Koverd

This paper is available on arxiv under CC 4.0 license. . Authors: Gemini Team, Google Table of Links Abstract and Introduction Model Architecture Training Infrastructure Training Dataset Evaluation Responsible Deployment Discussion and Conclusion, References Contributions and Acknowledgments Appendix 8. Contributions and Acknowledgments Leads Rohan Anil, Co-Lead, Text Sebastian Borgeaud, Co-Lead, Text Yonghui Wu, Co-Lead, Text Jean-Baptiste Alayrac, Co-Lead, MM Vision Jiahui Yu, Co-Lead, MM Vision Radu Soricut*, Co-Lead, MM Vision* Johan Schalkwyk, Lead, MM Audio Andrew M. Dai, Co-Lead, Data Anja Hauth*, Co-Lead, Data* Katie Millican, Co-Lead, Data David Silver, Co-Lead, Fine-Tuning Slav Petrov, Co-Lead, Fine-Tuning Melvin Johnson, Lead, Instruction Tuning Ioannis Antonoglou*, Co-Lead, RL Techniques* Julian Schrittwieser, Co-Lead, RL Techniques Amelia Glaese, Lead, Human Data Jilin Chen, Lead, Safety Emily Pitler, Co-Lead, Tool Use Timothy Lillicrap, Co-Lead, Tool Use Angeliki Lazaridou, Co-Lead, Eval Orhan Firat, Co-Lead, Eval James Molloy, Co-Lead, Infra Michael Isard, Co-Lead, Infra Paul R. Barham, Co-Lead, Infra Tom Hennigan, Co-Lead, Infra Benjamin Lee, Co-Lead, Codebase & Parallelism Fabio Viola, Co-Lead, Codebase & Parallelism Malcolm Reynolds, Co-Lead, Codebase & Parallelism Yuanzhong Xu, Co-Lead, Codebase & Parallelism Ryan Doherty, Lead, Ecosystem Eli Collins, Lead, Product Clemens Meyer, Co-Lead, Operations Eliza Rutherford, Co-Lead, Operations Erica Moreira, Co-Lead, Operations Kareem Ayoub, Co-Lead, Operations Megha Goel, Co-Lead, Operations Core Contributors George Tucker Enrique Piqueras Maxim Krikun Iain Barr Nikolay Savinov Ivo Danihelka Becca Roelofs Core Contributors Anaïs White Anders Andreassen Tamara von Glehn Lakshman Yagati Mehran Kazemi Lucas Gonzalez Misha Khalman Jakub Sygnowski Alexandre Frechette Charlotte Smith Laura Culp Lev Proleev Yi Luan Xi Chen James Lottes Nathan Schucher Federico Lebron Alban Rrustemi Natalie Clay Phil Crone Tomas Kocisky Jeffrey Zhao Bartek Perz Dian Yu Heidi Howard Adam Bloniarz Jack W. Rae Han Lu Laurent Sifre Marcello Maggioni Fred Alcober Dan Garrette Megan Barnes Shantanu Thakoor Jacob Austin Gabriel Barth-Maron William Wong Rishabh Joshi Rahma Chaabouni Deeni Fatiha Arun Ahuja Ruibo Liu Yunxuan Li Sarah Cogan Jeremy Chen Core Contributors Chao Jia Chenjie Gu Qiao Zhang Jordan Grimstad Ale Jakse Hartman Martin Chadwick Gaurav Singh Tomar Xavier Garcia Evan Senter Emanuel Taropa Thanumalayan Sankaranarayana Pillai Jacob Devlin Michael Laskin Diego de Las Casas Dasha Valter Connie Tao Lorenzo Blanco Adrià Puigdomènech Badia David Reitter Mianna Chen Jenny Brennan Clara Rivera Sergey Brin Shariq Iqbal Gabriela Surita Jane Labanowski Abhi Rao Stephanie Winkler Emilio Parisotto Yiming Gu Kate Olszewska Yujing Zhang Ravi Addanki Antoine Miech Annie Louis Laurent El Shafey Denis Teplyashin Geoff Brown Elliot Catt Nithya Attaluri Jan Balaguer Jackie Xiang Pidong Wang Zoe Ashwood Anton Briukhov Albert Webson Sanjay Ganapathy Smit Sanghavi Core Contributors Ajay Kannan Ming-Wei Chang Axel Stjerngren Josip Djolonga Yuting Sun Ankur Bapna Matthew Aitchison Pedram Pejman Henryk Michalewski Tianhe Yu Cindy Wang Juliette Love Junwhan Ahn Dawn Bloxwich Kehang Han Peter Humphreys Thibault Sellam James Bradbury Varun Godbole Sina Samangooei Bogdan Damoc Alex Kaskasoli Sébastien M. R. Arnold Vijay Vasudevan Shubham Agrawal Jason Riesa Dmitry Lepikhin Richard Tanburn Srivatsan Srinivasan Hyeontaek Lim Sarah Hodkinson Pranav Shyam Johan Ferret Steven Hand Ankush Garg Tom Le Paine Jian Li Yujia Li Minh Giang Alexander Neitz Zaheer Abbas Sarah York Machel Reid Elizabeth Cole Aakanksha Chowdhery Dipanjan Das Dominika Rogozińska Vitaly Nikolaev Core Contributors Pablo Sprechmann Zachary Nado Lukas Zilka Flavien Prost Luheng He Marianne Monteiro Gaurav Mishra Chris Welty Josh Newlan Dawei Jia Miltiadis Allamanis Clara Huiyi Hu Raoul de Liedekerke Justin Gilmer Carl Saroufim Shruti Rijhwani Shaobo Hou Disha Shrivastava Anirudh Baddepudi Alex Goldin Adnan Ozturel Albin Cassirer Yunhan Xu Daniel Sohn Devendra Sachan Reinald Kim Amplayo Craig Swanson Dessie Petrova Shashi Narayan Arthur Guez Siddhartha Brahma Jessica Landon Miteyan Patel Ruizhe Zhao Kevin Villela Luyu Wang Wenhao Jia Matthew Rahtz Mai Giménez Legg Yeung Hanzhao Lin James Keeling Petko Georgiev Diana Mincu Boxi Wu Salem Haykal Rachel Saputro Kiran Vodrahalli Core Contributors James Qin Zeynep Cankara Abhanshu Sharma Nick Fernando Will Hawkins Behnam Neyshabur Solomon Kim Adrian Hutter Priyanka Agrawal Alex Castro-Ros George van den Driessche Tao Wang Fan Yang Shuo-yiin Chang Paul Komarek Ross McIlroy Mario Lučić Guodong Zhang Wael Farhan Michael Sharman Paul Natsev Paul Michel Yong Cheng Yamini Bansal Siyuan Qiao Kris Cao Siamak Shakeri Christina Butterfield Justin Chung Paul Kishan Rubenstein Shivani Agrawal Arthur Mensch Kedar Soparkar Karel Lenc Timothy Chung Aedan Pope Loren Maggiore Jackie Kay Priya Jhakra Shibo Wang Joshua Maynez Mary Phuong Taylor Tobin Andrea Tacchetti Maja Trebacz Kevin Robinson Yash Katariya Sebastian Riedel Core Contributors Paige Bailey Kefan Xiao Nimesh Ghelani Lora Aroyo Ambrose Slone Neil Houlsby Xuehan Xiong Zhen Yang Elena Gribovskaya Jonas Adler Mateo Wirth Lisa Lee Music Li Thais Kagohara Jay Pavagadhi Sophie Bridgers Anna Bortsova Sanjay Ghemawat Zafarali Ahmed Tianqi Liu Richard Powell Vijay Bolina Mariko Iinuma Polina Zablotskaia James Besley Da-Woon Chung Timothy Dozat Ramona Comanescu Xiance Si Jeremy Greer Guolong Su Martin Polacek Raphaël Lopez Kaufman Simon Tokumine Hexiang Hu Elena Buchatskaya Yingjie Miao Mohamed Elhawaty Aditya Siddhant Nenad Tomasev Jinwei Xing Christina Greer Helen Miller Shereen Ashraf Aurko Roy Zizhao Zhang Ada Ma Angelos Filos Core Contributors Milos Besta Rory Blevins Ted Klimenko Chih-Kuan Yeh Soravit Changpinyo Jiaqi Mu Oscar Chang Mantas Pajarskas Carrie Muir Vered Cohen Charline Le Lan Krishna Haridasan Amit Marathe Steven Hansen Sholto Douglas Rajkumar Samuel Mingqiu Wang Sophia Austin Chang Lan Jiepu Jiang Justin Chiu Jaime Alonso Lorenzo Lars Lowe Sjösund Sébastien Cevey Zach Gleicher Thi Avrahami Anudhyan Boral Hansa Srinivasan Vittorio Selo Rhys May Konstantinos Aisopos Léonard Hussenot Livio Baldini Soares Kate Baumli Michael B. Chang Adrià Recasens