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Why The Federal Reserve is Fearful of Cryptocurrency and Blockchain – TheStreet

It's not surprising that the powers are a bit jittery around the new digital asset technology.

As the benefits of the new technologies become clear and financial inclusion increases, the ship will have sailed for the Federal Reserve to get fully on board with the new frontier of investing and consumerism.

"The Federal Reserve is afraid of losing its monopoly over the manufacturing of money. These are decentralized communities that have their own economies denominated in money that is not backed by the full faith of credit of the United States, so they are truly bottoms up network effect economies. They are equalizing in a great sense geopolitically, which is why you see that some of the countries that are on the fringes of our financial system who have loans from the IMF in danger of default, like El Salvador, are increasingly looking at cryptocurrencies as a way around that yolk of dollar colonialism that has been tethering them for decades,"said Matthew Sigel, Head of Digital Assets Research at VanEck.

"The Fed is in listening mode and hasn't said much, and the rest of us will wait and see what guidance comes out. But the rest of the world isn't waiting on the Fed... the rest of the world is seeing value in the second source of monetary sovereignty that disintermediates the Fed...we'll see how that shakes out," Sigel added.

The central bank and government are realizing that digital currency gives them more control over transactions and the use of money, and makes it easier to be able to identify illicit transactions in a much better way.

"This is why China is pushing it so aggressively and is truly leading the world in that way... Europe is somewhere behind and the U.S. is somewhat lagging because we are just beginning to talk now about doing it in the future in terms of digital currency,"said Tal Elyashiv, founder and managing partner of SPiCE VC, during a roundtable sponsored by VanEck on the evolution of blockchain.

Watch the full webinar sponsored by VanEck to hear more insight about the evolution of blockchain and how the foundation of crypto Is changing fintech:

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How business schools are dealing with the rise in cryptocurrency – Maclean’s

Cryptocurrency courses have become a big deal in a short amount of timemuch like cryptocurrencies themselves. As recently as three years ago, it still seemed disreputable for business schools to teach about Bitcoin or other electronic currencies that are secured through online databases. At the very beginning, there was a misconception that cryptos were funny money and a speculative tool, says Henry Kim, associate professor at the Schulich School of Business, York University, and director and co-founder of the schools blockchain.lab. Business schools didnt want to teach that because they thought it was faddish.

Andreas Park, an associate professor of finance at the University of Toronto, agrees. For the longest time there was great skepticism among my colleagues, says Park, who will soon be starting a course on decentralized finance and cryptocurrency in the Rotman School of Managements MBA program. Today, its more common to hear cryptocurrency described as something that is becoming an inescapable part of business education. Thats especially true of blockchain technology, the vast, decentralized databases that cryptocurrencies rely on to verify and process new transactions with a minimum of human involvement. Blockchain has become part of elective business education over the past five years, says Jean-Philippe Vergne, the former director of the Scotiabank Digital Banking Lab at Ivey Business School in London, Ont. Over the next five, it will likely become part of core business education, just like database management is integrated into core business undergrad and graduate modules in information systems management.

Katya Malinova is an associate professor at the DeGroote School of Business at McMaster University, where she teaches a course called Introduction to FinTech (financial technology). She says the status of these technologies seemed to reach a turning point in 2017, when there was a boom in cryptocurrency investment, with investors throwing money at cryptocurrency tokens (the equivalent of shares in a more conventional company) and companies like Bitcoin and its younger competitor Ethereum. Not all of these investments were wise, but the idea of digitizing assets and putting them on the blockchain stuck, Malinova says. And that raises questions about whether traditional financial technologies can be replaced by new ones. Even though the many worthless tokens of 2017 are sometimes referred to as a cautionary tale, that outpouring of investment made cryptocurrency impossible to ignore. By the fall of 2018, it was fairly clear that FinTech and/or blockchain should be discussed in business schools, Malinova says.

Business schools that added the subject as early as possible, before the boom of 2017, may be benefiting from being ahead of the curve, just as it paid off to be an early investor in Bitcoin. Vergne definitely thinks thats true at Ivey, which began teaching about Bitcoin in 2013 and integrating it across programs in 2014; they were listed in a Forbes article on the relatively small number of important bitcoin, blockchain and cryptocurrencies courses. Vergne, now an associate professor at the UCL School of Management in London, England, co-designed the Bitcoin Crash Course when he was at Ivey, and says the schools head start in integrating cryptocurrencies into its programming paid off for some of its students: Several financial technology startups were founded in Toronto by Ivey alumni who took this kind of module, says Vergne, referring to companies such as Ledn, Lending Loop and Satstreet. They were the trailblazers and their trajectory has been spectacular, he says.

It would be easy to assume that students, especially younger ones, would be pushing for knowledge on cryptocurrency to be included in business curriculums, but its not always the case. When I started including it in my classes, most students hadnt even heard of Bitcoin, Park recalls. Vergne thinks students were initially reluctant to ask for courses on the subjectnot because they didnt know about it, but because they simply did not believe that a school like Ivey, which can appear quite conservative at first, would be open to the idea. But as soon as they were presented with an opportunity to engage, interest surged, and students kept asking for more.

Another aspect of business education that plays a role in increasing cryptocurrencys profile is something that is one of the most important functions of MBA programs: helping graduates find work. Business schools are very vocational, Kim says. We want to make sure we teach courses that are directly applicable for our students job opportunities or provide really good complementary learning for the jobs they take. MBA programs cant downplay something thats becoming a major source of employment: Clearly if theres $2 trillion worth of investments in it, theres probably some job opportunities there, Kim adds.

The content of programs doesnt only respond to the market; it also changes to fit research. I would say that in most cases, faculty expertise is behind the introduction of new courses, Malinova says. Don Cyr, professor of finance at Brock Universitys Goodman School of Business, says that around 2015 or 2016, there was an explosion in the number of research studies being done on cryptocurrencies. Business schools also take some cues from professional certification programs; once the Chartered Financial Analyst (CFA) program included some of these topics, it became what Cyr calls a very strong indicator that they also belonged in MBA programs.

