Blockchain technology explained simply irresistible
Driven by a very strong belief in the future of software-defined data center technology, Bank of America is steering its IT to almost total virtualization, from the data center to desktop. The technology does for the entirety of a data center what virtualization did for servers: It decouples hardware from the computing resources. Its goal is to enable users to create, expand and contract computing capability virtually, quickly and efficiently. The software-defined data center is not yet a reality. But there are enough parts of the technology in place to convince David Reilly, Bank of America's global infrastructure executive, that it is the future.
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- The 'crypto boom' may well be regulators' worst nightmare
- The financial workplace of the future series
- WTF are NFTs? And why are they currently so important?
- What are mixers and “privacy coins”?
- Bank of America sees software-defined data centers as 'irresistible'
- Jamie Burke: “Consider Blockchain and DLT as a new trust layer for the web”
- The next eara of Blockchain
- The Best 25 & Ico Marketing Videos
The 'crypto boom' may well be regulators' worst nightmare
Throughout this primer, the Metaverse has been positioned as both a successor state to the mobile internet, as well as a platform for human leisure, labor, and existence at large. The success of this vision depends on whether the Metaverse has a thriving economy. In Section VI , I discussed some of the technologies that help drive to this outcome. However, I skipped one of the most important interchange tools and standards: payment rails and services.
Over the past century, the number of payment rails has diversified as a result of new communication technologies, the increase in the number of transactions made per person per day, and the fact that the majority of purchases are not in physical cash.
These rails have different requirements, merits, and demerits. These fees make it particularly impractical for small sums to be transferred but are inexpensive for large transactions e. CHIPS, which is only available to 47 member banks, is the cheapest wire service, and therefore the default choice for banks.
Fedwire settles in real-time but is more expensive. Both solutions require a bank account. International wires typically take two to three days. Unlike wires, ACH is reversible and can be used to credit or debit accounts hence automatically paying your wireless bills. However, ACH is much slower than wires — from one to three days. The next day, the Fed sends the funds to the receiving bank, which must then deposit into the recipient account, which can take another day.
This produces several challenges beyond just one to two and a half days where neither sender nor receiver has the funds. However, ACH is considered much more secure and fraud proof than any other mainstream payment rail. Credit cards are another key payment rail. This process takes one to three days and typically costs merchants 1. To pay off credit cards, customers typically make an ACH payment. Credit card payments work in most markets globally. Like ACH, but unlike wires, credit card payments are reversible.
As a result, all transfers between users of the same payment platform are effectively just reassignments of money held by the platform itself. Given this, payments are instantaneous and when money is sent between friends and family, these platforms typically charge no fees. But when a business is paid, 1. There is no direct way to send cash from one digital payment network to another. In addition, many are US only. The various US payment rails tend to trade off security, fees, and speed.
No one is perfect, but more important than their technical attributes is their competition. There are multiple wire rails, multiple credit card networks, multiple digital payment processors and platforms.
Each of these competes based on their advantages and drawbacks, and even within one category, there are variable fees. Amex, for example, charges far more than Visa, but it offers consumers more lucrative points and perks, and to merchants, higher income clientele. The Fight to Control Payments in the Metaverse.
This economy is also large. It also poses no systemic financial risk, does not play a critical role in society, and has thousands of market participants and a dozen competing platforms.
This should lead to creativity, innovation, and competition in payments. In , arcade manufacturer Namco approached Nintendo about publishing versions of its titles, such as Pacman, on its NES console which, at the time, was closed and thus not a platform. In addition, it now applies to online microtransactions and DLC. For example, consoles like PlayStation and Xbox are sold below cost, which helps increase the number of console owners and therefore expands the addressable market for developers but means that profits must come from platform fees.
Furthermore, these platforms develop and maintain a number of proprietary tools and APIs that are used by developers for their games and operate player networks such as Xbox Live and PlayStation Plus, which support online multiplayer. And whenever a game purchase is made, these platforms must pay the underlying payment rail i. These arguments have some merits, as well as some flaws. Instead, the online services offered by the platforms are largely used to put extra distance between developers and players, and to lock both groups into hardware-based platforms.
Player entitlements trophies and game purchases are also forever locked to these platforms. Most iPhone customers would buy a smartphone irrespective of whether Apple existed or not, and whether it could play games. Or Bank of America? They do make, market, and maintain their devices and platforms. And they do face competition from other platforms — a household can just as easily buy an Android as an iPhone, or a PlayStation not an Xbox. These fees are sustained not just by platforms choosing to bundle their own services, but an industry-wide desire to avoid fee-based competition, as well as policies that prevent it.
