Category Archives: Decentralization
Is There a Sunny Outlook for Solana? – Finance Magnates
There was a period, back in the euphoria of cryptos 2021 bull market period, when Solana was the blockchain name of the moment, spoken about as the next big thing, and with, according to its advocates, the potential even to outdo Ethereum in the race to become the foundational network of choice for web3 developers.
There were multiple reasons for this optimism, not least the fact that it had backing from VCs keen to promote its virtues. And, on balance, it should be noted that Solana does have significant characteristics in its favor. Most advantageously, its fast and cheap, two critical factors in attracting developers, who should in turn attract further users.
Remember that this was prior to the Ethereum Merge, a time when there were significant doubts as to whether Ethereum would ever make its long-promised transition from proof-of-work to proof-of-stake. Constant delays in the execution of Ethereums protocol change were beginning to foster a sense that scaling would, in turn, be delayed, and that sky-high fees and network congestion would never be resolved.
Additionally, Ethereum Layer 2s were not as prominent as they are now, and, although it was known that The Merge would not solve scaling issues on its own (such issues still exist), execution would at least indicate that development was proceeding in the right direction.
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Against this backdrop, alternative Layer 1 blockchains, including not only Solana, but also Cardano, Avalanche and others, provided a compelling alternative. From here, Solana picked up in activity, thanks to its simplicity (no friction-adding Layer 2s required) and, at a time when blockchain-based digital art was making headlines for some huge sales, its NFTs. In fact, Solana would quickly become the second most-well known network for NFTs (after Ethereum) and evolved into an active community of NFT creators, traders and collectors, who were optimistic about the future of the network.
Amidst the bullishness around Solana, the blockchain also ran into some problems, which would, over time, become increasingly conspicuous.
A recurring fault was the issue of network outages when the entire blockchain would effectively stop working. The most recent of these occurred last month and lasted for almost twenty hours, and after that came a total of fourteen outages throughout 2022. The first breakdown in Solanas history was in December 2020, the same year as its launch, and when the blockchain was still serving only a relatively small number of users.
Solana has also been criticized for a perceived lack of decentralization, a factor which is vitally important in the crypto world. One reason for this is the networks initial token allocation when, according to data from research platform Messari, almost 50% percent of the blockchains native token, SOL, went to project insiders, with very little allocated to a public presale. Since staked SOL enables the operation of network validators, we can infer that a small number of holders exercise outsized control over the validation of transactions.
Criticism of Solana as a VC-centered project became even more of an issue towards the end of 2022 when FTX collapsed. The wreckage around this catastrophe was of particular relevance to Solana due to the networks links with Sam Bankman-Fried. The disgraced CEO of FTX had invested $314.2 million in Solana Labs, through the FTX-linked Alameda Research, and had lauded Solana in interviews, creating a perception, once the post-downfall reality about FTX had come to public light, of a disreputable connection.
Solana was certainly looking worse for wear towards the end of last year, but 2023 has, lately, seen hints that a comeback may be in the works. Notably, there has been recent news about the Worldline payment services provider entering into a partnership with Solana.
This integration means web3 projects operating on Solana will gain access to the Payment Orchestration platform run by Worldline, which removes the need for projects to create multiple payment integrations since Worldlines platform directly connects with over 300 payment providers and methods, including fiat on/off ramps.
This development follows Worldline announced plans to provide services within the Decentraland metaverse project, indicating that web3 and crypto-oriented development are on its radar as areas to expand into.
There has also been growing anticipation about the in-development Solana phone, called the Solana Saga. This product was announced back in the summer of 2022 and has been expected to ship in early 2023. Its an Android device augmented for web3 applications and payments, and, if it arrives soon, will come at a time when crypto urgently needs to go mobile in order to demonstrate that practical integration and daily use cases are a reality.
Additionally, there is speculation about Render Network migrating to Solana. Render is specialized in decentralized hardware solutions (specifically, GPU rendering), and in a proposal about the potential move, its Founder, Jules Urbach, stated that: Solana has the right mix of speed without compromising security (vs side-chain approaches). No decision has yet been made, and there is a 21 day community feedback period, which began on March 20th.
The Foundation released a primer on RNP-002 today.
The post details RNP-002: Layer 1 Network Expansion.
In accordance with RNP-000 there is up to a 21 day community feedback period that begins today! We would love your feedback. https://t.co/90j0gmhCOw
As with much of web3 and crypto, Solanas future is unclear, but, while issues around network reliability are ongoing, and there may continue to be criticism about a perceived lack of decentralization, it appears that there are some potentially constructive developments lining up.
There was a period, back in the euphoria of cryptos 2021 bull market period, when Solana was the blockchain name of the moment, spoken about as the next big thing, and with, according to its advocates, the potential even to outdo Ethereum in the race to become the foundational network of choice for web3 developers.
There were multiple reasons for this optimism, not least the fact that it had backing from VCs keen to promote its virtues. And, on balance, it should be noted that Solana does have significant characteristics in its favor. Most advantageously, its fast and cheap, two critical factors in attracting developers, who should in turn attract further users.
Remember that this was prior to the Ethereum Merge, a time when there were significant doubts as to whether Ethereum would ever make its long-promised transition from proof-of-work to proof-of-stake. Constant delays in the execution of Ethereums protocol change were beginning to foster a sense that scaling would, in turn, be delayed, and that sky-high fees and network congestion would never be resolved.
Additionally, Ethereum Layer 2s were not as prominent as they are now, and, although it was known that The Merge would not solve scaling issues on its own (such issues still exist), execution would at least indicate that development was proceeding in the right direction.
Keep Reading
Against this backdrop, alternative Layer 1 blockchains, including not only Solana, but also Cardano, Avalanche and others, provided a compelling alternative. From here, Solana picked up in activity, thanks to its simplicity (no friction-adding Layer 2s required) and, at a time when blockchain-based digital art was making headlines for some huge sales, its NFTs. In fact, Solana would quickly become the second most-well known network for NFTs (after Ethereum) and evolved into an active community of NFT creators, traders and collectors, who were optimistic about the future of the network.