Even though cryptocurrency is a mostly new subject, most agree it still requires a traditional teaching approach. Students are often very interested in the potential for investing in cryptocurrencies, and may have dabbled in it, Cyr says, but they are often unaware of the broader implications of blockchain or digital ledger technology in general in the finance field. Asked if anything important has changed in the principles she teaches, Malinova says there is nothing fundamentally new in my opinion. Vergne says blockchain changes the practice of finance in depth, but not its fundamental laws. Park just says, No. Economics is economics.

(Illustration by Raymond Biesinger)

There are, however, some new things that have to be taken into account when teaching this topic. The typical way to teach about financial history is by describing how a new concept developed out of a pipeline of academic researchers and practitioners in the field of finance, Cyr says, adding that a key fact about cryptocurrency is that it developed outside that pipeline: We dont know the identity of the developer of Bitcoin, and to some extent its adoption was fuelled by dissatisfaction with central banks and their control of the money supply.

Business schools are also learning to focus not on individual currencies like Bitcoinwhich themselves may well turn out to be fadsbut the principles and technologies theyre attached to, which are impossible to put back into the bottle. Park says he often has to deal with the misconception that blockchain is the same thing as Bitcoin, and that the significant thing about blockchain is that it operates all value transfers on a single infrastructure, instead of splitting them up into payments, stocks, bonds and other assets weve gotten used to.

Park says a securities trade today requires the use of many platforms and systems: your brokers internal system, stock exchanges, clearing and settlement services, beneficiary ownership record keepers, custodian banks and the payments systemall separate and awkwardly linked, he says. A blockchain combines all of these things, which could potentially reduce the role of those familiar platforms and systems, and the jobs that go with them.

In addition, because blockchain organizes investment and payment in such a streamlined way, without all those intermediaries, Vergne thinks it has the potential to shake up organization theory and how its taught. It changes what we know about the role of managerial hierarchies and centralized coordination in the growth of business organizations, he says. This is where most of the exciting research is happening these days.

That means were only seeing the beginning of the types of courses and teaching approaches that crypto and blockchain will inspire. Kim points to the University of Nicosia in Cyprus, which has a complete masters program in blockchain. Closer to home, he notes, York University offers blockchain education through its School of Continuing Studies. Future classes will have the benefit of very informed, even experienced students, says Kim: Most high schools in Toronto have a blockchain/Ethereum club. Eventually, we will see these folks in the MBA programs.

As students come in more informed about the subject, faculty will need to figure out how to help them think about it in a transformative way; Malinova likes to point out that blockchain could help to reach the billions of people who have no access to financial services through no fault of their own, and she thinks there shouldnt be too much focus on the potential negatives. Yes, there are bad apples, scammers and the like, and they need to go, obviously, she says. But the important issue is how much good this new world can do. For what its worth, after taking my class, the students get it. Park says that in order to make sure theyre providing a long-lasting education, business schools need to be forward-looking, and inform students about the broad changes that blockchain technology can bring. If cryptocurrency ends up changing the world, it will be partly because of the students and researchers who were convinced that it could.

This article appears in print in the August 2021 issue of Macleans magazine with the headline, New kid on the blockchain. Subscribe to the monthly print magazine here.

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From Binance to Coinbase: The rise of cryptocurrency exchanges – Yahoo Philippines News

Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, and Litecoin are seen in front of a displayed Binance logo. Photo: REUTERS/Dado Ruvic/Illustration

Cryptocurrency exchanges have been in the headline in 2021 thanks to the IPO of Coinbase (COIN) in New York and, more recently, regulatory scrutiny of Binance, one of the biggest and fastest-growing private exchanges.

Exchanges form a key part of the cryptocurrency landscape, much like they do in the stock market. The cryptocurrency market is generally accessed through online exchanges where traders can buy or sell using deposits of fiat currency from debit or credit cards.

Unlike public equity markets, where national exchanges dominate, the crypto exchange landscape is less obvious from the outside.

When the ecosystem was in its infancy, purchasing bitcoin (BTC-USD) was a daunting task. Only the truly persistent managed to transfer funds to obscure exchanges such as Japan's Mt.Gox, which was founded in 2010. Purchasing crypto on this early exchange involved funnelling money through an intermediary in Cyprus called OKPAY. Mt. Gox ultimately went bankrupt in 2014 after a catastrophic hack a cautionary tale that has led many crypto-veterans to look upon today's exchanges with wary eyes.

Today, the top five crypto exchanges in order of trading volume are: Binance, Huobi Global, Coinbase, Kraken, and FTX. Each of them turns over billions of dollars in trade each day.

Exchanges in this new and relatively unregulated industry come in two forms: centralised exchanges (CEXs), such as Binance, where you entrust your coins and passwords to a third-party company; and decentralised exchanges (DEXs) such as Pancake Swap, where there is no involvement from a central authority and users remain in full control of their private keys and digital assets.

Watch: What is bitcoin?

Most of the top exchanges, apart from Binance and FTX, report ethereum as their number one cryptocurrency by volume. Binance and FTX list bitcoin as their most-traded asset.

Exchanges typically differentiate themselves through the services offered to users. Binance is renowned for the speed of its transactions, Coinbase for its user-friendly interface, and FTX for its array of crypto-derivatives.

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Cryptocurrency exchanges also differ from each other in the fees they charge and in how seriously they take security. Exchanges don't offer nationally-backed deposit insurance, such as the Federal Deposit Insurance Corporation (FDIC) in the US or the Financial Services Compensation Scheme (FSCS) in the UK. However, some exchanges provide insurance against theft or exchange failure.

Perhaps the most trusted exchange is Coinbase. The business is publicly listed on the NASDAQ (^IXIC) and based in the US, which means it faces a high level of regulation. Coinbase has a custody service that provides insurance against exchange hacks. Additionally, the exchanges US customers have their dollar holdings protected by "pass-through FDIC insurance" of up to $250,000 per individual.

