Author: amri

  • HUMAN Protocol: A New Way for Humans and Machines to Interact

    HUMAN Protocol: A New Way for Humans and Machines to Interact

    HUMAN Protocol is an infrastructure that aims to redefine how humans work by supporting distributed job markets. 

    The Protocol provides tools for labor requesters to crowdsource people to perform tasks that help bolster machine-learning networks.

    HUMAN’s vision is to create a more human world: decentralized yet connected, with every viewpoint and background accounted for and represented, in which all value produced is rewarded. The Protocol facilitates direct, globally-mapped connections that bring workers closer to the rewards of their work, organizations to workforces, and machines to understanding.

    Distributed Job Markets

    To improve a digital world, we must look to its foundations: the mechanisms and systems through which people connect, interact, and collaborate. 

    HUMAN enables distributed job markets, but it is not the job market itself. Rather, it provides the tools, infrastructure, plugins, and APIs to support broad-scale data markets – which in time, will become markets to support any type of work. 

    It connects distributed workers with global opportunities to empower an already flourishing gig economy. This ensures it is the workers, not corporate authorities, that have control over the opportunities available to them, allowing the workers to receive more value for their contributions.

    AI training

    New technologies require new data. Data informs the capability of machines to accurately interpret the world. 

    If organizations can select who labels data, they can better assure the relevancy of the dataset produced. HUMAN Protocol provides the end-to-end infrastructure – the tools, plugins, integrations, and API – to hire, manage, validate, and compensate workers at any scale.

    How Does It Work?

    Three key entities within HUMAN Protocol are Requesters, Workers, and Exchanges. 

    The Requester submits work to the Exchange with a bounty attached to a smart contract. The bounty is a sum of Human Tokens (HMT) held in escrow until the Worker fulfils the specifications of the job.

    The Workers perform the work as specified by the Requester. A Worker can be an individual, a website, or derive from labor pools.

    The Exchange is the interface between Requesters and Workers. It monitors the blockchain for new jobs, manages bids for work, and serves the jobs to Workers.

    The Technology

    The Protocol enables Requesters of work to choose from job types supported by Exchanges, then create a job specification and set of tasks to complete. This is distributed by the Exchange to Workers. 

    Optimized execution of jobs by Exchanges is also possible. In this process, the Exchange can intelligently split jobs into smaller pieces. For example, when a Requester submits a medical document for labelling to a HUMAN Exchange, the Exchange can factor this into multiple sub-tasks: understanding where fields are on a page, what type of field each is, and what the contents of the field contain. Each sub-task can be represented by a standard job type.

    The Exchange then distributes these sub-tasks to other Exchanges that support those job types, which make sure that each part reaches an appropriate worker, whether human or machine or both. For example, complicated medical terminology may need to go to an Exchange with qualified doctors. Simple tasks may have no such constraints. 

    As Workers submit their individual answers, the Exchange submits results to a Recording Oracle, which does an initial evaluation and aggregates the work into chunks. These chunks are then evaluated by a Reputation Oracle, which performs payouts and computes a final result for the Requester.

    hCaptcha: The Anti-Bot Solution

    The first application running on HUMAN Protocol is hCaptcha, an online security service that distinguishes humans from bots via simple questions, e.g. selecting all image squares containing a dog.

    hCaptcha uses HUMAN Labs’s Proof-of-HUMANity tool to assist in the evaluation and compensation of the end users who get paid to solve the image-annotation challenges. 

    “Proof-of-HUMANity is a gamechanger for the blockchain industry, which has long been plagued by nefarious bot activity,” Alex Newman, hCaptcha co-founder, said in a statement.

    With the boom in decentralized finance (DeFi), front-running bots have increasingly become an issue. The bots are known to cut in line in an execution queue, right before a known future transaction occurs, in order to capitalize on a price change.

    By using hCaptcha, developers can ensure transactions on their networks are executed by humans, and this bot-buster is a more private alternative to Google’s reCAPTCHA. hCaptcha does not sell personal data and they collect only minimum necessary personal data. They are transparent in describing the information being collected, how the information will be used and/or disclosed, and they agree to only use such data to provide the hCaptcha service to Cloudflare.

