Category: Business & Society

Categories
Business & Society

Worst Fears of the Digital World

The worst fears of digitalization may be dystopian, but they are valid. We do not need to put on a tin foil hat to fear the future. Remember, ignorance is the root of misfortune. Here’s what we need to watch out for.

KEY TAKEAWAYS

  • The growth of blockchain technology and crypto currencies provide great solutions for society. But we also need to be aware of the risks of digital technology to avoid creating a world that limit our freedom. Digital money and digital IDs are feared to be tools for public control.

Not surprising, but cash is ending. 10 countries have already launched a digital currency and 105 countries are exploring the potential of launching a digital version of its currency. The Bahamas have launched their Sand Dollar and Nigeria the Enaira. India is launching the digital rupee in 2023. China is in the forefront of launching its digital yuan and has already started doing tests across the nation.  Whereas the USA and UK are behind in the process. However, there are rumors that the USA will use the most credible stablecoin, USDC, as its digital currency, and UK will launch what will be called Britcoin. There are even talks within the crypto space that USDC will become the next world reserve currency as the US dollar will continue to be the strongest currency (empire) on earth. Freedom seekers and crypto enthusiasts dream that Bitcoin will become the first decentralized world reserve currency which would mean dramatic global political shifts in power. However, it is not likely that Bitcoin will become the global reserve currency with the current financial and political systems of the world. Put simply, no powerful empire will hand over their keys to their kingdom. I digress.

Digital money equals digital IDs. Governments need to create digital wallets for everyone in the entire population when they implement a digital money system. Each wallet obviously needs to be securely connected to one individual. Therefore, digital IDs is also a key component of digitization.

Digital ID is digital version of the physical national identity card that require biometric information such as our face and fingerprint, eye color and height. Usually, a social security number is also included.

Did you know that the United Nations sustainable development goals include that member states should implement a digital ID by 2030?

Digital ID’s can be used to promote equitable social, political, and economic empowerment, help to fight pandemics, and protect human rights. Proving one’s identity is crucial for civil liberties and for gaining access to services and to conduct professional and personal business. The opportunity and fears are that a digital ID can store a limitless amount of personal data about us and be used by the government and by private entities. Our digital ID will likely store our health data as well as our digital money. Private entities will not have the same access to information as government organizations and institutions. The General Data Protection Regulation (GDPR), which is designed to improve the security and privacy of personal data in the EU requires that the control of personal data rests with the individual. But digital IDs are highly complex and can include a range of different data and serve different use cases for different entities. Digital IDs can be used for login credentials, track online browsing behavior and online shopping. A government-controlled wallet also means that all transactions can be tracked by the government. The worst fears are that digital ID could track social behavior and be a way to identify political interest of the individual. There is a reason why totalitarian regimes are early adopters of digital money and digital IDs…

The line between privacy and freedom is blurry in the digital world.

Digital developments can clearly be used as a top-down approach to control the population and leave people with little opportunity to be financially free and to escape from political oppression. Crypto currencies such as Bitcoin may be seen as a powerful powerhouse for increased financial freedom as it is not controlled by any single entity or political and religious institution.

A solution may be for governments to use blockchain technology and what’s called Self-Sovereign Identity that keeps your data under your control. Put simply, it is a way to store our sensitive data in a decentralized way and the only one we need to trust is code.

In conclusion, code can be used to control us or to bring us freedom. I choose freedom.

Categories
Business & Society

Who Are You in the Future?

A virtual you and a real you. Hang on! Who are we really? Our sense of selves is rapidly turning individualistic and complex. Who are we in the future?

KEY TAKEAWAYS
The fourth industrial revolution is quickly changing our sense of self. Hyper-personalization and technology provide new ways of identifying ourselves. Our identity is no longer just based on reality as our digital selves are kidnapping our attention. What is real and what is not may cause an identity confusion.

If we travel back in time to prehistoric humans, the group was particularly important for our survival. Man originated in Africa about 200,000 years ago and it took about 100,000 years before we left Africa. During these first 100,000 years humans lived as hunters and gatherers. Man lived largely as nomads and formed bans or groups of 20–40 people and their focus for survival was to get along within the group. Everyone had his or her own sense of identity within the group. Some were strong hunters, and some were observants scouts looking for threats. Anthropologists claim that societies were largely egalitarian and with no dominant rulers. They can be claimed to have been people without politics. The key point is that a considerable part of humans back then were not highly influenced by social/cultural development.