Ben Caine Alexander Pritzel Filip Pavetic Fabio Pardo Anita Gergely Justin Frye Vinay Ramasesh Dan Horgan Kartikeya Badola Nora Kassner Subhrajit Roy Ethan Dyer Core Contributors Víctor Campos Alex Tomala Yunhao Tang Dalia El Badawy Elspeth White Basil Mustafa Oran Lang Abhishek Jindal Sharad Vikram Zhitao Gong Sergi Caelles Ross Hemsley Gregory Thornton Fangxiaoyu Feng Wojciech Stokowiec Ce Zheng Phoebe Thacker Çağlar Ünlü Zhishuai Zhang Mohammad Saleh James Svensson Max Bileschi Piyush Patil Ankesh Anand Roman Ring Katerina Tsihlas Arpi Vezer Marco Selvi Toby Shevlane Mikel Rodriguez Tom Kwiatkowski Samira Daruki Keran Rong Allan Dafoe Nicholas FitzGerald Keren Gu-Lemberg Mina Khan Lisa Anne Hendricks Marie Pellat Vladimir Feinberg James Cobon-Kerr Tara Sainath Maribeth Rauh Sayed Hadi Hashemi Richard Ives Yana Hasson YaGuang Li Eric Noland Core Contributors Yuan Cao Nathan Byrd Le Hou Qingze Wang Thibault Sottiaux Michela Paganini Jean-Baptiste Lespiau Alexandre Moufarek Samer Hassan Kaushik Shivakumar Joost van Amersfoort Amol Mandhane Pratik Joshi Anirudh Goyal Matthew Tung Andrew Brock Hannah Sheahan Vedant Misra Cheng Li Nemanja Rakićević Mostafa Dehghani Fangyu Liu Sid Mittal Junhyuk Oh Seb Noury Eren Sezener Fantine Huot Matthew Lamm Nicola De Cao Charlie Chen Contributors Gamaleldin Elsayed Ed Chi Mahdis Mahdieh Ian Tenney Nan Hua Ivan Petrychenko Patrick Kane Dylan Scandinaro Rishub Jain Jonathan Uesato Romina Datta Adam Sadovsky Oskar Bunyan Dominik Rabiej Shimu Wu John Zhang Contributors Gautam Vasudevan Edouard Leurent Mahmoud Alnahlawi Ionut Georgescu Nan Wei Ivy Zheng Betty Chan Pam G Rabinovitch Piotr Stanczyk Ye Zhang David Steiner Subhajit Naskar Michael Azzam Matthew Johnson Adam Paszke Chung-Cheng Chiu Jaume Sanchez Elias Afroz Mohiuddin Faizan Muhammad Jin Miao Andrew Lee Nino Vieillard Sahitya Potluri Jane Park Elnaz Davoodi Jiageng Zhang Jeff Stanway Drew Garmon Abhijit Karmarkar Zhe Dong Jong Lee Aviral Kumar Luowei Zhou Jonathan Evens William Isaac Zhe Chen Johnson Jia Anselm Levskaya Zhenkai Zhu Chris Gorgolewski Peter Grabowski Yu Mao Alberto Magni Kaisheng Yao Javier Snaider Norman Casagrande Paul Suganthan Evan Palmer Contributors Geoffrey Irving Edward Loper Manaal Faruqui Isha Arkatkar Nanxin Chen Izhak Shafran Michael Fink Alfonso Castaño Irene Giannoumis Wooyeol Kim Mikołaj Rybiński Ashwin Sreevatsa Jennifer Prendki David Soergel Adrian Goedeckemeyer Willi Gierke Mohsen Jafari Meenu Gaba Jeremy Wiesner Diana Gage Wright Yawen Wei Harsha Vashisht Yana Kulizhskaya Jay Hoover Maigo Le Lu Li Chimezie Iwuanyanwu Lu Liu Kevin Ramirez Andrey Khorlin Albert Cui Tian LIN Marin Georgiev Marcus Wu Ricardo Aguilar Keith Pallo Abhishek Chakladar Alena Repina Xihui Wu Tom van der Weide Priya Ponnapalli Caroline Kaplan Jiri Simsa Shuangfeng Li Olivier Dousse Fan Yang Jeff Piper Nathan Ie Contributors Minnie Lui Rama Pasumarthi Nathan Lintz Anitha Vijayakumar Lam Nguyen Thiet Daniel Andor Pedro Valenzuela Cosmin Paduraru Daiyi Peng Katherine Lee Shuyuan Zhang Somer Greene Duc Dung Nguyen Paula Kurylowicz Sarmishta Velury Sebastian Krause Cassidy Hardin Lucas Dixon Lili Janzer Kiam Choo Ziqiang Feng Biao Zhang Achintya Singhal Tejasi Latkar Mingyang Zhang Quoc Le Elena Allica Abellan Dayou Du Dan McKinnon Natasha Antropova Tolga Bolukbasi Orgad Keller David Reid Daniel Finchelstein Maria Abi Raad Remi Crocker Peter Hawkins Robert Dadashi Colin Gaffney Sid Lall Ken Franko Egor Filonov Anna Bulanova Rémi Leblond Vikas Yadav Shirley Chung Harry Askham Luis C. Cobo Contributors Kelvin Xu Felix Fischer Jun Xu Christina Sorokin Chris Alberti Chu-Cheng Lin Colin Evans Hao Zhou Alek Dimitriev Hannah Forbes Dylan Banarse Zora Tung Jeremiah Liu Mark Omernick Colton Bishop Chintu Kumar Rachel Sterneck Ryan Foley Rohan Jain Swaroop Mishra Jiawei Xia Taylor Bos Geoffrey Cideron Ehsan Amid Francesco Piccinno Xingyu Wang Praseem Banzal Petru Gurita Hila Noga Premal Shah Daniel J. Mankowitz Alex Polozov Nate Kushman Victoria Krakovna Sasha Brown MohammadHossein Bateni Dennis Duan Vlad Firoiu Meghana Thotakuri Tom Natan Anhad Mohananey Matthieu Geist Sidharth Mudgal Sertan Girgin Hui Li Jiayu Ye Ofir Roval Reiko Tojo Contributors Michael Kwong James Lee-Thorp Christopher Yew Quan Yuan Sumit Bagri Danila Sinopalnikov Sabela Ramos John Mellor Abhishek Sharma Aliaksei Severyn Jonathan Lai Kathy Wu Heng-Tze Cheng David Miller Nicolas Sonnerat Denis Vnukov Rory Greig Jennifer Beattie Emily Caveness Libin Bai Julian Eisenschlos Alex Korchemniy Tomy Tsai Mimi Jasarevic Weize Kong Phuong Dao Zeyu Zheng Frederick Liu Fan Yang Rui Zhu Mark Geller Tian Huey Teh Jason Sanmiya Evgeny Gladchenko Nejc Trdin Andrei Sozanschi Daniel Toyama Evan Rosen Sasan Tavakkol Linting Xue Chen Elkind Oliver Woodman John Carpenter George Papamakarios Rupert Kemp Sushant Kafle Tanya Grunina Rishika Sinha Contributors Alice Talbert Abhimanyu Goyal Diane Wu Denese Owusu-Afriyie Cosmo Du Chloe Thornton Jordi Pont-Tuset Pradyumna Narayana Jing Li Saaber Fatehi John Wieting Omar Ajmeri Benigno Uria Tao Zhu Yeongil Ko Laura Knight Amélie Héliou Ning Niu Shane Gu Chenxi Pang Dustin Tran Yeqing Li Nir Levine Ariel Stolovich Norbert Kalb Rebeca Santamaria-Fernandez Sonam Goenka Wenny Yustalim Robin Strudel Ali Elqursh Balaji Lakshminarayanan Charlie Deck Shyam Upadhyay Hyo Lee Mike Dusenberry Zonglin Li Xuezhi Wang Kyle Levin Raphael Hoffmann Dan Holtmann-Rice Olivier Bachem Summer Yue Sho Arora Eric Malmi Daniil Mirylenka Qijun Tan Christy Koh Soheil Hassas Yeganeh Contributors Siim Põder Steven Zheng Francesco Pongetti Mukarram Tariq Yanhua Sun Lucian Ionita Mojtaba Seyedhosseini Pouya Tafti Ragha Kotikalapudi Zhiyu Liu Anmol Gulati Jasmine Liu Xinyu Ye Bart Chrzaszcz Lily Wang Nikhil Sethi Tianrun Li Ben Brown Shreya Singh Wei Fan Aaron Parisi Joe Stanton Chenkai Kuang Vinod Koverkathu Christopher A. Choquette-Choo Yunjie Li TJ Lu Abe Ittycheriah Prakash Shroff Pei Sun Mani Varadarajan Sanaz Bahargam Rob Willoughby David Gaddy Ishita Dasgupta Guillaume Desjardins Marco Cornero Brona Robenek Bhavishya Mittal Ben Albrecht Ashish Shenoy Fedor Moiseev Henrik Jacobsson Alireza Ghaffarkhah Morgane Rivière Alanna Walton Clément Crepy Alicia Parrish Contributors Yuan Liu Zongwei Zhou Clement Farabet Carey Radebaugh Praveen Srinivasan Claudia van der Salm Andreas