Amidst the bullishness around Solana, the blockchain also ran into some problems, which would, over time, become increasingly conspicuous.
A recurring fault was the issue of network outages when the entire blockchain would effectively stop working. The most recent of these occurred last month and lasted for almost twenty hours, and after that came a total of fourteen outages throughout 2022. The first breakdown in Solanas history was in December 2020, the same year as its launch, and when the blockchain was still serving only a relatively small number of users.
Solana has also been criticized for a perceived lack of decentralization, a factor which is vitally important in the crypto world. One reason for this is the networks initial token allocation when, according to data from research platform Messari, almost 50% percent of the blockchains native token, SOL, went to project insiders, with very little allocated to a public presale. Since staked SOL enables the operation of network validators, we can infer that a small number of holders exercise outsized control over the validation of transactions.
Criticism of Solana as a VC-centered project became even more of an issue towards the end of 2022 when FTX collapsed. The wreckage around this catastrophe was of particular relevance to Solana due to the networks links with Sam Bankman-Fried. The disgraced CEO of FTX had invested $314.2 million in Solana Labs, through the FTX-linked Alameda Research, and had lauded Solana in interviews, creating a perception, once the post-downfall reality about FTX had come to public light, of a disreputable connection.
Solana was certainly looking worse for wear towards the end of last year, but 2023 has, lately, seen hints that a comeback may be in the works. Notably, there has been recent news about the Worldline payment services provider entering into a partnership with Solana.
This integration means web3 projects operating on Solana will gain access to the Payment Orchestration platform run by Worldline, which removes the need for projects to create multiple payment integrations since Worldlines platform directly connects with over 300 payment providers and methods, including fiat on/off ramps.
This development follows Worldline announced plans to provide services within the Decentraland metaverse project, indicating that web3 and crypto-oriented development are on its radar as areas to expand into.
There has also been growing anticipation about the in-development Solana phone, called the Solana Saga. This product was announced back in the summer of 2022 and has been expected to ship in early 2023. Its an Android device augmented for web3 applications and payments, and, if it arrives soon, will come at a time when crypto urgently needs to go mobile in order to demonstrate that practical integration and daily use cases are a reality.
Additionally, there is speculation about Render Network migrating to Solana. Render is specialized in decentralized hardware solutions (specifically, GPU rendering), and in a proposal about the potential move, its Founder, Jules Urbach, stated that: Solana has the right mix of speed without compromising security (vs side-chain approaches). No decision has yet been made, and there is a 21 day community feedback period, which began on March 20th.
The Foundation released a primer on RNP-002 today.
The post details RNP-002: Layer 1 Network Expansion.
In accordance with RNP-000 there is up to a 21 day community feedback period that begins today! We would love your feedback. https://t.co/90j0gmhCOw
As with much of web3 and crypto, Solanas future is unclear, but, while issues around network reliability are ongoing, and there may continue to be criticism about a perceived lack of decentralization, it appears that there are some potentially constructive developments lining up.
See the original post:
IDC’s Upcoming CIO Summit in Kuwait to Be Hosted Under the … – IDC
Kuwait City As the digital economy continues to expand at an unprecedented rate, International Data Corporation (IDC) is delighted to announce that this year's edition of the IDC Kuwait CIO Summit will take place on May 22 at the Courtyard by Marriott in Kuwait City under the theme 'Enabling the Digital Economy's Leaders'. The event will be supported by the Central Agency for Information Technology (CAIT), whose acting director general, Dr. Ammar H. Alhusaini, will be on hand to present the opening address.
"With digital-first strategies having become firmly established across the Middle East over the last few years, organizations in the region are now increasingly focused on deriving a larger share of their revenues from digital products, services, channels, and platforms," says Ranjit Rajan, IDC's vice president of research for the Middle East, Trkiye, and Africa (META). "Indeed, 50% of the CIOs recently surveyed by IDC across the Middle East said that this is now a major priority for their organizations.
"In order to thrive in this new world, a digital-first mindset is essential, coupled with a vision to build a data-driven organization that is ingrained with a culture of innovation. Leveraging cloud as a foundational platform, developing a data and intelligence plane powered by AI and advanced analytics, and enabling ubiquitous, consumption-based digital infrastructure will all become critical technology priorities."
Rajan will expand on these developments at the IDC Kuwait CIO Summit 2023 as he presents the event's keynote, 'Strategies for the CIO and Enterprise Innovation'. During this session he will explain what CIOs need to do now and in the future to create an environment for long-term sustainable innovation. He will also highlight strategies for building a culture of trust, examine the move toward industry ecosystem innovation, and highlight the impact of decentralization.
The IDC Kuwait CIO Summit 2023 will also host a presentation by the world's first officially recognized human cyborg, Neil Harbisson, who will explore the evolution of the human species and serve up his exclusive insights into how technology can be leveraged to overcome some of the obstacles and disabilities that human beings face.
The event will bring together more than 150 of the country's foremost IT and telecom leaders, digital government pioneers, digital regulators and authorities, and industry thought leaders. The event will examine the current state of the digital economy, assess its ongoing impact on citizens, customers, employees, and operations, address the key challenges that need to be overcome, and outline proven best practices and strategies for driving future success.
To learn more about the IDC Kuwait CIO Summit 2023, pleaseclick here or contact Sheila Manek atsmanek@idc.com / +971 4 446 3154. You can also join the conversation on social media using the hashtag #IDCKUWAITCIO.
About IDC
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on technology, IT benchmarking and sourcing, and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), the world's leading tech media, data, and marketing services company. To learn more about IDC, please visit http://www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights.
