Freenome raises $254M for blood test for early detection of cancer - San 
Francisco Business Times

In early 2022, Freenome surpassed $1 billion in lifetime financing after r | Roche has participated in all of Freenome’s previous fundraising sessions and was also responsible for the $290 million contribution at the start of 2022 that brought Freenome’s total past the $1 billion mark.

Roche leads Freenome's $254M funding round for cancer-detecting blood tests

Freenome announced Thursday a fundraising round of more than a quarter of a billion dollars, led by Roche, to advance its blood-based cancer tests as pivotal readouts approach.

Roche-Backed Freenome Continues Industry’s Funding Rally with $254M Raise | BioSpace

SOUTH SAN FRANCISCO, Calif., Feb. 15, 2024 /PRNewswire/ -- Freenome, a biotechnology company developing blood tests for early cancer detection, announced the addition of $254 million from new and existing investors. The funding enables Freenome to advance the pipeline of single-cancer and tailored ...

Freenome Raises $254 Million in New Funding to Accelerate its Platform for Early Cancer Detection | Morningstar

Freenome

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With shifting consumer demands for fast and convenient services, healthcare organizations are embracing digital transformation. In turn, the Big Tech companies are accelerating their pursuit of the healthcare market. They are leveraging their vast resources and data insights to develop innovative solutions that could change the game for both consumers and medical professionals alike. Below, I break down how these tech giants are working to reshape healthcare with new initiatives, products, and investments. Big tech companies are increasing their investments in healthcare. In 2021, Apple, Alphabet (Google), Amazon, Microsoft, and Meta over $3.1 billion in the healthcare industry, representing a twofold increase from the amount invested in 2016. The year 2020, marred by the pandemic, witnessed a remarkable surge, with FAMGA investing $3.8 billion. Alphabet is particularly active in this respect, having invested $1.7 billion in "future health ideas" during the first six months of 2022 via subsidiaries such as Google Ventures, Gradient Ventures, and others. Since 2020, Alphabet has closed 100 deals in the domains of biology and healthcare. collectively invested Chinese big tech companies, including ByteDance, Alibaba, and Tencent, are also investing hundreds of millions of dollars in startups and new technologies related to healthcare. The big tech companies are seeking a share of the market, which is estimated to be worth more than $8 trillion, with $3.8 trillion of it in the US, . The healthcare market is projected to have an average annual growth rate of almost 4% by 2024. according to CB Insights As CB Insights points out, big tech companies have all the means to successfully enter the healthcare industry: huge amounts of free cash on their balance sheets (over $100 billion for each of the five companies), an existing user base, and serious capabilities for collecting and processing large amounts of information. There are several reasons why the investment boom in healthcare began now: the growing popularity of wearables, new opportunities for using AI in medicine, and the industry's general ambition to reduce healthcare costs through automation. Alphabet’s healthcare-related projects: wearables, AI for drug development, and a patient data platform Alphabet, the parent company of Google, is heavily invested in healthcare and has a number of healthcare-related projects. One of their latest initiatives is Care Studio, which was released in the fall of 2021. for the consolidation of patient health information from various sources into a single location, providing a more complete and comprehensive view of the patient's health. Additionally, Care Studio uses artificial intelligence to efficiently analyze and sort through the data. This platform allows In 2022, DeepMind, a company acquired by Alphabet in 2014 for $500 million, a significant breakthrough in the healthcare industry. Its AlphaFold algorithm can predict the spatial structure of nearly 200 million known proteins, allowing for faster development of new drugs. DeepMind specializes in developing artificial intelligence and, in 2016, an algorithm that can diagnose eye diseases. announced introduced One year before the AlphaFold breakthrough, Alphabet Isomorphic Labs, a company that will develop new drugs using artificial intelligence. Among Alphabet's healthcare investments are Freenome, a platform for early cancer detection; Overture, an embryology startup; and Metabiota, an analytics company that assesses the risks of future epidemics for humanity. created In 2021, Alphabet acquired Fitbit, a manufacturer of fitness trackers and smartwatches, for $2 billion. One of Fitbit's latest developments is a sensor that detects heart rhythm disturbances. The sensor approval from the US Food and Drug Administration (FDA) in April 2022, enabling Alphabet to use it in its watches, bracelets, and even its Pixel smartphones. received Moreover, Alphabet's Nest smart home systems now have healthcare-related functionality. In 2021, they added a Soli sensor to the system, which a person's sleep patterns without the need for wearables. As of 2022, there have been no significant updates on these developments. tracks Amazon: clinics, telemedicine, and online pharmacies In the summer of 2022, Amazon the purchase of One Medical, a US-based network of clinics that provides telemedicine services and house calls. With an extensive network of over 8,000 partner companies, One Medical also offers healthcare services to their employees. As of Q1 2022, One Medical had of 767,000, a nearly 30% increase from the previous year. Experts the acquisition of One Medical to Amazon's purchase of Whole Foods in 2017, as the company seeks to build a comprehensive healthcare business and integrate it with other services. announced a customer base compare This is not Amazon's first investment in healthcare.  In 2018, the company PillPack, an online pharmacy, for $753 million. Two years later, Amazon launched its e-pharmacy, Amazon Pharmacy, based on PillPack's technology, in the US. At the time of the acquisition, PillPack's annual revenue was approximately $300 million. acquired Amazon also plans to expand its Amazon Care program to 20 more US cities by the end of 2022, with the potential to not only offer remote consultations, but also house calls. The company also intends to add psychological support to the range of services it offers. Amazon Care has been since the fall of 2019, initially providing telemedicine services to Amazon employees only. The program was later expanded to 20 cities in the US and made available to employees of other companies such as Hilton and Silicon Labs, who Amazon for the service based on the number of employees. As of the end of 2021, 40,000 employees from various companies used Amazon Care. reportedly operating pay In 2022, Amazon signed an with Teladoc Health, a telemedicine company, to integrate Teladoc's services into its voice assistant Alexa. In the summer of 2022, Amazon also signed an with the Fred Hutchinson Cancer Research Center to conduct clinical trials of a vaccine for melanoma and breast cancer. agreement agreement Since the start of the COVID-19 pandemic in 2020, Amazon has a two-year, $20 million initiative called the Diagnostic Development Initiative to study COVID-19 and other infectious diseases, as well as develop methods for their diagnosis. During the initial waves of the pandemic, Amazon launched its own COVID-19 diagnostic kit called Amazon DX, but the project has since been discontinued. launched Amazon Web Services, the company's cloud service, is developing support for the Fast Healthcare Interoperability Resources (FHIR) medical information exchange standard, its services to be used to create a unified interface for working with medical software. allowing Amazon also has its own fitness tracker, Amazon Halo, which did not receive any significant updates in 2022. Microsoft: cloud services In the spring of 2022, Microsoft new capabilities for its cloud-based service, Microsoft Cloud for Healthcare. One notable addition is Azure Health Data Services, which allows for the consolidation of various medical data types, such as clinical studies, medical imaging, and medical device data, into a single platform. announced Microsoft Cloud for Healthcare was initially introduced in 2020, as a comprehensive cloud ecosystem that combined Microsoft's existing services, such as Microsoft 365, chatbots, and the Azure cloud platform, to cater to the healthcare industry. Microsoft had also announced its plans to add new services to Cloud Healthcare, which was confirmed in the spring of 2022. The company also stated that it would utilize the AI technology of Nuance, a company it for $20 billion in March 2022, to further develop healthcare services. acquired to CB Insights, Microsoft holds the largest number of patents related to medical technologies, followed by Alphabet and Apple. According Apple: iPhone and Watch health features, medical research In July 2022, Apple released a detailing its healthcare strategy, which includes two main areas of focus. The first involves the development of health-related features for the Apple Watch and iPhone, which already collect significant amounts of user health information. The second area involves collaboration with the government and medical communities to facilitate medical research. report Apple is striving to transform its Apple Watch into a smart health monitor by utilizing cutting-edge third-party applications and collaborating with researchers to develop tools for new scientific breakthroughs. Apple has already integrated its smartwatches into 55 healthcare initiatives across 17 countries and its Health Records digital medical card is accepted by 800 medical institutions in the United States, Canada, and the United Kingdom. Apple regularly FDA approval for its medical applications and offers medical practitioners access to multiple developer kits so that they could create their own apps. Rumors that the company was planning to launch its own network of primary healthcare clinics with doctors hired directly by Apple; however, no significant progress has been made. obtains circulated In addition to its healthcare initiatives, Apple also offers its Fitness+ service, which provides video and audio workouts. However, there were no significant updates to the service in 2022. Meta: healthcare in the Metaverse Virtual universes, or metaverses, have the potential to greatly enhance telemedicine capabilities by utilizing VR technology. The use of digital twins, which can be used to create a patient's digital replica, also has great potential in understanding how quickly a person will recover after a specific surgery. While Meta has not announced any definite plans in this area, the company a promotional video in mid-July highlighting the benefits of Metaverse for surgeons,  allowing them to practice their skills in a virtual reality environment prior to performing operations. In the fall of 2021, Meta several healthcare-related job openings on LinkedIn. released posted Meta is actively promoting its Oculus VR headset and Meta Portal video communication device to medical professionals. The Oculus headset has many potential applications in telemedicine and working with digital twins, and can also be used for pre-operative training in virtual reality. Several US clinics have already adopted the Meta Portal device to help patients stay connected with their loved ones during hospital stays. The demand for the device has increased significantly during the pandemic, as it has been utilized to alleviate the effects of lockdowns and social isolation. However, the company's healthcare plans may be hindered by ongoing linked to the accusations of unauthorized patient data collection through Facebook. legal proceedings ByteDance: expanding into healthcare with acquisitions and online services In August 2022, ByteDance made headlines with its $1.5 billion acquisition of Amcare Healthcare, one of the largest private networks of women's and children's clinics in China. The network is now fully owned by two ByteDance subsidiaries. The company has not disclosed any details of the deal or future plans for the network. ByteDance's acquisition of Amcare Healthcare suggests that the company is following in the footsteps of tech giants like Amazon and Alphabet, who have also invested heavily in the healthcare sector. Bloomberg also that Chinese companies are investing in healthcare as a means to safeguard themselves from government scrutiny, as the Chinese authorities have been cracking down on "disorderly capital expansion" among big tech companies since 2021. highlights ByteDance also has a medical service called Xiaohe, which allows users to consult with doctors online and make appointments. Similar services are available in the Chinese market from companies such as Alibaba and the insurance company Ping An. Alibaba: e-pharmacies and blockchain for clinics Alibaba's subsidiary, AliHealth, is a leader in China's market for online and offline sales of both prescription and non-prescription drugs. According to its H1 2021 financial report, the majority of Alibaba Health's (84%) comes from direct sales of drugs through its own pharmacies, with another 13% from online sales. The company also provides medical insurance services, which are by approximately 250 million people. revenue utilized However, the company's stated goal is to develop medicine through big data and utilize the internet to "create fair and accessible medical services." One of their recent projects involves using blockchain technology to the medical infrastructure of the city of Changzhou, which has a population of over 4.5 million people. integrate Tencent: telemedicine and robots Tencent, another major player in the Chinese market, is also making substantial investments in the healthcare sector. In the summer of 2022, Tencent a new telemedicine service called i-Care, which is built on the Tencent Cloud platform. The primary goal of i-Care is to enhance the treatment efficacy and patient experience in healthcare facilities. It is equipped with a robot that can turn text into speech, translate between Chinese and English, and has an integrated messenger. launched In addition to its investments in the Chinese market, Tencent is expanding to India and the United States. The company, along with Alphabet and Amazon, in Grail, a startup developing solutions for early cancer detection. invested Key Takeaways: In 2021, FAMGA invested a total of more than $3.1 billion in the healthcare industry. In the first half of 2022, Alphabet became the most active investor in healthcare with $1.7 billion in financing. Since 2020, Alphabet has closed 100 deals in the field of biology and healthcare. In the summer of 2022, Amazon announced its plans to acquire the One Medical network of clinics for $3.9 billion, with the aim of expanding its existing program under the Amazon Care brand. This program currently provides telemedicine services to Amazon's own employees as well as employees of other companies. Microsoft offers a comprehensive cloud-based solution called Microsoft Cloud for Healthcare, designed to streamline the work of medical professionals. In 2022, the company introduced new services to the platform, including Azure Health Data Services, which consolidates medical data, enabling different types of medical information to be collected in a single, secure location. In the summer of 2022, Apple released a report outlining its strategy in healthcare.  The company aims to advance the use of the Apple Watch and iPhone in the medical field by collaborating with clinics and medical institutions to develop joint programs and tools that improve healthcare delivery. Meta is focusing on the use of its VR headset Oculus Quest and the potential applications of the Metaverse in medicine. Additionally, the company is directing its attention to the development of its video communication device, Meta Portal. Chinese technology firms are keeping up with their global counterparts. ByteDance, the parent company of TikTok, recently acquired a network of clinics for $1.5 billion. Also, Alibaba has established a dedicated subsidiary called AliHealth, which is actively exploring ways to integrate blockchain technology into the healthcare sector.

