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Can Industry Titans Like Apple and Google Keep Up with Agile Startups in the Disruptive Tech Race?

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Can Industry Titans Like Apple and Google Keep Up with Agile Startups in the Disruptive Tech Race?


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Victoria d’Este

Published: October 04, 2024 at 1:19 pm Updated: October 04, 2024 at 1:20 pm

by Ana

Edited and fact-checked:
October 04, 2024 at 1:19 pm

In Brief

The AI revolution is characterized by unprecedented cost reduction, with AI models’ performance costs decreasing half every four months, compared to Moore’s Law in semiconductors.

Can Industry Titans Like Apple and Google Keep Up with Agile Startups in the Disruptive Tech Race?

A new white paper released by Cathie Wood’s investment firm, ARK Invest, sheds light on the intricate dynamics as prominent business figures navigate the AI landscape.

The Transformation in AI Costs

An unparalleled rate of cost reduction is at the core of the AI revolution. The white paper’s author and chief futurist at ARK Invest, Brett Winton, emphasizes that the cost of running AI models with comparable performance has been cut in half every four months. This is the greatest cost-decrease curve in the history of technology, and it is predicted to continue for the next ten years.

Winton compares this to Moore’s Law in the semiconductor business, where prices normally drop by half every 18 to 24 months, to put things into perspective. The ramifications are obvious: the rate of the AI revolution is four to six times quicker than that of the semiconductor revolution, which has been the engine of technological growth for decades.

Established IT firms face a double-edged sword as a result of this fast cost drop. On the one hand, it offers a chance to make use of progressively potent AI capabilities at declining costs. However, it also makes it easier for startups and smaller rivals to enter the market, which might challenge the big businesses’ hegemony.

The Disruptive Technologies’ Qualities

According to ARK Invest, disruptive technology platforms have three key characteristics: they penetrate new or underserved industries, have significant cost drops, and have business models that take time to monetize and may not seem financially appealing at first. 

These qualities foster an atmosphere in which more agile, smaller businesses might challenge the industry giants’ dominance—even when those companies are aware of the potential of the technology and are making efforts to use it for their own financial advantage.

Since AI has each of these characteristics, it is the ultimate disruptive technology. Its prospective applications span a wide range of areas, many of which are currently underserved by current technologies, and its fast cost drops are already apparent. Furthermore, a lot of AI-driven business models follow the trend of disruptive technology by placing more emphasis on user acquisition and data collecting than on quick monetization.

The Big Tech Approach to AI

Both Apple and Google have taken a cautious approach to integrating AI in light of this disruptive potential. According to Winton, established tech businesses frequently use this tactic, letting startups “de-risk” innovative ideas before using them widely.

This method is shown by Google’s handling of massive language models. The business waited to make its sophisticated language model available to the public until after OpenAI had been available for more than three years. Even yet, Google’s performance was not as good as OpenAI’s, and users had to pay more than 40% more for Google’s most sophisticated model than for OpenAI’s most effective one.

Can Industry Titans Like Apple and Google Keep Up with Agile Startups in the Disruptive Tech Race?

Photo: ARK Invest

Despite its reputation for rigorous product development, Apple has not yet released a major language model. The business will likely launch its first cutting-edge AI-powered goods in the fall of 2024, far later than many of its rivals.

There are benefits to this methodical approach. As Winton points out, transporting goods that exhibit erratic behavior may be rather unsettling for those who look after a well-built reputation. The foundation of both Google and Apple’s success has been the provision of dependable, user-friendly goods and services. AI’s capacity to yield unexpected or unwanted results poses a serious threat to users’ faith in the company and its brand.

The Opportunity for New Entrants

Due to AI’s disruptive nature and quickly dropping prices, there are many potential for new players to challenge the dominance of well-established tech giants. Smaller businesses and startups may be better equipped to take full use of AI’s promise since they are less constrained by legacy systems and can move rapidly.

This is not just an AI dynamic. Throughout technology’s history, spurts of fast development have frequently resulted in the ascent of new market leaders at the expense of more established firms. New dominating companies emerged with each shift from mainframe computers to personal computers and then to mobile devices.

There might be a similar trend to the AI transformation. Businesses that can quickly experiment, iterate, and adjust to the changing AI landscape might benefit greatly. As a result, the tech sector may become more vibrant and competitive, with new companies emerging to challenge the established powerhouses like Apple and Google.

Managing Innovation and Risk in Balance

The difficulty for Apple and Google is finding the ideal mix between risk management and innovation. These businesses have made billions of users worldwide happy by providing polished, dependable goods and services. Their careful approach to integrating AI is indicative of a thorough comprehension of the possible hazards involved with using unforeseen technology on a large scale.

On the other hand, being overly cautious could lead to lost chances. Since AI is developing so quickly, major changes in the technological environment might occur within months. Businesses who take a long time to adjust run the danger of having to play catch-up in a market that has advanced.

Furthermore, because of the nature of AI development, improvements frequently come via widespread implementation and real-world input. Apple and Google could be reducing their capacity to obtain the information and understanding required to enhance and develop their AI systems if they postpone the release of AI-driven features and products.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.

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Victoria d’Este

Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.



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The First Descendant’s new Death Stalker is the game’s deadliest Colossus yet

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The First Descendant’s new Death Stalker is the game’s deadliest Colossus yet



You can trust VideoGamer. Our team of gaming experts spend hours testing and reviewing the latest games, to ensure you’re reading the most comprehensive guide possible. Rest assured, all imagery and advice is unique and original. Check out how we test and review games here

The First Descendant has quickly become a must-play free-to-play title, with awesome looter shooter gameplay and formidable Vulgus and Colossi to fight. In an upcoming update, a new deadly foe is set to arrive as the Death Stalker has made its presence known.

