To fully implement these rules and build scalable use cases, we need a way for trusted, compliant, and verifiable interactions to take place on public blockchain networks. Mastercard has taken steps to address this issue with its Crypto Credential, which will establish a set of common standards and infrastructure to attest trusted interactions among consumers and businesses using blockchain networks.

What is Mastercard Crypto Credential?

Mastercard Crypto Credential is a set of common standards and infrastructure that attests trusted interactions among consumers and businesses using blockchain networks. The goal is to help ensure that those interested in interacting across Web3 environments are meeting defined standards for the types of activities they’d like to pursue.

Mastercard Crypto Credential provides a way to define verification standards and levels and provide the necessary enabling technology to help bring more use cases to life. This includes providing easy-to-remember, straightforward aliases to help consumers share wallet addresses with one another, bringing richer information to blockchain transactions through metadata, and tapping into CipherTrace’s suite of services to help verify addresses and support Travel Rule compliance for cross-border transactions.

Mastercard’s Web3 Products

Mastercard Crypto Credential can unlock several use cases for consumer and business verification. Other Mastercard Web3 products offer consumers the ability to use crypto from their Web3 wallet to pay for everyday goods and services.

Mastercard has been actively ramping up their involvement in the web3/blockchain space and have been partnering with Bit2Me, Lirium, Mercado Bitcoin, and Uphold.  Mastercard is also teaming up with public blockchain networks like Aptos Labs, Ava Labs, Polygon Labs, and Solana Foundation.

The post Mastercard Crypto Credential: Establishing Trust in the Blockchain Ecosystem first appeared on Black Women Blockchain Council.

The post What Is DeFi? first appeared on Black Women Blockchain Council.

“Working together creates better results than working solo.”

This phrase is so true, especially when innovating new ways to use technology and protect it from potential vulnerabilities. Hackathon offers the chance for people in the same industry to come together and learn from each other’s successes and failures. Professionals get to meet and collaborate, solve problems, share skills and help build better products.

What piqued my curiosity about hackathon is the fact that it gives me an opportunity to showcase my skills and to learn more about tech.

While hackathon is a great way for everyone to meet and collaborate with others in their field of expertise, there’s also a competitive side. Hackathon challenges attendees to exhibit their ability to innovate and create interesting, real-world solutions, using the latest software and technology.

One of the biggest benefits of attending a hackathon is learning new skills and obtaining new knowledge. I might gain more knowledge than I would in six months, because of the learning-by-doing approach employed at hackathons. I can also soak up information from fellow attendees, including ideas one may never have gained in tech schools or bootcamps.

It can be very easy to remain in one’s comfort zone, doing things one knows how to do and never really challenging oneself. At hackathon, there is no such safe space. It will constantly challenge me to push myself and move outside my comfort zone.

From working as part of a team of people who I don’t know, to doing things that one never even thought one would try, hackathon is a great way to discover new talents, passions and skills.

It may not sound like a selling point, but experiencing the pressure of having to come together with people I don’t know and create something entirely new in a brief space of time can be hugely rewarding. I don’t simply get a sense of achievement from completing the task — I also learn how to work efficiently, how to work as a team and how I can put my skills to work in a quick-turn environment.

To learn about blockchain join our community at www.bwbc.io/community and gain access to all blockchain related resources.

Author: Adeola

The post Jumping into Hackathons first appeared on Black Women Blockchain Council.

“If there is any gap in the law regarding public blockchain applications, it exists only because no plaintiff has brought the matter before the courts.”

Regulation and Governance

Actors within the blockchain ecosystem are dealing with technology with no finite regulation, but the roles they play arguably fits within some existing laws. As blockchain technology becomes increasingly adopted, it is inevitable that the courts will be called upon to determine how existing laws, and in particular the law of fiduciary duties apply.

Currently regulatory officials are examining liability frameworks for blockchain technologies.

Due to the various attacks and exploitation of codes resulting in the theft of tokens over the years, some scholars have argued blockchain platforms should have fiduciary duties.

Some, however, argued that for technologies that emerge outside of institutions, one must be prepared to examine distinctions and put various factors into perspective before creating a duty as high as fiduciary.

Others are of the view that there are existing legal frameworks that are much better suited for dealing with risks in blockchain networks.

If there is any gap in the law regarding public blockchain applications, it exists only because no plaintiff has brought the matter before the courts. Or at the very least, because legislators have not yet legislated for it. The emergence of Dr. Wright’s hack and subsequent legal action against specific blockchain developers has brought some change and hope in the community.

