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Governments and Central Banks Continue to Be Necessary with ‘Stable Coins’ and Cryptocurrencies

Liana Sowa

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Photo of Andrew Bailey courtesy the Bank of England

September 8, 2020—Could so-called “stable coins” be the currency of the future?

That’s what Andrew Bailey, governor of the Bank of England projected in a Thursday webinar on cryptocurrencies like Bitcoin.

Such a shift might increase the speed of payments and lower the cost of currency, especially in terms of global payments where fees are exponentially higher than domestic payments, argued Bailey.

Christopher Brummer, professor at Georgetown University, and Blythe Masters, industry partner at Motive Partners, agreed with Bailey that stable coins would need more regulation before becoming a viable payment method.

Bailey specifically mentioned that stable coins would need to meet domestic standards first, and then meet global standards.

Such standards should provide a level of security like central banks and may even require more regulation than current payment methods such as cash or check.

“The public is not likely to understand that stable coins provide less robust protection than other methods, therefore there must be greater regulation,” said Bailey.

Not everyone agrees that stable coins would be equipped to replace current payment methods.

Fennie Wang, founder of Dionysus Labs, said that stable coins are primarily used for cryptotrading and investments—not payments.

“The velocity of stable coin is high,” she said. “It changes hands fast.”

Many question what role central banks and governments need to play in a world of cryptocurrency.

“If central banks and government took over a role that the private sector could manage, we might risk strangling other payment methods,” said Eswar Presad, senior fellow at Global Economy and Development.

Reporter Liana Sowa grew up in Simsbury, Connecticut. She studied editing and publishing as a writing fellow at Brigham Young University, where she mentored upperclassmen on neuroscience research papers. She enjoys reading and journaling, and marathon-runnning and stilt-walking.

Artificial Intelligence

Staying Ahead On Artificial Intelligence Requires International Cooperation

Benjamin Kahn

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Screenshot from the webinar

March 4, 2021—Artificial intelligence is present in most facets of American digital life, but experts are in a constant race to identify and address potential dangers before they impact consumers.

From making a simple search on Google to listening to music on Spotify to streaming Tiger King on Netflix, AI is everywhere. Predictive algorithms learn from a consumer’s viewing habits and attempt to direct consumers to other content an algorithm thinks a consumer will be interested in.

While this can be extremely convenient for consumers, it also raises many concerns.

Jaisha Wray, associate administrator for international affairs at the National Telecommunications and Information Administration, was a panelist at a conference hosted Tuesday by the Federal Communications Bar Association.

Wray identified three key areas of interest that are at the forefront of AI policy: content moderation, algorithm transparency, and the establishment of common-ground policies between foreign governments.

In addition to all the aforementioned uses for AI, it also has proven to be an indispensable tool for websites like Facebook, Alphabet’s Youtube, and myriad other social media platforms in auto-moderating their content. While most social media platforms employ humans to review various decisions made by AI (such as Facebook’s Oversight Board), most content is first handled by AI moderators.

According to Tubefilter, in 2019 more than 500 hours of video content were uploaded to Youtube every minute; in less than 20 minutes, a year’s worth of content is uploaded.

Content moderation, algorithm transparency, foreign alignment

On this scale, AI is necessary to police the website, even if it not a perfect system. “[AI] is like a thread that’s woven into every issue that we work on and every venue,” Wray explained. She described how both governments and private entities have looked to AI to not only moderate somewhat mundane things such copyright issues, but also national security issues like violent extremist content.

Her second point pertained to algorithm transparency. She outlined how entities outside of the U.S. have sought to address this concern by providing consumers with the opportunity to have their content reviewed by humans before a final decision is made. Wray pointed to the European General Protection Regulation, “which enshrines the principle that every person has the right not to be subject to a decision solely based on automated processing.”

Her final point raised the issue of coordinating these efforts between different international jurisdictions—namely the U.S. and its allies. “We’re really trying to hone-in on where our values align and where we can find common ground.” She added that coordination does not end with allies, however, and that it is key that the U.S. also coordinate with authoritarian regimes, allied or otherwise.

She said that the primary task facing the U.S. right now is simply trying to determine which issues are worth prioritizing when it comes to coordinating with foreign governments—whether that is addressing the spread of AI, how to police AI multilaterally, or how to address the use of AI by adversarial authoritarian regimes.

Technology needs to be built with security in mind

One of Wray’s co-panelists, Evelyn Remaley, who is the associate administrator for the NTIA’s Office of Policy Analysis and Development, said all multilateral cybersecurity efforts related to AI must be approached from a position of what she called a “zero-trust model.” She explained that this model operates from the presupposition that technology should not and cannot be trusted.

“We have to build in controls and standards from the bottom-up to make sure that we are building in the security layer by layer,” Remaley said. “It’s really that premise of ensuring that we realize that we’re always going to have vulnerabilities within this technical development space.”

