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In What Ways Does Switzerland VPS Benefit Your Startups?
In Switzerland VPS a physical server is divided into multiple parts and each part runs like a dedicated server.
#vps server switzerland#vps switzerland#vps hosting switzerland#vps in switzerland#swiss vps#swiss vps server#best switzerland vps
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VPS in Switzerland: 5 Simple Ways to Optimize it
Optimizing your VPS Server in Switzerland is extremely crucial for durable page performance and security
#VPS Switzerland#switzerland vps#swiss vps#switzerland vps server#switzerland vps hosting#vps in switzerland#cheap vps switzerland#best switzerland vps
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Comparing Memcached vs Redis Which is Best?
Comparing Memcached vs Redis Which is Best? Discover the differences between Memcached and Redis, two popular in-memory caching systems, and decide which one best suits your project’s needs.
List of blog you will read in this contains:
1. What Memcached? 2. What is Redis? 3. Key Differences between Redis and Memcached 4. Final word: Memcached or Redis?
Memcached and Redis are popular in-memory caching systems that act as key-value stores. Both serve as effective solutions to improve web application performance by reducing database load. While both offer similar functionality, there are significant differences between the two that make them suitable for different use cases. In this article, we’ll compare Memcached vs. Redis, looking at their features, performance, ease of use, and scalability, to help you decide which is best for your project.
What Memcached?
Memcached is the superhero of in-memory caching systems, ready to save days by reducing database load and speeding up web applications. It’s like estate photographic memory, where data stored in the brain for quick and simple access. With a lightning-fast caching algorithm, Memcached is the flash caching system, ensuring your applications run at lightning speed. It’s like giving your project a secret weapon, allowing you to save and restore data with simple commands. Memcached is simple to use and lightweight, making it the Robin Hood of caching methods, stealing from the database to return to the application.
What is Redis?
Redis is the cool kid of the in-memory caching method, always ready to impress with its slick features and fast performance. It’s like a Swiss Army knife, oblation a variety of data structures and tools to fit any use case. Redis works like a database but with the agility of a gymnast, offering lightning-fast speeds and the ability to simply handle high-traffic loads.
It’s like having a giant in a bottle, granting your wish for quick and easy data access and manipulation. Redis is so multipurpose and easy to use; It’s like having your assistant take care of all your caching needs so you can focus on the big picture With Redis, you’ll be the envy of all your developer friends, making your project stand out in a populous development landscape.
Key difference between Redis and Memcached
Data structure handling
Memcached and Redis both act as key-value stores, but Redis offers a wider range of data structures such as lists, sets, and hashes. These structures allow you to store more complex data and manipulate it easily. On the other hand, Memcached only supports simple key-value pairs, making it less flexible for handling complex data.
Performance
Memcached planned to be a lightweight and efficient caching system, with an easy caching algorithm that makes it particularly effective to reduce database load and enhance the overall performance of web applications. On the other arm, Redis boasts superior performance, particularly when it comes to write-heavy applications, due to its optimized storage and indexing mechanisms.
Persistence
Redis offers persistence, meaning it can write data to disk or another external storage system, ensuring that data remains available after server restarts. On the other hand, Memcached does not offer persistence, making it suitable for caching data that can be easily reproduced.
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Measurability
Both Memcached and Redis are planned to be scalable and can be simply deployed in a distributed environment. However, Memcached is better suited for level scaling, where many servers are added to handle increasing traffic loads. At the same time, Redis is better suited for perpendicular scaling, where a single server can be scaled to handle more traffic.
Copy
Redis offers a built-in transcript, which means data can be automatically synchronized across multiple instances in a cluster, improving fault tolerance and high availability. On the other hand, Memcached does not offer built-in replication, and construction it less suitable for applications that require high availability.
Language support
Redis has a rich set of language backing, with client libraries available for a wide extent of programming languages, including Python, Java, .NET and Ruby. Memcached also has good language support but is not as wide as Redis.
Easy to use
Memcached and Redis are easy to use, with simple commands that are easy to understand and implement. However, Redis has better documentation and a more user-amicable command-line interface, making it easier for developers to get started and troubleshoot issues.
Final Word: Memcached or Redis?
Ah, the old question: Memcached or Redis? It’s like choosing between pizza and ice cream—both are delicious, but one might suit your mood better. So, let’s break it down. Memcached is like a race car – it’s fast, expert and perfect for easy key-value caching with low latency. Redis, on the other hand, is like a Swiss army knife – it offers a wide extent of advanced features. From message queues to real-time analytics, and can handle more complex data structures. It’s like having a toolbox full of gadgets, each designed to help you tackle a different problem.
Memcached and Redis
Choosing in Memcached and Redis is like choosing between a sports car and a luxury SUV – it depends on your urgent. If you necessity raw agility and low latency, go with Memcached. If you need leading features and complex data management, go with Redis. Either way, you’ll have a mighty tool that will significantly improve the performance of your web application. So, selection your poison (or your pizza), and start cashing!
Memcached is a high-acting in-memory caching method that stores frequently accessed data to abate the load on the database. Conversely, Redis is an open-source key-value database that supports a variety of data structures such as strings, hashes, and lists.
Memcached primarily used for caching objects such as web pages, session data, and database results. While Redis can be used as a message broker, database, or caching layer.
The difference between the two lies in their approach to data management. Memcached focuses on data caching, while Redis provides data diligence through its disk-based storage.
Another notable difference is that Memcached does not provide any native data structures. In contrast, Redis offers a extensive range of data structures, including strings, hashes, lists, sets. And more, making it a mighty tool for data manipulation.
Read more: Database Normalization An Essential Guide
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What are the benefits of using Swiss VPS Server?
The Swiss VPS Server is the best choice for hosting your business online if you are looking for a reliable virtual private server.
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We are a leading managed service provider for mission-critical IT and enable cloud transformation and digital innovation around the world. Estnoc is a Swiss cloud service provider based in Switzerland, offering self-service and scalable cloud services billed by the minute. In this global digital landscape, it is not enough to consider security as an afterthought, or as optional. Security should be central to any effective cloud computing operation. Cloud computing is reliably flexible, scalable, and—in most use cases—cost-efficient. Certainly, it is hard to imagine any more flexible and scalable IT infrastructure than the cloud, where you can add and subtract assets with the click of a mouse, but the cloud is not necessarily cost-effective. We offer Cloud VPS currently from Estonia. We deliver Cloud VPS’s to our customers within 12 hours maximum after successful payment! Usual delivery for regular servers takes less than 8 hours. You can configure your desired Cloud VPS package all by yourself. You can choose operating systems between Windows Server 2008, Windows Server 2012, or various Linux versions like Debian, CentOS to name a few. For Cloud VPS we use KVM or VMWare virtualization. All our Estonian Cloud VPS packages are hosted on multiple HP BL460 blade servers with HP EVA5000 FC storage technology on the cloud to avoid hardware failures. Companies can focus on developing their products instead of maintaining all the necessary infrastructure, which is costly, time-consuming, and requires lots of resources. With scalability, there comes flexibility. Cloud makes it easy to connect external contributors and to give them access to all the necessary services. It also facilitates the work of the entire team that more and more often works on the go and on mobile devices.
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How do you open a Forex company?
In the most recent decade, the Forex advertise has increased incredible fame. It is hard to characterize the majority of the variables affecting its ascent. In any case, we can refer to a portion of the principle purposes behind its development:
Money speculation has turned out to be progressively open for retail dealers;
The money showcase is more powerful than the financial exchange (greater chances, quicker request execution);
The administrative condition has turned out to be friendlier;
Individuals have built up a more prominent enthusiasm for private speculation.
Today, the sheer number and accessibility of online Forex intermediaries is stunning. You don't have to direct real research to discover one. Shockingly, with this expansion, a ton of questionable Forex merchants slide into the market and make guarantees they can't keep (for example the guarantees of profiting, low spreads or the most easy to understand exchanging stage accessible). Accordingly, numerous new merchants get sucked in, and over the long haul they wear out the majority of their exchanging capital and leave the intermediary. Customers (for example merchants) need dependable Forex business administrations; and those that don't have one will miss out without fail.
On the off chance that beginning a Forex financier business is really an energy, at that point here are some factors that ought to be considered to move toward becoming, and stay focused……….
Research: Do your homework and figure out what your objective market will be. Forex authorizing and guideline prerequisites are dictated by the particular nation in which you will be effectively looking for dealers.