Early patch notes for Season 2 already have fans excited, with a new story set to showcase fan-favorite character Freyna. Some great Halloween skins were also shown off to kick off the spooky season, but this new fearsome foe adds a terrifying new addition to the game.

Watch out for The Death Stalker

According to The First Descendant’s official Twitter account, The Death Stalker is a foe that’s far “more formidable” than any Colossus players have encountered thus far. Beyond fighting this new Colossus, players will also be able to fight more of these gigantic foes in the game’s final Intercept Battle, Gluttony, which has its difficulty adjusted for the newer content.

“With the introduction of the most powerful Colossus, Death Stalker, the difficulty of the final Intercept Battle, Gluttony, will also be readjusted. Join for the opportunity to intercept more Colossi,” reads the announcement Twitter post.

Since The Death Stalker is introduced in this new season, fans should be able to take it down with the various new weapons introduced in the patch. Naturally, players will need to grind to get the best gear in this free-to-play shooter, especially with some of the buffs given in the last patch. Only time will tell if this new Colossus will live up to the hype, but this should make fans of The Last Descendant very happy.

Get ready for The Death Stalker

Now that fans know The First Descendant Season 2 is coming out on October 10, fans should have enough time to prepare for this massive boss fight. Because this is a live-service game, enemies stronger than The Death Stalker will eventually come, but seeing threats like this added in real-time is still pretty exciting.

Players need to head back into The Void to encounter The Death Stalker, so expect to struggle quite a bit before heading into this massive fight. With Ultimate Freyna joining the ranks, players might stand a chance as they stare death in the face. At the least, fans will experience this massacre in a pretty epic way.

For more on The First Descendant, check out the PS5 Pro support this game will receive when the console upgrade is released. Also, check out this new feature that will make characters look even better.



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Shardbound to Launch Open Beta on Steam and Epic Games

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Shardbound to Launch Open Beta on Steam and Epic Games


Popular Ethereum-based strategy card game Shardbound is set to launch its Open Beta on October 9.

Developed by Bazooka Tango and built on Ethereum’s Layer-2 Immutable zkEVM network, the game will be available on both Steam and the Epic Games Store. This open beta phase will focus on gathering feedback to fine-tune the gameplay ahead of a full release, though the beta’s end date has not yet been confirmed.

With its upcoming beta, the developers hope to refine core elements whilst introducing blockchain integration, although some features will be limited based on platform restrictions.

Shardbound - Gameplay Source: Shardbound

What is Shardbound?

Shardbound is a turn-based strategy game that blends elements of deck-building and tactical combat where players create decks filled with unique cards, which they use to command units on a grid-based battlefield. The game offers multiple ways to win, such as through direct military engagements or by employing economic strategies to outlast opponents.

Originally developed by Spiritwalk Games, Shardbound launched in Early Access in 2017 after a successful crowdfunding campaign but never reached full completion.

Bazooka Tango acquired the game in 2023 and has since worked to incorporate web3 elements, particularly through the use of NFTs that represent in-game cards.

Shardbound - Open Beta
Shardbound - Open Beta Source: Shardbound

What can we expect from the Open Beta?

Beginning October 9, the Open Beta will be available on both Steam and the Epic Games Store.

One standout feature is that viewers will be able to join mid-game, offering a more interactive experience. Bazooka Tango will use feedback from the community during this phase to enhance and fine-tune the game’s mechanics. The beta will remain open for an undetermined period, with continuous adjustments being made based on player input.

Whilst the game is integrated with blockchain technology, some features will be limited on Steam due to the platform’s restrictions against NFT-enabled games. Players will still be able to obtain NFTs representing in-game cards through Immutable’s zkEVM network, but they will have to claim these via email codes or through Immutable’s wallet system.

More details on future NFT integration and long-term plans will be shared in the coming weeks.



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Nextrope as Sponsor at ETH Warsaw 2024: Highlights – Nextrope – Your Trusted Partner for Blockchain Development and Advisory Services

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Nextrope as Sponsor at ETH Warsaw 2024: Highlights – Nextrope – Your Trusted Partner for Blockchain Development and Advisory Services


Behavioral economics is a field that explores the effects of psychological factors on economic decision-making. This branch of study is especially pertinent while designing a token since user perception can significantly impact a token’s adoption.

We will delve into how token design choices, such as staking yields, token inflation, and lock-up periods, influence consumer behavior. Research studies reveal that the most significant factor for a token’s attractiveness isn’t its functionality, but its past price performance. This underscores the impact of speculative factors. Tokens that have shown previous price increases are preferred over those with more beneficial economic features.

Understanding Behavioral Tokenomics

Understanding User Motivations

The design of a cryptocurrency token can significantly influence user behavior by leveraging common cognitive biases and decision-making processes. For instance, the concept of “scarcity” can create a perceived value increase, prompting users to buy or hold a token in anticipation of future gains. Similarly, “loss aversion,” a foundational principle of behavioral economics, suggests that the pain of losing is psychologically more impactful than the pleasure of an equivalent gain. In token design, mechanisms that minimize perceived losses (e.g. anti-dumping measures) can encourage long-term holding.

Incentives and Rewards

Behavioral economics also provides insight into how incentives can be structured to maximize user participation. Cryptocurrencies often use tokens as a form of reward for various behaviors, including mining, staking, or participating in governance through voting. The way these rewards are framed and distributed can greatly affect their effectiveness. For example, offering tokens as rewards for achieving certain milestones can tap into the ‘endowment effect,’ where people ascribe more value to things simply because they own them.