In short one may claim that the development of human social organization started as band societies and then turned into tribe societies where they started to settle down and grow their own food instead of hunting. Some 7,500 years ago cheifdoms started to emerge and people started to organize themselves into thousands. It was not until about 5,000–6,000 years ago that a version of the first states appeared. Since then we are accustomed to partly identify ourselves with our national citizenship and its language and culture.

Our sense of identity is shaped by social interactions, ethnicity, language, and cultural preferences as well as by technological developments.

It is scary how short of time the so-called modern human has lived. It was not until about 1750 that the first industrial revolution started. It’s even more scary to consider how greatly the fourth industrial revolution have shaped our sense of identity. Consider this question.

Are we shaping our digital identity or are we shaped by our digital identity?

Since the inception of the fourth industrial revolution in 2014 human sense of identity has gone through rapid developments. The trend towards hyper-individualization started in web2 as we started self-tracking through social media. Suddenly it was normal behavior to take selfies… As our digital identity started to emerge, we quickly chose which community we identified ourselves with. We showed our identity by joining communities online or used hashtags. Fitness enthusiast posted photos of their bodies and those sharing the identity as a foodie presented their cooking skills in social media. At some point our strife to find and show off ourselves took a bad turn. Our digital selves kidnapped our real selves by using notifications and likes to make us addicted to our online existence. Suddenly our real self is not enough and we develop a need to check our avatar to get more approval for our sense of identity.

In web3 our sense of identity will be even more individualized. We will need to own digital clothes that are presentable for our professional and personal selves. It will be important to consider how we present ourselves in the metaverse and our sense of self will expand to a digital self. Some will live through their online sense of selves.

The question is when it all gets unhealthy!?

Having a sense of self is a key component of mental health. How much will it matter if we have the wrong kind of shirt at a professional digital meeting? It is also important to consider how fragile our sense of self is as we measure ourselves through a digital existence through likes and virtual approval. As hyper-individualization is taking over we will have unlimited ways of finding and showing off our sense of selves. Gone are the days when it was more than enough to be a hunter gatherer.

We do not have to be dystopian to be worried about our future selves that also need to consider who we are in a pretend world. Or is web3 reality? I have one message to my future self. I am neither what I identify with in reality or in the virtual world. I am not something of life. I am life.

Categories
Business & Society

Crypto’s Crazy Way to Adoption

Things have always been crazy in crypto, but not this loud. Now days even my 80-year-old neighbor have heard about recent crypto crashes. How did we get here and what does the road to adoption look like?

KEY TAKEAWAYS

· Bitcoin grew up as an outcast and a joke. Until its technology disrupted the financial world. The ride to full adoption is turbulent, but crypto is here to stay.

Bitcoin was born after the global financial crisis in 2009, but without a buzz. In fact, all we heard from Bitcoin were crickets. The jaw-dropping blockchain technology of Bitcoin was ignored. The first time we heard from Bitcoin was when a guy bought 2 pizzas for 10,000 Bitcoin on May 22, 2010. It took three years before Bitcoin started to have some traction across the world.

In 2013, The city of Vancouver opened the first Bitcoin ATM and Germany considered Bitcoin as a financial instrument, but not e-money. The US Drug Enforcement Administration were busy seizing Bitcoin for the first time in 2013. Plenty of shady people used Bitcoin for transactions without understanding that every transaction is transparent and law enforcement agencies started having an eye on the blockchain. Various Bitcoin payment processors set-up business and crypto exchanges emerged, and things were picking up. Then in 2014 the world’s largest exchange Mt. Gox was hacked and filed for bankruptcy. Since Mt. Gox handled about 80 percent of the world’s Bitcoin transactions most people thought the crypto industry was dead. Bitcoin became a joke and people started to refer to Bitcoin as magic internet money.

Bitcoin is ‘probably rat poison squared’

The fight against crypto went viral as headlines in media read: The Great Bitcoin Scam, You’d be Crazy to Actually Spend Bitcoin, Warren Buffett said that Bitcoin is ‘probably rat poison squared’. Since blockchain technology eliminates the middleman in economic transactions traditional banks started spreading fear, uncertainty, and doubt about Bitcoin. Meanwhile they quietly started stacking up on Bitcoin themselves. Now days, major banks use blockchain technology to increase the speed and efficiency of transactions.