Assemble introductory capital. As a Forex financier, you'll have two kinds of costs, working and exchanging costs. In certain areas, a base capital necessity has just been systematized for Forex organizations who are either based locally or who are effectively looking for customers living in the ward. Despite capital necessities set by wards, a financier should plan to have noteworthy subsidizes put aside to take care of progressing costs amid the principal couple of long periods of tasks. Working assets and exchanging reserves must be isolated.
Before you even open your business, you have to join. When you are consolidated, you'll have to turn into an authorized and enlisted dealer. A few areas, for example, Cyprus, Belize, the British Virgin Islands, the Cayman Islands, Jersey, Luxembourg, and Panama, take into account recently fused financiers. Cyprus is amazingly well known, since enrolling there, gives financiers access to customers dwelling in any of the nations having a place with the European Union.
Set up contracts with Payment Service Providers. It is prudent to have more than one PSP accessible in the occasion your essential PSP closes you down, you'll have a reinforcement one as of now set up.
Don't over-make your market: Forex intermediaries get their spread expense between two monetary forms (for example EUR/USD) from the Inter bank showcase. The Inter-bank advertise is essentially a gathering of real banks, multifaceted investments and money related establishments that are legitimately obliged to serve business turnover of cash ventures just as a lot of theoretical, momentary cash exchanging.
For instance, if the Inter-bank advertise charges 1 pip on EUR/USD, a substantial volume of Forex representatives mark this up to around 3 pips. This implies they make a benefit of 2 pips on each exchange for this money. Fundamentally, they are making their own market by over-charging their clients. This is a sure formula for debacle as this makes Forex exchanging costly.
There is nothing amiss with increasing the Inter-bank showcase cost, however the exhortation basically is – don't over-do it. There are a large number of different dealers out there who will readily take your clients by basically citing a less expensive spread. This is particularly applicable to the six most exchanged monetary standards. The last triennial national bank review records them in the accompanying request: 1) US Dollar 2) Euro 3) Japanese Yen 4) Great British Pound 5) Australian Dollar 6) Swiss Franc.
Remember, the US Dollar contributes around 85% to every day exchanging so this ought to be the essential money to think about when making the market (for example formulating a cost for the client).
Get Yourself a Dedicated VPS Server
Undoubtedly Forex CRM solution gives you a wide range of trading features. One of the most prominent features is specially built MT4/MT5 white label trading account. But at first, you will be in great need of a dedicated VPS service to run MT4/MT5 trading activities smoothly.
A virtual protective server hosts large websites runs extensive service providing software, stores big chunks of data for various uses. For special purpose; like running MT4/MT5 accounts in CRM business you need specially built VPS service.
Forex VPS can surely meet your special needs because of its highly extensive features are built to run MT4/MT5 trading accounts. Functioning as a fully dedicated VPS service provider, Fx VPS PRO is fully capable of giving 24/7 uptime support with ultra-high speed performance.
Bridging with us you wouldn't have to worry about latency issues. We provide the shortest latency in a microsecond. With our powerful hardware (SSD RAID-10) system the running speed will be boosted extensively. So you wouldn't experience slow speed, slippage at all.
Our dedicated support team will be 24/7 available to guide you through any sort of technical difficulties. So if you are convinced enough to use CRM solution as a trader, by now you can understand how much importance a VPS service like FX VPS PRO bears to run your CRM solution smoothly.
Offer low or no commission: A commission is essentially an expense that clients are charged while putting an exchange (a purchase or a sell). This commission can change contingent upon the cash pair exchanged. The point is to make Forex exchanging as shabby as feasible for the client. Low spreads and no commission are actually the kind of exchanging they like and it is dependent upon you to give it.
Trust it or not, some Forex dealers lie. They guarantee their exchanging is sans bonus, yet everything they do is siphon up the spread expense so clients never get the advantage. To go with low spreads, low commission can work outright ponders for Forex dealers.
The host horrendous thing you could do is to guarantee this, yet phony it by siphoning up the spread expenses. This implies the Forex business proprietors would prefer not to pause and depend on volume of brokers so they secure as much as they can by faking it and cheat them straight away. Shockingly, a ton of agents do this and end up losing clients.
Guarantee world class support: Alerts begin ringing if clients experience difficulty undertaking standard exercises, for example, pulling back assets or basically being maintained a strategic distance from when getting some information about a Forex business exchanging stage.
To remain aggressive, and tuned in to clients, bolster must be high caliber and responsive. For example, if a client makes an inquiry about your stage's utilization, bolster must give explicit directions on the most proficient method to determine the issue. Likewise, pulling back assets should be a consistent procedure that does not take over 2 days to process. It is little factors, for example, this that will take out any questions in the clients' psyche about your administrations.
Good luck for your upcoming days.
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How the Apple Watch changed the world
In 2015 Switzerland was fucked. This blunt belief, grunted out by Apple’s Jony Ive and repeated by the media as a death knell for the watch industry, seemed to define a sad truth: that the Swiss watch was dead and Apple pulled the trigger.
Now, three years and four Apple Watches later, was Ive right? Did Apple change the world? And, most importantly, did Switzerland survive?
Yes, but…
As you might have noticed the Swiss watch industry is still standing. The major Swiss houses – LVMH, Richemont, and Swatch Group – are seeing a major uptick in sales, especially in the US. According to the Federation of the Swiss Watch Industry, sales are up 5.5% year-over-year, a bit of news that was, amusingly, almost buried by the onslaught of Apple Watch Series 4 reviews.
This increase of US sales bucked a major trend this year and one market insider, who preferred to remained anonymous, noted that all of his sales contacts are seeing increased sales in the $3,000 and above watch category. While the low-cost fashion watches were, as he said, “decimated,” the luxury market is growing. But why?
According to Swatch Group, Swiss watch exports rose 4.8 percent compared with last year and, according to a Reuters report, “first-quarter watch exports rose 10.1 percent, the highest quarterly growth rate since mid-2012, according to figures from the Federation of the Swiss Watch Industry.”
“You know we saw an end of the year that was very strong – double-digit growth – and now it continues, so every month is a record month for us,” Swatch Group CEO Nick Hayek told CNBC. In short, the industry is back from an all-time low after the recession.
Watch analysts believe that Apple created a halo effect. Of the millions of people who bought and wore an Apple Watch, a majority had never worn or thought about wearing a watch. Once they tried the Apple Watch, however, and outfitted it with leather bands, fancy Milanese loops, and outfit-matching colors the attitude changed. If wearing watches is so fun and expressive, why not try other, more storied pieces? The numbers are hard to find (watchmakers are notoriously secretive) but I’ve found that my own watch obsessives site, WristWatchReview, saw a solid uptick in traffic in 2015, one that continued, for the most part, into 2018. One year, 2017, was considerably lower because my server was failing almost constantly.
What does this mean for the watch? First, it means that, like vinyl, a new group of obsessives are taking up the collector’s mantle after discovering the implicit value of more modern forms of the same thing. An Apple Watch is a gateway drug to a Tissot which is a gateway drug to a classic tropical Rolex Submariner on a signed band just as your first Radiohead MP3 leads to buying a turntable, an amp, a Grado cartridge, and a pressing of Moon Shaped Pool.
“In high school I wore a pebble for a while,” said Brady, a 20-year-old college sophomore I spoke to. “As an easily-distracted high school student, even though this wearable was very primitive tech, it consumed a lot of my attention when it wasn’t appropriate to be on my phone – which meant also not appropriate to be on my watch. I then shifted to Nixon quartz ‘fashion watches ‘and i was happy knowing they kept good reliable time. Then I got a Seiko SNK805 automatic. I don’t have a single non-mechanical watch due to my respect for the craftsmanship!”
Wearables are changing, as well, pushing regular watches back into the spotlight. As Jon Speer, VP at Greenlight.Guru, most wearables won’t look like watches in the next few years.
“I predict the next generation of wearables to blur the lines between tech accessory and medical device. These ‘devices’ will include capabilities such as measuring blood pressure, blood sugar, body temperature and more,” he said. “The FDA is working closely with industry partners to identify common roadblocks to innovation. The De Novo Program, the classification Apple pursued for the Apple Watch, is the category for medical devices that don’t fall within an existing classification. As we blend medical technology with consumer technology, I foresee the De Novo program being utilized by companies such as Fitbit and Garmin. As a consumer, I’m very excited for the potential and advancements.”
Thus the habit of wearing watch might stick even as the originators of that habit – a little square of steel and glass strapped to your wrist – disappears.
Could it all be a mirage?