Big Tech Made Huge Moves in the Healthcare Industry in the Past Year

The pandemic has uncovered and amplified the struggles the healthcare sector is facing. From huge doctor workloads to unsatisfied patients to unorganized facilities where employees waste hours searching for critical equipment. Another influential factor is the emergence of “informed patients” who refuse to receive care passively. They ask for more information and demand a say in their treatment choices. Many medical facilities have already turned to for a smart hospital makeover, which will help them cope with the pandemic and build their services around the patient. healthcare technology companies This article provides the market overview of smart hospital technology and highlights some aspects that you can consider before digging into implementation. What is a Smart Hospital, and How it Works Smart hospitals use data and technology to improve their processes and patients’ well-being. They operate in a highly automated and optimized environment. Such medical facilities deploy connected devices, , and data analytics. Smart rooms will look differently in each hospital, but they all serve the same goals — improving patient experience, streamlining clinical workflows, and facilitating communication. AI Smart hospitals are inspired by the idea that patients are customers, and they expect medical facilities to cater to their needs. As the term “customer” indicates an active and more demanding buyer, intelligent hospitals do their best to offer a unique experience instead of purely focusing on treatments. They even extend their services to patients’ caregivers. For instance, Stanford Hospital retains a health librarian who will help family members find resources to understand the particular diagnosis and prepare to support the patient at their home. Equipping a hospital with smart wards is pricy. The costs can reach tens of thousands of dollars per room. One listing even a quarter of a million for just one ward. mentions Source Digital vs. Smart It is important to mention that digitalization doesn’t make hospitals smart by default. Implementing digital systems, such as , is a step towards becoming smart, but it is not the end goal in itself. For example, investing in EHR and abandoning paper-based records doesn’t make a hospital smart, but it is a step in the right direction. Digitalized systems will enable you to capture data. Then you can and benefit from . robotic process automation in healthcare establish a data strategy analytics in healthcare How do smart hospitals work? Smart hospitals put data together through complex integrated systems. , “integration begins at the ward level where different systems like lighting, climate control, and shading are combined in one infrastructure (total room automation).” According to Siemens McKinsey views smart hospitals as patient-centric facilities connected to an ecosystem of other organizations and sharing data with them. In such an ecosystem, healthcare management programs are delivered at various locations, including gyms and patients’ homes. Hospitals primarily focus on complex procedures, such as surgeries and intensive care. Source Technology-wise, smart hospitals use the Internet of Things (IoT) and employ a variety of other innovative technologies. This list includes: . This technology is often used to and other maladies at early stages. AI is also an indispensable part of intelligent automation. Artificial intelligence (AI) detect cancer . It contributes to disease detection and treatment, facilitates medical research, and manages population health, among other merits. Big data analytics . It is a powerful tool in pain management, mental health therapy, and medical staff training. Augmented reality (AR) . Medical IoB includes solutions for remote patient monitoring, connected hospital beds that record patients’ vitals, and . The Internet of Bodies (IoB) biometric-powered authentication systems . To sustain an intelligent hospital system, you will need to aggregate and analyze large quantities of data. It would be a challenge to accomplish this task fully on premises. And here’s where cloud computing comes in useful. Cloud platforms Source Smart Hospital Examples The Norwegian startup Ably Medical provides an exciting example of a smart bed suitable for senior patients. has embedded sensors to measure patients’ vital signs, weight, and other parameters. It can notify doctors if a patient’s condition begins to deteriorate. The bed’s flexible frame presents another interesting feature. It can adjust automatically to prevent patients from falling or to turn them to alleviate pressure points on their bodies. Ably Bed supports nurses in moving patients around, which can cause injury. Ably Bed Watch this video to learn more about how this bed was designed and how it helps nurses. For another inspiration, let’s take a look at the Sunway Medical Center, which won . This smart center used its technology to adapt well to the pandemic and serve its patients in these difficult times. It has established a connected Telemedicine Command Center that allows remote consultations during the pandemic. Sunway also offers a connected contactless COVID-19 Testing Pod and a vaccination center. Frost & Sullivan‘s 2021 Malaysia Smart Hospital Company award Within its facilities, Sunway is experimenting with innovative technology as well. It has state-of-the-art equipment for radiation treatment for neurological conditions. Its hospital beds are equipped with sensors to monitor patients’ sleep and respiratory rates. On the entertainment side, patients can browse the meal and beverage menu on their smartphones, select options, and place orders in advance. Source Smart Hospital Solutions Available on the Market The global smart hospital market is valued at , and it is expected to jump to $59 billion by 2026. Another research suggests that the smart hospital market will already cross the . Either way, it’s a promising field, and there are many smart hospital solutions on the market. They can be classified in the following list: $29 billion in 2021 $63 billion mark by 2023 Patient monitoring in smart hospitals Intelligent hospitals use various patient monitoring solutions both inside the healthcare facility and at the patients’ homes. Here are some examples of smart hospital solutions falling under this category: Displaying relevant patient information at their room entrance: Smart hospitals replace digital banners outside patients’ wards with digital signage. Its display is not limited to the patient’s and the attending physician’s names. Digital signage can connect to the patient’s EHR and project helpful information, such as infections, allergies, and fall risk, among other relevant data. This technology can also introduce visitors to compliance protocols and keep track of people entering the room. Source : different health tech companies propose their version of monitoring solutions. For example, built an intelligent hospital system that measures patients’ vitals and alerts the medical staff when someone’s condition is about to deteriorate. developed a smartwatch and smartphone app based on a patented algorithm to recognize vital information indicating a seizure. Monitoring patients’ vitals Thoughtwire BioLert : Millbrae-based uses avatar technology to help elderly patients manage their chronic conditions. Doctors and nurses can interact with the users through this avatar, helping them cope without frequent hospital visits. Catering to vulnerable patient groups Care Coach Tan Tock Seng Hospital in Singapore employs a system that from the moment of admission to discharge. This solution can locate patients around the hospital in real time. Locating patients: monitors patient flow Asset Tracking in Smart Hospitals Studies show that nurses spend around searching for lost equipment, and in 16% of the cases, they don’t find what they are looking for and give up. Smart hospitals can supply their equipment with Bluetooth-based iBeacons, RFID, or QR tags and display their real-time location on a dashboard. Such a system can even show which assets are disinfected and are ready to use and which ones are still in preparation mode. 40 hours per month Just recently, the OLVG hospital in the Netherlands teamed up with Philips and the Eindhoven University of Technology to . They used location-aware tags and real-time big data analytics. The preliminary results showed that this type of solutions can be successfully used in hospital settings. experiment with locating mobile assets Sensors can also be used to locate medical personnel and even ensure that they are following the hospital’s hygiene protocol. For example, Hygenix, Inc employed ITRex to , which monitors hospital staff’s hand hygiene practices. Thanks to this solution, the participating hospitals witnessed a 70% increase in hygiene compliance. develop an IoT-powered solution Predictive Maintenance in  Intelligent Hospitals Smart hospitals use analytics to detect early signs of failing equipment. Some tools can even predict failure before it actually affects the performance of a device based on changes in its characteristics. Here are a few examples: An Indian startup, , developed a solution that can catch on early signs of oxygen decrease in intensive care units and transfer this information to a command center where emergency doctors can act immediately and adjust oxygen supply. CloudPhysician Saratoga intelligent hospital in New York to monitor different risks associated with medical hardware. It can report any potential failures before the equipment is out of service. uses Philips electronic devices Smart hospital management systems A hospital is a complex system, which involves people, equipment, infrastructure, and many different processes. Managing everything manually is an exhausting task. Smart hospitals employ digital solutions to streamline workflows and provide an overview of the facility. Here are some types of tools that help with hospital management: Location-based monitoring: such tools use analytics to identify the most visited hospital areas that often experience bottlenecks and risks of infection and which locations are utilized at half of their capacity. They can also monitor room and hallway cleaning. For instance, Seattle-based developed cloud-powered software that aggregates data from hospitals’ smart medical devices and identifies which areas are underutilized and can be more efficient. Optio3 Building management: a Chinese BOE Hefei Digital Hospital has a that connects different operations with the help of IoT. For instance, their patient flow system is linked to the building management hub, allowing heating, lights, and other utilities to turn on automatically just before patient arrival. hospital management system Smart hospital management software: such solutions enable hospitals to coordinate different operations from one single platform. For example, , an Indian health tech startup, designed smart hospital software that serves as one access point for appointments, billing, laboratory reports, etc. Sanela Technologies Digital twins: this virtual reality-powered technology allows medical facilities to create digital twins to simulate changes and assess alternatives if the hospital wants to expand or optimize space utilization. An Irish startup uses edge computing and fusion sensors to create 3D digital twins. REIVR Disease Diagnosing Smart Hospital Technology Smart hospitals incorporate applications that help healthcare practitioners to diagnose diseases faster and with higher accuracy. Here are a few examples: Samsung teamed up with KT to offer , vastly accelerating the diagnosing process. Traditionally, the tissue obtained during surgery has to be treated and only then sent to a pathologist. This can take up to 20 minutes. With Samsung’s technology, pathologists can access the necessary data and make their decision faster. 5G-driven pathological analysis A healthcare startup from San Francisco, , uses AI in genomics to detect and categorize cancer from a blood test. It measures cell-free biomarkers and circulating proteins to spot the disease and identify its type and stage. Freenome Patient Entertainment in Smart Hospitals Intelligent hospitals are built around the patient and their needs. Such establishments not only focus on their customers’ health, but also want them to feel comfortable during their stay. One example of in-hospital entertainment comes from Cedars-Sinai and BayCare Health System. Both healthcare facilities deployed , which allow patients to call their relatives and friends, access the TV and radio in hands-free mode, and reach out to their care providers with requests. Using this technology, hospital staff can also communicate with patients informing them about menu changes, games, and podcasts. specialized Amazon Alexa devices Navigation in Smart Hospitals Smart healthcare centers employ digital way-finding techniques to help patients and visitors navigate these large establishments with ease. If visitors can’t find their way around the facility, they will be late for appointments and will arrive feeling stressed, which compromises customer experience. Additionally, they may contract infections when wandering into the wrong areas. The UCHealth University of Colorado Hospital benefits from technology to navigate its visitors inside and outside the facility. The solution helps customers find parking spaces, reach their appointment locations, and notify medical staff of their arrival. Pointr’s Deep Location What to Consider Before You Begin Smart Hospital Implementation Transforming your healthcare facility into an intelligent hospital is a complicated endeavor. In one hospital, smart rooms will look different, as they are designed with a specific patient population in mind. They will use a distinct set of technologies corresponding to the selected patient segment’s needs. Independently of your ward design and the targeted patient group, there are some steps that you can take at the very beginning of your project to increase your chance at success: Establish your vision of a smart hospital As a first step, it is paramount to understand the unique needs of your healthcare facility. It will be helpful to organize requirements elicitation sessions with different experts from your team, such as doctors, nurses, support staff, etc. You can use focus groups or individual interviews. This will help you uncover the pain points of your employees. For example, if you learn that doctors are wasting too much time locating their colleagues, then location tagging is a must for your intelligent hospital system. Evaluate your existing technology and infrastructure Analyze your existing legacy systems to understand what can operate as a part of the smart hospital initiative, what needs to be modernized, and what needs to be replaced or is missing. Don’t limit your focus to digital applications. Evaluate your facility’s infrastructure, such as lighting and air conditioning systems, as they are also a part of the prospective smart hospital solution. You can conduct this evaluation together with your selected technology vendor so that they can document the gaps. Resolve integration issues In the ideal smart hospital environment, all devices are expected to interconnect together. But in our reality, hospital smart devices are produced by different vendors and can’t be properly integrated. Keep this in mind when selecting your machines and applications. If you are beginning your digitalization path, you can choose one particular vendor and stick with them till the end. But if you already have solutions from distinct vendors in place and you want to build on top of that, then you can turn to a vendor-agnostic provider who will build custom solutions that fit your existing system and help connect your heterogenous devices. Think about data interoperability If your facility doesn’t follow one of the widespread standards, it would be worth investing in one. This will enable you to fit into the interconnected healthcare ecosystem described at the beginning of this article and to team up with other healthcare providers. healthcare data interoperability Invest in cybersecurity The more connected devices and systems you have, the more vulnerabilities it offers for malicious activities. According to HIPAA Journal, have experienced an IoT-induced cyberattack in the past 18 months. You can emphasize the importance of cybersecurity by involving a cyber protection engineer when developing smart hospital use cases. 82% of healthcare organizations And here are a few simple steps that you can take to protect your intelligent hospital system: Install timely software updates Protect all devices with strong passwords that are changed frequently Back up your sensitive files on a secondary system Educate employees on your cybersecurity policy Benefit from a virtual private network (VPN) if you need to connect to a network that you don’t trust On a Final Note With all their benefits, smart hospitals are a costly investment. However, considering where the healthcare field is headed, passing on smart technologies might cost you even more. Nowadays, patients expect healthcare providers to aggregate and access their data rapidly, whether in health records or medical imaging. They want assistance in hospital navigation, entertainment in their rooms, and fast response from medical staff. Likewise, doctors and nurses are tired of being overwhelmed with manual tasks. They are looking for technology-based assistance, which will be a factor when considering new employment opportunities. If you are ready to incorporate sensors and connected devices into your environment, it is a good idea to start searching for a reliable to build your intelligent hospital system. Be sure that the selected vendor can also integrate your existing devices and applications or point you to a reasonable substitute. After all is done, your hospital will be ready to match and even exceed the expectations of both patients and staff members. IoT healthcare service provider Do you want to transform your medical facility? Their healthcare experts will help you build and install IoT devices. They can also assist you with data analytics, intelligent automation, and AI-powered diagnostics solutions. Drop ITRex Group a line!

