Municipal Bonds on a Gigabit Blockchain

The Metro Open Network would be a community-owned open-access gigabit fiber network with embedded blockchain technology

The Metro Open Network

This network will initially focus on the unserved and underserved parts of the New York City Metropolitan Area.
According to a New York Times article, the United States ranks in 14th place behind countries like Sweden, Japan, South Korea, Romania and Macau in fiber connectivity. The fastest are in countries where the government has paid for fiber upgrades. But in the United States it has been left to cable and telecom companies, which have been slow to make the investment.
Christopher Mitchell

Christopher Mitchell, Director of the Community Broadband Networks Initiative at the Institute for Self-Reliance

From a Crain’s New York article, “It’s foolish to think that we can just leave it to the market to use this limited space under the street efficiently,” Christopher Mitchell, Director of the Community Broadband Networks Initiative at the Institute for Self-Reliance, said. “The fiber needs are tremendous, and if New York over time can expand access to a lot of fiber at low cost, we’ll see all kinds of [innovation].”
The New York City Metropolitan Area needs a vastly expanded fiber network to attract startups and create a thriving independent business community.

Chris Dixon

AS THE INTERNET has evolved over its 35-year lifespan, control over its most important services has gradually shifted from open source protocols maintained by non-profit communities to proprietary services operated by large tech companies. As a result, billions of people got access to amazing, free technologies. But that shift also created serious problems.

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Searching for Good Jobs in NYC

Ask, and it will be given to you;
Seek, and you will find;
Knock, and it will be opened to you.
~ Matthew 7:7

Seven Magazine Cardi B

Click the image above for
A rough draft of Seven Magazine.
One major problem of economic opportunity in New York City is the lack of government contracting opportunities for Blacks and Latinos. While Blacks and Latinos make up about 54 percent of the New York City population, they only received 0.55 percent ($84.4 million) of the of the $5.3 billion in city contracts given out in fiscal year 2016, according to a report from Comptroller Scott Stringer.

Comptroller Scott Stringer report

In November 2018, the unemployment rate was 3.7%. This is great but the problem is that millions of people are still unemployed or underemployed.
Yet we need more than just jobs alone. We need good jobs. According to the Social Security Administration 51.4 percent of all Americans make less than $30,000 per year which is only slightly higher than the poverty guideline for a family of four of $24,250. 1 in 5 people in New York City live below the poverty level.
Small businesses account for a large share of the United States’ GDP. A subset of firms that are young and high-growth generate a large share of new jobs. Locally owned firms have been found to generate greater local economic ripple effects than chain establishments or other non-locally owned companies…. the Small Business Administration, for example, attributes almost half of private nonfarm GDP and almost two-thirds of net new private-sector jobs to what it calls small businesses.
[Yet a]cross the 16 programs in 14 states examined, large companies are receiving 80 to 96 percent of the subsidy dollars, and somewhat smaller but still very disproportionate shares of the deals (indicating that deals granted large businesses are more lucrative). Overall, big businesses received 90 percent of the $3.2 billion awarded, and 70 percent of the deals.
For example, in New York City, 80 percent of $82,471,363 in deals went to large firms.

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The Pistis Card: Good Jobs and Financial Health

History’s greatest figures achieved success by having pistis, “trust; commitment; loyalty; engagement.”

Pistis Card

It’s a sad truth of American life that the poorer you are the more you pay for banking.
For example, according to the Wall Street Journal, banks and other financial firms in 2016 generated $33 billion in fees related to overdrafts on checking accounts, this is the highest level in seven years. The Consumer Financial Protection Bureau (CFPB) has compared overdraft fees to a short-term loan with a 17,000% APR!
Mehrsa Baradaran, associate professor of law at the University of Georgia, and author of How the Other Half Banks, writes “As the banks are set up currently, the fees they charge are meant to dissuade small accounts, or accounts by people whose incomes are minimal and very uneven.”
As Baradaran writes in her book’s introduction, the banking industry has stopped serving those who are “too poor to bank”, pushing them into the arms of non-bank service providers to provide the most basic services: to cash pay checks, pay bills or transfer money. In exchange, she calculates that they fork over up to 10% of their income for these services.
In some cases, they don’t have an option: a bank may refuse to open an account for them. And banks have long been trying to “discourage” their smaller customers: fees on accounts where balances dip below a specified level even briefly can look extremely costly to a low-income household.

Financial Health

Financial Health for Everyone using Artificial Intelligence and Blockchain Technology
Our vision is an audacious one: to increase the number of individuals with positive financial health and well-being. To achieve financial health, people need day-to-day financial systems that build long-term resilience and opportunity. Financial health enables family stability, education, and upward mobility, not just for individuals today but across future generations. Promoting financial health is good for the American economy. Financially healthy consumers drive new opportunities for increased engagement, loyalty, and long-term revenue streams. Lasting financial health also has a positive macroeconomic impact on communities at local, regional, and national levels.
We are developing a financial adviser system with several artificial intelligence (AI) capabilities to help achieve this goal. This system learns from historical data to predict the account balances of individuals for a future time period, identify the recurring charges in their spending, determine unexpected large expenses, and analyze the category-wise spending behavior of user groups.

