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WAX Solving Voter Apathy Problem Plaguing DPoS-Based Blockchains by Incentivizing Voting

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Worldwide Asset eXchange (WAX), the world’s first protocol blockchain purpose-built for e-commerce, today announced its WAX Block Rewards and Genesis Block Member programs. These programs reward WAX Token holders daily with additional tokens by incentivizing them to:

  • Vote on block producers (called WAX Guilds) and blockchain improvement proposals. These rewards are called Staking Baseline Rewards.
  • Remain long-term participants of the WAX ecosystem. These rewards are called Genesis Block Member rewards.

For blockchains that use Delegated Proof of Stake (DPoS) as its consensus mechanism like WAX, voting is crucial for healthy development. Token holders are incentivized by self-interest to vote in the protocol’s best interest. For example, if token holders were to vote in favor of a proposal that positively affects the protocol it would enhance usability and overall usage. Self-interest will drive the best decisions. The WAX team understood the dire need to incentivize voting after seeing how detrimental voter apathy has been to other DPoS blockchains.

By voting regularly, WAX Token holders contribute to the selection of quality guilds and proposals – supporting the overall health of the WAX Blockchain. WAX is ushering in a new era of blockchain communities that are active and engaged in a chain’s development because they are incentivized with rewards in the form of more tokens, called Staking Baseline Rewards.

Additionally, WAX is incentivizing WAX Token holders to become long-term-oriented community members who take part in the WAX blockchain’s healthy development by offering Genesis Block Member rewards which provide a way to double their token holdings over three years.

Earning more WAX Tokens through rewards:

When the WAX Blockchain mainnet and protocol token are released on June 30, 2019, WAX Token holders will have three ways to earn more WAX Tokens:

Staking Baseline Rewards: WAX Token holders can earn additional WAX Tokens every day with Staking Baseline Rewards, simply by voting for WAX Guild candidates. A set number of WAX Tokens will be allocated each day for Staking Baseline Rewards. The number of tokens that each individual WAX Token holder receives daily depends on their stake weight, relative to other stakers. For example, if a voter’s stake weight amounts to 0.5% of the aggregate stake weight on any given day, the holder will receive 0.5% of the daily Staking Baseline Rewards amount. More information on Staking Baseline Rewards can be found here.

Genesis Block Member (GBM) rewards: Participants of the GBM program will receive daily token rewards for three years, up to double their starting amount. For eligibility, members must participate in the WAX Token Swap that begins on June 30, 2019, where they will receive Genesis WAX Protocol Tokens. Genesis WAX Protocol Tokens will continue to produce GBM rewards every day as long as they remain staked and by leaving them uninterruptedly staked for three years, holders can double their token amount. More information on the GBM program can be found here.

WAX Guild Rewards: The WAX Blockchain is designed with 21 WAX Guilds who earn rewards for producing blocks. These WAX Guild Rewards are granted based on the number of blocks produced by each WAX Guild. 36 standby guilds can also earn a share of WAX Guild Rewards.

“The WAX protocol uses a delegated proof of stake mechanism to validate transactions rapidly and cheaply,” said William Quigley, CEO of WAX. “DPoS is well-suited for high volume industries like e-commerce and virtual item trading, where fast processing time is expected. But DPoS does have a drawback. It depends on a continuous process of voting. Voter apathy is the kryptonite of DPoS. So we’ve designed WAX with multiple incentives to boost voter participation.”

Even more ways to earn WAX Tokens are coming in the future including additional types of WAX Block Rewards, becoming a dApp developer, becoming a Transfer Agent, and the WAX Marketplace program.

WAX Token holders can convert their ERC-20 WAX Tokens to Genesis WAX Protocol Tokens from June 30, 2019 to August 30, 2019. More information about the token swap can be found here.

Fintech

Credify announces seed investment by BEENEXT and DEEPCORE

Vlad Poptamas

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Credify Pte Ltd is proud to announce it has successfully closed a USD 1M seed round investment with two leading Venture Capital funds: BEENEXT and DEEPCORE.