Bitcoin has had dramatic mood swings up and down in a four-year cycle. At the top in 2021 one Bitcoin cost almost 70,000 USD before falling to 16,500 in 2022. However, if we look at the Bitcoin price since its birth no traditional asset beats its increase. The price of Bitcoin will likely continue to be volatile until the traditional finance sector fully embraces it.

In 2022 the craziness continued. TerraUSD , Celsius and Three Arrows Capital crashed. Then the world’s second biggest exchange FTX kick the crypto space in the nuts and laughed when they bought real estate with customer funds. Then they filed for bankruptcy. The contagion of the FTX crash is still a major concern for other exchanges and crypto lenders who owned the FTX token FTT.

Currently the war on crypto has turned its focus on the greatest problem that really has nothing to do with the groundbreaking technology of blockchain. Lack of regulation fosters criminal activity and the biggest investors from the traditional financial sector are still on the sideline waiting for regulatory clarity before investing fully. Nation states have not been able to keep up with the fast pace of digital technology. Crypto will not be adopted by the public for years to come.

So, there we have it folks. The road to public adoption of blockchain technology is rocky to say the least. Disruptive developments in society seem to follow a path.

Gandhi said it best “First they ignore you, then they laugh at you, then they fight you, then you win.”

In the end, the good of crypto will win if we are willing to have a grown-up debate and a healthy look at the vast opportunities of crypto currencies and blockchain technology. The tech is clearly steadfast and a part of our future.

Categories
Business & Society

Crypto crisis — Should I buy or sell?

We have been bombarded by grave crypto news for months now. It’s a bad crisis. Seriously bad. What to do with our hard-earned cash?

Media have jumped on the opportunity to make dramatic click-bait headlines portraying an apocalyptic situation for the crypto industry. The contagious shitstorm started with the collapse of TerraUSD, Three Arrows Capital and Celcius Network and continued with fraudulent practices by crypto exchange FTX and Alameda Research.

It’s like a thrilling HBO series.

It’s an ongoin crisis. The contagion effect of the collapse of FTX and Alameda Research caused Voyager and Blockfi to go bankrupt, and the problems will continue lower down the crypto food chain. The industry is wondering why the crypto villain, SBF, is not arrested and is still free to party in his penthouse in the Bahamas. Rumor has it that prominent politicians and high-profile people in regulating organizations have been paid off.

What’s worse? Well, we have the imminent global depression and the war in Ukraine. Limitless printing of fiat currency and inflation is making us considerably financially weaker. Global macro-economic factors tell a worrying tale, and the crypto market is no different.

We cannot possibly buy crypto now right!?

The word in the crypto space is that people who invest long-term should consider buying in a shitstorm. Those looking to make a quick buck should walk away. If you bought your first crypto in 2021 it’s too late to leave the party without a loss. You might as well have a sleep-over. Make some popcorn, take a warm blanket and cuddle-up on the sofa, and enjoy the thriller. It’s only pretend money anyway right!?

But seriously. We need to look at least 16 months into the future before we can expect a clear uptrend in the crypto market. The reason for the wait is not because of the current situation. Crypto enthusiasts are waiting for the next Bitcoin halving which is on the 29th of March 2024. Until then there will likely not be much price action. The Bitcoin halving-cycle has been right so far in predicting when the price of Bitcoin will go up and down. That trend is still your friend.

If we look through the shitstorm we will see a much more developed crypto landscape. Research shows that crypto currency is a legitimate investment. In fact, investment research shows that 2 percent of the total investment portfolio should be crypto currency such as Bitcoin.

Moreover, considering that most banks invested in blockchain related companies in 2021, newcomers are in a good spot right now to enter the market. After the crypto market downturn in 2021, KB Financial Group, United Overseas Bank, Citigroup, Goldman Sachs, and Commonwealth Bank of Australia have continued their investments in the crypto space. The word on the streets is that it’s smart to follow in the footsteps of big players. We can be sure that banks are in it for the money.

Those involved in the crypto space are slowly starting to buy to increase their positions before next bull run around March 2024. But remember, this is edutainment only and I am not a financial advisor. It’s wise not to invest. But it’s also wise to invest after doing your own research.