Smart Hospitals: A Market Overview and Prevailing Trends

has been one of the main talk of the Town of Technology for the better part of the last decade. And, just like many other much-hyped topics, people are divided here too. We are already aware of the capabilities of AI; some of them are already proven. There are many data scientists, engineers and developers working to build the good side of AI, using it to make the world a safer place. I believe that to prove AI and see widespread adoption of advanced AI technologies could be a real boom to mankind, should we choose to use it's powers for good... Artificial intelligence (AI) For now, let’s focus on how AI is used for the improvement of healthcare. The AI-driven medical systems industry is set to grow up to $6.6 billion according to an . The role AI can play in personal fitness is something which is being brought to notice recently. With AI, neural networks can process masses of raw data and learn how to organize that data using the most important variables in predicting health outcomes. Accenture report The use of AI and the Internet of Medical Things (IoMT) in consumer health applications is already helping people. AI increases the ability for healthcare professionals to better understand the day-to-day patterns and needs of the people they care for, and with that understanding they are able to provide better feedback, guidance and support for staying healthy. uses molecular biology aided with machine learning for the early stage cancer detections. Model can be trained to learn which biomarker patterns signify a cancer’s stage, type, and most effective treatment pathways. AI can help to decode hidden patterns ultimately to recognise disease-associated patterns. Freenome is another successful AI system which can detect asthma attacks based on patient medication data and environmental conditions. Propeller tracks every dose automatically and learns about your asthma. Propeller makes it easy to track, understand and manage your asthma. Propeller helps you connect the dots and see how your triggers and symptoms are changing over time. Propeller Health Using pattern recognition to identify patients at risk of developing a condition – or seeing it deteriorate due to lifestyle, environmental, genomic, or other factors – is another area where AI is beginning to take hold in healthcare. Despite the wide usage of digital mammography, spotting and diagnosing breast cancer early remains a challenge. uses AI to improve breast cancer screening. It showed that its is capable of surpassing human experts in breast cancer prediction. Google health AI system Kardia has developed a cost-effective EKG . It enables you to take a medical-grade ECG in just 30 seconds and you can know anytime, anywhere if your heart rhythm is normal. Wearable collects vast amounts of EKG data from the users and it is then processed through an algorithm which detects atrial fibrillation. The FDA has in fact cleared Kardia’s system as a valid measure for the detection of this cardiovascular condition. wearable Diabetic retinopathy - an eye condition that affects people with diabetes - is the fastest growing cause of blindness, with nearly at risk worldwide. The disease can be treated if detected early, but if not, it can lead to irreversible blindness. team has built a deep learning algorithm capable of interpreting signs of DR in retinal photographs, potentially helping doctors screen more patients, especially in underserved communities with limited resources. 415 million diabetic patients Google research AI can identify a measure of clinical similarity between patients. This allows researchers to create dynamic patient cohorts, rather than static patient cohorts. It also enables an understanding which care path works better for a given group of patients. Artificial Intelligence can analyse large amounts of data and turn that information into functional tools that can assist both doctors and patients. The increased integration of AI into everyday medical applications might improve the efficiency of treatments and lower costs in various ways. AI like most of the technologies out there is value neutral, and it’s only how they’re implemented and by whom that makes them either good or bad. With any new technology there’s a danger it could fall into the wrong hands. It’s up to all of us to ensure that AI is developed responsibly for social good.

