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What the History of Headphones Says About the Internet’s Future

What does the historical development of headphones tell us about the future of the internet?

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Predicting the blockchain future is easy. Knowing when to try is hard.

I’m going to talk about the future of the internet and blockchain technology, but first, let’s talk about noise-cancelling headphones.

John Wolpert is the group executive in charge of enterprise mainnet at ConsenSys AG and the chair of the technical steering committee of the Baseline Protocol. This article is part of CoinDesk’s Internet 2030 series, exploring the future of the digital economy.

Eighty-seven years to a headset

In 1933, Paul Lueg submitted a patent application describing the principle of noise cancellation. But it wasn’t until Amar Bose started work on the concept in 1978 that the path to a practical commercial product emerged. It was another two decades before processing power per milliwatt could cancel out the drone of an airplane in an affordable device that ran on batteries. 

So imagine if, in 1933, someone asked Lueg what the world would be like in 10 years, and if he thought it would include computers with the ability to grab sound waves from the air and cancel them out. He would probably have asked, “What’s a computer?”

It was possible in 1933 to imagine a device like the Bose headset, but it wasn’t possible to plot any kind of reasonable trajectory toward a real product. But after Gordon Moore correctly asserted the silicon lithography process would double the number of transistors you could place in the same amount of space every two years, companies like Bose could do the math and predict when chips might deliver the speed and efficiency needed to detect a sound wave and drive a speaker to cancel out the sound, in a fraction’s fraction of a second.

A question of scale

What will the internet look like in 2030? And specifically, will blockchain technology have a material impact on the way the internet of 2030 enables people to conduct business and live their lives? Whether or not we can answer these questions depends on whether blockchain has arrived at a stage of continuous improvement or whether we’re still waiting for new paradigm shifts.

The most important consideration for any new internet technology is scale. The internet scales because at its core it is largely stateless. Internet routers receive a packet of data and pass it to the next router. They don’t need to remember anything about those packets, and they don’t store the packet or check with other routers on the state of a packet before sending it along. 

The stateful internet

Decentralized technology, and especially public blockchains like Ethereum, hold the promise of adding value to the internet by introducing state to this stateless system – what I call the stateful internet. 

An example of state: The state of that airplane was 30,000 feet traveling at 500 mph and now its new state is 30,100 feet traveling at 501 mph. 

Without shared state there is no shared truth, no way to agree the plane is at 30,100 feet or discover which of us is wrong if we disagree. We’re living the downsides of our failure to achieve shared truth everywhere today, both philosophically and technologically.

However, there is significant overhead involved in remembering things and coordinating between different machines that might have different memories about the same thing. Managing state makes it hard to achieve massive scale. 

See also: Paul Brody – How Small Business Can Achieve ‘Economies of Scale’ by 2030

We can’t know when blockchains will have a significant impact on the internet’s utility until we can write the “Moore’s Law” of scaling global state machines (e.g., public blockchains). 

Compartmentalization and privacy

The second most important thing to remember when considering what decentralized state machines could do to change our experience of the internet is the need to balance transparency and compartmentalization of information.

Neither the today’s internet nor blockchains are very good at data compartmentalization. Any cryptographer or IT security professional will tell you that encrypting data is good, but without the ability to compartmentalize access to the actual bits – scrambled or not – encryption just increases the amount of time it will take to expose your information.

This is a particular issue for a stateful system like a blockchain. At least with the internet you must catch packets in flight and figure out which ones need to be reassembled with others to reconstitute a coherent message. But with a blockchain, the data is at rest. If you have a copy of the ledger, you have all the information stored there and can go to work decrypting data, decompiling business logic and analyzing metadata.

A blockchain will never be as good at that as a similar system that isn’t decentralized.

The question isn’t how we can get infinite levels of scaling and privacy. The question is how much scale and privacy do we need to do useful work with the reliability and performance required by industry. If we expect the internet to serve as the back end to any and all applications – from enterprise recordkeeping to Twitch gaming – the level at which it needs to scale may border on defying the laws of physics. 

