Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Life after blockchain: Why Ethereum mastermind Vitalik Buterin doesn’t want to be a founder again
SmartCompany | | April 10, 2019
In an industry filled with shouting voices, fierce partisanship and big personalities, Ethereum founder Vitalik Buterin is a breath of fresh air.
The softly spoken 25-year-old Canadian-Russian would be entitled to brag louder than most if he wished to. The blockchain platform he founded at age 17 was a central tenet of the 2017-18 cryptocurrency boom, with a market capitalisation of more than $US19.3 billion ($27.1 billion) and countless projects built on its infrastructure.
The Ethereum Enterprise Alliance boasts members such as Intel, Microsoft, JP Morgan and Samsung, and the project’s current development includes implementing a new proof-of-stake consensus algorithm and data-management method known as ‘sharding’, designed to fix some of Ethereum’s scalability issues.
See: Ethereum Foundation Announces Millions in Grants for Scaling Research
But despite all this, Buterin chooses to stay humble, and outside of the occasional, well-articulated fight on Twitter, the founder seemingly avoids the hyper-partisan debates which can dominate the cryptocurrency space. However, the blockchain pioneer has said he’s unlikely to be the founder of a project again any time soon.
Speaking to StartupSmart in a rare interview, Buterin said while the big personalities in the industry did make it more difficult to operate, others being unprofessional “make you stick out by being professional”.
“The crypto space is definitely very unique because it brings all the most honest and idealistic, but also the most scammy people out there into one pot,” Buterin says.
“There’s definitely an extreme contrast between different parts of [the industry]. Within the Ethereum space, I try to promote people who are being good, and encourage people to be the best they can be.”
2019 a big year for Ethereum development
Buterin is in Australia for the second time ever, heading to Ethereum development conference EDCON in Sydney this week, from the 11th to the 13th. While the conference is broadly focused on all aspects of Ethereum’s development, Buterin says he’ll mainly be speaking about Casper CBC, a new consensus algorithm in development for the platform.
This new development is part of Ethereum’s ‘2.0’ roadmap, which Buterin says is coming along well, despite some readjustments and setbacks since the initial plans were set in 2017. The development team, which includes a number of Australians, have launched testnets for its new proof-of-stake network, and isn’t far off rolling out the 2.0 protocol.
“The actual protocol for Ethereum 2.0, which includes proof-of-stake and sharding, is very close to finished. We’ve had a lot of progress on the research and development front,” he says.
“I think developments actually sped up over the last year or so. Before then, we had a lot of technical uncertainty around if these things were actually possible to build efficiently, and around a year ago all those issues were finally resolved, so development has really been picking up steam since then.”
Buterin says there’s a number of interesting things happening in the broader blockchain space currently, pointing to projects such as Maker and Augur as decentralised finance applications people are “getting excited about”.
Outside of the finance-focused space, Buterin says some projects are on the way to seeing mass-market adoption, referring to Etherisc, a project which looks to use smart contracts to automate insurance payouts.
See: Ethereum Rises on Positive Comments by the SEC
Scalability, security biggest issues
However, the founder acknowledges scalability is still one of the biggest issues facing blockchain developers today.
“I think, especially for applications which are not narrowly crypto- or finance-focused, people are just waiting for scalability,” he says.
“If all you’re doing is trading crypto, it doesn’t matter if you’re paying 57c per transaction, but for regular users who want to use the blockchain for things that don’t have to do with money, we need to get costs down.”
“That’s a big part of what doing with Ethereum 2.0, and it’s a big part of what we’re doing with some of our other scalability efforts, so we’ll see what happens when they come out.”
But scalability isn’t the only thing holding back the blockchain space. Buterin also points to issues with safety and usability, with things such as block times still dominating industry debates. Buterin says he’d like to see block times down to the point where sending a transaction happens as quickly as confirming a credit card payment.
On the safety front, the founder notes that the issue of lost or hacked private keys is a massive problem in the cryptocurrency space, one which is under-reported as “usually people are too embarrassed to talk about it.”
See: TokenFunder announces Canada’s first Security Token Exempt Market Dealer
Buterin mentions some projects are looking to help fix the vulnerabilities with private keys, something he welcomes and says has even saved his crypto stash at times.
