Technology
Walking through the crypto jungle during Korea Blockchain Week
Blockchain technology is all about decentralization and virtualization, so it’s a bit ironic that folks love to fulfill in person at big blockchain events. That’s what happened last week in Seoul, where a record 17,000 people and 300 speakers gathered for Korea Blockchain Week.
Like traditional technology conferences, the event highlighted many famous names in the field, each well-known (including Vitalik Buterin, Richard Teng of Binance, and Mark Karpeles) and unknown (researchers, professors, and plenty of founders of recent startups).
Unlike the usual chats, this time it was also possible to get to know the scientific profile: the list also included monkeys, penguins, geese and bears.
No one would ever accuse the crypto world of lacking in cheerful pranksters. Despite all this, there stays a powerful, underlying undercurrent of unease in the crowd. Widespread adoption seems to have stalled, and with the US election approaching, there may be a giant query mark over what future regulation will appear to be.
We walked the event corridors and spoke with a lot of the attendees. Here are a few of our impressions:
Beyond the protocols
Scalability has historically been a significant concern for blockchains with high fees and slow transaction speeds. Now, second-layer blockchains (so-called “layer 2 blockchains”) have made transactions faster and cheaper, meaning scalability isn’t any longer a difficulty for many use cases. The hottest layer 2 blockchains can handle tens of millions of transactions per day with none disruptions.
But despite this, usage shouldn’t be necessarily growing, partly because we still live in something of an application vacuum.
“I think the expectations of what the app actually contains have increased significantly,” said Simon Kim, CEO Hasheda enterprise capital firm focused on blockchain and crypto. In an interview with TechCrunch, Simon emphasized the need for more practical use cases.
There are some glimmers of this, especially in the world of IP tracking. Last month, Story raised $80 million to construct a blockchain that can help IP owners more effectively track the use of their content. And Sony Block Solutions Labs, a three way partnership between Sony and Startale Labs, exposed its latest public blockchain network, Soneium, which guarantees to make it easier for users to guard creators’ rights and fairly share profits.
“This is an industry first in trying to create a content-centric IP ecosystem,” Simon said.
Other show attendees said they were searching for more practical applications that will be comprehensible to consumers.
“We’ve been building infrastructure — roads and highways — in the cryptocurrency world for the past six years. Now we need to focus on the things that people like or use, like convenience stores, clothing stores, and department stores,” said Steve Lee, co-founder Neoclassical Capitola Miami-based cryptocurrency investment firm backed by enterprise capitalists Marc Andreessen, Chris Dixon, and Tampa Bay Lightning owner Jeff Vinik.
The company, it seems, is concentrated on applications in consumer and financial services. “From a consumer perspective, we’re particularly bullish on use cases in IP gaming, entertainment, and social applications,” he said.
Neoclassical launched its first fund in Apriland the company intends to pursue more investment opportunities in these sectors. “While the West may continue to lead in infrastructure development, we believe Asia has greater potential in this area (consumer Web3 use cases) compared to the West,” he said, citing the large variety of bitcoin transactions in the region and its history in areas resembling gaming and entertainment. Countries resembling Japan and Korea, he said, “are leaders in adopting new technologies faster than any other country in the world.”
Tradition with a touch of cryptocurrency?
While some cryptocurrency firms are still searching for breakthrough successes, others try to persuade traditional businesses that they need to add a crypto twist to their existing products.
Justin Kim, Head of Asia at Ava Laboratoriesa blockchain platform focused on decentralized applications (“dApps”) and enterprise blockchain deployments, has seen increasingly organizations launch their very own custom blockchains on top of Avalanche.
“The list includes California DMV, Konami Digital Entertainment, Nexon MapleStory Universe, OtherWorld Solo Leveling Animationand financial institutions resembling JP Morgan AND City“- he said.
Tokenization of recent asset classes can be a recent trend, Justin added. For example, RepublicNew York-based investment platform tokenizes funds to support film financingIT consulting firm Questry and Japanese bank Mizuho Securities tokenize fund to support the production of animated contentJustin noted that each projects are based on the Avalanche platform.
Stablecoins are also finding their way into popular financial and messaging apps.
One notable event was PayPal’s introduction of a stablecoin called PYUSD and other messaging apps resembling Japanese line AND Telegram integrating cryptocurrency wallets. Naver, co-owner of Line, also recently launched a cryptocurrency wallet on its payments app in Korea. “Stablecoin trading activity is picking up,” Simon said.
