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Results and plans for the future: a conference on the anniversary of the launch of the advanced cryptocurrency PRIZM in Moscow

Today everyone speaks about the industry of cryptocurrencies. However, the blockchain community, like the market itself, is very diverse. Most startups, who not deserving enough attention from people, go away and are quickly forgotten in the community.

Today we will talk about the reverse side of the coin - an example when the project really deserved recognition, attention from the blockchain community, the media and gathered around itself a really serious user base - those people who believed in the product by checking it in work.

We will talk about the crypto-currency PRIZM, which turned 1 year on February 17th of February 2018. This date will mark the anniversary of the launch of the blockchain of the advanced crypto currency PRIZM and, of course, it has attracted the attention of all users of PRIZM, activists of the International social movement "Change the World Together" and other representatives of the blockchain community.

Of course, anniversaries and other memorable dates – is the n time to talk about the work done, the results and plans. It is for this purpose that the PRIZM team of advanced crypto currency held a special conference in Moscow dedicated to the anniversary of the project.

PRIZM activists and guests talked about the following topics:

- The current situation, problems and future of the world financial system;

- Current prospects and disadvantages of the crypto-currency industry;

- Results of the work of the PRIZM crypto currency in the first year and today's plans of the team;

The concept of "private banks" is a person, as the emission center of the future economic system of the world.

During the conference, the founders of PRIZM crypto currency Mr. Alexei Muratov and Mr. Yury Mayorov spoke with the conference guests on conceptual, technical, economic and even philosophical topics.

"A market economy cannot define its goal. It is initially aimed at maximizing profit, it can only develop the vices of a human. The economy, everything that we do - should be aimed at the development of man and society. While there is no goal, we will always go towards a dead end.

The existing financial system is a financial pyramid. Money is printed through the US Federal Reserve, then through the IMF and the international banking system money goes down to ordinary people.

The fact is that today the whole society is trying to be kept in front of only one choice. Either the existing financial system, or the crypto currency. To legalize crypto currency, or not to legalize. This is misleading people, since the crypto-currencies are radically different. Source code is a rule that is written to achieve specific goals and objectives. They can differ - just as nuclear power plant and atomic bomb differ in their functional purpose. Therefore, when speaking about the legalization of crypto currency, it is necessary to understand what we are legalizing and for what purposes.

Today, the owners of the existing banking system see a competitor in the crypto currency. They, of course, are trying to tighten this "knot", to put the maximum obstacles against the development of the infrastructure of the new financial system based on Blockchain.

Today, crypto currency is used more as a speculative instrument, rather than a payment instrument. The minus of the Crypto-currencies on Proof of Work is the performance of an empty work, the search of "hash garbage", the burning of electricity and the race of mining capacities. This is a high price for maintaining such blockchain and an irrational use of resources of our planet.

In order to build the future, we need tools from the future. We do not copy anyone, we do not imitate anyone - we create new tools that have no analogues in the world.

The rules of the game in PRIZM are arranged in such a way that each person has equal opportunities in our community. We unite not only finances, but also intellectual and creative potential of our participants. From our side, we are doing everything possible to make PRIZM the most effective, technically superior tool in the field of decentralized financial instruments. Today PRIZM is a new generation of cryptocurrencies, an advanced crypto currency, which has no competitors in the world.

Everyone has the opportunity to generate the new currency notes for the world economy. What previously only the world's financial elites at the top of the pyramid could do. When a person becomes a part of the emission system, a kind of small money-emission center, he begins to choose where to spend this money. And then the entire economy will have to turn its face to him, competing for this money. We create a system of private banks, which is based on PRIZM. Next we will be connecting infrastructure - shops, trading platforms, payment for goods and services, "- said the founder of PRIZM Mr. Alexei Muratov.

"Today, many people know the word "fiat money". What it is? The word "fiat" is translated from Latin as "indication", "order", and “order". What does it say? The fact that money at some point has ceased to be an identification of the value of gold or silver. What is written on the bill? "The ticket of the bank of Russia". Today, money is an expression of our trust to the person who prints them. For the last 100 years we live in a world where we were told in declarative form that it is money. And, they wrote that it was a "ticket". The power of money today rests on our belief in what was said to us. "

It was at the moment when money turned into "tickets" - the world's largest business was formed. "Seigniorage" - is the difference between how much paper, ink, etc. you spend and the denomination of the currency bills.

What do you think will change in the world if the production of money will be transferred from the hands of unknown bank elites to people? As I think, the focus of attention and concentration of officials will change.

Since, we are dealing with the laws of nature, then "Paramaming" is based on this principle. Our Paramining has 7 basic criteria, they are divided into 2 groups. The number of coins inside your account and the number of coins on the followers' accounts, as it were, "wavelength" and "wave speed". PRIZM uses the laws of the universe.

We have a Genesis account that performs “antimatter function” in PRIZM. Those coins that are generated for user accounts have the same reflection on the "Genesis" account (that is, there is a negative balance there). That is, RRIZM corresponds to all laws of physics, “Mr. Yuri Mayorov said.

Meanwhile, in the blockchain and crypto-currency industry: more than 34 000 vulnerabilities found in smart contracts on Ethereum 

Today, the blockchain of one of the most popular crypto-currencies Ethereum, has several hundred thousand of smart contracts which manage wallets, tokens, applications or are used to store finance. However, recently a team of researchers from the UK concluded that the Ethereum blockchain contained approximately 34,200 vulnerable smart contracts.

A group of researchers from University College London, led by Mr. Ilya Sergei, conducted a detailed study to identify vulnerabilities and problems in smart contracts of Ethereum. To begin with, the team of crypto experts completely downloaded the Ethereum blockchain system, in effect, locally implementing its fork. Then the researchers ran scripts of different types, which in theory could lead to negative consequences. At the time when problems appeared, the group noted the vulnerabilities of the smart contract.

Thus, industry experts tested about a million of smart contracts on the vulnerability, discovering that in 34,200 of them there were not just ordinary vulnerabilities, but rather critical ones. The team of researchers tested their final conclusions on 3000 smart contracts, which in 89% of cases demonstrated the same conceptual and technical problems. Moreover, a group of British scientists openly stated that such critical vulnerabilities could theoretically allow them to steal about $ 6,000,000 in Ethereum.

Experts also said that the preventive diagnostics of vulnerabilities (especially within such large projects) helps to prevent quite a real and large-scale negative consequences.

To be noted: for example, in November 2017, an unknown user under the pseudonym DevOps19 discovered a vulnerability in the code of the Ethereum-purity library Parity and accidentally blocked $ 150 million.

"We are working with applications that have two very unpleasant features: they are used to manage your money and cannot be fixed," explained the head of the research group Mr. Ilya Sergey.

"If someone wants to take advantage of our idea, they, at least, will have to do as much work as we did," the crypto expert also stressed out.

In fact, the work to find the vulnerable smart contracts turned out to be meaningless, but researchers still do not report which smart contracts vulnerabilities were discovered.

"This once again proves that top-level crypto-currencies are popular, since they were the first to appear on this market, but they are also far from perfect. Peculiar dinosaurs, which if not reconstructed in the evolutionary way under vital realities, will die out, giving way to new generation crypto-currencies," – Mr. Alexei Muratov also commented on the news.

  • February 25, 2018 12:36 PM MSK
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