A trusted IoT, or an Internet of Trusted Things, needs to be built private-by-design and with peer-to-peer, blockchain-based device identity and coordination built-in. Once each device is de-coupled from a central authority, broad, decentralized coordination becomes possible. The Internet of Trusted Things looks like the vast intelligence we introduced at the beginning of this article. A central authority owning IoT is a horribly dystopian idea, and the current fractured landscape represents a defense mechanism against this future. If we are to achieve a unified IoT, there is only be one answer to the question, “who owns this new digital organism?” And it is the same answer to the question of “who wins IoT.” The answer is: you do.
Panelists at a DeFi-focused talk held at the BlockDown conference on Thursday expressed their optimism at the past and future growth of decentralized finance, but highlighted the hurdles to adoption due to congestion on Ethereum.
“Decentralization is continuing, but what we’ve started to see is more and more delivery of DeFi through custodial interfaces, through fintech. And a lot of what we do is just education, advocacy, informing people about all the excitement. […] We are very surprised, often, by the extent to which regulated institutions are already participating in DeFi.”
Coinbase’s public listing is just the latest milestone on cryptocurrency’s journey from nerdy curiosity to mainstream investing opportunity and payment method. Since 2018, Square, the payment processing service, has let most of its payment app Cash App users buy and sell bitcoin. And lately, more and more of them have been doing so. Square CFO Amrita Ahuja said in February that 3 million people did transactions in bitcoin on the app last year, while 1 million did so in January 2021 alone.
Similarly, PayPal began to allow users to buy cryptocurrencies through their accounts last year. The platform expanded its cryptocurrency capabilities this March and started allowing users to exchange their crypto holdings into US dollars in order to pay for things, which is just one step short of allowing users to make purchases with actual cryptocurrency. Paypal has also indicated that users of Venmo, which it owns, will soon be able to transact in cryptocurrencies, too.
Downloads of Tor, an open-source network that thoroughly anonymizes data, surged, too.
Myanmar citizens also embraced lesser-known software like Bridgefy, which bypasses the internet altogether by using Bluetooth to wirelessly send messages to other users of the app within a certain range. Another tool that was widely shared: Mysterium Network, which says it offers the privacy of Tor with the speed of a traditional VPN.
For the average consumer, using cryptocurrency to buy a digital fashion item that will live exclusively on a screen seems like an out-of-reach scenario — for now.
It might even sound a little ludicrous to those who still don’t get what cryptocurrency — or the blockchain technology that enables it — is all about. But buying premium fashion and fine jewelry online, without seeing or trying the product on, seemed equally far-fetched a decade ago and now e-commerce has become a mainstream method of consumption.
The Parler incident was one of a deeply comprehensive “deplatforming” efforts – i.e. censorship of an independent and upcoming social media platform – that eventually got removed from the internet infrastructure in a fit of post-November US elections rage influencing platforms ranging from social networks all the way to cloud hosting and storage corporations.
Deutsche Bank says it expects bitcoin to remain “ultra-volatile” due to its limited tradability, adding that just a few large purchases or market exits could significantly impact the cryptocurrency’s supply-demand equilibrium.
In a recent report, the firm’s research team pointed to the cryptocurrency’s illiquidity – which features a set 21 million supply – as an obstacle. Thus far, around 18.7 million or 89% of bitcoins in total circulation have been mined. That expected year for all bitcoins to be mined is 2140, roughly a century from now