The new Apple Watch is very positively reviewed and Android Wear – as evidenced by companies like Montblanc selling very capable and fashion-forward smartwatches – is still a force to be reckoned with. Further, not everyone falls back into watch wearing after trying out the thing Jony Ive said would fuck Switzerland.
Watches are an acquired taste like craft beers, artisanal teas, and other Pinterest -ready pursuits. Sometimes simply strapping one to your wrist isn’t enough.
“I got the first gen Apple Watch,” said entrepreneur David Berkowitz. “I loved it, and then I stopped wearing it a bit. As I did, I lost the charger and never bothered replacing it. I haven’t worn it since and haven’t seriously considered getting a new one.”
“I’m just not that customer,” he said.
from RSSMix.com Mix ID 8176395 https://techcrunch.com/2018/10/31/how-the-apple-watch-changed-the-world/ via http://www.kindlecompared.com/kindle-comparison/
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How the Apple Watch changed the world
In 2015 Switzerland was fucked. This blunt belief, grunted out by Apple’s Jony Ive and repeated by the media as a death knell for the watch industry, seemed to define a sad truth: that the Swiss watch was dead and Apple pulled the trigger.
Now, three years and four Apple Watches later, was Ive right? Did Apple change the world? And, most importantly, did Switzerland survive?
Yes, but…
As you might have noticed the Swiss watch industry is still standing. The major Swiss houses – LVMH, Richemont, and Swatch Group – are seeing a major uptick in sales, especially in the US. According to the Federation of the Swiss Watch Industry, sales are up 5.5% year-over-year, a bit of news that was, amusingly, almost buried by the onslaught of Apple Watch Series 4 reviews.
This increase of US sales bucked a major trend this year and one market insider, who preferred to remained anonymous, noted that all of his sales contacts are seeing increased sales in the $3,000 and above watch category. While the low-cost fashion watches were, as he said, “decimated,” the luxury market is growing. But why?
According to Swatch Group, Swiss watch exports rose 4.8 percent compared with last year and, according to a Reuters report, “first-quarter watch exports rose 10.1 percent, the highest quarterly growth rate since mid-2012, according to figures from the Federation of the Swiss Watch Industry.”
“You know we saw an end of the year that was very strong – double-digit growth – and now it continues, so every month is a record month for us,” Swatch Group CEO Nick Hayek told CNBC. In short, the industry is back from an all-time low after the recession.
Watch analysts believe that Apple created a halo effect. Of the millions of people who bought and wore an Apple Watch, a majority had never worn or thought about wearing a watch. Once they tried the Apple Watch, however, and outfitted it with leather bands, fancy Milanese loops, and outfit-matching colors the attitude changed. If wearing watches is so fun and expressive, why not try other, more storied pieces? The numbers are hard to find (watchmakers are notoriously secretive) but I’ve found that my own watch obsessives site, WristWatchReview, saw a solid uptick in traffic in 2015, one that continued, for the most part, into 2018. One year, 2017, was considerably lower because my server was failing almost constantly.
What does this mean for the watch? First, it means that, like vinyl, a new group of obsessives are taking up the collector’s mantle after discovering the implicit value of more modern forms of the same thing. An Apple Watch is a gateway drug to a Tissot which is a gateway drug to a classic tropical Rolex Submariner on a signed band just as your first Radiohead MP3 leads to buying a turntable, an amp, a Grado cartridge, and a pressing of Moon Shaped Pool.
“In high school I wore a pebble for a while,” said Brady, a 20-year-old college sophomore I spoke to. “As an easily-distracted high school student, even though this wearable was very primitive tech, it consumed a lot of my attention when it wasn’t appropriate to be on my phone – which meant also not appropriate to be on my watch. I then shifted to Nixon quartz ‘fashion watches ‘and i was happy knowing they kept good reliable time. Then I got a Seiko SNK805 automatic. I don’t have a single non-mechanical watch due to my respect for the craftsmanship!”
Wearables are changing, as well, pushing regular watches back into the spotlight. As Jon Speer, VP at Greenlight.Guru, most wearables won’t look like watches in the next few years.
“I predict the next generation of wearables to blur the lines between tech accessory and medical device. These ‘devices’ will include capabilities such as measuring blood pressure, blood sugar, body temperature and more,” he said. “The FDA is working closely with industry partners to identify common roadblocks to innovation. The De Novo Program, the classification Apple pursued for the Apple Watch, is the category for medical devices that don’t fall within an existing classification. As we blend medical technology with consumer technology, I foresee the De Novo program being utilized by companies such as Fitbit and Garmin. As a consumer, I’m very excited for the potential and advancements.”
Thus the habit of wearing watch might stick even as the originators of that habit – a little square of steel and glass strapped to your wrist – disappears.
Could it all be a mirage?
The new Apple Watch is very positively reviewed and Android Wear – as evidenced by companies like Montblanc selling very capable and fashion-forward smartwatches – is still a force to be reckoned with. Further, not everyone falls back into watch wearing after trying out the thing Jony Ive said would fuck Switzerland.
Watches are an acquired taste like craft beers, artisanal teas, and other Pinterest -ready pursuits. Sometimes simply strapping one to your wrist isn’t enough.
“I got the first gen Apple Watch,” said entrepreneur David Berkowitz. “I loved it, and then I stopped wearing it a bit. As I did, I lost the charger and never bothered replacing it. I haven’t worn it since and haven’t seriously considered getting a new one.”
“I’m just not that customer,” he said.
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Choose VPS Server Switzerland For Web Hosting - Serverwala
Serverwala Cloud Data Centers is offering the hottest deals with its Switzerland VPS Server.
#swiss vps#swiss vps provider#vps server switzerland#vps in switzerland#best vps switzerland#vps hosting switzerland
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Where Vps Hosting Services Quickbooks
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Original Post from SC Magazine Author: Bradley Barth
Ransomware is everywhere. It plagues businesses big and small, across the globe, even in the most hidden corners.
Still, over the past year, certain industries have been feeling the pain more than others. A Malwarebytes quarterly report released last August found that detections of ransomware among organizations rose 365 percent from Q2 2018 to Q2 2019, with a particularly high frequency of attacks against cities and municipalities, health care facilities and educational institutions.
Telemetry from Trend Micro’s global threat intelligence network picked up on similar trends. In July, the cybersecurity firm reported that in the first half of 2019, governments were most often targeted by ransomware (27 percent of observed attacks), followed by manufacturing companies (20 percent) and health care organizations (14 percent). Retail and education were neck-in-neck after that.
For this feature, SC Media asked top cyber experts to look at four key business categories – manufacturing/industrial, health care, government/cities and school districts – and provide perspective on why they have become such viable targets.
Manufacturing & heavy industry
In March 2019, Norwegian aluminum producer Norsk Hydro was hit with a crippling cyberattack that, according to early estimates, caused over $40 million in damages due in large part to lost margins and volumes.
The culprit: LockerGoga ransomware, which soon after played a hand in attacks against additional manufacturing and chemical companies including Columbus, Ohio-based Hexion, and Waterford, New York-based MPM Holdings Inc. (aka Momentive). It may also be what sidelined Swiss heavy equipment company Aebi Schmidt.
Phil Neray, VP of industrial cybersecurity at CyberX, says manufacturing companies are an obvious and viable target for ransomware campaigns because “downtime is measured in millions of dollars per day – so CEOs are typically eager to pay up.”
But the potential for damage transcends finances – a ransomware-caused shutdown can also have life-threatening consequences. “If you start shutting down something in a manufacturing facility and it’s not properly augmented or secured, you could possibly release chemicals into the environment and affect the workers on site,” says Tim Bandos, VP of cybersecurity at Digital Guardian. Making matters worse, manufacturing companies often have “archaic security controls in place” that are not easily scalable to adequately protect their large-scale operations, he continues.
From 2011-2015, Bandos served as cybersecurity director, incident response and threat intelligence, at a leading chemical manufacturing company. (He asked SC Media not to reveal its name.) Bandos himself bore witness to ransomware attacks at his former company, although nothing on the scale of Norsk Hydro.
One such attack exploited a hole in a firewall placed between the company’s primary networks and the process control network that runs its operational technology. This allowed the ransomware to sneak right through to PCN-related networks. “That’s when the kinetic effects start happening. Valves start turning, things start opening up that maybe shouldn’t be,” says Bandos. (Fortunately, the company had safeguards in place to prevent a major event leading to injury.)