IDC in the Middle East, Turkey, and Africa
For the Middle East, Turkey, and Africa region, IDC retains a coordinated network of offices in Riyadh, Nairobi, Lagos, Johannesburg, Cairo, and Istanbul, with a regional center in Dubai. Our coverage couples local insights with international perspectives to provide a comprehensive understanding of markets in these dynamic regions. Our market intelligence services are unparalleled in depth, consistency, scope, and accuracy. IDC Middle East, Africa, and Turkey currently fields over 130 analysts, consultants, and conference associates across the region. To learn more about IDC MEA, please visit http://www.idc.com/mea. You can follow IDC MEA on Twitter at @IDCMEA.
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IDC's Upcoming CIO Summit in Kuwait to Be Hosted Under the ... - IDC
Paris Blockchain Week 2023: A net positive for the entire crypto industry – Cointelegraph
Paris Blockchain Week 2023 brought together some of the biggest names in the blockchain and crypto industry. Starting on March 21, the three-day event turned out to be a net positive for the crypto industry, with prominent industry players coming together to discuss and share their thoughts on the decentralized ecosystems past, present and future.
The Cointelegraph team was present on the ground to bring readers some behind-the-scenes content, exclusive interviews, insightful video bites from industry experts and more. Cointelegraph editor-in-chief, Kristina Lucrezia Cornr; head of video, Jackson DuMont; and reporter, Joseph Hall, were tasked with bringing readers a birds eye view of the event.
Even before the main event kicked off on March 21st, the Cointelegraph team caught up with Neal Stephenson, an American author who first coined the term metaverse in the 1990s. Cointelegraphs editor-in-chief sat down with Stephenson to reflect on the meaning of the word in todays world.
Stephenson said that the meaning of the word has definitely changed. While reflecting on the failure of the metaverse to see mass adoption and very few takers in the bear market, he said that people and companies are skipping the important steps of building an economy first.
The first day of the event kicked off on March 21 and turned out to be eventful. The opening keynote speech by Ethereum co-founder Joseph Lubin reflected on the growing demand for a Web3-based payment infrastructure and the need for a decentralized solution in traditional finance.
Among numerous expert panels throughout the day, the one that caught everyones attention was a discussion on the implications and potential impactof the European Unions Markets in Crypto-Assets (MiCA) regulation.
Experts on the panel unanimously agreed that the upcoming regulations would help the European crypto industry overall. It would set a certain standard that other nations could potentially use in the future. Janet Ho, head of EU policy at Chainalysis, stressed the need for a review of the implementation and obligations of the law, and to consider feedback from government supervisors and industry participants.
The American venture capital investor Tim Draper took the stage at Paris Blockchain Week 2023 to talk about decentralization and the future of money. Draper addressed the ongoing banking crisis and promoted Bitcoin (BTC) to be the true capital hedge. In his keynote speech, he said:
He also sang a Bitcoin song he had written four years ago but believed was more relevant today.
The PBW 2023 had no shortage of enthusiasm or energy despite the host country seeing nationwide protests following the French governments controversial pension reforms. Cointelegraph reporter Joesph Hall talked to the CEO of Animoca Brands, Robby Yung.
Yung said that the local government had provided a warm embrace for crypto and blockchain enthusiasts amid a sea of protests. He told Cointelegraph:
The second day of the event was equally packed and full of energy, with the Cointelegraph team on the front line bringing the latest updates. The first major panel discussion revolved around the complicated relationship of ethics in Web3. The industry experts took to the stage to discuss how current innovations will shape the future of ethics in Web3. Loic Brotons, CEO of Galeon, said that mixing innovation and ethics is complicated and explained:
Cointelegraph journalist Hall sat down with Ledger CEO Pascal Gauthier to get his view on what the current banking crisis teaches us. He said that the recent series of events show how BTC can be a safe haven against the threat of central authorities.
Bitcoin was designed in reaction to Lehman Brothers in the 2008 crisis. It was designed because you cant trust central authorities. And its designed because its clear that central authorities will fail. Its not a question of if. Its more a question of when. Gauthier added.
In another exclusive interview with Cointelegraph, 1inch Network co-founder Sergej Kunz reflected on the need for self-custody. He said that the FTX saga helped people understand the importance of self-custody, and the current banking crisis only highlights the importance even further.
He also talked about the reasons behind a curtailed mass adoption of crypto, saying that peoples understanding and education would be the key to achieving this.
Magazine:US enforcement agencies are turning up the heat on crypto-related crime
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Paris Blockchain Week 2023: A net positive for the entire crypto industry - Cointelegraph
Decentralization: In Togo, Yoto III municipality adopts a CFA4 billion … – Togo First
REFORMS OVERVIEW
STARTING A BUSINESS (more info)
At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms.
ENFORCING CONTRACTS (more info)
Compared to some years ago when it was one of the lowest rankers under the Doing Business Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .
CONTRACT EXECUTION (more info)
Creation of special chambers of commerce for small debts Creation of chambers of commerce at the Court of Appeal Civil and commercial cases now handled by distinct clerks Establishment of commercial courts in Lom and Kara Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform A maximum period of 100 days was fixed to settle a commercial dispute .
TRADING ACROSS BORDERS (more info)
In comparison to previous years,Togo has significantly improved its ranking under theTrading across borders indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.
In comparison to previous years, Togo has significantly improved its ranking on the Trading across borders index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.
CONSTRUCTION PERMIT (more info)
After moving from the 133rd to 127th place under the 2020 Doing Business construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.
GETTING ELECTRICITY (more info)
Over the past two years, Togos ranking under the Doing Business Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lom plans to introduce even more reforms this year to keep up its improvements.
REGISTERING A PROPERTY (more info)
Out of all the 'Doing Business indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lom has been introducing many reforms, with the latest batch implemented this year.
PUBLIC PROCUREMENT(more info)
From professionalization to digitization, through legislative regulations, Togos public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.
PAYING TAXES AND DUTIES (more info)
To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.