Hashed has partnered with other traditional firms, resembling the Korean entertainment company IT’S MOVINGa gaming company based in Japan Nexonand financial institutions KB Kookmin Bank in South Korea and Siam Commercial Bank in Thailand, Simon said.
Another area that’s attracting attention from the industry, he identified, is the gaming space. The gaming industry is certainly one of the fastest-growing sectors, especially as a result of the growth of online transactions, Simon added.
“So there’s content, and then AAA games will start pouring out of the market later this year,” Simon said. In the past, blockchain games with experimental tokens or NFT ownership were released while they were still experimental. “Now, you’re seeing well-executed, high-quality games coming out.”
Yat Siu, Co-Founder and Executive Chairman Animoca BrandsThe Hong Kong-based gaming and software firm, which also runs VC firm web3, disagreed, saying gaming projects, which were essentially launch pads for tokens, had underperformed thus far.
“People aren’t excited about (games) right now, but I think we’ll come back,” Siu said.
Similarly, NFTs have not caught people’s attention yet, but proponents are still hopeful.
“Before, when people didn’t see the internet as interesting or real, they just built it and eventually it just grew, right? That’s how I see the (NFT) space,” Siu added.
Big Sponsors and Bigger Regional Forces
In 2023, lower- and middle-income countries drove cryptocurrency adoption; this yr, adoption is more evenly spread between richer and poorer countries, said Diederik van Wersch, regional director for ASEAN and Hong Kong at blockchain data platform Chain evaluation.
“The widespread adoption of cryptocurrencies may be a result of the launch of Bitcoin-based ETFs, which has driven up the total value of Bitcoin-related activity across all regions,” van Wersch told TechCrunch.
In line with that, institutions are facilitating cryptocurrency adoption in countries like Singapore and Indonesia, he said. The United States has followed an analogous path. When the United States launched a Bitcoin ETF, Siu said it was a step change for the market.
“Tokens that have institutional backing do better. That’s how things are shaping up in the future of cryptocurrencies,” Siu said.
“In Singapore, we have seen an increase in the use of cryptocurrency trading services, while in Indonesia, cryptocurrencies are used as a trading instrument and have become one of the fastest growing cryptocurrency markets in the region, with the highest year-on-year growth of almost 200%,” van Wersch said.
It’s not all excellent news: As more people adopt them, there’ll likely be more crime, he added. “As adoption increases, crime will increase. And today, cryptocurrencies span all types of crimes—including fraud and narcotics.”
Optimistic about Telegram’s future (despite Durov’s arrest)
The arrest of Telegram founder Pavel Durov in France last month actually led to an aftershock for Telegram-linked Toncoin, which plummeted in price following the news. But when KBW emerged per week later, the mood was already upbeat.
Rushi Manche, Co-Founder Movement Laboratoriestold TechCrunch that Telegram has grow to be a useful communication tool for a lot of in the cryptocurrency community, and that is unlikely to vary anytime soon.
“What happened with Pavel Durov and what’s happening with Telegram and TON is proof that decentralization works quite well. Despite the fact that Pavel was arrested, everything still worked,” Siu told TechCrunch. “I would say that’s a net positive and, in my opinion, shows the resilience and the power of decentralization and the benefits of running something on a blockchain. So I’m very bullish on TON and Telegram in the long term.”
Animoca Brands is an investor in TON, a blockchain technology tightly integrated with a messaging app.
Simon admitted that this incident made us realize that it’s obligatory to create latest regulations that can allow for the independent management of those virtual spaces, because in the digital world there are not any physical borders and states cannot control what’s on the Internet.
Regulation stays a significant obstacle
The issue of regulation repeatedly got here up as a top concern amongst those we spoke to at KBW, and not only amongst those working in the cryptocurrency industry in Asia, but additionally those from other regions.
“Until a few years ago, many blockchain developers would set up shop in Singapore,” Simon said. “Recently, the UAE has emerged as the most industry-friendly country, providing clear regulations and guidelines in the country.”
Regulation — and particularly the clear establishment of lighting regulations — shaped the areas wherein development has thrived.