One thing is likely. The sky clears after the storm.

Categories
Business & Society

Fiction is reality in retail

Vegan leather jackets, smart mirrors, drone deliveries and digital assistants will take shopping to new dimensions. The future is faster than we think in retail. What will the future look like in retail and how will it impact our lives?

“Show me how I look in a pair of white sneakers from Nike!”

“Change to my black vegan leather jacket!”

“Show me a cool cap that matches the jacket? Great, buy that one!”

These will be normal commands that we tell our smart mirror to do for us. The smart mirror will be connected to the internet and store a digital version of our clothes and be voice-activated and assisted by artificial intelligence. Voice activated commerce mean that you will ask, and you shall receive. You will be able to ask the smart mirror to show a high-resolution image of yourself in various clothing and tell your digital assistant to buy it for you. Since you will be able to do a full-body scan with your phone you can be sure that the digital assistant will order the correct size of clothing. Yes, the order will be delivered to your door by a drone.

The future of shopping is presenting a thrilling picture.

The internet of things does not only mean that things are connected to the internet but also assisted by AI via our phones and glasses. We will be able to live in two worlds at the same time. Augmented reality is a merge between reality and different digital worlds that we can chose to participate in if we like. It will be like walking in our hometown but being able to shop from all corners of the world when we participate in the augmented reality through our glasses.

There will still be shops, but they will be fully delocalized if they choose a business model that embrace augmented reality. Local shops will be able to sell a vast catalogue of online products and purchases will be automatically paid for via our digital ID when we leave the shop. You will be able to buy a vegan leather jacket as leather can be grown using stem cells. Your digital wardrobe will be updated with a digital copy of each purchase of clothing.

When we think about it, the future of online shopping is already here. The difference will be in the use of augmented reality which will offer a new dimension for digital shopping. A man will only see men’s clothing when he enters a physical shop that use an augmented reality. Whereas women will only see handbags…

The future of shopping is highly personalized using AI and blockchain technology. Everyone will have a digital ID that we can use for personal and professional services and payments in crypto currencies or central bank digital currencies. The digital ID will store personal data such as health records, passport details, banking details and ownership of land. Our digital assistance and AI will store details such as our favorite clothing brand or color or remind us about buying birthday gifts.

When we merge highly personal data with AI it is difficult to see a clear picture of all problems and possibilities of the future. Security of data will be a major issue in the future of retail as most data will be stored online. However, if this data is stored on a blockchain we will be able choose what data we want to share with relevant parties.

Some shops will decide to invest in robots that serve our food and cashiers will not be needed in the same way. Employment will move into the metaverse.

Furthermore, it is predicted that the fourth industrial revolution will mean the end of malls. Those companies that decide to stick to physical stores they are forced to provide a unique shopping experience for customers. For example, trying out sports gear in the store before buying or personalize products are examples of how shopping will transform.

Walking down the aisle will also be a different experience.

Gone will be the days of having to go through a maze of irrelevant products. Those who enjoy shopping will even have a greater experience as retail will enter a phase of what’s called hyper-personalization. Stores will display fewer physical products and aisles will present high-resolution displays that guide you through the products that you prefer. Hyper-personalization will also mean dematerialization of retail as only the most relevant products will be produced. 3d printers are already used in the design clothing industry. Dematerialization is obviously eco-friendly in comparison to mass production.

Businesses that are early in adapting to these technological shifts will blossom. Those not daring to take the leap will have to put a great deal of effort in creating a totally different experience for customers. Local shops not betting on the digital world can focus on human interactions and providing a unique local appeal.

I can’t wait for shopping to become more effective and relevant so I can spend more time doing what really matters in life. 

Categories
Business & Society

The crypto space is a hypocrite

Fraudsters killing the market. Crypto bank runs. Sure, the industry needs regulation. But what is the major problem with crypto that no one is talking about?

The last couple of weeks in crypto has been a complete disaster. Traditional media have gladly picked up on the news that a fraudster named SBF have fckd the space with his malignant practices that is causing billions of losses in the crypto space. It’s a complete and utter mess. But the mission with this week’s article is to zoom out and look at a bigger problem.

