Discover and read the best of Twitter Threads about #thisiswhywecrypto
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The Lemonade Crypto Climate Coalition is one of the first initiatives providing an example of the transformative real-world potential that crypto offers. This is a real-world use case that’s quietly in practice utilizing Avalanche.
medium.com/avalancheavax/…
medium.com/avalancheavax/…
Some 7,000 Kenyan farmers have obtained crop insurance through this program already and the process is simple.
🚜 Farmers get a quote on their phone and pay
🚜 Policy Created
🚜 If crops fail due to weather, farmers get automatic payment, no claim needed
🚜 Farmers get a quote on their phone and pay
🚜 Policy Created
🚜 If crops fail due to weather, farmers get automatic payment, no claim needed
“This insurance product is built end-to-end on blockchain. It utilizes strategies that would be impossible with regular technology”
- Roy Confino, Head of Strategy & Operations at Lemonade
- Roy Confino, Head of Strategy & Operations at Lemonade
The past week showed us yet another example of the fragility of traditional financial systems. Although the connection to this system is still vital to many, including many startups, this illustrates the need for more transparent and secure systems. #ThisisWhyWeCrypto
In difficult times or when crypto seems like it is under attack, we need to take a step back and recognize the advancement that has happened so far and will continue to happen. The saying “we’re here for the tech” is very cliche but in reality, it’s true.
In 2013 Dole had more shares available than they had actual shares. This issue can be solved by removing human error and utilizing the blockchain
You are lucky enough to live through a natural disaster, unfortunately your property wasn’t as lucky. Your house was destroyed, cars totalled, and years of memories washed away. Good thing you have insurance that will replace them, right?
You file a claim, then an inspector comes and assesses the damage. The problem? You aren’t the only policy holder with this issue.
In 2012, when Hurricane Sandy hit the New York area, it caused extreme destruction causing roughly $50B in damage and almost half a million homes had some sort of damage.
Bitcoin operated for 11 years without anyone going around with a pager in their pocket. In those 11 years, AWS, Facebook and Google services went down multiple times. Just a month ago, Meta went down.
finance.yahoo.com/news/metas-soc…
finance.yahoo.com/news/metas-soc…
Now, I am not saying that every blockchain is more reliable than these centralized services. We all know of blockchains that “go backwards” (i.e. violate their own finality guarantees) and chains that stop and need to be restarted from a single image on Google Drive.
Avalanche’s decentralization has been a huge boon to us. In two years, we have had two episodes of partial failures, but unrelated parts of the chain kept on ticking. Avalanche survived through various AWS and cloud provider failures as well.
You finally cave and get your child a ticket to see their favorite musician for their birthday, say Taylor Swift. You get to the concert venue after your kid has been talking about this day nonstop. You scan your tickets. The ticket scanner says “Sorry, this isn’t a valid ticket”
1) What
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You bought fraudulent tickets from a verified third party ticket sales website? It can’t happen! Yet about 12% of people buying tickets online in 2022 got scammed.
Gaming involves a lot of passion and hard work – Build up bases, secure in-game assets, acquire weapons, and much more. But, what happens when game publishers drop the newest release? You lose all those assets.
All of that time and work goes down the drain. These assets are yours and you earned them.
Utilizing the composability of smart contract platforms like Avalanche, gamers have much more control of their assets, swapping, buying, selling, all within the game environments.
Utilizing the composability of smart contract platforms like Avalanche, gamers have much more control of their assets, swapping, buying, selling, all within the game environments.
Games like @AxieInfinity and @DeFiKingdoms were part of a successful first wave of games on-chain, but the next wave of high quality titles will show the power of the underlying tech.
Let’s talk about traditional banks, and the predatory fees that come with not being in control of your own assets.
Banks celebrate expanding overdraft protection to $50 before the consumer gets hit with massive fees. Bank fees accounted for $8B in revenue in 2021. One bank executive even went on to name his boat "Overdraft"
washingtonpost.com/news/get-there…
washingtonpost.com/news/get-there…
Consumers are having to decide what bills to pay, hope that they clear and the bank doesn't "bounce the check" before their deposits hit. Big banks should not profit off the shortcomings of consumers.
Imagine one day you wake up, and due to some situation out of your control, a new government has taken control of the banks and frozen all your assets.
What would you do?
What would you do?
In 2013, if you had a checking or savings account at Cyprus Bank, then this exact situation happened to you.
theatlantic.com/business/archi…
theatlantic.com/business/archi…
Germany was bailing out Cyprus Bank to the tune of $13B, with some conditions. One of the conditions was that Cyprus would pay a “one-time” levy tax on bank deposits to raise an additional $7.5B.
At times like these, when the news is ironically dominated by the failure of a centralized custodian but served as if it's a crypto failure, it’s important to remember why we are here.
Over the next few days and weeks, I'm going to be talking about innovations in blockchain that I believe are solving real world challenges. #ThisisWhyWeCrypto
In 2013, David Murdock, the chairman, CEO and biggest shareholder of Dole Food Co (yes, connected to one time presidential candidate Bob Dole), took it private for $13.50 a share.
bloomberg.com/opinion/articl…
bloomberg.com/opinion/articl…