Credify provides Universal Identity and Trust System solutions to companies active in e-commerce and finance. Credify’s Universal Identity product acts as a personal data bridge, connecting consuming services like e-commerce marketplaces and lending platforms with institutions that possess valuable, yet untapped information like identity verification results and credit scores. In this way, Credify enables entirely new revenue streams for these traditional organisations in a completely secure and data privacy compliant manner.

On top of this powerful identity system, Credify is developing an innovative credibility mechanism that addresses issues inherent to the trust systems we rely on in e-commerce and digital lending, like fraud and manipulation, that lead to an estimated USD 1T in transacted value being negatively impacted every year.

Chosen out of 250+ companies around the world, Credify is one of the outstanding startups in Plug and Play Japan’s 2020 FinTech Accelerator program. Credify was also awarded the UK Tech Rocketship: Future of Financial Services Award 2019 by the UK’s Department of International Trade and Scottish Development International.

This funding round allows Credify to enhance the development of its suite of products, further localize its software development operations in South East Asia, and move ahead with its live client engagements. ASEAN nations represent the fastest growth opportunities globally in FinTech and E-commerce: USD 72B FinTech market with 72.5% CAGR by 2020, and USD 102B E-commerce market by 2025. At the same time, South East Asia fraud rates in finance and e-commerce are one of the highest globally. Credify aims to tackle these issues with its leading-edge technologies.

Credify CEO Makoto Tominaga expressed his excitement: “This investment from BEENEXT and DEEPCORE represents far more value than the capital that will assist us as we execute on our vision to elevate trust in digital economies. Both firms bring with them strong networks within our target markets and deep understanding of the strategic and practical execution necessary to transform early stage businesses to large-scale growth enterprises. Credify could not have asked for better partners in this early stage of our journey, and we are overwhelmed with appreciation to have this opportunity to work with both teams for many years to come.”

BEENEXT CEO Teruhide Sato shared his thoughts on the investment: “We were impressed by the quality of Credify’s multi-disciplinary team and the technology they have developed which provides great synergies with some of our portfolio companies. We look forward to supporting Credify in its business development and expansion in South East Asia and beyond.”

DeepCore commented: “We appreciate the Credify team’s deep understanding of the industry’s pain points and the ability to implement cutting-edge technologies, such as blockchain, into systems to solve issues. We hope that the excellent team that has developed the business at KERNEL HONGO will expand its business to the world by solving issues in areas where counterparty risk occurs.”

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Consumers Are Willing to Share Personal Data in Exchange for Better Customer Experience, Broadridge Study Finds

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Amidst a backdrop of increasing emphasis on data privacy via the introductions of the General Data Protection Regulation and California Consumer Privacy Act, nearly half of consumers in North America (45%) would be willing to share their data if it meant that it would enhance their customer experience (CX), according to a new study from global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR).

The annual study, which surveys the opinions of more than 3,000 individuals in North America on topics relating to consumer experience and essential communications, revealed that consumers’ desire for enhanced experiences coincided with an even stronger sentiment around the need for more data privacy legislation. In fact, more than 84% want more legislation that increases their ability to protect and control the personal data they provide companies, as well as greater transparency on how their data is used.

“Data privacy concerns are at a peak, and yet consumers are placing immense value on their experiences and are willing to share more of their personal data if it enhances the services they receive in return,” said Matt Swain, managing director and practice lead for communications consulting services at Broadridge. “Data is the bedrock of customer experience and providers of essential communications, like bills and statements, have a significant opportunity to modernize the way they customize consumers’ experiences. This can only be done if they are clear about what data is needed, how it will be managed and, ultimately, how it will improve the lives of their customers – on and offline.”

Demand for Paperless Communications Rises, and Companies are Missing Out

When it comes to essential communications, interest in going digital is growing. Compared to the 45% who prefer paper, two out of three respondents (67%) switched at least one bill or statement to paperless in the last year.

Although there’s increasing demand for digital bills and statements, the data suggests a missed opportunity for companies to grow paperless adoption, customer engagement and convenience at the onset of the relationship, while cutting costs. Only four out of 10 consumers were asked to go paperless when they opened a new account and 29% said that they were never asked at all.