Yes, the current mess of the crypto industry teaches us that it needs clearer regulation. Fine. But my mom needs to understand the industry before it will be fully adopted by the public. How can the crypto industry expect to go mainstream when its underlining message is associated with secrecy, uncertainty and ambiguous words and practices?

What kind of name is crypto anyway?

Crypto basically means that something is not publicly admitted. It can also mean cryptocurrency, but the actual meaning of the word is secrecy. Imagine asking a public relations expert to market something to the public that inherently means being away from the public.

Then we have the word blockchain. Seriously, blockchain!? All definitions that try to describe the meaning of the word includes a brave attempt to explain the technology. But my mom is not interested in nodes and distributed networks. She doesn’t even see the meaning of it all.

The list of PR-unfriendly words is long in the crypto industry. Yields, mining, nft, hodl, distributed ledger, decentralization, byzantine fault tolerance, merkle tree, proof of work. Jesus! It took a year before I understood the crypto industry. My mom is now impressed by my knowledge…

The crypto space is a hypocrite.

One can argue that the crypto space is constructed to be a secret alternative, but the underlining wish of the community is to become fully legitimate. It’s badly needing approval from the traditional system to grow up. Here’s an idea. Let’s rebrand the industry! Let’s make it accessible and understandable. Brilliant!

The crypto industry has itself to blame for lack of adoption and criticism from traditional media. It cannot expect to be fully implemented by businesses and stiff government organizations until it takes a long hard look at itself.

Who would like to date someone who you do not understand and is hesitant in being seen in public?  

Categories
Business & Society

Why web3 matters for our lives

Welcome to a tectonic shift of the internet. Our lives are about to change. What is forcing the current internet to change and why does that matter for our lives.

When we were surfing the internet in the late 1990s all we could do was to read content. About 10 years later web2 started to emerge and internet gradually became more participatory. In web2 we were able to join social networks, start our own blogs and able to make our own mark in the world wide web. A few years later we realize the problem of giving away our data to major internet companies. Because data equals our lives.

Enough is enough. Sure, the internet is cool, but we can’t keep feeding big tech firms such as Facebook or Instagram with our data. Even the US congress thinks Zuckerberg is too powerful. We are literally handing over our most intimate personal details (data) to social media sites and hoping all goes well. Imagine what would happen to the world if all our private messages are hacked or somehow appears fully searchable online. All our mistresses and lovers will be exposed… I digress.

We need to transform the internet from a book to a decentralized database. We need transparency and ownership of our data. This is what web3 is all about. Web3 is basically about creating an internet that considers a set organization for our lives. It is creating a system that allows that creator or user of knowledge to own his or her own work. It is an internet that has ability to pass data according to sound rules and logic without losing vital information on the way. Web3 is about creating an internet that is partly decentralized and not controlled by a few centralized entities to such a large extent. Decentralized basically means that data is stored on thousands of computers instead of one. The metaverse is a huge part of web3 and we are worried that centralized entities grab a big piece of the future of the metaverse.

But what happens if Meta wins the web3 race?

Web3 is a wet dream for Meta CEO, Zuckerberg. He has poured 36 billion USD into creating his metaverse Horizon and he is willing to suffer huge financial losses to end up winning the metaverse race. The question is if what happens if he creates such a sexy metaverse that we cannot control ourselves!? The end of the story is likely a scenario where he is successful in creating a metaverse for both our personal and professional lives. Considering that Facebook is founded on the financial business model that the user is the product, it is likely that this will also be the case in the metaverse Horizon. The Horizon project that is creating worlds for our personal and professional lives will likely grab a first player position in the metaverse and be a powerful player. It will likely be both good and bad.

However, decentralization and blockchain technology and token-based economics are opening doors and shaping web3. The entire internet does not need to be on a blockchain. But when we use blockchain technology in the next version of the internet we are changing it from a book into one global secure database. Our data (our lives) along with our financial transactions will be processed better and all changes to our data will be traceable. Our lives will not be easily hacked as its stored-on thousands of computers instead of one. We will be able to make our own mark in the metaverse and own it. For real this time. In web3 we will read, write and own our lives. At least if we use decentralized platforms or metaverses that are built on a blockchain.

Gartner has predicted that 25 percent of people will spend 1 hour each day in the metaverse in 2026. Here’s a small list of metaverses that are prominent: Horizon Worlds, Voxels, Roblox, Sandbox, Second Life, Decentraland, Metahero, Star Atlas, Bloktopia.

