Christopher Franko’s Vision for Expanse

Decoding the CEO’s Vision: Can Expanse Ensure Universal Basic Income?

In a 2019 publication of the World Bank titled, “Exploring Universal Basic Income: A Guide to Navigating Concepts, Evidence, and Practices” Ugo Gentilini and other scholars state that, many of the low and middle-income countries like Indonesia, India, Bangladesh, Pakistan and Nigeria which house 2.1 billion of the world’s population provide social insurance coverage to only 10% of its working population. 

This is mostly because of the legacy of colonial social security measures which were modeled on the welfare policies that were adopted in the wake of the industrial revolution. These policies differentiated between the deserving and non-deserving poor in terms of participation in the industrial system.

But in the post-industrial era where there is large scale decentralization and informalization of the production process, along with huge deficiencies in public amenities like health care benefits and inexpensive quality education, such differentiation within the poor population is largely unsuited.

The need to institutionalize social transfers has taken a very new dimension within this economic system. And it is for this reason that the advocates of Universal Basic Income are propagating a very different form of social transfer. But there are certain inherent difficulties that the traditional economy poses to its implementation.

Reasons for the Evasiveness of UBI and How Expanse Can Help? 

The basic features of this system include, universal, unconditional, and in cash. But while it is true as the critics suggest that getting unconditional cash might lead to mass absenteeism and lack of competitiveness in the labor market, it is equally true that the poor might want to use that cash to invest in commodities that will improve their quality of life in the future.

However, as the Nobel laureate economist, Abhijit Banerjee along with his associates has suggested through various experiments, Universal Basic Income can, in fact, be a very transformative intervention in the lives of those stricken with poverty and who find it difficult to be able to think about the uncertain opportunities that lie ahead in the future.

Economists found that with cash transfers up to a certain level, these people were able to put aside the internal, mental, and emotional constraints that were holding them back to invest in opportunities that will reap greater benefits and provide economic stability in the future. But in the face of an unequal market, it becomes a problem of unequal access. 

A decentralized platform like Expanse enables its users to establish decentralized organizations within their blockchain-based platform. Therefore, beneficiaries can not only use their surplus earnings to invest in these platforms but also purchase goods and services from these platforms. As well as contribute to the organization and earn additional from here.

It can be a parallel transparent economic sphere which will add guaranteed additional income to the people. The growth of the ecosystem and increase in the value of the currency, EXP, that will be a result of effective investment and contributions through productive work, can be enjoyed by all the stakeholders.

However, there is the question of the validity of the true universality of any benefit transfers from the state to think about. This question is however more complex and requires a detailed analysis and needs to be divided in two different questions.

1. Is Targeting Efficient?

In the case of developing countries targeting is very costly and will come with a significant administrative burden. It can, in fact, lead to greater corruption and cornering up of the resources by undeserving and more privileged populations. In this respect, universality makes the political economy of redistribution more efficient. 

Moreover, the intra-household inequalities can go unnoticed in case of targeting of poor households, which tends to be the most standard protocol of targeting households for benefits. Rather, the methods suggested by Banerjee and associates of disincentivizing the wealthy from getting the benefits can be more efficient. Moreover, community participation and support for the scheme can weaken with the targeted distribution. 

2. Are Universal Coverages Really Universal?

When the financing of such a project is considered, the universality comes under question. If for example, we consider financing universal coverage through the fiscal budget, we might end up bringing about a system that is solely dependent on progressive taxation. And therefore for a section of people, the net income from the transfers will be lower than the existence of such a scheme. Or it might lead to large fiscal deficits. 

Does Expanse Hold the Key?

Again Expanse can be an effective substitute. Being on a blockchain, the crypto-based cash transfers can be monitored at a much lower cost. Secondly, it can supplement the government’s revenue base being a parallel economy, independent of the fiat. Therefore, the fiscal burden does not have to be borne by the state in the form of fiscal deficits or liabilities.

Rather in this system, a decentralized organization that is driven by smart contracts will set out minimum requirements for deriving benefits. This system will help the government to not only reach out to the community with greater transparency but will also leverage support for the scheme by not having to burden the wealthier groups, leading to a sustainable model of capitalism. 