Social Proof and Network Effects

Social proof, where individuals copy the behavior of others, plays a crucial role in the adoption of tokens. Tokens that are seen being used and promoted by influential figures within the community can quickly gain traction, as new users emulate successful investors. The network effect further amplifies this, where the value of a token increases as more people start using it. This can be seen in the rapid growth of tokens like Ethereum, where the broad adoption of its smart contract functionality created a snowball effect, attracting even more developers and users.

Token Utility and Behavioral Levers

The utility of a token—what it can be used for—is also crucial. Tokens designed to offer real-world applications beyond mere financial speculation can provide more stable value retention. Integrating behavioral economics into utility design involves creating tokens that not only serve practical purposes but also resonate on an emotional level with users, encouraging engagement and investment. For example, tokens that offer governance rights might appeal to users’ desire for control and influence within a platform, encouraging them to hold rather than sell.

Understanding Behavioral Tokenomics

Intersection of Behavioral Economics and Tokenomics

Behavioral economics examines how psychological influences, various biases, and the way in which information is framed affect individual decisions. In tokenomics, these factors can significantly impact the success or failure of a cryptocurrency by influencing user behavior towards investment

Influence of Psychological Factors on Token Attraction

A recent study observed that the attractiveness of a token often hinges more on its historical price performance than on intrinsic benefits like yield returns or innovative economic models. This emphasizes the fact that the cryptocurrency sector is still young, and therefore subject to speculative behaviors. 

The Effect of Presentation and Context

Another interesting finding from the study is the impact of how tokens are presented. In scenarios where tokens are evaluated separately, the influence of their economic attributes on consumer decisions is minimal. However, when tokens are assessed side by side, these attributes become significantly more persuasive. This highlights the importance of context in economic decision-making—a core principle of behavioral economics. It’s easy to translate this into real-life example – just think about the concept of staking yields. When told that the yield on e.g. Cardano is 5% you might not think much of it. But, if you were simultaneously told that Anchor’s yield is 19%, then that 5% seems like a tragic deal.

Implications for Token Designers

The application of behavioral economics to the design of cryptocurrency tokens involves leveraging human psychology to encourage desired behaviors. Here are several core principles of behavioral economics and how they can be effectively utilized in token design:

Leveraging Price Performance

Studies show clearly: “price going up” tends to attract users more than most other token attributes. This finding implies that token designers need to focus on strategies that can showcase their economic effects in the form of price increases. This means that e.g. it would be more beneficial to conduct a buy-back program than to conduct an airdrop.

Scarcity and Perceived Value

Scarcity triggers a sense of urgency and increases perceived value. Cryptocurrency tokens can be designed to have a limited supply, mimicking the scarcity of resources like gold. This not only boosts the perceived rarity and value of the tokens but also drives demand due to the “fear of missing out” (FOMO). By setting a cap on the total number of tokens, developers can create a natural scarcity that may encourage early adoption and long-term holding.

Initial Supply Considerations

The initial supply represents the number of tokens that are available in circulation immediately following the token’s launch. The chosen number can influence early market perceptions. For instance, a large initial supply might suggest a lower value per token, which could attract speculators. Data shows that tokens with low nominal value are highly volatile and generally underperform. Understanding how the initial supply can influence investor behavior is important for ensuring the token’s stability.

Managing Maximum Supply and Inflation

A finite maximum supply can safeguard the token against inflation, potentially enhancing its value by ensuring scarcity. On the other hand, the inflation rate, which defines the pace at which new tokens are introduced, influences the token’s value and user trust.

Investors in cryptocurrency markets show a notable aversion to deflationary tokenomics. Participants are less likely to invest in tokens with a deflationary framework, viewing them as riskier and potentially less profitable. Research suggests that while moderate inflation can be perceived neutrally or even positively, high inflation does not enhance attractiveness, and deflation is distinctly unfavorable.

Source: Behavioral Tokenomics: Consumer Perceptions of Cryptocurrency Token Design

These findings suggest that token designers should avoid high deflation rates, which could deter investment and user engagement. Instead, a balanced approach to inflation, avoiding extremes, appears to be preferred among cryptocurrency investors.

Loss Aversion

People tend to prefer avoiding losses to acquiring equivalent gains; this is known as loss aversion. In token design, this can be leveraged by introducing mechanisms that protect against losses, such as staking rewards that offer consistent returns or features that minimize price volatility. Additionally, creating tokens that users can “earn” through participation or contribution to the network can tap into this principle by making users feel they are safeguarding an investment or adding protective layers to their holdings.

Social Proof

Social proof is a powerful motivator in user adoption and engagement. When potential users see others adopting a token, especially influential figures or peers, they are more likely to perceive it as valuable and trustworthy. Integrating social proof into token marketing strategies, such as showcasing high-profile endorsements or community support, can significantly enhance user acquisition and retention.

Mental Accounting

Mental accounting involves how people categorize and treat money differently depending on its source or intended use. Tokens can be designed to encourage specific spending behaviors by being categorized for certain types of transactions—like tokens that are specifically for governance, others for staking, and others still for transaction fees. By distinguishing tokens in this way, users can more easily rationalize holding or spending them based on their designated purposes.

Endowment Effect

The endowment effect occurs when people value something more highly simply because they own it. For tokenomics, creating opportunities for users to feel ownership can increase attachment and perceived value. This can be done through mechanisms that reward users with tokens for participation or contribution, thus making them more reluctant to part with their holdings because they value them more highly.

Conclusion

By considering how behavioral factors influence market perception, token engineers can create much more effective ecosystems. Ensuring high demand for the token, means ensuring proper funding for the project in general.

If you’re looking to create a robust tokenomics model and go through institutional-grade testing please reach out to contact@nextrope.com. Our team is ready to help you with the token engineering process and ensure your project’s resilience in the long term.

