10th May 2023 Digital Bytes
The impact of DeFi on traditional financial intermediaries - decentralised finance (DeFi) is a term for an ecosystem that is focused on banking, insurance and asset management services which operate on blockchain-powered platforms and are not typically controlled by a single organisation. DeFi removes the need for intermediaries, banks, asset managers and other financial entities so that people can do business with each other (Peer2Peer) using smart contracts. Traditional financial institutions are being challenged by the advent of DeFi since it offers an alternative choice as to how people receive and handle their financial affairs.
The challenges of creating Web 3.0 - whilst multiple tech firms keep pushing for Web 3.0, it does still need additional work and structure in order to be fully operational. Excluding the friction from existing structures, players are still experimenting with ideas, innovation and integration for those primary structures that constitute Web 3.0. However, although implementing this next-generation internet is not a straightforward process, the potential reward could be substantial and change the way we interact and how much of business is transacted.
FTX update May 2023 - FTX’s collapse and bankruptcy, the legal proceedings against its top executives, the asset recovery efforts, the current state of business operations, stakeholder impact, international issues, and lessons learned have kept an army of regulators, journalists, lawyers and accountants busy. These events undoubtedly raise questions about what led to the collapse, the implications of the repercussions and lessons learnt for other companies, and the cryptocurrency sector at large.
AI’s perspective on digital assets and blockchain technology - James Tylee, veteran Wall Street algorithmic programmer and general ‘geek’ (having set up the world’s first radio station 15 years ago that pays listeners crypto for simply listening), recently turned his hand to interviewing ChatGPT and gleaned its perspective of digital assets and blockchains. The results, whilst not perfect, offer much insight - especially for the uninitiated.