Why this is the right time to invest in Expanse

It is evident that the digital currency markets are going to strengthen in the future in the light of the growing volumes of digital currency transactions and holdings. 2gether, a major fintech company, noted a 22% rise in trading volumes in a week in March itself, which is when the global economic lockdown was only beginning.

It was, however, marked by a dip in the prices of Bitcoin which was attributed to the panic sell-off of Bitcoin holdings. On the other hand, experts have pointed out that the reason for the dip can be more accurately attributed to the halving process which is repeated every four years. These halving processes can be predicted by experts along with their specific impact on the prices, proving the stability of these tokens compared to more speculative financial asset classes.

In fact, in April 2020, the prices of Bitcoin, which was the most traded cryptocurrency, rose to 6, 314.79 US Dollars. And by 7 May 2020, the per-unit value of Bitcoin had risen to over 10000 US dollars. 

The volatility of the financial and currency markets have been exposed clearly. It is more so now given that the pandemic makes physical contact difficult. As a result, paper-based transactions need to be reduced and mobile tracking of transactions along with more anonymity and protection of data is crucial. It is no surprise then that people are falling for cryptocurrencies.

In fact, even international organizations like UNICEF are looking to apply cryptocurrencies more effectively to combat the problems of today. Recently, the organization announced that its Cryptofund will be investing 125 ETH in 8 startups from the developing world which will be using their technologies to mitigate hardships caused by the COVID-19 crisis.

Similarly, the greater popularity of Bitcoins is also not a surprise given the early bird advantage that it has over all the other cryptocurrencies. 

What and Why of Altcoins?

Despite the large share of the market being captured by Bitcoin, several other options for investment are appearing in the form of what are called altcoins. They had, in fact, started appearing just within two years from the launch of Bitcoin by Satoshi Nakamoto in 2009. 

Bitcoin has a large market cap of about $168,234,000,000 USD This implies not only a large volume of trade but also a large supply in circulation. This inevitably means that the major purpose of this coin is trading as an asset. There is very little other use for the token. The earlier altcoins generally used the Bitcoin codebase, but with passing time the altcoins started becoming increasingly more differentiated from the original Bitcoin code. They were modifications and improvements upon the initial technology. They have largely been used for diversifying the risk. However, it often goes beyond that, and they are being used for various specific utilities today. Experts suggest that greater adoption of altcoins soon will be largely dependent on their usability.  

The appearance of Ethereum saw the biggest revolution in this respect. They changed the way the decentralized networks and trust as the basis of financial and economic entities were perceived. Through Ethereum, not only the functionalities were made more efficient, but a whole new set of features were also added to the distributed ledger technology developed by Satoshi. It allowed the creation of decentralized organizations as well as smart contracts that set the rule for the transactions in this sphere and delineated how the decentralized technologies can be used for various other purposes than conducting anonymous financial transactions. This has now allowed the formation and use of decentralized technologies and unique tokens within varied sectors like messaging apps, supply chain management, marketing, and ride-sharing, to name a few.

This has also marked a steep increase in the number of altcoins produced within the crypto sector. At present, the total number of alternative coins stands at 5098 across the world. Expanse is the first stable fork of Ethereum and it tries to focus on the usability of a token and wants to improve on the existing tokens in this respect.

Expanse has a market cap of $588,278  and the difference between the tokens in circulation and the total tokens in supply is significant. This means that while the volume of trading is low, there are a significant proportion of the tokens which are being used within the ecosystem by community members carrying out transactions. This is evidence of greater usability of the Expanse tokens (EXP). Moreover the Expanse’s smaller market cap suggests a higher chance of growth compared to Bitcoin or any other token with a large market cap.

Why Should You Invest in Expanse?

  1. Expanse aims to create not only a simple commercial entity but a dedicated community based on the objectives of equitable access and control of the resources of the community. The community is based on a decentralized organization, making its functioning transparent and smooth. The resources are governed by a democratic, decentralized process. The community members are rewarded on the basis of participation and engagement.
  2. Expanse is listed on popular exchanges such as HitBTC and Bittrex, making the tokens highly liquid.
  3. The Expanse blockchain allows the creation of new decentralized organizations in any sector of the digital economy. This creates innumerable opportunities for the expansion and utilization of the token within this blockchain. 
  4. The techonology generated over the blockchain will also perform on the basis of smart contracts, making their operations equally transparent. 
  5. Finally, the community tries to create a sustainable model of resilience. While it is endowed with a fund that will last for 10 years, the company in the meantime tries to create models that will make it self-sufficient and sustainable in the longer run, instead of focusing on the immediate future.