Even a massively sharded distributed database, involving no blockchain-style consensus algorithm, couldn’t handle the reading and writing of data for even a vanishingly small percentage of the applications out there. And even if we built a blockchain that could handle the throughput, most of us wouldn’t be comfortable having that kind of data, even encrypted, sitting in shared memory for others to read and analyze. No. 

Most, if not all, applications should avoid using decentralized systems like public – or even private – blockchains to read and write persistent data. 

At the frontlines of the user experience, we want performance. We want the data as close to the computation as possible and we don’t want to have to worry about other applications gumming up the system’s responsiveness. A blockchain will never be as good at that as a similar system that isn’t decentralized.

Real use

So, if the stateful internet isn’t going to be a back end for all application data, what should we use it for? One practical use is to manage cryptographic proofs that allow you to know that records in your recordkeeping system are verifiably identical to the matching records in my system and that multi-party workflows maintain integrity. This general and limited use makes the compartmentalization problem irrelevant and sets the read-write performance requirements at attainable levels. 

For example, I need to know that you and I both have the same purchase order information, so that I’m not surprised with an incorrect invoice or a delayed delivery date. To do this, we need a common frame of reference, a baseline. The public mainnet can provide the common frame of reference to let our respective systems maintain that baseline without either of us being able to say we “didn’t get the memo” or that we fat-fingered the price when we read it off the fax and typed it into the computer. These sorts of confirmations usually don’t need to be instantaneous. An acceptable time frame can be a minute, an hour or even a day. And often they can be batched. 

See also: ‘Boring Is the New Exciting’: How Baseline Protocol Connected With 600 Corporates

So, what would be the minimum level of performance of a stateful Internet that could confirm consistency for B2B events such as payments and inventory control? The number of non-cash payments between companies has been estimated to be around 1.6  billion a day. Let’s say that another 6.4 billion non-payment events like purchase orders, RFPs and back-order notices would also require shared records to be baselined. That’s 10 billion events a day, give or take a few billion. 

The true limitation here is the speed of coordinating a write to memory consistently across all machines maintaining the system. Sharding, and the ability to continuously improve the number of shards that can be added before performance degradation exceeds the marginal benefit of the next shard, is the key to scaling the stateful internet to provide this baseline service to industry.

Just as there are many other uses for silicon chips than noise cancellation, there are many other uses of a public blockchain like Ethereum. But what’s nice about the “baseline” case is that it sets specific requirements in order for practical applications to start going up the adoption curve. 

The Moore’s Law of sharded blockchains

Perhaps we are on the cusp of a “Moore’s Law” for blockchain that might say something like this: “The number of on-chain proofs that can be deposited on a mainnet shard with common addressing to all other mainnet shards doubles every 18 months.” 

Perhaps not. But it seems likely that the next 18 months will tell us a lot, as Ethereum 2.0 rolls out and advancements from there hopefully increase confidence in the ability for additional sharding. 

If we are there, if Ethereum 2.0 works and shows a path of continuous improvement, then we can expect the next ten years to deliver a stateful internet that, at the very least, will be a useful way to keep business data in sync. If Eth 2.0 doesn’t deliver on promises, or if unexpected problems arise in the sharding scheme, then we will be looking for new paradigm shifts. 

See also: Ben Edgington – It’s Time to Launch the Ethereum 2.0 Beacon Chain

Whether or not we can predict a 10-year timeline, what seems likely is we are on our way to a stateful internet.  And that will be profoundly transformative both in ways we can imagine today, and in ways we can’t yet see.

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Source: https://www.coindesk.com/what-the-history-of-headphones-says-about-the-internets-future

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Greenheart Punt World Debut on DigiFinex

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6 Reasons it’s Worth Taking the Risk of Investing in Cryptocurrency

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When it comes to cryptocurrencies, which have been continuously raging for the past few years, many people are eager to make investments in the crypto sector and reap great benefits from it. But despite its huge prominence, the crypto industry is also known for its volatile nature, making it a risky business sphere for many investors.
So, is it worth investing in the crypto business? Why one should consider investing in it? What are its benefits? And what is the future of cryptocurrencies?
In order to find out the answers, you need to look at this article where the experts at a prominent cryptocurrency wallet development company have listed some good reasons –

Why Investing in the Crypto Business is a Worth Taking Risk?

