Blockchain & bitcoin
With massive trading volumes and market capitalizations for some of the larger crypto-currencies rivaling that of some of the worlds largest corporations. Some people buy Bitcoin because they want to store their money somewhere other than a bank. Some buy Bitcoin as an investment, believing that its price a few months or years from now will be substantially higher than it is today. And some people purchase Bitcoin as a means of investing in companies that raise money through an ICO, since equity in those companies cannot be purchased with traditional currency.
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Blockchain & bitcoin
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Content:
- It’s hard to tell when the crypto bubble will burst, or if there is one
- Build a custom email digest by following topics, people, and firms published on JD Supra.
- ‘This is my life’: The 29-year-old crypto star in charge of $3.6b
- Why is the Indian government cracking down on cryptocurrency?
- Web3 is the future, or a scam, or both
- Blockchain and IP Law: A Match made in Crypto Heaven?
It’s hard to tell when the crypto bubble will burst, or if there is one
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To learn more or opt-out, read our Cookie Policy. So what exactly is Web3, and why is everyone in Silicon Valley obsessed with it? Web3 is a world-changing opportunity to make a better version of the internet and wrest it away from the behemoths who control it today. Web3 will make some people a lot of money. But many other people will lose their shirts on it.
You can explain why Web3 is a fundamental remaking of the internet, and some people will take you very seriously. I see and hear Web3 pitches, debates, and dunks daily. Maybe the fact that the stock market in general — and the tech sector specifically — has been tumbling in recent weeks will cool interest in this stuff eventually.
This stuff also makes people irrationally angry — even by Twitter standards. No surprise: These men have a lot to gain and lose, depending on the way this shakes out.
Which means maybe people like Tina He, a year-old product designer-turned-startup CEO, will be right. She thinks Web3 is a big, big idea, big enough to transform her life and the lives of people around the world. That techno-optimism is bracing when you hear it on the phone.
In print, it can seem like a fairy tale. Which is why a flurry of tech workers who are already very well compensated are leaving their current gigs at established web 2. But I found enough smart, thoughtful people who are genuinely fascinated with this stuff to make me think that there still may be something here, even while so much of it is nonsensical or worse.
You might want to, too. Blockchain tech has been around in some form for more than a decade, and for much of that time most people who thought about it focused on bitcoin, the digital currency created in that was most closely associated with blockchain.
Now you can actually do some things with the blockchain. Not many things, yet. And most of it is still about buying and selling stuff — except now instead of digital currency, you can also buy and sell digital art, or plots of digital land or other items you can earn in a handful of video games.
They believe it will bring about a remaking of the entire internet. Hence the name. Web2 was about converting the time people spent on the internet, and all the content they share online, into real businesses, and then consolidating those businesses into massive operations that now seem too big to fail think Facebook and Google. But with Web3, the argument goes, you take control back from the Facebooks of the world. And, for the most part, theoretical.
But: The blockchain lets people create their own money, without permission from any country or bank. And crucially, the new services could be owned, in part, by the people who built and use them.
And some of the interest in Web3 comes from political fears, real or imagined: You might like the fact that Donald Trump lost his social media access a year ago, but you should also be worried that a handful of companies could deplatform the former president of the United States, Web3 advocates say. And even if they did, there would be other platforms on Web3 for Donald Trump — or any other person you like, instead of loathe — to set up shop instead.
So in its yet-to-arrive shape, it could be anything. That new part sounds great. Sports scores delivered to your desk instead of a nightly newscast or a daily newspaper.
Sending an email to someone on the other side of the world instead of dropping a letter into a mailbox. Fill in your own blanks. So what else is there? Right now, not much, many Web3 advocates concede. But they also argue that I should broaden my mind. Deeply strange pic. NFTs barely existed two years ago. This seems as bubble-y as a bubble can get.
The fact that NFTs are supposed to be automated contracts that cut out the need for humans to review and approve their terms and execution means that a you can apply the technology to any digital good and b you can write interesting rules into the contract that, say, pay the original creator of the NFT a slice of the transaction price any time the asset is sold.
That could, in theory, create new ways to fund and profit from all kinds of new projects, and it might make more sense than traditional models. Mirror , for instance, is a Web3 version of the online publishing platform Medium: an easy way to write stuff on the internet. Does that make it more interesting than regular Medium, which sells subscriptions to bundles of writers using regular old credit cards, or Substack, which sells subscriptions to individual writers using credit cards?
Meanwhile, other Web3 believers think the most important part of the tech has nothing to do with buying stuff. Other nonsensical DAOs include one that wants to buy an NBA team , or one that bought a rare-ish copy of a Dune book and thought that would give them the ability to make a movie or show based on its contents. You can, say, efficiently hand out equity stakes in a project to financial investors, strategic partners, and people who are actually working on it — all stuff that traditionally takes lots of lawyers and paperwork and time, and gets even more complicated if those participants live in different states or countries.