And while a developer could leave those platforms, none can afford to skip the major platforms. Imagine if Tinder left iOS because Android offered one-third of the fees? All that would happen is an increase in iOS Bumble users and probably attrition of Android-based Tinder users, too. Sony even makes Fortnite pay its store fees in the event that PlayStation users purchase a disproportionate amount of V-Bucks through competing platforms.
For example, imagine a Fortnite player who spent hours playing on PlayStation and hours on Nintendo Switch i. But irrespective of whether the smartphone or digital ecosystems are suffering from market failure, the distribution model described above does significantly constrain the budding Metaverse ecosystem.
Businesses would have lower profits and thus a more limited ability to reinvest in new products, services, and offerings, while consumers would spend less, too. To maintain control, each hardware platform gatekeeps or cripples potentially competitive Metaverse-related technologies. Similarly, Apple prohibits applications from using its NFC chips for payments, thereby ensuring Apple Pay is the only digital payment solution that can use tap and go.
Cloud game streaming is another good example. Critics claimed it was because this disintermediates iOS from gamers and from developers, while also cutting them out of billing. Eventually, Apple relented — but it placed byzantine restrictions on these apps. Under these rules, for example, Netflix, a cloud video streaming service, would have to catalogue every single movie and show in the App Store, and users would have to download individual player apps to watch them, among other problems.
As a result, none of these services have launched on the iOS App Store. As a related aside, these platforms also reject applications based around nudity or pornography. This is sad for several reasons, one of which is the fact that XR stands to make sex work far safer.
Another issue concerns restrictions over player-purchases currencies. These are manageable constraints but also anti-consumer and anti-spending. Imagine if buying something from J. Crew required not just J. Crew Coins more on this in the next section but Westfield Mall J. Crew Coins which, when shopping at Mall of America J. Crew, could not be used nor even known. But few of these creators are making money. This is bad; more developer revenue means more developer investment and better products for users, which in turn drives more user spending.
This reinvestment spans three categories: research and development which makes the platform better for users and developers , user acquisition which grows network effects, value for the individual player, and revenues for developers , and developer payments which leads to the creation of better games on Roblox.
Roblox has doubtlessly enriched the digital world and led to hundreds of thousands of new digital creators. Overhead, sales and marketing should grow more slowly than revenues. However, this would unlock only a few percentage points to cover significant losses or marginally increase developer revenue shares. Infrastructure, which largely scales with usage and will become more expensive as the platform expands its concurrency capacity and expands into VR.
We already see this today. The most popular games in the world, such as Fortnite, Roblox , and Minecraft , are designed to run on all endpoints, and none requires nor succeeds because of specific hardware nor are they optimized for any specific devices, either. If value in the Metaverse will be primarily driven through virtual worlds and virtual creations, rather than better phones, then we want the most profits going to developers of the virtual platforms and the developers on them.
This is why Facebook, which lacks a major operating system, is investing so heavily in Oculus. Apple's default position is that all the products created in and on platforms that are distributed by iOS should be instead individual 'apps' that can be purchased on its App Store. As a result, Apple is always the platform a consumer uses to access an app and that a developer uses to build, distribute and monetize their apps.
Both of these companies are successful, profitable, and defensible today. And this is because the operators of these rails use them to control the Metaverse and prevent disruption. Apple has outlawed the metaverse. The principle they state, taken literally, would rule out all cross-platform ecosystems and games with user created modes: not just XCloud, Stadia, and GeForce NOW, but also Fortnite, Minecraft, and Roblox.
The company can interpret the guidelines however it chooses, enforce them when it wants, and change them at will. This control is good for Apple, but bad for the Metaverse economy. This is why all of the major NFT platforms and blockchain-based worlds are browser-based and lack console releases and mobile applications. However, these console and mobile platforms control their browsers and, as mentioned earlier, do not support common and open standards for complex rendering, rich user input, and more.
As a result, developers are forced to choose between impractical fees or mediocre experiences. Crucially, we have some view of what happens when digital payment rails are cheap and flexible. This, in turn, made it easy for Tencent to build up the domestic video gaming industry, too, which would have been much harder given the lack of credit cards across Asia. Alibaba started from a different point, beginning as a marketplace, but the need to pay for goods digitally led to the same result.
As a result Tencent, Alipay, and most recently Sea Limited through its game products have become some of the biggest digital payment, virtual currency management systems in the world and seem poised to continue so long as their governments allow them.
In the West, these systems would normally be at the mercy of the hardware gatekeepers. However, Tencent grew so powerful so rapidly in China that it even holds leverage over Apple, who allows it to process payment for its Mini Programs without taking a cut.
