Everyone knows about Bitcoin. Opinions are divided: it's either a huge bubble, best suited for buying tulip bulbs, or, as one Twitter rather hyperbolically expressed it, "the most important application of cryptography in human history". I personally am in the bubble camp, but I think there's another lesson here, on the difference between science and engineering. Bitcoin and the blockchain are interesting ideas that escaped the laboratory without proper engineering - and it shows. Let's start with the upside. more
The papers have been abuzz with the shutdown of Liberty Reserve, an online payments system, due to accusations of large scale money laundering via anonymous transactions. Many people have noted similarities between LR and Bitcoin and wonder whether Bitcoin is next. I doubt it, because with Bitcoin, nothing is anonymous. more
Unstoppable Domains, a leading Web3 domain provider, has expanded its domain offerings by incorporating traditional ".com" addresses. The integration bridges the gap between traditional and decentralized web domains. more
In 2014, computer scientist Gavin Wood coined the term "Web 3.0." The phrase, which has now been shortened to "Web3", refers to the third generation of the internet that's designed to be truly decentralised and free from a central authority. Web3 has the potential to add real-world value for businesses by creating additional avenues to reach consumers. However, owing to its less regulated nature, brands also have the potential to be taken advantage of both by users and by the providers in the space. more
Last Saturday marked the 53rd anniversary of the Internet. While the vast majority of its five billion users have been online for less than a decade, the Internet was taken into use on October 29th, 1969, when two computers connected to the ARPANET exchanged a message. Although the Internet has been around for a while, it remained below most people's radar until the late 1990s when the dot com boom started. more
On November 15, Russia demonstrated its ability to destroy an orbiting satellite, Cosmo 1408, by hitting it with a direct-ascent rocket. In an earlier post, I noted the anti-satellite demonstration and speculated on why Russia may have done it and why the Chinese had not condemned it. In this post, I’ll look at the evolution of the resulting debris cloud and say more about the possible motivation. more
In late 2021, the term Web3 began to increasingly appear in mainstream media outlets. This does not refer, however, to a sudden increase in interest in the Semantic Web as defined by Tim Berners-Lee, but rather to something entirely different. Enthusiasts of cryptocurrencies and nonfungible tokens (NFTs) seized this term and changed its meaning to reflect a supposed new stage of the Web, running on top of blockchains and having decentralization as its core value. To summarize the narrative being spun, the first generation of the Web afforded independence to the owners of websites, but this did not extend to the average user... more
Decentralization is exciting. Headline-grabbing, even. After all, in a world where frustration levels are sky-high and rising, it should not come as a shock that many individuals are willing to embrace what we might call "anti-system solutions." Decentralized solutions, in our case, which come with the ambitious promise of providing everything their centralized counterpart can provide but without centralized points of failure and regulations. In our previous article, we enumerated several advantages associated with decentralized domain names. more
With solution providers such as Unstoppable Domains or Handshake, and blockchain technology-friendly browsers, such as Brave, that are more than happy to assist on the implementation front, decentralized alternatives to the traditional Domain Name System has been receiving more and more attention lately. Centralized vs. decentralized... what will it be? more
The International Trademark Association's Blockchain Subcommittee is interested in meeting companies working on Blockchain applications related to intellectual property. The Blockchain Subcommittee's mission is to explore the use of blockchain technology in trademark prosecution, maintenance, protection, and practice, including the opportunities and threats to the value of trademarks, brands, and consumer trust in emerging blockchain technologies. more
Just in the last two weeks, two stories in the United States hit the press that highlight behavior from ISPs that would have likely have violated the Net Neutrality rules that were killed by Ajit Pai's FCC. The big ISPs have been surprisingly quiet and have not loudly violated those rules, even though they are no longer in effect. The industry speculation is that the big ISPs are treading lightly because they don't want to trigger a regulatory overreaction should there be a change of party in the administration or Congress. more
China's central bank is a step closer to becoming the world's first major monetary authority to issue its own digital tender. The People's Bank of China will conduct internal tests for the central bank's digital currency (CBDC) across four cities (Shenzhen, Suzhou, Xiong'An and Chengdu), according to a statement issued by the bank on Friday. more
The last few years have proven to be a crucial moment for cryptocurrency security. The more cryptocurrency has risen in popularity, the more high profile security breaches have occurred, and the more key institutions have been targeted. The young cryptocurrency industry has always been brimming with opportunity, but with this comes risk, especially when there are lapses in security. more
Apropos of recent news stories about a blockchain-based voting system that was hacked before its first election, someone asked: "Perhaps final recognition that a lot of blockchain is hype? Or simply an interesting side-story?" A blockchain can ensure that the lies you see are the same lies that were published, but that doesn't have much to do with voting. more
Facebook has announced its Libra cryptocurrency. This is good news for cryptocurrencies and market-incentivized networks. I worry that Libra's financial inclusion might come with an attendent loss of privacy or autonomy. After months of speculation, Facebook on Tuesday announced Libra, a cryptocurrency with the mission of enabling a simple global currency and financial infrastructure that empowers billions of people. more
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