The LockerGoga ransomware that has wreaked havoc on manufacturers has repeatedly evolved, in some versions acting more like a destructive wiper, threatening to not only encrypt data, but also overwrite disk drives, if victims don’t pay up. Other malware strains exhibiting these dual functionalities include MegaCortex and GermanWiper. This only raises the stakes further.
“Now you have to not only recover the data that you lost, but you have to recover the entire operating system along with that, and that’s a larger effort for a company to work with,” says Christopher Scott, global remediation lead at IBM Security’s X-Force Incident Response and Intelligence Services (IRIS) team.
IRIS has reported a 200 percent increase in destructive malware incidents over the first half of 2019, compared to the second half of 2018. Many involved ransomware attacks perpetrated against chemical and manufacturing companies. To prevent future attacks, Scott recommends that manufacturers adopt multifactor authentication, execute a defense-in-depth strategy, and practice segmentation of key systems.
“Everyone needs to learn from this… to be more proactive ahead of time, because having to spend the money up front after an attack like this can be much more devastating than deploying a security software that might cost you a half a million dollars or a million bucks to cover your entire enterprise,” says Bandos.
Health care
The landmark February 2016 Locky ransomware attack on Hollywood Presbyterian Medical Center wasn’t the first such incident against a medical facility, but it arguably represents a watershed moment for cyber professionals working for health care organizations (HCOs). The reported $3.6 million ransom demand demonstrated that attackers were beginning to recognize the immense wealth they could quickly accumulate by targeting vulnerable organizations dealing in highly sensitive and life-saving data. Since then, major ransomware campaigns against HCOs have continued relatively unabated.
“Hospitals may find themselves without the use of key systems. Without an EHR [electronic health record], patient care will certainly be affected. Some services can continue manually, albeit with delay, but in other situations care may not be possible at all,” says Jason Taule, CISO and VP of standards at HITRUST, the Health Information Trust Alliance. “A physician, for example, can still write a manual prescription, presuming he/she has enough knowledge of possible drug interactions, but radiology units are almost exclusively online and digital now, which means patients would have to be diverted elsewhere for care.”
Such setbacks can be devastating, says Clyde Hewitt, VP of security strategy at CynergisTek. However, “What is less publicized is… the adverse financial impacts to cash flow.”
Hewitt recalls one particular hospital that, despite recovering its network in just two weeks, was forced to manually input massive volumes of downtime forms into the EHR system so that claims could be generated and sent to the insurance companies. “Co-payments also could not be collected until the claims were processed. This resulted in a 60-day gap in receiving payments and put the organization into a $60 million deficit before they started to recover,” says Hewitt.
There’s also the potential of facing major penalties for violating HIPAA regulations, or even investigations by the FBI or the Joint Commission, which accredits more than 21,000 U.S. health care organizations. “But even if loss of accreditation is not a significant concern, HCOs should still be concerned about the higher cost of cyber liability insurance coverage following an incident,” says Taule.
And yet, “health care leadership has historically been slow to recognize the threat and therefore provide adequate resources to address the threat,” adds Hewitt.
The problem is, where to start? Hospitals make for great victims because they have “one the largest attack surfaces of any industry,” due to “all the interfaces needed to provide care,” Hewitt notes. EHR systems aside, there are also connected medical devices, patient wearables, physical environmental controls and more. “Many of these devices operate through the cloud and many are years or even decades old. This makes it very challenging to implement robust defenses,” Hewitt adds.
Furthermore, the health care landscape itself is composed of a diverse array of organizations, with varying levels of commitment to cybersecurity. It’s not just hospitals who are at risk – it’s small doctors’ offices, clinical labs, research facilities and others. Incidents like the May 2017 WannaCry offensive that cost the UK’s massive National Health System £92 million get worldwide attention, but for every NHS, there are many smaller HCOs getting hit, like Bridgewater, Massachusetts-based medical billing company Doctors’ Management Services (DMS) or the Dental Center of Northwest Ohio.
“The mission, regulations, geography, technical environment, management team, information involved, financial resources, culture and personnel vary substantially across each type of organization,” says Taule. “For all the progress HCOs have made in recent years, many still find themselves without a full-time, well-trained, experienced, executive-level person in charge of security” who must lobby management for cyber investments.
Attacker tactics are also constantly changing, and HCOs are generally not nimble enough to keep up. Hewitt says attackers are getting better at targeting specific organizations with spear phishing emails, while Taule says attacks are becoming easier to execute due to the advent of ransomware-as-a-service offerings like GandCrab.
Adversaries are also showing more willingness to exploit vulnerabilities in medical IoT devices, leveraging them to gain a foothold into organizations and later commit a damaging attack. “The next step in this evolution could be ransomware on IoT devices, particularly in health care IoT: pacemakers, insulin pumps, etc.,” said Bogdan Botezatu, director of threat research and reporting at Bitdefender.
Consequently, Taule recommends that HCOs incorporate firmware into their control frameworks and their vulnerability scanning and patching efforts.
Government & municipalities
Last July, more than 225 U.S. mayors stood their ground against ransomware attacks, signing a resolution stating they would reject any extortion demand. The gesture came two months after a Robbinhood ransomware attack shut down the city of Baltimore’s servers, resulting in estimated response and recovery costs of $18 million – well above the original $80,000 ransom demand.
According to the United States Conference of Mayors’ resolution, “at least 170 county, city or state government systems have experienced a ransomware attack since 2013.” Victims have been as large as the city of Atlanta and the Port of San Diego, both struck by SamSam ransomware in 2018. But smaller, provincial targets have been an even more frequent target, including La Porte County, Indiana and the Salisbury, Maryland Police Department just this past year.
“Municipalities make excellent targets for several reasons,” says Sherrod DeGrippo, senior director of threat research and detection at Proofpoint. “They typically have underfunded information security protections, despite running what some would consider critical infrastructure.”
“Due to small IT footprints, they often lack robust security controls and disaster recovery solutions that would allow them to prevent these types of attacks and/or to recover quickly,” DeGrippo continues. “Many municipalities also manage a huge number of interconnections into their network. These interconnections add complexity to the security and management of their networks, allowing simple misconfigurations to be exploited by threat actors.”
Compounding these challenges are a proliferation of third-party vendors, contractors and suppliers that work with government agencies – each with their own set of vulnerabilities. “Threat actors can potentially use them as a backdoor to reach the systems of a local city or state agency,” DeGrippo remarks. For that reason, “We recommend a thorough vetting of the security and access controls of all vendors before connecting them to a network.”
When ransomware successfully infects a government entity, it essentially disrupts day-to-day business operations that allow society to function normally and cities to stay funded. For example, the Baltimore attack reportedly waylaid the collection of water bills, property taxes and parking tickets, along with the distribution of city permits.
This is troublesome enough. However, there is an even greater concern that a future ransomware attack could impact critical infrastructure or emergency services. “If the communication systems utilized by first responders were taken offline, it could cripple their ability to respond to emergency situations – especially considering many are migrating toward Voice over Internet Protocol phone networks, which are more susceptible to a ransomware attack,” warns Michael F.D. Anaya, head of global cyber investigations and government relations at DEVCON, and a former supervisory special agent for the FBI in Atlanta.
One might wonder if the advent of smart cities will only further increase the threat surface. “IoT devices have typically been built for very specific functions without a significant focus on built-in security features. As such, they tend to be vulnerable to attack, provide easy targets for lateral movement within environments, and are sufficiently numerous and distributed to be difficult to secure through means traditionally applied to laptops and other devices,” says DeGrippo.
On the plus side, however, “A key advantage is that any city looking to implement smart technologies will have to undergo a digital transformation that will retire vulnerable, antiqued systems. These new systems will be a fresh start, offering up-to-date security measures that will make them harder to compromise.”
To counter the threat, DeGrippo recommends that municipalities “develop threat profiles that highlight areas of risk, and implement a proactive, people-centric security approach” that includes security awareness training, which even cash-strapped localities should be able to afford.
Schools
Another realm of the public sector that’s also under attack is local educational districts – so much so that in July 2019 New Orleans Governor John Bel Edwards declared a state of emergency, which made his jurisdiction’s local districts eligible for government funding to better protect themselves.
“I applaud the Governor of Louisiana for taking decisive action to help school districts respond to the cybersecurity threats they are facing,” says Douglas Levin, president of EdTech Strategies, LLC, which operates the K-12 Cybersecurity Resource Center. “Most districts have not devoted the necessary resources to managing the cybersecurity risks they are facing today, much less tomorrow. Outside assistance and resources are critical to helping them to respond and recover.”
