Hashbon (HASH) ICO Review
Hashbon is a decentralized social networking platform that is putting users privacy and satisfaction as its first priority. It is an innovative approach towards transparent and independent means of user data ownership, reward on ads and free of speech. It is the first get paid to content creation and sharing ecosystem that leveraged OCR token payments for its reward system.
Unknown – Unknown
1 HASH = 0.1 EUR
|Soft Cap||1,000,000 EUR|
More about Hashbon (HASH) ICO:
Framework will allow to store information on several blockchains simultaneously for better reliability in automatic and intellectual way, including the choice of blockchain that currently offers better fee for storing KB of data. In addition, it will support all major APIs, like Blockcypher, Blocktrail, Blockchain.info etc with unified interface. So you can double-check information from different sources, for better reliability. Because using only one API creates centralization, which implies high risk for business.
Hashbon framework – is a universal platform for effective building any applications or smart contracts, that work on top of live public blockchains: Bitcoin, Litecoin, Dash, Zcash, Monero and others. Framework will allow to store information on several blockchains simultaneously for better reliability in automatic and intellectual way, including the choice of blockchain that currently offers better fee for storing KB of data.
In addition, it will support all major APIs, like Blockcypher, Blocktrail, Blockchain.info etc with unified interface. So you can double-check information from different sources, for better reliability. Because using only one API creates centralization, which implies high risk for business.
After creating the multi-blockchain framework – we want to use it to implement business applications. We can build a lot of blockchain apps, that will be used for business. One of the important examples is the creation of digital ecosystem for relationship between shareholders and management of public companies. Developing the framework together with real business application will make the framework more demandable and useful.
Framework provides an opportunity to create decentralized, secure and reliable applications on top on the most secured public blockchains, that have good network hashrate, and thus good protection from 51% attacks.
The development of business applications on Hashbon Framework and into public companies will make them more attractive in the eyes of investors. Consequently it will create financial incentives for management to implement, since it will increase P/E and price of stock.
The solution that Hashbon offers is based on the collection of all company indicators (financial, economic, logistical and other) from ERP systems and the formation of various reports required by investors or auditors. Investors and auditors can be assured of the reliability of the data, since nobody can edit this data, and adjust the report to their own needs. And for each operation, you can get detailed information, whether you need financial, economic, logistical or other indicators.
Hashbon framework – is a universal platform for eﬀective building any applications or smart contracts, that work on top of live public blockchains: Bitcoin, Litecoin, Dash, Zcash, Monero and others. Framework will allow to store information on several blockchains simultaneously for better reliability in automatic and intellectual way, including the choice of blockchain that currently oﬀers better fee for storing KB of data.
In addition, it will support all major APIs, like Blockcypher, Blocktrail, Blockchain.info etc with uniﬁed interface, so you can double-check information from diﬀerent sources, for better reliability. Using only one API creates centralization, which implies high risk for business.
After creating the multi-blockchain framework, we want to use it to implement business applications. We can build a lot of blockchain apps, that will be used for business. One of the important examples is the creation of digital ecosystem for relationship between shareholders and management of public companies. Developing the framework together with real business application will make the framework more demandable and useful.
The development of business applications on Hashbon Framework and into public companies will make them more attractive in the eyes of investors. Consequently, it will create ﬁnancial incentives for management to implement them, since it will increase P/E and stock price.
This document is for reference only. The information contained herein is subject to change. No part of this draft document is legally binding or mandatory.
There is no guarantee as to the accuracy or conclusions made in this technical document. Hashbon does not expressly disclaims all representations and warranties, expressions implied, statutory or otherwise, including, among other things, that the content of this whitepaper does not contain errors or the content will not violate the rights of third parties.
Hashbon and its aﬃliates are not liable for any damages arising from the use or reference to this technical document.
In no event shall Hashbon or its aﬃliates be liable to any person or organization for any losses, liabilities, costs or expenses of any kind, whether direct or indirect as a result of the use or reference to this technical document or any of the content contained herein, including , among other things, any loss of business, income, proﬁts, data or other intangible losses.