Since the inception of Bitcoin, cryptocurrencies have been consistently booming, talk of the town for the last decade. However, a big number of investors still look at them with caution. Of course, investing in cryptocurrency is risky – just like any other investment which has high potential returns, but there are some crystal clear benefits, which are listed below by a leading cryptocurrency development company. Have a look:

  • Huge Potential Returns on Investments

First thing first – cryptocurrencies have been around for merely a decade, but are pronounced to be much more profitable than most of the other investments. They tend to show wide changes in their prices but still have huge potential returns. For example, the average return you can expect from your initial capital for Bitcoin is over 860%. Isn’t that fantastic? .

  • High Liquidity to Sell and Buy Assets

One particular attribute that makes crypto worth its investment is its high liquidity. Unlike any other investment where your capital can be locked up for years, you can buy or sell cryptocurrencies on the fly. Cryptocurrency development services and trading platforms use an array of tools and tactics to maintain the liquidity of the business. Thus, you won’t feel like you’re stuck to purchase or sell an asset.

  •  No Central Authority

One of the most notable benefits of investing in cryptocurrencies is that your money remains yours alone. This means you have a great level of independence that no other form of currency or system can provide. For instance, if you keep your money in a bank account, your access can be denied at any moment by the central authority such as governments. Also, banks can be robbed and can go bankrupt. But this is not the case with cryptocurrencies. No need to rely on financial institutions for holding or transferring your money. Speaking in the long run, this independence becomes the basis of a decentralized economy.

  •  Heightened Transparency in the Business

Most of the cryptocurrencies are transparent in nature with their undertakings. They provide ample information in their whitepaper including the roadmap, team members, regulations, technologies, etc. On top of being a transparent form of currency, cryptocurrencies also come with the boon of having a highly secure characteristic. This leads us to the next significant reason for investing in cryptocurrencies.

  •  Blockchain-Enabled Currencies

The world has evolved in terms of technological advancements. Its biggest testament is the incorporation of blockchain technology in cryptocurrencies. Just because of the immutable blockchain technology, cryptocurrencies are highly secure, transparent, and decentralized. Both are in for the long game and will give us more real-world applications like cryptocurrency wallet development services in the days to come.

  •  Cryptocurrencies are the Future

Chances are very high that you will certainly use cryptocurrencies in the future if you haven’t used one yet. Why? Well, because more and more people are getting involved in the crypto industry, popping up in diverse domains of business. Additionally, due to the economic slowdown caused by the COVID-19 pandemic, people have started to realize that shifting from stocks to cryptos could be a very fruitful idea for them. Thus, it is quite safe to state that cryptocurrencies will be a viable currency in the future.


Concluding Thoughts

You see, cryptocurrencies carry an immense potential to create a new payment system as well as an investment source worldwide. Same as other potentially high-return investments, cryptocurrencies come with some particular risks – but believe me, the degree of independence they offer is above every flaw. Crypto is for the people who have the courage to stop thinking about the risks and start achieving great heights by making investments.

So, if you can afford it – don’t be afraid to invest in crypto now. Sooner or later it is going to transform the way we look at the world today.


Summary: Planning to invest in cryptocurrency? Want to know how good this idea is? Have a look at this writing piece where we have discussed 6 good reasons for investing in the crypto business.


AUTHOR BIO: Vin Boris is a Social Media Marketer and Content Writer at SteemExperts.com, a Blockchain and Steem currency based development, consulting, and marketing firm. Vin Boris has been Outshining in Blockchain Tech. the industry for more than 10 years.

 

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Former Chief Digital Officer of Luxury brand LVMH joins Ledger 

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Former Chief Digital Officer of design house LVMH, Ian Rogers, will join the French digital asset security company – Ledger – as its first Chief Experience Officer. With this appointment, Rogers will focus on consumer interaction and user proficiency and “accelerate” Ledger’s Business to consumer development. Further, Rogers will be involved in “reinventing the user experience” of Ledger’s products, according to a release shared with AMBCrypto. 