FAQ

How does the initial supply of a token influence its market perception?

The initial supply sets the perceived value of a token; a larger supply might suggest a lower per-token value.

Why is the maximum supply important in token design?

A finite maximum supply signals scarcity, helping protect against inflation and enhance long-term value.

How do investors perceive inflation and deflation in cryptocurrencies?

Investors generally dislike deflationary tokens and view them as risky. Moderate inflation is seen neutrally or positively, while high inflation is not favored.



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Metaverse Expo Tokyo Returns in November 2024

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    Metaverse Expo Tokyo Returns in November 2024


    The XR & Metaverse Fair Tokyo, Japan’s largest trade show dedicated to augmented reality (AR), mixed reality (MR), virtual reality (VR), and metaverse technologies organized by RX Japan Ltd., is scheduled to take place from November 20 to November 22, 2024.

    Held at the Makuhari Messe, this biannual event is expected to attract industry professionals from various sectors to showcase and explore the latest developments in immersive and extended reality technologies.

    Companies from across the globe are invited to participate, with exhibitor applications now open for the November edition, as well as the July 2025 event.

    Metaverse Expo Tokyo 2024 Source: XR & Metaverse Fair TOKYO

    What is XR & Metaverse Fair Tokyo?

    XR & Metaverse Fair Tokyo is a large-scale B2B exhibition dedicated to showcasing the latest advancements in augmented reality (AR), mixed reality (MR), virtual reality (VR), and Metaverse-related technologies.

    The event serves as a key platform for companies looking to engage with Japan’s expanding market for immersive technologies. It brings together a diverse range of industries, including entertainment, manufacturing, marketing, and more, allowing participants to demonstrate their innovations to a highly focused audience.

    Held twice a year, the fair attracts both local and international companies interested in entering or expanding within the Japanese market. The November 2024 edition will run in parallel with other tech exhibitions, such as NexTech Week and CONTENT TOKYO, offering additional opportunities for cross-industry networking.

    Why Exhibit at XR & Metaverse Fair Tokyo?

    Exhibiting at XR & Metaverse Fair Tokyo provides businesses with direct access to key players in Japan’s growing XR and Metaverse industries. It offers an opportunity to engage with potential buyers, investors, and industry leaders, facilitating connections that can lead to new partnerships and business growth.

    Additionally, the event’s co-location with other major tech exhibitions creates a unique environment for cross-industry engagement, potentially opening doors to more collaborations.

    Visitor registration is now open, with free general visitor badges available, as well as VIP Visitor Tickets for qualified professionals in managerial roles or higher.

    Join Metaverse Expo Tokyo >> Here



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    Emmerdale: Liam needs to ditch Ella for Chas, fans demand

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      Emmerdale: Liam needs to ditch Ella for Chas, fans demand


      Fans of Emmerdale have called for Doctor Liam to ditch Ella Forster in favour of Chas Dingle. This came as Chas confided him in last night’s episode over the state of a new rash on her body – sharing a charged moment as he came to her aid.

      Liam checked Chas out and quickly allayed her fears – diagnosing it as an allergy rash. A relieved Chas threw her arms around the doctor, their obvious chemistry sizzling as they did so.

      Back at home, Liam found himself lying to Ella about his whereabouts, conveniently missing out the part where he had been with Chas. With the sparks still flying, it’s clear that Chas and Liam share an undeniable chemistry… so what is he doing with Ella?

      Liam’s been lying to Ella (Credit: ITV)

      Liam needs to dump Ella for Chas, fans insist

      Writing on social media as the scenes aired, fans shared their thoughts on the apparent love triangle. And it seemed tat many had already chosen their side… sorry Ella.

      “Get Liam back with Chas. So better than him with Ella!!!” insisted one fan on X.

      “Aww I love Liam & Chas,” said another.

      “Liam has way more chemistry with Chas than Ella,” wrote a third, over on Reddit.

      “Liam is so hot and Ella is nowhere near good enough for him. I still want Liam with Chas,” agreed another.

      Who will Liam choose?

      Liam talking to Chas on Emmerdale

      Come on Liam, make up your mind (Credit: ITV)

      Emmerdale spoilers tonight: Sparks fly

      As the story continues tonight, Liam and Chas continue to flirt aggressively as they share a charged moment in the Woolpack. Their attraction to each other undeniable, the pair exchange meaningful looks.

      Can they continue to deny their attraction to one another?

      Read more: Who’s leaving Emmerdale in 2024? Cast exits, arrivals and returns.

      Six huge and exciting Emmerdale spoilers for autumn

      Emmerdale usually airs on weekdays at 7:30pm, with an hour long episode on Thursdays.

      Visit our Facebook page @emmerdaleinsider for all the latest Emmerdale news, gossip and spoilers and let us know what you think! Or find us on Twitter @emmerdaleinsider



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      The Evolution of CBDCs: From Domestic Experiments to Interoperable Networks | Chainlink Blog

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      The Evolution of CBDCs: From Domestic Experiments to Interoperable Networks | Chainlink Blog


      Anthony Butler is a Chainlink advisor, and former CTO of IBM Services, Middle East and Africa.

      Central Bank Digital Currencies (CBDCs) continue to be the subject of extensive research, experimentation, and analysis globally as central banks consider what the future of money may look like and whether tokenised central bank money should play a role in that future. This journey didn’t begin, of course, in 2024 but goes back many years: with the CBDC concept evolving substantially from the earliest domestic experimentations through to cross-border experimentation and now, the emergent concept of a “finternet” that seeks to weave together the worlds of tokenised and non-tokenised assets into a common fabric. 

