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By: Patrick Conlin
Consumer credit reporting is an albatross of bureaucratic entanglements and vexing frustrations. For anyone that’s ever applied for a mortgage, loan, or a copy of their annual credit report the various industry reporting methods that calculate a credit score can often leave the consumer having more questions than answers. Whether or not you have a great score or poor credit, the exchange of our consumer data is sold without any true transparency to the person who’s information is being targeted. These issues surrounding credit bureau reporting do not only apply to consumers, within the industry there exists disproportionate exchanges between large and small institutions as well as values in the collection of data. For example, while credit card companies have good reporting data third party bill collectors and healthcare agencies do not. Meanwhile, smaller banks and lending institutions pay more than large banks and thus assume more risk from capital losses. Enter a new company that seeks to revolutionize credit bureau reporting transparency for both institutions and consumers built on a blockchain.
The company is called Guppy and there slogan is “A Little Data Goes a Long Way.” Guppy brands itself as the next generation credit bureau built on top a blockchain that will ensure that “data for credit decision making is easily uploaded, verified, offered and used”(guppy.ai). Their platform seeks to reward both consumers and lenders in a native token for the revenues generated from credit reporting. At Tokenfest Boston 2018, I had the opportunity to interview the CEO of Guppy, Sanjib Kalita, and we talked about his platform. Mr. Kalita’s experience and institutional knowledge comes from his nine years working for CITI Group where he worked as the VP of business development and the SVP of loyalty marketing(LinkedIn). He also founded Money 20/20 which he helped build from startup to the world’s leading industry event.
Q: How will Guppy’s data sharing platform improve transparency compared to current industry standards?
A: “Guppy’s platform will improve transparency in several different ways. The first way is by enabling data owners, who we believe to be consumers as well as the account providers, like banks and lenders, to have easy visibility into who is accessing their data or would like to access their data. The second way is by enabling these same data owners to have control over how their data is used. Currently, once a bank sends data to the bureau, both they and the consumer have limited options over how the data is used. Guppy radically improves that by putting consumers and institutions in control of how their data is used and provides more options than what’s out there right now. Thirdly, as data is purchased on the platform, data owners, both consumers and banks, will earn money from their data.”
In our video interview which can viewed above, CEO Sanjib Kalita refers to his Guppy platform as a decentralized based credit bureau which monetizes consumer data. Moreover as this data can be disputed or verified by the user in real time it adds an additional sense of confidence to both lenders and banks. This is a key component of Guppy’s platform which allows the individual to have say over how their data is shared and reported. According to federal law credit bureaus only have to report to consumers once per year, and this potentially new form of reporting aides in helping to establish a more transparent process. Another key issue we discussed in our interview was regarding cybersecurity.
In 2017 Equifax, one of only three credit agencies in the United States, was hacked. It was one of the largest data breaches to date compromising as many as 145.5 million consumers(GAO report) or roughly half the country. One of the largest benefits of a decentralized blockchain network is that the information contained within the ledgers is not located in an individual server, its contents are dispersed among a network making it much more difficult for the data to be compromised. Of the large scale hacks that have headlined news articles throughout the previous months the majority of targets have been centralized exchanges entrusted by consumers with their private keys. Centralized servers are currently the industry standard in protecting sensitive consumer data, and as the economy continues to trend toward mobile applications and payment methods recent attacks such as Equifax have exposed the vulnerabilities within our current system. These attacks are directly related to fraud and identity theft. According the Bureau of Justice Statistics 17.6 million U.S. residents 16 or older, or about 7 percent, were victims of at least one incident of identity theft in 2014(www.bjs.gov). For those whom have been a victim of identity theft the damage is often done long after it has been discovered making it harder to dispute and resolve fraudulent charges. Another form of fraud is synthetic identity theft which is employed by hackers whom stitch and piece together information comprised from multiple persons identities. Guppy’s platform seeks to mitigate issues of fraud and gaps in agency reporting by allowing users to view and control how their data is sold and used which is a departure from current reporting standards.
Q How is a consumer report disclosed to banking institutions and third party companies?
A “A consumer’s credit report is disclosed to banks or to third party companies in two ways: hard pulls and soft pulls. A hard pull is when a consumer wants to apply for a loan or service and agrees to have their credit report pulled. A soft pull doesn’t require consumer permission and is most often used when banks want to figure out who to market to. Another difference is that the hard pull returns their full credit history whereas the soft pull has summary information rather than full history. When you receive communications saying that you’ve been ‘pre-approved’ for something, or when you see your credit score through your bank or a service like Credit Karma or Credit Sesame, this is from a soft pull. But when you decide to submit an application to get a credit card, loan, etc., this will cause a hard pull.”
