In the recent interview, Cointelegraph got the chance to have a conversation to Eric Ly, one of the most eligible Chinese-American investor, businessperson as well as co-founder of LinkedIn, where he has worked for years and served as founding CTO.
In the starting part of his career, Eric was working in prominent companies like Steve Job’s next, and in the IBM or General Magic, before co-founding LinkedIn, and held in the technical positions. He has begun his career and found LinkedIn with his Stanford classmate along with other colleagues in the year 2002. Eric was one of the efficient employees and was also responsible for the development of the software integration with the software like the Microsoft Outlook and web browsers. Later in the year 2006, Eric left LinkedIn as he was interested in developing his projects.
Eric is capable of doing anything to bring effective changes in the systems, thus, he has decided to launch a reputation system, which will be around the initial coin offering (ICO) ecosystem, and this project aims to help those people or users who are desiring to make trustful decisions while selling and buying something. Now the discussion will be on Eric’s new project, social media, cryptocurrency development and role of the reputation that are required for every day’s communications.
I believe that these are some of the platforms, which are working for the benefits of the users by ensuring their security and are providing conservative approaches for themselves as well. Currently, the Securities and Exchange Commission (SEC) has been confronting and asking lots of questions and opinions for the data or information from the people and the firms. So, I believe that this is a protective measure on behalf of the organization, which defines that engaging new form of advertising may cause downfalls, but, not the activities of the ICOs are probably used to avoid the uncertainties in the interaction with the SEC.
But, I know this is a temporary action as it is believed that like other domains, advertising also has some incentive to support the domains as much as possible. So, when the regulatory are clearing up themselves, then a time will come when the advertising of this kind is taken all around as well as will be re-permitted on these platforms as well.
Protective and secure measures against the scams as well as other motivational factors behind the ban case.
Out of several steps and acts, this is the powerful act of which I can only think of. In the year 2000s, there was an act called Digital Millennium Copyright Act, which was quite popular as it has allowed all the online networking platforms to dissociate their respective responsibilities based on the contents, which the users can put onto their networking platform as well. Hence, this act has made it possible for the website 2.0 to shine like stars, and the advertising needs to be covered under this regardless of their domains.
Ads associated with cryptocurrency on the LinkedIn
I didn’t believe in the rumor, which was earlier started regarding the LinkedIn. Is it true that LinkedIn has not yet made a decision? Well, you know what like the other social media platforms, it will also be an impactful act to see whether LinkedIn will go in that same direction or not. It will no way surprise me as they had already made such directions earlier based on similar reasons. But, at this point, I am watching what the reason might be.
Have a look at the Hub protocol!
Apart from the various simplified versions, I have the best one to show you. Hub is trying to put the reputation of the people on the blockchain. People always want two things-security and reputation. These two are the most valuable things right now, but, still, people are stuck in the centralized systems and databases. The organization wants that people should put their information on the blockchain, which is an impressive way to control your data, can shift it from one community or marketplace to other, without any extra economic efforts. We always believe that, in the coming years, more relationships will build based on the blockchain.
Our project is also underlying under these applications, both existing and new. So, we are not focusing on a particular social networking site; rather, we are building up a layer, which can access various social networks, so that users can put their reputation on different communities or networks.
The first protocol is ready for release, and we are working on the proof-of-concept to finish it soon. This is based on the reputation system, which will be around the ICO ecosystem. And finally, we have figured it out that it is a great place, to begin with. It gives immense opportunities to showcase the real value of the protocol.
Sharing of information on a regular basis
As we have seen, lots of people prefer to interact before selling or buying anything that exists around there domains and industries. Transactions start from the interactions as users love to engage themselves in sharing information with each other. But, for this, trust and reputation are needed. So, our entire process is ready, and soon the transaction will start, so this is where we are also covering the interaction part as well.
Trusts establishments on tokens
Trust is the main factor in the total process, and it is also not easy to buy. So, we are designing tokens, which are reliable and trustworthy as well, and are developed to genuine incentive interactions and building up reputations on the blockchain. Thus, the tokens are allowed to do the staking mechanism for different kinds of the interactions that people might be doing. Therefore, we are defining interactions in a broad category. Think about the scene between a buyer-seller or among the people who are sharing information. Above all, the best part is, users can stake tokens based on the interactions. It is exactly like a bond, which will act as a trustworthy method in this entire process. If I am doing that and other clients agree with it, then I am going get the benefits regarding more tokens, bond back as well as some rewards along with additional tokens, which can be further used in the future. And if the situation doesn’t support my idea, then I might face difficulties in the future.
The most vital thing to remember is that trust cannot buy your respective reputation. Otherwise, our plan would have been defeated. Hence, the way we measure the reputation is based on those granular interactions, which are happening with the staking. So remember that now the interactions, as well as the transaction, can be recorded with the new method called reputation history. It will store all the details in various types of scoring systems. You can also have your score in different domains, which might be beyond your worthiness and credits.
How should this entire idea work?
Suppose, someone wants to be a designer who will offer website designing services, and there will be someone who wants to hire them for building up their website. So, our project helps them to make effective interaction with the help of the smart contracts and records them. Later, they can use them to design the results, and if everything goes well, then both of the participants will get a trustworthy act.
On the disputes
We are having a mechanism, which works on the disputes, where the arbitrator handles the cases. This can decide that there is a trusted source for both the parties to figure out who is right. Based on the reputation results of the protocol, it will decide whether it is a client, vendor or consultant. Incentives are build in the entire process, which helps in incentivizing people to perform genuinely. The details of the reputation are coming from the history of the interactions.
Losing token during the disputes
Every time a person cannot perform perfectly, but that’s fine. There are certain scoring algorithms, which will give a fair chance to increase the reputation over the time. So, believe in the process as it is a generous way for the people.