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Stephan February untangles Overnode, P2P networks
Stephan February untangles Overnode, P2P networks

Coin Geek

time02-06-2025

  • Business
  • Coin Geek

Stephan February untangles Overnode, P2P networks

Getting your Trinity Audio player ready... On the latest episode of the CoinGeek Weekly Livestream, Stephan February, architect of Overnode, joined Kurt Wuckert Jr. to tell him about his latest project. This episode was an insightful deep dive into peer-to-peer (P2P) networks, the use cases for micropayments, and more. title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen=""> Who is Stephan February and what is Overnode? February has been on the CoinGeek Weekly Livestream before. He's a coder and dedicated BSV builder who has developed software, token protocols, and much more. 'Overnode is not a wallet, but it has a wallet built into it,' February explained. It's a native mobile app that joins two networks; its own peer-to-peer mobile network and the Bitcoin network itself. Overnode has its own P2P network, so it can do Simplified Payment Verification (SPV) and exchange arbitrary data separate from the Bitcoin network, February noted. What is the practical use of Overnode? February explained that Overnode was born out of an obsession with computing and P2P networks in general. He doesn't want to have a backend for it; unlike other apps, there's no server to coordinate user activity. This will be local-first for data and will not have such a server. February wants Overnode to be as useful as Twitter, Slack, and Telegram. He envisions micropayment-incentivized rules in Spaces, such as someone being able to pay .1 BSV to grab the mic and shut everyone else up for a minute in a Space. He also sees how micropayments could be useful for invite-only Spaces, paying hosts, banning specific identities, and so on. Unlike in Bitcoin, where P2P means person-to-person, in Overnode, it means peer-to-peer networks. Overnode is a P2P gossip network resembling a mesh; once he properly grasped it, he saw how all sorts of use cases are possible. What are the incentives to run and secure Overnode? Looking back to torrent networks, February explained how there are seeders and leeches. The latter contributes nothing to the network, and he has a few choice words for them. These networks relied on altruism, but that's not necessary now that we have micropayments. With them, we can financially incentivize hosting, connecting, sharing, etc; you can get paid for people moving, storing, and sharing data in the network. Having this network of incentivized operators that assist in the liveness of data further opens up the potential for what is possible, all without the need for an expensive backend server. Wuckert noted that Satoshi Nakamoto preferred true peer-to-peer transactions, with IP addresses being the original way. Paying public keys was seen as an OK compromise if the user was offline. He thinks Overnode could bring back many of those original ideas; it's somewhat cypherpunk in that sense. February said he wanted to go back and re-examine some of the assumptions from the cypherpunks in the early 2000s. As he builds out Overnode, he realizes he is architecting systems of serverless interaction, and he can see the beginnings of a circular data economy which can evolve. For example, he can curate information and charge a fee for access. How will you get past Overnode becoming a tool for grey and black markets? February said he only cares to the extent that he doesn't want it to be used to harm people. However, he is also trying to build the application in such a way that harm reduction incentives are implemented at the edge without infringing upon the liberty of individuals. There will be tools to allow individuals to distance themselves from this 'dark' activity. As with the Internet, there are ways to distance yourself from it. For example, there could be curated, verified marketplaces that are known as safe. What is the problem that Overnode solves? February isn't sure this is a problem for most people, but it is for him. He doesn't like how the Internet has evolved over time, and he doesn't like how human interactions are brokered by web browsers and social media platforms. He's always been interested in what the world would look like if we had Bitcoin in the heyday of P2P networks in the late 90s and early 2000s. While the platform model is great for many things, coordinating human activity is one. But there are downsides, and he wants to enable peer-to-peer interactions with true data privacy. Essentially, it's his contribution to trying to solve the platform dystopia we find ourselves in. To hear more about criticisms of Overnode, what adoption might look like, why tokens aren't products, and more, check out the livestream episode here. Watch: Peer-to-peer electronic cash system—that's micropayments title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">

TEA Malta Highlights: Transparent accounting for the digital age
TEA Malta Highlights: Transparent accounting for the digital age