Fidjeland Salvatore Scellato Eri Latorre-Chimoto Hanna Klimczak-Plucińska David Bridson Dario de Cesare Tom Hudson Piermaria Mendolicchio Lexi Walker Alex Morris Ivo Penchev Matthew Mauger Alexey Guseynov Alison Reid Seth Odoom Lucia Loher Victor Cotruta Madhavi Yenugula Dominik Grewe Anastasia Petrushkina Tom Duerig Antonio Sanchez Steve Yadlowsky Amy Shen Amir Globerson Adam Kurzrok Lynette Webb Sahil Dua Dong Li Preethi Lahoti Surya Bhupatiraju Dan Hurt Haroon Qureshi Ananth Agarwal Tomer Shani Matan Eyal Anuj Khare Shreyas Rammohan Belle Lei Wang Chetan Tekur Mihir Sanjay Kale Jinliang Wei Contributors Ruoxin Sang Brennan Saeta Tyler Liechty Yi Sun Yao Zhao Stephan Lee Pandu Nayak Doug Fritz Manish Reddy Vuyyuru John Aslanides Nidhi Vyas Martin Wicke Xiao Ma Taylan Bilal Evgenii Eltyshev Daniel Balle Nina Martin Hardie Cate James Manyika Keyvan Amiri Yelin Kim Xi Xiong Kai Kang Florian Luisier Nilesh Tripuraneni David Madras Mandy Guo Austin Waters Oliver Wang Joshua Ainslie Jason Baldridge Han Zhang Garima Pruthi Jakob Bauer Feng Yang Riham Mansour Jason Gelman Yang Xu George Polovets Ji Liu Honglong Cai Warren Chen XiangHai Sheng Emily Xue Sherjil Ozair Adams Yu Christof Angermueller Contributors Xiaowei Li Weiren Wang Julia Wiesinger Emmanouil Koukoumidis Yuan Tian Anand Iyer Madhu Gurumurthy Mark Goldenson Parashar Shah MK Blake Hongkun Yu Anthony Urbanowicz Jennimaria Palomaki Chrisantha Fernando Kevin Brooks Ken Durden Harsh Mehta Nikola Momchev Elahe Rahimtoroghi Maria Georgaki Amit Raul Sebastian Ruder Morgan Redshaw Jinhyuk Lee Komal Jalan Dinghua Li Ginger Perng Blake Hechtman Parker Schuh Milad Nasr Mia Chen Kieran Milan Vladimir Mikulik Trevor Strohman Juliana Franco Tim Green Program Leads Demis Hassabis Koray Kavukcuoglu Overall Technical Leads (equal contribution) Jeffrey Dean Oriol Vinyals The roles are defined as below: • : Individual(s) responsible for the sub-team throughout the project. Lead Individual that had significant impact throughout the project. • Core Contributor: : Individual that had contributions to the project and was partially involved with the effort. • Contributor Responsible for the organizational aspects of the Gemini effort • Program Lead: Responsible for the technical direction of the overall Gemini effort • Overall Technical Lead: Within each role, contributions are equal, and are listed in a randomized order. Ordering within each role does not indicate ordering of the contributions. Gemini is a cross-Google effort, with members from Google DeepMind (GDM), Google Research (GR), Knowledge and Information (K&I), Core ML, Cloud, Labs, and more. We thank our reviewers and colleagues for their valuable discussions and feedback on the report— Alexandra Belias, Arielle Bier, Eleanor Tomlinson, Emily Hossellman, Gaby Pearl, Helen King, Hollie Dobson, Jaclyn Konzelmann, Jennifer Beroshi, Joel Moss, Jon Small, Jonathan Fildes, Oli Gaymond, Rebecca Bland, Reena Jana, and Tom Lue. Our work is made possible by the dedication and efforts of numerous teams at Google. We would like to acknowledge the support from Abhi Mohan, Adekunle Bello, Aishwarya Nagarajan, Alaa Saade, Alejandro Lince, Alexander Chen, Alexander Kolbasov, Alexander Schiffhauer, Amar Subramanya, Ameya Shringi, Amin Vahdat, Anda Rabatić, Anthonie Gross, Antoine Yang, Anthony Green, Anton Ruddock, Art Khurshudov, Artemis Chen, Arthur Argenson, Avinatan Hassidim, Beiye Liu, Benjamin Schroeder, Bin Ni, Brett Daw, Bryan Chiang, Burak Gokturk, Carl Crous, Carrie Grimes Bostock, Charbel Kaed, Charlotte Banks, Che Diaz, Chris Larkin, Christy Lian, Claire Cui, Clare Bycroft, Corentin Tallec, Daniel Herndon, Dave Burke, David Battle, David Engel, Dipannita Shaw, Donghyun Koo, Doug Ritchie, Dragos Stefanescu, Elissa Wolf, Emre Sargin, Eran Ofek, Eric Herren, Estella King, Fatema Alkhanaizi, Felix Gimeno, Fernando Pereira, Florent Altché, Gabriel Carvajal, Gaurav Gandhi, George Powell, Goran Pavičić, Harry Richardson, Hassan Wassel, Hongji Li, Idan Szpektor, Igor Ivanisevic, Ivan Jambrešić, Ivan Jurin, Jade Fowler, James Assiene, Jay Yagnik, Jeanbastien Grill, Jeff Seibert, Jenna LaPlante, Jessica Austin, Jianxing Lu, Jim O’Keeffe, Jin Huang, Joe Heyward, Johannes Welbl, John Jumper, Jonathan Caton, Josh Woodward, Joshua Foster, Kathryn Tunyasuvunakool, Katrina Wong, Kavya Kopparapu, Kelvin Nguyen, Kira Yin, Konstantin Sharlaimov, Kun Li, Lee Hong, Lilly Taylor, Longfei Shen, Luc Mercier, Maciej Mikuła, Mania Abdi, Manuel Sanchez, Maria Ines Aranguren, Mario Carlos Cortes III, Matthew Tait, Matthias Lochbrunner, Mehdi Ghissassi, Micah Mosley, Michael Bendersky, Michael Figurnov, Michael Harris, Michael Mathieu, Michael O’Neill, Michael Vorburger, Mihir Paradkar, Nandita Dukkipati, Nathan Carter, Nathan Watson, Neil Rabinowitz, Nikhil Dandekar, Nishant Ranka, Obaid Sarvana, Olcan Sercinoglu, Olivier Lacombe, Ottavia Bertolli, Paul Caron, Pranesh Srinivasan, Praveen Kumar, Rahul Sukthankar, Raia Hadsell, Rajagopal Ananthanarayanan, Roberto Lupi, Rosie Zou, Sachin Menezes, Sadegh Jazayeri, Sam Cheung, Sameer Bidichandani, Sania Alex, Sanjiv Kumar, Sara Wiltberger, Sarah Fitzgerald, Saz Basu, Sebastian Nowozin, Shannon Hepburn, Shayne Cardwell, Sissie Hsiao, Srinivasan Venkatachary, Sugato Basu, Sundar Pichai, Sundeep Tirumalareddy, Susannah Young, Swetha Vijayaraghavan, Tania Bedrax-Weiss, Taylor Applebaum, Teiva Harsanyi, Terry Chen, Tim Blyth, Ting Liu, Tom Cobley, Tomas Izo, Trystan Upstill, Varun Singhai, Vedrana Klarić Trupčević, Victor Cai, Vladimir Pudovkin, Vu Dang, Wenbo Zhao, Wesley Crow, Wesley Szeng, Xiaodan Song, Yazhou Zu, Ye Tian, Yicong Wang, Yixing Wang, Yossi Matias, Yunlong Jiao, Zachary Jessup, Zhenchuan Pang, Žiga Avsec, Zimeng Yang, and Zoubin Ghahramani. We’d also like to recognize the AlphaCode team, the Borg Scheduling team, the Facilities team, the Gemini Demo Team, the Global Server Ops (GSO) team, the JAX team, the the Legal team, ML SRE team, the ML Supercomputer (MLSC) team, the PartIR team, the Platforms Infrastructure Engineering (PIE) team, and the XLA Compiler team. We thank everyone at Google not explicitly mentioned above, who have shared excitement, given feedback on early Gemini models or created interesting demo uses of Gemini, and worked with or supported the core Gemini team on many aspects of this project.