In terms of motivations for going paperless, most respondents (72%) agree that reducing clutter was their primary reason for switching to online communications from their providers this past year.

Helping Consumers Take Financial Control with Advanced Features

Consumers making the leap to paperless are also increasingly looking to get more out of their bills and statements so they can take control of their finances. In fact, 72% would prefer advanced options, such as customizable dashboards, to control the look and feel of bills and statements. For those who have investment or retirement funds, insights and recommendations on their activities and spending relative to their financial goals are increasingly important (59%).

Interestingly, nearly one-third (29%) of respondents say they never review their bills or statements for reoccurring “zombie subscriptions,” which often hit consumers’ bank accounts unexpectedly.

Beyond customization of communications, consumers also want centralized delivery and storage options for bills and statements in the cloud (40%), particularly when it comes to accessing important and time-sensitive financial information. More than two-thirds (69%) of respondents say having all their financial documents in one archived location would make things like filing taxes much easier.

“Companies have the opportunity to transform the customer experience through bills and statements,” added Swain. “By reframing these household communications, companies can create more meaningful engagement with their consumers, helping simplify and organize their bills and statements, while also creating new layers of brand equity and additional revenue opportunities.”

To download the report, click here.

Methodology
Broadridge Customer Communications commissioned ENGINE to conduct a CARAVAN Omnibus Survey. The 45-question survey was administered between November 6-13, 2019, to 3,006 U.S. and Canadian residents ages 25 and older. The sample was weighted to current U.S. and Canadian Census data for age, gender and region. The figures are statistically significant at the 95% confidence level with a margin of error of ±2 percentage points.

 

SOURCE Broadridge Financial Solutions, Inc.

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Fintech

Hitting $12B in AUM, Carson Doubles Down on Cutting Tech Costs for Partners

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Carson Group, one of the fastest growing financial services firms in the country, announced that as of April 1, 2020, Carson will cover technology costs for all partner firms—encompassing software platforms Salesforce, Orion, Smarsh and Egnyte. eMoney will also be covered as of May 1, 2020. Instead of spending time and money evaluating and adopting technology, wirehouse advisors, IARs and RIAs in the Carson Partners network can now, more than ever, focus on what matters and maximize the value they deliver to the families they serve.

Carson President Teri Shepherd said, “Reaching $12 billion AUM is a testament to our advisors and their dedication to serving nearly 32,000 families across the United StatesWe want our partners to have the resources to continuously reinvest in optimization and growth. Paying for the tech stack is the latest example of our commitment to helping advisors serve their clients while empowering them to focus on being the CEO of their business.”

Carson Group had unveiled plans to eliminate the financial burden on advisor businesses leveraging the Carson CX (client experience) at its flagship industry-wide Excell conference in Chicago in May 2019. Plans for discounted services and direct cost savings to partners were among the key messages shared during Carson’s Partner Summit that takes place during Excell each year. The team announced zero costs on Orion Advisor Services fees within advisory accounts, which averaged a savings of more than $22,000 per advisor firm.

Bob Huntley, Founder and Wealth Advisor of Texas-based Carson partner firm Wise Counsel Wealth Management said, “I cannot tell you how exciting it is to be part of this movement Ron Carson has built. I am already making plans to reinvest 100 percent of the savings back into growth this year.”

This commitment to eliminating tech costs is the latest in an ongoing rollout of Carson CX (customer experience) releases and technology enhancements to help make complex issues simple for advisors and investors across the country. Over the past year, the organization has rolled out several value-added advisor services and support to its ecosystem, including an expanded brokerage solution, M&A consulting to help its advisors grow their practices, succession planning, and cash management options through its partnership with Galileo Money+, a new mobile-only banking service, available exclusively through financial advisors.

Carson Group serves advisors and investors in more than 120 partner offices across the country, including 24 Carson Wealth offices. In addition to being a mainstay in the Barron’s annual list of top wealth management firms, Carson Group remains among the Inc. 5000 list of America’s fastest-growing companies, has been recognized for two consecutive years by InvestmentNews as a top-50 firm for Best Places to Work for Financial Advisors, and was recently awarded a Best Places to Work in FinTech by American Banker.

 

SOURCE Carson Group

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