Five Minute Blockchain: "Regulators must act swiftly" • Gartner Top 5 Trends in Privacy • Open Sea Manager charged for insider trading • Experts predict shake-out for crypto market • Andreessen Horowitz bets on "golden era" for crypto
03.06.2022, 2022 • Newsletter • Issue No. 32
Five Minute Blockchain
Updates from the intersection of trust, content and blockchain.
This newsletter is brought to you by TruBlo. We are funding 45 early-stage blockchain ideas to explore new options for "trusted content on future blockchains". A list of all TuBlo projects can be found here: https://www.trublo.eu/projects/
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Updates this week
Estimated reading time: 3 minutes, 45 seconds. Contains 753 words.
TRUST
EXPERT: DECENTRALISED FINANCE RISKS CONCENTRATING ECONOMIC POWER AND EXERCERBARATING EXISTING INEQUALITIES
The promise of DeFi (Decentralised Financ) to democratice money and funding is far from reality, says Professor Eswar Prasad, in an opinion article for the Financial Times. The author is a professor at Cornell University and the author of "The Future of Money". He recommends specific regulation actions to mitigate the current issues.
Quote: "Regulators must act swiftly to head off the risks associated with decentralisation, while limiting unintended concentration of power. They must also corral DeFi products and services that have escaped oversight because of their technological novelty. The notion of community self-interest leading to self-correcting mechanisms that limit risks, and contentions that these products are by design safe and secure, are not tenable."
GARTNER: TOP FIVE TRENDS IN PRIVACY THROUGH TO 2024
From a new report by market analysts at Gartner: “By the end of 2024, Gartner predicts that 75% of the world’s population will have its personal data covered under modern privacy regulations. This regulatory evolution has been the dominant catalyst for the operationalisation of privacy,” says Nader Henein, VP Analyst at Gartner.
Predicted five top trends:
Data Localisation
Privacy-Enhancing Computation Techniques
AI Governance
Centralised Privacy UX
Remote Becomes “Hybrid Everything”
Read more details above each of the trends in the linked article.
FORMER OPEN SEA PRODUCT MANAGER ARRESTED FOR INSIDER TRADING NFTs
Former product manager for Opensea Chastain was responsible for selecting NFTs to be featured on Opensea’s homepage. “Opensea kept confidential the identity of featured NFTs until they appeared on its homepage,” the DOJ detailed. “After an NFT was featured on Opensea’s homepage, the price buyers were willing to pay for that NFT, and for other NFTs made by the same NFT creator, typically increased substantially.”
CONTENT
CUSTOMER LOYALTY AND CRYPTO: "TRY YOUR BEST" AIMS FOR A COMBINATION OF BOTH
Ty Hanes, a succesful entrepreneur in the clothing space, works on a new start-up to combine customer loyalty/customer rewards with crypto. The platform is called "Try your best" (TYB).
Quote: "Brands use TYB, which is built on the Avalanche blockchain, to build their own on-chain communities of loyal customers, Haney said. Through TYB, these brands can reward their customers for participation in the community with virtual coins, similar to loyalty points, that they can redeem in exchange for physical products."
A FUTURE WHERE DIGITAL AND PHYSICAL EXPERIENCE OVERLAPS
Quote: When people today imagine the metaverse, most probably envision a fully immersive virtual reality universe like the one Steven Spielberg created for the movie “Ready Player One.”But according to Megan Kaspar, managing director of Web 3 investment at incubation firm Magnetic, our future digital and physical realities will be far more integrated. Far removed from the pixelated platforms that are popular now and the cartoon PFPs that proliferate on Twitter, Kaspar believes the metaverse will be a blended, photorealistic experience in mixed reality that blurs the lines between human and computer.
COINBASE EXTENDS HIRING FREEZE
Coinbase is rescinding some accepted job offers and extending an existing pause on hiring new candidates as part of an effort to adjust to the macro environment and general volatility in crypto.
BLOCKCHAIN
DAVOS: IN INTERVIEWS EXPERTS PREDICT "SHAKE OUT" FOR CRYPTO MARKET
There are currently around 19,000 crypto currencies. In the current market downturn experts expect many of them to vanish. Some experts interviewed in Davos compare the current situation to the dotcom bubble around the year 2000.
Quote: "When you think about the blockchains ... there probably won’t be hundreds of different blockchains in 10 years, I think there’ll be a couple of clear winners for different kinds of applications" - Brett Harrison, CEO of cryptocurrency exchange FTX U.S, interviewd by CNBC
ANDREESSEN HOROWITZ BETS ON "GOLDEN ERA" FOR CRYPTO TECHNOLOGY WITH NEW FUND
The US-venture company has launched a new, $4.5bn cryptocurrency fund, despite the current downturn. The new fund is the fourth and biggest from Andreeesen so far. Total investment, including previous funds, will be more than $7.6bn when the new fund has invested the new money.
SHORT NOTES
The real reason why all crypto logos look alike LINK
How Mdou Moctar’s Music Went Viral Via Bluetooth LINK
Solana offline again, the fifth time in 2022 LINK
*Note: Last week we made a small mistake. The newletter was No. 31, not No. 36 as labeled. This week we returned to correct counting.
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