A detailed project on compliance with blockchain guidelines was published with the Global Standard Mapping Initiative. The GSMI deals with important economic trends and gives companies practical guidelines for blockchain applications.

Industry leaders launched the Global Standards Mapping Initiative (GSMI) under the auspices of the World Economic Forum (WEF) and the Global Blockchain Business Council (GBBC)released. The Bitcoin Storm is a comprehensive inventory of blockchain implementation in industry based on 30 companies, 185 jurisdictions and 400 industry groups. The initiative is open to the public and is intended to support various industries in developing blockchain framework conditions and standards.

The GSMI deals with three different main areas

Technical norms, legislation and guidance from sovereign and international bodies, as well as best practices and standards.

One of the key takeaways was the increasing fragmentation of technology, both globally and within jurisdictions. Overlaps, gaps and conflicts in agreeing standards were also a major issue. There have been discussions as to which areas the technology may have been used too early. In addition, there are not enough guidelines for new approaches, which is why it is urgently necessary for organizations to develop their own blockchain strategies. The important role that government agencies play in shaping future technology was also addressed. In addition to guidelines for all those interested in blockchain, an interactive map of the blockchain legislation and guidelines was published with the GSMI.

Blockchain experts are convinced of the GSMI

Many participating blockchain experts commented on the initiative. Sheila Warren , Head of Blockchain at the World Economic Forum, explains that there would have been enormous demand for such an initiative in advance.

We were delighted to be working with the Global Blockchain Business Council and members of our Blockchain Council to create this open resource that can be used by the ecosystem, policymakers, and beyond to further their approaches to future technologies and standards to inform.

GBBC chairman, senior managing director and head of the blockchain business at Accenture David Treat, meanwhile, mentioned a certain risk of process delay that had been accepted in order to bring the initiative into being. In his eyes, however, GSMI represents an important step forward. The future can now be designed with transparent and more secure infrastructures. The new blockchain guidelines are an impartial basis that supports organizations around the world in doing business with digital assets.

World Economic Forum initiative is still in its infancy

Sandro Ro, Chief Executive Officer of the global Blockchain Business Council, is also proud of the initiative. He is already inviting other partners to join the GSMI.

GSMI partners and collaborators are a diverse group of stakeholders from industries, governments, and academia who represent a range of perspectives and ideologies. Coming together to lay the foundation for better harmonization and clarity in setting standards is an example of the blockchain community’s unique ethos based on collective progress and collaboration.

Brian Behlendorf, Executive Director of Hyperledger, also describes the initiative as an important contribution to the blockchain ecosystem. The mapping project makes it clear that the blockchain community is collaborative by nature.

The use of blockchain technology is becoming increasingly important in more and more industries. That is why the co-founders of GSMI have decided to keep the initiative growing. In the future, other companies will participate in the collaboration.

The Greek football team won over its rivals after allowing fans to use block and token technology to vote on match composition. At the same time, the club took fan involvement to a new level.

FC Apollo, which uses Socios.com’s token platform, won a friendly match against its rival Aris Limassol, Socios reports. Apollo scored six goals with zero goals in his gate.

Thanks to Socios, Apollon fans who bought an APL token were able to vote in a series of polls. This determined the formation of the team on the field and the choice of attacking players. Fans chose the 4-2-Z-1 scheme, i.e. four players in defence, two midfielders, three attacking midfielders and one striker. Tpoe of the four players voted for by the fans scored goals during the match.

Socios.com CEO Alexander Dreyfuss called the day historic Bitcoin Trader and expressed his pride in the level of interaction between fans and the Apollo FC administration:

„Today Socios.com and Apollon FC have made history. The friendly match against Aris Limassol was the first match to use Blockchain technology, with the help of which fans chose the formation and players. I am very proud that we ensured such a level of interaction with our Apollo partners that the fans voted for the winning combination.

According to Socios, after the match the APL price rose by 1H%. It seems that the club will extend the practice of fans defining important points:

„We want to keep in touch with our fans and represent them in the best possible way… we will give our fans the opportunity to help me and the rest of the team with their choices and I hope they will appreciate the fact that we value their opinion,“ said Apollon head coach Soforonis Augusty.

The Socios platform has established partnerships with many football clubs around the world including Barcelona, Pari Saint-Germain and Juventus. The project also issued a Visa Socios.com debit card so that users could receive rewards and other bonuses from a particular football club.

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A market researcher does not see the interplay between the rate of increase and the amount in circulation as a decisive criterion for the price development of Bitcoin.

A new study by the blockchain market researchers from ByteTree claims to have refuted one of the most popular forecasting models for Bitcoin ( BTC )

The so-called stock-to-flow calculation model (S2F) had repeatedly made very accurate predictions about the market-leading crypto currency in the past, with an optimistic price target of more than 100,000 US dollars in the long term .

ByteTree co-founder and investment director Charlie Morris devoted the entire fourth chapter of the study to the “refutation” of the stock-to-flow model. The forecast model has been tried and tested because it has been used for decades to calculate the price development of commodities such as gold and silver. The stock-to-flow model considers the existing volume in circulation (stock) in relation to the rate of increase in the volume in circulation (flow) and derives the so-called degree of hardness of an asset from this. Since Bitcoin Profit so conceived is that the rate of increase over time continues to fall, while the existing circulation rate remains the same and a fixed upper limit has, there is a relatively high degree of hardness that justifies an astronomical price performance for cryptocurrency.

Even the Bayrische Landesbank has calculated a similarly optimistic forecast with the help of the model

Morris argues that the price development of Bitcoin is not based solely on the available supply, but that the interplay between supply and demand is the driving force here too. Since the supply of the cryptocurrency is fixed, it is demand that is the decisive variable.

In addition, Morris accuses the model of overvaluing newly flowing units of the cryptocurrency, as if only these were available for purchase, but he replies that “anyone who owns Bitcoin can sell them at any time. Accordingly, the dynamics between the amount in circulation (stock) and the rate of increase (flow) would change over time:

“If the network has a large amount in circulation and a relatively small rate of increase, then the amount in circulation is even more important. The smaller the rate of increase, the less impact it has on the price development. “

Accordingly, the influence of the Bitcoin miners on the price would have continued to decline, which can be seen from the fact that their sales are becoming smaller and smaller compared to their market capitalization:

“Miners used to have 50% of the market capitalization as revenue. At that time they had a huge impact on the price, but at only 1.7% they no longer have that. They used to be responsible for 68% of the total transaction volume, which now only amounts to 3.9%. “
The miners would still be essential for the infrastructure of the Bitcoin blockchain, but their “economic footprint is getting smaller and smaller”.

As a final point of criticism, Morris brings up that the model does not sufficiently take into account the use and acceptance of Bitcoin, because this is where he sees the actual intrinsic value of the cryptocurrency:

“I would argue that Bitcoin is a powerful digital network that is very much alive. It’s kind of a tech stock, only there is no profit distribution or a managing director, but it offers high security, wide distribution, and usability. There are many reasons that Bitcoin’s price will continue to rise, but the stock to flow ratio is not one of them. „