7 Real-World Applications of AI in Healthcare

News in AI and machine learning

Picture this: you go to a protest these days, and you find a lot of people wearing white, bearded masks. Maybe the hacktivist group Anonymous comes to your mind. Maybe V for Vendetta. Maybe even the historical root, Guy Fawkes —a man who died over 400 years ago in old England. But do you know why are they all connected as a symbol of rebellion or even anarchism? Should you wear your own mask too? Well. Let’s explore this story in chronological order, shall we? If you must know it now, it includes a murder attempt plot, explosives, a dystopian world, and somehow ends up with modern online anarchism and protests worldwide. Cryptos have been in the mix too since they appeared in 2009. Old Historical Facts “Remember, remember, the 5th of November, Gunpowder, treason and plot.” This is an English folk rhyme that dates back to the 17th century and has firmly stayed in popular imagery ever since. You see, that century wasn’t catholic-friendly at all in England. In case you didn’t know, there was a thing called European Wars of Religion that went on for centuries. That was a complex historical event in which numerous realms and parties participated, so we’ll sum it up by saying that the English high powers preferred The Church of England (Anglicanism), a form of Christian Protestantism that was against the Church of Rome and the figure of the Pope. Instead, the English monarch became the Supreme Governor of the church instead of the Pope, and, eventually, they sought to erase Catholicism from England. As a consequence, harsh religious persecution was put in place. Catholics faced heavy restrictions on practicing their faith, prohibitions against holding public office, fines for not attending Anglican services, and occasional imprisonment or execution for those deemed traitors due to their loyalty to the Pope over the English monarch. In other words, that was the perfect recipe for a group of Catholic revolutionaries to design a plot to kill and replace the Protestant king and his court. The 5th of November A group of conspirators, led by Robert Catesby, sought to assassinate King James I and his government officials in a dramatic explosion by November 5, 1605. They rented a cellar beneath the parliament building and stocked it with 36 barrels of gunpowder, enough to cause massive destruction. The plan unraveled, however, when an anonymous letter, sent days before the event, warned a Catholic member of parliament to stay away from the building.This prompted a search, and just hours before the planned explosion, authorities found Guy Fawkes, one of Catesby’s associates, guarding the gunpowder and ready to light the wicks. Fawkes was arrested, tortured, and eventually executed, while most of the other conspirators were also caught and met similar fates. The event is known now as the Gunpowder Plot. Today, November 5th is celebrated as Guy Fawkes Night or Bonfire Night in the UK. People light bonfires, set off fireworks, and sometimes burn effigies of Guy Fawkes or other hated characters to commemorate the failure of the plot and the survival of King James I —who most English people actually liked back then, despite his anti-Catholic posture. Fictional Facts So, a little bit disappointing up until now? Let’s fast forward to the 19th century when fiction starts to meddle with the facts. The writer William Harrison Ainsworth published a three-volume romance novel called ‘Guy Fawkes’. This story, published between 1840 and 1841, described a made-up romance between Fawkes and Viviana Radcliffe, a new character, and narrated the journey of the Gunpowder Plot from the summer of 1605 to its tragic end. All while picturing Fawkes as a sort of anti-hero. It wouldn’t be the last time. That novel was popular in its time, but what would really hit our century would be the comic ‘V for Vendetta’ by Alan Moore and David Lloyd, first published in 1980. Lloyd, indeed, is the author of the Guy Fawkes mask design as we know it. You may also be familiar with the homonymous movie from 2006. https://www.youtube.com/watch?v=lSA7mAHolAw&embedable=true They tell us a dystopian story set in a future Britain under a totalitarian regime. The story follows V, a mysterious vigilante who wears a Guy Fawkes mask and uses his skills to fight against the oppressive government. V’s ultimate goal is to awaken the people to the regime’s injustices and inspire them to reclaim their freedom, using acts of rebellion and symbolism to make his point. He ends up fulfilling the original Fawkes’ goal and blows up the parliament. The Guy Fawkes mask is central to V’s identity (always hidden otherwise) and symbolizes resistance against tyranny. Just as Fawkes once tried to overthrow a powerful government, V becomes a modern symbol of defiance, using the mask to rally people against oppression while protecting their identities. This symbolism has since been embraced worldwide by activists and movements advocating for freedom and justice. New Historical Facts The Guy Fawkes mask became a symbol of protest and defiance in the early 2000s, thanks largely to the online activist group Anonymous. Starting around 2008, members of Anonymous wore the mask during a series of global protests against the Church of Scientology, which they opposed due to its practices and aggressive control of information. The mask allowed activists to protect their identities while presenting a united front against what they saw as corruption and censorship. https://youtu.be/_ZgJ2bkyiTw?embedable=true In 2011, the mask gained even more visibility with the Occupy Wall Street movement, which protested economic inequality and corporate influence. The Occupy movement spread globally, with protesters in places like New York, London, and Tokyo donning the mask as a statement against social injustice. Julian Assange, a renowned cypherpunk and founder of WikiLeaks, also wore the mask publicly, aligning with the movement and its ideals of transparency and accountability. Since then, the Guy Fawkes mask has appeared in a range of protests worldwide, from Hong Kong’s pro-democracy demonstrations to anti-austerity marches across Europe. In addition, we must say that a wide lot of these protesters have learned to use cryptocurrencies to protect their funds and data. Today, the mask remains a powerful, recognizable symbol for those fighting for freedom and against government or corporate control, transcending borders and causes. A Mask Isn’t Enough Since the early days of protests by Anonymous and movements like Occupy Wall Street, the Guy Fawkes mask has allowed people to show solidarity while protecting their identities. However, in the current era of advanced surveillance and censorship, simply wearing a mask is no longer enough. According to Freedom House, “Global Internet freedom declined for the 14th consecutive year,” and “Free expression online was imperiled by severe prison terms and escalating violence.” Financial censorship is also a growing concern. In some countries, governments and institutions limit or freeze funds to silence dissent or restrict people’s access to their money. Cryptocurrencies and decentralized networks offer a way to push back. Due to their peer-to-peer nature, cryptocurrencies allow people to control their own funds and data without relying on central authorities. This means they can be used as tools for those fighting against inequality or authoritarianism, helping people keep their assets secure and enabling transactions even in restricted environments. Not all decentralized networks, however, are equally resistant to censorship. Blockchains can be censored and manipulated. Most of them still rely on “validators” or miners, leaving room for censorship and centralization. Obyte stands out as a powerful alternative: its Directed Acyclic Graph (DAG) structure is truly decentralized, free from miners, “validators”, or any other middlemen, making it especially resistant to censorship and a good option for people seeking true autonomy. Featured Image by Ahmed Zayan / Unsplash Picture this: you go to a protest these days, and you find a lot of people wearing white, bearded masks. Maybe the hacktivist group Anonymous comes to your mind. Maybe V for Vendetta. Maybe even the historical root, Guy Fawkes —a man who died over 400 years ago in old England. But do you know why are they all connected as a symbol of rebellion or even anarchism? Should you wear your own mask too? Well. Let’s explore this story in chronological order, shall we? If you must know it now, it includes a murder attempt plot, explosives, a dystopian world, and somehow ends up with modern online anarchism and protests worldwide. Cryptos have been in the mix too since they appeared in 2009. Old Historical Facts “Remember, remember, the 5th of November, Gunpowder, treason and plot.” This is an English folk rhyme that dates back to the 17th century and has firmly stayed in popular imagery ever since. You see, that century wasn’t catholic-friendly at all in England. In case you didn’t know, there was a thing called European Wars of Religion that went on for centuries. “Remember, remember, the 5th of November, Gunpowder, treason and plot.” folk rhyme folk rhyme That was a complex historical event in which numerous realms and parties participated, so we’ll sum it up by saying that the English high powers preferred The Church of England (Anglicanism), a form of Christian Protestantism that was against the Church of Rome and the figure of the Pope. Instead, the English monarch became the Supreme Governor of the church instead of the Pope, and, eventually, they sought to erase Catholicism from England. As a consequence, harsh religious persecution was put in place. Catholics faced heavy restrictions on practicing their faith, prohibitions against holding public office, fines for not attending Anglican services, and occasional imprisonment or execution for those deemed traitors due to their loyalty to the Pope over the English monarch. As a consequence, harsh religious persecution was put in place. In other words, that was the perfect recipe for a group of Catholic revolutionaries to design a plot to kill and replace the Protestant king and his court. The 5th of November A group of conspirators, led by Robert Catesby, sought to assassinate King James I and his government officials in a dramatic explosion by November 5, 1605. They rented a cellar beneath the parliament building and stocked it with 36 barrels of gunpowder, enough to cause massive destruction. The plan unraveled, however, when an anonymous letter, sent days before the event, warned a Catholic member of parliament to stay away from the building. This prompted a search, and just hours before the planned explosion, authorities found Guy Fawkes, one of Catesby’s associates, guarding the gunpowder and ready to light the wicks. Fawkes was arrested, tortured, and eventually executed, while most of the other conspirators were also caught and met similar fates. The event is known now as the Gunpowder Plot. Today, November 5th is celebrated as Guy Fawkes Night or Bonfire Night in the UK. People light bonfires, set off fireworks, and sometimes burn effigies of Guy Fawkes or other hated characters to commemorate the failure of the plot and the survival of King James I —who most English people actually liked back then, despite his anti-Catholic posture. Today, November 5th is celebrated as Guy Fawkes Night or Bonfire Night in the UK. Fictional Facts So, a little bit disappointing up until now? Let’s fast forward to the 19th century when fiction starts to meddle with the facts. The writer William Harrison Ainsworth published a three-volume romance novel called ‘Guy Fawkes’. This story, published between 1840 and 1841, described a made-up romance between Fawkes and Viviana Radcliffe, a new character, and narrated the journey of the Gunpowder Plot from the summer of 1605 to its tragic end. All while picturing Fawkes as a sort of anti-hero. published published It wouldn’t be the last time. That novel was popular in its time, but what would really hit our century would be the comic ‘V for Vendetta’ by Alan Moore and David Lloyd, first published in 1980 . Lloyd, indeed, is the author of the Guy Fawkes mask design as we know it. You may also be familiar with the homonymous movie from 2006. but what would really hit our century would be the comic ‘ V for Vendetta ’ by Alan Moore and David Lloyd, first published in 1980 ‘ V for Vendetta V for Vendetta ’ https://www.youtube.com/watch?v=lSA7mAHolAw&embedable=true https://www.youtube.com/watch?v=lSA7mAHolAw&embedable=true They tell us a dystopian story set in a future Britain under a totalitarian regime. The story follows V, a mysterious vigilante who wears a Guy Fawkes mask and uses his skills to fight against the oppressive government. V’s ultimate goal is to awaken the people to the regime’s injustices and inspire them to reclaim their freedom, using acts of rebellion and symbolism to make his point. He ends up fulfilling the original Fawkes’ goal and blows up the parliament. The Guy Fawkes mask is central to V’s identity (always hidden otherwise) and symbolizes resistance against tyranny. Just as Fawkes once tried to overthrow a powerful government, V becomes a modern symbol of defiance, using the mask to rally people against oppression while protecting their identities. This symbolism has since been embraced worldwide by activists and movements advocating for freedom and justice. The Guy Fawkes mask is central to V’s identity (always hidden otherwise) and symbolizes resistance against tyranny. New Historical Facts The Guy Fawkes mask became a symbol of protest and defiance in the early 2000s, thanks largely to the online activist group Anonymous. Starting around 2008, members of Anonymous wore the mask during a series of global protests against the Church of Scientology, which they opposed due to its practices and aggressive control of information. The mask allowed activists to protect their identities while presenting a united front against what they saw as corruption and censorship. https://youtu.be/_ZgJ2bkyiTw?embedable=true https://youtu.be/_ZgJ2bkyiTw?embedable=true In 2011, the mask gained even more visibility with the Occupy Wall Street movement, which protested economic inequality and corporate influence. The Occupy movement spread globally, with protesters in places like New York, London, and Tokyo donning the mask as a statement against social injustice. Julian Assange , a renowned cypherpunk and founder of WikiLeaks, also wore the mask publicly, aligning with the movement and its ideals of transparency and accountability. In 2011, the mask gained even more visibility with the Occupy Wall Street movement, which protested economic inequality and corporate influence. Julian Assange Julian Assange wore the mask wore the mask Since then, the Guy Fawkes mask has appeared in a range of protests worldwide, from Hong Kong’s pro-democracy demonstrations to anti-austerity marches across Europe. In addition, we must say that a wide lot of these protesters have learned to use cryptocurrencies to protect their funds and data. Today, the mask remains a powerful, recognizable symbol for those fighting for freedom and against government or corporate control, transcending borders and causes. A Mask Isn’t Enough Since the early days of protests by Anonymous and movements like Occupy Wall Street, the Guy Fawkes mask has allowed people to show solidarity while protecting their identities. However, in the current era of advanced surveillance and censorship, simply wearing a mask is no longer enough. According to Freedom House , “Global Internet freedom declined for the 14th consecutive year,” and “Free expression online was imperiled by severe prison terms and escalating violence.” Freedom House Freedom House “Global Internet freedom declined for the 14th consecutive year,” and “Free expression online was imperiled by severe prison terms and escalating violence.” Financial censorship is also a growing concern. In some countries, governments and institutions limit or freeze funds to silence dissent or restrict people’s access to their money. Cryptocurrencies and decentralized networks offer a way to push back. Due to their peer-to-peer nature, cryptocurrencies allow people to control their own funds and data without relying on central authorities. Financial censorship Financial censorship This means they can be used as tools for those fighting against inequality or authoritarianism, helping people keep their assets secure and enabling transactions even in restricted environments. Not all decentralized networks, however, are equally resistant to censorship. Blockchains can be censored and manipulated . Most of them still rely on “validators” or miners, leaving room for censorship and centralization. Obyte stands out as a powerful alternative: its Directed Acyclic Graph (DAG) structure is truly decentralized, free from miners, “validators”, or any other middlemen, making it especially resistant to censorship and a good option for people seeking true autonomy. Blockchains can be censored and manipulated Blockchains can be censored and manipulated Obyte Obyte Featured Image by Ahmed Zayan / Unsplash Featured Image by Ahmed Zayan / Unsplash Unsplash Unsplash

From Guy Fawkes to Resistance and Cryptos: A Fight for Freedom

Van Guy Fawkes tot Weerstand en Cryptos: A Fight for Freedom

De Guy Fawkes a la Resistencia y las Criptomonedas: Una Lucha por la Libertad

מגאי פוקס ועד התנגדות וקריפטוס: מאבק לחופש

ガイ・フォークスからレジスタンス、そして暗号通貨まで：自由のための戦い

ពី Guy Fawkes ទៅ Resistance និង Cryptos: ការប្រយុទ្ធដើម្បីសេរីភាព

Гай Фоукстон Каршылык көрсөтүүгө жана Криптолорго: Эркиндик үчүн күрөш

Avy amin'i Guy Fawkes mankany amin'ny fanoherana sy ny Cryptos: Ady ho an'ny fahafahana