The key to a successful metaverse in web3 will be interoperability. Therefore, even if Zuckerberg’s Horizon project will be big, it will need to be interoperable with other metaverses. We will need to be able to jump between different world in the metaverse. Therefore, we will need to own our lives as well as our own shit. Zuckerberg will be forced to give our data and our lives back.

Categories
Business & Society

Crypto- not for the faint-hearted

Markets plummet and investors fear what is coming. One billionaire loses everything. What can we learn from what happened yesterday?

Breaking news: Binance will not buy FTX! As it happened.

Let me tell you about a crypto billionaire that messed up bigtime. In one day, he lost 14.6 billion USD and his net worth decreased by 94 percent. In fact, he is not even a billionaire anymore. Now, the entire crypto industry is having to pick up the bill. Because of his questionable thoughts around crypto regulation, he made powerful enemies, and his monkey business may lead to criminal charges. The crypto market suffered from his activity and crypto currencies have fallen by 10–20 percent in a day.

The story of former billionaire and CEO of FTX crypto exchange, Sand Bankman-Fried, is going viral across the financial world. The gist of the story is that FTX managed to create a significant liquidity crunch as the FTX token FTT declined in value. In one day, the token fell from 25 dollars to 4,5 dollars. Sand Bankman-Fried was not able to cover the loss and was forced to sell FTX to the world’s largest crypto company Binance. Some say that Sand Bankman-Fried has himself to blame for having to sell his business to his prime competitor. The talk of the town is that this was good for the crypto industry as the owner of Binance, CZ, is likely a much better player for the health of the crypto industry. But it’s not over until the fat lady sings.

The problem is that it is likely that other crypto businesses will have to pay for Sand Bankman-Fried’s mistakes, and the crypto market will likely suffer in the short term. Afterall someone will have to pay the missing money or else… Expect major players to go bankrupt in the next couple of weeks.

No one knows, but the bottom is probably not yet in. Investors stay on the sidelines until they know what is happening. Those who are not faint-hearted and believe in the long-term success of the crypto space take the opportunity to buy when there is blood in the streets. Those who are careful wait. Who are you?

What can we learn from what happened in the crypto space yesterday?

We still need proper regulation that can protect customers, but we do not need to be protected from the industry itself. Let’s be smart. The regulators clearly need assistance in their work as the crypto industry is complex. Regulators could talk to experts such as Charles Hoskinson and Simon Dixon. They can help to create a transparent and decentralized crypto space that does not inhibit innovation. 

We also need increased transparency in what crypto exchanges are doing with the money that they get from customers. Greed is a powerful source of energy, and all people clearly cannot be trusted. One idea that has been floating around is that we need a system that prove that exchanges has reserves for their holdings. Obviously!

Please hit like if you like this content. Read all articles at www.cryptobeyer.com

Have a great day! / Henrik

Categories
Business & Society

Cheers from the crypto party – we are having a blast.

We have found the solution to our problems, and we are loving it. Believe you me when I say that we can party! You are also welcomed to join us.

We are a fun international and diverse collective that have found a new way to live. Our lifestyle is not for everyone, but we have found our safe place and a bright future.

We are enjoying our hedge against inflation. If we need to borrow money, we use our bitcoin as collateral and we get 10 percent interest for lending out our altcoins. Some of us are millionaires. Wow, what a party it is!

Last week, a friend of mine said f- you to his bank and got himself a crypto friendly credit card and converted all his inflating fiat cash into digital gold (Bitcoin) and digital silver (Ethereum). It is easier than ever to buy drinks with crypto currency since Visa have partnered with the crypto exchange company Coinbase and Mastercard have partnered with the cryptocurrency platform Wirex. It’s cool that all purchases are automatically exchanged for the matching sum in the merchant’s preferred fiat currency. Cheers.

My friend laughed when he talked about traditional stocks and how they increase by 8 percent in a year whilst his investment in Bitcoin has on average doubled every year for the last 10 years. In fact, his investment in Bitcoin has a higher turn over than his coffee shop in Hamburg. Yes, he can party hard. But instead of buying a Lambo he bought an electric Volkswagen. He is generous with his cryptos and enjoys eating pasta with scampi at the best restaurants in town. Yeah, his girlfriend is happy…


No, our party is not only about the money. We have found a way to create a better world and we are working hard to create a system that foster financial inclusion for women in developing countries. Not all people are as fortunate as us. We use blockchain technology to fight poverty, improve health care, pay people for learning, and even increase governmental trust. We even use blockchain to save the ocean and are creating an effective and secure paperless society. Our mission is to improve the world and have fun doing it.

