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PHILSYS – Philippine National ID: A Landmark for Inclusion and Legal Identities

What is PHILSYS and what are the latest developments around it? Learn more about the Philippine National ID program in this article.

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Last year, the Philippine Statistics Authority (PSA) stated that it has completed phase of the Philippine National ID System that is otherwise known as PHILSYS. It is a national ID program that aims to register and provide legal identities to over 109 million Filipinos living in the country. It includes both natural born citizens and naturalized citizens. In the second phase of PHILSYS this year, the PSA stated that it plans to enrol over 70 million Filipinos to the national ID by end of 2021.

PHILSYS also aims to consolidate the identity verification process to the many agencies that process personal identifiable information and basing on the mandate signed by the Rodrigo Duterte Administration, the PHILSYS ID will also be a one card identity key to most business and financial services – supplanting the previous two valid ID requirements for user identity verification.

Aside from providing a legal identity to all Filipinos, the PSA, in working with the principles of the Bangko Sentral ng Pilipinas (BSP), aims for a nationwide leap on financial inclusion as the ID will enable its holders to create bank accounts easier upon presentation of the ID. They are aiming to relax qualification on IDs in order to cut down the rates of the unbanked in the country.

The PSA aims to register all Filipinos by 2022 to the PHILSYS program. In the 4th quarter of 2020, the PHILSYS is opting for a rapid rollout and deployment of PHILSYS across the PSA provincial offices located across the country:

  • PSA have hired technical officers and IT specialists to be deployed across the many provinces where PSA provincial offices are located
  • PSA have enlisted the aid of the Armed Forces of the Philippines for the safe transport of the PHILSYS registration kits across the archipelago.
  • PSA and the PHILSYS program are conducting early door to door approach to document household and gather initial requirements in select areas across provinces.
  • The PHILSYS program has a registration scheduling system where applicants are documented, scanned and verified.
  • The PhilSys national ID will contain a quick response (QR) code with the owner’s two fingerprint data and a unique 12-digit identification number called the PhilSys number assigned upon birth or registration at the PhilSys.

PHILSYS DIGITAL IDENTITY: Registration and Integration

Basing on the news and press releases conducted by the PSA, identity management in the country is set for a technological leap towards digital identities. Digital Identities technology allows people to seamlessly verify their identities over a network service where personal information aren’t necessarily stored. Instead, nodal verification happens on special software and application programming interface (API) that are connected as permissioned processors to a highly secured national information depository consisting of layers of information blocks. No single server or database holds a person’s identity, instead, the blocks of information are stored in parallel and can be retrieved on a secured sequence that is time-stamped and heavily encrypted.

With the Systems Integrator / Integration approach, the PSA will be working with key technology partners in building the information repository architecture, embedded technology of access and the many layers of network security.

This approach is working in parallel with the on-field registration team to qualify and verify identities before these sets of personal information blocks are then securely transmitted to a staging repository. This process will happen simultaneously across provinces in the coming months as the PHILSYS national repository begins to take shape. People from all walks of life will eventually be registered, starting with small communities, barangays, municipalities and principal cities.

The PHILSYS information system will then be accessible to permissioned parties only and the information stored there will be the basis in for the point-of-verification across government agencies or banks via the Automated Biometric Identity System (ABIS) where identities will be verified seamlessly, in real time.

In Support of the UN-SGD

With the implementation of PHILSYS, the Philippines join a number of nations that are already implementing a national id: China, India, the United Kingdom among others. This is a huge stride for the nation in support of the United Nation’s Sustainable Goal Development where 16.9 agenda highlights identities for all, regardless of their location, nationality, ethnicity or gender.

In the country, the PHILSYS ID is a step forward in breaking down the walls of invisibility to the following people:

  • People living under poverty
  • Indigenous Communities

Sustainable development means financial inclusion and it is a precursor for inclusive development as legal or digital identities sheds light to the once who were invisible.

This article is published on BitPinas: PHILSYS – Philippine National ID: A Landmark for Inclusion and Legal Identities

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Source: https://bitpinas.com/tech/philsys-philippine-national-id-a-landmark-for-inclusion-and-legal-identities/

Blockchain

The Future Of Credit: Blockchain And Reputation-Based Scores

Blockchain credit

The post The Future Of Credit: Blockchain And Reputation-Based Scores appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

As the wealth gap is growing, individuals denied conventional credit are in a constant struggle. Moreover, conventional institutions are reluctant to provide loans to users without borrowing history. If they do give approval, it usually comes with exorbitant interest rates. Cryptocurrency loans offer a more holistic approach to credit than personal FICO scores. How Personal …

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As the wealth gap is growing, individuals denied conventional credit are in a constant struggle. Moreover, conventional institutions are reluctant to provide loans to users without borrowing history.