Rogers worked at LMVH from 2015 onwards and focused on e-commerce strategy at luxury brands and implemented new technologies, such as big data and AI. Headquartered in Paris, LVMH Moët Hennessy Louis Vuitton, commonly known as LVMH, is a well known French multinational corporation and conglomerate specializing in luxury goods. 

Prior to his role in LVMH, Ian Rogers had held roles with brands such as Sephora. 24Sas as well as Apple Music, Beats Music and Yahoo! Music. The executive remains in an advisory role for LVMH and sits on the board of Lyst.com. However now, whilst sharing his plans with regard to his new role, Rogers said in a statement: 

I remember when you couldn’t simply say ‘go to my website. You had to first explain the concept of the internet[…] I remember when you couldn’t simply send someone a link to your new song. […] I love those moments when technology moves from science fiction to mainstream. Digital assets are standing on the verge of this move[…]

In addition to this, Rogers noted the “inevitable transformation” of technology and referred to the cryptocurrency “revolution” with regard to Ledger as well as the nascent digital assets industry.

Source: https://eng.ambcrypto.com/former-chief-digital-officer-of-luxury-brand-lvmh-joins-ledger/

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J.P. Morgan Analysts Foreshadow Further Bitcoin Declines

For context, the bitcoin (BTC) price started off last week with a significant increase, arriving at a new yearly high of $19,500 before suffering a sharp (almost 14%) drop on Nov. 26. The decline coincided with Black Friday, as BTC/USD fell at roughly the same time as the famous discount shopping day, leading many to … Continued

The post J.P. Morgan Analysts Foreshadow Further Bitcoin Declines appeared first on BeInCrypto.

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Bitcoin’s recent price drop has wiped away some speculative “froth” but further downtrends remain possible, according to analysts at JPMorgan Chase.

For context, the bitcoin (BTC) price started off last week with a significant increase, arriving at a new yearly high of $19,500 before suffering a sharp (almost 14%) drop on Nov. 26.

The decline coincided with Black Friday, as BTC/USD fell at roughly the same time as the famous discount shopping day, leading many to note the comparison.

According to an article in Bloomberg, the primary causes of the slump were profit-taking, concern about new regulations, and the unwinding of Bitcoin futures. Since then, the price has recovered from the mini-crash and has been moving upwards again.

Per BeInCrypto analysis, the increase is likely a retracement rather than the beginning of a new upward trend.

Although bitcoin has bounced back from precipitous price losses during the Thanksgiving holiday, analysts from JPMorgan Chase also forecasted further declines.

As cited in Bloomberg, Nikolaos Panigirtzoglou, Managing Director at J.P. Morgan, said, “momentum traders have room to further propagate” [a bitcoin price decline].

The Importance of Grayscale

Panigirtzoglou also highlighted Grayscale, and its sizable Bitcoin Trust, as playing a central role in future BTC price developments.

The cryptocurrency asset management company has long been important because it’s said to be favored by institutional investors wanting to get exposure to bitcoin (and other digital assets).

Grayscale has added significantly to its crypto holdings since the start of 2020. After an eleven months filled with ever higher prices, as of November 27, Grayscale’s assets under management (AUM) have risen to yet another all-time high.

The interest (or lack thereof) towards the Grayscale bitcoin trust in the coming months will be a key signal as to whether there indeed is strong institutional interest in BTC.

As the JPM analysts put it,

“a failure by the Grayscale Bitcoin Trust to receive additional inflows over the coming weeks would also cast doubt to the idea that institutional investors such as family offices have embarked on a trend of embracing Bitcoin as digital gold replacing traditional gold as a long-term investment.”

While this may be true, bitcoin is still up more than 150% on the year. Many Bitcoin advocates will feel vindicated by this and point to the need for additional inflation hedge assets during the pandemic as fuel for further gains.

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Colin is a writer, researcher, and content marketer with a keen interest in the future of money. His writing has been featured in numerous cryptocurrency publications, and his holdings don’t amount to more than a handful of BAT.

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Source: https://beincrypto.com/j-p-morgan-analysts-foreshadow-further-bitcoin-declines/

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