📔 Weekly Journal: UK Parliament's blockchain & Web3 vision
[7 min read] Your guide to getting ahead on the digital frontier (& the weekend!). Today, the usual market news as well the UK Parliament's blockchain and Web3 vision.
Welcome to this week’s Weekly Journal 📔, your guide to the latest news & innovation in emerging technology, digital assets, and our exciting path to the Metaverse. This is week 45 of the 520 weeks of newsletters I have committed to, a decade of documenting our physical and digital lives converge.
New subscribers are encouraged to check out the history & purpose of this newsletter as well as the archive.
Enjoy your weekend! 😎
Ryan
Here’s what you’re getting today:
📈 Market update: Ether shifts to inflationary, overall market and sentiment flat
🗞️ Interesting news: British politicians outlining the UK's blockchain and Web3 vision to global leaders. Gucci, Google & Sony make blockchain moves
👓 Read of the week: A recently published info sheet by the US Dept of Defence: “Contextualizing Deepfake Threats to Organizations”.
🎥 Video of the week: Exploring the adoption of Bitcoin in Cuba and the economic changes reshaping the country
🤖 This week’s AI showcase: Anil Kapoor’s landmark victory in the Delhi High Court against websites that used AI-generated deepfakes bearing his likeness.
✅ Weekly poll: Help choose the emerging tech topic for Wednesday’s showcase.
🤑 DCA with me: Follow my regular $50 weekly investing in an emerging asset class.
Market Update
Ether has shifted towards inflation in the last month due to reduced activity on the Ethereum network, with network fees declining by over 9% to a nine-month low. Issuing new Ethereum to validators is fairly steady, and a portion of all fees are burned therefore less fees mean less supply reduction.
While this may impact Ether's price, it's partly because of the adoption of layer 2 networks, a sign of the network's growth and scalability. The chart below keeps things in perspective.
🔥🗺️ 7-day heatmap below shows another flattish week:
🎭 Sentiment levels are stable at the top of the Fear zone, with the historical context below
Interesting news 🗞️
XR & Virtual worlds 🥽💻🌏
🇬🇧 On Wednesday, British politicians participated in a metaverse event outlining the UK's blockchain and Web3 vision to global leaders from 51 countries. The All Party Parliamentary Group (APPG) for Blockchain Technologies, led by MP Natalie Elphicke, emphasised the significance of Web3 as a transformation of the internet. They discussed the UK's potential to become a blockchain-enabled "smart country" but noted the need to attract blockchain talent. The delegation called for national blockchain roadmaps and international collaboration, addressing challenges in DeFi and real-world asset tokenization.
A Conservative Party politician spoke about real-world asset tokenization:
“It is unquestionable that our world is being tokenized…Physical assets are getting tokenized, and this trend will only grow from here.”
👜 Gucci has made an impact at Milan Fashion Week and expanded into 2 different virtual worlds. The "Ancora" collection, centered on joy and inclusivity, is the center of an experience accessible through gaming platforms such as Roblox, Zepeto, and QQ, enabling users to engage with the show's elements and discover surprises. Gucci's involvement with Roblox dates back to 2021, when it introduced a virtual Dionysus handbag. Gucci's "Digital First" approach aligns with its entry into Web3 and NFTs. The brand auctioned its first NFT through Christie's in 2021 and continues to collaborate with NFT communities, showcasing digital art inspired by its iconic designs.
Digital Assets News 🌐💱
Google Cloud is expanding its support for multiple blockchains in BigQuery, highlighting the growing importance of blockchain and its data. Users can now query 11 additional blockchains, facilitating blockchain data integration into applications. Additionally, Google Cloud's partnership with Zilliqa enhances blockchain security and decentralization, showcasing tech giants' interest in the blockchain space. This move underscores Google's increasing commitment to adopting and harnessing the potential of blockchain technology.
Sony is partnering with web3 startup Startale Labs to create its own blockchain for the emerging metaverse, leveraging its extensive assets like Sony Pictures and PlayStation. Sony's goal is to establish this blockchain as the foundation of global web3 infrastructure, aiming to build the basis for digital societies. Previously, Sony Network Communications invested in Startale Labs, recognizing Sony's potential in the web3 space. The joint venture, Sony Network Communications Labs, is being established in Singapore, with Sony holding a 90% equity stake. This move combines Sony's expertise in communication, IoT, AI, and solutions with Startale Labs' web3 knowledge to innovate across various industries.
👓Read of the Week
This week’s read is a recently published info sheet by US Dept of Defence: “Contextualizing Deepfake Threats to Organizations”.
TLDR: Synthetic media threats, such as deepfakes, are an escalating concern for modern technology users, including National Security Systems, the Department of Defense, and vital infrastructure operators. While there's limited evidence of significant state-sponsored use, the growing accessibility of synthetic media tools to less capable malicious actors suggests an increase in their use and sophistication. The report states that to counter these threats, organisations should employ technologies like real-time verification and provide personnel training.
🎥 Watch of the week
I enjoyed this video exploring the adoption of Bitcoin in Cuba and the economic changes reshaping the country. Discover how the people of Cuba have embraced a decentralised currency, harnessing its potential as a medium of exchange. A nation that was once isolated is now using crypto to engage with the global economy on its own terms.
AI 🎨🤖🎵✍🏼
Deepfake videos are digitally altered or synthesised videos that convincingly replace one person's likeness and voice with another's, often using advanced artificial intelligence techniques. They can be used for various purposes, including creating realistic but fabricated content, impersonating individuals, or manipulating visual and auditory information in videos.
In April, the family of past Formula 1 champion Michael Schumacher threatened to take legal action against a German magazine that used voice AI generator platform Character.AI to create a fake “exclusive” interview with Schumacher (such poor taste!).
This week Indian actor Anil Kapoor, known for his roles in "Slumdog Millionaire" and "Mission: Impossible," secured a landmark victory in the Delhi High Court against websites that used AI-generated deepfakes bearing his likeness. The court upheld Kapoor's "personality rights," barring the unauthorized use of his image, voice, and catchphrases. Kapoor's legal action targeted 16 defendants responsible for creating deepfake GIFs, emojis, ringtones, and fabricated explicit content.
The ruling mandated domain registrars like GoDaddy to take down infringing websites, signalling a proactive stance against misuse of personalities' attributes. Kapoor lauded the progressive court order, underscoring its significance for all actors. The case underscores the growing tension between AI advancements and individual rights, impacting Hollywood and beyond.
Weekly Poll ✅
Help choose what you would like to learn about on Wednesday for my weekly emerging tech showcase:
That’s all for the free version this week! If you have any organisations in mind that could benefit from learning about emerging technology, be sure to reach out. Educational workshops are one of many consulting services I offer.
DCA With Me 🤑
Dollar Cost Averaging is an investment strategy in which an investor regularly invests a fixed amount of money into a particular asset/asset class at regular intervals, regardless of its current market price. By doing so, the investor can reduce the impact of market volatility and potentially earn a better return over time. Motto = time IN the market beats trying to time the market
To experiment with this, I invest $50 NZD into a Digital Asset every week. Each week I will choose an asset that seems underpriced in the short term and has positive long-term potential. My timeframe is 3-5 years. I don’t give financial advice but if you want to follow along with me you can use my easycrypto.co.nz referral link to support this newsletter. Let’s dive into this week’s pick:
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