“My favourite solution that has come out recently is the HTC blockchain phone project, which has a trusted hardware chip so your blockchain wallet is protected from some of the security risks in Android,” he says.
“It also has a social recovery mechanism, where you spread out parts of your private key between three trusted contacts, so they can help you recover it if you lose it.”
“It’s early days, but it seems to be working better and better. It’s already rescued me once.”
Continue to the full article --> here
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Aljazeera | Jun 5, 2-23 The United States Securities and Exchange Commission (SEC) has sued Coinbase, accusing the largest US cryptocurrency platform of operating illegally because it failed to register as an exchange. Coinbase, the largest US crypto platform, is under scrutiny for alleged security law breaches related to its staking rewards program. The SEC claims that Coinbase has been acting as an intermediary for cryptocurrency transactions since at least 2019, evading necessary investor protection disclosures. The company is also charged with trading at least 13 crypto assets deemed securities, which should have been registered, including Solana, Cardano, and Polygon. The lawsuit is part of SEC Chairman Gary Gensler's push to increase oversight of the rapidly growing crypto industry, which he has referred to as a "wild West" of investing. The legal actions against Coinbase and Binance signal the SEC's intent to enforce existing market regulations in the cryptocurrency sector, an industry that has often been accused of regulatory ambiguity. See: Breaking: SEC Files Charges Against Binance for Mishandling Funds and Deceiving Regulators Market Impact: Shares in Coinbase Global Inc dropped by as much as 20.9% following the announcement of the lawsuit, with customers reportedly withdrawing over $57m shortly after ...
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Read More
Aljazeera | Jun 5, 2-23 The United States Securities and Exchange Commission (SEC) has sued Coinbase, accusing the largest US cryptocurrency platform of operating illegally because it failed to register as an exchange. Coinbase, the largest US crypto platform, is under scrutiny for alleged security law breaches related to its staking rewards program. The SEC claims that Coinbase has been acting as an intermediary for cryptocurrency transactions since at least 2019, evading necessary investor protection disclosures. The company is also charged with trading at least 13 crypto assets deemed securities, which should have been registered, including Solana, Cardano, and Polygon. The lawsuit is part of SEC Chairman Gary Gensler's push to increase oversight of the rapidly growing crypto industry, which he has referred to as a "wild West" of investing. The legal actions against Coinbase and Binance signal the SEC's intent to enforce existing market regulations in the cryptocurrency sector, an industry that has often been accused of regulatory ambiguity. See: Breaking: SEC Files Charges Against Binance for Mishandling Funds and Deceiving Regulators Market Impact: Shares in Coinbase Global Inc dropped by as much as 20.9% following the announcement of the lawsuit, with customers reportedly withdrawing over $57m shortly after ...
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Forbes | Alex Konrad | Jun 6, 2023 Venture capital’s biggest global brand is breaking up, with Sequoia’s China and India and Southeast Asia funds relaunching as new firms HongShan and Peak XV Partners. Sequoia Capital's Global Breakup: Venture capital heavyweight Sequoia Capital is splitting into three distinct entities, each targeting a specific geographic region. Sequoia Capital will focus on the U.S. and Europe, while the newly formed HongShan and Peak XV Partners will serve China and India/Southeast Asia respectively. This move could impact funding markets by adjusting the balance of power among global venture capital firms, potentially leading to a redistribution of capital and shifting the competitive landscape within the targeted regions. See: Which Companies Were Affected by FTX’s Collapse? Increased Regional Autonomy: As separate entities, HongShan and Peak XV Partners will no longer share profits or back-office functions with Sequoia Capital. This autonomy should allow each firm to better align their strategies with their respective regional market dynamics, while mitigating conflicts and complexities tied to centralized operations. It may trigger a ripple effect in the funding landscape as other venture capital firms may consider similar operational adjustments for their own regional branches. Repositioning Amidst Changing Geopolitical Landscape: Although ...