Coin Geek

time28-05-2025

  • Business
  • Coin Geek

TEA Malta Highlights: Transparent accounting for the digital age

Getting your Trinity Audio player ready... The second Triple Entry Accounting (TEA) Conference took place at the Salini Resort in sunny Malta. The location was perfect for two days of discussing the academic and commercial opportunities surrounding Triple Entry Accounting while enjoying each other's company in the evenings, thanks to organized dinners and outings. title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen=""> Our group consisted of academics, auditors, entrepreneurs, inventors, students and other professionals interested in the future of triple entry accounting. Everyone in the room was engaged from start to finish each day, actively listening to presentations, asking questions and providing feedback, all conducted in a roundtable format. For those who are not aware, triple entry accounting creates tamper-evident, decentralized ledgers by adding a third, immutable entry shared among all parties involved. Blockchain is an implementation of triple entry accounting. Ian Grigg, the inventor of Triple Entry Accounting (and Ricardian Contracts), was the conference Chair and was crucial in inspiring the discussions. 'TEA is an exotic thing and there are a bunch of professionals out there who found it to be very interesting and we're all wondering what happens next,' Grigg shared with CoinGeek. 'So the goal of the conference is to bring as many of those people together and start swapping anecdotes and discussions and ideas about how to make it move forward,' he said. Arthur Doohan, Co-Chair of the TEA Conference, said the purpose of this conference and those that follow are to provide a focus for academic research and perhaps a clearing house for those who are practically trying to use it. 'Basically to foster the development and the utilization of triple entry practices,' he said. Renowned artificial intelligence (AI) expert Konstantinos Sgantzos, head of the environmental subsector of Megalopolis lignite mining directorate at PPC Group, believes TEA is a 'hidden gem' that needs to be projected in today's world. 'I think [TEA] solves problems that nobody saw…nobody saw those problems emanating before Triple Entry Accounting,' he said. A recent Block Dojo graduate, Bridget Doran, founder/CEO of Traceport, was also in attendance and said TEA had interested her for many years. 'I think that just the concept of triple entry accounting is what's really basic and so to hear all the different ideas and ways that it can be implemented is exciting,' she said. Throughout the two days, many real-world use cases of TEA were presented, including everything from Hollywood to auditing, informal savings groups, government-issued benefits and AI. 'Hollywood's famous for having opaque or fake accounting systems and depreciation schedules and things that can't be monitored or audited without a lot of money,' shared Ted Rivera, the founder of Block Chain Studios, LLC. 'And so I think triple entry accounting is just giving us a verifiable third party record that's immutable and auditable in real time,' he added. Torje Vingen Sunde, co-founder & CTO of Abendum, has a background in auditing and has made it his life's mission to get everyone onto a TEA system. 'We're not replacing the auditors. We're making the nature of the occupation much more attractive,' he shared after his presentation. 'We're automating the repetitive, less interesting, some would say boring, parts of the work, and we let the auditor spend more time on the interesting part of the work, which is getting to know the business, knowing the industry, using the evidence and putting everything together,' he said. Hakim Mamoni, Liquidity Controller of HoverTrusts, presented on informal saving groups, essentially groups of people who want to help each other save money. 'Those people are mostly managing cash. Triple entry accounting can help them create a system where it becomes more transparent for all the members of the group to see how the cash is being managed how where the cash is being lent, who is contributing correctly, who is paying their loans, etc etc,' he shared. The TEA Conference Manager, Andre Bonello, presented his vision on harnessing TEA to help families in need. 'In Malta and in Europe, there are a lot of people who are suffering from poverty and we can use technology to help these people,' he explained. 'Through the concept of CBDCs, there will be a specific currency dedicated to these people so they can have essential needs, such as food and medicine for them and their loved ones, so with the help of triple entry accounting, this could be done and it will be transparent, accountable,' Bonello added. Sgantzos talked about the synergies between AI and TEA, an area he is particularly passionate about. 'This era from the first model, ChatGPT, up until now, keeps pushing new data out that is created from AI. So the original information that came from humans, which are the original useful information, is constantly declining. So we need to mark this kind of content and there is no better way to do it than triple entry accounting and distributed ledger technology,' he explained. Educating newcomers on TEA was another focus of the event, particularly university students who were delighted to have the opportunity to attend. Robert Sciberras Herrera, a student at the University of Malta, said his main takeaway was how TEA can remove the repetitive nature of auditing, which is precisely what Sunde presented. '[TEA] could snatch that part of the repetitive work from the audit profession, and the practitioner could just focus on the theoretical aspects rather than the laborious, repetitive tasks,' Herrera shared. Thanks to thoughtful presentations, group discussion and engaging evening activities, everyone walked away from TEA Conference 2025 with a wonderful experience and excitement about what the future holds in this space. 'We saw through these presentations that people come up with a concept, with a purpose, with a goal for the future, which is very exciting,' said Bonello. 'There are all kinds of people; there are students who came here who do not understand about this system and who do not know anything about blockchain, but they're excited and they are here and we are here all together,' he added. Watch: Utilizing Triple Entry Accounting title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">