At the moment, we have not yet realized the product, there is only an idea that we believe in. We cannot guarantee that the idea that we implement in the form that it is described in a whitepaper or in a modiﬁed one will bring you proﬁt. We cannot guarantee that the idea will remain in its original form. We raise funds to put together a team of strong specialists, ready to solve any problems. The team, in the current execution, implemented other interesting projects such as – link
Currently there are several blockchain frameworks (BFW), that can be divided into two groups*: 1) BFW that allows to create completely new blockchains private or public: Hyperledger, R3, multi blockchain, open blockchain, and other. 2) BFW that uses existing chains, like Ethereum.
Using 1st type of BFW creates serious unsolvable problems: either it will be vulnerable to “attack 51%”* or it will be completely centralized and controlled by some organization.
IIf you create new public blockchain, anyone can join the process of conﬁrmation of blocks and if he has a big mining farm, he will have the possibility to hack your new blockchain. In order to avoid this, you can use trusted nodes. In this case, your blockchain is no more decentralized and is controlled by central organization that decides which node is a trusted node and when it stops to be a trusted node. This is no longer a blockchain, because blockchain was created to solve problem of storing information on untrusted nodes, so called Byzantine generals problem*. If you can rely on trusted nodes, you can use any distributed database**, like Riak*** or others. You can build there any app or smart contract of your choice.
*https://en.wikipedia.org/wiki/Byzantine_fault_tolerance **https://en.wikipedia.org/wiki/Distributed_database ***https://en.wikipedia.org/wiki/Riak
Problem 1. Why make a new framework?
Using Ethereum BFW is not ideal, since there are several problems:
1) Increasing the block size in Ethereum, which makes data processing more diﬃcult and increases the requirements for nodes, rather than the memory size on their hard disk.
2) In order to prevent a complete collapse of the network, developers will need to implement block size limits.
3) In turn, these restrictions will encourage the growth of commissions, and will also impede the work of existing Dapps (decentralized applications), such as CryptoKitties, Shrimp Farm and Pepe Farm, which are already in place. In this case, future Dapps will not work at all.
4) If Dapps stop working, the purpose of the Ethereum network will become controversial.
E.g. on the peak of popularity of “Crypto Kitties” the number of pending transactions to Ethereum network increased 6 times, making priority transactions very expensive.
Other approach to avoid this is to use special tokens, engaging PoS instead of classical PoW.* In this case you will also need some organization that will grand these tokens to nodes, destroying decentralization and, consequently, your blockchain. Alternatively, you can make an airdrop to community of these tokens, and it will create decentralization, but it will make your own blockchain vulnerable to 51% attack: obviously, capitalization of this newly created tokens will be much smaller than capitalization of giants like Bitcoin, Litecoin or Dash. As a result, someone can buy 25-51% tokens from this airdrop and execute attack on it.**
2. Relations between Shareholders and Management
Each shareholder, depending on the number of shares, can participate in the life of the company: vote, put forward ideas and demands, request ﬁnancial reporting documents, meeting minutes, appoint shareholders meeting and so on. In some cases, this makes a room for abuse: from attempts to paralyze the company’s work with massive requests (which are legally enforceable for a limited amount of time) to industrial espionage (conﬁdential information may be contained, for example, in protocols of meetings of the board of directors).
Minorities can engage in so-called “corporate blackmail” (“greenmail*”) – require to repurchase their shares for a higher price, threatening otherwise to paralyze company’s work by lawsuits, demanding the observance of their rights. There are vivid examples of such abuses that may lead the company to bankruptcy or heavy ﬁnancial losses due to litigation – one of the minority shareholders in an oil company up to three days blocked the oil export of the company, that caused signiﬁcant loss not only of money but also of reputation.