    Partnerships and Integrations with Chainlink, Solana and Polkadot

    HUMAN Protocol has teamed up with Metamask and Chainlink to create on-chain proof-of-humanity, enabling ERC20 contract developers to verify that the actions in a smart contract are made by a human.

    Chainlink will be used to launch decentralized Reputation Oracles for HUMAN Protocol. These Chainlink-powered Reputation Oracles will enable the autonomous distribution of tasks and payments for HUMAN-powered work pools across the Ethereum, Polkadot, and Solana blockchains. HUMAN Protocol also plans to use Chainlink Price Feeds for payment exchange rates.

    Solana was selected by HUMAN Protocol Foundation as one of the leading choices to integrate with HUMAN Protocol. The integration is currently underway, with plans to launch new labor pools later this year.

    Polkadot functions as the middle layer that translates the information between the different chains HUMAN Protocol is operating on. Parity and MoonBeam have been implemented.

    HMT Token

    HMT is the native token of HUMAN Protocol. It is the primary mechanism of value transfer within the network. 

    Because HUMAN Protocol is built on the blockchain, it can apply smart contracts to execute high-volume micropayments across the globe. The openly verifiable smart contracts hold all funds in escrow, so there is peace of mind for all parties involved.

    The Requester spends HMT as they create a Smart Bounty for a job. The Requester prefunds the bounty, which is stored in escrow by smart contracts.

    Workers earn HMT by completing work. They bid for work in HMT and are compensated for their work in HMT. If the job is complete, the prefunded bounty is released to the Worker. If the work does not fulfil the requirements, the job is aborted, and funds are returned to the Requester.

    The Exchanges earn HMT for matching requested work with Workers. The Exchanges prioritise distribution of tasks based on the reputation, which is determined both by the quantity of HMT a Worker holds or has previously earned (Proof-of-Balance), taking into account both the total value of their past transactions as well as their balance.

    The supply of the HMT token is fixed.

    Human-Machine Collaboration

    Today, HUMAN Protocol already offers unprecedented artificial intelligence training capabilities.

    hCaptcha is interacted with by 15% of internet users, representing the world’s largest data-labeling workforce. This is only the beginning, however. 

    HUMAN and its partners are working to bring the Protocol to more applications, each functioning as an Exchange between Requesters and Workers, to realize new distributed markets and ways of working, and increase the points of human-to-machine interaction.

    Not only does HUMAN offer access to the world’s largest labor pool, and the means to effectively manage such a distributed workforce, but it is enabling systems to revolutionize human-machine interaction within AI: a mechanism for machines themselves to understand the data they need to improve their algorithms, and to have a means of asking for that data across an automated, global marketplace, where the answers can be provided.

    FAQ

    What is HUMAN Protocol?

    HUMAN Protocol is a broadly applicable technology to connect and validate human and machine workers.

    What does it aim to achieve?

    HUMAN is focused on creating the largest labor pool for humans to achieve greater potential, and machines to achieve greater understanding. They offer the ability to request work from other machines; repetitive tasks can be taken care of, and human workers can focus on more interesting, creative, or specialized tasks.

    How does it work?

    HUMAN Protocol creates a blockchain based, two-sided marketplace. On one side, it enables requests to label large volumes of data. On the other, it allows for the workers who complete this work to be evaluated and remunerated.

    Is the technology already available?

    Yes, the most widely used service by HUMAN Protocol is hCaptcha, a tool to distinguish humans from bots. HUMAN has also partnered with multiple networks to make their technology available on a global scale.