The financial workplace of the future series
It is a high-risk, high-reward enterprise to write a scholarly monograph on an emerging technology when its societal use, economic worth, and even its technical design are still in flux. With little empirical material with which to work, one often has to resort to extrapolating the future developments from the myriad seed of possibilities of the present. Yet, there are moments in time when undertaking such an enterprise seems inevitable, because there is a rough consensus that the emerging technology represents more than just an incremental improvement of already existing routines, and promises—or threatens—a disruption of the status quo. Such is the case of blockchain or distributed ledger technologies. The enthusiasm surrounding blockchain is understandable. The technology was born in the crypto-anarchist underground of the Internet. In less than a decade, the original Bitcoin white paper 1 was turned into a rich, functional, planetary-scale technology ecosystem in a bottom-up fashion, by a rapidly growing group of technologists, investors, and entrepreneurs, sporting grand techno-solutionist visions of how to change the world.
WTF are NFTs? And why are they currently so important?
Before addressing those I wanted to put the Mondex program into some historical context. There were no SDKs — although actually we did build a precursor to one of those — or APIs and the idea of remote payments was still in its infancy although we did that too. Deep in the mists of time that is to say, the earlys , I led the team from Consult Hyperion responsible for Mondex specification, design and development. There were two main reasons for their demise, one technological and one business. The concept was ahead of the capabilities of the underlying technology. The promoters of the schemes retail banks and payment brands did not target particular niches where there may have been a business case I always thought car parking might work but instead blanketed retail outlets in particular cities or small countries. So, mostly unused devices were put under the counter, and people forgot about the schemes after an initial blaze of publicity. But how could a digital Pound actually work? As it happens, this is something that Consult Hyperion knows rather a lot about. Apart from our work on the first British central bank digital currency Mondex back in the s, our work on the first population-scale mobile money scheme M-PESA in the s and our work on the most transformational contactless payment roll-out Transport for London in the s, our practical experience across implementation platforms means that we understand the architectural options better than anyone.
What are mixers and “privacy coins”?
Six months ago, Samsung phones exploded. Today, with arrival of the Samsung Galaxy S8, they are hugely desirable. As dramatically as it fell from grace with the Note 7 , Samsung has returned with a phone that rewrites the rulebook on smartphone design. The Samsung Galaxy S8 isn't the first phone to sport a near bezel-free front.
Bank of America sees software-defined data centers as 'irresistible'
Blockchain is the perfect example of an emerging technology that explainer videos can do wonders with. Sometimes, you want to simply mention it. Sometimes it can be tricky to create a video that explains highly technical concepts. In those cases, it is effective to use all the tools at your disposal. For Buglab, 2. You get a sense of the high production value of the video and the amount of work that went in to creating it, and that contributes a lot to its success.
Jamie Burke: “Consider Blockchain and DLT as a new trust layer for the web”
Sarah S. Mulaji, Sumarie S. Blockchain has become an irresistible disruptive technology with the potential to innovate businesses. Ignoring it may in itself result in a competitive disadvantage for organisations. Except for its original financial application of cryptocurrency, more applications are being proposed, the most common being supply chain management and e-voting systems.
The next eara of Blockchain
The first time I came across the blockchain technology was in when I was invited to participate in a seminar on bitcoin. At the end of the seminar, I went away amazed at the concept of cryptocurrency but confused as to what exactly were bitcoin and blockchain. The biggest value that blockchain offers is transparency.
The Best 25 & Ico Marketing Videos
Meme cryptocurrency token Shiba Inu has surged nearly 68 percent in a week, outpacing its rival token Dogecoin and establishing its place at nine in the top 10 cryptocurrencies based on market capitalisation. Shiba Inu, which was created in August by an anonymous person who uses the moniker Ryoshi, is modelled on Dogecoin. The coin has been named after the Japanese dog breed, Shiba Inu. Ethereum is a community-run blockchain technology powering the cryptocurrency ether ETH.
Course 1 of 4 in the Blockchain Revolution Specialization. In this first course of the specialization, we will discuss the limitations of the Internet for business and economic activity, and explain how blockchain technology represents the way forward. After completing this course, you will be able to explain what blockchain is, how it works, and why it is revolutionary. You will learn key concepts such as mining, hashing, proof-of-work, public key cryptography, and the double-spend problem. The content presented by world recognized experts convers all the different facets of a fast and fascinating topics. I think it is the best way to get started before looking deeper in the topic. Like every revolutionary technology, the blockchain has its upside and its downside.
Charles Bouffier Eden Gall. The craze around these assets of a new kind is more and more prevalent, and many actors join the world of NFT: graphic artists  , musicians  , directors  , to creators of memes and collectible images . The business world is not left out, many companies perceiving in the NFTs a unique potential for growth. In addition, new players entirely dedicated to NFTs are emerging.