There are good policy reasons to apply traditional understandings of duties to blockchain governance, as evidenced by the countless other people who have found themselves in Wright’s shoes; victims of theft, left with no obvious recourse despite the stolen property remaining in full view and the case of a security breach like the Open Sea Email data breach.

The good governance of these blockchains is in the public’s interest: should they fail, the people relying on them could lose their data, money, and even their businesses.

The creation, development, and maintenance of blockchains may be seen as novel circumstances, but it is critical that appropriate non-intrusive and favorable laws are enacted.

Recommendation

• Technology is in its nascent stage and there is a need to study it, be proactive and come up with robust regulatory frameworks that will not inhibit innovation but, at the same time, bring about accountability and secure the assets of its users and the community as a whole.
• There is a need to impose regulation on platform operators and protocol developers. This will instill in them a serious culture of taking their work seriously, as the platforms/projects they build and operate are now and in the future important parts of life.
• Strict application of the existing regulations might not take into consideration the differences in the blockchain technologies, and as a result, the full potential might not be harnessed. The special nature of blockchain must be taken into consideration in applying existing laws.
• All the stakeholders in the ecosystem must work together for a better understanding and, as such, regulators will be able to come up with robust policies that will take into consideration the interests of all stakeholders.

Conclusion

It is critical that regulators apply a legal framework that reflects the way an economy works and the economic incentives and structural roles of the stakeholders involved.

The existing laws will apply to impose a fiduciary obligation, which recourse will be given to each particular case at hand and in time. This will help secure the interests of the community as the platforms and projects act more on the side of caution.

To learn about blockchain join our community at www.bwbc.io/community and gain access to all blockchain related resources.

Author: Deborah

The post FIDUCIARY DUTY TO THE COMMUNITY-Part 2: Regulatory Consideration first appeared on Black Women Blockchain Council.

Since the inception of blockchain technology, it has attracted a lot of attention across various industries and has transformed the mode of doing business.

Blockchain is one of the core emerging technologies and its disruptive features have brought a lot of concerns surrounding security issues.

Various security vulnerabilities and attacks have been reported over time, and a very recent one is that of OpenSea; the world’s largest NFT marketplace, which recently revealed an email data breach.

Numerous discussions have formed surrounding liability and the extent of the liabilities of blockchain developers or platform operators. The most recent arrest of Tornado Cash developer have sparked further discussion on this.

Technological advancement is moving at a rate that outpaces that of legislation. The new mode of interaction demands the evolution of the regulatory frameworks, tools, and approaches so as to cater to the interests of the stakeholders and spur innovation. Among such liabilities of blockchain technology is the issue of fiduciary duty.

To have a better understanding of this topic, this article will explore the following:

• A brief understanding of blockchain
• The meaning of fiduciary duty
• Whether or not the blockchain platforms or projects have a fiduciary duty to the community when it comes to security
• Security vulnerabilities in the blockchain system
• Blockchain governance and regulation
• Recommendations and Conclusion

“Blockchain” has been defined as a continuously growing list of blocks that are linked and secured using cryptography.

Some of the advantages of blockchain include:

• Security
• Traceability
• Cost-effective
• Fast
• Immutability
• Decentralized
• No intermediary
• Trustless

Fiduciary duty

The meaning of fiduciary duty was described in the landmark fiduciary case of Mothew v Bristol & West Building Society as:

“Someone who has undertaken to act for and on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence”

Also, in the Australian case of Grimaldi v Chameleon Mining NL (No. 2), the following was retracted:

“A person will be in a fiduciary relationship with another when so far as that person has taken to perform such a function for or has assumed such a responsibility to entitle that other’s interests to the exclusion of his or her own or third party interests.”

Under the fiduciary duty of confidentiality, a corporation’s directors and officers must keep corporate information confidential and not disclose it for their own benefit.

Fiduciary duties are imposed upon a person or an organization that exercises some discretionary power in the interest of another person in circumstances that give rise to a relationship of trust and confidence.

The U.S. case of Securities & Exchange Commission v. Chenery Corp states:

“To say that a man is a fiduciary only begins the analysis; it gives direction to further inquiry. Who is the fiduciary? What obligations does he owe as a fiduciary?

