge-gaps/">report published Thursday</a>, MERL Tech documented the ambitious whitepapers and apparently <a href="https://futurism.com/videos/west-virginia-blockchain-voting">too-good-to-be-true claims</a> of 43 blockchain startups that were featured prominently on internet searches.
MERL Tech&#8217;s team found no evidence that these companies actually delivered any sort of functional products or services — not even any sort of updates on how their work was coming along. And reaching out directly yielded nothing but radio silence.
A blockchain is a sort of distributed database that advocates argue will increase transparency by redistributing power. The idea is that everyone who buys in will have their own copy of anything that happens on a blockchain — for example, <a href="https://futurism.com/blockchain-startup-stradivarius">cryptocurrency transactions</a> — so no centralized entity like a big bank could hold too much power.
But many question whether or not blockchain tech actually serves a purpose. Often, <a href="https://futurism.com/blockchain-future-pros-cons">blockchain seems like a buzzword</a> that tech startups add to their pitch decks in order to attract investments.
<h2>Selection Bias</h2>
Of course, 43 individual startups do not represent the entire blockchain industry. It&#8217;s possible that MERL Tech, which likely acted in good faith, happened to investigate some bad apples or select shadier companies.
Ultimately, take this as a warning to do your due diligence before buying into a new blockchain company&#8217;s bold claims. It&#8217;s worth checking how far your money will actually go.
READ MORE: <a href="http://merltech.org/blockchain-for-international-development-using-a-learning-agenda-to-address-knowledge-gaps/">Blockchain for International Development: Using a Learning Agenda to Address Knowledge Gaps</a> [MERL Tech]
More on the blockchain: <a href="https://futurism.com/augur-assassination-marketplace-decentralized-blockchain">The Rise Of An “Assassination Marketplace” Shows The Dark Side of Decentralized Networks</a>

If only there was a distributed record for holding them accountable.

Out of 43 blockchain startups, zero have delivered products

Burst Bubble

Technology research group MERL Tech investigated the lofty claims of 43 blockchain startups. In a new report, the group claims none of them delivered.

/Blockchain