Even more examples show how company’s management makes adjustments to the ﬁnancial documents of the company to obtain any beneﬁts. Let’s recall a few cases of ﬁnancial fraud, related to reporting:
The ﬁrst one, probably the most widely covered in the media, is Martin Shkrely* – he tricked investors into investing in two MSMB Capital and MSMB Healthcare funds he founded, sending them fake bank statements and concealing signiﬁcant losses. In addition, he provided false information to support the stock exchange price of the shares of the pharmaceutical company Retrophine. As a result, the loss, only from the action with shares of the company Retrophine, amounted up to 65 million dollars.
The second case is one of the biggest frauds: Enron Corporation – an American energy company. At the end of 2001 it was reported that information about the company’s ﬁnancial condition was largely falsiﬁed by accounting fraud, known as the “Enron Case*”. As a result, the shareholders lost 74 billion dollars.
The third case is Bernard Ebbers and WorldCom* company. In 2005, Ebbers was convicted of fraud and complicity in the crime because of false ﬁnancial reporting by WorldCom. Scandal WorldCom has become one of the most high-proﬁle accounting scandals in American history. As a result, 30,000 people lost their jobs and investors lost $180 billion.
And these are not isolated cases, ﬁnancial reporting frauds occur quite often, but investors cannot always notice them on time, as top managers are interested in concealing losses.
Why is this happening?
There is a contradiction between the interests of top managers, who receive a reward as a percentage of the reported accounting proﬁt, and the interests of the corporation as a whole. This conﬂict of interests is forcing company’s management to hide losses and overstate revenues, not only forging ﬁnancial documents, but also bribing external audit ﬁrms. Regulatory authorities around the world have identiﬁed serious problems and shortcomings in 40% of 918 audits* of public companies, that were inspected in 2017 (according to the International Forum of Independent Regulators of Audit Activities (IFIAR)).
Hashbon project oﬀers the most eﬀective and unique solutions, which allow investors to apply their views on corporate administration and also identify ecological, social and management risks and control their voting needs on a global level. We aim to automate the participation of shareholders in the development and working process of the company, simplify these working processes, lower company risks and outlay on organization.
The solution, that Hashbon oﬀers, is based on creating a single, transparent IRM (Investor Relationship Management) platform for managing investor relations on blockchain, that includes several big steps:
1) Create a universal Blockchain Framework that will work with other popular blockchains. 2) Ensuring transparency of ﬁnancial, economic, logistical and other activities of the company
3) Drawing up the register of shareholders.
4) The company’s common communication platform with shareholders and among shareholders (notiﬁcation of shareholders about important events in the life of the company, proposals from shareholders of the company, a closed forum for communication of shareholders among themselves and others like them, the functional will evolve, depending on the requirements of investors)
Let’s take a closer look at each of these steps:
1. Create a universal Blockchain Framework. The ﬁrst step to creating IRM is to develop a universal Blockchain Framework, an open source code for creating various blockchain applications. Framework provides an opportunity to create decentralized, secure and reliable applications on top on the most secured public blockchains, that have good network hashrate, and thus good protection from 51% attacks.
Why use the framework?
1) Reliability and better decentralization.
Using several diﬀerent blockchains at the same time for smart contracts gives higher reliability in comparison with using only one blockchain. E.g. there were periods of time, when Ethereum blockchain was paralyzed by epidemia of Crypto Kitties, as well as by risks of upcoming hard forks. When using Framework you can automatically switch to diﬀerent blockchain without losing any data.
In addition, the framework will be a uniﬁed language (wrapper) for working simultaneously with several APIs such as blockcypher, blocktrail, blockchain.info, etc. That’s also good for ﬁghting with centralization, that emerges when using only one API of that kind. E.g. now many bitcoin exchanges are using only one API from blockcypher, this creates signiﬁcant point of failure. In case there would be found some bugs or vulnerability, big percentage of these exchanges can be hacked in one day.
2) Convenience. Hashbon framework is the interface between blockchain applications and blockchains. Developers will receive a universal language for programming diﬀerent blockchains linke only one virtual blockchain. Available for diﬀerent programming languages like Java, PHP, etc…
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