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Vulnerabilities and risks in the blockchain system

From the inception of blockchain till date, the following risks and vulnerabilities have been recorded:

• 51% Vulnerability

Blockchain relies on distributed consensus mechanism to establish mutual trust, which has a 51 percent vulnerability which can and has been exploited by attackers.

• Private Key Security

The private key is regarded as the ownership and security credential of a blockchain user. When this is stolen, the user’s account faces the risk of being tampered with, leading to loss. The blockchain relies on the need to build trust and peer to peer networking without third party.

Once a private key is stolen, it will be difficult to track the criminal’s behavior and recover the modified blockchain information. The above has presented itself in some real-life cases before the court.

In the case of OpenSea, there was a third party whom OpenSea entrusted customers’ information emails to and whom the customers were to trust that they would not disclose such information to an external party. This email breach has led to panic.  The concern is the breach could lead to tampering with customers’ accounts; including the leak of private and confidential information.

Once again it rings true that the technology is not the issue, but vulnerability comes from the people. Which leads to a question of who you trust and what degree of trust is being given?

You might have control of your private key and assets, but you have to trust that the information is not disclosed by the operators of the platform or their contractors or employees.

• Criminal Activity

The blockchain technology has been used for illegal activity because of its anonymous nature, which makes it hard to track users.

• Transaction Privacy Leakage

The privacy protection measures of some blockchain projects are not very robust. Criminals can leverage smart contracts for a variety of illegal activities, such as leaking confidential information.

• Vulnerabilities in Smart Contracts

Some program defects and lack of proper protocol may lead to security vulnerabilities in smart contracts.

• Under-Utilized Smart Contracts

Some smart contract development and deployment are not adequately optimized.

• Under-priced Operations

It is difficult to accurately measure the consumption of computing resources of an individual operation, and therefore some gas values are not set properly.

_____________________________

Stay tune for Part 2…..

To learn about blockchain join our community at www.bwbc.io/community and gain access to all blockchain related resources.

Author: Deborah

The post FIDUCIARY DUTY TO THE COMMUNITY: What Projects have to consider first appeared on Black Women Blockchain Council.

Hackathons are innovation competitions where people come together to solve problems. According to Wikipedia hackathon is a design sprint-like event, in which often computer programmers and others involved in software development, including graphic designers, interface designers, product managers, project managers, domain experts, and others collaborate intensively on software projects.

The goal of hackathons is to develop a product at the end of the event. Every hackathon tends to have a specific focus;  be it the programming language used, the target audience, and the duration. Hackathon has two primary names. The first one is “hack,” which in the context of software development refers to a creative approach to a challenge. The second is a running contest known as a “marathon.”

“By participating in hackathons individuals come to the realization that they are capable of accomplishing great things.”

What do hackathons expose people to?

Hackathon ignites the innovative thinking of participants. Hackathons do not take any particular form. The topic area for every hackathon is different. Organizers provide hackers with tools they can use, participants are not obligated to use them but it does help. By doing so, participants are learning something new to prepare them for the industry.

Here are some of the benefits of hackathons:

Team

Exposure to working in teams and potential leadership roles.

Team formation is necessary for the success of the project. Participants learn how to work and share ideas with similar minds within a stipulated time. Hackathons are the best place to teach, learn, test, challenge, and share everything. It is for individuals who believe that working in a team can help them improve. When leading a team, patience is pretty much needed as tension is created during brainstorming phase

Networking

In addition to the work and knowledge acquisition, hackathons give a conducive environment to network. Participants meet a lot of people from different backgrounds, mentors and potential inventors they can exchange contacts with.

Confidence Booster

Anybody who hasn’t participated in hackathons is likely to have self doubt and probably think they aren’t good enough. By participating in hackathons individuals come to the realization that they are capable of accomplishing great things.  Usually the best solutions are thought of by teams with different levels of knowledge and also have a lot of creativity and harmony. Their skills are utilized in a group to make the hack successful. Many unleash their skills during these events which boost their self confidence. Different skills are needed at each stage, whether in pitch, ideation of proposal, brainstorms or simple HTML coding.

What type of hackathons are available?

Hackathons are held for a variety of reasons and purposes, thus they may be categorized into a wide range of categories. For this article we will focus on two categories: technical and non-technical.

Technical:  These hackathons are mostly concerned with technical issues. On specific platforms like mobile apps, desktop operating systems, web development, etc. The goal is to build or develop new technologies that will in some manner aid in the growth of the neighborhood, improve business solutions and more. Several hackathons have also been held with the goal of enhancing education.