Gemini -  A Family of Highly Capable Multimodal Models: Contributions and Acknowledgments

AdTech Holding is committed to high technologies that ensure top-notch quality for all its products. Our business approach relies much on software development and thus implies having a team of strong IT specialists who have not only enormous expertise but also an inspiration to grow and create. We always encourage our tech teams to go beyond their normal daily, quarterly, and annual tasks — and it turns into brand new ideas and insights. Today, we are glad to share one of the great examples of such an insight. Our AppLab team is responsible for developing mobile apps, but recently they have gone beyond the limits and created their own app store platform. We spoke to Artem Kovardin, the Head of Product Development of App Lab, to get the idea of why you might need your app store platform and a detailed guide on how to build it. Reasons for building your own app store The first question that might arise is why would anyone need a store when there are already Google Play and AppStore. However, Artem shared two potential situations when such a solution can be very reasonable — and these cases include both personal and business purposes. Reason 1: Building a corporate infrastructure Many companies have their operations based on particular apps. Keeping them in the in-house store might significantly simplify access and control over the whole infrastructure. Besides, you can disable downloads of local apps from the other stores for all employers’ devices. Reason 2: Helping senior family members We mentioned personal reasons, and here is one. Seniors often face issues getting around the modern app stores and struggle to find and install the apps they need. Your own store will solve this problem: you can create a very simplified interface and control what your loved ones install on their devices. Creating App Store Platform: Ready Guide So you are determined to implement such a solution in your company or need to build a store for other reasons. Artem shared the best practices from his team’s experience and we are ready to bring out a step-by-step guide including all necessary tools. Step 1. Planning Like with every project, it’s essential to determine the final goal of the whole work. In our case, it is basically an app that will help to install other apps. The next question is how this app will work. Here are the tools that we recommend using according to our experience: Interface Flutter Native Logic Kotlin APK files downloading Company’s own API API The Go Language Another important point is how we are going to add the apps to the store. The work of a store platform implies that we require apps in the form of APK files. Some of them have direct links, published by developers. However, most apps are only available via Google Play, which means that the project requires a Google Play parser. To sum up, the whole ecosystem of the future app store platform will consist of three parts: Step 2. App Development Flutter allows the creation of an application store with minimum time and effort. Thus, we will mention the most complicated points that might cause difficulties. To manage state in the app, our team used two packages: along with . Such a solution turned out to be the simplest and the most convenient option for a Flutter app state management. provider state_notifier Another important take: before a user can install an app from the storage, they will need to download it first — and this step requires testing. To test how it works, the team added the APK file to a server to make the file available for download. Now you need to download it in the application: void download(String url, {Function? success, Function? error}) async {
	var name = basename(url);
	var request = http.Request('GET', Uri.parse(url));
	var response = client.send(request);
	String dir = (await getApplicationDocumentsDirectory()).path;

	List<List<int>> chunks = [];
	int downloaded = 0;

	response.asStream().listen((http.StreamedResponse r) {
    	r.stream.listen((List<int> chunk) {
            	print('downloaded: ${downloaded * Megabyte}');

            	chunks.add(chunk);
            	downloaded += chunk.length;
        	}, onDone: () async {
  	          print('downloaded: ${downloaded * Megabyte}');

            	var path = '$dir/$name';

            	File file = new File(path);
            	final Uint8List bytes = Uint8List(downloaded);
            	int offset = 0;
            	for (List<int> chunk in chunks) {
                    bytes.setRange(offset, offset + chunk.length, chunk);
                	offset += chunk.length;
            	}

            	await file.writeAsBytes(bytes);

            	if (success != null) {
                	success(path);
            	}

            	return;
        	}, onError: (err) async {
            	if (error != null) {
                	error();
            	}
    	});
	});
} The `getApplicationDocumentsDirectory()` function returns the path to the directory where you need to download the APK file. With the help of the `basename(url)` function we get the file name; to start background loading, we use the `response.asStream()`, and when the downloading is finished, we use the callback `success(path);`. As a result, we have the file and can install it. Here we require a part of a native Kotlin code. To get this code, we need to install the__ __ package and create particular contracts in the pideons/install/apk.dart file. pigeon import 'package:pigeon/pigeon.dart';


class InstallRequest {
  String? file;
}

class InstallResponse {
  bool? status;
}

@HostApi()
abstract class InstallApk {
  @async
  InstallResponse install(InstallRequest request);
} Then, we generate interfaces for a native code and the Dart code: flutter pub run pigeon \
  --input pigeons/install/apk.dart \
  --dart_out lib/pigeons/install/apk.dart \
  --java_out ./android/app/src/main/java/ru/kovardin/getapp/pigeons/install/Apk.java \
  --java_package "ru.kovardin.getapp.pigeons.install" Pigeon generates Java files, but we can use them in the Kotlin native code. Now it’s important to support `InstallApk` interfaces from the generated Java code: package ru.kovardin.getapp.install

import android.app.Activity
import android.content.Intent
import android.content.pm.PackageManager
import android.content.pm.ResolveInfo
import android.net.Uri
import android.os.Build
import android.util.Log
import androidx.core.content.FileProvider
import ru.kovardin.getapp.pigeons.install.Apk
import java.io.File


open class Apk(val context: Activity): Apk.InstallApk {
	override fun install(request: Apk.InstallRequest, result: Apk.Result<Apk.InstallResponse>?) {
    	Log.d("APK", "install apk ${request.file}")

    	try {
        	val file = File(request.file ?: "")
        	val intent = Intent(Intent.ACTION_VIEW)
        	val authority =  context.getApplicationContext().getPackageName().toString() + ".provider"
        	val type = "application/vnd.android.package-archive"

        	if (Build.VERSION.SDK_INT >= Build.VERSION_CODES.N) {
            	val apk: Uri = FileProvider.getUriForFile(
                    	context,
  	                  authority,
                    	file
            	)

                intent.setDataAndType(apk, type)
            	val infos: List<ResolveInfo> = context.getPackageManager().queryIntentActivities(intent, PackageManager.MATCH_DEFAULT_ONLY)
            	for (info in infos) {
                    context.grantUriPermission(authority, apk, Intent.FLAG_GRANT_WRITE_URI_PERMISSION or Intent.FLAG_GRANT_READ_URI_PERMISSION)
            	}
                intent.setFlags(Intent.FLAG_ACTIVITY_CLEAR_TOP or Intent.FLAG_ACTIVITY_NEW_TASK or Intent.FLAG_GRANT_WRITE_URI_PERMISSION or Intent.FLAG_GRANT_READ_URI_PERMISSION)
                intent.putExtra(Intent.EXTRA_NOT_UNKNOWN_SOURCE, true)

