Cryptographer and leading C++ software engineer at Ripple Nik Bougalis offers advice on remote work management to firms amid the coronavirus pandemic.
In a March 16 tweet, Bougalis offered his help to company managers looking to have their teams work remotely. His proposal comes as the ongoing epidemic resulted in a global push for remote work in an attempt to decrease the opportunities that the disease has to spread further.
The Atlantic wrote on March 13 that people have anticipated the rise in remote work since the personal computer was invented. Still, the outlet points out that remote work adoption has been slow so far, “but the next few months will be a very strange test” of this kind of work.
Bougalis explained that he has worked remotely for 20 years and is currently leading a team at Ripple that is both large and completely distributed. He wrote:
“If you’re new to remote work — especially as a manager — and have questions, please ask! I’ll try my best to answer and share my insights to help you and your team.”
One Twitter user asked how he can know if his employees are not taking more time than necessary to finish tasks when working remotely. Bougalis admitted that this is a common concern, but points to trust as the obvious solution and recommends:
“Remember, you hired your team for a reason — they are good at what they do and you trust them. Don’t micromanage your team now or assume that just because they’re not in the office they aren’t working. […] If productivity suffers when working remote, understand why. Employees not working hard is almost never the problem.”
Furthermore, Bougalis recommended managers use text-based communication software such as Slack and IRC since it makes messages less ephemeral than VOIP and allows for information to be absorbed at a later time.
XRPL Monitor, a Twitter profile dedicated to tracking large transfers of XRP, the crypto Ripple works with, reported that over 248 million XRP (worth over $35 million at press time) moved in large transactions over the last 24 hours. This is just one sign of panic in the cryptocurrency space that resurfaced amid the coronavirus pandemic.
Bitcoin bull and Galaxy Digital CEO Mike Novogratz recently said that investors lost confidence in Bitcoin (BTC). He said:
“[Bitcoin] was always a confidence game. All crypto is. And it appears global confidence in just about anything has evaporated.”
It is important to understand what a blockchain system is: a blockchain is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block a timestamp, and transaction data (generally represented as a Merkle tree). By design, a blockchain is resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.
A
blockchain is, in the simplest of terms, a time-stamped series of immutable
record of data that is managed by cluster of computers not owned by any single
entity. Each of these blocks of data (i.e. block) are secured and bound to each
other using cryptographic principles (i.e. chain). Now that we’ve got a basic
understanding of what a Blockchain System is we can dive right into
understanding hybrid blockchains.
Hybrid Blockchain
Hybrid
Blockchains could lie
somewhere in-between private and public blockchains, depending on their
architecture. Hence, to get a good understanding of hybrid blockchains, one
must first understand the differences between private and public blockchains.
As the name suggests, public blockchains are accessible to and managed by the
public. Anyone can participate in the upkeep and governance of the blockchain.
The most popular blockchain in the world, Bitcoin, is a public blockchain.
Participators are typically rewarded in the form of block rewards for their
contributions to the network to incentivise good behaviour on the part of
network peers. Since millions of users manage a public blockchain across the
world in real time, attaining consensus for a public blockchain is
time-consuming and expensive.
For example, the consensus
mechanism that Bitcoin uses, Proof of Work, relies profoundly on wasteful
computations for millions of devices to ensure security. By comparison, a
private blockchain allows limited access to entities outside a trusted few who
were involved in the creation of the private blockchain. Typically, private
blockchains have administrators who can control permissions of adding or
modifying data on a private blockchain. The most popular private blockchains
include the Hyperledger
fabric which is being developed as a competitor to Ethereum by IBM and
quorum, which is being developed by J.P. Morgan. Private blockchains are much
faster than public blockchains because the network is managed by a handful for
trusted nodes whose motives are clearly for the benefit of the network. Such
trusted nodes typically belong to financial institutions or universities to
maintain fairness and remain unbiased.
Now, it is clear that each type of blockchain has its strengths and
weaknesses. Public blockchains while being transparent and resistant to
tampering are slow and expensive whereas, private blockchains are somewhat
centralised but can deliver much higher throughput and speeds. As a logical
step, hybrid blockchains combine the benefits of both of the blockchains while
trying to limit the disadvantages. Therefore, with hybrid blockchains, we can
employ a public blockchain to make the ledger accessible to every single person
in the world, with a private blockchain running in the background that can
control access to the modifications in the ledger.