If they do give approval, it usually comes with exorbitant interest rates. Cryptocurrency loans offer a more holistic approach to credit than personal FICO scores.

How Personal Scores Are Formed 

One of the most popular systems in the United States, FICO, considers five aspects of your financial past to rate your creditworthiness.

These are your history of payments, the total amount owed, age of history, new accounts, and credit mix. It all boils down to how likely you are to repay a loan.

The higher the score, the cheaper the loan as the interest rate goes down. 

This method has important limitations, which makes platforms that lend coin so popular. First, a person who has just opened their first credit account may have a sterling reputation.

They may be wealthy and have a history of fulfilling commitments. Secondly, data is updated with a delay. Finally, reports may contain errors, which is why the credit repair industry is so large.

Discover Reputation-based Credit

The paradigm is shifting. Cryptocurrency lending platforms understand that your previous history is not the only factor to assess creditworthiness.

Your values, community impact, reliability, and history of purchases should also matter.

Suppose you are a talented employee, punctual and hardworking. Your employer should be able to recommend you for a loan or credit card.

Similarly, someone who gives back to the community shows reliability and dedication. Such factors are ignored by conventional scoring systems, but they can play a role in cryptocurrency lending. 

Blockchain as Facilitator

Blockchain can support reputation-based scores in many ways. Here are the top two directions. 

  1. Snapshot of Your Reputation

It is possible to create a system focused on reputational cultivation. It will provide a snapshot of your background to the lender. Such environments will endorse creditworthiness and responsible behavior, from being punctual to helping strangers.

  1. New Scores

Different companies are experimenting with alternative metrics for loan applicants. For example, BTCJam tried adding new criteria like social media and recommendation letters.

Although this idea did not pan out, recommendations can help users without credit experience. 

Colendi has unveiled an algorithm that assigns a score based on data from the user’s smartphone, from social media activity to past purchases.

This also allows individuals to start with small loans and transactions and build trust gradually.

Exciting Prospects

Conventional institutions assess applicants based on a very limited number of criteria, and this has to change. Blockchain presents a great opportunity to add different reputational factors to the mix.

It can empower consumers to create unique identities, so they can have simplified access to lending online. This will allow everyone to get a loan and build credit.

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Source: https://coinpedia.org/guest-post/furture-of-credit-is-blockchain/

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Blockchain

Crypto Online Casino, CryptoSlots Expands Its Global Reach With “bonuses” For Gamers

The post Crypto Online Casino, CryptoSlots Expands Its Global Reach With “bonuses” For Gamers appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

The online gaming industry is growing to unimaginable heights as demand from gamers across the world grows exponentially. Since the launch of the internet, online gaming and casinos have witnessed a global adoption. Anyone with an internet connection having the ability to play, engage and win from anywhere they are.  The online casino market, despite …

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The online gaming industry is growing to unimaginable heights as demand from gamers across the world grows exponentially.

Since the launch of the internet, online gaming and casinos have witnessed a global adoption. Anyone with an internet connection having the ability to play, engage and win from anywhere they are. 

The online casino market, despite being heavily regulated across many countries, has witnessed massive growth in the past few decades.

A Fast-growing Industry

The online gambling industry is expected to grow from $64.13 billion in 2020 to $72.02 billion in 2021. That’s a compound annual growth rate (CAGR) of 12.3%.

Additionally, the market is expected to grow at a CAGR of 12% in the next four years – and reach $112.09 billion. 

Despite the projected growth statistics, the global online casino market still faces a multitude of challenges as adoption and demand grows by the day.

As mentioned above, strict regulations surrounding the market still pose a huge barrier to market growth. 

Notwithstanding, most of the gamers lack trust in online gambling as they think the platforms are not fair in their selections and a lack of transparency in wins and losses.

This could be the reason that has seen younger generations being less interested in online gambling compared to the other generations. 

In an aim to bring back the zing to online casinos and gambling platforms, one project, CryptoSlots is introducing blockchain-based online casinos aiming to solve the pertinent issues on online gambling sites and boost demand from younger generations, who have a knack for cryptocurrencies. 

The future of online gambling

Launched in 2018, CryptoSlots is a crypto-based online casino aiming to increase the fairness of online gambling and increase transparency in the market.

Backed by Slotland, the online casino is available globally on Android, iOS, and Windows devices offering over 50+ provably fair games. 

The platform offers gamers and gamblers “unlimited crypto-gaming experience”, unlike the experience they get from traditional physical and online casinos. 

Built on blockchain technology, CryptoSlots ensures that all games are provably fair, ensuring every winning and losing statistic is available to the gamers hence increasing transparency of the network.

This also allows online casino players to easily verify the randomness and fairness of all games available on the platform. 

The Provably Fair system is a mathematical method that is used to ensure that no one, neither players nor casinos, can know the result of the game before it starts and that the casino cannot tamper with the random operation of the game.

