Ether Review #71 — David Bailey on Po.et & the MtGox/BTC-e Connection
David Bailey, CEO of BTC Media, discusses the recent shutdown of BTC-eand its mysterious connection to the MtGox hack which led to the exchange’s demise in 2014. He also introduces Po.et, a revolutionary proof-of-existence blockchain platform.
The arrest of Alexander Vinnik and seizure of the BTC-e website by the FBI in late July shed some long-awaited light on the cold case of the 650,000 bitcoins which went missing from MtGox over several years from 2011 to 2013. Upon his arrest, WizSec released a comprehensive report detailing their findings on the matter, and stating that “Vinnik is [their] chief suspect for involvement in the MtGox theft (or the laundering of the proceeds thereof).” [Read more about the developing timeline of the MtGox/BTC-e connection & the lasting regulatory legacy of the hack.]
Bailey also talks about BTC Media’s partnership with Po.et, whose proof-of-existence mechanism uses hashing to allow media producers to timestamp and license their content in an unalterable system which will verify and automatically issue digital ownership. Po.et combines this timestamp with metadata about the published content to build an open ledger of media assets which includes information such as the original URL, the word count, the author’s name and the publisher.
Po.et also enables split-equity and payments terms for writers whose work is published by BTC Media, as well as different licensing agreements. Other use cases include the re-monetization of old content and individual profile management systems for employees of media outlets.
The Po.et platform will ultimately build a digital fingerprint of each author’s history and preserve their portfolio on a blockchain, revolutionizing the way in which digital content is published, leveraged and monetized.