The Big Seven : Open Networked Enterprise Business Models

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3 years ago

There are countless opportunities to construct open networked enterprises that

disrupt or displace traditional centralized models, potentially evolving into

nascent distributed autonomous enterprises. Consider how the distributed model

will disrupt or replace the eight functions of financial services—everything from

retail banking and stock markets to insurance companies and accountancies. Incumbent and new entries alike can construct new business architectures that

can innovate better, create better value at lower cost, and shift and enable

producers to share in the wealth they create.

Blockchain technology takes some of the new business models described in

Wikinomics to a new level.

17 Let’s look at how we can expand peer production,

ideagoras, prosumers, open platforms, the new power of the commons, the

global plant floor, and the wiki (social) workplace by adding in native payment

systems, reputation systems, uncensorable content, trustless transactions, smart

contracts, and autonomous agents—the key innovations of the blockchain

revolution.

1. The Peer Producers

Peer producers are the thousands of dispersed volunteers who brought you open

source software and Wikipedia, innovative projects that outperform those of the

largest and best-financed enterprises. Community members participate for the

fun of it, as a hobby, to network, or because of their values. Now, by enabling

reputation systems and other incentives, blockchain technology can improve

their efficiency and reward them for the value they create.

Peer production communities can be “commons-based peer production,” a

phrase coined by Harvard Law professor Yochai Benkler.

18 Sometimes called

social production, also Benkler’s term, this system means that goods and

services are produced outside the bounds of the private sector and are not

“owned” by a corporation or individual. Among the countless examples are the

Linux operating system (owned by no one but now the most important operating

system in the world), Wikipedia (owned by the Wikimedia Foundation), and the

Firefox Web browser (owned by the Mozilla Foundation). Peer production can

also refer to activities in the private sector where peers collaborate socially to

produce something but the good is not socially owned.

Peer production as a business model matters for two reasons. First,

sometimes peers collaborate voluntarily to produce goods and services where a

corporation acts as curator and achieves commercial benefit. Readers create the

content on the Reddit discussion platform, but they don’t own it. Reddit is the

tenth-biggest site in the United States in terms of traffic. Second, companies can

tap into vast pools of external labor. IBM embraced Linux and donated hundreds

of millions of dollars’ worth of software to the Linux community. In doing so,

IBM saved $900 million a year developing its own proprietary systems and created a platform on which it built a multibillion-dollar software and services

business.

Experience shows that long-term sustainability of volunteer communities

can be challenging. In fact, some of the more successful communities have

found ways to compensate members for their hard work. As Steve Wozniak said

to Stewart Brand, “Information should be free, but your time should not.”

In the case of Linux, most of the participants get paid by companies like

IBM or Google to ensure that Linux meets their strategic needs. Linux is still an

example of social production. Benkler told us, “The fact that some developers

are paid by third parties to participate does not change the governance model of

Linux, or the fact that it is socially developed.” This is more than so-called open

innovation that involves cooperation between firms and sharing certain

intellectual property, he said. “There is still substantial social motivation for

many contributors and as such it’s a hybrid model.”

Further, many of these communities are plagued with bad behavior,

incompetence, saboteurs, and trolls—people who sow discord by posting

inflammatory, incorrect, or off-topic messages to disrupt the community.

Reputation in these communities is typically very informal, and there is no

economic incentive for good behavior.

With blockchain technology peers can develop more formal reputations for

effective contributions to the community. To discourage bad behavior, members

could ante up a small amount of money that either increases or decreases based

on contribution. In corporate-owned communities, peers could share in the value

they create and receive payment for their contributions as smart contracts drop

transaction costs and open up the walls of the firm.

Consider Reddit. The community has revolted over centralized control but

still suffers from flippant, abrasive members. Reddit could benefit from moving

to a more distributed model that rewards great contributors. ConsenSys is

already working on a blockchain alternative to Reddit that does just that. By

offering financial incentives, the ConsenSys team thinks it can improve the

quality of Redditlike conversations, without centralized control and censorship.

The Ethereum platform provides incentives, perhaps in real time, to produce

high-quality content and behave civilly while contributing to collective

understanding.

Reddit has a system in place, called Reddit “Gold”—a token that users can

buy and then use to reward people whose contributions they value. The money

from tokens goes to site maintenance. The gold has no intrinsic value to users. So with a real, transferable, blockchain-based coin incentive, Reddit members

could actually begin to get paid for making the site more robust.