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Decentralization: In Togo, Yoto III municipality adopts a CFA4 billion ... - Togo First
The Arbitrum Foundation Announces DAO Governance for the … – PR Newswire
The launch of the DAO Governance marks a significant milestone in the decentralization of the Arbitrum One and Arbitrum Nova networks, becoming the first EVM rollup technology to achieve Stage 1 decentralization
NEW YORK, March 16, 2023 /PRNewswire/ -- The Arbitrum Foundation today announced the launch of DAO governance for the Arbitrum One and Arbitrum Nova networks, a massive leap forward in the decentralization of the two networks. Alongside the DAO governance structure, The Arbitrum Foundation also announced an upcoming drop of $ARB to users of the Arbitrum ecosystem on Thursday, March 23.
Late last year, Vitalik Buterin proposed a 3 stage schema for decentralizing rollups, and with today's announcement Arbitrum has now become the first EVM rollup ever to achieve Stage 1. The milestone signifies an important achievement for both Arbitrum networks and for the state of Ethereum scaling more broadly.
The $ARB token will facilitate the decentralization of the Arbirum network, and the $ARB airdrop will place the governance token in the hands of the users who are actively participating in the Arbitrum ecosystem. Users can visit gov.arbitrum.foundation and follow the prompts for eligibility details and to claim their share in governance. The majority of the $ARB supply will be under the control of the Arbitrum community via The Arbitrum Foundation, accelerating growth of the ecosystem organically. $ARB token holders will govern The Arbitrum Foundation through the Arbitrum DAO.
Steven Goldfeder, CEO and Co-Founder of Offchain Labscommented: "We are extraordinarily excited for the official launch of The Arbitrum Foundation and DAO governance and to see Arbitrum One become the first EVM rollup to advance to Stage 1 decentralization, a tremendous milestone for both Arbitrum and Ethereum. Through the community airdrop, the delegation process, and the introduction of the Security Council, community participation and control is at the forefront of today's announcement, and the requirements for receiving a share of Arbitrum governance have been crafted meticulously, optimizing for the longevity of the ecosystem and community. Looking ahead, we're moving closer and closer toward a decentralized financial system, with the Arbitrum technology at the very forefront of that.."
To facilitate effective community governance, users will be able to delegate voting power to individuals they view as effective stewards of their values. Delegates will be expected to vote on proposals that pass through the Arbitrum DAO in a way that represents the token-holders who have assigned their voting power to them. The Arbitrum DAO will have the power to control key decisions at the core protocol level, from how the chain's technology is upgraded to how the revenue from the chain can be used to support the ecosystem. Those interested in becoming a delegate are encouraged to visit the governance forum and apply.
Crucially, Arbitrum's governance will be self-executing, meaning that the DAO's votes will directly have the power to effect and execute its on-chain decisions, and not rely on an intermediary to carry out those decisions. Self-executing governance is a critical milestone for decentralization and giving the community the power to govern the chain, and Arbitrum is leading the way as the first L2 to launch self-executing governance.
The Arbitrum Foundation also announced the creation of the Arbitrum Security Council, a 12-member multisig of highly regarded community members designed to ensure the security of the chains and be able to act quickly in the event of a security vulnerability. The decision-making powers of the Security Council are determined by a smart contract that will require multiple secure signatures by its members in order to implement any changes to the protocol. In case of emergency, the Arbitrum Security Council will be able to act quickly but this will require participation from 9 of the 12 members. The Arbitrum DAO will be the ultimate governing body over the Arbitrum Security Council, with elections for the Council being held twice annually.
The introduction further reinforces Arbitrum's focus on decentralization by giving the community the ability to play a more active role in Arbitrum governance and have a say over what occurs within the ecosystem.
Arbitrum is the leading Layer 2 (L2) scaling solution for Ethereum, boasting the highest Total Value Locked (TVL) across all L2 networks with approximately $3.61B, 55% market share across all rollups, and the Arbitrum One network recently surpassed Ethereum daily transactions on two occasions.
For more information, please visit the Arbitrum blog: http://arbitrumfoundation.medium.com/
About Offchain LabsOffchain Labs is a venture-backed and Princeton-founded company that was the initial developers of Arbitrum, a suite of secure scaling solutions for Ethereum. Arbitrum's technologies instantly scale dApps, significantly reducing costs and increasing speed, without sacrificing Ethereum's security. Porting contracts to Arbitrum requires no code changes or downloads as Arbitrum is fully EVM compatible. Offchain Labs also maintains Prsym, the leading Ethereum consensus client.
About The Arbitrum FoundationThe Arbitrum Foundation has a mission to help support and grow the Arbitrum network and its community while remaining at the forefront of blockchain adoption. The Foundation oversees the $ARB token and governance structure as well as the Arbitrum Security Council, a 12-member multisig of well regarded community members designed to ensure the security of the chains.
Media contact: Dillon Arace, [emailprotected]
SOURCE Arbitrum Foundation
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The Arbitrum Foundation Announces DAO Governance for the ... - PR Newswire
At SXSW 2023, Web3ers Pitch Their Decentralized Museum and Meet Skepticism – ARTnews
A panel at the 2023 edition of SXSW titled The Decentralization of Art As We Know It began with a scene that bordered on self-parody. Alex Scull, the moderator and the executive director for arts and collections at the University of Texas at Austin, asked 2023s favorite interlocutor ChatGPT the question of the day: What is the decentralization of art?
The decentralization of art refers to the movement away from traditional centers of power and authority in the art world, the worlds favorite AI said, in an answer only mildly edited for brevity. However, with the advent of digital technology and the internet, theres been a shift towards decentralization, which has also led to the democratization of art, allowing for wider range of voices and perspectives to be heard. This challenges the traditional power structures and hierarchies of the art world as artists no longer are reliant on a few gatekeepers to reach a wider audience.
While the talk was ostensibly about this decentralization, the discourse mostly revolved around the Arkive, a Web3 startup that raised $9.7 million last year around this idea. That may have been due to the fact that the panel was comprised of the companys executive director Tom McLeod, chief curator and former Gagosian director Kelly Huang, and Gabby Goldberg of TCG Crypto, an investment company that fund the startup. All were, perhaps unsurprisingly, impressed by ChatGPTs answer.