People watch as the logo for Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron at Times Square in New York, U.S., April 14, 2021. Photo: REUTERS/Shannon Stapleton

Activity on Coinbase is dwarfed by that on Binance, the worlds largest cryptocurrency exchange. Binances daily trading volume of approximately $11 billion is almost ten times larger than Coinbase. The exchange is notable for the large number of coins it lists and its low transaction fees. Investors can trade 372 different coins and tokens on Binance, compared to only 74 of Coinbase.

Since 2018, Binance has offered customer protection through its Secure Asset Fund for Users scheme, which offers partial reimbursement of user's assets if the exchange is hacked and is funded through trading fees.

Binance recently made headlines for its problematic relations with regulatory authorities in different jurisdictions. Last month the UK's Financial Conduct Authority (FCA) ordered Binance to stop conducting regulated activity in Britain. Binance claimed the FCA move would have no impact on users in the UK who want to trade through its Binance.com website, but Barclays subsequently blocked UK customers from sending funds to the company.

Read more: Why the UK banned Binance and what it means for your crypto assets

The FCA order was followed by similar interventions in Japan and the Cayman Islands, and a criminal complaint about unregistered operations in Thailand. Binances holding company is reportedly registered in the Cayman Islands but the company has a less transparent corporate structure than the publicly listed rival Coinbase.

Regulation expert Wayne Johnson told Yahoo Finance UK that global regulators were trying to get to grips with a payments technology that transcends country borders and is not subject to the rules and legislation associated with fiat systems".

Changpeng Zhao, CEO of Binance, speaks at the Delta Summit, Malta's official Blockchain and Digital Innovation event promoting cryptocurrency, in St Julian's, Malta October 4, 2018. Photo: REUTERS/Darrin Zammit Lupi

In an open letter, Binance's founder and chief executive Changpeng 'CZ' Zhao wrote: "Binance has grown very quickly and we haven't always got everything exactly right, but we are learning and improving every day.

"We hope to clarify and reiterate our commitment to partner with regulators, and that we are proactively hiring more talent, putting in place more systems and processes to protect our users."

Beyond pureplay crypto exchanges, people can also buy cryptocurrencies through traditional financial services apps such as PayPal (PYPL) and Revolut.

Wherever you buy cryptocurrencies, you should always be away of the risks. Regulators warns that cryptocurrencies could fall to zero, exchanges could be hacked, and investors could fall wary to "rug pulls" where scammers make off with cash. Make sure you research both the project you are investing in and the platform you are using.

Watch: What are the risks of investing in cryptocurrency?

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Lack of Cryptocurrency Regulations Might Be a Red Flag for Indian Investors – Analytics Insight

The cryptocurrency market is attracting Indian investors even with no legality assurance.

Despite the lack of regulations, the cryptocurrency market is gaining immense popularity in India. Approximately, Indians have invested about INR 49,189 crore (US$6.6 billion) in cryptocurrencies till May 2021. This is a staggering spike considering the numbers reflecting US$923 million till April 2020. As per cryptocurrency adoption and blockchain data firm Chainalysis, India ranks 11 out of 154 countries.

As cryptocurrency is still a new concept that just picked momentum in 2019-2020, more potential investors are expected to enter the crypto market in time. India has the biggest youth population in the world and millennials and Gen Z is navigating themselves towards cryptocurrencies. This expected spike is good for cryptocurrency exchange companies that operate in India but as there is no verdict on crypto acceptance from the government, this can become problematic.

In April 2018, Indias central bank ordered banks from dealing with cryptocurrency, suddenly. In March 2020, the Supreme Court of India turned down the order and that started the cryptocurrency hype in the country. While the citizens considered this is a green flag, the government is still on the fence about decentralized digital money. Recently, a panel was announced to look into this matter and form proper cryptocurrency regulations. While the RBI stated that there wont be a complete ban on cryptocurrency, future policies can bring significant changes, especially with the talks of launching a government-backed digital coin or Govcoins.

The lack of regulation doesnt just affect the investors, it also affects firms that work with crypto coins and invite threats. As said by Nischal Shetty, co-founder of WazirX, The biggest regulatory risk is that bad players might come into the ecosystem. While we, at exchanges follow a regulatory code of conduct, which is self-imposed, we cannot prevent others who dont follow it.

Indias cryptocurrency ecosystem has raised concern about a number of factors like payment solutions, taxation, and the legality of it all. Apart from investments, there is no provision in India to use cryptocurrencies as a means of payment for goods and services. Countries like the USA have organizations that accept cryptocurrencies like Bitcoin as payments and Africa have Bitcoin ATMs and mobile-cryptocurrency payments. The verdict on cryptocurrencies can be sorted if the RBI and the government put out a long-term plan for cryptocurrencies. India is one of the largest markets for businesses and with proper rules, they can make the most of the cryptocurrency features that promises privacy and security.

Recently, Germany opened the gates for cryptocurrency investments in the country and several other countries have shown their acceptance of this new technology. The global cryptocurrency ecosystem is growing rapidly with many projects and innovations happening, says Avinash Shekhar, co-CEO of ZebPay. These are investors, innovators, and businesses that offer job opportunities for many. Regulatory clarity around crypto can definitely help grow the crypto ecosystem in India.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, could lead to a ban of all private cryptocurrencies in the country. This will also pave way for a legislative framework for the official digital currency. Market experts speculate that the delay in announcing regulations maybe be because the officials are wrapping up the work for the digital rupee, like how China launched the digital Yuan. While Indians continue to invest in cryptocurrency, till the regulations are finalized, its similar to walking on eggshells.

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Insights on the Optical Encryption Global Market to 2027 – Featuring Arista Networks, Broadcom and CenturyLink Among Others – ResearchAndMarkets.com -…

DUBLIN--(BUSINESS WIRE)--The "Optical Encryption - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Amid the COVID-19 crisis, the global market for Optical Encryption estimated at US$2.9 Billion in the year 2020, is projected to reach a revised size of US$4.9 Billion by 2027, growing at a CAGR of 7.6% over the analysis period 2020-2027.