Wikipedia, the flagship of social production, could benefit as well. Right

now all persons who edit articles develop an informal reputation based on how

many pieces they have edited and how effective they are, as measured by highly

subjective terms. The Wikipedia community debates constantly over incentive

systems, but administering some kind of financial compensation to seventy

thousand volunteers hasn’t been feasible.

What if Wikipedia went on the blockchain—call it Blockapedia. In addition

to the benefits of entries time-stamped into an immutable ledger, there could be

more formal measures of one’s reputation that could help incent good behavior

and accurate contributions. Sponsors could fund, or all editors could contribute

money to, an escrow account. Each editor could have a reputation linked to the

value of her account. If she tried to corrupt an article, stating for example that

the Holocaust never happened, the value of her deposit would decline, and in

cases of defamation or invasion of privacy, she would lose it and even face civil

or criminal action. The true events of the Second World War could be

established in many ways, for example, by accessing unchangeable facts on the

blockchain or through algorithms that show consensus regarding the truth.

The size of your Blockapedia security deposit could be proportional to your

previous reputation on Wikipedia or similar platforms. If you’re a brand-new

user and have no reputation, you’ll put up a larger security deposit to participate.

If you’ve edited, say, two hundred articles on Wikipedia successfully, your

deposit might be small.

This is not necessarily about moving Wikipedia to a for-hire compensation

model. “It’s simply a case of providing real-world economic gain or loss

depending on the accuracy and veracity of the information you’re providing,”

21

said Dino Mark Angaritis, CEO of the blockchain-based Smartwallet. Defacing

Blockapedia hurts your formal reputation but you also lose money.

But Wikipedia works pretty well right now, right? Not quite. Andrew Lih,

writing in The New York Times, pointed out that, in 2005, there were months

when more than sixty editors were made administrator, a position with special

privileges in editing the English-language edition. In 2015, the site has struggled

to promote even one editor per month. Being a voluntary global organization,

there are internal tensions. Worse, editing content on a mobile device is difficult.

“The pool of potential Wikipedia editors could dry up as the number of mobile

users keeps growing.” Lih concludes that the demise of Wikipedia would be unfortunate. “No effort in history has gotten so much information at so little cost

into the hands of so many—a feat made all the more remarkable by the absence

of profit and owners. In an age of Internet giants, this most selfless of websites is

worth saving.”

Overall, peer production communities are at the heart of new, networked

models of value creation. In most industries, innovation increasingly depends on

dense networks of public and private participants and large pools of talent and

intellectual property that routinely combine to create end products. As IBM

embraced Linux, firms can even tie into self-organizing networks of value

creators like the open source movement to cocreate or peer-produce value.

2. The Rights Creators

During the first generation of the Internet, many creators of intellectual property

did not receive proper compensation for it. Musicians, playwrights, journalists,

photographers, artists, fashion designers, scientists, architects, and engineers all

were beholden to record labels, publishers, galleries, film studios, universities,

and large corporations that insisted these inventors assign their intellectual

property rights to what essentially are large rights management operations in

exchange for less and less of their IP’s value.

Blockchain technology provides a new platform for creators of intellectual

property to get value for it. Consider the digital registry of artwork, including the

certificates of authenticity, condition, and ownership. A new start-up, Ascribe,

enables artists themselves to upload digital art, watermark it as the definitive

version, and transfer it so that, like bitcoin, it moves from one person’s

collection to another’s. That’s huge. The technology solves the intellectual

property world’s equivalent of the double-spend problem better than existing

digital rights management systems, and artists could decide whether, when, and

where they wanted to deploy it.

Meme artist Ronen V said, “Art is a currency. The evolution of art into

digital currency is—no question—the future. And this is a good step.”

Musicians, photographers, designers, illustrators, or other artists whose work

could be digitized and watermarked as a definitive copy could use this

technology to transform their intellectual property into a tradable asset, a limited

edition perhaps customized for a particular fan. Artists and museums can use

Ascribe’s technology to loan pieces to other individuals or institutions.