With that said, however, “the state’s response is akin to giving an aspirin to someone who just broke their arm,” Levin continues. “There are more fundamental issues facing the state of school cybersecurity – in Louisiana and beyond – and it will require a comprehensive and sustained response over time. It will include the passage of education sector-specific cybersecurity compliance policies, more resources for school districts to deploy and monitor cybersecurity controls, and more transparency and information sharing.”
Examples this year of ransomware attacks on school districts include prominent incidents involving school districts in Syracuse, N.Y.; Bridgeport, Connecticut; and likely Houston County Schools in Alabama (the district did not officially confirm ransomware in the last case).
Levin says districts often fall victim to ransomware attacks because academic environments “tend to have large numbers of unsophisticated users, be more trusting of technology, and [be] more open to deploying relatively immature online services and applications. Yet, school district IT infrastructure tends to be quite varied, older and less well-supported than in other sectors.”
And although many school districts are on tight budgets, they have been known on occasion to pay up. “I have heard anecdotally that more recent ransomware payments have been made by school districts at a much higher cost, reaching seven figures,” Levin continues.
Clearly, school districts must continue to get educated fast on the ABCs of ransomware. As must government bodies, HCOs and manufacturers.
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Go to Source Author: Bradley Barth Captives of industry Original Post from SC Magazine Author: Bradley Barth Ransomware is everywhere. It plagues businesses big and small, across the globe, even in…
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Facebook announces Libra cryptocurrency: All you need to know
Facebook has finally revealed the details of its cryptocurrency Libra, which will let you buy things or send money to people with nearly zero fees. You’ll pseudonymously buy or cash out your Libra online or at local exchange points like grocery stores, and spend it using interoperable third-party wallet apps or Facebook’s own Calibra wallet that will be built into WhatsApp, Messenger, and its own app. Today Facebook released its white paper explaining Libra and its testnet for working out the kinks of its blockchain system before a public launch in the first half of 2020.
Facebook won’t fully control Libra, but instead get just a single vote in its governance like other founding members of the Libra Association including Visa, Uber, and Andreessen Horowitz who’ve invested at least $10 million each into the project’s operations. The association will promote the open-sourced Libra blockchain and developer platform with its own Move programming language plus sign up businesses to accept Libra for payment and even give customers discounts or rewards.
Facebook is launching a subsidiary company also called Calibra that handles its crypto dealings and protects users’ privacy by never mingling your Libra payments with your Facebook data so it can’t be used for ad targeting. Your real identity won’t be tied to your publicly visible transactions. But Facebook/Calibra and other founding members of the Libra Association will earn interest on the money users cash in that is held in reserve to keep the value of Libra stable.
Facebook’s audacious bid to create a global digital currency that promotes financial inclusion for the unbanked actually has more privacy and decentralization built in than many expected. Instead of trying to dominate Libra’s future or squeeze tons of cash out of it immediately, Facebook is instead playing the long-game by pulling payments into its online domain. Facebook’s VP of blockchain David Marcus explains the company’s motive and the tie-in with its core revenue source, telling me “if more commerce happens, then more small business will sell more on and off platform, and they’ll want to buy more ads on the platform so it will be good for our ads business.”
The Risk And Reward Of Building The New PayPal
In cryptocurrencies, Facebook saw both a threat and an opportunity. They held the promise of disrupting how things are bought and sold by eliminating transaction fees common with credit cards. That comes dangerously close to Facebook’s ad business that influences what is bought and sold. If a competitor like Google or an upstart built a popular coin and could monitor the transactions, they’d learn what people buy and could muscle in on the billions spent on Facebook marketing. Meanwhile, the 1.7 billion people who lack a bank account might choose whoever offers them a financial services alternative as their online identity provider too. That’s another thing Facebook wants to be.
Yet existing cryptocurrencies like Bitcoin and Ethereum weren’t properly engineered to scale to be a medium of exchange. Their unanchored price was susceptible to huge and unpredictable swings, making it tough for merchants to accept as payment. And cryptocurrencies miss out on much of their potential beyond speculation unless there are enough places that will take them instead of dollars, and the experience of buying and spending them is easy enough for a mainstream audience. But with Facebook’s relationship with 7 million advertisers and 90 million small businesses plus its user experience prowess, it was well poised to tackle this juggernaut of a problem.
Now Facebook wants to make Libra the evolution of PayPal . It’s hoping Libra will become simpler to set up, more ubiquitous as a payment method, more efficient with fewer fees, more accessible to the unbanked, more flexible thanks to developers, and more long-lasting through decentralization.
“Success will mean that a person working abroad has a fast and simple way to send money to family back home, and a college student can pay their rent as easily as they can buy a coffee” Facebook writes in its Libra documentation. That would be a big improvement on today, when you’re stuck paying rent in insecure checks while exploitative remittance services like charge an average of 7% to send money abroad, taking $50 billion from users annually. Libra could also power tiny microtransactions worth just a few cents that are infeasible with credit card fees attached, or replace your pre-paid transit pass.
…Or it could globally ignored by consumers who see it as too much hassle for too little reward, or too unfamiliar and limited in use to pull them into the modern financial landscape. Facebook has built a reputation for over-engineered, underused products. It will need all the help it can get if wants to replace what’s already in our pockets.
How Does Libra Work?
By now you know the basics of Libra. Cash in a local currency, get Libra, spend them like dollars without big transaction fees or your real name attached, cash them out whenever you want. Feel free to stop reading and share this article if that’s all you care about. But the underlying technology, the association that governs it, the wallets you’ll use, and the way payments work all have a huge amount of fascinating detail to them. Facebook has released over 100 pages of documentation on Libra and Calibra, and we’ve pulled out the most important facts. Let’s dive in.
The Libra Association – Crypto’s New Oligarchy
Facebook knew people wouldn’t trust it to wholly control the cryptocurrency they use, and it also wanted help to spur adoption. So Facebook recruited the founding members of the Libra Association, which oversees the development of the token, the reserve of real-world assets that gives it value, and the governance rules of the blockchain. Each founding member paid a minimum of $10 million to join and optionally become a validator node operator (more on that later), gain one vote in the Libra Association council, and be entitled to a share (proportionate to their investment) of the dividends from interest earned on the Libra reserve users pay fiat currency into to receive Libra.
The 28 soon-to-be founding members of the association and their industries, previously reported by The Block’s Frank Chaparro, include:
Payments: Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa
Technology and marketplaces: Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, Mercado Pago, Spotify AB, Uber Technologies, Inc.
Telecommunications: Iliad, Vodafone Group
Blockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited
Venture Capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures
Nonprofit and multilateral organizations, and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking
Facebook says it hopes to reach 100 founding members before the official Libra launch and it’s open to anyone that meets the requirements including direct competitors to like Google or Twitter. The Libra Association is based in Geneva, Switzerland and will meet biannually. The country was chosen for its neutral status and strong support for financial innovation including blockchain technology.
To join the association, members must have a half rack of server space, a 100mbps or above dedicated internet connection, a full-time site reliability engineer, and enterprise-grade security. Businesses must hit two of three thresholds of a $1 billion USD market value or $500 million in customer balances, reach 20 million people a year, and/or be recognized as a top 100 industry leader by a group like Interbrand Global or the S&P.
Crypto-focused investors must have over $1 billion in assets under management, while Blockchain businesses must have been in business for a year, have enterprise grade security and privacy, and custody or staking greater than $100 million in assets. And only up to one-third of founding members can by crypto-related businesses or individually invited exceptions. Facebook also accepts research organizations like universities, and non-profits fulfilling three of four qualities including working on financial inclusion for over five years, multi-national reach to lots of users, a top 100 designation by Charity Navigator or something like it, and/or $50 million in budget.
The Libra Association will be responsible for picking recruiting more founding members to act as validator nodes for the blockchain, fundraising to jumpstart the ecosystem, designing incentive programs to reward early adopters, and doling out social impact grants. A council with a representative from each member will help choose the association’s managing director who will appoint an executive team, elect a board of 5 to 19 top representatives.
Each member including Facebook/Calibra will only get up to one vote or 1% of the total vote (whichever is larger) in the Libra Association council. This provides a level of decentralization that protects against Facebook or any other player hijacking Libra for its own gain.