Examples of organizations that periodically organize hacks are reach (https://docs.reach.sh/), Gitcoin also has cool bounties for developers.

Non-technical: Other hackathons are occasionally held in honor or memory of individuals who have left a lasting legacy in certain disciplines. To connect programmers, developers, and engineers, several hackathons are also organized. Some businesses host internal non-technical hackathons to solve problems in the organization, which can result in the development of new products.

According to a LinkedIn article written by Thyra Allen a non-traditional hackathon “can provide numerous benefits, beyond the potential for crowdsourcing the most innovative solution or opportunity from all of the organization’s mind power.”

Why should black women participate in hackathons?

According to the University of Colorado Boulder Atlas Institute the ratio of women’s participation in hackathons to men can be as low as 1:15.  Black women participation in hackathons can be the beginning of exposure to career opportunities. One does not necessarily have to be in tech to participate. Women with business and other non-tech related backgrounds can equally participate in hackathons.

The opportunities in participating in hackathons are endless. It will increase chances of landing a job after the event. Also, black women will be well vested in the latest technology since a lot of tech “gurus” will be around to share their knowledge and tools they use at work.

It’s an opportunity for black women to refine their presentation skills, collaboration, design and thinking skills. The participation of Black women in hackathons will not only boost their confidence but also help motivate other ladies to come on board and also give it a try. With the ability to think and solve problems, we encourage black women to participate in hackathons more frequently.

Author: Mary

The post You Should Participate In Hackathons first appeared on Black Women Blockchain Council.

“To create a new class of decentralized apps and protocols that put individuals at the center, we must empower them with self-owned identity and restore control over their data.”

Dorsey has raised the alarm for some time that Web3 isn’t delivering on its promise of decentralization. Per Dorsey, “[Web3’s] ultimately a centralized entity with a different label.” His answer to that is Web5: An Extra Decentralized Web Platform, built on Bitcoin. The focus is on securing personal data to put the user in control of their own data and identity. “The web democratized the exchange of information, but it’s missing a key layer: identity. We struggle to secure personal data with hundreds of accounts and passwords we can’t remember. On the web today, identity and personal data have become the property of third parties,” per TBD. “Web5 brings decentralized identity and data storage to your applications. It lets devs focus on creating delightful user experiences, while returning ownership of data and identity to individuals”.

What’s TBD’s thesis? “In the current web model, people are users who do not own their data or identity. They are given accounts by companies and their data is held captive in app silos.” TBD asserts that “to create a new class of decentralized apps and protocols that put individuals at the center, we must empower them with self-owned identity and restore control over their data.” Web5 is a Decentralized Web Platform that enables developers to leverage its three pillars to write Decentralized Web Apps, returning ownership and control over identity and data to individuals.

The Pillars of Web5

• Decentralized Identifiers:
  4 Self-owned identifiers that enable decentralized identity authentication and routing.
• Verifiable Credentials:
  Data formats and models for cryptographic presentation and verification of claims.
• Decentralized Web Nodes:
  Data storage and message relay nodes that serve as the foundation for decentralized apps and protocols.

Here’s an example of one use case: Alice hates having to recreate her playlists and music profile repeatedly in different music apps. What’s the solution? Instead of storing her data across multiple apps, she can store it in her own DWN (Digital Web Node). This way she can give any music app access to her settings and preferences, enabling her to take her customized music experience wherever she wants – because she owns her data.

About TBD

“TBD’s mission is to make the decentralized financial world accessible – for everyone”. Their projects are “open source and, where appropriate, built on open standards.” Their website lists these foundational pillars:

• Inclusivity
  Anyone with the capacity to contribute can. We are proactive in welcoming a diverse contributor base for our code, documentation, developer relations, education, and communication efforts. Bad actors will be met with a published governance model and enforced code of conduct. You deserve representation in our development communities, and we promote
  varied perspectives and respectful debate.
  • Transparency
  Decision-making is open by default, with rare exceptions made for security, compliance, personnel, or other sensitive issues. Projects under TBD’s stewardship will conduct design, roadmap, issues, bugs, and code reviews in public. This is critical for accountability and to promote the inclusive environment necessary for project success.
  • Clarity
  Projects need well-defined scope to succeed. They also need accessible, comprehensive documentation, a stellar Getting Started experience, and well-defined expectations. TBD fosters an environment built for contribution without personal intervention. Newcomers should be able to follow the project status on their own without additional explanation.