Гай Фоуксаас Эсэргүүцэл ба Крипт: Эрх чөлөөний төлөөх тэмцэл

Od Guya Fawkesa do ruchu oporu i kryptowalut: walka o wolność

De Guy Fawkes à Resistência e Criptomoedas: Uma Luta pela Liberdade

Od Guya Fawkesa k Resistance a kryptomenám: Boj za slobodu

Од Гаја Фокса до отпора и криптоса: борба за слободу

We live paycheck to paycheck, and to solve this problem, we have assassins trying to shoot the President. Not a good approach. Another answer is still in the works, made by an Avengers team of former OpenAI and Opera engineers. "Financial freedom for the billions of unbanked." In layman's terms: let people use their own money. Sounds pretty far-fetched, but the reality is that most people can't even use the money they've already earned. Not even borrowed money, their own money. Services that we take for granted in the West will still be incredibly hard to come by in most parts of the world in 2024 - yet, they are essential. Small loans, sending money abroad, or even getting your salary on the day you earn it, rather than at the end of the week or month, or even at all. This is crucial because most people have no savings and are highly dependent on the lifeline that is their next paycheck. Emergency savings has long been the Achilles heel of Americans’ personal finances. More households have no emergency savings and millions of households are far short of the savings they would need to feel comfortable. — Greg McBride, CFA , chief financial analyst for Bankrate To do this, they're using sophisticated AI models to slice margins into tiny fractions and handle difficult geographies with high default rates, as well as a bespoke blockchain as a ledger. Now, I know what you're thinking. 'This sounds like typical Silicon Valley hype-speak. Where's the beef?' Fair enough. Here's what we really want to know: Blockchain as a ledger? Cool, but how does that actually work?
How exactly are these AI models performing their margin-slicing magic?
Who are the people behind this? Before we get to those 3, let’s start with the motive, the vision. ‘The why’ if you will. The $100 Trillion Problem: The global payroll market, valued at over $100 trillion annually, operates on an antiquated system that leaves billions financially vulnerable. For the over 1.4 billion completely unbanked individuals worldwide, traditional payroll isn't just inconvenient—it's a complete barrier to economic participation. In the graphic above, we saw the structure of one of their core services addressing this very issue. It has been coined (and patented) EWA, or Earned Wage Access, and was first introduced to the international market by Volante Chain. Instead of a lump sum at the end, you can withdraw your salary for completed work at any time, giving you full control and flexibility. When, how often, and how much is up for you to decide. For example, instead of the usual 100% of your salary at the end of the month, you could withdraw 10% after 3 days and receive the remaining 90% at the end. Considering the vast amount of people without any savings, this serves as a crucial lifeline for any unexpected expenses. In addition, your track record as an employee, rather than a traditional credit score, is used to qualify you for better rates and even loans. You can also choose to be paid in stablecoins rather than your local FIAT currency (or partially in both). Very useful in the event of high inflation. This doesn’t just affect the citizens of extreme cases, such as unstable war zones. Japan, for example, had a relatively stable $1 = ¥100 course for almost 3 decades. While it did fluctuate over the years, it usually took several quarters for the exchange rate to move in any meaningful dimension and never went beyond +/- 10%. Then, over the course of just a few weeks, the yen crashed from $1 = ¥100 to a staggering $1 = ¥160. If you are ~30 years old like me, you have never seen anything like this in the chart. Volante also offers fair transfers for money sent abroad, with an emphasis on “without paying exorbitant, unfair fees to third party services taking advantage of those left without other options.” Let's look at the blockchain aspect. The reason why this type of record keeping was chosen is because of the functionality that smart contracts provide. Normally, you have banks, lawyers, accountants, and a bunch of other intermediaries between employers and employees. In the case of Volante, all of that is cut out, with Volante essentially paying the employee and then being repaid by the employer. Transactions in the same fashion as the OG Bitcoin Whitepaper envisioned for peer-to-peer transactions. For this purpose, Volante’s blockchain layer utilizes a modified Proof-of-Stake consensus mechanism with ZK-SNARKs for transaction privacy and smart contracts for wage distribution. The AI Engine From employee performance data including leave days and KPIs to company revenue projections, everything can be fed to the prediction algorithms to determine the corresponding rates. This drives down defaults and minimizes fees and margins on transactions. Employs reinforcement learning for predictive financial modeling
Natural Language Processing for user interactions
Anomaly detection for fraud prevention
Secure data sets of the highest possible quality
Alternatives through functionality to keep compliance when otherwise not possible, e.g. limited data for KYC and proof of funds or credit scores This is where the experience at Opera kicks in because all of this functionality would mean nothing if it wasn’t easy to use. To the employee, the entire infrastructure remains relatively unimportant. For them, the experience is kept as simple, convenient, and affordable as possible. Just like using the internet doesn’t require understanding how it works. First-generation smartphones, fax machines, Windows 95, a pigeon with a paper on its leg. Backwards compatibility is taken to the extreme. In most cases, the interoperability will likely not need to go this far, but it can. According to their WhitePaper, Volante’s Chain uses: Custom-built API layer for integration with traditional banking systems
Atomic swaps for cross-chain liquidity
Regulatory compliance module with real-time updates
A vast array of employer, finance, and merchant partners The design choices reflect the usable-by-anyone vision. Rather than web3 or web2 users, this is more akin to anyone who can read, in favor of backward compatibility and interoperability with the computer illiterate. "We're not just building a product; we're architecting a new financial paradigm that speaks both the language of cutting-edge tech and traditional finance." — Bertschler explains The Unbanked Revolution For the 1.4 billion unbanked individuals, Volante isn't just convenient—it's revolutionary. By providing a digital financial identity and instant access to earned wages, Volante opens doors to financial services previously out of reach. Take, for instance, this case of a woman who had to rob a bank just to access her own life savings as a last means to pay for her sister’s medical bills. Challenges and Future Outlook Despite its potential and strong partners, Volante’s approach to banking the unbanked faces significant hurdles: Regulatory compliance across jurisdictions
Integration with legacy financial systems
User adoption and education "Every revolutionary advancement in financial technology has initially been met with skepticism," Valerias states. "Success demands more than optimistic projections; it requires collaboration with regulators and a pragmatic approach to implementation." Conclusion Whether Volante can deliver on its promises remains to be seen, but I, for one, can't wait for the first crypto transaction to be processed by Pigeon. As we stand on the brink of this financial revolution, one thing is clear: the future of money is being coded today. Whether it's autonomous vehicles navigating physical spaces or blockchain systems redefining our financial landscape, the solutions of tomorrow are being architected by those who can successfully navigate the intersection of cutting-edge technology and human needs. Volante's journey reminds us that while AI may soon drive us around, it's still human ingenuity that's steering us toward a more inclusive financial future. We live paycheck to paycheck, and to solve this problem, we have assassins trying to shoot the President. Not a good approach. Another answer is still in the works, made by an Avengers team of former OpenAI and Opera engineers. "Financial freedom for the billions of unbanked." In layman's terms: let people use their own money. Sounds pretty far-fetched, but the reality is that most people can't even use the money they've already earned. Not even borrowed money, their own money. Services that we take for granted in the West will still be incredibly hard to come by in most parts of the world in 2024 - yet, they are essential. Small loans, sending money abroad, or even getting your salary on the day you earn it, rather than at the end of the week or month, or even at all. This is crucial because most people have no savings and are highly dependent on the lifeline that is their next paycheck. Emergency savings has long been the Achilles heel of Americans’ personal finances. More households have no emergency savings and millions of households are far short of the savings they would need to feel comfortable. — Greg McBride, CFA , chief financial analyst for Bankrate Emergency savings has long been the Achilles heel of Americans’ personal finances. More households have no emergency savings and millions of households are far short of the savings they would need to feel comfortable. — Greg McBride, CFA , chief financial analyst for Bankrate Bankrate To do this, they're using sophisticated AI models to slice margins into tiny fractions and handle difficult geographies with high default rates, as well as a bespoke blockchain as a ledger. Now, I know what you're thinking. 'This sounds like typical Silicon Valley hype-speak. Where's the beef?' Fair enough. Here's what we really want to know: Blockchain as a ledger? Cool, but how does that actually work? How exactly are these AI models performing their margin-slicing magic? Who are the people behind this? Blockchain as a ledger? Cool, but how does that actually work? How exactly are these AI models performing their margin-slicing magic? Who are the people behind this? Before we get to those 3, let’s start with the motive, the vision. ‘The why’ if you will. The $100 Trillion Problem : The global payroll market, valued at over $100 trillion annually, operates on an antiquated system that leaves billions financially vulnerable. For the over 1.4 billion completely unbanked individuals worldwide, traditional payroll isn't just inconvenient—it's a complete barrier to economic participation. The $100 Trillion Problem In the graphic above, we saw the structure of one of their core services addressing this very issue. It has been coined (and patented) EWA, or Earned Wage Access, and was first introduced to the international market by Volante Chain . Instead of a lump sum at the end, you can withdraw your salary for completed work at any time, giving you full control and flexibility. When, how often, and how much is up for you to decide. Volante Chain For example, instead of the usual 100% of your salary at the end of the month, you could withdraw 10% after 3 days and receive the remaining 90% at the end. Considering the vast amount of people without any savings, this serves as a crucial lifeline for any unexpected expenses. In addition, your track record as an employee, rather than a traditional credit score, is used to qualify you for better rates and even loans. You can also choose to be paid in stablecoins rather than your local FIAT currency (or partially in both). Very useful in the event of high inflation. This doesn’t just affect the citizens of extreme cases, such as unstable war zones. Japan, for example, had a relatively stable $1 = ¥100 course for almost 3 decades. While it did fluctuate over the years, it usually took several quarters for the exchange rate to move in any meaningful dimension and never went beyond +/- 10%. Then, over the course of just a few weeks, the yen crashed from $1 = ¥100 to a staggering $1 = ¥160. If you are ~30 years old like me, you have never seen anything like this in the chart. Volante also offers fair transfers for money sent abroad, with an emphasis on “without paying exorbitant, unfair fees to third party services taking advantage of those left without other options.” Let's look at the blockchain aspect. The reason why this type of record keeping was chosen is because of the functionality that smart contracts provide. Normally, you have banks, lawyers, accountants, and a bunch of other intermediaries between employers and employees. In the case of Volante, all of that is cut out, with Volante essentially paying the employee and then being repaid by the employer. Transactions in the same fashion as the OG Bitcoin Whitepaper envisioned for peer-to-peer transactions. For this purpose, Volante’s blockchain layer utilizes a modified Proof-of-Stake consensus mechanism with ZK-SNARKs for transaction privacy and smart contracts for wage distribution. The AI Engine From employee performance data including leave days and KPIs to company revenue projections, everything can be fed to the prediction algorithms to determine the corresponding rates. This drives down defaults and minimizes fees and margins on transactions. Employs reinforcement learning for predictive financial modeling Natural Language Processing for user interactions Anomaly detection for fraud prevention Secure data sets of the highest possible quality Alternatives through functionality to keep compliance when otherwise not possible, e.g. limited data for KYC and proof of funds or credit scores Employs reinforcement learning for predictive financial modeling Natural Language Processing for user interactions Anomaly detection for fraud prevention Secure data sets of the highest possible quality Alternatives through functionality to keep compliance when otherwise not possible, e.g. limited data for KYC and proof of funds or credit scores This is where the experience at Opera kicks in because all of this functionality would mean nothing if it wasn’t easy to use. To the employee, the entire infrastructure remains relatively unimportant. For them, the experience is kept as simple, convenient, and affordable as possible. Just like using the internet doesn’t require understanding how it works. First-generation smartphones, fax machines, Windows 95, a pigeon with a paper on its leg. Backwards compatibility is taken to the extreme. In most cases, the interoperability will likely not need to go this far, but it can. According to their WhitePaper , Volante’s Chain uses: WhitePaper Custom-built API layer for integration with traditional banking systems Atomic swaps for cross-chain liquidity Regulatory compliance module with real-time updates A vast array of employer, finance, and merchant partners Custom-built API layer for integration with traditional banking systems Atomic swaps for cross-chain liquidity Regulatory compliance module with real-time updates A vast array of employer, finance, and merchant partners The design choices reflect the usable-by-anyone vision. Rather than web3 or web2 users, this is more akin to anyone who can read, in favor of backward compatibility and interoperability with the computer illiterate. "We're not just building a product; we're architecting a new financial paradigm that speaks both the language of cutting-edge tech and traditional finance." — Bertschler explains "We're not just building a product; we're architecting a new financial paradigm that speaks both the language of cutting-edge tech and traditional finance." — Bertschler explains Bertschler The Unbanked Revolution For the 1.4 billion unbanked individuals, Volante isn't just convenient—it's revolutionary. By providing a digital financial identity and instant access to earned wages, Volante opens doors to financial services previously out of reach. 1.4 billion unbanked Take, for instance, this case of a woman who had to rob a bank just to access her own life savings as a last means to pay for her sister’s medical bills. her own life savings Challenges and Future Outlook Despite its potential and strong partners, Volante’s approach to banking the unbanked faces significant hurdles: Regulatory compliance across jurisdictions Integration with legacy financial systems User adoption and education Regulatory compliance across jurisdictions Integration with legacy financial systems User adoption and education "Every revolutionary advancement in financial technology has initially been met with skepticism," Valerias states. "Success demands more than optimistic projections; it requires collaboration with regulators and a pragmatic approach to implementation." Conclusion Whether Volante can deliver on its promises remains to be seen, but I, for one, can't wait for the first crypto transaction to be processed by Pigeon. As we stand on the brink of this financial revolution, one thing is clear: the future of money is being coded today. Whether it's autonomous vehicles navigating physical spaces or blockchain systems redefining our financial landscape, the solutions of tomorrow are being architected by those who can successfully navigate the intersection of cutting-edge technology and human needs. Volante's journey reminds us that while AI may soon drive us around, it's still human ingenuity that's steering us toward a more inclusive financial future.