        	} else {
            	intent.setAction(Intent.ACTION_VIEW)
                intent.addFlags(Intent.FLAG_GRANT_READ_URI_PERMISSION or Intent.FLAG_ACTIVITY_NEW_TASK)
                intent.putExtra(Intent.EXTRA_NOT_UNKNOWN_SOURCE, true)
                intent.setDataAndType(Uri.fromFile(file), type)
        	}
            context.startActivity(intent)
    	} catch (e: Exception) {
        	e.printStackTrace()
    	}

    	val response = Apk.InstallResponse();
    	response.status = true;
    	result?.success(response)
	}
} Overall, the app installation is the launch of intent with the right type and the APK file in parameters. The rest of the work is done by Android — automatically. The next thing we recommend to do is to check the SDK version. The future logic we will use to work with the APK file will depend on this SDK version. For SDK 23 or earlier versions, we can use a standard access to a file: `Uri.fromFile(file)`. This code is executed in the else section: intent.setAction(Intent.ACTION_VIEW)
intent.addFlags(Intent.FLAG_GRANT_READ_URI_PERMISSION or Intent.FLAG_ACTIVITY_NEW_TASK)
intent.putExtra(Intent.EXTRA_NOT_UNKNOWN_SOURCE, true)
intent.setDataAndType(Uri.fromFile(file), type) Things get more complicated when you work with SDK 24 or later versions. To do things correctly, we will need to add a separate section to the AndroidManifest.xml file: <application
    	android:allowBackup="true"
        android:label="@string/app_name">
    	<provider
            android:name="android.support.v4.content.FileProvider"
        	android:authorities="${applicationId}.authorityStr"
            android:exported="false"
            android:grantUriPermissions="true">
        	<meta-data
                android:name="android.support.FILE_PROVIDER_PATHS"
                android:resource="@xml/paths"/>
    	</provider>
</application> The`@xml/paths` is a separate resource file: paths.xml from the xml folder. We need to define this file’s content: <?xml version="1.0" encoding="utf-8"?>
<paths xmlns:android="http://schemas.android.com/apk/res/android">
	<external-path
            name="files_root"
            path="Android/data/${applicationId}" />
	<external-path
            name="external_files"
        	path="." />
	<root-path name="root" path="/data/" />
</paths> You will find a detailed guide on working with files in the Android SDK 24+ in developer documentation. Now we can call the native code from the Dart code. Pigeon generated the class that will be  used in the service. InstallApk final apk = InstallApk();
final response = await apk.install(InstallRequest(
	file: apk,
)); Another essential point is that you need to request a user permission before installing an APK. You can easily do it with the package. permission_handler Permission.storage.request().then((value) {
	print(value);

    Permission.requestInstallPackages.request().then((value) {
    	print(value);
	});
}); Step 3: API The easiest way to create API is to stick to the Go language, which perfectly suits these needs. To work with HTTP, our team recommends to use : a very simple, but efficient router. chi func (a *Api) Route(r chi.Router) {
  	r.Route("/v1", func(r chi.Router) {

        	r.Route("/apps", func(r chi.Router) {
              	r.Route("/{bundle}", func(r chi.Router) {
                    	r.Get("/", a.apps.One)
                    	r.Get("/download", a.apps.Download)
              	})
              	r.Get("/search", a.apps.Search)
              	r.Post("/updates", a.apps.Updates)
        	})

    	r.Get("/file/*", a.static.File)

        	// ...

  	})
} All APK files are stored in the AWS. To share them correctly, a service needs a handler, that will proxy all requests to files and add a special header: `headers.Set ("Content-Type", "application/vnd.android.package-archive"). This header is required to download files exactly in the .apk format: if you don’t use it, some Android devices will download them as .zip archives. func (h Static) File(w http.ResponseWriter, r *http.Request) {
  	headers := http.Header{}

  	ext := path.Ext(r.URL.Path)
  	if ext == ".apk" {
        	headers.Set("Content-Type", "application/vnd.android.package-archive")
  	}

  	proxy := httputil.ReverseProxy{
        	Director:  func(r *http.Request) {},
        	Transport: responseHeadersTransport(headers),
  	}

  	target := h.config.Scheme + path.Join(h.config.Cloud, strings.Replace(r.URL.Path, "file/", "", 1))
  	req, _ := http.NewRequest("GET", target, nil)
  	proxy.ServeHTTP(w, req)
} The rest of the work with API is standard, so we won’t call special attention to the further actions. To create an application store, you obviously need applications. They are all available in a ready store, and the easiest way is to get them from there. We are speaking about the Google Play that we need to parse — for information purposes only, of course. Part 4: Parser GitHub has a ready library for downloading APK files: . googleplay To start downloading files, you need to log in to Google Play: googleplay -email EMAIL -password PASSWORD This command will generate a special token file that we will use for requests. Then we generate a file with a device identifier — all requests will be performed from it: googleplay -device After everything is done, you will get access to information about an app you want to download: > googleplay -a com.google.android.youtube
Title: YouTube
Creator: Google LLC
UploadDate: 2022-05-12
VersionString: 17.19.34
VersionCode: 1529337280
NumDownloads: 11.822 B
Size: 46.727 MB
File: APK APK APK APK
Offer: 0 USD And download a particular version of any application: googleplay -a com.google.android.youtube -v 1529337280 The Result The AppLab team got the following platform as a result of all these efforts: It looks and works like a normal application store. And, after all, it turned out to be comparatively easy to develop. Artem insists that most part of the work lies on Android itself, while a developer needs to correctly download the APK files, get all permissions from a user, and launch a standard installation for Android. The result you see in the pictures shows an application store with a limited set of functions. All that it allows you to do is install apps on Android devices — not bad already, though. However, you can go further and add more things: Push Notifications via package, or package to realize the updates logic. firebase_messaging installed_apps