The Libra Currency – A Stablecoin
A Libra is a unit of the Libra cryptocurrency that’s represented by a three wavy horizontal line unicode character ≋ like the dollar is represented by $. The value of a Libra is meant to stay largely stable so it’s a good medium of exchange since merchants can be confident they won’t be paid a Libra today that’s then worth less tomorrow. The Libra’s value is tied to a basket of bank deposits and short-term government securities for a slew of historically stable international currencies including the dollar, pound, euro, swiss franc, and yen. The Libra Association maintains this basket of assets and can change the balance of its composition if necessary to offset major price fluctuations in any one foreign currency so that the value of a Libra stays consistent.
The name Libra comes from the word for a Roman unit of weight measure. It’s trying to invoke a sense of financial freedom by playingon the French stem “Lib” meaning free.
The Libra Association is still hammering out the exact start value for the Libra, but it’s meant to somewhere close to the value of a dollar, euro, or pound so it’s easy to conceptualize. That way, a gallon of milk in the US might cost 3 to 4 Libra, similar but not exactly the same as with dollars.
The idea is that you’ll cash in some money and keep a balance of Libra that you can spend at accepting merchants and online services. You’ll be able to trade in your local currency for Libra and vice versa through certain wallet apps including Facebook’s Calibra, third-party wallet apps, and local resellers like convenience or grocery stores where people already go to top-up their mobile data plan.
The Libra Reserve – One For One
Each time someone cashes in a dollar or their respective local currency, that money goes into the Libra Reserve and an equivalent value of Libra is minted and doled out to that person. If someone cashes out from the Libra Association, the Libra they give back are destroyed/burned and they receive the equivalent value in their local currency back. That means there’s always 100% of the value of the Libra in circulation collateralized with real world assets in the Libra Reserve. It never runs fractional. And unliked “pegged” stable coins that are tied to a single currency like the USD, Libra maintains its own value — though that should cash out to roughly the same amount of a given currency over time.
When Libra Association members join and pay their $10 million minimum, they receive Libra Investment Tokens. Their share of the total tokens translates into the proportion of the dividend they earn off of interest on assets in the reserve. Those dividends are only paid out after Libra Association uses interest to pay for operating expenses, investments in the ecosystem, engineering research, and grants to non-profits and other organizations. This interest is part of what attracted the Libra Association’s members. If Libra becomes popular and many people carry a large balance of the currency, the reserve will grow huge and earn significant interest.
The Libra Blockchain – Built For Speed
Every Libra payment is permanently written into the Libra blockchain — a cryptographically authenticated database that acts as a public online ledger designed to handle 1000 transactions per second. The blockchain is operated and constantly verified by founding members of the Libra Association who each invested $10 million or more for a say in the cryptocurrency’s governance and the ability operate a validator node.
When a transaction is submitted, each of the nodes runs a calculation based on the existing ledger of all transactions. Thanks to a Byzantine Fault Tolerance system, just two-thirds of the nodes must come to consensus that the transaction is legitimate for it to be executed and written to the blockchain. A structure of Merkle Trees in the code makes it simple to recognize changes made to the Libra blockchain.
Transactions on Libra cannot be reversed. If an attack compromises over one-third of the validator nodes causing a fork in the blockchain, the Libra Association says it will temporarily halt transactions, figure out the extent of the damage, and recommend software updates to resolve the fork.
Transactions aren’t entirely free. They incur a tiny fraction of a cent fee to pay for “gas” that covers the cost of processing the transfer of funds similar to with Ethereum. This fee will be negligible to most consumers, but when they add up the gas charges will deter bad actors from creating millions of transactions to power spam and denial-of-service attacks.
Currently, the Libra blockchain is what’s known as “permissioned”, where only entities that fulfill certain requirements and are admitted to a special in-group that defines consensus and controls governance of the blockchain. The problem is this structure is more vulnerable to attacks and censorship because it’s not truly decentralized. But during Facebook’s research, it couldn’t find a reliable permissionless structure that could securely scale to the number of transactions Libra will need to handle. Adding more nodes slows things down, and no one has proven a way to avoid that without compromising security.
That’s why the Libra Association’s goal is to move to a permissionless system that will protect against attacks by distributing control, encourage competition, and lower the barrier to entry. It wants to have at least 20% of votes in the Libra Association council coming from node operators based on their total Libra holdings instead of their status as a founding member. That plan should help to appease blockchain purists who won’t be satisfied until Libra is completely decentralized.
Move Coding Language – For Moving Libra
The Libra blockchain is open source with an Apache 2.0 license and any developer can build apps that work with it using the Move coding language. The blockchain’s prototype launches its testnet today, so it’s effectively in developer beta mode until it officially launches in the first half of 2020. The Libra Association is working with HackerOne to launch a bug bounty system later this year that will pay security researchers for safely identifying flaws and glitches. In the meantime, the Libra Association is implementing the Libra Core using the Rust programming language since it’s designed to prevent security vulnerabilities, and the Move language isn’t fully ready yet.
Move was created to make it easier to write blockchain code that follows an author’s intent without introducing bugs. It’s called Move because its primary function is to move Libra coins from one account to another, and never let those assets be accidentally duplicated. The core transaction code looks like: LibraAccount.pay_from_sender(recipient_address, amount) procedure
Eventually, Move will be able to create smart contracts for programmatic interactions with the Libra blockchain. Until Move is ready, developers can create modules and transaction scripts for Libra using Move IR, which is high-level enough to be human-readable but low-level enough to be translatable into real Move bytecode that’s written to the blockchain.
The Libra ecosystem and the Move language will be completely open to use and build, which presents a sizable risk. Crooked developers could prey on crypto novices, claiming their app works just the same legitimate ones, and that it’s safe since it uses Libra. But if consumers get ripped off by these scammers, the anger will surely bubble up to Facebook. Even though it’s tried to distance itself sufficiently via its subsidiary Libra and the association, many people will probably always think of Libra as Facebook’s cryptocurrency and blame it for their woes.
Libra Incentives – Rewarding Early Businesses
The Libra Association wants to encourage more developers and merchants to work with its cryptocurrency. That’s why it plans to issue incentives, possibly Libra coins, to validator node operators who can get people signed up for and using Libra. Wallets that pull users through the Know Your Customer anti-fraud and money laundering process or that keep users sufficiently active for over a year will be rewarded. For each transaction they process, merchants will also receive a percentage of the transaction back.
Businesses that earn these incentives can keep them, or pass some or all of them along to users in the form of free Libra tokens or discounts on their purchases. This could create competition between wallets to see which can pass the most rewards on to their customers, and thereby attract the most users. You could imagine eBay or Spotify giving you a discount for paying in Libra, while wallet developers might offer you free tokens if you complete 100 transactions within a year.
“One challenge for Spotify and its users around the world has been the lack of easily accessible payment systems – especially for those in financially underserved markets” Spotify’s Chief Premium Business officer Alex Norström writes. “In joining the Libra Association, there is an opportunity to better reach Spotify’s total addressable market, eliminate friction and enable payments in mass scale.”
This savvy incentive system should massively help ratchet up Libra’s user count without dictating how businesses balance their margins versus growth.
Using Libra
So how do you actually own and spend Libra? Through Libra wallets like Facebook’s own Calibra and others that will be built by third-parties, potentially including Libra Association members like PayPal. The idea is to make sending money to a friend or paying for something as easy as sending a Facebook Message. You won’t be able to make or receive any real payments until the official launch next year, though, but you can sign up for early access when it’s ready here.
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None of the Libra Association members agreed to provide details on what they’ll build on the blockchain, but we can take Facebook’s Calibra wallet as an example of the basic experience. Calibra will launch alongside the Libra currency on iOS and Android within Facebook Messenger, WhatsApp, and a standalone app. When users first sign up, they’ll be taken through a Know Your Customer anti-fraud process where they’ll have to provide a government issued photo ID and other verification info. They’ll need to conduct due diligence on customers and report suspicious activity to the authorities.
From there you’ll be able to cash in to Libra, pick a friend or merchant, set an amount to send them and add a description, and send them Libra. You’ll also be able to request Libra. It’s also likely that Calibra will offer an expedited way of paying merchants, liking scanning your or their QR code.
Privacy – At Least From Facebook
Facebook CEO Mark Zuckerberg explained some of the philosophy behind Libra and Calibra in a post today. “It’s decentralized — meaning it’s run by many different organizations instead of just one, making the system fairer overall. It’s available to anyone with an internet connection and has low fees and costs. And it’s secured by cryptography which helps keep your money safe. This is an important part of our vision for a privacy-focused social platform — where you can interact in all the ways you’d want privately, from messaging to secure payments.”