Hybrid Blockchains in the Real World
One of the leading hybrid
blockchain platforms, XinFin,
has developed a unique network for Ramco Systems for the management of supply
chain logistics. XinFin completed its ICO earlier this year and had since
developed its public-private blockchain on Ethereum (public blockchain) and
Quorum (private blockchain). There are numerous benefits to using a hybrid
blockchain like the speed of private blockchains combined with the security of
public blockchains. The private blockchain is used to generate a hash of
transactions which is later verified using the public blockchain.
Another real-world application of hybrid blockchains includes Ripple network and the XRP token. Ripple has
regularly been criticised for its centralised nodes which can arbitrate
transactions in the case of a dispute. But by adding a public blockchain to
verify the operations of its private blockchain can make the network much more
secure for its users.
With prices rocketing back from the lows. In fact, many cryptocurrencies have doubled from their recent low prices over the last several weeks. Here are a few reasons why you should get your hands on cryptos, and make them one of your investment options:
The Market Is Still In Its Infancy
Cryptocurrency is less than a decade old. Bitcoin was launched in 2009, and other major crypto names are far younger. By way of comparison, the New York Stock Exchange began in 1792 and commodities have traded for many centuries.
Volatility is the hallmark of a new market. As exchanges and investors adjust to the new products, massive price swings are inevitable. This is why, despite my bullish bias, I say to only risk what you can afford to lose when investing in the novel cryptocurrency markets.
As the market matures, volatility will decline to create smoother equity curves for investors in both directions. Make no mistake, the inevitable decline in volatility will take much of the enormous profit potential out of the nascent market. This is why now remains an ideal time to buy despite the high risk for extreme return-seeking investors.
Regulations Are Not A Bad Thing
There is a broad fear among cryptocurrency adherents that regulations will ruin the market. Many of the early adopters and creators of cryptocurrency have a strong anti-authoritarian, anarchist bias. In other words, these folks hate the government, regulations, and anything that interferes with the free market.
The early adopter’s utopian worldview — the dream to live in a world where everyone interacts fairly and peacefully — remains nothing but fantasy in the real world. As unfortunate as it may be, regulations are a must for a smooth and fair operating exchange.
The anarcho-capitalist movement that spawned cryptocurrency, and the underground commerce sites like Silk Road, is quickly becoming less of a factor in the growth of cryptocurrencies. A strong argument can be made that regulations are a must for the continued success of the crypto market. The fear-based selloffs triggered by regulation announcements and rumours make ideal buying prospects for savvy investors. An example of this was the steep sell-off that occurred when South Korea announced a slate of regulatory measures. The move was way overblown, and crypto quickly recovered from the selling. This happens again and again, creating an exploitable pattern.
Real World Applications
Crypto has moved away from the anarchist’s preferred means of exchange into the mainstream. However, it is not entirely mainstream enough to squash the upside potential. This means now is the time to buy before it’s too late!
Everyone knows bitcoin is being accepted at more and more locations around the globe. Since it was the first mover in the space, it is the leading cryptocurrency and has gained relatively widespread acceptance in the real world of commerce.
Other crypto projects like Ripple serve to transfer fiat currencies around the world. Crushing legacy systems like SWIFT regarding time and cost, Ripple and XcelToken Plus are the leading players in the conversion of money transfer systems into the digital age. Rumours abound that even Starbuckshas plans to accept Ripple and Litecoin as payment within the next five years. Should Starbucks come on board, expect a massive move by retailers in this direction. Ripple is just the tip of the iceberg coming to real-world applications of the blockchain and cryptocurrency.
Platforms like XcelTrip allow those holding cryptocurrencies, to travel anywhere with cryptocurrencies.
Bigger ICOs
Initial Coin Offering (ICO) has become a favorite way to raise capital over the past year. Often built on the Ethereum network, ICOs use vast numbers of tokens which, in turn, increase the demand for Ether, the cryptocurrency of the Ethereum network.
These types of offerings have reached the billion-dollar stage with Telegram, a messaging app, and the old school company Kodak both recently announcing plans to launch ICOs. We will only see ICOs grow more extensive and more legitimate over time, increasing demand for Ether and other backbone blockchain network cryptos.
The Banks And Institutions Are Coming
Primarily a retail investor phenomenon, cryptocurrency has attracted the interest of major institutions, banks and hedge funds. Multiple cryptocurrency hedge funds are springing up around the world, increasing the demand for the cryptocurrency. At the same time, considerable institutional money is starting to flow into the space. Attracted by the high return potential, institutions are in the early stages of accepting the asset class.
The amount of institutional money available for the new market is staggering. Should institutions, banks, and hedge funds embrace digital currency, the upside is truly unlimited.
Keep all these points in mind and invest in a token that has
real world transaction usage and that also provides long term profits.
Future Of Cryptocurrency 