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Monegraph offers a similar service: it uses digital watermarks and the cryptography intrinsic to the blockchain for authenticating pieces. Artists simply

upload the art to a page on the Internet and submit the URL to Monegraph. The

firm issues a set of public and private keys, except that the value associated with

the public key is a digital deed to the art rather than bitcoin per se. Monegraph

also tweets a public announcement of the deed, noteworthy because the U.S.

Library of Congress archives public Twitter feeds.

Someone else might try to

claim the URL as his own, but there would already be at least two proofs in the

public record to verify ownership.

Verisart, a Los Angeles–based start-up with bitcoin core developer Peter

Todd as an adviser, has even greater ambitions. Certifying the authenticity and

the condition of a piece of fine art is big business, and one that is largely paper

based and controlled by elite experts with access to restricted databases. Finding

who owns the art, where it’s stored, and in what condition is a real challenge,

even for those who actually know what they’re looking for. Verisart is

combining blockchain technology and standard museum metadata to create a

public database of art and collectibles. This worldwide ledger will serve artists,

collectors, curators, historians, art appraisers, and insurers anywhere in the

world.

By using the bitcoin blockchain, Verisart can confer digital provenance

to any physical work, not just digital art, and users will be able to check a work’s

authenticity, condition, and chain of title from their mobile device before they

participate in an online auction or agree to a sale. “We believe technology can

aid trust and liquidity, especially as more of the $67 billion annual art market

shifts to private sales (peer-to-peer) and online transactions,” founder Robert

Norton told TechCrunch. “The art world is not broken. It just relies too much on

middlemen to ensure trust and liquidity. We believe the advent of a

decentralized worldwide ledger coupled with powerful encryption to mask the

identities of buyer and seller will be attractive to the art world.”

The artist becomes what could be called a “rights monetizer” with the technology making

deals and collecting revenue in real time.

You could apply this same model to other fields as well. In science, a

researcher could publish a paper to a limited audience of peers, as Satoshi

Nakamoto did, and receive reviews and the credibility to publish to a larger

audience, rather than assigning all rights to a scientific journal. The paper might

even be available for free but other scientists could subscribe to a deeper

analysis or threaded discussions with the author about it. She could make her

raw data available or perhaps share data with other scientists as part of a smart contract. If there is a commercial opportunity flowing from the paper, the rights

could all be protected in advance. More on this in chapter 9.

3. Blockchain Cooperatives

The trust protocol supercharges cooperatives—autonomous associations formed

and controlled by people who come together to meet common needs.

“It’s nonsense to call Uber a sharing economy company,” said Harvard

professor Benkler. “Uber has used the availability of mobile technology to create

a business that lowers the cost of transportation for consumers. That’s all it has

done.”

David Ticoll said, “In common English usage, sharing denotes free

exchange—not financial transactions. As in kids’ sharing toys. It’s a shame that

this term has somewhat lost that meaning.” To him, “sharing is the main way

that humans and members of other species have conducted exchanges with one

another for millions of years, beginning with the act of conception itself. While

some Internet companies have facilitated genuine sharing, others have

appropriated and commoditized the social relationships and vocabulary of

sharing.”

Most so-called sharing economy companies are really service aggregators.

They aggregate the willingness of suppliers to sell their excess capacity (cars,

equipment, vacant rooms, handyman skills) through a centralized platform and

then resell them, all while collecting valuable data for further commercial

exploitation.

Companies like Uber have cracked the code for large-scale service

aggregation and distribution. Airbnb competes with hotels on travel

accommodations; Lyft and Uber challenge taxi and limousine companies;

Zipcar, before it was purchased by Avis, challenged traditional car rental

companies with its hip convenience and convenient hourly rentals.

Many of these companies have globalized the merchandising of traditional

local, small-scale services—like bed-and-breakfasts, taxis, and handypersons.

They use digital technologies to tap into so-called underutilized, time-based

resources like real estate (apartment bedrooms), vehicles (between-call taxis),

and people (retirees and capable people who can’t get full-time jobs).

Blockchain technology provides suppliers of these services a means to

collaborate that delivers a greater share of the value to them. For Benkler,

“Blockchain enables people to translate their willingness to work together into a

set of reliable accounting—of rights, assets, deeds, contributions, uses—that

displaces some of what a company like Uber does. So that if drivers want to set up their own Uber and replace Uber with a pure cooperative, blockchain enables

that.” He emphasized the word enable. To him, “There’s a difference between

enabling and moving the world in a new direction.” He said, “People still have to

want to do it, to take the risk of doing it.”