By default, Facebook won’t import your contacts or any of your profile information but may ask if you wish to do so. It also won’t share any of your transaction data back to Facebook, so it won’t used to target you with ads, rank your News Feed, or otherwise earn Facebook money directly. Data will only be shared in specific instances in aggregated, anonymized ways or due to a request from law enforcement.
In case you are hacked, scammed, or lose access to your account, Calibra will refund you for lost coins when possible through 24/7 chat support. Given Calibra will likely become the default wallet for many Libra users, this extra protection is essential.
For now, Calibra won’t make money. But Kevin Weil, the head of product for Facebook’s blockchain team, tells me that if it reaches scale, Facebook could launch other financial services through Calibra that it could monetize.
Today, Facebook is coming together with 27 organizations around the world to start the non-profit Libra Association and…
Posted by Mark Zuckerberg on Tuesday, June 18, 2019
A Global Coin
If Facebook succeeds and legions of people cash in money for Libra, it and the other founding members of the Libra Association could earn big dividends on the interest. And if suddenly it becomes super quick to buy things through Facebook using Libra, businesses will boost their ad spend there. But if Libra gets hacked or proves unreliable, it could cost lots of people around the world money while souring them on cryptocurrencies. And by offering an open Libra platform, shady developers could build apps that snatch not just people’s personal info like Cambridge Analytica, but their hard-earned digital cash.
Facebook just tried to reinvent money. Next year, we’ll see if the Libra Association pulls it off.
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Facebook has finally revealed the details of its cryptocurrency Libra, which will let you buy things or send money to people with nearly zero fees. You’ll pseudonymously buy or cash out your Libra online or at local exchange points like grocery stores, and spend it using interoperable third-party wallet apps or Facebook’s own Calibra wallet that will be built into WhatsApp, Messenger, and its own app. Today Facebook released its white paper explaining Libra and its testnet for working out the kinks of its blockchain system before a public launch in the first half of 2020.
Facebook won’t fully control Libra, but instead get just a single vote in its governance like other founding members of the Libra Association including Visa, Uber, and Andreessen Horowitz who’ve invested at least $10 million each into the project’s operations. The association will promote the open-sourced Libra blockchain and developer platform with its own Move programming language plus sign up businesses to accept Libra for payment and even give customers discounts or rewards.
Facebook is launching a subsidiary company also called Calibra that handles its crypto dealings and protects users’ privacy by never mingling your Libra payments with your Facebook data so it can’t be used for ad targeting. Your real identity won’t be tied to your publicly visible transactions. But Facebook/Calibra and other founding members of the Libra Association will earn interest on the money users cash in that is held in reserve to keep the value of Libra stable.
Facebook’s audacious bid to create a global digital currency that promotes financial inclusion for the unbanked actually has more privacy and decentralization built in than many expected. Instead of trying to dominate Libra’s future or squeeze tons of cash out of it immediately, Facebook is instead playing the long-game by pulling payments into its online domain. Facebook’s VP of blockchain David Marcus explains the company’s motive and the tie-in with its core revenue source, telling me “if more commerce happens, then more small business will sell more on and off platform, and they’lll want to buy more ads on the platform so it will be good for our ads business.”
The Risk And Reward Of Building The New PayPal
In cryptocurrencies, Facebook saw both a threat and an opportunity. They held the promise of disrupting how things are bought and sold by eliminating transaction fees common with credit cards. That comes dangerously close to Facebook’s ad business that influences what is bought and sold. If a competitor like Google or an upstart built a popular coin and could monitor the transactions, they’d learn what people buy and could muscle in on the billions spent on Facebook marketing. Meanwhile, the 1.7 billion people who lack a bank account might choose whoever offers them a financial services alternative as their online identity provider too. That’s another thing Facebook wants to be.
Yet existing cryptocurrencies like Bitcoin and Ethereum weren’t properly engineered to scale to be a medium of exchange. Their unanchored price was susceptible to huge and unpredictable swings, making it tough for merchants to accept as payment. And cryptocurrencies miss out on much of their potential beyond speculation unless there are enough places that will take them instead of dollars, and the experience of buying and spending them is easy enough for a mainstream audience. But with Facebook’s relationship with 7 million advertisers and 90 million small businesses plus its user experience prowess, it was well poised to tackle this juggernaut of a problem.
Now Facebook wants to make Libra the evolution of PayPal. It’s hoping Libra will become simpler to set up, more ubiquitous as a payment method, more efficient with fewer fees, more accessible to the unbanked, more flexible thanks to developers, and more long-lasting through decentralization.
“Success will mean that a person working abroad has a fast and simple way to send money to family back home, and a college student can pay their rent as easily as they can buy a coffee” Facebook writes in its Libra documentation. That would be a big improvement on today, when you’re stuck paying rent in insecure checks while exploitative remittance services like charge an average of 7% to send money abroad, taking $50 billion from users annually. Libra could also power tiny microtransactions worth just a few cents that are infeasible with credit card fees attached, or replace your pre-paid transit pass.
…Or it could globally ignored by consumers who see it as too much hassle for too little reward, or too unfamiliar and limited in use to pull them into the modern financial landscape. Facebook has built a reputation for over-engineered, underused products. It will need all the help it can get if wants to replace what’s already in our pockets.
How Does Libra Work?
By now you know the basics of Libra. Cash in a local currency, get Libra, spend them like dollars without big transaction fees or your real name attached, cash them out whenver you want. Feel free to stop reading and share this article if that’s all you care about. But the underlying technology, the association that governs it, the wallets you’ll use, and the way payments work all have a huge amount of fascinating detail to them. Facebook has released over 100 pages of documentation on Libra and Calibra, and we’ve pulled out the most important facts. Let’s dive in.
The Libra Association – Crypto’s New Oligarchy
Facebook knew people wouldn’t trust it to wholly control the cryptocurrency they use, and it also wanted help to spur adoption. So Facebook recruited the founding members of the Libra Association, which oversees the development of the token, the reserve of real-world assets that gives it value, and the governance rules of the blockchain. Each founding member paid a minimum of $10 million to join and optionally become a validatory node operator (more on that later), gain one vote in the Libra Association council, and be entitled to a share (proportionate to their investment) of the dividends from interest earned on the Libra reserve users pay fiat currency into to receive Libra.
The 28 soon-to-be founding members of the association and their industries, previously reported by The Block’s Frank Chaparro, include:
Payments: Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa
Technology and marketplaces: Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, Mercado Pago, Spotify AB, Uber Technologies, Inc.
Telecommunications: Iliad, Vodafone Group
Blockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited
Venture Capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures
Nonprofit and multilateral organizations, and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking
Facebook says it hopes to reach 100 founding members before the official Libra launch and it’s open to anyone that meets the requirements including direct competitors to like Google or Twitter.
To join, members must have a half rack of server space, a 100mbps or above dedicated internet connection, a full-time site reliability engineer, and enterprise-grade security. Businesses must hit two of three thresholds of a $1 billion USD market value or $500 million in customer balances, reach 20 million people a year, and/or be recognized as a top 100 industry leader by a group like Interbrand Global or the S&P.
Crypto-focused investors must have over $1 billion in assets under management, while Blockchain businesses must have been in business for a year, have enterprise grade security and privacy, and custody or staking greater than $100 million in assets. And only up to one-third of founding members can by crypto-related businesses or invidually invited exceptions. Facebook also accepts research organizations like universities, and non-profits fulfilling three of four qualties including working on financial inclusion for over five years, multi-national reach to lots of users, a top 100 designation by Charity Navigator or something like it, and/or $50 million in budget.
The Libra Association will be responsible for picking recruiting more founding members to act as validator nodes for the blockchain, fundraising to jumpstart the ecosystem, designing incentive programs to reward early adopters, and doling out social impact grants. A council with a representative from each member will help choose the association’s managing director who will appoint an executive team, elect a board of 5 to 19 top representatives.
Each member including Facebook/Calibra will only get up to one vote or 1% of the total vote (whichever is larger) in the Libra Association council. This provides a level of decentralization that protects against Facebook or any other player hijacking Libra for its own gain.
The Libra Currency – A Stablecoin
A Libra is a unit of the Libra cryptocurrency that’s represented by a three wavy horizontal line unicode character ≋ like the dollar is represented by $. The value of a Libra is meant to stay largely stable so it’s a good medium of exchange since merchants can be confident they won’t be paid a Libra today that’s then worth less tomorrow. The Libra’s value is tied to a basket of bank deposits and short-term government securities for a slew of historically stable international currencies including the dollar, pound, europ, swiss franc, and yen. The Libra Association maintains this basket of assets and can change the balance of its composition if necessary to offset major price fluctuations in any one foreign currency so that the value of a Libra stays consistent.