How to Build Your Own App Store

Choosing a platform upon which to build your blockchain, token or smart contract can be difficult - and this is a problem which a range of pioneering projects are attempting to solve. Ethereum once reigned supreme, however it is now widely considered something of a ‘legacy’ platform due to its age and outstanding flaws including slow transaction speeds, frequent network overload (resulting in high gas fees), and scalability issues. Adoption growth for Ethereum has been recorded to have month-on-month by the of last year, and more and more people are looking to the newer alternative options that have entered the space. slowed end As it becomes more cumbersome and less attractive to potential creators and developers, people have been looking to new blockchain infrastructure upon which to build their projects. There’s a huge selection of alternative options now, however the community has become disparate as a result, split across a multitude of newer alternative chains. None of which are able to boast the wealth of dApps, support or tools available on Ethereum. As a result, it grows increasingly difficult for anybody without significant development expertise to work with many of these newer infrastructures. Links Between Chains Imagine if having to choose between blockchains wasn’t so complicated. If decentralized applications, transactions and / or smart contracts developed by one team could be shared with another, regardless of the blockchain platform it was developed upon. Whilst not a complete listing of projects, the following is a collection of what I personally believe to be some of the most interesting and noteworthy active projects. Some examples which push the bar with what you can do between discrete blockchains. 1. Ark Ecosystem is an open source all-in-one platform that provides services and infrastructure for creators. It also boasts an 8 second block time for transactions. ARK The motto of the company is “Point. Click. Blockchain” - an obvious reference to the operating principles behind organisations such as Squarespace: that technical capability should not stunt ambition. This is achieved by providing users with a large set of tools and modular dApps with which can build their own blockchain platform. These user-created 'bridgechains' are interoperable with one another, enabling sharing between organisations and developers without boundaries. developers ARK is to anybody to use, and there are no fees or up-front costs to worry about when setting up your own blockchain and supports 12+ programming languages. Although it is supported by the ARK token, it is a utility coin used almost solely for staking in the DPoS system and voting for nodes. open Recently, has joinEd the likes of Wolfram, Ledger and Changelly in with ARK, choosing to employ ARK’s “flexible yet powerful” blockchain as a foundation - to power its virtual operating system. nOS partnering ARK pro-actively supports the developers who contribute to the ecosystem and offer numerous opportunities to earn rewards; including a , in which rewards distributed equally without arbitrary distinctions such as ‘size’ or ‘importance’ of problem solved. bounty rewards program Beyond bounties, the company offers a which developers and community members can apply for to obtain funding for their projects. The ‘Powered by Ark’ program (of which nOS is a part) is also of note. community fund 2. OneLedger A decentralized cross-compatibility protocol which provides users the opportunity to access a range of what it calls “core [blockchain] infrastructures” in a “highly scalable manner”. This is achieved through the use of sharding and side-chains. Its advisors include Trevor Koverko (CEO of Polymath). The project primarily targets the business sector, with the goal of delivering the opportunity to integrate blockchain with legacy systems - positioning itself as a gateway to the world of decentralized systems. open source In fact, the team even advertises its implementation of business integration APIs and smart contracts to simplify and streamline the process of on-boarding new business opportunities to distributed ledger technologies for the first time. Much of which via the OneLedger protocol. OneLedger Like with Ark, OneLedger offers a modular stack to developers - allowing to adopt from various ledgers and adapt their own applications easily. The primary purpose of this modularity is to enable scalability and maximise ease-of-use to creators of blockchain applications. What’s quite different is that OneLedger proudly advertises that users can execute cross-chain atomic swaps within its protocol, alongside the development and use of interoperable dapps (on public and private blockchains). This makes it a suitable option for those seeking an interoperability for a project focusing on digital assets. The economy is primarily supported through the - which runs the risk of overinflated prices as a result of being both a utility and form of investment. OLT token 3. Consensys (‘Atomic Crosschain Transactions for Ethereum Private Sidechains’) Whilst Little is known about what exactly is planning with regards to cross-chain functionality and interoperability, however the organisation released a paper which describes a number of solutions to the problem in comprehensive technical detail. ConsenSys This paper, entitled ‘ ’ (3rd May 2019) presents the case for what it calls ‘Ethereum Private Sidechains’, in addition to defining a set of requirements with which this technology should be delivered, and details the ‘Ethereum Private Sidechain’ concept in detail. Atomic Crosschain Transactions for Ethereum Private Sidechains Primarily, it details a theoretical method of connecting public and private blockchains, specifically, side chains, using a so-called ‘Atomic Cross Chain Transaction Technology’ - utilising technologies such as HTLCs (Hash Time-Locked Contracts). Ethereum Private Sidechains were first written about in June 2018 in the paper ‘ ’ - which was written by Peter Robinson (who was also the primary author of the aforementioned paper on atomic cross chain transactions). Requirements for Ethereum Private Sidechains The term denotes a solution which offers multiple permissioned channels - as well as privacy and permissioning akin to its main inspirations: Hyperledger Fabric and Quorum. ConsenSys was founded in 2014 by Ethereum co-founder Joseph Lubin. The company develops decentralized software and applications exclusively on the Ethereum blockchain, and is an active participant in the Enterprise Ethereum Alliance (with the likes of Microsoft and Cisco). Other key projects of note from the company include Consensys , , and . Labs Academy Capital The size and influence of the ConsenSys means that, although there are no concrete announcements yet, they would make a big impact in the field. - My name is Tom Clark. I am an avid blockchain enthusiast currently studying towards a BA in Journalism, and just getting started with the wonderful Hackernoon community. For disclosure, I met the founders of the ARK project earlier this year and observed operations first-hand for a journalism project. Do you believe that bridge-chains could be the solution to the current post-Ethereum developer displacement? I’d love to discuss in the comments below!

Innovators of Interoperability: Three Solutions

“Accept the things to which binds you,” wrote Marcus Aurelius 1,900 years ago. fate For founder Trevor Koverko, in car accident while in his 20s. Eight years ago, Koverko’s vehicle got smashed by fully-loaded truck, a major collision that led to brain injury and disability. Polymath fate almost meant dying — he believed at the time — involved playing for NHL’s New York Rangers, which drafted him in 2005. But with temporary paralysis on left side of his body, such hopes were dashed on that in 2011, and portended an . Destiny fateful day uncertain future “At that point, I was forced to reinvent myself and find a new purpose,” tells Hacker Noon. “And that’s when I discovered entrepreneurship and later crypto.” Trevor Koverko A Shift in Focus Relentlessness can find different ways of expression; such as intellectual pursuits. The Canada native spent time in , learning about software, investing, and monetary policy. Economic discussion at the time involved moral hazard of financial institutions, as well as, regulators’ failure to prevent the 2008 Financial Crisis. Silicon Valley and Wall Street Cryptos are at intersection of computer science, economics, and game theory. Koverko began to embrace — attending cypherpunk gatherings that increased awareness for a budding revolution led by anonymous entity Satoshi Nakamoto. decentralization and programmable money It was also an opportunity to . During this time, he founded, participated, and invested in online businesses — and used proceeds to start a private equity fund. acquire digital assets (The story continues below.) Photo credit: T. Koverko Polymath founder Trevor Koverko is considered an early participant in blockchain industry, and speaks frequently at conferences. Operator and Investor “I ,” says Koverko. “I prefer investing in high margin, high yielding businesses. I discovered website investing and become hooked. We would purchase small tech companies for 1–3 times trailing EBITDA and sprinkled in some leverage (debt). It was a fantastic business and a lot of fun.” love private equity The Polymath founder says his with emergence of Bitcoin (BTC). personal roadmap became clearer “I on eBay of all places,” says Koverko. “That was my gateway drug and before I knew it, I was tumbling down the crypto rabbit hole. I became plugged into the early crypto ecosystem and had the opportunity to angel-invest in some pretty amazing, foundational projects like ShapeShift via my friend Erik Voorhees (ShapeShift’s founder).” bought my first Bitcoin in 2012 (The story continues below.) Photo credit: Shutterstock In December 2012, 1 Bitcoin (BTC) traded for $13 — having risen steadily in value throughout that year. Tokenizing Physical Assets These experiences would later inform creation of Polymath which Koverko founded in 2017. It’s securities token platform that makes it convenient for companies to tokenize real-world assets. The firm’s ST-20 token standard helps ventures (STOs). Compliant security tokens represent partial or complete ownership of real-world assets, and these digital assets are secured on blockchain. It also shows gradual shift from physical ownership (such as paper-based company shares) to via compliant security tokens. launch security token offerings digital-based ownership “Most of the regulations we need to operate exist already,” says Koverko. “We think many tokens are financial securities and issuers must follow the existing rules and frameworks. Luckily there are many advisors to help business navigate through the process of registering with the SEC and managing complex compliance considerations like secondary trading restrictions.” He adds, “By being complaint, you open your business to trillions of dollars of institutional capital that only participate in investment-grade securities.” Alibaba founder Jack Ma said last month at World Economic Forum, “There are ; only of yesterday.” no experts of tomorrow Polymath is blazing a trail that digitizes ownership of assets. It wouldn’t have existed had NHL’s Rangers signed Trevor, . the hockey player Polymath was founded in 2017. The platform helps ventures digitize ownership of assets.