Parting Words

All these factors contribute to greater usability and greater transparency which are key to the adoption of altcoins. Therefore, Expanse has the potential to become a large scale decentralized community of equal stakeholders and can be used for purposes beyond diversification of asset holdings which is the case for most digital currencies, including Bitcoin.

Out-of-the-Box Blockchain Use Cases

Jitendra Rathod, newsletter contributing editor, provides insights into how blockchain technology is changing the world. 

The nineteenth-century saw the discovery of electricity and soon enough it was put to use in practically all fields of life: from light bulbs to electrocution. Who would have guessed the upcoming events a century ago? 

The decade before us saw the growth of blockchain: another technology carrying the potential to change the world. And as it is with all the great inventions, blockchain offers qualities that can be put to use in several ways.

We have so far witnessed blockchain supporting the future form of finance: cryptocurrencies, which is very impressive. However, there is always room for more: here are 10 unusual blockchain use cases which would prove the worth of our beloved technology ten times over. 

1. The Infallible Watchman

There was a time when people used to hide their gold coins for fear they would be stolen: very long ago. Today, the threat is not the loss of treasures, rather, something more dreadful: identity theft. 

 Identity theft can be defined as the ‘deliberate use of someone else’s identity, usually as a method to gain a financial advantage or obtain credit and other benefits in the other person’s name, and perhaps to the other person’s disadvantage or loss’. According to a report by the U.S. Department of Justice, in 2014, around 17.6 million identities were stolen in America: these are not the statistics which could be overlooked. 

 Coming to blockchain, we know that it is a decentralized technology and it is next to impossible to hack into it. Due to this property, blockchain can secure digital IDs and also eliminate the nuisance of multiple passwords and bulky paperwork. Thus, it plays the role of an infallible watchman, protecting all of one’s private data.

Watch for Expanse’s own answer to identity management on the blockchain in the form of our Universal Know Your Customer ULYC) application currently in development.

 2. Revolutionizing the Gaming Industry

Apart from casinos, which have already stepped into creating digital wallets and even currencies for their customers, blockchain can be used generally in the gaming industry. 

 Many games have emerged which have been created by using the blockchain technology to produce digital and analog gaming experiences. A few examples of such gaming include BitPainting, CryptoKitties, and Chimaera. 

 3. Tool for Humanitarian Efforts

Yes, blockchain can be used for humanitarian purposes as well. One of the best examples of this use case is the World Food Programme’s (WFP) Building Blocks. The project was established in the year 2016; its major aim being using decentralized digital ledger technology for making cash transfers.

By January 2018, the program assisted more than 100,000 Syrians who had taken refuge in Pakistan and Jordan. It further aims at providing assistance to all the 500,000 WFP-supported refugees living in Jordan. 

 4. Solar Power Pool

In a recent use case, Siemens has partnered with a startup by the name of LO3 Energy using an application called Brooklyn Microgrid. The collaboration’s service is aimed at enabling the citizens of Brooklyn who own solar panels to transfer energy to others who need it. The entire transaction completely lies in the hands of consumers and the people who own the solar panels. 

 5. Selling and Buying Cannabis

Cannabis is an intoxicant. However, its health benefits have been known to people for years. For this very reason, cannabis trade is gaining acceleration in many parts of the world. 

There are two main benefits that blockchain could bring to the cannabis trade: transparency and anonymity. In the United States, cannabis trade recorded $9 billion in sales in the year 2017 with an estimated growth of $21 billion by 2021. These are ridiculously huge amounts and a cashless solution like blockchain can provide security to the business owners. Transactions can be tracked with greater ease and more transparency and accountability: something which traditional banking does not offer. 

6. Healthcare

Blockchain has a promising use case to offer the healthcare sector as well. There are several examples to prove this right, the first being that of Gem, a startup working with the Centre for Disease Control to store the data of a disease outbreak on the blockchain which could lead to effective measures for relief and response. 