On a recent Twitter Spaces where TBD was interviewed about the project, another program, Solid, was mentioned; it has a similar goal with a slightly different approach.

Solid

Solid is a specification that lets people store their data securely in decentralized data stores called Pods. Pods are like secure personal web servers for your data.

• Any kind of information can be stored in a Solid Pod.
• You control access to the data in your Pod. You decide what data to share and with whom (be it individuals, organizations, and/or applications). Furthermore, you can revoke access at any time.
• To store and access data in your Pod, applications use standard, open, and interoperable data formats and protocols.

Solid Servers and Pods

A Solid Server hosts one or more Solid Pods. Pods are where you store your data:

• Each Pod is fully controlled by the Pod owner (i.e., you).
• Each Pod’s data and access rules are fully distinct from those of other Pods.

Sovereignty over one’s own data and digital identity is clearly at hand, but a problem still to be solved is what to do if a user loses or breaks their phone, thus losing access to all their data. “How is identity theft and losing access to your personal account dealt with? It’s especially scary when all of your data is in one place.” “Moezilla” from the TBD team responded “It’s a problem for us to solve, and everyone working towards decentralized apps and self-custodial wallets is working on key management and key recovery in a self-custodial manner. How do we make it so you don’t have to be a security expert or never lose your phone (which is unrealistic)? Key management is one problem that tech hasn’t solved yet but many are working on it, including us. It’s a mixture of technical and user experience that will have to come together.” Twitter Spaces Host Angie Jones, who is also Block’s VP of Developer Relations, chimed in saying “This is a human problem that technology alone can’t solve. We need to look at this through a different lens…people are going to lose their keys, and [key management] is a problem across the space…this has to be solved”.

Author: Noi

The post Who’s ready for Web5? Jack Dorsey and TBD are, and they aren’t alone. first appeared on Black Women Blockchain Council.

“The presence of women on- and off- stage was impressive – we filled panels, ballrooms and bars”

Self-characterized as the most important digital tech/blockchain event globally, Consensus2022 delivered with names like Edward Snowden, CZ (Changpeng Zhao, Founder and CEO of Binance), Mike Novogratz, and an interesting array of celebrities; along with oddly fun subjects like “Can the Little Guys Win or is  the Game Forever Rigged?” and “Exit Everything”.

The deep pockets evident throughout Consensus and associated side events was a sharp juxtaposition to the bear market keenly felt by many. Quietly acknowledged over drinks and private conversations (and the subject of some Consensus sessions), the bear market seemed incongruous with the WAGMI (We Are Gonna Make It) nature of Consensus this year, leaving slightly Las Vegas vibes – you know, a bit surreal.

I headed to Consensus a little pensive, with three plus days of networking ahead of me. This introverted Leo would rather be at home in her castle, but I pushed forward because the rewards of making great connections or accessing invaluable information simply by being in the room is priceless. Consensus afforded all of that and more. Most encouraging was the number, and expertise, of speakers from the African diaspora.

CoinDesk appears to have made a concerted effort to increase the visibility of underrepresented communities onstage (and hopefully within their own ranks). Similarly, the presence of women on- and off- stage was impressive – we filled panels, ballrooms and bars, LOL. At a lavish, Consensus-sponsored mixer for women, I was seated at a table with a young woman from Australia who had come in hopes of finding her tribe. A huge contingent of Australians had arrived for Consensus, but this young dev felt that despite shared origins, they weren’t her tribe. Another woman, managing  Shopify’s Web3 marketing, took great interest in this dev’s story and messaged her counterparts. Minutes later 3-4 team members came up to meet the (now) potential job candidate. Seeing how quickly relationships can develop with immediate and meaningful impact is the lure of Web3 and Consensus provided a platform for that to blossom.

Despite the stellar networking opportunities, a women’s chat group that I was in shared stories of demeaning treatment, confirming that Web3 is no panacea itself.

My commitment to learning, making connections, and stepping out of my comfort zone by traveling to Consensus yielded something I couldn’t have foreseen – confidence. I’m now more confident that I can forge a lucrative path for myself in Web3 doing what I love!

Author: Noi

Image Info: Lauren Halstead and Dez Bryant at Consensus 2022

The post Bear Market? Not for Consensus2022 first appeared on Black Women Blockchain Council.