Arkive has said it wants to decentralize the museum through a member-based organization similar to the decentralized autonomous organization DAO) thattried, and failed, to buy a copy of the United States Constitution last year. Arkive allows the members to propose works to the community, vote on what should be acquired, and build a museum collection from the bottom-up, according to itswebsite. In other words, to replace a museums curatorial board with the collective voice.
Early in the panel, McLeod neatly summed up what he believed ChatGPTs answer was missing and, what just so happened to be Arkives raison detre broad-based provenance. McLeod said the value and cultural significance of a piece of art is often judged by parameters like who has acquired it, what curatorsvouch for it, and what institution puts it on display.
And if you start to look at the masses getting to be a part of that, [something] that hundreds of thousands of people think something is important, as opposed to just ten key people at specific museums or institutions, that actually carries weight, McLeod went on. It may not still have the overwhelming weight of academic research or historically significances. But it matters.
Arkive, he said, is taking the same academic-first research perspective as a traditional institution with the added input of their community. The goal is to support existing museum by lending their acquisitions and essentially becoming a really attractive private collector that works to support the overall network of public art and the public good generally.
In one of his more inspired analogies, McLeod compared Arkive to the Spotify Top 100: the more traction a song gets on Twitter and TikTok, the higher it is on the list.
That choice of comparison was interesting given that, minutes later, McLeod said, looking back, social media might be a net negative.
I think in a long view we are starting to reassess things that we thought might be great might not all be there, he said.
Given the growing skepticism around Web3, it is perhaps unsurprising that some attendees were unconvinced. Sarah Wambold, an executive producer at the Metropolitan Museum of Art, told the panel that she couldnt help but interpret Arkives mission as the further commodification of art.
Museums are non-profits, they are mission-based organizations set up for the public good, which is why they have tax-exempt status. So, aside from exposure, what are you doing to directly support artists? Wambold asked the panel.
McLeod responded that Arkive has started a 501(c)(3) organization that would specifically grant funds back into the program for artists-in-residency programs that focus on underrepresented artists, an editorial team, and an independent magazine, as well as videos and text that would contextualize why they chosen to acquire a given artist. And, of course, exposure.
Do those efforts ultimately support your financial gain? Wambold asked.
I dont think the value of the portfolio is how well make money, McLeod said, adding that the business model relies more on institutions using Arkives protocol to verify items, but if the question is does that make the artists more well known, which then increases the value of the art? Maybe, actually dont know if thats a one-to-one correlation, but probably.
The session was nearly over at this point, but Huang had time to chime in. Our goal is to create space in the same way that The Met creates space for audiences to engage, you know, its through our public programs. We use the term museum to signify the fact that we are actually trying to be as artist-centric and as research-based as possible, that it is just about creating a platform for people to engage. And our focus is really there. Its really not like, how do we make money, you know, especially off of the artists back.
Another audience member who works closely with art institutions and is knowledgeable about Web3 was skeptical about not only the panels purpose, but Arkive as a whole.
Theyre a non-museum who says they are a museum. At the same time, theyre a DAO that claims not to be a DAO, he told ARTnews. Ultimately, I think Arkive suffers from what so many of these crypto-communities suffer fromopacity. It seems they are essentially trying to replace one elite with another elite while not being completely transparent about how their community functions.
Listen to the full panel here.
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At SXSW 2023, Web3ers Pitch Their Decentralized Museum and Meet Skepticism - ARTnews
The Creators of the First NFT Talk New Collection, Web3 Future – nft now
Jennifer and Kevin McCoy need little introduction. Ten years ago, the acclaimed artists introduced the world to Quantum, the first art NFT ever created. Quantum found its home on the Namecoin blockchain in 2014, when Kevin McCoy decided to mint it as an NFT to establish the provenance of the digital image.
The Web3 world might see minting an NFT for such a reason as a banality these days, but in 2014, the idea was revolutionary. Provenance documents for digital art didnt exist at the time, and Quantum showed the world that blockchain technology could solve the problem of ownership in the digital age.
Its landmark million-dollar sale at a Sothebys auction in 2021 brought it the recognition it finally deserved.
Having created only a handful of NFT artworks since then, the McCoys are now releasing their first NFT collection, Land Sea and Sky. The project, which launches on Artwrld on April 5, is a collection of 310 collages that combine elements of AI-generated landscapes. nft now caught up with Jennifer and Kevin to talk about their upcoming release, how the NFT ecosystem has evolved since 2014, and the ethical quandaries that come with using AI art tools.
Given their position in the annals of Web3, Jennifer and Kevin are uniquely positioned to offer a birds-eye view of how the crypto and NFT space has evolved since they minted Quantum on Namecoin in 2014.
Calling back to comments he made alongside Anil Dash during a 2014 conference, in which the two argued that blockchain-based tech had far more interesting things to offer the world of culture than it did to finance, Kevin recounted a particularly poignant observation he had during the 2021 bull run.
Its culture versus money. And culture wins out every time.
I had this experience walking around Manhattan, looking out and [thinking], everybody here has heard of NFTs, and how weird that was, Kevin recalled. In a very real sense, NFTs became [bigger] in the popular imagination than the money aspect of cryptocurrencies. And I think that thats because NFTs are about media, theyre about ideas in a direct way. Its culture versus money. And culture wins out every time.
Web3 trends tend to be cyclical. The recent ASCII art meta that the Owls NFT project kicked off at the beginning of March put this fact on full display. The projects text-based aesthetic reignited interest in some of the earliest NFTs on the blockchain, many of which were just simple characters associated with a domain on Namecoin. They may not have been the first art-intentional NFTs Web3 witnessed that would come with 2014s Quantum but they nonetheless form an integral part of the spaces history.