The Libra Association is still hammering out the exact start value for the Libra, but it’s meant to somewhere close to the value of a dollar, euro, or pound so it’s easy to conceptualize. That way, a gallon of milk in the US might cost 3 to 4 Libra, similar but not exactly the same as with dollars.
The idea is that you’ll cash in some money and keep a balance of Libra that you can spend at accepting merchants and online services. You’ll be able to trade in your local currency for Libra and vice versa through certain wallet apps including Facebook’s Calibra, third-party wallet apps, and local resellers like convenience or grocery stores where people already go to top-up their mobile data plan.
The Libra Reserve – One For One
Each time someone cashes in a dollar or their respective local currency, that money goes into the Libra Reserve and an equivalent value of Libra is minted and doled out to that person. If someone cashes out from the Libra Association, the Libra they give back are destroyed/burned and they receive the equivalent value in their local currency back. That means there’s always 100% of the value of the Libra in circulation collateralized with real world assets in the Libra Reserve. It never runs fractional. And unliked “pegged” stable coins that are tied to a single currency like the USD, Libra maintains its own value — though that should cash out to roughly the same amount of a given currency over time.
When Libra Association members join and pay their $10 million minimum, they receive Libra Investment Tokens. Their share of the total tokens translates into the proportion of the dividend they earn off of interest on assets in the reserve. Those dividends are only paid out after Libra Association uses interest to pay for operating expenses, investments in the ecosystem, engineering research, and grants to non-profits and other organizations. This interest is part of what attracted the Libra Association’s members. If Libra becomes popular and many people carry a large balance of the currency, the reserve will grow huge and earn significant interest.
The Libra Blockchain – Built For Speed
Every Libra payment is permanently written into the Libra blockchain — a cryptographically authenticated database that acts as a public online ledger designed to handle 1000 transactions per second. The blockchain is operated and constantly verified by founding members of the Libra Association who each invested $10 million or more for a say in the cryptocurrency’s governance and the ability operate a validator node.
When a transaction is submitted, each of the nodes runs a calculation based on the existing ledger of all transactions. Thanks to a Byzantine Fault Tolerance system, just two-thirds of the nodes must come to consensus that the transaction is legitimate for it to be executed and written to the blockchain. A structure of Merkle Trees in the code makes it simple to recognize changes made to the Libra blockchain.
Transactions on Libra cannot be reversed. If an attack compromises over one-third of the validator nodes causing a fork in the blockchain, the Libra Association says it will temporarily halt transactions, figure out the extent of the damaage, and recommend software updates to resolve the fork.
Transactions aren’t entirely free. They incur a tiny fraction of a cent fee to pay for “gas” that covers the cost of processing the transfer of funds similar to with Ethereum. This fee will be negligible to most consumers, but when they add up the gas charges will deter bad actors from creating millions of transactions to power spam and denial-of-service attacks.
Currently, the Libra blockchain is what’s known as “permissioned”, where only entities that fulfill certain requirements and are admitted to a special in-group that defines consensus and controls governance of the blockchain. The problem is this structure is more vulnerable to attacks and censorship because it’s not truly decentralized. But during Facebook’s research, it couldn’t find a reliable permissionless structure that could securely scale to the number of transactions Libra will need to handle. Adding more nodes slows things down, and no one has proven a way to avoid that without compromising security.
That’s why the Libra Association’s goal is to move to a permissionless system that will protect against attacks by distributing control, encourage competition, and lower the barrier to entry. It wants to have at least 20% of votes in the Libra Association council coming from node operators based on their their total Libra holdings instead of their status as a founding member. That plan should help to appease blockchain purists who won’t be satisfied until Libra is completely decentralized.
Move Coding Language – For Moving Libra
The Libra blockchain is open source with an Apache 2.0 license and any developer can build apps that work with it using the Move coding language. The blockchain’s prototype launches its testnet today, so it’s effectively in developer beta mode until it officially launches in the first half of 2020. The Libra Association is working with HackerOne to launch a bug bounty system later this year that will pay security researchers for safely identifying flaws and glitches. In the meantime, the Libra Association is implementing the Libra Core using the Rust programming language since it’s designed to prevent security vulnerabilities, and the Move language isn’t fully ready yet.
Move was created to make it easier to write blockchain code that follows an author’s intent without introducing bugs. It’s called Move because its primary function is to move Libra coins from one account to another, and never let those assets be accidentally duplicated. The core transaction code looks like: LibraAccount.pay_from_sender(recipient_address, amount) procedure
Eventually, Move will be able to create smart contracts for programmatic interactions with the Libra blockchain. Until Move is ready, developers can create modules and transaction scripts for Libra using Move IR, which is high-level enough to be human-readable but low-level enough to be translatable into real Move bytecode that’s written to the blockchain.
The Libra ecosystem and the Move language will be completely open to use and build, which presents a sizable risk. Crooked developers could prey on crypto novices, claiming their app works just the same legitimate ones, and that it’s safe since it uses Libra. But if consumers get ripped off by these scammers, the anger will surely bubble up to Facebook. Even though it’s tried to distance itself sufficiently via its subsidiary Libra and the association, many people will probably always think of Libra as Facebook’s cryptocurrency and blame it for their woes.
Using Libra In The Wild – Calibra
So how do you actually own and spend Libra? Through Libra wallets like Facebook’s own Calibra and others that will be built by third-parties, potentially including Libra Association members like PayPal. The idea is to make sending money to a friend or paying for something as easy as sending a Facebook Message. You won’t be able to make or receive any real payments until the official launch next year, though.
None of the Libra Association members agreed to provide details on what they’ll build on the blockchain, but we can take Facebook’s Calibra wallet as an example of the basic experience. Calibra will launch alongside the Libra currency on iOS and Android within Facebook Messenger, WhatsApp, and a standalone app. When users first sign up, they’ll be taken through a Know Your Customer anti-fraud process where they’ll have to provide a government issued photo ID and other verification info. They’ll need to conduct due diligence on customers and report suspicious activity to the authorities.
From there you’ll be able to cash in to Libra, pick a friend or merchant, set an amount to send them and add a description, and send them Libra. You’ll also be able to request Libra. It’s also likely that Calibra will offer an expedited way of paying merchants, liking scanning your or their QR code.
Privacy – At Least From Facebook
Facebook CEO Mark Zuckerberg explained some of the philosophy behind Libra and Calibra in a post today. “It’s decentralized — meaning it’s run by many different organizations instead of just one, making the system fairer overall. It’s available to anyone with an internet connection and has low fees and costs. And it’s secured by cryptography which helps keep your money safe. This is an important part of our vision for a privacy-focused social platform — where you can interact in all the ways you’d want privately, from messaging to secure payments.”
By default, Facebook won’t import your contacts or any of your profile information but may ask if you wish to do so. It also won’t share any of your transaction data back to Facebook, so it won’t used to target you with ads, rank your News Feed, or otherwise earn Facebook money directly. Data will only be shared in specific instances in aggregated, anonymized ways or due to a request from law enforcement.
Today, Facebook is coming together with 27 organizations around the world to start the non-profit Libra Association and…
Posted by Mark Zuckerberg on Tuesday, June 18, 2019
In case you are hacked, scammed, or lose access to your account, Calibra will refund you for lost coins when possible through 24/7 chat support. Given Calibra will likely become the default wallet for many Libra users, this extra protection is essential.
For now, Calibra won’t make money. But Kevin Weil, the head of product for Facebook’s blockchain team, tells me that if it reaches scale, Facebook could launch other financial services through Calibra that it could monetize.
A Global Coin
If Facebook succeeds and legions of people cash in money for Libra, it and the other founding members of the Libra Association could earn big dividends on the interest. And if suddenly it becomes super quick to buy things through Facebook using Libra, businesses will boost their ad spend there. But if Libra gets hacked or proves unreliable, it could cost lots of people around the world money while souring them on cryptocurrencies. And by offering an open Libra platform, shady developers could build apps that snatch not just people’s personal info like Cambridge Analytica, but their hard-earned digital cash.
Facebook just tried to reinvent money. Next year, we’ll see if the Libra Association pulls it off.
from Social – TechCrunch https://tcrn.ch/2IOswRI Original Content From: https://techcrunch.com
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