      History of CBDCs

      The first CBDC experiments appear to go back to 2014 when the Central Bank of Uruguay and China experimented with the e-Peso and e-CNY respectively. This was followed by various experiments such as Canada’s Project Jasper, South Africa’s Khoka, Monetary Authority of Singapore’s Ubin, and others. Some of these projects sought to replicate a form of digital cash (i.e. retail CBDC) and others sought to replicate the features and functions of the RTGS (i.e. wholesale CBDC). 

      Much of this early phase of experimentation was focused on understanding this new technology called “blockchain” and whether there was a potential to create something in a regulated context that resembled the innovations that were happening across the crypto ecosystem with Bitcoin, Ethereum, and so forth. 

      These domestic experiments were quickly followed by multi-jurisdictional experiments where the aperture was broadened to consider how CBDC could be used as instruments of cross-border settlement. For example, Hong Kong and Thailand’s Project Lionrock, Saudi Central Bank and UAE Central Bank’s Project Aber, Canada and Singapore’s integration of Jasper and Ubin (known as Jasper-Ubin), and Project Dunbar in which the BIS brought together the central banks of Australia, Malaysia, Singapore and South Africa to test multiple CBDCs on a single shared platform. This latter project demonstrated the efficacy of CBDCs for international settlement and led to Project mBridge.

      The drivers for cross-border experimentation were different, with the primary goal of these initiatives being to address inefficiencies in international payments and remittances, which are often slow, costly, and opaque. For example, cross-border payments frequently take 3-5 days to clear and banks “continue to be the costliest channel for sending remittances,” with an average cost of 12.1% according to the World Bank.

      Current CBDC landscape

      Today, there are still experiments being conducted domestically and cross-border and there are a small number of countries that have, having seen projects provide significant efficiency, programmability, and composability advantages, made a decision to move forward with CBDCs. At the same time, there are now many examples of private money being tokenised too, such as the tokenised deposits that are issued as tokenised claims against commercial bank balance sheets. As with wCBDC, many of these are exploring cross-border scenarios too.

      As we look at the evolution of this space and the efforts underway globally, it is clear that it is highly improbable that the world will converge on a single blockchain platform that will span the globe and be the “universal ledger” onto which all assets and forms of money will be tokenised. 

      Key reasons why a singular “universal ledger” will not be realised:

      Not all countries will move towards tokenisation at the same time or same pace, so there will be a need for coexistence between the legacy and new systems for an extended amount of time. 
      The choice of protocol or technology to tokenize an asset, such as permissioned or zero-knowledge based chains for privacy, fast-finality solutions for payments, and public blockchains for decentralized security, will be informed by the local jurisdictional requirements, the type of asset being tokenised, the types of markets that the asset will need to be listed in, and a myriad of other functional and non-functional requirements that will lead towards a particular technology. It is probable, for example, that different commercial banks may choose to use different technologies for tokenised deposits, central banks may use other technologies for their CBDCs, assets will be tokenised on a number of other heterogenous networks based on where there is demand and liquidity, and each system will need to interconnect with a myriad of other systems outside their jurisdiction such as the various DLT and non-DLT based messaging and cross-border payments systems. 
      The technology is evolving quickly with scalability solutions that can support mass adoption and the barriers to entry are being lowered such that it is conceivable that, at some point in the future, instantiating a blockchain network will be analogous to the instantiation of a relational database today; a situation that will further lead to proliferation of networks. 
      There are already emerging regional and other blocs in which different jurisdictions are coming together to build their own cross-border networks focused on a particular set of corridors or a particular region.

      The end result is fragmentation, silos, and islands that, without bridges, will not be able to deliver on the original promise of blockchain.

      Without blockchain interoperability, a fragmented ecosystem would emerge.

      We can find synergies in the origins of the Internet. In the early days of the Internet, there were distinct networks that emerged to service different communities. There was ARPANET, CSNET, and NSFNET, for example, and a number of other networks that emerged in other parts of the world. They did not have any way to communicate with each other and were, like the various DLT networks of today, islands. On January 1st, 1983, this would change when they would adopt a common “language” known as Transfer Control Protocol/Internetwork Protocol or TCP/IP as it is commonly known today. It was the adoption of this universal language that led to the birth of the Internet.

      As we see the various DLT-based financial networks following a similar trajectory with islands emerging, the question that must be asked is how will we solve the interoperability challenge? What, one might ask, is the TCP/IP of the blockchain era that will allow the TradFi and DeFi worlds to interoperate but also, within each, allow the various tokenised assets, deposits, and CBDC platforms to talk to each other? As with the Internet, it is only through the seamless integration of these networks that the true value can be realised.

      What would a TCP/IP of the blockchain world need to offer?

      Image showing an interoperable ecosystem of public blockchains, permissioned blockchains, and legacy systems.
      A TCP/IP of the blockchain world enables an interoperable ecosystem.

      Firstly, this protocol should enable tokens—the “packets” of blockchain-based finance (onchain finance) containing value and data—to move securely between networks, even heterogenous protocols, such as public and permissioned. It should do so in a way that ensures security and the integrity of the system. For example, it would obviously be problematic if some tokenised money was moved from one network to another yet it continued to persist in the original network since this would enable “doubling spending” and would undermine the integrity of the entire system.

      Second, smart contracts should be able to govern and orchestrate the movement of these tokens such that sophisticated settlement use cases can be executed, such as the transfer of a CBDC from one network to another occurs only contingent on the transfer of a tokenised security from one network to another; or various payment versus payment scenarios such as exchanging CBDC on one network in one currency for CBDC on another network and in another currency. In order to support complex operations cross-chain, the interoperability solution must be programmable, embedding both tokens and instructions on what to do with those tokens in a single cross-chain transaction. 