Layer1 (OTN), one of the segments analyzed in the report, is projected to record a 9.6% CAGR and reach US$1.4 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Layer 2 (MACsec) segment is readjusted to a revised 7.8% CAGR for the next 7-year period.

The U.S. Market is Estimated at $862.3 Million, While China is Forecast to Grow at 7% CAGR

The Optical Encryption market in the U.S. is estimated at US$862.3 Million in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$842.3 Million by the year 2027 trailing a CAGR of 7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.2% and 6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 6% CAGR.

Layer 3 (IPsec) Segment to Record 6.3% CAGR

In the global Layer 3 (IPsec) segment, USA, Canada, Japan, China and Europe will drive the 6.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.1 Billion in the year 2020 will reach a projected size of US$1.6 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$555.6 Million by the year 2027.

Select Competitors (Total 46 Featured):

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/zcslrc

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Insights on the Optical Encryption Global Market to 2027 - Featuring Arista Networks, Broadcom and CenturyLink Among Others - ResearchAndMarkets.com -...

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Jupiter Project Presents ‘Metis Messenger’, the Decentralized Chat Application That Syncs Across All Platforms – GlobeNewswire

NEW YORK, July 08, 2021 (GLOBE NEWSWIRE) -- Recently, Jupiter Project, the open source software that powers secure dApps on public and private networks, has launched a fully encrypted, decentralized communication application that is not controlled by centralized organizations or government.

According to research, there are currently around 3,6k decentralized applications (dApps) globally, ranging from gaming and gambling, to DeFi and media, and so on. This shows that the web3 space is gaining a lot of traction.

Over the years, data privacy has become a major issue on social media platforms. Now, central servers are posing a big threat to privacy as the government, organizations and even hackers utilize chat apps to access user's private information and chat history without their consent. This is all due to the lack of a simplistic group messaging service that supports a strong end-to-end encryption. Hence, there's the urgent need for consumers to acquire data management authority over their messaging and file transfer. Well, thanks to Metis messenger -- the secure blockchain group messaging and file sharing application, it is providing a 100% private, completely encrypted, decentralized chatting service that sync across all platforms.

Complete control over data privacy

Jupiter Project -- the decentralized blockchain project that enables NFTs, messaging, DEX, file sharing, decentralized voting, and so on, has created Metis Messenger to serve as an innovative solution to the issues of data privacy breaches. Metis utilizes JSON formatting and military-grade encryption to ensure the safety and security of each message on the platform. The secured network combines cryptographic security with two-layer authentication.

Jupiter's vision is to build an affordable application layer to scaffold data storage from blockchain-enabled apps to seamlessly store, replicate, and encrypt the stored data.

With Jupiter blockchain, there are no central servers to store information about users. Every message sent through the Metis Messenger is fully encrypted with AES encryption and can only be read by group members. Users are not required to provide any personal information while signing up on the Metis. This way it solves the issue of lack of privacy that users face when using WhatsApp, Facebook and Telegram.

Jupiter Project's products

Jupiter's framework for dApp creation. Through Gravity, any organization or individual can build and create custom dApps within minutes.

Flexible and secure (AES-256 bit encryption) password manager that gives you complete control of your account information.

Confidently store your git repositories to power your project forever without fear of removal, loss, or outages.

The official marketplace for NFTs on Jupiter.

Create, sell, or collect digital items secured with blockchain.

Decentralized authentication for the beginnings of Jupiter web3 integration and Metamask-like browser extension and applications.

In a big leap to blockchain ingenuity, Metis Messenger -- the flagship decentralized application built on Gravity and curated by Sigwo Technologies, is facilitating user's data privacy by defaulting to locally encrypting all online interactions before sending any message. This way, anyone can log into any of the Metis instances with their credentials and get to recover all past conversations.

Additionally, Metis does not only provide increased data privacy but also a profitable platform for all users. For sending and storing messages, users earn the platform's native token JUP, operated on a private Jupiter's blockchain and bundled by AES 256 military-grade encryption for improved security. Recently, JUP was listed on KuCoin -- one of the leading cryptocurrencies, and is also trading on two most active decentralized exchanges -- Uniswap and Pancake.

Benefits of Metis Messenger

Take control of your data

Chat without annoying ads, data mining, and AI listening.

Fully anonymous

No personal information will ever be required.

Private

Your privacy is in your hands.

Secured Network

Combining Cryptographic security with two-layer authentication for ultimate security.

Applications such as LEDA begin operation Q2 2021, Callisto begins operation Q3 2021 and other major products are to begin operation from the second to the final quarter of the year. Jupiter Project dev team are looking forward to achieving major milestones with its realistic and innovative roadmap in order to bring more opportunities to its community.

Interestingly, Metis can be leveraged by military, government agencies or corporate to counter data security threats. With Metis, everyone has power over their privacy. No advertising, data mining, or AI listening during private online communication.

Metis Messenger is now available on the App store. Metis is scheduled to be available on Android and Container operating systems in the third and fourth quarter of 2021.

Social Linkshttps://twitter.com/jup_projecthttps://www.facebook.com/JupiterProj/https://www.instagram.com/jupproject/https://t.me/jupiterproject

Media ContactCompany: Jupiter ProjectContact: Steven Grove, FounderE-mail: info@gojupiter.techWebsite: https://gojupiter.tech/

SOURCE: Jupiter Project

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Googles Supermodel: DeepMind Perceiver is a step on the road to an AI machine that could process anything… – ZDNet

Arguably one of the premiere events that has brought AI to popular attention in recent years was the invention of the Transformer by Ashish Vaswani and colleagues at Google in 2017. The Transformer led to lots of language programs such as Google's BERT and OpenAI's GPT-3 that have been able to produce surprisingly human-seeming sentences, giving the impression machines can write like a person.