“The main concern we hear about is the need for clarity in the regulations across Asian jurisdictions,” said Manche, Movement Laboratories“However, this is driving a push for more coherent, innovation-friendly policies. Regulatory clarity should improve globally, potentially accelerating institutional adoption. We also anticipate a focus on sustainable blockchain solutions and the innovative token economy.”
Much of this, nevertheless, has been piecemeal. Japan was an early mover in the space, and Singapore also got in early, with a light-weight regime focused on anti-money laundering (AML) and counter-terrorism financing (CFT), in keeping with Chengyi Ong, head of APAC policy at Chainalysis. Hong Kong and India followed suit, creating their very own regulatory frameworks. “And that’s how we ended up with a regulatory patchwork,” she said.
The U.S. election in November may very well be the moment when a few of this finally involves a head in the country. “Depending on who wins, this industry will accelerate. But I think cryptocurrencies will continue to grow in America regardless,” Siu said. “This is not an endorsement, by the way.”
Technology
Block limits TIDAL investments and closes TBD decision in favor of Bitcoin mining
Jack Dorsey’s Block is reportedly scaling back its investment in TIDAL, the music streaming platform once owned by Jay-Z. shareholder’s letter on Thursday. Block can be shutting down TBD, the corporate’s Bitcoin-focused division that previously got down to construct a decentralized Internet, dubbed “Web5.” These cuts will allow the corporate to speculate in its Bitcoin mining and cryptocurrency portfolio.
“We are reducing our investment in TIDAL and liquidating TBD,” Block said in the letter. “This gives us space to invest in our bitcoin mining initiative, which has good product market fit and a healthy demand pipeline, as well as Bitkey, our bitcoin self-management wallet.”
Here’s the newest effort by the corporate behind the Square and Cash apps to chop costs. According to. Block has laid off employees in recent weeks Fortuneand apparently told employees not to debate board member Jay-Z in emails or Slack messages.
Technology
Crypto CEO kidnapped in Toronto, released after paying $1 million ransom
According to him, the CEO of Canadian cryptocurrency company WonderFi was kidnapped and held for ransom on Wednesday CBC. Dean Skurka was reportedly forced right into a vehicle in downtown Toronto during rush hour and escaped unhurt after electronically sending $1 million (possibly CAD) to his kidnappers.
The CEO of WonderFi is the most recent cryptocurrency star to fall victim to a brutal attack. This is the 171st case of physical violence geared toward stealing cryptocurrency, a security company tells CBC.
Skurek’s company reported results for the third quarter the day before the incident, generating C$41 million in revenue over the past nine months. Meanwhile, Bitcoin’s price rose above $76,000 this week, reaching a brand new record high for the digital currency.
WonderFi is endorsed by Shark Tank co-host Kevin O’Leary and is some of the well-known publicly traded crypto corporations in Canada, in response to Cointelegraph.
Technology
Canoo’s latest defeat, stories from Waymo players and what Trump’s victory means for Elon (and his corporations)
Welcome back TechCrunch Mobility – Your central hub for news and insights on the long run of transport. Register here for free – just click TechCrunch Mobility!
The election has only been two days and there may be already numerous speculation concerning the next election Trump’s presidency will mean for transport and technology, in addition to related sectors akin to energy and climate. Many of those questions will take months to reply. We will observe and report on what impact this may increasingly have on the long run of transport.
Early on, we produced several articles that examined who might win, who might lose, and how specific sectors might deal with changes in governance in the chief and legislative branches. TC reporter Tim De Chant provided evaluation on why President-elect Trump may find it difficult to lighten the mood Act on reducing inflationand reporter Rebecca Bellan examined what this victory could mean Elon Musk and his corporations including Tesla, SpaceX and X.
Little bird
A little bit bird told us that Tesla has definitely given up on its $25,000 electric vehicle and replaced it with a robotaxi. The breakthrough that got here in April, when Musk announced that Tesla would unveil its robotaxi this 12 months, got here as a surprise to many Tesla employees who were enthusiastic about the opportunity of constructing a less expensive electric vehicle that their children could sooner or later afford. This change in strategy, combined with mass layoffs earlier this 12 months, led to low morale amongst employees and even some departures. But our little bird says morale is slowly improving.
In other baby bird news…
Just a few little birds told us concerning the launch of electrical vehicles Canoo struggled with executive departures and more furloughs. Just a few days later, before the newsletter was able to ship, our information was verified in a regulatory document: the CFO and general counsel had left, which, amongst other things, resulted within the furloughing of 30 employees.