As individuals who have been creating art for decades, the McCoys unquestionably advocate for people to learn and honor the value of historical developments in art and technology. But they also lament that theyve seen history forgotten time and again. The pair even go so far as to say that history slows down the market. When a new development occurs, few people are interested in shining a light on the things that came before it.
This is one of the reasons Quantums 2021 Sothebys auction was such an important moment for both the McCoys and the broader Web3 community: a vital piece of NFTs history finally received its due.
Web3s future is as unpredictable as ever, but the McCoys think the dynamic of decentralization is still finding its way. Pointing to traditional art institutions role in guiding conversations and cultural movements, Jennifer noted that, while admittedly centralized, such organizations provided some clarity in separating the signal from the noise.
Everyone is excited about peer-to-peer disintermediation, the idea of direct connection, she explained. And yet, in the absence of institutions to gather us together and point towards an ongoing conversation, it becomes really overwhelming and kind of frightening to have to sort through everything. And I think thats what good institutions can do.
The idea of digital scarcity, uniqueness, and property isnt going to go away.
The two remain big believers in Web3s egalitarian potential, however. Kevin was quick to point out the recent resurgence of discussion surrounding faith in cryptocurrency and Defi to free people from the disastrous mismanagement of the financial sector.
The fraud in [the NFT space in] 2022 was pretty intense, Kevin said, And it rocked a lot of people. But then, out of the blue, we have a banking crisis [with SVB], and, all of a sudden, the core argument for crypto dating back to Satoshi is once again brought up. So, you never know whats going to happen. We are believers in this technology [and] decentralization. The idea of digital scarcity, uniqueness, and property isnt going to go away.
While thats basically a guarantee at this point in Web3s history, it doesnt hurt to hear it from one of the people who helped ignite the digital revolution in the first place.And nothing speaks to their belief in the importance of digital scarcity and uniqueness more than their new work.
Collage work has long appealed to the McCoys, who deeply appreciate the idea of combining disparate visual and cultural elements into something new. To create the collages for Land Sea and Sky, the duo analyzed Ansel Adams body of work, highlighting certain landscape sections of his photographs that caught their eye.
Taking those outlines and using them as a basis with which to structure each hand-made piece,the pair then used the AI art tool Stable Diffusion to generate hundreds of landscape images. They then sorted the images into five descriptive databases: land, sea, mountains, trees, and sky. Custom scripts then searched these databases to produce recombinant landscapes, and the areas in each collage that come from shapes taken from Ansel Adams photographs were then filled in with one of the five types of generated AI landscapes that the McCoys produced.
The result is a fusion of 20th-century landscapes as filtered through 21st-century technology.
We knew it would be a landscape project, Jennifer McCoy said of Land Sea and Skys origins. We had done experiments with jagged cutouts and juxtaposing ill-fitting kind of elements of landscape before, but with Stable Diffusion and AI gaining ground, we [thought] this might be a really interesting way to go straight from imagination to landscape without intervening photographic sources, which was really exciting.
Were kind of driving the American East through the American West.
And while tools like Stable Diffusion are at the center of a heated debate about the ethical use and existential implications of ever-more capable AI systems, the McCoys were curious to explore how they could use them in their artistic practice. They explained that one of the most appealing aspects of these tools is how they evoke the idea of a visual statistical average.
Elaborating on what appeals to them about AIs summative nature, the pair pointed to Russian duo Vitaly Komar and Aleksandr Melamids 1994 work, The Peoples Choice, as a parallel. Komar and Melamid were Russian emigres who were fascinated by the idea of the American people and how they would express their collective preferences for art and culture.
Komar and Aleksandr commissioned a public-research polling firm to survey U.S. citizens accordingly; the survey included questions on lines and curves, colors, size and shape, content, and even what figures they liked to see depicted. Komar and Melamid then created paintings featuring the most and least popular elements, forming a damning satire of both creation-by-committee and the idea that artistic expression is an elitist endeavor.
What is the idea of a California coast? 110 ideas of a California coast? What is 40 images of Vermont trees? These were the kinds of questions we were looking at, Jennifer offered as a perspective on how the pair approached Land Sea and Sky. And the scripting that we did was essentially combining those into specific formats based on Adams [work] from the Sierra and Yosemite. Were kind of driving the American East through the American West.
The collages include AI-generated depictions of all 50 U.S. states. The couple was interested in depicting various environments through Adams lens, especially scenes that are entirely disparate from the photographers rugged depiction of grand-scaled nature in the west of the country.
The impacts are unknown, and I think that people are right to be nervous.
An artists job, Kevin emphasized, is to look out at the world and report back what they see, and landscape is one of the primary genres where that happens. Only now, the landscape is a digital one, an algorithmic landscape that, thanks to new AI technologies, can be used to report back in an entirely new way.
The concerns that prompt-based AI art tools have given rise to are nonetheless not lost on the couple. Kevin believes that critics who point to their social aspect the fact that these programs are trained on the works of others are absolutely right to ask who benefits from these tools use and who is owed what as a result.
These tools are going to be pretty weird, Kevin acknowledged. The impacts are unknown, and I think that people are right to be nervous.
Land Sea and Sky is imbued with a deep sense of nostalgia. The projects Artwrld page notes that the AI-generated images in the collection are meant to evoke something closer to memory than fantasy, with hints of cross-country road trips, Ektachrome film, and the strange, hazy yellow-green tint of [] childhood snapshots spread throughout.
But that sense of memory, Kevin says, stems not from the McCoys own childhoods but from their interpretation of the anxiety people feel toward the real world as they are increasingly thrown into the virtual one.
Theres this kind of question and desire for, or remembrance of, that physical world. Nostalgia for the real, he explained.
While speaking to nft now about the project, Artwrlds Artistic Director and founding partner Nato Thompson drew attention to the unique dynamic the McCoys have in being a couple that produces art together.
They often work with these kinds of juxtaposing technologies, Thompson explained. Theyre thinking about both cinema and landscape, but theyre also a couple, so they inevitably are almost a collage themselves. Theres a certain kind of pushing up against things thats in that work, that I think perhaps is the result also of two people making work together.