Now, scientists at DeepMind in the U.K., which is owned by Google, want to take the benefits of the Transformer beyond text, to let it revolutionize other material including images, sounds and video, and spatial data of the kind a car records with LiDAR.

The Perceiver, unveiled this week by DeepMind in a paper posted on arXiv, adapts the Transformer with some tweaks to let it consume all those types of input, and to perform on the various tasks, such as image recognition, for which separate kinds of neural networks are usually developed.

The DeepMind work appears to be a waystation on the way to an envisioned super-model of deep learning, a neural network that could perform a plethora of tasks, and would learn faster and with less data, what Google's head of AI, Jeff Dean, has described as a "grand challenge" for the discipline.

One model to rule them all? DeepMind's Perceiver has decent performance on multiple tests of proficiency even though the program is not built for any one kind of input, unlike most neural networks that specialize. Perceiver combines a now-standard Transformer neural network with a trick called "inducing points," as a summary of the data, to reduce how much raw data from pixels or audio or video needs to be computed.

The paper, Perceiver: General Perception with Iterative Attention, by authors Andrew Jaegle, Felix Gimeno, Andrew Brock, Andrew Zisserman, Oriol Vinyals, and Joao Carreira, is to be presented this month at the International Conference on Machine Learning, which kicks of July 18th and which is being held as a virtual event this year.

Perceiver continues the trend to generality that has been underway for several years now, meaning, having less and less built into an AI program that is specific to a task. Before Vaswani et al.'s Transformer, most natural language programs were constructed with a sense of the particular language function, such as question answering or language translation. Transformer erased those distinctions, producing one program that could handle a multitude of tasks by creating a sufficiently adept representation of language.

Also: AI in sixty seconds

Likewise, Perceiver challenges the idea that different kinds of data, such as sound or image, need different neural network architectures.

However, something more profound is indicated by Perceiver. Last year, at the International Solid State Circuits Conference, an annual technical symposium held in San Francisco, Google's Dean described in his keynote address one future direction of deep learning as the "goal of being able to train a model that can perform thousands or millions of tasks in a single model."

"Building a single machine learning system that can handle millions of tasks is a true grand challenge in the field of artificial intelligence and computer systems engineering," said Dean.

In a conversation with ZDNet at the conference, Dean explained how a kind of super-model would build up from work over the years on neural networks that combine "modalities," different sorts of input such as text and image, and combinations of models known as "mixture of experts":

Mixture of experts-style approaches, I think, are going to be important, and multi-task, and multi-modal approaches, where you sort-of learn representations that are useful for many different things, and sort-of jointly learn good representations that help you be able to solve new tasks more quickly, and with less data, fewer examples of your task, because you are already leveraging all the things you already know about the world.

Perceiver is in the spirit of that multi-tasking approach. It takes in three kinds of inputs: images, videos, and what are called point clouds, a collection of dots that describes what a LiDAR sensor on top of a car "sees" of the road.

Once the system is trained, it can perform with some meaningful results on benchmark tests, including the classic ImageNet test of image recognition; Audio Set, a test developed at Google that requires a neural net to pick out kinds of audio clips from a video; and ModelNet, a test developed in 2015 at Princeton whereby a neural net must use 2,000 points in space to correctly identify an object.

Also: Google experiments with AI to design its in-house computer chips

Perceiver manages to achieve the task using two tricks, or, maybe, one trick and one cheat.

The first trick is to reduce the amount of data that the Transformer needs to operate on directly. While large Transformer neural networks have been fed gigabytes and gigabytes of text data, the amount of data in images or video or audio files, or point clouds, is potentially vastly larger. Just think of every pixel in a 244 by 244 pixel image from ImageNet. In the case of a sound file, "1 second of audio at standard sampling rates corresponds to around 50,000 raw audio samples," write Jaegle and team.

So, Jaegle and team went in search of a way to reduce the so-called "dimensionality" of those data types. They borrow from the work of Juho Lee and colleagues at Oxford University, who introduced what they called the Set Transformer. The Set Transformer reduced the computing needed for a Transformer by creating a second version of each data sample, a kind of summary, which they called inducing points. Think of it as data compression.

Jaegle and team adapt this as what they call a "learned latent array," whereby the sample data is boiled down to a summary that is far less data-hungry. The Perceiver acts in an "asymmetric" fashion: Some of its abilities are spent examining the actual data, but some only look at the summary, the compressed version. This reduces the overall time spent.

The second trick, really kind of a cheat, is to give the model some clues about the structure of the data. The problem with a Transformer is that it knows nothing about the spatial elements of an image, or the time value of an audio clip. A Transformer is always what's called permutation invariant, meaning, insensitive to these details of the structure of the particular kind of data.

That is a potential problem baked into the generality of the Perceiver. Neural networks built for images, for example, have some sense of the structure of a 2-D image. A classic convolutional neural network processes pixels as groups in a section of the image, known as locality. Transformers, and derivatives such as Perceiver, aren't built that way.

The authors, surprisingly, cite the 18th-century German philosopher Immanuel Kant, who said that such structural understanding is crucial.

"Spatial relationships are essential for sensory reasoning," Jaegle and team write, citing Kant, "and this limitation is clearly unsatisfying."

So, the authors, in order to give some sense of the structure of images or sound back to the neural network, borrow a technique employed by Google's Matthew Tancik and colleagues last year, what are called Fourier features. Fourier Features explicitly tag each piece of input with some meaningful information about structure.

For example, the coordinates of a pixel in an image can be "mapped" to an array, so that locality of data is preserved. The Perceiver then takes into account that tag, that structural information, during its training phase.

As Jaegle and team describe it,

We can compensate for the lack of explicit structures in our architecture by associating position and modality-specific features with every input element (e.g. every pixel, or each audio sample) these can be learned or constructed using high-fidelity Fourier features. This is a way of tagging input units with a high-fidelity representation of position and modal- ity, similar to the labeled lined strategy used to construct topographic and cross-sensory maps in biological neural networks by associating the activity of a specific unit with a semantic or spatial location.