Polymath Founder’s Derailed NHL Dream Led to Opportunities in Blockchain

While cryptocurrencies have generated the lion’s share of investment and attention to date, I’m more excited about the potential for another blockchain-based digital asset: security tokens. Security tokens are defined as “any that is subject to regulation under security laws.” In other words, they represent ownership in a real-world asset, whether that is equity, debt or even real estate. (They also encompass certain pre-launch utility tokens.) blockchain-based representation of value With $256 trillion of real-world assets in the world, the opportunity for crypto-securities is truly massive, especially with regards to asset classes like real estate and fine art that have historically suffered from limited commerce and liquidity. As I’ve written previously, imagine if that you could trade as safely and easily as you do stocks. That’s where we’re headed. real estate was tokenized into security tokens There’s a lot of forward momentum around tokenized securities, so much so that based on their current trajectory, I believe security tokens are going to become a common part of Wall Street parlance in the near future. Investors won’t just be able to buy and sell tokens on mainstream exchanges, however; “crypto-native” companies are also throwing their hats into this ring. The starter pistol has been fired The race is on to bring security tokens to the masses Because and other cryptocurrencies are , it’s been much easier to facilitate trading on a large scale. Security tokens are more complex, requiring not just capabilities around trading, but also issuance and, critically, compliance. (See more of my thoughts on compliance .) It’s a major undertaking, which is why we haven’t seen the Coinbase or Circle of security token trading emerge yet (or seen these companies expand their platforms to address this — more on that later). Bitcoin not classified as securities here Meanwhile, regular exchanges are blazing the trail and moving into providing tokens trading. The founder and chairman of the company that owns the NYSE , Bakkt, that would provide an on-ramp for institutional investors interested in purchasing cryptocurrencies. Last month, the SIX Swiss Exchange — Switzerland’s principal stock trading exchange — announced plans to . The trading and issuing platform, SIX Digital Exchange, will adhere to the same regulatory standards as the non-digital exchanges and be overseen by Swiss financial regulators. announced a new venture build a regulated exchange for tokenized securities This announcement confirms a few things: Most assets (stocks, bonds, real estate, etc.) will be tokenized and supported on regulated trading platforms. Incumbents like SIX have a head start due to their size, regulatory licensing and built-in user base. They are likely to use this advantage to defend their position of power. Most investors will never know they are using distributed ledger technology, let alone trading tokenized assets. They will simply buy and sell assets as they always have. I expect other major financial exchanges to follow SIX’s lead and onboard crypto trading before long. I can imagine them salivating over the trading fees now, Homer Simpson-style. Live shot of financial exchanges drooling over crypto trading fees Crypto companies are revving their engines The big crypto companies are preparing to enter the security token arena Stock exchanges won’t have the space to themselves, however. Crypto companies like and have already debuted dedicated platforms for security tokens, and all signs indicate announcements from Circle and Coinbase unveiling their own tokenized asset exchanges are not far behind. Polymath tZERO is much closer to offering security token products after in June, effectively backward-somersaulting its way into a state of regulatory compliance. President and COO Asiff Hirji all but confirmed crypto-securities are in the company’s roadmap, saying that Coinbase “can envision a world where we may even work with regulators to .” Coinbase acquiring a FINRA-registered broker-dealer tokenize existing types of securities Circle is also laser-focused on security tokens. Circle CEO and co-founder explained the company’s acquisition of crypto exchange Poloniex and launch of app Circle Invest in terms of the In addition, it is with the SEC to facilitate token trading — it could also attempt to take the same backdoor acquisition approach as Coinbase. Jeremy Allaire “tokenization of everything.” pursuing registration as a broker-dealer If there’s a reason Circle and Coinbase haven’t moved into security token services even more rapidly, it’s that there simply aren’t that many security tokens yet. Much of this is due to the lack of compliance and issuance platforms, keeping high-quality securities on legacy systems with which issuers feel more comfortable. As projects like Harbor ramp up more, this comfort gap will grow smaller and smaller, driving the big crypto players deeper into security token services. The old guard versus the new wave Expect a battle between traditional and crypto exchanges This showdown between traditional finance incumbents and crypto giants will be worth watching. One is incentivized to preserve the status quo, while the other is looking to create a new, more global financial system. The Swiss SIX Exchanges of the world enjoy some distinct advantages over the likes of Coinbase — they have decades of traditional financial operating experience, deep relationships throughout the industry and a head start on regulatory compliance. Those advantages probably mean that such incumbents will probably be the first to make infrastructural and logistical upgrades to their systems using security tokens. The first time you interact with a security token, it is likely to be through the Nasdaq. Having said that, incumbents’ greatest disadvantage will be transporting an old-finance-world mentality to these innovations. Coinbase, Circle, Robinhood and other newer players are better suited to harnessing the stepchange elements of security tokens — particularly asset interoperability and imaginative security design. Polymath, professor , an authority on security tokens, told me that “the potential for programmable securities to enable the expression of new investment types is the most exciting feature.” Harbor CEO Josh Stein explained why private securities in particular will be transformed: “by automating compliance, issuers can allow their investors to trade to the limit of their liquidity across multiple exchanges. Now imagine a world where buyers and sellers around the world can trade 24/7/365 with near instantaneous settlement and no counterparty risk — that is something only possible through blockchain.” University of Oregon Stephen McKeon Those hypergrowth startups are going to experiment with these new paradigms in ways that older firms won’t think of. You can see evidence of this forward thinking in that allows Venmo users to send value to Alipay users — exactly embracing interoperability, if not in an asset sense. Circle’s efforts to build a payment network The race is on As Polymath’s and have been saying for the past year, the financial services world is moving toward security tokens. As the crypto economy matures, we’re inching closer to a new era of real-world assets being securitized on the blockchain in a regulatory compliant manner. Trevor Koverko Anthony “Pomp” Pompliano The challenge for both traditional and crypto exchanges will be to educate investors about this new way to buy and sell investments while powering these securities transactions via a smooth, seamless experience. Ultimately, security tokens lay the groundwork for granting investors their biggest wish — the ability to trade equity, debt, real estate and digital assets all on the same platform. Originally published in Techcrunch . Sunny Dhillon is a founding partner at Signia Ventures, a $85m seed and series A venture capital firm based in the San Francisco Bay Area. He invests in consumer and enterprise startups. He leads the fund’s investment strategy in distributed ledger tech. If you enjoyed this post, please “clap” 50X in the bottom left corner so it will be shared with more people. You can also tweet me your thoughts, find me on LinkedIn , or learn more at my personal website .

Security Tokens Will Be Coming Soon To An Exchange Near You

The initial coin offering ( ) is a innovative crowdfunding model that enables new businesses to sidestep traditional early seed investment. In 2017, ICOs raised over $4 billion of beginning time capital and massively disrupted conventional finance.Through the ICO fundraising model, new companies can raise capital by issuing crypto tokens on a — most normally Ethereum — and circulating them to token purchasers in return for making a money related commitment to the task. In July 2017, the Securities and Exchange Commission (SEC) discharged a report which inferred that specific tokens could be delegated securities and subject to control. Almost EVERY SINGLE ICO to date has been an unregistered securities offering, posing under the guise of utility tokens. Also SEC Chairman Jay Clayton said: ICO blockchain “I believe every ICO I’ve seen is a security.” The “utility token” defence might not work. Chairman Clayton warned against using the phrase utility token. ICOs that violate securities laws could soon confront punishments or graver consequences. Depending on their function, crypto tokens might be classified as or . Utility tokens Security tokens Utility Token — UtIlity tokens represent a unit of account for the network. The bigger the network grows, the more utility in the token, and because the number of tokens is fixed. As the size of the network and transaction volumes within it grows, this will create demand for the tokens. It is important to note that “utility token” is an organizational distinction–not a legal one. The SEC has not given official guidance on utility tokens, so the industry does not with certainty whether they are subject to securities regulations. Bloomberg’s Matt Levine compares utility tokens to the Starbucks card: A Starbucks gift card is probably not a security, even though you pay money to a corporation for the card and expect to get back something in the future, because you are not investing the money in the expectation of profit: You’re investing it in the expectation of coffee_._ UtIlity tokens have a use case and are not designed as investments, but that doesn’t mean that they don’t bring any profit. They have a certain use case inside the project and don’t represent company’s share. Utility tokens may grow in price, if the demand for service or product increases. So buying such tokens of a project, that solves real problems of users and is constantly being developed and improved, may give great profit in future. , allowing users to lend their own PC’s power to the network which collectively employs it to run a remote supercomputer. Users earn GNT for connecting to the network, but they can also buy them via an exchange. with users rewarded in BAT for using the BRAVE browser and viewing ads. Golem is a pertinent example Basic Attention Token is similar, **Also Filecoin –**which raised an ICO-record $257 million–plans to provide a decentralised cloud storage service that will take advantage of unused computer hard drive space. ICO contributors received tokens that they will be able to use to purchase storage space from Filecoin once the service has launched. Security Token — One of the major topics of discussion in cryptocurrency right now is around the development of security tokens. Security tokens gives their holders to ownership rights of a company. A security token’s value is derived from a tradable asset; subsequently, it is liable to government laws controlling traditional securities. Security tokens can be utilised to change conventional IPOs(initial public offerings) and issue company shares, profits, and voting rights over the blockchain frameworks. , the CEO of tokenized securities startup said — Joshua Stein Harbor A security token represents traditional, private security interest. It could represent a share in a company, an LP interest in a fund or a trust, a member share in an LLC. Essentially, you’re taking something that today you have on paper and you’re putting an electronic wrapper around it. Here’s the definition right from the Securities Act of 1933 “The next mega trend in crypto will be assets migrating to the blockchain in the form of tokens. pretty much any security is better denominated as a token than traditional forms of ownership. This is the future, not share certificates in filing cabinets.” — Trevor Koverko, CEO of Polymath Inc. ( https://www.icoinvestor.tv/info/polymath-ceo-trevor-koverko-security-tokens-are-the-future-1440/ ) Polymath is doing for securities tokens what Ethereum did for utility tokens. Polymath’s ST20 security token protocol embeds regulatory requirements into the tradable tokens themselves, which are only available to verified and authorized participants. Also Online retailer Overstock recently announced that , one of its portfolio companies, will hold an ICO to fund the development of a licensed security token trading platform.The tZERO tokens that are issued from this ICO will be in accordance with SEC regulations. tZERO token holders will be entitled to quarterly dividends from the profits generated by the tZERO platform. tZERO The first major wave of security token offerings has already begun; starting with the launch of a crypto-backed instant loan platform by Credissimo; a leading European FinTech Group that has been a key player in Online Consumer Lending and E-commerce Financing for over 10 years. The company generates operating revenues from crypto-backed loans. The company’s positive bottom line is called its Net Profit and, when achieved, 70% from it will be reinvested back into the company to fund more crypto-backed loans, and a fixed 30% from the Net Profit is paid out as dividends to NEXO Token holders in the given accounting period. Nexo , How Do We Actually Distinguish Security and Utility Token ? With a specific end goal to decide if a digital token is a security, we can apply the Howey Test. This is used to confirm regardless of whether or not a transaction qualifies as an ‘investment contract’.If it meets the criteria, at that point it will be considered as a security and will be subject to additional disclosure and regulation requirements. So as to be named a investment contract under the Howey Test, a token must meet the following prerequisites: There is an investment of money. The user expects to profit from the investment. The investment of money is in a common enterprise. Any profit comes from the efforts of a third-party or promoter.