The 310 pieces in Land Sea and Sky are split into two parts: 300 short-form collages and 10 longer-form pieces accompanied by audio. And while theres nothing particularly unique about landing on 310 as a supply for the collection, the McCoys observed that utilizing NFTs allows them to maintain serial uniqueness at a scale that might otherwise be impossible in more traditional art forms.
The McCoys have chosen the non-profit Rhizome, a born digital art platform, to receive a portion of the proceeds from primary and secondary sales. Those looking to gain priority access to the drop can do so by minting an NFT fromone of Artwrlds previous collectionsby March 31. Minting for Land Sea and Sky for the general public goes live on April 6.
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The Creators of the First NFT Talk New Collection, Web3 Future - nft now
The Arbitrum Foundation Announces DAO Governance for the Arbitrum One and Nova Networks and Airdrop of $ARB Token to Arbitrum Users – Yahoo Finance
The launch of the DAO Governance marks a significant milestone in the decentralization of the Arbitrum One and Arbitrum Nova networks, becoming the first EVM rollup technology to achieve Stage 1 decentralization
NEW YORK, March 16, 2023 /PRNewswire/ -- The Arbitrum Foundation today announced the launch of DAO governance for the Arbitrum One and Arbitrum Nova networks, a massive leap forward in the decentralization of the two networks. Alongside the DAO governance structure, The Arbitrum Foundation also announced an upcoming drop of $ARB to users of the Arbitrum ecosystem on Thursday, March 23.
Arbitrum Foundation (PRNewsfoto/Arbitrum Foundation)
Late last year, Vitalik Buterin proposed a 3 stage schema for decentralizing rollups, and with today's announcement Arbitrum has now become the first EVM rollup ever to achieve Stage 1. The milestone signifies an important achievement for both Arbitrum networks and for the state of Ethereum scaling more broadly.
The $ARB token will facilitate the decentralization of the Arbirum network, and the $ARB airdrop will place the governance token in the hands of the users who are actively participating in the Arbitrum ecosystem. Users can visit gov.arbitrum.foundation and follow the prompts for eligibility details and to claim their share in governance. The majority of the $ARB supply will be under the control of the Arbitrum community via The Arbitrum Foundation, accelerating growth of the ecosystem organically. $ARB token holders will govern The Arbitrum Foundation through the Arbitrum DAO.
Steven Goldfeder, CEO and Co-Founder of Offchain Labscommented: "We are extraordinarily excited for the official launch of The Arbitrum Foundation and DAO governance and to see Arbitrum One become the first EVM rollup to advance to Stage 1 decentralization, a tremendous milestone for both Arbitrum and Ethereum. Through the community airdrop, the delegation process, and the introduction of the Security Council, community participation and control is at the forefront of today's announcement, and the requirements for receiving a share of Arbitrum governance have been crafted meticulously, optimizing for the longevity of the ecosystem and community. Looking ahead, we're moving closer and closer toward a decentralized financial system, with the Arbitrum technology at the very forefront of that.."
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To facilitate effective community governance, users will be able to delegate voting power to individuals they view as effective stewards of their values. Delegates will be expected to vote on proposals that pass through the Arbitrum DAO in a way that represents the token-holders who have assigned their voting power to them. The Arbitrum DAO will have the power to control key decisions at the core protocol level, from how the chain's technology is upgraded to how the revenue from the chain can be used to support the ecosystem. Those interested in becoming a delegate are encouraged to visit the governance forum and apply.
Crucially, Arbitrum's governance will be self-executing, meaning that the DAO's votes will directly have the power to effect and execute its on-chain decisions, and not rely on an intermediary to carry out those decisions. Self-executing governance is a critical milestone for decentralization and giving the community the power to govern the chain, and Arbitrum is leading the way as the first L2 to launch self-executing governance.
The Arbitrum Foundation also announced the creation of the Arbitrum Security Council, a 12-member multisig of highly regarded community members designed to ensure the security of the chains and be able to act quickly in the event of a security vulnerability. The decision-making powers of the Security Council are determined by a smart contract that will require multiple secure signatures by its members in order to implement any changes to the protocol. In case of emergency, the Arbitrum Security Council will be able to act quickly but this will require participation from 9 of the 12 members. The Arbitrum DAO will be the ultimate governing body over the Arbitrum Security Council, with elections for the Council being held twice annually.
The introduction further reinforces Arbitrum's focus on decentralization by giving the community the ability to play a more active role in Arbitrum governance and have a say over what occurs within the ecosystem.
Arbitrum is the leading Layer 2 (L2) scaling solution for Ethereum, boasting the highest Total Value Locked (TVL) across all L2 networks with approximately $3.61B, 55% market share across all rollups, and the Arbitrum One network recently surpassed Ethereum daily transactions on two occasions.
For more information, please visit the Arbitrum blog: http://arbitrumfoundation.medium.com/
About Offchain LabsOffchain Labs is a venture-backed and Princeton-founded company that was the initial developers of Arbitrum, a suite of secure scaling solutions for Ethereum. Arbitrum's technologies instantly scale dApps, significantly reducing costs and increasing speed, without sacrificing Ethereum's security. Porting contracts to Arbitrum requires no code changes or downloads as Arbitrum is fully EVM compatible. Offchain Labs also maintains Prsym, the leading Ethereum consensus client.
About The Arbitrum FoundationThe Arbitrum Foundation has a mission to help support and grow the Arbitrum network and its community while remaining at the forefront of blockchain adoption. The Foundation oversees the $ARB token and governance structure as well as the Arbitrum Security Council, a 12-member multisig of well regarded community members designed to ensure the security of the chains.
Media contact: Dillon Arace, arbitrumpr@mgroupsc.com
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Meta is working on a decentralized social app – TechCrunch
Image Credits: TechCrunch
If there is a social media phenomenon getting some kind of popularity, Meta will try to jump in. We have seen the company copy different kinds of formats ranging from Stories to short videos after seeing the success of other platforms. Now, the Mark Zuckerberg-led company is working on a decentralized text-based app.