The results of the benchmark tests are intriguing. Perceiver is better than the industry standard ResNet-50 neural network on ImageNet, in terms of accuracy, and better than a Transformer that has been adapted to images, the Vision Transformer introduced this year by Alexey Dosovitskiy and colleagues at Google.

On the Audio Set test, the Perceiver blows away most but not all state-of-the-art models for accuracy. And on the ModelNet test of point clouds, the Perceiver also gets quite high marks.

Jaegle and team claim for their program a kind of uber-proficiency that wins by being best all around: "When comparing these models across all different modalities and combinations considered in the paper, the Perceiver does best overall."

There are a number of outstanding issues with Perceiver that make it perhaps not actually the ideal million-task super-model that Dean has described. One is that the program doesn't always do as well as programs made for a particular modality. It still fails against some specific models. For example, on Audio Set, the Perceiver fell short of a program introduced last year by Haytham M. Fayek and Anurag Kumar of Facebook that "fuses" information about audio and video.

On the point cloud, it falls far short of a 2017 neural network built just for point clouds, PointNet++, by Charles Qi and colleagues at Stanford.

And on ImageNet, clearly the Perceiver was helped by the cheat of having Fourier features that tag the structure of images. When the authors tried a version of the Perceiver with the Fourier features removed, called "learned position," the Perceiver didn't do nearly as well as ResNet-50 and ViT.

A second issue is that nothing about Perceiver appears to bring the benefits of more-efficient computing and less data that Dean alluded to. In fact, the authors note that the data they use isn't always big enough. They observe that sometimes, the Perceiver may not be successfully generalizing, quipping that "With great flexibility comes great overfitting." Overfitting is when a neural network is so much bigger than its training data set, that it is able to simply memorize the data rather than achieve important representations that generalize the data.

Hence, "In future work, we would like to pre-train our image classification model on very large scale data," they write.

That leads to a larger question about just what is going on in what the Perceiver has "learned." If Google's Jeff Dean is right, then something like Perceiver should be learning representations that are mutually reinforcing. Clearly, the fact of a general model being able to perform well in spite of its generality suggests that something of the kind is going on. But what?

All we know is that Perceiver can learn different kinds of representations. The authors show a number of what are called attention maps, visual studies that purport to represent what the Perceiver is emphasizing in each clump of training data. Those attention maps suggest the Perceiver is adapting where it places the focus of computing.

As Jaegle and team write, "it can adapt its attention to the input content."

An attention map purports to show what the Perceiver is emphasizing in its video inputs, showing it is learning new represenations specific to the "modality" of the data.

A third weakness is specifically highlighted by the authors, and that is the question of the Fourier features, the cheat. The cheat seems to help in some cases, and it's not clear how or even if that crutch can be dispensed with.

As the authors put it, "End-to-end modality-agnostic learning remains an interesting research direction."

On a philosophical note, it's interesting to wonder if Perceiver will lead to new kinds of abilities that are specifically multi-modal. Perceiver doesn't show any apparent synergy between the different modalities, so that image and sound and point clouds still exist apart from one another. That's probably mostly to do with the tasks. All the tasks used in the evaluation have been designed for single neural networks.

Clearly, Google needs a new benchmark to test multi-modality.

For all those limitations, it's important to realize that Perceiver may be merely a stage on the way to what Dean described. As Dean told ZDNet, an eventual super-model is a kind of evolutionary process:

The nice thing about that vision of being able to have a model that does a million tasks is there are good intermediate points along the way. You can say, well, we're not going to bite off multi-modal, instead let's try to just do a hundred vision tasks in the same model first. And then a different instance of it where we try to do a hundred textual tasks, and not try to mix them together. And then say, that seems to be working well, let's try to combine the hundred vision and hundred textual tasks, and, hopefully, get them to improve each other, and start to experiment with the multi-modal aspects.

Also: Ethics of AI: Benefits and risks of artificial intelligence

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The Streaming Age Has Turned Poland Into a Deep-Pocketed Production Paradise – Hollywood Reporter

365 Days probably wasnt the film Poland was hoping would be its global calling card. After decades of art house acclaim from the likes of Andrzej Wajda (Man of Iron), Agnieszka Holland (In Darkness), Pawel Pawlikowski (Ida, Cold War), Jan Komasa (Corpus Christi) and Malgorzata Szumowska (Never Gonna Snow Again), the first Polish film that truly broke though to become a worldwide, mainstream success was a soft-core erotic thriller.

Blame the pandemic. Blame Netflix. Directed by Barbara Bialowas and Tomasz Mandes, and based on the Fifty Shades of Grey-style trilogy by Polish writer Blanka Lipinska, 365 Days was produced primarily for the local market. It delivered. Released in early 2020, before the COVID pandemic hit most of Europe, the film, starring Michele Morrone and Anna-Maria Sieklucka, grossed $9 million at the Polish box office. It pulled in a further $500,000 in the U.K., playing mainly to ethnic Polish audiences. Then came COVID-19.

Netflix, which had picked up global rights to 365 Days, dropped the film on its service in June 2020. Overnight, it became the worlds guilty pleasure. The film was one of Netflixs top three most viewed releases in the U.S., U.K. and across most of Europe, as well as in India, Canada and New Zealand. By some measures, it was the most-watched non-English-language film of 2020 (sorry, Parasite!).

Whatever the reason some think the lockdowns just made the world incredibly horny 365 Days became the poster child for Polish cinema. The world hasnt seen the end of 365 Days. Netflix has commissioned two back-to-back sequels, which it is producing with Polands Ekipa and Open Mind One. But when it comes to Polish content, Netflix isnt just betting on bad sex.

The streamers first Polish original was the acclaimed alternative history drama 1983, created by Holland (Charlatan, Mr. Jones). The Woods, first of two Polish-language adaptations of crime novels by American best-selling author Harlan Coben, hit Netflix last year. The second, Hold Tight, which just cast local stars Magdalena Boczarska and Leszek Lichota in the lead, is set to begin production this year for a 2022 delivery.

