LAS VEGAS, January 8, 2013 – One year after Consumer Electronics Association President Gary Shapiro opened his technology trade show with a war cry against the entertainment industry, Shapiro this morning touted “two industries working together to solve problems” of sharing digital content.
In his welcoming remarks at the launch of the Consumer Electronics Show here, Shapiro welcomed five motion picture industry executives to tout the movie-sharing service UltraViolet.
This olive branch came just minutes after excoriating Hollywood for the entertainment industry’s aborted efforts to pass the Stop Online Privacy Act (SOPA) and the PROTECT IP Act (PIPA). The two bills in Congress advancing copyright interests stalled after Google, Wikipedia and a range of technology companies mounted a successful effort press legislators to abandon the bills.
“Some 40 members of Congress withdrew their names from that legislation, and it died,” said Shapiro, referring to the fall-out when Wikipedia and other sites went dark on January 18, 2012.
“There will never be SOPA or PIPA legislation with that name again,” Shapiro said. “It [would be] like calling your kid Adolph” after the wake of German dictator Adolph Hitler.
After that remark, Shapiro attempted to emphasize the positives of innovation-led collaboration in Washington. He sited his recent book, Ninja Innovation, and its efforts to highlight “collaboration, solving problems, [and not] always going to the government.”
Shapiro then touted UltraViolet as just such a collaboration. The
free service is designed to let consumers share their movies in the broadband “cloud,” meaning that consumers are able to access content from a television, a computer, a mobile device or a game console.
Warner Brothers President Ron Sanders called the alliance a “great cross-promotion for the industry” and one that allowed consumers to “unlock the value” of their existing video libraries.
Joined on stage and executives from Sony Pictures, Universal Studios, 20th Century Fox and Lionsgate, Warner Brothers’ Sanders thanked Shapiro for his help in promoting alliance, which includes significant consumer electronics companies LG, Panasonic, Philips, Samsung, Sony, Toshiba and Vizio.
Such broadband cloud-based services enabling content sharing have proven difficult in an electronics ecosystem populated by multiple companies. Within a single company, Apple’s iCloud service is among the most successful service enabling smartphone-to-tablet-to-computer-to-television sharing. Apple employs digital rights management technologies to ensure entertainment-industry buy-in to the company’s cloud technology.
Shapiro also highlighted other priorities of the Consumer Electronics Association, which hosts the annual CES: fighting to stop “patent trolls,” or entities that assert patent rights against technology companies, and promoting small business growth through “strategic immigration.”
He also urged trade groups to join CEA in supporting federal budget-cutting initiatives, such as those put forward by the Simpson-Bowles Commission.
Editor’s Note: This story has been corrected from its original version.
Follow Broadband Breakfast’s coverage of the Consumer Electronics Show at http://twitter.com/broadbandcensus. Our goals for #CES2013 are to promote the upcoming series of Broadband Breakfast Club events; to get the latest information on how broadband is driving digital technologies in 2013; and to test ideas for a book on technology, broadband, and digital media that Broadband Breakfast’s Publisher Drew Clark plan to write in 2013. He is on Google+ and Twitter.
Rahul Sen Sharma: The Metaverse is Not Web 3.0
The Metaverse is at the forefront of developments in seamless payments and richer information flows.
Web 3.0 is a concept for the next generation of internet architecture that envisions a decentralized ecosystem based on blockchain technology. It is an evolution of how users would control, own, and manage their online content, digital assets and identities.
Web 3.0 marks a departure from the centralized mega platforms and corporations that currently dominate the Web 2.0 ecosystem.
The Metaverse is at the forefront of the Web 3.0 internet revolution. It can be defined as a set of interconnected, experience driven 3D virtual worlds where users can socialize in real-time to form a persistent and thriving user-owned internet economy regardless of any physical or geographical constraints.
Both the technologies of Web 3.0 and Metaverse support each other perfectly. Even though the Metaverse is a virtual space whereas Web 3.0 favours a decentralized web, it could form the basis for connectivity in the Metaverse. While the development of the Metaverse is in nascent stages, the exponential growth of non-fungible tokens, P2E (Play to Earn) games and decentralised autonomous organisations have boosted the development of Web 3.0.
A future involving distributed and anonymous users
Web 3.0 envisions a future involving distributed anonymous users and machines interacting without the need for an intermediary, to form a composable human-centric and privacy preserving computing fabric.
These interactions would range from seamless payments and richer information flows, to trusted data transfers via a mechanism of peer-to-peer networks without the need for third parties.
The shift should lead to a wave of new business models that bypass the existing global co-operatives that we currently have, and replace them with decentralised, autonomous organisations and self-sovereign data marketplaces.
As mentioned, Web3 is built on blockchain technology and DAOs rather than the current model of centralized servers owned by large corporations. In the same way, the ideal structure of the Metaverse is also full decentralisation.
The technologies behind achieving decentralization would be distributed ledgers and blockchain technology which enables value-exchange between softwares, self-sovereign identities and the creation of a transparent and secure environment.
The blockchain is central to the Metaverse, and to Web 3.0
In an ideal form, both Web 3.0 and the Metaverse takes advantage of blockchain to give unrestricted, permissionless access to everyone with an internet connection.
Currently, development towards the Metaverse is being spearheaded by big tech corporations such as Meta, Microsoft, Nvidia, and more, all of which are major players in Web 2.0. The model of centralised Metaverse being built by them involves closed ecosystems that are only designed to extract value at the expense of their most valuable assets – users, content creators and customers.
This contrasts with the envisioned form of Metaverse and Web 3.0 with decentralization, interoperability and seamless interaction between different virtual worlds and the real world.