We are an inclusive bunch and embrace the individual within ourselves. That is why some of us are wearing funny hats and may seem nerdy. We rant about the current financial system that is built on debt. More debt equals growth in the traditional twisted financial system. We are wondering when people realize that the traditional system is only kicking the can down the road. Sure, our way of life is not perfect. Some of us are greedy idiots but they are not welcome to our party anymore.

We would like you to join our party. We have a saying. “Pay yourself first!” If you would like to come party with us, we suggest that you invest some of your salary into a “blue chip coin” or plain old bitcoin. Just to get you through the door. You are greeted by welcoming friends and a bright future. Welcome.

Categories
Business & Society

Lessons from the grandiose Abu Dhabi Blockchain Strategy

Crypto is not an empty futuristic dream. It is happening. The Abu Dhabi Blockchain strategy is a genuine initiative to become the first crypto-powered government and city. What is happening in Abu Dhabi and what can we learn from it?

Cryptocurrencies are now being recognized by governments and accepted by organizations and businesses across the globe. Dubai has long been a frontrunner in embracing digital innovations and Abu Dhabi holds 31 percent of the global cryptocurrency exchange and has a huge financial market.

But it takes guts to be in the forefront of innovation. As early as 2015 a group of blockchain experts and policy makers decided to implement blockchain technology and disrupt the digital landscape of the nation. Dubai was to become the first crypto-powered government and city and a testing ground for crypto business experiments.

In fact, The Ministry of Artificial Intelligence wants the government to be paperless by 2026 and goes all-in on using blockchain technology. The Abu Dhabi Blockchain Strategy has the bold goal that 60% of all public transactions should be on a blockchain by 2025. This technological shift has potential to save 3 billion USD in transactions cost and 100 million paper documents and over 50 million operating hours each year. The grandiose feel of the project is highlighted with building the World Trade Center to create a high-end spot for a range of crypto services and to create a true blockchain-based world city. Currently over 300 crypto businesses have established their base in Dubai and crypto firms are being assisted with zero taxes and visa restrictions have been removed to support eager entrepreneurs. In 2022 the Emirate has doubled down on its commitment to blockchain technology.

Money laundering, inadequate customer protection and lack of accountability of crypto companies are still headaches in the crypto industry. Some governments and their agencies use weaknesses in the crypto space to increase their power and control of the people and some genuinely try to create regulation that protect the customer and accelerate innovation.

We need regulatory clarity on a global scale to support the good and to fight the bad in crypto.

We are getting clearer digital market legislation in Europe with the Markets in Crypto Assets Regulation bill which was recently passed by European lawmakers. This legislation is set to come into effect in 2024. While the USA is still trying to decide what crypto currency is a commodity and what is a security and how to properly regulate the market but not hinder innovation.

Abu Dhabi have followed a clearer path. To attract foreign direct investments, as well as venture capital, and to support the adoption of cryptocurrencies Dubai have introduced regulation by creating Dubai’s Virtual Assets Regulation Authority (VARA). These smart regulatory moves have been claimed to be the reason why the world’s biggest crypto exchanges, Binance, Crypto.com as well as Bybit are setting up regional headquarters in Dubai. Money clearly likes stability with great potential. Furthermore, VARA is the first regulatory organization in the world that have set up camp in the metaverse.

Blockchain technology, AI and the internet of things are key players in the fourth industrial revolution that we are experiencing. It is obviously not easy to be in the forefront of using new technologies that also need to converge with each other. Dubai is trying hard and will be sharing their mistakes for the benefit of the world.

Key lessons in the grandiose Adu Dhabi blockchain initiative may be the following. The sweet nectar of success will be tasted when focus is on building a crypto ecosystem that increase trust between governing bodies, investors, entrepreneurs, and customers. A true blockchain based city is transparent and safe and sound. That’s when technology has possibility to meet individual needs and improve society and potentially increase our sense of happiness.