Polish production heavyweight ATM Group the creative force behind HBO Europes Polish original The Pack is the producer on both Coben series. The booming online market in the region analysts Digital TV Research forecast 8.7 million paying SVOD subscribers in Poland by 2025 is driving global platforms to invest in home-grown content.

Joanna Szymanska, a producer at Warsaw-based ShipsBoy, which produces Netflixs Polish crime series Hiacynt, says the impact of the streamers is already being seen in the market. It is already very difficult to secure key talents and crew, as the volume of Netflix-financed productions increases. So the budgets will probably go up, too, and the competition between producers will be even tougher, Szymanska says. But I believe it is for the better. [One] positive side of the platforms is that they are enforcing change in quality of work: intimacy coordinators, code of ethics etc. That is still a novelty on Polish sets.

Alicja Grawon-Jaksik, president of the board of the Polish Producers Alliance notes that the investment from streamers helped Polish producers stay afloat during the pandemic year by filling the funding gaps and making it much easier for production companies and distributors to plan their activities for 2020/2021. But she worries local producers will become too dependent on streaming cash and says Poland needs to keep, and strengthen, its public funding system to create a sustainable business model whereby independent producers can retain some rights to their work and be in a position to make good deals with the streamers.

Radoslaw Smigelski, general director of the Polish Film Institute (PFI), notes with some pride that the PFI remains the main funding body of local industry, pointing to a new tax on SVOD services introduced July 1, 2020 that requires on-demand platforms to pay 1.5 percent of their local revenue to a fund that will support home-grown productions. This is something that the industry representatives were waiting for a long time, he says.

With its well-funded and generous support system which includes a 30 percent cash rebate program for local shoots the Polish industry has retained its independence, as evidenced by the variety of productions on offer in Cannes this year. Productions like Silent Twins, the English-language debut of The Lure director Agnieszka Smoczynska, which features Small Axe stars Letitia Wright and Tamara Lawrance in an adaptation of Marjorie Wallaces novel about twin sisters in Wales who are mute to everyone but themselves. Focus Features in April picked up worldwide rights to Silent Twins from Protagonist Pictures, with Focus set to release it in the U.S. and Universal Pictures International rolling it out in the rest of the world.

Then theres Kill It and Leave This Town, the feature debut of Polish animator Mariusz Wilczynski, which won a special jury award at the 2020 Annecy Animation Festival. Elsewhere, the five features picked for New Horizons Polish Days Goes to Cannes showcase July 9 includes Olga Chajdas politics-themed drama Imago, the Anna Kazejak comedy Fucking Bornholm and Kuba Czekajs Lipstick on the Glass, which follows a woman who is enticed to leave her gangster husband and join a female sect.

PFI funding and the Polish tax rebate have also encouraged international co-productions, with recent successes including Apples, the acclaimed debut feature of Greek director Christos Nikou, which was co-produced by Polands Lava Films with financing from the PFI, and Jasmila Zbanics Oscar-nominated war drama Quo Vadis, Aida?, which tells the true story of the Srebrenica massacre, and which was co-produced by Polands Extreme Emotions. Premiering in Cannes Un Certain Regard lineup is Lamb, an Icelandic horror film from first-time director ValdimarJhannsson, starring Noomi Rapace and Bjrn Hlynur Haraldsson, which, like Silent Twins, was co-produced with Warsaw-based Mandats.

Another upcoming Mandats co-production is Brady Corbets immigrant drama The Brutalist, starring Joel Edgerton, Marion Cotillard, Mark Rylance, Sebastian Stan and Vanessa Kirby, which Protagonist and CAA Media Finance first introduced to buyers in Toronto last year.

After pointing to the creative, enthusiastic, hard working crews talented pool of actors, directors, VFX creators, animators and cinematographers and stunning natural locations massive lakes, densely wooded areas, various architectural styles that Poland has to offer international producers, Smigulski adds that visiting productions can always count on the support of the PFI. Our main focus now is to attract producers willing to cooperate with Polish partners.

365 Days might not be the film Poland wanted as its calling card. But if it gets international filmmakers interested in working in Poland, maybe all that bad sex was worth it.

Pole Position: Three Upcoming Productions

Recent Polish productions show the diversity and breadth of ambition of the countrys filmmakers.

KILL IT AND LEAVE THIS TOWNA disturbing trip into the twisted, dystopian psyche of Polish animator Mariusz Wilczynski, this mainly black-and-white debut feature has been 11 years in the making and wowed the critics at the 2020 Annecy Animation Festival, where it won a special jury prize.

LIPSTICK ON THE GLASSAn LGBTQ crime drama from Polish up-and-comer Kuba Czekaj (The Erlprince), Lipstick on the Glass follows a woman who is enticed to leave her violent gangster husband and join an all-female cult. Polish actress Agnieszka Podsiadlik (Mug) stars alongside Germanys Lena Lauzemis. The film will be part of the Poland Days showcase at the Cannes Film Market on Friday, July 9.

SILENT TWINSPolish filmmaker Agnieszka Smoczynska, whose Fuga was in Cannes Critics Week in 2018, makes her English-language debut with this adaptation of Marjorie Wallaces novel about twin sisters in Wales who speak only to one another. Letitia Wright and Tamara Lawrance star in the feature, which Protagonist Pictures has sold just ahead of Cannes to Focus Features.

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At the ICA Watershed, artist Firelei Bez draws history from the deep – The Boston Globe

After a yearlong COVID-19 hiatus, the Watershed opened its third season with Firelei Bezs To breathe full and free: a declaration, a re-visioning, a correction (193616.9N 721307.0W, 422148.762N 71159.628W). It would have opened a year ago, all things being equal. As the pandemic has revealed, theyre not equal and never were, and the project has taken on more urgent meaning in these raw and heightened times. Under the flutter of blue, stony archways lurch in a rough act of becoming. Youll take your own meaning, but to me, theyre straining for the surface, determined for new life in the bright light of day.