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So get ready for blockchain Airbnb, blockchain Uber, blockchain Lyft,

blockchain Task Rabbit, and blockchain everything wherever there is an

opportunity for real sharing and for value creation to work together in a

cooperative way and receive most of the value they create.

4. The Metering Economy

Perhaps blockchain technology can take us beyond the sharing economy into a

metering economy where we can rent out and meter the use of our excess

capacity. One problem with the actual sharing economy, where, for example,

home owners agree to share power tools or small farming equipment, fishing

gear, a woodworking shop, garage or parking, and more, was that it was just too

much of a hassle. “There are 80 million power drills in America that are used an

average of 13 minutes,” Airbnb CEO Brian Chesky wrote in The New York

Times. “Does everyone really need their own drill?”

32

The trouble is, most people found it easier and more cost-effective to make

one trip to Home Depot and buy a drill for $14.95 than rent it for $10 from

someone a mile away, making two trips. Wrote Sarah Kessler in Fast Company

magazine: “The Sharing Economy is dead and we killed it.”

33

But with blockchains we can rent our excess capacity for certain

commodities that are pretty much zero hassle—Wi-Fi hot spots, computing

power or storage capacity, the heat generated by our computers, our extra mobile

minutes, even our expertise—without lifting a finger, let alone schlepping to and

from some stranger’s house across the city. When you travel, your Wi-Fi can

rent out itself in your absence, charging fractions of pennies for every second of

usage. Your imagination (and possibly new regulation) is your only limit. Your

subscriptions, physical space, and energy sources can now become sources of

income, metering their use directly to a counterparty and charging them for it

through micropayments. All you need is a decentralized value transfer protocol

to allow them to safely and securely transact with one another. These platforms

instill subsidiary rights in all our assets. You need to decide the extent to which

you want to assign others usage and access rights—even the right to exclude

others from using your assets—and what to charge for those rights. This can work for physical assets too. For example, we’ve heard a lot about

autonomous vehicles. We can build an open transportation network on the

blockchain where owners each have a private encrypted key (number) that lets

them reserve a car. Using the public key infrastructure and existing blockchain

technologies like EtherLock and Airlock, they can unlock and use the car for a

certain amount of time, as specified by the rules of the smart contract—all the

while paying the vehicle (or its owners) in real time for the time and energy that

they use—as metered on a blockchain. Because blockchain technology is

transparent, the group of owners can track who is abiding by their commitments.

Those who aren’t take a reputational hit and eventually lose access altogether.

5. The Platform Builders

Enterprises create platforms when they open up their products and technology

infrastructures to outside individuals or communities that can cocreate value or

new businesses. One type is prosumers, customers who produce.

34

In a dynamic

world of customer innovation, a new generation of producer-consumers

considers the “right to hack” its birthright. Blockchain technology supercharges

prosumption. Nike running shoes could generate and store data on a distributed

ledger that, in turn, Nike and the shoe wearer could monetize as agreed in their

smart contract. Nike could offer a tiny piece of its shares with every pair it sells,

if the customer agrees to activate the smarts in the shoes, or even sync her shoes

to other wearables, such as a heart monitor or glucose level calculator or other

valuable data for Nike.

Some platforms differ from prosumer communities where a company

decides to cocreate products with its customers. With open platforms, a company

offers partners a broader venue for staging new businesses or simply adding

value to the platform.

Now with blockchain technology companies can quickly create platforms

and partner with others to create platforms or utilities for an entire industry.

Robin Chase founded Zipcar (a service aggregator) as well as Buzzcar (users can

share their cars with others), and is now the author of Peers Inc., a lucid book on

the power of peers working together. She told us, “Leveraging the value found in

excess capacity depends on high-quality platforms for participation. These

platforms don’t come cheap. The blockchain excels in providing a standard

common database (open APIs) and standard common contracts. The blockchain

can make platform building cheaper and manageable.” That’s just the beginning.

“Best of all, its common database makes for data transparency and portability: consumers and suppliers can pursue the best terms. They can also cooperate as

peers on the blockchain to create their own platforms, rather than using the

capabilities of traditional companies.”