Remaley said that increasing competition and collaboration can only be safely achieved with a zero-trust mindset.

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Copyright

Public Knowledge Celebrates 20 Years of Helping Congress Get a Clue on Digital Rights

Derek Shumway

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Screenshot of Gigi Sohn from Public Knowledge's 20th anniversary event

February 27, 2021 – The non-profit advocacy group Public Knowledge celebrated its twentieth anniversary year in a Monday event revolving around the issues that the group has made its hallmark: Copyright, open standards and other digital rights issues.

Group Founder Gigi Sohn, now a Benton Institute for Broadband and Society senior fellow and public advocate, said that through her professional relationship with Laurie Racine, now president of Racine Strategy, that she became “appointed and anointed” to help start the interest group.

Together with David Bollier, who also had worked on public interest projects in broadcast media with Sohn, and is now director of Reinventing the Commons program at the Schumacher Center for a New Economics, the two cofounded a small and scrappy Public Knowledge that has become a non-profit powerhouse.

The secret sauce? Timing, which couldn’t have been better, said Sohn. Being given free office space at DuPont Circle at the New America Foundation by Steve Clemmons and the late Ted Halstead, then head of the foundation, was instrumental in Public Knowledge’s launch.

The cofounders met with major challenges, Sohn and others said. The nationwide tragedy of September 11, 2001, occurred weeks after its official founding. The group continued their advocacy of what was then more commonly known as “open source,” a related grandparent to the new “net neutrality” of today, she said.

In the aftermath of September 11, a bill by the late Sen. Ernest “Fritz” Hollings, D-S.C., demonstrated a bid by large copyright interest to force technology companies to effectively be the copyright police. Additional copyright maximalist measures we launched almost every month, she said.

Public Knowledge grew into something larger than was probably imagined by the three co-founders. Still, they shared setbacks and losses that accompanied their successes and wins.

“We would form alliances with anybody, which meant that sometimes we sided with internet service providers [on issues like copyright] and sometimes we were against them [on issues like telecom],” said Sohn. An ingredient in the interest group’s success was its desire to work with everyone.

Congress didn’t have a clue on digital rights

What drove the trio together was a shared view that “Congress had no vision for the future of the internet,” explained Sohn.

Much of our early work was spend explaining how digitation works to Congress, she said. The 2000s were a time of great activity and massive growth in the digital industry and lawmakers at the Hill were not acquainted well with screens, computers, and the internet. They took on the role of explaining to members of Congress what the interests of their constituents were when it came to digitization.

Public Knowledge helped popularize digital issues and by “walking [digital information] across the street to [Capitol Hill] at the time created an operational reality with digitization,” said Bollier.

Racine remarked about the influence Linux software maker Red Hat had during its 2002 initial public offering. She said the founders of Red Hat pushed open source beyond a business model and into a philosophy in ways that hadn’t been done before.

During the early days of Public Knowledge, all sorts of legacy tech was being rolled out. Apple’s iTunes, Windows XP, and the first Xbox launched. Nokia and Sony were the leaders in cellphones at the time, augmenting the rise of technology in the coming digital age.

Racine said consumers needed someone in Washington who could represent their interests amid the new software and hardware and embrace the idea of open source technologies for the future.

Also speaking at the event was Public Knowledge CEO Chris Lewis, who said Public Knowledge was at the forefront of new technology issues as it was already holding 3D printing symposiums before Congress, something totally unfamiliar at the time.

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Artificial Intelligence

Connectivity Will Need To Keep Up With The Advent Of New Tech, Says Expert

Samuel Triginelli

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Screenshot from the webinar

February 24, 2021 – It used to be that technology had to keep up with the deployment of the growing ubiquity of broadband innovations. But the pace of technological advancements in the home is starting a conversation about whether connectivity can keep up.

That’s according to Shawn DuBravac, an accountant and author of a book about how big data will transform our everyday lives, who argues that the pandemic has illustrated the need for broader connections in the home to meet the need of future technologies. He was speaking on Tuesday at the conference of NTCA – The Rural Broadband Association.

Emerging consumer technologies, such as Samsung’s robots, which will perform tasks including loading a dishwasher, serving wine, and setting a dinner table, are redefining the conversation about how connectivity at home will manage them, DuBravac argues.

Health companies are also introducing “companion robots” focused on interacting with seniors. With its artificial intelligence and sensors, these robots develop a personality to adapt to the needs of consumers so social distancing does not become a disadvantage for care.

As such, the pandemic has grown the telehealth industry. With more people avoiding going to hospitals, the creation of watches, belts, scales that are connected to share information with medical professionals is further requiring better broadband connectivity to keep up.

But it’s not like the industry isn’t paying attention. Mesh network technologies, which utilize multiple router-like devices to enhance coverage inside the home, have started to emerge just as smart-home technologies illustrated the need for broader connectivity that better enhanced coverage as Wi-Fi signals experienced degradation through walls.

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