      Thirdly, these tokens may be created as representations of some physical or “real-world assets”, such as a security or real estate. At the time of being created, this link will be established and, as the token moves between networks or cross-border, this link should not be broken but should continue to ensure that the token-holder has visibility and can have confidence in the linkage between the digital and physical worlds through real-time proof of reserve verifications. Further, as attributes of the physical asset change over time, the token should also be updated with offchain data being injected into the token’s smart contract to reflect these changing values. 

      Fourth, whilst TCP/IP was based on the movement of packets without consideration for what information was embedded in them, a TCP/IP of the blockchain world needs to take into account that much of what is being moved is of real financial value and is subject to a range of complex regulatory and other considerations. There needs to be an appropriate oracle-based privacy and permissions mechanism that ensures the security of the system while also supporting compliance with various regulations, enabling institutions to apply predefined controls and limits across transactional activity, including policies around identity, AML/KYC, legal requirements, organizational restrictions, and more.

      Fifth, there needs to be a recognition that so-called legacy systems will need to co-exist and synchronize with the new systems and therefore the protocol should enable the seamless movement of value and data between these legacy worlds and the tokenised world—and vice versa. 

      Finally, as CBDCs or other tokenized assets move across chains through their lifecycle, they must be continually updated with key price, reserves ownership, compliance, and other data, regardless of which environment they’re transferred to. This would enable the creation of a unified golden record—a single source of truth that all stakeholders can read from.

       



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      Microsoft’s Vision for Copilot: A New Era of AI Companionship

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      Microsoft’s Vision for Copilot: A New Era of AI Companionship


      Have you ever thought how and when Microsoft Copilot will be a true assistant and provide you a new kind of support? With the latest updates to Microsoft Copilot this vision is getting closer to reality. Announced on October 1, 2024, the refreshed Copilot vision aims to revolutionize our interaction with technology by focusing on how it feels to users, rather than just the technical details.

      Microsoft Copilot: Your AI CompanionNew Upcoming Features to CopilotCopilot Vision and Think DeeperRegional AvailabilityNew Enhancements in Azure OpenAI ServicesGPT-4o-Realtime-Preview with Audio and Speech CapabilitiesPerformance That SpeaksApplications of GPT-4o-Realtime-PreviewWhat’s Next with GPT-4o-Realtime API for Audio?A Commitment to Responsible AI

      Microsoft’s Copilot is designed to be a calm, helpful, and supportive presence in your life. It goes beyond merely solving problems; it’s there to support, teach, and help you. Copilot will eventually adapt to your preferences and needs, providing support and helping you navigate life’s complexities. And no, it is not sci-fi-AI-in-making, but just the next step on the road making Copilot more and more useful to us humans. One of the keys to these new features is multi-modality, that is becoming also available via Azure OpenAI Services.  

      In the future Copilot will be our UI to AI. As voice and natural language UI becomes common, we will have less need to build complex UIs so enable interactions with backend and other systems. Instead of using a traditional UI, we will be just talking or typing to the Copilot, and we will get the results. Perhaps we need to get the data analyzed? Instead of building a PowerBI report, in the future, we ask Copilot to do that. Does that sound like it would be too far in the future? Did you notice that Excel got Python support? You can use Copilot in Excel today to analyze your data, and it generates and runs Python code that is connected to the data. Why would we not be able to do that on BizChat (in the near future, I hope)? The talking to AI might also sound a bit futuristic, but with latest upcoming features to Copilot – it will be there soon. Not in Europe, but in a few other regions first. But it won’t be just a text to speech, but a voice of Copilot that can mimic and understand feelings in the voice.

      Why is analyzing data a great example of this? We have various needs and some of those are ad hoc, despite being somewhat complex. And we may not need the results as a report, but instead we need to know or see what it is all about. And often the data is in backend systems, which brings me to connecting Copilot to systems beyond Microsoft 365. We can already start to pilot with extensions and plugins that extend Copilot’s capabilities. Instead of doing a full analysis, we just might want to know the total of sales for the current day or week. Information that can be fetched from the backend, something we could just ask from our Copilot. What’s already in the works is how we can do actions with external systems. Instead of opening a web page or app and logging into a system, we do all this via our digital assistant. This is why this is extremely interesting and important to keep in mind.

      This doesn’t happen tomorrow, but as time goes on – it is happening sooner than we think. We can already extend Copilot and build plugins & custom copilot agents using various ways – such as Copilot Studio, Power Automate and pro-code with Teams Toolkit and Teams AI Studio. I would recommend starting to experiment with these as soon as possible to make the organization future proof.

      My thoughts and visions align with Microsoft’s Copilot vision, and so it is easy to be very excited about the opportunities and possibilities that are ahead of us on this journey. I was recently taking part in a great meeting with fellow The Digital Neighborhood MVPs at our HQ in Amsterdam. Ideas and thoughts about the future were discussed from various perspectives, and it was one of my colleague-MVPs who brought up the data analysis example, pointing out how code interpretation will be a real game-changer there. It is already there, on various implementation levels. We have also seen how GPT-4o with voice works – if you haven’t seen those videos, do ask Copilot about them (or just search with Bing or Google). The future is interesting, for sure!

      New Upcoming Features to Copilot

      The latest updates to Copilot will include several new and enhanced features:

      Copilot Voice: This feature allows you to connect with your AI companion using voice commands (multi-modality). With four voice options to choose from, it’s the most intuitive way to brainstorm, ask questions, or simply vent. Copilot doesn’t have feelings, so it is a perfect companion for venting things out – a safe place to do that. Don’t confuse Copilot’s capability to mimic feelings in the voice, to actual feelings and emotions. Copilot is a tool and algorithm in the core, and not a AGI (Artificial General Intelligence).