Meta confirmed this development in a statement but didnt give out details about when it plans to release the app.
Were exploring a standalone decentralized social network for sharing text updates. We believe theres an opportunity for a separate space where creators and public figures can share timely updates about their interests, a Meta spokesperson said.
This new decentralized app, codenamed P92, is still under development as first reported by MoneyControl. According to the documents seen by the publication, the app will let users log-in through their Instagram credentials. This could irk people who might not want to share that data with another Meta app.
A report by Platformer said that the project will be overseen by Instagram head Adam Mosseri. The company is already involving the legal department to sniff out early privacy concerns before the app is public, the report added.
Metas move is seen as its attempt to build a Twitter alternative or a Mastodon competitor. The latter gained popularity after Elon Musk took over Twitter. The decentralized network is part of the Fediverse a network of decentralized servers that supports the ActivityPub protocol. Metas new app also plans to support ActivityPub, making it easier to connect with other instances like Mastodon, according to MoneyControl.
There are plenty of other tools that have implemented (or are planning to implement) ActivityPub support, including Tumblr, Flipboard and Flickr.
But decentralization is not limited to this protocol. Jack Dorsey-backed Bluesky launched its iOS app in beta last week. And messaging apps like Rocket.chat have embraced the Matrix protocol.
However, former Twitter engineer Blaine Cook told TechCrunch last year that the existence of competing protocols is a good thing.
I think the diversity of protocol is important, as is the diversity of the applications built on top of the protocols. That said, I strongly believe that interoperability between ActivityPub and Bluesky wont be difficult. The only thing preventing, for example, interoperability between Twitter and Facebooks timeline has been protectionist policies by those companies, he noted.
Its important to remember that Meta has tried making new apps and experiences that havent always taken off. In the past few years, it has killed experiments like the anonymous teen app tbh, Cameo-like app Super, Nextdoor clone Neighborhoods, couples app Tuned, student-focused social network Campus, video speed dating service Sparked and TikTok clone Lasso, just to name a few. So it wont be surprising if the new decentralized experience shuts down in a couple of years after the launch.
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Here’s What 1 of the Smartest Investors on the Planet Is Saying … – The Motley Fool
Made famous by her love of innovation, Cathie Wood's Ark Invest is naturally a fan of Bitcoin (BTC 0.08%). Every month a team of Ark analysts explore statistics on the Bitcoin blockchain and other economic trends in an effort to gauge Bitcoin's overall position in the market and where it might be headed.
This month's report looked back on February. It was full of valuable information for investors and highlighted why Bitcoin will likely remain at the top of the cryptocurrency asset class for years to come.
Despite retreating more than 14% at the beginning of March, likely due to uncertainty in the crypto landscape as talks of regulation heated up and more crypto-related businesses went bankrupt, Bitcoin has actually had a great start to 2023. Since the beginning of the year, Bitcoin is up nearly 50% and looks to be the most resilient as it is one of the most resistant and resilient to regulation. This comes from a combination of its vast decentralization and high levels of security.
After a successful January, its price climbed further in February thanks to a new technology called Ordinals, which was introduced to make the Bitcoin blockchain non-fungible token (NFT) compatible. Before Ordinals, only blockchains with smart contracts could host NFTs.
With the introduction of Ordinals, the average block size of Bitcoin hit a new all-time high. Ark analysts believe this is a bullish sign as they view the limited space in each block as being similar to real estate. The less block size available, the more valuable the space becomes as demand increases.
Although still in their infancy, Ordinals could prove to add even more pressure to block space demand. While the launch of Ordinals and a stellar February were a bit of good news for Bitcoin, it seemed to be short-lived.
While there is reason to be optimistic about Bitcoin's future, Ark believes there are two unknown factors that could dampen growth -- looming regulation and an uncertain macroenvironment.
As a result of multiple catastrophes in 2022, politicians and legislators seem to be turning up the heat in the regulatory environment. Just three months into the year, there have been multiple examples of fines and penalties being levied against crypto-related businesses by the Securities Exchange Commission (SEC).
This is likely due to SEC Chairman Gary Gensler's beliefs that a majority of cryptocurrencies are actually securities and therefore fall within reach of the commission's jurisdiction.
To start off 2023, the SEC has already announced a settlement with the cryptocurrency exchange platform Kraken to suspend its staking product. The agency also sent a warning to the stablecoin issuer Paxos, which stated that its products also met the criteria of a security and to cease its offering.
Ark believes that these efforts by the SEC and other government agencies will only pick up in 2023 and could prove to be detrimental for the majority of cryptocurrencies.
However, it also believes that Bitcoin is different from other cryptocurrencies due to its high levels of decentralization. This opinion has been reaffirmed as chairman Gensler is on record saying multiple times that he considers Bitcoin a commodity and, therefore, outside of his commission's control.
Adding to potential regulation, Ark views the current macroeconomic environment as being less than ideal for more-risky assets like Bitcoin to grow. Analysts pointed to a handful of metrics like the monetary velocity, trends in consumer spending, and patterns in the 10-year Treasury yield as a reason to believe that not only will riskier assets continue to struggle but that a recession might even be looming.
While it remains unknown as to whether our worst fears come to be, Ark analysts painted a clear picture that in the current economic and regulatory landscape, Bitcoin is the safest option for those looking to invest in cryptocurrency. It reiterated this stance with a variety of supporting statistics, such as mining difficulty and the long-term holder supply, which show that even in the depths of a bear market, Bitcoin's blockchain is still relatively healthy.
As the future remains unclear, Bitcoin offers crypto investors a refreshing sense of hope that no matter what happens, it can still continue on its path of price appreciation.
RJ Fulton has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.
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Here's What 1 of the Smartest Investors on the Planet Is Saying ... - The Motley Fool