Escaping the Payday Matrix: Ex-OpenAI & Opera Devs Code Financial Freedom for 1.4 Billion Unbanked

Authors:
(1) Martin Kleppmann, University of Cambridge, Cambridge, UK (martin.kleppmann@cst.cam.ac.uk);
(2) Paul Frazee, Bluesky Social PBC United States;
(3) Jake Gold, Bluesky Social PBC United States;
(4) Jay Graber, Bluesky Social PBC United States;
(5) Daniel Holmgren, Bluesky Social PBC United States;
(6) Devin Ivy, Bluesky Social PBC United States;
(7) Jeromy Johnson, Bluesky Social PBC United States;
(8) Bryan Newbold, Bluesky Social PBC United States;
(9) Jaz Volpert, Bluesky Social PBC United States. Table of Links Abstract and 1 Introduction 2 The Bluesky Social App 2.1 Moderation Features 2.2 User Handles 2.3 Custom Feeds and Algorithmic Choice 3 The at Protocol Architecture 3.1 User Data Repositories 3.2 Personal Data Servers (PDS) 3.3 Indexing Infrastructure 3.4 Labelers and Feed Generators 3.5 User Identity 4 Related Work 5 Conclusions, Acknowledgments, and References 2.3 Custom Feeds and Algorithmic Choice Several decentralized social networks choose to offer only a reversechronological feed of posts from accounts the user is following – a backlash against the opaque content recommendation algorithms employed by mainstream centralized social networks. For example, Mastodon advertises itself as having “no algorithms or ads to waste your time” [39]. Our belief is that the problem lies not with algorithms per se, but rather with centrally controlled, opaque algorithms that remove user agency and prioritize user engagement over all else, e.g. by promoting controversial posts. Good recommendation algorithms can help users discover content that is relevant to them and find new accounts to follow – especially important for new users who are not yet following many accounts. They are also helpful for surfacing content on a particular topic, whereas following a user means seeing all of their posts, which might be on a mixture of topics, not all necessarily interesting to all followers. Giving users the ability to choose their algorithms lets them control what they want to see, rather than having the platform decide for them. Bluesky Social PBC offers a selection of feed algorithms of its own, and also allows anybody to create their own feed generator [9]. Tens of thousands of custom feeds have already been created. Our goal is to offer an open and diverse marketplace of algorithms in which communities can adapt the system to suit their needs, and users have more agency over how they spend their time and attention [26]. Section 3.4 explains how feed generators work. In Figure 1, a selection of bookmarked feeds is given at the top of the screen; in this example, the selected “Following” feed is the default reverse-chronological timeline, while “Week Peak Feed” (network-wide posts with many likes from the last week) and “Birds!” (photos and posts from birdwatchers) are third-party feeds. A feed generator can use arbitrary criteria to select its content. For example, the birdwatching feed uses a manually curated list of accounts, and selects posts from those accounts that contain a #birds hashtag or a feather emoji character. Alternative approaches, such as machine learning algorithms, are equally possible. This paper is available on arxiv under CC BY 4.0 DEED license. Authors: (1) Martin Kleppmann, University of Cambridge, Cambridge, UK (martin.kleppmann@cst.cam.ac.uk); (2) Paul Frazee, Bluesky Social PBC United States; (3) Jake Gold, Bluesky Social PBC United States; (4) Jay Graber, Bluesky Social PBC United States; (5) Daniel Holmgren, Bluesky Social PBC United States; (6) Devin Ivy, Bluesky Social PBC United States; (7) Jeromy Johnson, Bluesky Social PBC United States; (8) Bryan Newbold, Bluesky Social PBC United States; (9) Jaz Volpert, Bluesky Social PBC United States. Authors: Authors: (1) Martin Kleppmann, University of Cambridge, Cambridge, UK (martin.kleppmann@cst.cam.ac.uk); (2) Paul Frazee, Bluesky Social PBC United States; (3) Jake Gold, Bluesky Social PBC United States; (4) Jay Graber, Bluesky Social PBC United States; (5) Daniel Holmgren, Bluesky Social PBC United States; (6) Devin Ivy, Bluesky Social PBC United States; (7) Jeromy Johnson, Bluesky Social PBC United States; (8) Bryan Newbold, Bluesky Social PBC United States; (9) Jaz Volpert, Bluesky Social PBC United States. Table of Links Abstract and 1 Introduction Abstract and 1 Introduction 2 The Bluesky Social App 2 The Bluesky Social App 2.1 Moderation Features 2.1 Moderation Features 2.2 User Handles 2.2 User Handles 2.3 Custom Feeds and Algorithmic Choice 2.3 Custom Feeds and Algorithmic Choice 3 The at Protocol Architecture 3 The at Protocol Architecture 3.1 User Data Repositories 3.1 User Data Repositories 3.2 Personal Data Servers (PDS) 3.2 Personal Data Servers (PDS) 3.3 Indexing Infrastructure 3.3 Indexing Infrastructure 3.4 Labelers and Feed Generators 3.4 Labelers and Feed Generators 3.5 User Identity 3.5 User Identity 4 Related Work 4 Related Work 5 Conclusions, Acknowledgments, and References 5 Conclusions, Acknowledgments, and References 2.3 Custom Feeds and Algorithmic Choice Several decentralized social networks choose to offer only a reversechronological feed of posts from accounts the user is following – a backlash against the opaque content recommendation algorithms employed by mainstream centralized social networks. For example, Mastodon advertises itself as having “no algorithms or ads to waste your time” [39]. Our belief is that the problem lies not with algorithms per se, but rather with centrally controlled, opaque algorithms that remove user agency and prioritize user engagement over all else, e.g. by promoting controversial posts. Good recommendation algorithms can help users discover content that is relevant to them and find new accounts to follow – especially important for new users who are not yet following many accounts. They are also helpful for surfacing content on a particular topic, whereas following a user means seeing all of their posts, which might be on a mixture of topics, not all necessarily interesting to all followers. Giving users the ability to choose their algorithms lets them control what they want to see, rather than having the platform decide for them. Bluesky Social PBC offers a selection of feed algorithms of its own, and also allows anybody to create their own feed generator [9]. Tens of thousands of custom feeds have already been created. Our goal is to offer an open and diverse marketplace of algorithms in which communities can adapt the system to suit their needs, and users have more agency over how they spend their time and attention [26]. Section 3.4 explains how feed generators work. In Figure 1, a selection of bookmarked feeds is given at the top of the screen; in this example, the selected “Following” feed is the default reverse-chronological timeline, while “Week Peak Feed” (network-wide posts with many likes from the last week) and “Birds!” (photos and posts from birdwatchers) are third-party feeds. A feed generator can use arbitrary criteria to select its content. For example, the birdwatching feed uses a manually curated list of accounts, and selects posts from those accounts that contain a #birds hashtag or a feather emoji character. Alternative approaches, such as machine learning algorithms, are equally possible. This paper is available on arxiv under CC BY 4.0 DEED license. This paper is available on arxiv under CC BY 4.0 DEED license. available on arxiv