      Copilot Daily: Start your morning with a summary of news and weather, all read in your favorite Copilot Voice. This feature helps you manage the daily barrage of information with ease. It is quite cool to see this happening, as it has been present in so many sci-fi-movies and also on future visions.

      Copilot in Microsoft Edge: Copilot is now integrated into the Microsoft Edge browser, quickly helping answer questions, summarize page content, translate text, or rewrite sentences. The cool? The multimodality, as Copilot will also understand images on web pages.

      Copilot Labs: This platform allows users to test experimental features like Copilot Vision and Think Deeper, providing feedback to shape future updates.

      Copilot Vision and Think Deeper

      Copilot Vision: This innovative feature enables Copilot to see what you see and interact with web pages in real time, offering suggestions and answering questions without disrupting your workflow.

      For Microsoft, safety and security are their top priorities:

      Copilot Vision sessions are entirely opt-in and ephemeral. None of the content Copilot Vision engages with is stored or used for training — the moment you end your session, data is permanently discarded.

      The experience won’t work on all websites because we’ve taken important steps to put boundaries on the types of websites Copilot Vision can engage. We’re starting with a limited list of popular websites to help ensure it’s a safe experience for everyone.

      Copilot Vision won’t work on paywalled and sensitive content for this preview. We’ve created it with both users’ and creators’ interests top of mind.

      There is no specific processing of the content of a website you are browsing, nor any AI training. Copilot Vision simply reads and interprets the images and text it sees on the page for the first time along with you.

      Before we launch broadly, we’ll continue to take feedback on all the above from early users in Copilot Labs, refine our safety measures and keep privacy and responsibility at the center of everything we do. Let us know what you think!

      Think Deeper: Designed to reason through complex questions, this feature provides detailed, step-by-step answers for challenging queries, helping you make informed decisions. This is an early Copilot Skill that’s still undergoing development, so Microsoft placed it in experimental Copilot Labs to test and get feedback.

      As exciting as these features are, it’s important to note their regional rollout plans.

      Copilot Voice is initially available in English in Australia, Canada, New Zealand, the United Kingdom, and the United States. Expansion to more regions and languages will follow soon.

      Copilot Daily is rolling out first in the United States and the United Kingdom, with additional countries to be added shortly.

      Copilot Vision will be accessible through Copilot Labs to a limited number of Copilot Pro subscribers in the United States.

      Think Deeper starts its rollout this week to a limited number of Copilot Pro users in Australia, Canada, New Zealand, the United Kingdom, and the United States.

      Unfortunately, for those of us in Europe, we will need to wait a bit longer for these exciting new features. Microsoft is working diligently to ensure that personalization in Copilot adheres to the Microsoft Privacy Statement, and options for offering personalization to users in the European Economic Area and the United Kingdom are still being finalized.

      Read more about these updates and Microsoft’s Copilot vision from their blog post.

      As Copilot is using Azure OpenAI Services (AOAI) in the background (users don’t see these, they just use Copilot) the advancements in AOAI make it possible to bring those features to Copilot. Microsoft just announced several updates to Azure OpenAI Services, Below, read about the latest advancements and the potential opportunity.

      GPT-4o-Realtime-Preview with Audio and Speech Capabilities

      The introduction of GPT-4o-Realtime-Preview marks a significant milestone: advanced voice capabilities to the Microsoft Azure OpenAI Service, expanding GPT-4o’s multimodal offerings. The integration of language generation with voice interaction allows developers to craft more natural and conversational AI experiences. From creating virtual assistants to powering real-time customer support, the possibilities are vast and promising. And the abovementioned Copilot Voice is a good example of how to utilize this capability.

      The GPT-4o-Realtime API supports audio input and output, enabling real-time, natural voice-based interactions. This multimodal capability empowers developers to build innovative voice applications with ease, providing faster and more engaging responses that minimize the robotic tone often associated with AI-generated speech. Moreover, the API supports a wide range of languages, facilitating natural, multilingual conversations for global-facing applications.

      This also means that it won’t be necessary to use Azure Speech to Text (STT) and Text to Speech  (TTS) services to create a voice interface to your AI. Adding the voice will be way easier now – but it doesn’t mean we would not need STT and TTS services anymore. With those Speech services we can utilize custom voice and photorealistic avatars – and a lot more. But for the Copilot and AI apps – having these built-in inside GPT-4o will be a big advantage on both speed and easiness. We won’t be able to notice the ”AI delay” we experience when doing the typical speech to text – to LLM and back – and text to speech roundtrip.  

      This will be available for standard and global standard deployment in East US2 and Sweden Central for approved customers. Regional availability ensures that users across different geographical locations can access and benefit from the advanced capabilities of GPT-4o-Realtime API for Audio.

      Performance That Speaks

      Early adopters of the GPT-4o-Realtime API for Audio have reported remarkable results, including significantly faster responses and more natural conversations. These improvements are particularly beneficial for applications such as voice-based chatbots, virtual assistants, and real-time translators, enhancing user engagement and satisfaction.

      Applications of GPT-4o-Realtime-Preview

      The versatility of GPT-4o-Realtime-Preview spans across various industries, transforming how businesses operate and how users interact with technology:

      Customer Service: Voice-based chatbots and virtual assistants can handle customer inquiries more naturally and efficiently, reducing wait times and improving overall satisfaction.

      Content Creation: Media producers can revolutionize their workflows by leveraging speech generation for use in video games, podcasts, and film studios.

      Real-Time Translation: Industries such as healthcare and legal services can benefit from real-time audio translation, breaking down language barriers and fostering better communication in critical contexts.