Still, the big tech corporations are investing resources into their Metaverse development and have their own vision and plans for what the Metaverse would be.
Meanwhile, decentralized Metaverses and Web3 initiatives are currently attracting record investment, pulling in around $30 billion in venture capital last year alone.
As we shift to what will likely be a more decentralized web, the creator economy is also evolving and likely to become a multibillion-dollar industry with immense potential for creators and publishers.
The creator economy in the Metaverse can supplement the vision of web 3.0 for developing a new financial world with decentralized solutions.
In Web 3.0, users can create content while owning, controlling, and monetizing them through the implementation of blockchain and cryptocurrencies. However, the model of this creator economy is likely to disrupt the business models of many current big-tech corporations.
Regardless, the Metaverse requires both big tech companies to build the technology and the creator economy to produce interesting content for driving engagement. Partnerships, reduced platform fees and creative commissions by big tech to creators within the metaverse can be a way to stimulate the already fast-growing creator economy.
Rahul Sen Sharma is a managing partner at Indxx and has been instrumental in leading the firm’s growth since 2011. He manages Indxx’s Sales, Client Engagement, Marketing and Branding teams while also helping to set the firm’s overall strategic objectives and vision. Prior to joining Indxx, Rahul was the Director of Investment Research for RR Advisory Group (now part of Mariner Wealth Advisors), a full service private wealth management firm based in New York that caters to high net worth individuals. This piece is exclusive to Broadband Breakfast.
Broadband Breakfast accepts commentary from informed observers of the broadband scene. Please send pieces to email@example.com. The views expressed in Expert Opinion pieces do not necessarily reflect the views of Broadband Breakfast and Breakfast Media LLC.
Finance Experts Weigh Merging Regulatory Agencies to Tackle Cryptocurrencies
‘A lot of regulatory gaps exist because we have two regulators.’
WASHINGTON, May 19, 2022 – Crypto market observers are calling for a change in the regulatory system and laws to tackle the quickly growing world of digital currencies.
“We will need new substantial law,” Douglas Elliott, financial regulation expert and partner at consulting firm Oliver Wyman, said on a panel hosted by the Federalist Society on Tuesday. “There are too many ambiguities” with the current regulatory system, he added.
As state and federal governments consider how the growing crypto industry should be regulated, various crypto experts further argued Tuesday for a redesign of the regulatory structure, while others said there was no need for a consolidation of agencies.
Part of the reasoning behind the consolidation is confusion about whether cryptocurrencies are commodities or securities. As such, some are recommending a merger between the Securities and Exchange Commission and the Commodity Futures Trading Commission to handle the regulation of the digital money.
“A lot of regulatory gaps exist because we have two regulators,” said Michael Piwowar, executive director at the Milken Institute Center for Financial Markets, suggesting that Congress merge the two into a single regulatory body.
Thomas Vartanian, executive director at the Financial Technology and Cybersecurity Center, backed the agency merger idea. Vartanian explained that despite the existence of cryptocurrencies for fourteen years, crypto remains largely unregulated.
“Bottom line is we’ve built a business of ten trillion dollars with no regulation and that is a financial risk,” Vartanian said. “We are building a financial time bomb.”
But Dawn Stump, former commissioner of the CFTC, said the best way to address these gaps in crypto regulation is not to redesign the regulatory system.
In August 2021, Stump said in a public statement that due to public misunderstanding about the CFTC’s regulatory oversight authority, “there has often been a grossly inaccurate oversimplification offered which suggests these are either securities regulated by the Securities and Exchange Commission or commodities regulated by the Commodity Futures Trading Commission.”
U.S. Facing Pressure from China as Digital Currency Adoption Debate Continues
Experts expressed concern about the U.S. falling behind China on the development of a central bank digital currency.
WASHINGTON, May 12, 2022 – The U.S. is falling behind China as the central bank ponders whether to adopt a digital currency, according to observers.
“If other countries are innovating in a direction that could represent a technological advantage, and the US is not prepared to meet that challenge, the U.S. will be at a disadvantage,” said Stephanie Segal, senior associate of the economics program at the Center for Strategic and International Studies. She and other panelists were speaking at a CSIS event on Thursday.
Segal’s comments were supported by her colleagues at the center, which hosted panelists to discuss the promises and pitfalls of creating a central bank digital currency. These stablecoins, as their called, are backed by other currencies, including fiat money.
Matthew Goodman, senior vice president for economics at CSIS, noted there is a lot of uncertainty surrounding this debate on the digital dollar. While there has been interest in the U.S. for developing such a currency system, Goodman said the US is relatively “behind” and delayed in conversations about CBDC compared to countries like China.
According to Fariborz Ghadar, scholar and senior advisor at CSIS, developing a CBDC is no easy fix, and is a risky step. However the concern about China having already developed a CBDC is a “major triggering point” he said.
Steven Kamin, senior fellow at the American Enterprise Institute, called China’s development of CBDCs “nearly operational” and potentially problematic for the U.S., with China as a world leader in technology. Kamin was speaking at an AEI event in April.
Risks of such a digital currency
A CBDC has upsides, but also presents risks to privacy and cybersecurity, according to Segal. She said a CBDC could create fear about data collection methods, regarding who has access to the data, and wonders if privacy protections would be provided.
Additionally, instead of having various intermediary points of security with the current banking system, a central bank digital currency would only have one point of security, making cybersecurity more vulnerable to threats, according to Segal.
- State Broadband Offices Have Obligation to Explain NTIA Notice of Funding to Applicants
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- Senate Bill Would Alter Google Advertising, DOJ Cybersecurity Policy Reversal, Comcast on Hybrid Fiber-Coax
- Rahul Sen Sharma: The Metaverse is Not Web 3.0
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