    Sources:
    Click to access 60511d72db8c7eb0b9799526_Human-litepaper.pdf
    https://www.coindesk.com/human-protocol-expands-hcaptcha-tool-launches-wallet-to-make-ai-smarter
    https://news.bitcoin.com/introducing-human-protocol-a-new-way-for-humans-and-machines-to-securely-connect-and-collaborate/
    https://www.humanprotocol.org/blog/introduction-to-the-human-token-hmt?lng=en-US
    https://www.humanprotocol.org/blog/development-update-collaborations-and-integrations?lng=en-US
    https://blog.cloudflare.com/moving-from-recaptcha-to-hcaptcha/

  • Why PAX Gold Is A Hot Topic In The Crypto Market

    Why PAX Gold Is A Hot Topic In The Crypto Market

    Introduction

    PAX Gold (PAXG) is a digital asset. Unlike Bitcoin, Litecoin and other cryptocurrencies in the market, each PAXG token is backed by one fine troy ounce (t oz) of a 400 oz London Good Delivery gold bar. The gold bars are safely and securely kept in Brink’s vaults. 

    If you invest in PAXG, it means that you own the underlying physical gold which is kept in custody by Paxos Trust Company.

    Compared to the other cryptocurrencies in the market, PAXG is more stable as it is commodity-backed, which means investors take possession of real assets – gold. This kind of stablecoin might take over the bandwagon other cryptocurrencies have created. Let’s find out more about it to see whether PAX Gold will steal away the crypto’s spotlight or not.

    Background of PAX Gold

    PAX Gold (PAXG) is a commodity-backed, gold stablecoin issued by Paxos. Paxos is the first blockchain infrastructure platform that has regulated PAXG. Its products serve as the foundation for a new, open financial system that is more efficient and quicker. Other than Paxos website, PAX Gold is traded at Binance US, Uniswap and Kraken. It can be bought at any broker account that supports PAXG trading like Crypto.com. 

    Currently, trillions of money are locked up in inefficient, out-of-date financial infrastructure that millions of people cannot access. Paxos is developing a revolutionary technology that will enable assets to travel instantly anywhere on the planet.

    For corporate clients, Paxos utilises technology to tokenize, custody, trade, and settle assets. Its Paxos Crypto Brokerage and Stablecoin as a Service solutions allow Fintechs and financial institutions to provide crypto capabilities to their customers. It also provides securities and commodity settlement services. PayPal, Credit Suisse, Societe Generale, StoneX, and Revolut are among Paxos’ clients.

    Stablecoin vs Cryptocurrency

    First, we should look into the distinguishing characteristics of Stablecoin that set it apart from cryptocurrency but interlink in some ways too.  

    Stablecoins are cryptocurrencies whose value is tied to another cryptocurrency, fiat currency, or exchange-traded commodities (such as gold, silver and some precious metals).

    Asset-backed cryptocurrencies like PAXG have the advantage of being stabilized by assets that vary outside of the cryptocurrency market. For example, the underlying asset is uncorrelated which lowers the financial risk. 

    Since Bitcoin and altcoins are strongly linked, cryptocurrency investors cannot avoid broad price drops without quitting the market or switching to asset-backed stablecoins. Furthermore, owing to arbitrage, Stablecoins are unlikely to fall below the value of the underlying physical commodity, provided they are administered in good faith and include a method for redeeming the asset backing them.

    Stablecoins that are backed are still subjected to the same volatility and risk as the underlying asset. 

    Why is PAX Gold the trend now?

    Stablecoins are a new type of digital currency that is backed by stable real-world assets such as fiat currency. The US dollar’s stability is combined with the efficiency of blockchain technology in PAX Gold.

    This is why many investors are jumping from the “cryptocurrency boat” into “digital versions of traditional asset boats” like PAXG. 

    As of May 19, 2021, the flagship cryptocurrency – Bitcoin – hit more than three-month lows, falling to around $30,000 at one point. The latest decline followed a significant surge that began in the second part of the previous year.

    Part of Bitcoin’s decline appears to be a temporary reversal in broader acceptability, as well as regulatory worries and weakening in more speculative sections of financial markets.

    These investors are choosing PAX Gold (PAXG) as an alternative to the more volatile cryptocurrencies in order to escape the US dollar’s inflation.

    PAX Gold combines the advantages of physical gold bar ownership with the speed and liquidity of a digital asset, fractional ownership, and none of the security risks associated with the physical gold bars stored in your house safe or paying for vault storage.

