Can we talk about Łitepay and it’s catastrophic AMA
Litecoin
Can we talk about Łitepay and it’s catastrophic AMA
Łitepay, supposedly is this payment processor that removes the volatility from sellers and gives convenience to buyers to spend their litecoin.
So what happened? The CEO, Kenneth Asare, was here on this subreddit, to help us understand what went wrong, he managed to answer 8 questions during the entire AMA, it was 10 hours ago from the time of this post. Every answer was generic fluff, giving no details on the things that matter.
"How many merchants have signed up?" "Why the lack of transparency, specially in a speculative market?" "How big is the team?" Are there any tools for developers? "Website looks like a scam, no actual links, registered at a virtual office, convince me this is real?" "Why wait until the last day to tell us it's not happening?" This list goes on…
All very crucial and fair questions, unanswered.
I am sorry, I will be okay with litepay not being a real thing, but I am afraid this is just poisoning the landscape even more. I don't want this to be treated like a pitchfork, but we have questions and we want them answered, it doesn't take a lot of effort to do that. For a company that wants to be tomorrow's payment processor, this is just extremely sloppy.
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Both artificial intelligence and blockchain technology have made major advances in the past few years. Could they be combined to bring us the money of the future?
Artificial Intelligence
Recently, many advances have been made in the field of . In the past few years, we saw artificial intelligence beat one of the world’s best players at Go, save drivers from car crashes, and predict the outcome of the US Presidential Election.
Many companies, both established market leaders and new startups, have started to incorporate artificial intelligence into mainstream products. AI technology can be found in voice and home assistants, such as Siri, Google Home/Assistant, and the Amazon Echo. These companies use artificial intelligence in different ways, including making predictions, voice recognition and image recognition.
AI in Finance
More and more, financial firms are turning to machines to replace humans at jobs that they have done for decades. Many wealth management firms already employ robots and artificial intelligence software to trade and invest for their customers. This is because computers are much quicker than humans at competing in a market where nanoseconds count. A slight delay could mean an entirely different outcome.
This type of trading activity isn’t just limited to traditional financial markets. Artificial intelligence is also starting to be used in bitcoin and altcoin markets. This is extremely prevalent in altcoin markets wheremany bots and AI trading software are used to take advantage of price fluctuations.
However, this isn’t the only use case for artificial intelligence technology in financial and bitcoin applications.
Mobile Banking for the Unbanked
One new platform called aims to bring banking services to those who lack access, especially for people in developing countries.
The platform is built on top of the Ethereum blockchain as a variety of smart contracts; but with a twist. Instead of requiring ID/Passport Verification like most bitcoin exchanges, the aim is to simply verify a user’s identity using artificial intelligence.
Users will be prompted to verify their identity when they start using the Humaniq system. However, only simple tasks need to be completed for this. Identity Verification would only consist of doing something very simple, such as taking a quick picture of themselves, or by reading a short piece of text. Voice and Image Recognition technology powered by artificial intelligence would then be able to quickly confirm their identity without any hassle or delay.
This could potentially be a huge step forward for citizens in developing countries integrating themselves into the global economy. Seeing that it’s currently estimated that there are more than in the world, many stand to benefit from such a platform.
[Note: This is a sponsored article provided by Humaniq]
Could Humaniq’s implementation be a real game-changer? Let us know your thoughts below!
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