CryptoSlots has a number of online casino games available for gamers to select from including slot games, mega matrix, poker, high limit, and jackpot entries.

The slot games are the most popular on the site matching already available games such as Hot Hit, Vegas Twin, Leprechaun Luck, Coin Rush, Blazing Wilds, Neon Reels, Tokyo Games, etc. 

Notwithstanding, the platform launches new incentives for gamers regularly to keep them interested in the games available.

The latest promotion is for new users eager to play on the online casino with a welcome bonus for each user. New users can claim a 133% welcome bonus on their first deposit by using the WELCOME133 code while signing up. 

With the online casino market showing massive signs of growth, it is key for the community to embrace blockchain-based platforms to ensure transparency and fairness in all games. 

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Source: https://coinpedia.org/guest-post/cryptoslots-present-bonus-for-gamers/

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Blockchain

Bitcoin’s Lightning Network a Trump Card Over Blockchains Like Cardano?

bitcoinlightningnetwork

The post Bitcoin’s Lightning Network a Trump Card Over Blockchains Like Cardano? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

The Bitcoin lightning network is growing at a rapid pace. The capacity of the network at press time has reached 2,738 BTC, which is commendable. Reportedly, the network has seen the two largest upticks in capacity over the last week. The stupendous growth is of utmost importance for BTC to make the transition from being …

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The Bitcoin lightning network is growing at a rapid pace. The capacity of the network at press time has reached 2,738 BTC, which is commendable. Reportedly, the network has seen the two largest upticks in capacity over the last week. The stupendous growth is of utmost importance for BTC to make the transition from being a store of value to a medium of exchange.

Bitcoin’s lightning network is currently at an ATH capacity which is equivalent to $116.3 million in value. Moreover, Glassnode has launched the lightning network metrics to its studio. With this users will now have access to real-time statistics. Which include total capacity, mean/median channel size, lightning network node, and channel counts. 

How Bitcoin Lightning Network Can Assist Bitcoin In Competitive World

    Well, lightning network is a “layer-2” payments protocol that is on top of the blockchain-based currency Bitcoin. The aim of the network is to enable faster transactions yet at lower costs. However, netizens believe that the network can handle millions of transactions. And the network is performing exceptionally well ever since its inception in 2018.

The fundamentals of the lightning network are of vital importance. As these tend to solve most of the shortcomings of the Bitcoin network, the major one being scalability. Bitcoin’s lightning network is playing a pivotal role in the mass adoption of digital currency. And its growing acceptance.

Bitcoin’s growing acceptance in El-Salvador is possible because of the layer-2 network and its capabilities. As it is widely known that Bitcoin can process only about 7 transactions per second. Which makes it inadequate to work as a payments platform for a nation with growing BTC adoption.

Coinpedia reported earlier the possibility of a Bitcoin wallet address being added on Twitter. Along with Ethereum’s wallet address, for enabling users to send or receive tips. The transactions here are possible by the lightning network. As we are well aware of the user base of the social media platform.

Summing up, Bitcoin’s lightning network can incentivize retail adoption. Provided the existing loopholes such as routine fees, opening and closing charges will be rectified in future upgrades. Talking about upgrades, the Taproot upgrade could go live by end of the year. Which is ought to bring in better privacy, and transparency. And smart contracts will be an added benefit for the star crypto along with the lightning network.

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Source: https://coinpedia.org/bitcoin/bitcoin-lightning-netwrok-a-trump-card-over-blockchains-like-cardano/

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Blockchain

Bitcoin.org Hacked, Showing Sign of “Double Return Bitcoin” in Gift Scam

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Bitcoin.org, a peer-to-peer (P2P) and open-source platform focused on bitcoin development was hacked this Thursday morning by showing bitcoin’s giveaway activities.

Starting at about 05:44 UTC on Thursday, a sign of “This website cannot be accessed” displayed on the Bitcoin.org website.

After that, an aside window popped up on the Bitcoin.org homepage, asking users to deliver Bitcoins to a dedicated address with an attached QR code and address, and claimed that it would be returned in double in the future.

Reportedly, the hacking was targeting the bitcoin foundation, claiming that the first 10,000 users to transfer money will get the “reward” in double return.

Bitcoin.org is not affiliated with the Bitcoin Foundation, but the site often appears when users search for bitcoin on search engines.

At present, the direct URL of the website cannot be accessed, and other subpages cannot operate normally.

The user is promised a doubled false promise through false gift fraud after transferring encrypted assets to this wallet address, causing the user to lose the transferred bitcoin.

According to the data on the chain, the receiving address has received 0.4 BTC in the past few hours, with a total value of more than $17,700.

Image source: Shutterstock
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://Blockchain.News/news/bitcoin.org-hackedshowing-sign-double-return-bitcoin-gift-scam

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