 More examples include MedRec and SimplyVital Health. The first is a project taken up by MIT which deals with blockchain electronic medical records. The second keeps an eye on the progress of a patient after he/she is discharged and also provides decentralized health records of patients.

 7. Elections

Elections in nations face many problems in the present times. The biggest of these problems is that of voter frauds and dead voting. Also, it is necessary for a voter to be present physically during voting. This could lead to a decrease in the overall voter turnout because in many cases the voters might not be able to make an appearance physically. 

 Online voting has been avoided until now owing to security reasons. Blockchain, with security next to impossible to break, provides just the right way. Since hacking it is not possible, the votes can be registered on the blockchain. Moreover, it would also eliminate the problem of voter fraud by providing transparent records of the voters, which again could not be tampered with. 

Expanse’s VoteLock is an example of assisting the democratic ideology. 

 8. Deeds and Title Records

Title records are mostly maintained as paperwork. There are two problems this creates: first of all, having such massive records on paper is quite cumbersome. Secondly, the records thus maintained are vulnerable to fraudulent activities and can be tampered with. 

 The blockchain technology, decentralized, transparent and 100% secure could provide a valuable aid to the process of notarization. 

 Ubiquity is an enterprise which aids title companies, notaries and resellers.

 9. Music

With the help of blockchain, music artists can remove middlemen and can directly sell their music to their fans. Both Bitcoin and Ethereum support micropayments which can lay the base for a novel artist and fan relationship. 

 Several platforms are already working to reap the benefits of blockchain technology in the world of music. Examples include the Ethereum-based platform Choon and UJO. 

 10. Marriage

The last use case mentioned here is the most surprising and the most interesting of all. 

To combat the social bias for same-sex marriages, Swedish company Björn Borg has created Marriage Unblocked, a platform where couples can propose and marry on the blockchain irrespective of their sexual orientation. The records are anonymous and if one wants, one can obtain a certificate for the marriage too! The first traditional marriage recorded on the blockchain took place in Orlando, Florida Sunday, August 5, 2014 during a Bitcoin conference at Disney World in Orlando, Florida. 

 Parting Thoughts

This list is non-exhaustive. However, the few use cases which have been mentioned here all point out to the potential of changing the world for the better, a feature the blockchain technology carries in itself.

EXPEX Plan Announced

As promised, Expanse is moving forward with a plan to launch a decentralized exchange, EXPEX.

The date for launching EXPEX, Expanse’s much anticipated decentralized exchange (DEX), is within sight. The team is projecting that trading will begin third quarter 2019, while a campaign to sign up coins to list on the exchange will begin as early as next week.

“Powered by Expanse.Tech™ and inspired by our commitment to freedom, security and anonymity, we are determined to bring you the trading platform you’ve been waiting for,” said Christopher Franko, Expanse Founder and CEO. “EXPEX will set the standard for the decentralized crypto movement.”

EXPEX will be embedded in and operate within the Expanse wallet, Luna. This creates an infrastructure where Expanse provides the tools and trading environment.  EXPEX does not rely on a third party service to hold customers’ funds, but instead traders are in control of their assets and trade peer-to-peer. Recent FINCen guidance clarified that this approach eliminates the need to qualify as a money transmitter. https://www.systems.cs.cornell.edu/docs/fincen-cvc-guidance-final.pdf

It is not too early for users to create their Luna wallets. The Luna Wallet enhancements to accommodate EXPEX will occur over the next few weeks―well before trading begins. Go to https://expanse.tech/downloads/ to get started.

Expanse’s PEX token, airdropped to LAB and EXP holders last August, serves as  the EXPEX native token asset on the Expanse blockchain.

EXPEX acts independently within the Expanse Luna Wallet at the discretion of the user. There is no charge to use it and there are no trading fees.

The Expanse blockchain, a standard for security and stability, introduced the EXPEX prototype last year, anticipating that regulations would soon clarify a path forward. Here are samples of the feedback posted about the trial version tested in December:

“This is genius. Tokenlab mints the coins, but don’t stop there. List your newly-minted coin on EXPEX, usually a start-up project’s biggest challenge.”

“Embedding EXPEX in the Luna wallet is an elegant approach and easy access for trading. Its appeal will be off the charts.”