35

Think of the car of the future itself. It would exist as part of a blockchain-

based network where everyone can share information, and various parts of the

vehicle can do transactions and exchange money. Given such an open platform,

thousands of programmers and niche businesses could customize applications

for your car. Soon such platforms could transform entire industries such as

financial services by settling all kinds of financial transactions and exchanges of

value. A consortium of the largest banks is already working on the idea.

Platforms are the rising tide that lifts all boats.

Wikinomics introduced the concept of ideagoras—emerging marketplaces

for ideas, inventions, and uniquely qualified minds, which enabled companies

like P&G to tap global pools of highly skilled talent more than ten times the size

of its own workforce. Firms use services like InnoCentive and Inno360 to

facilitate holding “Challenges,” “Digital Brainstorms,” and other techniques to

find the right temporary talent outside their boundaries to address critical

business challenges. It’s about using data to find the right talent to hack your

business for the better.

Talent—the uniquely qualified minds to solve problems—can post their

availability to the ledger so that firms can find them. Rather than InnoCentive,

think bInnoCentive. Individuals can cultivate not only a portable identity, but

also a portable résumé (an extended version of their identity) that can provide

appropriate information about them to potential contractors. Think a distributed

skills inventory owned by no one or everyone.

As every business becomes a digital business, the hackathon is an important

form of ideagora. Now with blockchain technology and open source code

repositories, every company could provide venues to geeks and other business

builders for problem solving, innovating, and creation of new business value.

Blockchains and blockchain-based software repositories will fuel such

activity. Companies can now use powerful new programming languages like the

Ethereum blockchain with built-in payment systems. An excerpt from a

conversation on Hacker News: “Imagine how cool it would be if I could share a

guid for my repo—and then your bit client (let’s call it gitcoin, or maybe just bit)

can fetch new commits from a distributed block chain (essentially the git log).

Github is no longer an intermediary or a single point of failure. Private repo?

Don’t share the guid.”

How cool indeed! (Well, maybe you didn’t understand one iota of that little

piece of coolness, but you probably get the idea.)

6. Blockchain Makers

Manufacturing-intensive industries can give rise to planetary ecosystems for

sourcing, designing, and building physical goods, marking a new phase of peer

production. It’s about making it on the blockchain. Just as a modern aircraft has

been described as “a bunch of parts flying in formation,” companies in most

industries are tending to disaggregate into networks of suppliers and partners.

Three-dimensional printing will move manufacturing closer to the user, bringing

new life to mass customization. Soon, data and rights holders can store metadata

about any substance from human cells to powered aluminum on the blockchain,

in turn opening up the limits of corporate manufacturing.

This technology is also a powerful monitor of the provenance of goods and

their movement throughout a supply network. Consider an industry close to all

our hearts (and other body parts)—the food industry. Today your local grocery

store may claim—and truly believe—that its beef is safe, raised humanely, fed

quality ingredients, and given no unnecessary drugs. But it can’t guarantee it. No

one keeps histories of single cows; bad things happen to good bovines. We trust

our hamburger with no means to verify. Usually it makes no difference; billions

and billions keep getting served. But once in a while, we get a glimpse of mad

cow disease.

The food industry could store on the blockchain not just the number of every

steer, but of every cut of meat, potentially linked to its DNA. Three-dimensional

search abilities could enable comprehensive tracking of livestock and poultry so

that users could link an animal’s identity to its history. Using sophisticated (but

relatively simple to use) DNA-based technologies and smart database

management, even the largest meat producers could guarantee quality and safety.

Imagine how these data might expedite lab tests and a community health

response to a crisis.

Knowing how our food was raised or grown is not a radical idea. Our

ancestors bought supplies at local markets or from retailers who sourced

products locally. If they didn’t like how a local rancher treated his cattle, they

didn’t buy his beef. But transportation and refrigeration have estranged us from

our foodstuffs. We’ve lost the values of the old food chain.

We could restore these values. We could lead the world in developing a

modern, industrialized, open food system with down-to-earth family farm values. Transparency lets companies with superior practices differentiate

themselves. The brand could evolve from the marketing notion of a trustmark—

something that customers believe in because it’s familiar—into a relationship

based on transparency. Surely food producers have an appetite for that.

7. The Enterprise Collaborators

Yochai Benkler spoke about how blockchain technology could facilitate peer-to-

peer collaboration within firms, and between firms and peers of all sorts. “I’m

excited about the idea that you have a fully distributed mechanism for

accounting, for actions, and for digital resources across anything; whether it’s

currency, whether it’s social relations and exchange, or whether its an

organization.”