Algorithmic Freedom: How Bluesky Gives Users Control Over Their Feeds

Donald Trump venit, vidit, Bitcoin perdidit. For those who have a little trouble with their Latin, here's what it looks like in English: Donald Trump came, he saw, and Bitcoin lost. That's pretty much the image I'll have of Donald Trump's performance at the Bitcoin Conference. My Latin being basic, I couldn't add certain words that would have even better expressed the thoughts of all those who have been supporting the Bitcoin revolution for many years. I could have written: Donald Trump came, he saw, he took the money, he told what the crowd wanted to hear, and Bitcoin lost. In the end, Donald Trump's speech was nothing more than a reflection of who he's always been and why he'll be elected for a second term in November 2024: Donald Trump is the king of demagogues. Donald Trump says what people want to hear. The most incredible thing is that after talking about Bitcoin and cryptocurrency because he confuses the two as his speech demonstrates, he would be able to go to a campaign rally on the same day to criticize Bitcoin ... He's already done this on numerous occasions on numerous subjects. It's so big and visible that it works! He's greatly helped by the weakness of the Democratic candidates he's facing. Robert F. Kennedy Jr. better understands Bitcoin, even if his idea of America owning 55% of the existing BTC supply is a fundamental mistake. After the first few roundtables he attended, RFK Jr. must have decided that the numbers were too high, and has somewhat lowered the amount of BTC he wants America to hold by the end of what would be his first term as President of the United States. RFK Jr. is now talking about signing an executive order for America to buy 550 BTC a day until it reaches a holding of 4 million BTC. That's half the 9.4 million BTC he was aiming to see America buy just a few hours earlier. But that's already too much! Some compare this with El Salvador's 5,692 BTC, and point to the application of game theory, with nation-states competing to own as many BTC as possible. The difference is notable: we're talking here about a country with an infinite money printer. How is America going to buy 550 BTC a day when its debt is already approaching $35T? America will continue to rack up even more debt to buy those 4 million BTC. So RFK Jr. proposes to create ever more fiat money out of thin air to buy Bitcoin. A total deviation from the spirit of Bitcoin. Some pseudo-Bitcoiners were excited by this idea, saying that after twenty years or so, America would then be able to pay off its debt in US Dollars once the price of Bitcoin reached the Moon. I thought the purpose of the Bitcoin revolution was to offer people a superior monetary system to replace the dollar system, not to sell your Bitcoin for weak money as America might then do twenty years later following the plan put forward by these pseudo-Bitcoiners. Something is not working! These pseudo-Bitcoiners haven't been interested in the future of Bitcoin for a very long time! The only thing they're interested in is the value of Bitcoin in weak money before they can make the most money out of it. This was demonstrated throughout the Bitcoin Conference by the sessions on offer. Sessions devoted to ETFs, institutional funds, corporate treasuries, and politicians canvassing for support and money. In short, we were clearly out of our depth for an event that claims to be called the Bitcoin Conference. What makes Bitcoin great is not all this financial stuff. What makes Bitcoin great is the freedom and sovereignty its system offers everyone. Some people forget these core values, sacrificing them on the altar of profit and greed. The Bitcoin Conference gave pride of place to those with a secret plan to take control, such as BlackRock, to the other financial giants who will accompany BlackRock in this plan, to Michael J. Saylor who revealed his true face, and to the politicians who could rob us of the Bitcoin revolution. These players are in the process of hijacking the Bitcoin revolution by gradually integrating it into the current system as a simple store of value. No more, no less. You didn't see anyone at the Bitcoin Conference defending the idea that Bitcoin is a superior monetary system that aims to replace the flawed and not fixable dollar system. Anything but a coincidence! Let's remember what Bitcoin is: Bitcoin is a decentralized monetary system based on a scarce asset that enables people all over the world to help themselves and each other, independently of any control by governments and central bankers. Bitcoiners who defend these core values of the Bitcoin revolution are losing the battle of ideas, much to my regret. To conclude RFK Jr.'s speech, he made a far more interesting and important proposal: “I will sign an executive order directing the IRS to issue public guidelines that all transactions between Bitcoin and the US Dollar are unreportable transactions. By extension, non-taxable.” If implemented, this proposal would enable Bitcoin to develop as a means of payment in the years to come. Donald Trump did not take up this proposal... Throughout his speech, Donald Trump showed that he knew how to read his teleprompter perfectly and stick to the speech that had been prepared for him to satisfy the crowd of pseudo-Bitcoiners who had spent a lot of money to come and see him say a few positive words about Bitcoin, which he understands nothing about. A few excerpts from the key phrases Donald Trump stuck to: “Bitcoin will surpass the capitalization of gold one day.”
“Bitcoin is going to the moon.”
“The United States will be the crypto capital of the world.”
“If we don't embrace Bitcoin and crypto technologies, China and other countries will dominate.”
“I will fire Gary Gensler on my first day in office and appoint a new president.”
“Attacks on cryptos will stop as soon as I'm elected.”
“I will create a political cabinet dedicated to Bitcoin.”
“Bitcoin is not a threat to the dollar, it's the opposite.” Donald Trump also announced that he would create a Strategic Bitcoin Reserve for the US government starting with the 215,000 BTC that America has stolen from third parties. Donald Trump also pledged never to sell those 215,000 BTC if elected president. To delight speculators of all stripes, Donald Trump also claimed that “Bitcoin and cryptocurrencies will soar like never before if he is elected President of the United States.” He added that “Bitcoin is going to go through the roof.” The pseudo-Bitcoiners who got lost in the speculation around the price of Bitcoin in weak money must have been delighted, they got their money's worth from Donald Trump's speech. These pseudo-Bitcoiners were so delighted that they didn't even notice that Donald Trump was equating Bitcoin with cryptocurrencies. Throughout his speech, this came up repeatedly. His willingness to fire Gary Gensler on the spot stems from the fact that Gensler is first and foremost an enemy of Sh*tcoins. He has never attacked Bitcoin, for example. Perhaps Donald Trump wants to protect the holders of meme coins bearing his likeness, on which he must hope to make money... Or create new Sh*tcoins in which he would be a stakeholder to make money because that's all he's interested in, in this game that Bitcoin and cryptocurrencies represent in his eyes. You read right. Donald Trump believes that Bitcoin is a game, as he said to conclude his speech: “Have a good time with your Bitcoin and your crypto and everything else you're playing with.” Sorry, Donald, Bitcoin is not a game! But to understand that, you would have had to study Bitcoin seriously. Donald Trump couldn't care less about Bitcoin and was simply looking to win votes and money in the marketing operation that he considered the Bitcoin Conference to be. From this point of view, the conference was a great success for him and all those who support Bitcoin speculation. For those who defend the Bitcoin revolution and its core values, such as yours truly, it was once again clear that the Bitcoin revolution is going down the wrong path, and that there will be an uphill battle in the years to come to preserve the core values of the Bitcoin revolution. But since you've been reading me for a long time, you shouldn't be surprised, as I've warned you about this risk on numerous occasions. Donald Trump venit, vidit, Bitcoin perdidit. For those who have a little trouble with their Latin, here's what it looks like in English: Donald Trump came, he saw, and Bitcoin lost. That's pretty much the image I'll have of Donald Trump's performance at the Bitcoin Conference. My Latin being basic, I couldn't add certain words that would have even better expressed the thoughts of all those who have been supporting the Bitcoin revolution for many years. I could have written: Donald Trump came, he saw, he took the money, he told what the crowd wanted to hear, and Bitcoin lost. In the end, Donald Trump's speech was nothing more than a reflection of who he's always been and why he'll be elected for a second term in November 2024: Donald Trump is the king of demagogues. Donald Trump says what people want to hear. The most incredible thing is that after talking about Bitcoin and cryptocurrency because he confuses the two as his speech demonstrates, he would be able to go to a campaign rally on the same day to criticize Bitcoin ... He's already done this on numerous occasions on numerous subjects. It's so big and visible that it works! He's greatly helped by the weakness of the Democratic candidates he's facing. Robert F. Kennedy Jr. better understands Bitcoin, even if his idea of America owning 55% of the existing BTC supply is a fundamental mistake . After the first few roundtables he attended, RFK Jr. must have decided that the numbers were too high, and has somewhat lowered the amount of BTC he wants America to hold by the end of what would be his first term as President of the United States. his idea of America owning 55% of the existing BTC supply is a fundamental mistake his idea of America owning 55% of the existing BTC supply is a fundamental mistake his idea of America owning 55% of the existing BTC supply is a fundamental mistake RFK Jr. is now talking about signing an executive order for America to buy 550 BTC a day until it reaches a holding of 4 million BTC. That's half the 9.4 million BTC he was aiming to see America buy just a few hours earlier. But that's already too much! Some compare this with El Salvador's 5,692 BTC, and point to the application of game theory, with nation-states competing to own as many BTC as possible. The difference is notable: we're talking here about a country with an infinite money printer. How is America going to buy 550 BTC a day when its debt is already approaching $35T? America will continue to rack up even more debt to buy those 4 million BTC. So RFK Jr. proposes to create ever more fiat money out of thin air to buy Bitcoin. A total deviation from the spirit of Bitcoin. Some pseudo-Bitcoiners were excited by this idea, saying that after twenty years or so, America would then be able to pay off its debt in US Dollars once the price of Bitcoin reached the Moon. I thought the purpose of the Bitcoin revolution was to offer people a superior monetary system to replace the dollar system , not to sell your Bitcoin for weak money as America might then do twenty years later following the plan put forward by these pseudo-Bitcoiners. the purpose of the Bitcoin revolution was to offer people a superior monetary system to replace the dollar system the purpose of the Bitcoin revolution was to offer people a superior monetary system to replace the dollar system the purpose of the Bitcoin revolution was to offer people a superior monetary system to replace the dollar system Something is not working! These pseudo-Bitcoiners haven't been interested in the future of Bitcoin for a very long time! The only thing they're interested in is the value of Bitcoin in weak money before they can make the most money out of it. This was demonstrated throughout the Bitcoin Conference by the sessions on offer. Sessions devoted to ETFs, institutional funds, corporate treasuries, and politicians canvassing for support and money. In short, we were clearly out of our depth for an event that claims to be called the Bitcoin Conference. What makes Bitcoin great is not all this financial stuff. What makes Bitcoin great is the freedom and sovereignty its system offers everyone. What makes Bitcoin great is not all this financial stuff. What makes Bitcoin great is the freedom and sovereignty its system offers everyone. Some people forget these core values, sacrificing them on the altar of profit and greed. The Bitcoin Conference gave pride of place to those with a secret plan to take control, such as BlackRock , to the other financial giants who will accompany BlackRock in this plan , to Michael J. Saylor who revealed his true face, and to the politicians who could rob us of the Bitcoin revolution. a secret plan to take control, such as BlackRock a secret plan to take control, such as BlackRock a secret plan to take control, such as BlackRock to the other financial giants who will accompany BlackRock in this plan to the other financial giants who will accompany BlackRock in this plan to the other financial giants who will accompany BlackRock in this plan These players are in the process of hijacking the Bitcoin revolution by gradually integrating it into the current system as a simple store of value. No more, no less. You didn't see anyone at the Bitcoin Conference defending the idea that Bitcoin is a superior monetary system that aims to replace the flawed and not fixable dollar system. Anything but a coincidence! Let's remember what Bitcoin is: Bitcoin is a decentralized monetary system based on a scarce asset that enables people all over the world to help themselves and each other, independently of any control by governments and central bankers. Bitcoin is a decentralized monetary system based on a scarce asset that enables people all over the world to help themselves and each other, independently of any control by governments and central bankers. Bitcoiners who defend these core values of the Bitcoin revolution are losing the battle of ideas, much to my regret. To conclude RFK Jr.'s speech, he made a far more interesting and important proposal: “I will sign an executive order directing the IRS to issue public guidelines that all transactions between Bitcoin and the US Dollar are unreportable transactions. By extension, non-taxable.” “I will sign an executive order directing the IRS to issue public guidelines that all transactions between Bitcoin and the US Dollar are unreportable transactions. By extension, non-taxable.” If implemented, this proposal would enable Bitcoin to develop as a means of payment in the years to come. Donald Trump did not take up this proposal... Throughout his speech, Donald Trump showed that he knew how to read his teleprompter perfectly and stick to the speech that had been prepared for him to satisfy the crowd of pseudo-Bitcoiners who had spent a lot of money to come and see him say a few positive words about Bitcoin, which he understands nothing about. A few excerpts from the key phrases Donald Trump stuck to: “Bitcoin will surpass the capitalization of gold one day.” “Bitcoin is going to the moon.” “The United States will be the crypto capital of the world.” “If we don't embrace Bitcoin and crypto technologies, China and other countries will dominate.” “I will fire Gary Gensler on my first day in office and appoint a new president.” “Attacks on cryptos will stop as soon as I'm elected.” “I will create a political cabinet dedicated to Bitcoin.” “Bitcoin is not a threat to the dollar, it's the opposite.” “Bitcoin will surpass the capitalization of gold one day.” “Bitcoin is going to the moon.” “The United States will be the crypto capital of the world.” “If we don't embrace Bitcoin and crypto technologies, China and other countries will dominate.” “I will fire Gary Gensler on my first day in office and appoint a new president.” “Attacks on cryptos will stop as soon as I'm elected.” “I will create a political cabinet dedicated to Bitcoin.” “Bitcoin is not a threat to the dollar, it's the opposite.” Donald Trump also announced that he would create a Strategic Bitcoin Reserve for the US government starting with the 215,000 BTC that America has stolen from third parties. Donald Trump also pledged never to sell those 215,000 BTC if elected president. To delight speculators of all stripes, Donald Trump also claimed that “Bitcoin and cryptocurrencies will soar like never before if he is elected President of the United States.” He added that “Bitcoin is going to go through the roof.” The pseudo-Bitcoiners who got lost in the speculation around the price of Bitcoin in weak money must have been delighted, they got their money's worth from Donald Trump's speech. These pseudo-Bitcoiners were so delighted that they didn't even notice that Donald Trump was equating Bitcoin with cryptocurrencies. Throughout his speech, this came up repeatedly. His willingness to fire Gary Gensler on the spot stems from the fact that Gensler is first and foremost an enemy of Sh*tcoins. He has never attacked Bitcoin, for example. Perhaps Donald Trump wants to protect the holders of meme coins bearing his likeness, on which he must hope to make money... Or create new Sh*tcoins in which he would be a stakeholder to make money because that's all he's interested in, in this game that Bitcoin and cryptocurrencies represent in his eyes. You read right. Donald Trump believes that Bitcoin is a game, as he said to conclude his speech: “Have a good time with your Bitcoin and your crypto and everything else you're playing with.” “Have a good time with your Bitcoin and your crypto and everything else you're playing with.” Sorry, Donald, Bitcoin is not a game! But to understand that, you would have had to study Bitcoin seriously . Donald Trump couldn't care less about Bitcoin and was simply looking to win votes and money in the marketing operation that he considered the Bitcoin Conference to be. From this point of view, the conference was a great success for him and all those who support Bitcoin speculation. Sorry, Donald, Bitcoin is not a game! But to understand that, you would have had to study Bitcoin seriously For those who defend the Bitcoin revolution and its core values, such as yours truly, it was once again clear that the Bitcoin revolution is going down the wrong path, and that there will be an uphill battle in the years to come to preserve the core values of the Bitcoin revolution. But since you've been reading me for a long time, you shouldn't be surprised, as I've warned you about this risk on numerous occasions.

Financialization & Speculation vs. Freedom & Sovereignty: The Battle for the Future of Bitcoin

Not all cypherpunks were on the 90s mailing list led by Tim May, Eric Hughes, and John Gilmore. Per common definition, they’re activists dedicated to defending digital privacy and freedom, who have created or paved the way for the creation of new tools to defend it. The physicist, economist, and legal scholar David D. Friedman fits the bill very well —besides ‘stealing’ ideas from Tim May, and vice versa. David Director Friedman was born in February 1945, in the United States, to Rose Director and Milton Friedman. They were both free-market economists, and the latter was awarded the Nobel Memorial Prize in Economic Sciences in 1976 for his work on consumption analysis, monetary history and theory, and the intricacies of stabilization policy. As it would be evident later, his son would inherit a lot of his interests. Funny enough, being considered an economist and a legal scholar, David D. Friedman didn’t study either of them in college. Instead, he completed his undergraduate studies at Harvard University in 1965 with high honors, earning a bachelor's degree in chemistry and physics. Then, he obtained a master's degree in 1967 and a PhD in 1971 in theoretical physics from the University of Chicago. Afterward, he ended up as a professor (mostly of economics and law) in different American universities, including Virginia Polytechnic Institute, University of California, Cornell University, University of Chicago, and, finally, Santa Clara University, from which he retired as Emeritus in 2017. In the middle of all the teaching, he was also a prolific writer of fiction and non-fiction. That’s where his cypherpunk ideas are shown to everyone. The Machinery of Freedom Friedman has published at least eleven books, including three science fiction novels and a long list of economics and law reflections. One of them, specifically the one that earned him the title of ‘anarcho-capitalist theorist’ is The Machinery of Freedom, first released in 1971, and then reprinted in 1978, 1989, and 2014. He might not be the one who coined and first described the term anarcho-capitalism, but he’s considered an important source on the topic. To recap, Anarcho-capitalism (also known as “Ancap”) is a political and economic philosophy that advocates for the abolition of the state and the establishment of a purely voluntary society based on private property, free markets, and individual liberty. That’s quite similar to the crypto-anarchism described by Tim May, with some cryptographic tweaks. That concept, as May confessed, took inspiration from Friedman’s book. Friedman also commented on it in a presentation to the Independent Institute in 2001: “The basic history of these ideas is that I stole them from a bunch of people called ‘Cypherpunks,’ of whom the leading light is Tim May, who stole some of them from me… and then I stole the ideas back from him.” The Machinery of Freedom ponders on how a society like the one mentioned above would be possible. It defends private property as the groundwork from which everything else would thrive, including, especially, individual freedom. It describes as well how anarchy isn’t a synonym of chaos, and how laws and rules would work in a world like this. The book also has a section on how anarcho-capitalist money should be, and what’s the main issue with traditional money. As it turns out, it’s something in which cryptocurrencies are a perfect match: “…instead of arguing about whether our government should return to the gold standard we should instead be thinking about whether the government should produce money at all.” Just like most cypherpunks, Friedman is against centralized money. Future Ecash Back in 1982, the American computer scientist David Chaum designed Ecash, an electronic cash system coated in cryptography to be sort of anonymous. It was likely the first, or one of the first attempts at creating a cryptocurrency, long before Bitcoin. It failed, likely because it was handled (centralized) by the company Digicash, which had to mind US strict regulations about money. Ecash wasn’t decentralized, not yet. Despite its come and go, Friedman found it quite interesting as a candidate for the money of the future, or at least, the money an anarcho-capitalist society would find useful. He has a chapter about this topic in his book Future Imperfect: Technology and Freedom in an Uncertain World, published in late 2008 and dedicated to Tim May “and all the other friends whose ideas I have shamelessly, but selectively, appropriated.” Another fun fact here. Friedman was talking there about the double spending problem, private and public keys, and electronic money, coming to this conclusion: “While pieces of his [Chaum’s] vision have become real in other contexts, there is as yet nothing close to a fully anonymous Ecash available for general use” —at the same time Satoshi Nakamoto was around writing the Bitcoin whitepaper. The Bitcoin Genesis block would be released mere months after that affirmation, bringing with it a brewing storm for finances worldwide. Friedman was positive that the control of money shouldn’t fall on governments only, and he had some suggestions to create a new kind of private money controlled by corporations or groups, whose value would come from a bundle of commodities. He didn’t guess cryptography-based decentralized coins would be coming to fit as the last puzzle piece in his own idea of society. But then, here we are, with numerous crypto tools available for everyone. Evolution of Electronic Cash Bitcoin was likely a crucial moment in the path to building a more anarcho-capitalist and free society, but it can be considered only the first step. Despite the decentralized inclination of cryptocurrencies like Bitcoin and Ethereum, they still exhibit some level of centralization due to their reliance on miners and powerful “validators”. These entities play a crucial role in processing transactions but can inadvertently introduce points of control and censorship. Miners, who have an important role in transaction approval, can potentially prioritize or exclude certain transactions. Similarly, “validators”, being middlemen in systems like Ethereum can wield significant influence and be at the mercy of regulators, which may compromise the principles of decentralization and openness. In contrast, Obyte offers a truly decentralized and censorship-resistant alternative. Unlike blockchain-based cryptocurrencies, Obyte utilizes a Directed Acyclic Graph (DAG) system, which eliminates the need for middlemen, miners, or so-called “validators”. Transactions on Obyte are both created and added solely by users, ensuring that no single entity can block or manipulate them. This architecture aligns closely with the ideals of the anarcho-capitalist money that Friedman suggested, providing a higher level of online freedom and privacy, far from governments and external dominance. Obyte and its tokens represent a forward-thinking approach to electronic, decentralized money, paving the way for a future where financial transactions are truly free from centralized control. Read more from Cypherpunks Write Code series:

Tim May & Crypto-anarchism
Wei Dai & B-money
Nick Szabo & Smart Contracts
Adam Back & Hashcash
Eric Hughes & Remailer
St Jude & Community Memory
Julian Assange & Wikileaks
Hal Finney & RPOW
John Gilmore & EFF
Satoshi Nakamoto & Bitcoin
Gregory Maxwell & Bitcoin Core
Vinay Gupta & Mattereum Featured Vector Image by Garry Killian / Freepik
Photograph of David D. Friedman by Gage Skidmore / Wikimedia Not all cypherpunks were on the 90s mailing list led by Tim May, Eric Hughes, and John Gilmore. Per common definition, they’re activists dedicated to defending digital privacy and freedom, who have created or paved the way for the creation of new tools to defend it. The physicist, economist, and legal scholar David D. Friedman fits the bill very well —besides ‘stealing’ ideas from Tim May, and vice versa. David Director Friedman was born in February 1945, in the United States, to Rose Director and Milton Friedman . They were both free-market economists, and the latter was awarded the Nobel Memorial Prize in Economic Sciences in 1976 for his work on consumption analysis, monetary history and theory, and the intricacies of stabilization policy. As it would be evident later, his son would inherit a lot of his interests. David Director Friedman was born in February 1945, in the United States, to Rose Director and Milton Friedman Funny enough, being considered an economist and a legal scholar, David D. Friedman didn’t study either of them in college. Instead, he completed his undergraduate studies at Harvard University in 1965 with high honors, earning a bachelor's degree in chemistry and physics. Then, he obtained a master's degree in 1967 and a PhD in 1971 in theoretical physics from the University of Chicago. Afterward, he ended up as a professor (mostly of economics and law) in different American universities, including Virginia Polytechnic Institute, University of California, Cornell University, University of Chicago, and, finally, Santa Clara University, from which he retired as Emeritus in 2017. In the middle of all the teaching, he was also a prolific writer of fiction and non-fiction. That’s where his cypherpunk ideas are shown to everyone. as a professor as a professor The Machinery of Freedom Friedman has published at least eleven books, including three science fiction novels and a long list of economics and law reflections. One of them, specifically the one that earned him the title of ‘anarcho-capitalist theorist’ is The Machinery of Freedom , first released in 1971, and then reprinted in 1978, 1989, and 2014. He might not be the one who coined and first described the term anarcho-capitalism, but he’s considered an important source on the topic. The Machinery of Freedom He might not be the one who coined and first described the term anarcho-capitalism, but he’s considered an important source on the topic. To recap, Anarcho-capitalism (also known as “Ancap”) is a political and economic philosophy that advocates for the abolition of the state and the establishment of a purely voluntary society based on private property, free markets, and individual liberty. That’s quite similar to the crypto-anarchism described by Tim May, with some cryptographic tweaks. That concept, as May confessed, took inspiration from Friedman’s book. Friedman also commented on it in a presentation to the Independent Institute in 2001: Anarcho-capitalism Anarcho-capitalism crypto-anarchism crypto-anarchism a presentation a presentation “The basic history of these ideas is that I stole them from a bunch of people called ‘Cypherpunks,’ of whom the leading light is Tim May, who stole some of them from me… and then I stole the ideas back from him.” “The basic history of these ideas is that I stole them from a bunch of people called ‘Cypherpunks,’ of whom the leading light is Tim May, who stole some of them from me… and then I stole the ideas back from him.” The Machinery of Freedom ponders on how a society like the one mentioned above would be possible. It defends private property as the groundwork from which everything else would thrive, including, especially, individual freedom. It describes as well how anarchy isn’t a synonym of chaos, and how laws and rules would work in a world like this. The book also has a section on how anarcho-capitalist money should be, and what’s the main issue with traditional money. As it turns out, it’s something in which cryptocurrencies are a perfect match: “…instead of arguing about whether our government should return to the gold standard we should instead be thinking about whether the government should produce money at all.” Just like most cypherpunks , Friedman is against centralized money. The book also has a section on how anarcho-capitalist money should be, and what’s the main issue with traditional money. cypherpunks cypherpunks Future Ecash Back in 1982, the American computer scientist David Chaum designed Ecash, an electronic cash system coated in cryptography to be sort of anonymous. It was likely the first, or one of the first attempts at creating a cryptocurrency, long before Bitcoin. It failed, likely because it was handled (centralized) by the company Digicash, which had to mind US strict regulations about money. Ecash wasn’t decentralized, not yet. Despite its come and go, Friedman found it quite interesting as a candidate for the money of the future, or at least, the money an anarcho-capitalist society would find useful. He has a chapter about this topic in his book Future Imperfect: Technology and Freedom in an Uncertain World , published in late 2008 and dedicated to Tim May “and all the other friends whose ideas I have shamelessly, but selectively, appropriated.” Future Imperfect: Technology and Freedom in an Uncertain World Future Imperfect: Technology and Freedom in an Uncertain World Future Imperfect: Technology and Freedom in an Uncertain World Another fun fact here. Friedman was talking there about the double spending problem, private and public keys, and electronic money, coming to this conclusion: “While pieces of his [Chaum’s] vision have become real in other contexts, there is as yet nothing close to a fully anonymous Ecash available for general use” —at the same time Satoshi Nakamoto was around writing the Bitcoin whitepaper. The Bitcoin Genesis block would be released mere months after that affirmation, bringing with it a brewing storm for finances worldwide. Satoshi Nakamoto Satoshi Nakamoto Friedman was positive that the control of money shouldn’t fall on governments only, and he had some suggestions to create a new kind of private money controlled by corporations or groups , whose value would come from a bundle of commodities. He didn’t guess cryptography-based decentralized coins would be coming to fit as the last puzzle piece in his own idea of society. But then, here we are, with numerous crypto tools available for everyone. Friedman was positive that the control of money shouldn’t fall on governments only, and he had some suggestions to create a new kind of private money controlled by corporations or groups Evolution of Electronic Cash Bitcoin was likely a crucial moment in the path to building a more anarcho-capitalist and free society, but it can be considered only the first step. Despite the decentralized inclination of cryptocurrencies like Bitcoin and Ethereum, they still exhibit some level of centralization due to their reliance on miners and powerful “validators”. These entities play a crucial role in processing transactions but can inadvertently introduce points of control and censorship. Bitcoin Miners, who have an important role in transaction approval, can potentially prioritize or exclude certain transactions. Similarly, “validators”, being middlemen in systems like Ethereum can wield significant influence and be at the mercy of regulators, which may compromise the principles of decentralization and openness. In contrast, Obyte offers a truly decentralized and censorship-resistant alternative. Unlike blockchain-based cryptocurrencies, Obyte utilizes a Directed Acyclic Graph (DAG) system, which eliminates the need for middlemen, miners, or so-called “validators”. Transactions on Obyte are both created and added solely by users, ensuring that no single entity can block or manipulate them. In contrast, Obyte offers a truly decentralized and censorship-resistant alternative. Obyte Obyte both created and added both created and added This architecture aligns closely with the ideals of the anarcho-capitalist money that Friedman suggested, providing a higher level of online freedom and privacy, far from governments and external dominance. Obyte and its tokens represent a forward-thinking approach to electronic, decentralized money, paving the way for a future where financial transactions are truly free from centralized control. Obyte and its tokens Obyte and its tokens Read more from Cypherpunks Write Code series: Tim May & Crypto-anarchism
Wei Dai & B-money
Nick Szabo & Smart Contracts
Adam Back & Hashcash
Eric Hughes & Remailer
St Jude & Community Memory
Julian Assange & Wikileaks
Hal Finney & RPOW
John Gilmore & EFF
Satoshi Nakamoto & Bitcoin
Gregory Maxwell & Bitcoin Core
Vinay Gupta & Mattereum Read more from Cypherpunks Write Code series: Read more from Cypherpunks Write Code series: Tim May & Crypto-anarchism Wei Dai & B-money Nick Szabo & Smart Contracts Adam Back & Hashcash Eric Hughes & Remailer St Jude & Community Memory Julian Assange & Wikileaks Hal Finney & RPOW John Gilmore & EFF Satoshi Nakamoto & Bitcoin Gregory Maxwell & Bitcoin Core Vinay Gupta & Mattereum Tim May & Crypto-anarchism Tim May & Crypto-anarchism Tim May & Crypto-anarchism Tim May & Crypto-anarchism Wei Dai & B-money Wei Dai & B-money Wei Dai & B-money Wei Dai & B-money Nick Szabo & Smart Contracts Nick Szabo & Smart Contracts Nick Szabo & Smart Contracts Nick Szabo & Smart Contracts Adam Back & Hashcash Adam Back & Hashcash Adam Back & Hashcash Adam Back & Hashcash Eric Hughes & Remailer Eric Hughes & Remailer Eric Hughes & Remailer Eric Hughes & Remailer St Jude & Community Memory St Jude & Community Memory St Jude & Community Memory St Jude & Community Memory Julian Assange & Wikileaks Julian Assange & Wikileaks Julian Assange & Wikileaks Julian Assange & Wikileaks Hal Finney & RPOW Hal Finney & RPOW Hal Finney & RPOW Hal Finney & RPOW John Gilmore & EFF John Gilmore & EFF John Gilmore & EFF John Gilmore & EFF Satoshi Nakamoto & Bitcoin Satoshi Nakamoto & Bitcoin Satoshi Nakamoto & Bitcoin Satoshi Nakamoto & Bitcoin Gregory Maxwell & Bitcoin Core Gregory Maxwell & Bitcoin Core Gregory Maxwell & Bitcoin Core Gregory Maxwell & Bitcoin Core Vinay Gupta & Mattereum Vinay Gupta & Mattereum Vinay Gupta & Mattereum Vinay Gupta & Mattereum Featured Vector Image by Garry Killian / Freepik Photograph of David D. Friedman by Gage Skidmore / Wikimedia Featured Vector Image by Garry Killian / Freepik Freepik Freepik Photograph of David D. Friedman by Gage Skidmore / Wikimedia

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