    5 Benefits of PAX Gold

    Actual gold on the blockchain provides the benefit of reflecting legal ownership of physical allotted gold while avoiding the disadvantages of limited transportability and expensive storage costs. It has the divisibility, fungibility, and tradability of any digital asset, such as Bitcoin. To put it another way, you get the finest of both tangible and digital assets at once!

    Here are 5 more detailed reasons why PAXG should be in your next investment portfolio: 

    1. Safety and security

    The New York State Department of Financial Services (DFS) regulates Paxos as a trusted business and custodian of PAXG, which is completely backed by allotted gold kept in the world’s most secure vaults. So if you’re wondering if PAXG is safe, rest assured. Every month, a nationally recognised auditor will testify to the matching supply of PAXG tokens and the underlying gold.

    1. Backed by gold and other stable currencies

      The only gold token that can be exchanged for LBMA-accredited Good Delivery gold bullion bars is the redeemable PAX Gold. Smaller quantities can be redeemed at a network of actual gold dealers for added convenience. Unallocated Loco London Gold is also available to institutional customers. Customers of Paxos can always redeem their funds for USD at current gold market rates. PAXG wallet has the same function like other cryptocurrency wallets, but what’s more special is that it can be redeemable for actual gold, if the need arises.

    2. Competitive fee structure

      Fee structure for PAXG token generation and redemption in the Paxos wallet is extremely competitive (0.03-1 percent depending on volume tiers), with minimal on-chain Ethereum transaction fees (0.02 percent) and no storage fees. For on-chain transactions, minimal Ethereum gas fees apply, as they do for all ERC-20 tokens.

    3. Highly accessible

    PAXG is an Ethereum-based ERC-20 token that may be transferred and exchanged anywhere in the globe at any time. Anyone may now buy a fraction of an LBMA-accredited London Good Delivery gold bar with minimal investment.

    1. Flexible

    Using the Paxos platform, you can easily exchange or redeem PAXG for fiat, physical, or unallocated gold. On major crypto exchanges, you may trade PAXG for other digital currencies. PAXG can be used everywhere that ERC-20 tokens are accepted.

    Other than Paxos website, PAX Gold is traded at Binance US, Uniswap and Kraken. It can be bought at any broker account that supports PAXG trading like Crypto.com.

    Conclusion

    With over 20 vaults, exchanges, wallets and lending platforms, PAX Gold is handled securely without the hassle of you hiding physical gold behind your painting or underneath your bed. They handle everything. The speed and liquidity of this digital asset still has a long way to go before finally hitting the common ground with cryptocurrencies. But, it’s coming out strong as most of the people still trust gold which is less volatile than the peer-to-peer ecosystem.  

    Take the advice here with a pinch of salt as every fluctuation in the market is unpredictable and risky. 

    FAQ

    Is PAX Gold safe?

    Yes. Paxos, the custodian behind PAX Gold, is regulated by the New York State Department of Financial Services (DFS). The currency is also backed by gold that is kept behind the world’s most secure vaults. On top of that, monthly audits are done on the PAXG tokens by a nationally recognized auditor. The auditor will testify to the matching supply of PAXG tokens against the underlying asset which is gold.

    Where can I trade for PAX Gold?

    PAX Gold can be traded at PAXOS website, Binance US, and Kraken. It can also be bought at any other broker account that supports PAX trading such as Crypto.com.

    What are the fees for PAX GOLD?

    Fee structure for PAXG token generation and redemption in the Paxos wallet is extremely competitive (0.03-1 percent depending on volume tiers), with minimal on-chain Ethereum transaction fees (0.02 percent) and no storage fees. For on-chain transactions, minimal Ethereum gas fees apply, as they do for all ERC-20 tokens.
    At 0.03-1%, Paxos wallet fees are among the cheapest in the market. There’s also on-chain Ethereum transaction fees of 0.02%, which is also minimal, and no storage fees. This makes it very cost effective to trade and hold PAX Gold.

    What’s the main advantage of buying PAX Gold?

    With the current uncertainties in the crypto markets, PAX Gold offers an in-between solution where you can invest in crypto that is also backed by real world currencies such as gold and fiat. This may help reduce the risk of an investor’s overall portfolio