Read More
Read More
U.S. Financial Services Committee | Jun 5, 2023 Expanding Investment Opportunities: The U.S. House of Representatives has approved seven bipartisan financial services bills aimed at strengthening public markets and boosting capital formation. Expanding the Accredited Investor Definition: Key among these is H.R. 835, the Fair Investment Opportunities for Professional Experts Act, which widens the definition of accredited investor. This is expected to increase the pool of potential investors for small businesses and emerging companies, especially minority entrepreneurs who frequently face challenges in securing funding. Other significant legislation includes H.R. 2608 and H.R. 2610, both sponsored by Chairman Patrick McHenry. These bills intend to improve the attractiveness of public markets for emerging growth companies by clarifying and extending financial reporting obligations under the JOBS Act of 2012. This could potentially streamline the process of initial public offerings (IPOs) or spin-offs, which in turn can drive efficiency and capital formation. See: Improving the Regulatory Environment for Entrepreneurial Capital Formation: JOBS Act 4.0 Increasing Access and Protection in Capital Markets: Legislation such as the Accredited Investor Definition Review Act (H.R. 1579) and the Senior Security Act of 2023 (H.R. 2593) demonstrates a dual commitment to opening up investment opportunities and safeguarding investor interests ...
Read More
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New York Times | Matthew Goldstein, Emily Flitter and David Yaffe-Bellany | Jun 5, 2023 The SEC said the world’s largest cryptocurrency exchange mixed billions of dollars in customer funds and secretly sent them to a separate company controlled by Binance’s founder, Changpeng Zhao. The Securities and Exchange Commission (SEC) has levelled significant allegations against Binance, the world's leading cryptocurrency exchange, accusing it of mismanaging customer funds and dishonest communication with regulators. Binance is accused of blending customer funds amounting to billions of dollars and covertly transferring these to Merit Peak Limited, a separate entity under the control of Binance founder, Changpeng Zhao. The SEC has lodged 13 charges against Binance and Changpeng Zhao, alleging they enriched themselves to the tune of billions of US dollars, while putting investor assets at considerable risk. Among the charges are claims that Binance misled investors regarding the adequacy of its systems to detect and control manipulative trading and their efforts to prevent US investors from trading on its unregulated platform. See: OSC Pursues Binance Investigation, Unfazed by Crypto Exchange’s Departure from Canada These charges represent the latest effort by US regulators to clamp down on the often-lawless landscape of cryptocurrency trading and compel major ...
Read More
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Ninepoint Partners | Release | Jun 3, 2023 Toronto-based investment management firm Ninepoint Partners has launched the Ninepoint Web3 Innovators Fund, formerly the Ninepoint Bitcoin ETF The Fund aims to provide investors with exposure to emerging technologies like Web3, blockchain, and digital asset-enabled internet, offering capital appreciation through a diverse portfolio of equity and equity-related securities. Ninepoint anticipates an expanding investment universe as more leading companies in these sectors go public. This trend is expected to benefit the Fund, increasing diversification across industries and enhancing the potential for long-term success. See: 10 Most Innovative Companies in 2023: Blockchain, Crypto, Metaverse, Web3 The Ninepoint Web3 Innovators Fund offers exposure to digital assets, including Bitcoin, through indirect ownership via other listed Canadian cryptocurrency ETFs and shares in public companies in the digital asset space. The Fund also aims to invest in top-tier companies leveraging Web3 technologies to transform their business, believing that the enterprise adoption of Web3 will unlock significant value, similar to earlier phases of the World Wide Web. Continue to the full article --> here The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and ...
Read More
Read More
CSET |Mina Narayanan and Christian Schoeberl |Jun, 2023 This report by CSET presents a matrix that organizes approximately 40 public process frameworks according to their areas of focus and the teams that can use them. Ultimately, the matrix helps organizations select the right resources for implementing responsible AI. Responsible AI Framework Selection Made Easy: Challenge: Process frameworks serve as essential blueprints for organizations aiming to implement responsible AI, but the overwhelming abundance and their generally broad audiences can pose challenges for organizations seeking the most suitable fit. This report provides a matrix consolidating about 40 public process frameworks, categorizing them based on focus areas and potential user groups, effectively simplifying the process of selecting resources for responsible AI implementation. See: OSFI and GRI report: AI in Finance Needs Safeguards, Explainability Key For Trust How the Matrix Helps: Many process frameworks tend to lean towards generality, aiming for flexible application, which may be daunting for organizations inexperienced in executing responsible AI. The report not only helps identify potential user groups for these frameworks but also delves deeper into the utility dimension, which includes an AI system's components, its lifecycle stages, and other related characteristics. This analysis enables organizations to precisely apply ...