How it is that theyre submerged is a question to ask yourself. Do you know Haitis Sans-Souci Palace, the regal home built in 1813 for Henri Christophe, who helped lead the nascent Black republic out of bondage and to freedom in a revolution against its faraway French rulers? Or how the palace was damaged beyond repair by an earthquake in 1842 and now stands in heaps, an inadvertent symbol of the beleaguered countrys long history of tumult, the most recent chapter unfolding just this week with the assassination of President Jovenel Mose?

It was all new to me until I met Bez at the Watershed in May, where she had her hands full painting batik-style motifs on the ruins walls, often with her fingertips. Bez, 40, now based in New York, knew the history well, both from growing up in the Dominican Republic and from her Haitian father. The parallel revolutionary histories of Haiti and the United States two rebellions within decades of each other, both over European colonial powers struck her when she arrived here as a student, at least partly for how world histories narrowed to a point in the United States, often to the exclusion of all others.

Take her piece as literally as you can the coordinates of the title push Sans-Souci and Boston Harbor side by side and youll see the intent: Bez is putting forth the simple notion that, in the colonial world, the quest for freedom from faraway oppressors was not unique to the United States.

But the proposition of To breathe full and free is far more expansive. Bez, who works primarily as a painter, has always engaged with narratives of dominance in history how one story thrives, while another withers in the collective mind-set. Her urges are not literal but poetic the indifferent churn of time in high-above ripples of shadow and light, the stony silence of a ruined structure freighted with forgotten significance.

In her paintings, old maps of colonized places often appear as motifs to be gently violated, their matter-of-fact surveys painted over with flora and fauna from a place now claimed by another. Just inside the Watershed, a vast mural greets you: Awash in a violent sea are maps and navigational charts in antique script (The Sea of New England, St. Georges Bank). At one end of the mural, an explosion of color knots tropical motifs palm fronds and tropical flowers, a clutch of feathers into a vibrant bouquet of difference.

Its not hard to see the point. The mural asserts a place for Caribbean history in the violent to-and-fro between Africa and the Americas. It yearns for connection, a memory jog that builds back the presence of those lost in the fairy tale of American Exceptionalism.

To breathe full and free intertwines forces seen largely as good freedom and independence tainted by prejudice and not worthy of unexamined reverence. Boston Harbor is a resonant place, alive with revolutionary history. The Boston Tea Party of 1773, which took place within easy eyeshot of the Watershed itself, was a key moment leading to the American Revolution.

But the harbor was also the site of a brisk 18th-century slave trade, and later a key entry point for immigration (as well as home to an immigrant detention center). Hidden in the weathered arches of Bezs listing Sans-Souci are speakers that softly emanate first-person stories of immigrants arriving in Boston to new lives.

The piece asks a simple question to which theres no adequate justification: Why do some stories rise while others sink to the bottom? A generational allergy to complexity is part of the reason. Boston, a liberal bastion loathe to see itself included in the uglier parts of the countrys history, is another. Bez, for her part, offers a gentle, fantastic reconsideration with fresh learning ripe for the taking.

In Haiti, Sans-Souci is undecorated, a pile of pale stone. In the Watershed, the blue walls of Bezs version are festooned with patterns and images that evoke West African indigo dye, a popular early-American trade good produced by enslaved people in the South. (Bez imbues hers with revolutionary sentiment: A raised fist that evokes the Black Power movement, a pouncing feline that calls to mind the Black Panthers.) It shouldnt surprise that Boston Harbor was one of the primary export points for indigo. Profit from slave labor was in the very blood of this city, a wealthy port connected to European markets.

Imperfect freedom has always been the American way. Haiti, in its own struggle for independence, offers some lessons. In a recent interview with NPR, Marlene Daut, a historian at the University of Virginia and the author of several books on the Haitian Revolution, explained how Haitis long-ago vision of a free republic might offer some improvements on the US version. The Haitian Revolution had become an all-out anti-slavery war by 1802, driving the countrys constitution to radical egalitarianism: It banned conquest as a national pursuit, explicitly rejecting colonialism. It outlawed slavery, which later inspired abolition movements here in the states. And it demanded a society where merit was the only differentiating factor between individuals, never skin color.

The Declaration of Independence, as were now frequently reminded, evaded every one of those points. (T)he story of the Haitian Revolution and Haitian independence teach us what exactly was missing from the US Declaration of Independence, Daut told NPR, explaining that the Haitian constitution was more closely a template for the Black Lives Matter movement, which, at its heart, demands the completion of unfulfilled American promise.

All this in mind, To breathe full and free is less a title than an aspiration: Of best intentions not met, and the hard learning yet to come.

FIRELEI BEZ: TO BREATHE FULL AND FREE: A DECLARATION, A RE-VISIONING, A CORRECTION (193616.9N 721307.0W, 422148.762N 71159.628W)

At the ICA Watershed, 256 Marginal St., Boston, through Sept. 6. 617-478-3100, http://www.icaboston.org

Murray Whyte can be reached at murray.whyte@globe.com. Follow him on Twitter @TheMurrayWhyte.

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What Toxic Positivity Actually Is (& Why You Should Avoid It) – mindbodygreen.com

If you're finding yourself exhibiting toxic positivity, Spinelli says the best thing you can do for yourself is to simply accept your feelings without judging them. "You have a right to your emotions," she emphasizes. And on top of that, she adds, "Be mindful of social media messages that may elicit comparisons and create a version of how you are 'supposed' to feel."

Noticing when toxic positivity is creeping in can also require some mindfulness on your part, whether you're being that way toward yourself or others. When you find yourself avoiding or deflecting tough emotions, as Spinelli says, try to be present for them.

And if you're dealing with a friend or family member pushing toxic positivity when you're feeling down, it's the same ideaand it's important to stand firm in your truth. Only you know exactly how you're feeling, and someone telling you to "just keep your chin up" isn't always productive or helpful. Explaining that you want to feel the tough emotions before looking on the bright side, or want to be more OK with processing and feeling them, should get the message across.

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