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Postal Banking using Blockchain and AI

In January 2014, The USPS Office of Inspector General published a white paper that endorsed a concept postal unions have quietly supported for years: The Postal Service should provide basic financial services to the 68 million American adults who don’t have bank accounts or who have limited access to bank services.
At his swearing-in ceremony in November 2013, APWU President Mark Dimondstein championed the idea – although he expressed it very differently than the OIG ever would. “To protect our jobs, we must enhance postal services,” Dimondstein told an audience of union members and friends. “Services such as basic, non-profit banking would be a great and real benefit to the people of this country, and a good answer to what I call ‘the Wall Street Banksters,’ who devastated the economy and with it the lives of millions of people.”
Soon after publication of the OIG paper, Sen. Elizabeth Warren (D-MA), who serves on the Senate Banking Committee, posted a blog supporting the idea. “If the Postal Service offered basic banking services – nothing fancy, just basic bill paying, check cashing and small dollar loans – then it could provide affordable financial services for underserved families, and, at the same time, shore up its own financial footing,” she wrote. Postal services in many other countries that offer such services have seen their earnings increase dramatically, Sen. Warren pointed out. Sen. Bernie Sanders (I-VT) also supports the concept.
In April 2018, Senator Kirsten Gillibrand (D-N.Y.) introduced legislation that would require every U.S. post office to provide basic banking services. “This is a solution to take on payday lenders, to take on the problems that the unbanked have all across the country. It’s a solution whose time has come,” Gillibrand said in an interview.

Services that could be available to U.S. consumers with a postal banking system
in place.

Postal Banking is Successful Around the World
91 percent of postal services worldwide offer financial services, serving 1.5 billion people. According to the Universal Postal Union, this makes the postal sector the second largest contributor to financial inclusion worldwide,” right behind the banking industry. Financial inclusion is the idea of increasing access to banking services for people who have traditionally been excluded. The concept of postal banking is not new to these shores. During the first half of the twentieth century, the United States Postal Savings System was a great promoter of financial inclusion, especially or new immigrants.

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The Jackson Administration Will Issue Blockchain Bonds

The Jackson Administration will move blockchain technology forward by issuing government securities using distributed ledger (blockchain) technology.

Terrance Jackson 2020

Our faith in the promise of America will move mountains and unleash unsuspected human potential where nothing will be impossible for us.
And Jesus answered and said to them, “Truly I say to you, if you have faith and do not doubt, you will not only do what was done to the fig tree, but even if you say to this mountain, ‘Be taken up and cast into the sea,’ it will happen.
~ Matthew 21:21


Treasury sets $78 billion auction as it’s on track for topping $1 trillion in issuance

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EB-5 investment in New York

Chinese nationals, who often seek visas so that their children can receive an American education, account for a large percentage of EB-5 investors.
I recently connected with the VP of AI and Machine Learning at Unity Technologies, and we exchanged a couple of emails. This has led to our decision to having our students develop apps with the Unity game engine after building our chess-playing robot.
We are also working on having a group of students attend Unity Unite in Los Angeles in October.
On Thursday, November 15th @ 7 pm at the Larchmont Public Library, I will demo CHHE, an intelligent restaurant recommendation app and give a talk on applying artificial intelligence to local retail.
In addition, we are working on a Pokémon Go-type game called Ask, Seek, & Knock that will incorporate a new blockchain protocol called Avalanche.

Danny Lange

Yong Zhao
Yong Zhao books

Yong Zhao is a Foundation Distinguished Professor in the School of Education at the University of Kansas.
TJ: The EB-5 visa grants permanent U.S. residence to anyone investing a half million dollars in a U.S.-based development project. Eighty percent of EB-5 recipients are Chinese. According to a NPR report, Bryan Withall of Sino Outbound estimates that 70 to 80 percent of families are pursuing EB-5 visas for their children’s education. As “Wang” tells us:
I’m only doing this for my son’s education. He is in a good local school, but all they do is study for tests. The Chinese education system turns everyone into the same type of person.
Chinese students score higher than American students on international tests but many Chinese parents still want their children to be educated in the United States. Can you explain this?
YZ: I’ve written about this in various places, most extensively my book Who’s Afraid of the Big Bad Dragon: Why China has the Best (and Worst) Education in the World. The simple answer to this paradox is that test scores are not good indicators of education quality. In fact attempts to pursue test scores can be counter productive, damaging what actually matters for success in life, such as confidence, creativity, and love of learning.

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Ask, Seek & Knock to Use Avalanche Token

Ask, Seek & Knock will use the Avalanche token and be featured in the documentary I Could Be… Power Comes From Faith.

Avalanche token

Demystifying “Snowflake to Avalanche”
Not every day that somebody in the field of distributed systems, comes out and says “I have a new breakthrough to tell you about”. However, recently, Prof. Emin Gün Sirer, from Cornell University, said that he does.
Avalanche comes in and combines the best of Classical Consensus Protocols and Nakamoto Consensus Protocol:
  • Quick finality and low latency: That is, it takes around 2 seconds to achieve finality across the globe. This basically means that after 2 seconds, you can get your payment processed and verified.
  • Higher throughput: 1000–10,000 transactions per second.
  • Robust: The network does not need to agree on who the participants are to achieve undeniable consensus.
  • Quiescent protocol: Most importantly, the protocol is green. That means that it is sustainable, it does not waste any energy, and that there is no special ecosystem of miners with their own separate interests from the users.

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