The potential benefit to users within the ecosystem is the ability to both monetize and track their credit in real time. There are very few among us whom have perfect credit. Student loan debt is 1.5 trillion second only to mortgage debts and now surpasses credit and auto loans according to Forbes.
Q How do the big three credit reporting agencies Experian, Equifax, and TransUnion report delinquent student loan payments?
A “I’d break out how delinquent credit data gets reported into two major buckets. First, is the raw data itself, which includes the date the loan was originated, the balance, the date last reported, the company reporting, and the payment history. I’d break down the payment history into 3 major groups: On-Time/Good Standing, Delinquent, Default. It is the lenders’ responsibility to send this data to the bureaus, and the bureaus’ responsibility to clean and accurately report the data. Private loan servicers will typically report a loan as delinquent after it is 30 days late whereas Federal servicers typically report after a payment is 90 days late. Data is updated on a monthly basis and your actual credit report will be appended to the history of the loan via a character. For example, it might say ‘1’ if the account is current or good status, but might say ‘2’ if the account is 30 days late. The second way that delinquent student loan data gets reported is in a summarized score. This 3-digit score is used for making general decisions about who to offer services to and at what rates. In this case, the student loan data is mixed in with other history, like auto loans, credit cards, etc. Because students are just starting out their lives, they usually don’t have a whole lot of other financial history to spread out any delinquent history, so it makes it even harder for them to be viewed as a good consumer. “
Guppy’s eventual success as a decentralized data reporting agency will hinge upon its adoption by traditional lenders and institutions. Payments dispersed as dividends to account holders in a native token are dependent upon the purchase of cleaner more verified consumer data by banks and third parties. Our data is shared for the purpose of marketing. Here is where the gaps exists and are disproportionate amongst small and large firms that have the financial resources to track it and monitor consumer habits. By improving the transparency between consumers and account providers the data that firms rely on for soft pulls will be greatly improved because consumers can verify financial transactions for lenders. Meanwhile for the first time consumers can have control over who purchases and views their data where current transactions happen without our knowledge or permission. Indeed, a little data goes a long way.
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Quincy, Mass., October 6th, 2018 — CryptoLiveLeak is proud to announce a partnership with new centralized cryptocurrency exchange – Kanga.Exchange. The CLL CryptoLiveLeak ERC20 token will be listed for Trading on Monday, October 8th, 2018.
In addition to the Listing we are also providing 1,000,000 CLL to Airdrop to Kanga Exchange Users. On October 14th, 2018 anyone who is a registered user on Kanga Exchange will split the 1,000,000 CLL to be distributed by Kanga.Exchange.
Lastly we are excited to announce a Trading Competition that will take place on Kanga.Exchange starting October 14th through October 31st, 2018. Participate in trading CLL on Kanga Exchange during the competition. Top 500 accounts with the highest trading amount of CLL (buys + sells) on Kanga Exchange will share 1,000,000 CLL as rewards!
Ranking Number of users The number of prizes (CLL)
1 1 100,000
2 1 80,000
3 1 50,000
4 1 30,000
5 1 20,000
6 ~ 10 5 10,000
11 ~ 25 15 5,000
26 ~ 50 25 4,000
51 ~ 100 50 2,400
101 ~ 200 100 1,600
201 ~ 500 300 716.67
CryptoLiveLeak is a cryptocurrency News and Media platform designed to provide the most up to date information on the cryptocurrency markets. Besides our website, www.cryptoliveleak.org, we have numerous social media channels including YouTube, Twitter, Instagram, Facebook, Reddit, Telegram, Medium, and Slack. The more technical side of our project can be found open source on Github.
We have created the new cryptocurrency ERC-20 token – CLL (CryptoLiveLeak Token) to be utilized as a Utility Token for our platform.
Through a mechanism we call Attention Mining we have integrated the CLL token with our platform to innovative ways the audience and social media interact. The CLL Token can be earned by Registered Users on our website www.cryptoliveleak.org. Users can post content on our online social blog and when another user views, watches video, likes, comments or interacts with the post it triggers a reward action. Both Users are rewarded CLL Points which can then be exchange for CLL CryptoLiveLeak Erc20 Tokens on the sites internal exchange. The CLL Tokens get deposited into the Users Internal Wallet that can hold both CLL and ETH. The Users wallet address is visable on the Ethereum Blockchain explorer as well as a Summary of Transactions provided on the sites wallet. We have implemented a custom gas station on the exchange to ensure the lowest possible gas cost for our transactions. CryptoLiveLeak team will also look to expand and grow as the network matures. The CryptoLiveLeak (CLL) ERC20 token will give holders an unique way of participating in the evolution of our vision of blockchain tech disrupting the social media industry.