When Can We Expect EXPEX? The nuts and bolts are in place and tested. The website, EXPEX.io, will soon have a countdown to trading day and provide other pertinent information. Check back often. In the meantime, the team is blazing through tasks like solidifying the branding and identifying enhancements that result in presenting a top notch entry into the decentralized crypto-to-crypto trading space.

Special Technology Issue

This Expanse Newsletter focuses on all of the technology in the Expanse ecosystem. Over the past few weeks, we have completed and delivered awesome enhancements and solidified plans touching all of our products. None of this would be possible without assistance from our amazing community members. Whether its participating in beta-testing or offering suggestions in Discord discussions, our community keeps us on our toes!

I would also attribute much of our progress to all of our team members, whether they live in Pakistan, India, Guatemala, China or the US. Special thanks to @Farwah, @Maryum, and @Hamza who work day and night to make it all happen. You guys rock!

Expanse Cited as “Most Secure Blockchain in the Space”

Last month the Bittrex Exchange and its affiliated sites took Expanse offline for maintenance. Much to our dismay, we learned that Expanse was hit with a 51% reorg attack through no fault of its own.

A 51% attack is when an attacker controls 51% of the total hashrate and uses that power to rewrite recent transaction history. Note that here was no loss to Expanse-holders, and the chain was secured and back up within a few days.

As annoying as the downtime was, many good things evolved from dealing with the issue:

  • Many new people joined the Expanse Discord community, now with 2255 members.
  • Numerous ongoing lively and interesting conversations were sparked in regard to the future and potential of Expanse. The channel was literally buzzing 24 hours per day.
  • Members who had been away for awhile returned to voice support and encouragement.
  • Updates were put into place making it impossible for Expanse to suffer another 51% attack.
  • We implemented PirlGuard, further securing the platform from threats.
  • A few days after the maintenance, someone tried to hit Expanse with an 80% attack and left empty-handed, reinforcing the security of our platform. The code is that strong.
  • Our lead developer, Christopher Franko, conceived of a completely new, never-before-used mining algorithm that is completely unique to Expanse. It is called Frankomoto, and we plan to release it in the May timeframe.

Focusing on the positives of the situation, Expanse is taking steps forward. One of our community members cited Expanse as easily becoming the most “secure platform n the space.”

“Frankomoto will make Expanse more secure and more unique, taking us a nice step away from ETH in a positive way,” said Franko. “It will increase the finality of Expanse transactions, while keeping GPU mining relevant.”

New Project Management Office

In an effort to achieve more efficiency and tighter monitoring of projects, Expanse has opened a project management offices (PMO). Farwah Aizaz will run the PMO, reporting to Chris Franko. .

In this new role, Farwah is responsible for setting, maintaining and ensuring standards are in place for project management across the organization. Under Chris’ direction, she will establish and monitor best practices, project statuses and direction. Key to the role is facilitating effective communication between teams about projects across the organization.

“Now that Expanse has staff in six countries, keeping up with everything going on across time zones and in several languages has been a significant challenge,” said Christopher Franko, Expanse Founder. “We have high hopes that the PMO will help us be more efficient and transparent across projects.”

Exchange Listing Update

Expanse has partnered with Cryptofacil, the largest cryptocurrency exchange based in Latin America. Cryptofacil launched in early March 2019 using cutting-edge trading platform technology from one of the global leaders in the Blockchain industry, Bittrex. Crytofacil currently lists over 260 digital currencies, including EXP. Read more here: https://www.einpresswire.com/article/479147576/expanse-partners-with-cryptofacil-for-exchange-listing

On the Drawing Board

Among the ideation underway at Expanse are two new product opportunities. Here’s a preliminary glimpse at ideas in discussion that could take us further toward our goal of a Borderless society:

  • Integrate Expanse into  the Samsung Pay crypto wallet – Industry sources indicate that Samsung Pay, a widely utilized digital payments application with over 10 million active users, is behind the Galaxy S10’s cryptocurrency wallet.
  • Yangbucks – U.S. presidential candidate Andrew Yang is running on a platform that endorses a Universal Basic Income (UBI). Expanse, along with UKYC,  can provide the infrastructure that ensures that every human receives $1000 USD per month in Yangbucks just for being.human.