And, in theory, you can also measure the work that each participant contributes to a project — one person wrote code, another helped with marketing, someone else helped manage a Discord server where the DAO members meet up.
All of that sounds At first blush, Twitter seemed like a fun way to tell people what you had for lunch, and then for a moment like a tool that could help liberate oppressed populations. It took a while for us to realize it could also be a cesspool of hate and lies. This time around, we ought to be much more thoughtful about possible downsides.
Reasonable people also argue that these concerns are overblown , or that future crypto efforts will become more energy efficient. Another bracing challenge is that Web3, at least in its current form, is not even remotely user-friendly.
None, basically. In reality, Web3 has plenty of ineptitude, costly bugs , and outright scams, like intriguing projects that disappear as soon as the organizers collect your money. Which means that even the most optimistic version of Web3 may recreate some of the existing problems of Web2 or the rest of the world.
While boosters like to point out that Web3 allows anyone anywhere with a web connection to participate, no matter who they are or what they look like — many Web3 folks are completely anonymous — its early user base and supporters certainly seem to skew as male as traditional tech does today. And basic supply and demand still exists on Web3, which means we may still have hierarchies where people in developing countries are willing to do more work for less pay than people who are already rich.
Meanwhile, I continue to struggle with one of the key Web3 pitches: that you can now own your digital assets on the internet. Which seems fine and maybe useful for stuff I really want to own. In the Web3 world, the power of the platforms to deplatform is something to fear. But I also appreciate a guy who can kick out a goon.
We may find out quite soon, especially if the value of the crypto currencies that fuel so much of Web3 keeps falling. On the other hand, if only some of the claims Web3 fans make about it end up panning out, then the tech world is headed for a reshuffling, at the very least.
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Sunny Leone took the lead among Indian actors to secure her digital assets when she broke the news about her association with NFT, two months back. This made her the first Indian actress to mint NFTs. Choose your reason below and click on the Report button. This will alert our moderators to take action. Nifty 17, Union Bank India
‘This is my life’: The 29-year-old crypto star in charge of $3.6b
The Blockchain Ledger. Peer-to-Peer Network Nodes. Anatomy of a Block. Bitcoin Halving. Bitcoin Forks. We dive into the tech behind how Bitcoin really works. The Bitcoin network is a decentralized, trustless, peer-to-peer network designed to securely send monetary value from one party to another in the form of bitcoin. The Bitcoin network maintains a distributed public ledger that records the ownership of all bitcoin, the native digital asset token of the network.
Why is the Indian government cracking down on cryptocurrency?
Visit Us Contact Us. Blockchain and related distributed ledger technologies have been a hot topic recently, with multiple industries exploring their possibilities and new blockchain use cases emerging almost every day. But how might these technologies be used in the context of intellectual property IP law and practice? Blockchain technology has become famous as the technology behind cryptocurrencies such as Bitcoin and Ethereum.
Web3 is the future, or a scam, or both
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Blockchain and IP Law: A Match made in Crypto Heaven?
Blockchain technology is at the heart of cryptocurrencies like Bitcoin. A database is a place where information is stored electronically. Databases are used everywhere in the real world—including banks, which use them to store information about accounts and transactions. But not all databases work in the same way. In some databases, the information can be changed or edited by a central authority, or by anyone with permission to do so. So, when new information is added, a new block is created rather than an old one being edited.
One of the few things that has grown as fast this year as the price of cyptocurrencies, such as bitcoin, is the number of books available about them, along with blockchain technology and their many derivatives. There are now in excess of books available on Amazon on these topics. Antonopoulos, breathless accounts of the short histories of these technologies and wildly enthusiastic visions of a cryptocurrency- or blockchain- based future.
Celebrities like Reese, Gwyneth and Matt Damon are hyping crypto. By Courtney Shea Updated February 1, In just the last couple of weeks Matt Damon and Reese Witherspoon have lent their considerable star power to the crypto cause Gwyneth was stumping for Bitcoin back in December—ever the avant-garde. So yes, clearly, this formerly niche fintech phenomenon has gone mainstream. But do you really have to pay attention?
Efpraxia D. Zamani does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment. When the bitcoin was first introduced eight years ago, it promised to change payments. We were first told in that many transactions would be verifiable and validated by the bitcoin protocol. However, as we argued in a recent study , a significant adoption barrier to bitcoin is the lack of usability.
Consensus , the second annual blockchain technology summit, was held in New York last week. Presented by CoinDesk and Digital Currency Group in collaboration with Coin Center , the conference was a meet-up for bitcoin purists, blockchain advocates, venture capitalists, bankers, academics, companies, and consumers who see the potential for big things in bitcoin and blockchain the technology that underpins bitcoin. Coin Center also hosted its annual dinner alongside the event. Keynote speakers included U.
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