Read More
Read More
Stripe | Release | Jun 1, 2023 Stripe launches a new charge card program on its Stripe Issuing platform. Stripe is set to transform the fintech space with its new charge card program for Stripe Issuing, allowing fintech startups and platforms to offer flexible credit options via expense cards. This innovation creates new revenue streams and empowers small businesses with reliable credit access. Since its launch in 2018, Stripe Issuing has seen substantial usage, facilitating the creation of over 100 million cards in the US, UK, and EU, and supporting half a million daily transactions. Stripe simplifies the process of building a charge card program by handling repayment collection, lending compliance, licensing requirements, and more. The charge card program offers core features like funds flow, network connections, printing, and integration APIs, all while efficiently managing necessary compliance, bank partnerships, and ledgering. The launch of Stripe's charge card program addresses the increasing concern of 77% of small-to-medium-sized businesses (SMBs) over access to financing, according to a recent survey. This move will enable software platforms to provide the necessary capital for their customer's growth. See: OpenAI and Stripe Announce Partnership to Monetize OpenAI’s Flagship Products Stripe's innovative solution caters to the cash ...
Read More
Read More
CFPB | Release | Jun 1, 2023 Agency issues notice to consumers advising them to transfer balances to insured banks and credit unions Safety Concerns for Funds Stored on Payment Apps: The Consumer Financial Protection Bureau (CFPB) has highlighted the potential risk associated with funds stored on popular digital payment apps. These apps, including PayPal, Venmo, and Cash App, lack federal deposit insurance coverage, leaving customers vulnerable to financial distress. See: CFPB Issues a Request For Information on “Data brokers” Growing Usage: The usage of nonbank payment apps has surged, with over 75% of U.S. adults and 85% of consumers aged 18 to 29 utilizing these services. Transaction volumes have reached approximately $893 billion in 2022 and are projected to rise to around $1.6 trillion by 2027. Nonbank payment companies profit from holding and investing customer funds, along with earning fees from merchants and offering additional financial services. Lack of Transparency: User agreements for payment apps often lack crucial information about the storage and investment of funds, insurance coverage, and contingency plans in case of company failure. While some states are enacting policies to address these concerns, the CFPB advises consumers to transfer their balances to insured banks and credit ...
Read More
Read More
Tony Robbins LinkedIn Newsletter | Jun 1, 2023 Each day life offers us the opportunity to GIVE (our passion, skills, time). To extend outside of ourselves, to contribute to something greater... And it determines WHO we are in business. Do you know what your gift is, my friend? Artist/Talent/Skilled Producer (someone with exceptional skill) that derives their energy by creating a product/service that LIGHTS up the customer: Most businesses are started by an artist, a talent, or skilled producer. They are the genesis of most grand ideas. A software developer, a fashion designer, someone who is incredible at negotiations...They bring passion and creativity. Artists are not naturally equipped to run a business. This isn’t to say that they CAN’T. On the contrary however their unique gift is in their skill. The logistics and nitty gritty of running a business can bog down their creative juices. See: Life Isn’t Linear: Curveballs and Strikeouts Manager/Leader: LOVES to manage people and processes. People, systems, and making things more efficient; this is the Manager’s wheelhouse. They appreciate a product or service, but it’s not where they draw energy from. And because they’re not as attached to the product or service, they can make adjustments as ...
Read More
Read More
June 1, 2023 Diversification is one of the “classics” when it comes to risk management strategies. They’ve been used by a lot of investors to ensure profitability in the long run, and since newer assets like cryptocurrencies are now more popular than ever, the need to protect your assets becomes much stronger. Overall, having an “undiversified” portfolio can lead to many problems regardless of the asset you’re working with. However, if you’re investing in cryptocurrencies, which are known for being unpredictable and volatile, the risk of losing your money becomes even greater. Thankfully, there are plenty of ways to build a successful and balanced investment portfolio. Here, we’ll tell you how to make your investment life much easier down the road! Why Would You Diversify Your Portfolio? It’s common for beginners to think diversifying their portfolios is inconvenient or overwhelming; instead of focusing on one asset only, you would be focusing on several, which can throw you off if you don’t have experience. The main reason why you should diversify your portfolio is that you can protect yourself from any market problems. As an investor, you may be able to predict or prepare certain events that may hurt your investments, ...
Read More
Read More
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