You can even see these instructions to learn the best way to contact us via the encrypted messaging app or SecureDrop.
Offers!
Beta technologiesstartup developing electric planes for vertical takeoff and landing had an enormous round of funding — 318 million largeand yes, I mean dollars. The Series C financing round was led by Qatar’s sovereign wealth fund. Fidelity, TPG and United Therapeutics, which can also be a client, joined the round. This brings Beta’s total funding to over $1 billion. Not a word concerning the valuation.
As Rebecca Bellan noted in an article earlier this 12 months, Beta doesn’t wish to run its own urban air taxi network. Beta is positioning itself more as an OEM that may sell aircraft and charging solutions to multiple customers. The company has assured security for customers within the defense, cargo delivery and medical logistics industries – akin to United Therapeutics, UPS, Air New Zealand and the United States Air Force – with plans to launch products in these markets by 2025.
Other offers that caught my attention…
DeepRoute.aiShenzhen-based autonomous driving technology startup raised $100 million from Great Wall Motor. The funding is meant to assist DeepRoute introduce automated driving systems to as many vehicles as possible in China before Tesla launches next 12 months.
Last week we reminded you Waymo closing a $5.6 billion round from parent company Alphabet. Well, Bloomberg spotted the valuation, which their sources say is currently at $45 billion.
Van revised the valuation of Indian passenger transport startup Ola to around $2 billion at the tip of August.
Xavveostart-up coping with autonomous vehicle sensor technology, raised $8.6 million in a seed round co-led by Vsquared Ventures and imec.xpand.
Noteworthy reading and other interesting facts
Autonomous vehicles
Lift announced three separate partnerships — with a startup May mobilityautomated vehicle company Mobileyeand the corporate’s smart dash camera Nexar — all aimed toward gaining a foothold within the emerging autonomous vehicle market. All of those Uber and Lyft partnerships take me back to the hype days of AV in 2017 and 2018.
Electric vehicles, charging and batteries
Ferry said it is going to halt production of the F-150 Lightning electric pickup truck starting in mid-November for nearly two months because it grapples with reduced demand, increased competition and losses in the electrical vehicle industry.
Hurry up unveiled by an Electric camper concept which he describes as “the perfect escape pod,” Ars Technica reports.
Technology and software within the automotive
Reporter Sean O’Kane spoke with Rivian’s software chief Wassym Bensaid on the sidelines of TechCrunch Disrupt and learned that it’s working on an ecosystem for third-party developers that may make more apps available on the vehicle’s infotainment system.
This week’s wheels
This week, I’m reaching out to a handful of TechCrunch staffers who took their first Waymo rides while in San Francisco for Disrupt 2024. I’ve ridden many autonomous vehicles, including a driverless Waymos, so I assumed it might be fun to share a newbie’s perspective.
Venture reporter Dominic-Madori Davis said: “I thought I would hate Waymo, but I didn’t. He drove like my mother. Quite careful, very slow. I felt as safe as I could in the self-driving car, and honestly, I was glad I didn’t have to talk about the weather.”
AI and enterprise reporter Kyle Wiggers said “it’s nerve-wracking, especially when other cars pass us.” Sitting with a shotgun, the entire experience felt unnerving. I expected the worst.” I asked him if he would take one other Waymo, and his answer was, “Yes, but carefully.”
Venture editor Julie Bort went on three rides. She noted that her first ride was somewhat scary because she “turned a bit wobbly in a narrow lane next to a row of parked cars.” He also did not turn right on a red light, which resulted in frustrated people honking. She also noticed that sometimes the costs were much higher than what Uber would charge, and the drop-off locations were strange and just across the corner.
“All in all, it was a fun experience and if the car price is as affordable as other rideshares, I will do it regularly,” Bort told me. “But while it solved one security problem, it introduced others.”
Reporter Amanda Silberling said: “Waymo is like a roller coaster. It’s funny because it seems a little dangerous, but like a roller coaster, you know it’s been tested ad nauseam so it’s probably okay? If I wasn’t on a business trip with a corporate card, I don’t know if I could see myself using it because in many cases it was more expensive than Uber. Overall, I’m surprised at how safe I felt on Waymo rides, even though when I told my friends I was riding Waymo, they made me promise to text them once I arrived safely at my destination. My friends would react the same way if I was alone on the subway after midnight.”
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