38

Today, commercial collaboration tools are beginning to change the nature of

knowledge work and management inside organizations.

39 Products like Jive,

IBM Connections, Salesforce Chatter, Cisco Quad, Microsoft Yammer, Google

Apps for Work, and Facebook at Work are being used to improve performance

and foster innovation. Social software will become a vital tool for transforming

virtually every part of business operations, from product development to human

resources, marketing, customer service, and sales—in a sense the new operating

system for the twenty-first-century organization.

But there are clear limitations to today’s suites of tools, and the blockchain

takes these technologies to the next level. Existing vendors will either face

disruption or embrace blockchain technologies to deliver much deeper capability

to their customers.

What would a blockchain social network for the firm look like? Think

Facebook for the corporation (or simply an alternative to Facebook for you).

Because several companies are working on this, we can flash-forward a year or

two and here’s what we get:

Every user has a multifaceted wallet, a sort of portal into the decentralized

online world. Think a portable personal profile, a persona or identity that you

own. Unlike your Facebook profile, the wallet has diverse functions and stores

many kinds of personal and professional data and valuables including money. It

is also private to you and you share only what you want. You have pairs of

public-private keys that serve to anchor your persistent digital ID. While

multiple personas can be housed in the wallet for each person or company, let’s

assume that a wallet holds a single canonical persona anchored in a single key pair. A publishing system delivers a stream of information that you or your firm

will happily pay for—a colleague’s patch of new code, a summary of a

conversation with a new client, or—with the client’s permission—a tape

recording of a call, a Twitter feed from a conference that you couldn’t attend,

live stream of a client’s use of your new product, photographs of your

competitors’ booths at an industry expo, a Prezi presentation that seems to be

closing new business, a video how-to of something a colleague just invented,

assistance in completing a patent application, or anything else that you value.

There is advertising, perhaps from third parties or maybe from the HR

department about open enrollment or changes in insurance plans, but you, not

Facebook, get revenue or some reward for paying attention. This is called an

“attention market.” You could receive microcompensation for agreeing to view

or interact with an advertisement, or for feeding back in detail about a new

product pitch, or just about anything else, such as transcribing CAPTCHAs

40 or

scanned documents.

The news stream, publishing system, and the attention market all look

similar, but payments flow differently for each. Said ConsenSys’s Joe Lubin,

“You pay for publishing. Companies pay for your attention. The news stream

has no payment flow. I am happy to read your stream, because I value that social

connection, but I am not going to pay to see a picture of you and your buddies

drinking at a bar, or to read your opinion on the Blue Jays pitching staff.”

41

You also participate in or create topical discussion channels, where you

configure your privacy. Privacy is enhanced in other manners too. For example,

spy agencies can’t conduct traffic analysis because they are unable to discern the

source or destination of messages.

There would also be a nifty mechanism for finding people and feeds that you

might care about. In addition, distributed tools aggregate and present interesting

new people or information for you to follow or friend, possibly using

Facebook’s social graph to help out. Lubin calls this “bootstrapping the

decentralized Web using the pillars of the centralized Web.”

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Experience shows that value ultimately wins out in the digital age. The

benefits of this distributed model are huge—at least to the users and companies.

The huge resources of social media companies notwithstanding, there is no end

to the richness and functionality that we can develop in such an open source

environment. Compare the power and success of Linux versus proprietary

operating systems. Blockchain technologies ensure security. Your privacy is

completely configurable. No social media company can sell or leak your personal information to government agencies without your permission. If you’re

a dissident in a totalitarian country, no one can track what you have read or said

online. Because you own your data, you can monetize it along with your

attention and efforts. You share in the wealth of big data.

Companies too should be enthusiastic about their employees’ using such

platforms for business. To attract talent, firms need to show integrity and respect

their employees’ security and privacy. More important, as any firm works to

become networked, approaching talent outside its boundaries, they can offer up

such interenterprise collaborative platforms that their partners can trust. Time

will tell.

In summary, these are seven of the emerging business models whereby both

companies large and small can make it “rain on the blockchain.” Overall, the

open networked enterprise shows profound, even radical potential to supercharge

innovation and harness extraordinary capability to create good value for

shareholders, customers, and societies as a whole.

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