Unveiling startup secrets at the BUILD Startup Festival
Unveiling startup secrets at the BUILD Startup Festival

Coin Geek

time14-05-2025

  • Business
  • Coin Geek

Unveiling startup secrets at the BUILD Startup Festival

Getting your Trinity Audio player ready... Building a startup in the Philippines' rapidly growing tech ecosystem presents both promises and pitfalls. Startups face the daunting task of turning a great idea into a real-world impact. At the recent BUILD Startup Festival, hosted by the Sinigang Valley Association, CoinGeek delved into how startups can successfully navigate the path from concept to scale. Here's what we uncovered from founders and industry leaders: One of the key drivers of growth? Fintech. title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen=""> Franco Varona, Managing Partner at Foxmont Capital Partners, said the market shift has been a game-changer. 'This is a country that now, for example, does 50% of their financial transactions online. This only happened again over the last five years,' Varona pointed out. He also noted how policy support has played a pivotal role, saying, 'The government in the Philippines, I think it's safe to say, is the most supportive it's ever been to the ecosystem in its current state… actually investing directly in startups.' But the path to traction isn't smooth. Constantin Robertz, Co-Founder and CEO of LOCAD, a logistics startup that streamlines e-commerce operations, got real about the startup hustle, noting that one challenge is, 'Finding customers that will believe in you when nobody else will.' He also emphasized the danger of overengineering, pointing out, 'In 90% of the cases you overbuild… as opposed to nailing a very specific use case very well.' Meanwhile, Candice Quimpo, Co-Founder of Imaginable Impact, highlighted how inclusive teams outperform by design, not by accident. 'Diversity translates to better outcomes because you start looking at the problem differently,' she says. 'Startup allows us to look for solutions and to innovate, so that everybody benefits.' For those seeking capital, Varona shared what investors are really looking for. 'The first thing we need to do is immediately think of you, your business, your problem—and you need to stand out,' he stated. He also praised the strategic mindset of local founders: 'Filipino founders have actually been quite good about making sure that the fundamentals of the business are there in place before chasing that growth.' And if there's one mindset that resonated throughout the festival, it's this: building a startup isn't a sprint—it's a long game. Founders need to think beyond quick wins and focus on sustainable growth. As Robertz puts it: 'Every company is built one step at a time… we underestimate what we can do in three years or five years.' Key takeaways from BUILD: Build trust with early customers and believers Don't overbuild—solve a specific use case well Diversity drives better problem-solving Government support provides real leverage Want funding? Stand out and show traction From the rise of fintech to the fundamentals of scaling, this year's BUILD Festival proved that the Philippines is more than ready for high-impact entrepreneurship. With the right strategy, team, and mindset, your idea could be the next big success story. Watch | The Philippines startup boom: Highlights from Sinigang Valley Build Startup Festival title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">

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