Kanga.Exchange – More Than An Exchange
Kanga Exchange is an unique blockchain-based platform for ICOs token listing and trading. Our simplified and streamlined ICO registration process, and seamless integration with critical support tools, introduce a new and unique environment to safely and quickly manage your cryptocurrency trades and investments. At launch, Kanga exchange will be centralized and will be replaced with decentralized version in our subsequent releases.
Cambridge, Mass., October 3rd, 2018 — Harvard University student organization “Harvard Undergraduate Blockchain Group” otherwise known as HUBG has announced collaboration with Top 20 blockchain, Tezos.
HUBG and CryptoLiveLeak, Cryptocurrency News & Media Organizer, are working together to host the Tezos Boston Meetup #3 featuring the Co-Founder of Tezos, Kathleen Breitman, on Sunday October 7th, 2018 from 12:00PM – 3:00PM. Tezos Boston Meetup has been organized by Ken Garofalo from CryptoLiveLeak for the past 3 Months and the group aims to help bring awareness to the next gen Smart Contracts Platform which features Formal Verification, On-Chain Governance, and a Self Amending Ledger. The partnership between HUBG and Tezos is a natural fit says Ken Garofalo, who will be moderating Sunday’s event and fireside chat with Kathleen Breitman.
“Tezos is a true Decentralized Commonwealth, where anyone with stake can benefit from the protocols dividend paying verification process called Baking. In addition to Baking (Staking) rewards, Tezos offers one of the most robust smart contract platforms available in the market. Features such as formal verification and programming languages Liquidity and Michelson give Tezos a distinct advantage for programmers coding smart contracts for DAPPS or other use case scenarios. If Ethereum was Blockchain 2.0, then Tezos is Blockchain 3.0.
We are extremely excited to have this opportunity to host the meetup at Harvard University in collaboration with HUBG, we hope to form mutually beneficial relationships between the bright students of Harvard University and the need for developers on the Tezos protocol”
– Ken Garofalo
HUBG was started in the Fall of 2017 after students saw the lack of available resources and opportunities related to blockchain on Harvard’s campus. Officially launching in 2018, HUBG has attracted over 300 students’ interest, and has been developing ever since. Currently, the organization operates through three committees:
- Investment Committee
Development and Marketing Committee
The featured speaker for the event is Kathleen Brietman who is a pioneer for women in blockchain as well as a cryptocurrency celebrity, being featured in this recent Wired Magazine article. She will be participating in a fireside chat in the Harvard Hall 104 lecture hall accompanied by Shaun Belcher of Tezos Commons Foundation and moderated by Ken Garofalo of CryptoLiveLeak. Kathleen will touch on many topics including audience questions and also her shift to the video game industry as mention in this recent Fortune article.
For more Information on the Event please see below:
Free Event, Food, and Beverage | Harvard University | Kathleen Breitman
RSVP here: http://meetu.ps/e/FSQf9/Ckgfj/f
12:00 – 1:30PM Lunch/ Networking in Boylston Hall Ticknor Lounge
1:30 – 1:45PM Transition into Harvard Hall 104
1:45 – 3:00PM Fireside discussion at Harvard Hall 104 (Kathleen B. being the Keynote) – Networking with free time left
This event is Sponsored By Tezos Commons Foundation and Organized by CryptoLiveLeak in collaboration with HUBG.
Perhaps, the biggest challenge to Crypto Musicians is getting fans. Crypto is far from mainstream, so people just don’t know about it, let alone spend and earn cryptocurrencies on a daily basis. While there is a thriving community of musicians who listen to each others music, the general public is still rooted in the old ways; Spotify, Pandora, Amazon etc. There is a dire need for users, if we want to see this blockchain technology take off and be a significant force in the music industry.
I do a lot of experimenting with ways to interest music listeners in my music. Posting music on all the usual social media (FB, Twitter etc.) is a total dud. It’s just not how the public shops for music. However, CLL provides a rewarding way for music listeners in general to get involved with Crypto Music. Hence, I’m posting this tune to see what kind of statistics get generated. My vision is for CLL to become the future portal into the music world by rewarding fans who participate.
Hi my name is JSweeps and I host Coin Stories on Youtube (www.youtube.com/c/coinstories). I would love to learn about this new platform and will post some of my content here.
Check out my video: https://youtu.be/yWGGcr98DoE