      Azure remains steadfast in its commitment to responsible AI, with safety and privacy as default priorities. The Realtime API utilizes multiple layers of safety measures, including automated monitoring and human review, to prevent misuse. Additionally, the Realtime API has undergone rigorous evaluations guided by our commitments to Responsible AI, ensuring a secure and responsible AI experience for our users.

      What’s Next with GPT-4o-Realtime API for Audio?

      Microsoft will continue to innovate and expand the capabilities of the GPT-4o-Realtime API for Audio, and they are excited to see how we, partners, developers and businesses will leverage these new technologies to create voice-driven applications. Preferably ones that push the boundaries of what’s possible. Starting today, you can explore these new capabilities in the Azure OpenAI Studio, experiment with them in the Early Access Playground, or integrate the real-time API in public preview into your applications. Be sure to review our documentation for the latest updates, dive into the available use cases, and start building with GPT-4o-Realtime API for Audio to bring your business to the next level of AI innovation.

      Read more about these updates to Azure OpenAI Service from here and here and here.

      Microsoft is committed to ensuring that AI enriches people’s lives and strengthens our bonds with others, while supporting our unique and complex humanity. Copilot is not just another tool; it’s a companion designed to be by your side, always supporting you in ways that matter most.

      As we embark on this exciting journey, Microsoft remains dedicated to accountability, respect, and compassion for users and society. This is a journey we promise to take together, and we couldn’t be more thrilled to start it with you.

      Stay tuned for more updates and get ready to experience a new era of AI companionship with Copilot.

      Published by Vesa Nopanen

      Vesa “Vesku” Nopanen, Principal Consultant and Microsoft MVP (M365 and AI Platform) working on Future Work at Sulava.

      I work, blog and speak about Future Work : AI, Microsoft 365, Copilot, Microsoft Mesh, Metaverse, and other services & platforms in the cloud connecting digital and physical and people together.

      I have about 30 years of experience in IT business on multiple industries, domains, and roles.
      View all posts by Vesa Nopanen



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      The Truth Behind the Alleged $56M CryptoPunk NFT Sale

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      The Truth Behind the Alleged M CryptoPunk NFT Sale


      CryptoPunk 1563 Transaction Raises Doubts

      CryptoPunk 1563 was sold this afternoon for 24,000 ETH, or $56.3 million, in what appeared to be a large transaction. However, several visible and concealed red flags arose, raising concerns about the sale’s legality.

      About $69,000 in ETH was paid in September for the purchase of CryptoPunk 1563. This raises questions as it is considered a “floor Punk,” meaning it usually sells near the entry-level price for the collection. With no rare attributes, there’s no reason to justify such an Extensive analysis of on-chain data indicates that the transaction was a component of a flash loan program. The purchase was made using flash loans, which are uncollateralized crypto loans that need to be paid back in one single transaction. The NFT buyer borrowed $24,000 in ETH from the DeFi protocol Balancer and paid it back in one transaction. Although the NFT did move between wallets, no actual money changed hands because the vendor repaid the loan. Only network fees were paid by the buyer.

      This is not the first time such an application of flash loans has occurred. Someone paid an astounding $532 million for a CryptoPunk in October 2021 using flash loans, only to return the money in the same transaction.  While the event made headlines during the NFT market boom, the sale wasn’t recognized as legitimate by CryptoPunks creator Larva Labs or other NFT data platforms.

      Source: CryptoPunk 

      There’s an unexpected twist in this case. According to the on-chain investigator 0xQuit, this latest flash loan could be tied to an upcoming meme coin called “Kamala Harris Punk.” The sale appears to be a stunt aimed at generating interest in the token’s pre-sale. The NFT in question is set to be sold to the highest bidder after a weeklong pre-sale phase. The developer seems to be betting on earning more through the combined NFT sale and token presale than the current floor price of the Punk, which is around $63,400 worth of ETH.

      While the goal is to raise interest and capital through the presale, this strategy could backfire. If the stunt fails to generate enough attention or bidders, it might end up being a costly gamble. The seller is hoping to recoup the amount raised in the presale through the final auction of the CryptoPunk, but there are no guarantees.

      Excluding today’s questionable sale, CryptoPunks have generated about $16.7 million in trading volume over the past 30 days, according to data from CryptoSlam. The highest legitimate purchase of a CryptoPunk occurred in February 2022, when one sold for nearly $24 million worth of ETH. That particular Punk was recently resold, though the exact amount remains undisclosed.



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      Ask Questions to Google Lens: New Feature Explained – Metaverseplanet.net

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      Ask Questions to Google Lens: New Feature Explained – Metaverseplanet.net


      Google has introduced a new feature to its Lens application, allowing users to ask instant questions while recording videos. Expanding the capabilities of its visual search app, Google now enables both Android and iOS users to ask real-time questions about objects around them while using the video recording function in Lens. This new feature helps users quickly learn more about interesting things they encounter in everyday life. Lou Wang, Director of Product Management for Lens, stated that this feature is powered by Google’s Gemini model, part of the company’s artificial intelligence family.

      Users will be able to instantly access the information they are curious about

      As an example, Wang explains that if a user is curious about a fish, Lens can explain why the fish swims in circles and provide relevant sources.

      To access the new video analysis feature, users must sign up for Google’s Search Labs program. Recording video in the Google app is as simple as pressing and holding the smartphone’s shutter button. Users will then be able to ask questions while recording, and Google’s AI Overview feature will summarize the information in response.

      Additionally, Google Lens will enable users to search by both image and text simultaneously. For instance, when Lens identifies a product, it can provide details such as price, brand, reviews, and stock availability. Although this feature is currently limited to certain countries and shopping categories, it is anticipated that it will expand over time.

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