How is Security Token Different From Utility Token ?

DISCLAIMER : I am in no way associated with the OneLedger team. Neither am I a financial advisor, nor is this meant to be financial advice. Whatever follows, just reflects my understanding of the project, and my personal opinion on its future outlook. As global adoption of blockchain technology is beginning to gather pace, we are already glaring into some critical technological challenges, some of which are already limiting the scale of enterprise-level blockchain adoption. One such challenge is that today, Currently blockchains exist as isolated networks introducing two major restrictions, among others: blockchain interoperability is practically non-existent. Today, if we want to transfer digital assets chains, we have to do so by transferring the assets to intermediary exchanges, using their in-house wallets and ledgers to swap assets, and then transferring the new assets to their corresponding blockchains. This process is, of course, time consuming, costly and involves substantial third-party risks. , where digital assets can be moved across different blockchains without the need to trust a third-party, are being worked on, but are still far from being ready for widespread adoption. No practical way to transfer value between different blockchains. directly ‘across’ centralized Cross-chain atomic swaps Today, to deploy dApps across multiple platforms, developers need to write smart contracts in multiple languages, depending on each platform of choice. This is, again, expensive, resource-intensive, and time-consuming, thereby making dApps practically infeasible, and largely ineffective for businesses. Inability of businesses and individuals to deploy distributed applications (dApps) across multiple blockchain platforms. easily There are a number of projects, such as Cosmos, Polkadot, Aion and Overledger, that are currently working on different aspects of blockchain interoperability, each proposing different mechanisms and solutions to facilitate cross-ledger operations. However, there is one particular project that has taken a uniquely interesting route to making blockchains interoperable: OneLedger. What is OneLedger? is universal blockchain protocol enabling: OneLedger Cross-ledger access through business modularization High performance scaling using sharded and consensus mechanism modified practical Byzantine Fault Tolerant OneLedger aims to enable businesses and individuals to build applications through OneLedger’s modularization tools, which will then communicate with OneLedger protocol using its gateway. Application Programming Interface (API) Overview of the high-level interactions of OneLedger protocol with applications and other public blockchains; taken from OneLedger whitepaper found here (PDF) OneLedger protocol communicates with the , which in turn could be synchronized with any other public distributed ledger (like Bitcoin, Ethereum, Hyperledger etc.) that supports and sidechains hashed time lock contracts (HTLC) payment channels. An interesting feature of OneLedger protocol’s consensus mechanism is that using and , Public Key Infrastructure (PKI) identity management business owners can launch their own permissioned or permissionless sidechains, with their own uniquely identified role-based network consensus. OneLedger’s mission is to be the that facilitates businesses’ adoption of the blockchain technology, and enables them to integrate the technology into their specific business applications. enterprise blockchain cross-ledger solution What Makes OneLedger Unique as a Blockchain Interoperability Solution The three most intriguing features that set OneLedger apart from the other projects working in the blockchain interoperatbility space are: that support HTLC and payment channels, regardless of their consensus protocol. These sidechains can be configured with unique network consensus. OneLedger allows anyone to launch or sidechains, that can be synchronized with other public distributed ledgers (like Ethereum, Bitcoin etc.) permissioned permissionless Using the identity management system allows enterprises to control node participation in consensus, restrict read and write access of users on their network, and keep track of users’ assets on the network. This identity management is carried out across multiple distributed networks by assigning a to each user, where the private key would be used to digitally sign all messages from a user on the network. OneLedger uses a Smart Identity Management System to allow configuration of unique for private sidechains for enterprises. role-based consensus master private/public key pair This eliminates the need for developers to write smart contracts in multiple languages, if they are to be deployed on multiple blockchains, as is the case today. Using OneLedger’s , developers can write a for their dApp, and deploy the dApp simultaneously on multiple public blockchains. Software Development Kit (SDK) ‘master smart contract’ OneLedger Architecture OneLedger architecture; taken from OneLedger whitepaper found here (PDF) The idea here is not to go too deep into OneLedger’s architecture, but rather to look at some of the key components in their architecture, and how they fit into the overall consensus scheme. OneLedger Business Center contains the that would enable users to map their business modules onto the blockchain. Using OneLedger’s , developers can write a for their dApp, and OneLedger Business Center OneLedger Business Application Development Kit Software Development Kit (SDK) ‘master smart contract’ deploy the dApp simultaneously on multiple public blockchains. It is here, in the where OneLedger aims to connect businesses with independent module developers to help develop software plug-ins to integrate multiple modules for the required business flows. OneLedger Business Center, Identity Management System OneLedger uses a to allow enterprises to: Smart Identity Management System define roles and a trust hierarchy for nodes that participate in consensus on their permissioned network, and control read and write access for node operators on their permissioned network. This identity management is carried out across multiple distributed networks by assigning a to each user, where the private key would be used to digitally sign all messages from a user on the network, thus linking users to their role in the business. master private/public key pair Business Logic Modularization using role-based consensus; taken from OneLedger whitepaper found here (PDF) Effectively, where each role is linked to an independent node that may or may not participate in consensus, depending on the pre-configured business logic. enterprises are able to configure role-based consensus methodology OneLedger protocol also uses to create: public key authentication highly configurable for individuals and institutions, digital wallets for businesses and consumers based on transaction history and behaviour on the network, and credit scores for tighter consensus if disagreements arise. arbitration mechanisms Private and Public Sidechains OneLedger consensus protocol communicates with sidechains that could be of two types: OneLedger allows businesses to launch their own permissioned or permissionless sidechains, that can be configured with unique network consensus. Private sidechains: Private sidechains could be synchronized with public sidechains for any public blockchain (like Bitcoin, Ethereum, Hyperledger etc.) that supports and Effectively, OneLedger protocol users can perform an arbitrary number of transactions on the sidechains before a user chooses to withdraw their digital assets back onto the public main chain of their choice. Public sidechains: hashed time lock contracts (HTLC) payment channels. public main chains offload consensus to the corresponding OneLedger public sidechains, providing a scalable off-chain solution. OneLedger Consensus Protocol To integrate business logic with private and public sidechains, OneLedger uses a three-layered consensus concept. OneLedger’s three-layered consensus protocol hierarchy; taken from OneLedger whitepaper found here (PDF) Consensus begins with where a generalized smart contract, defining roles and their respective behaviours for consensus participation, is compiled by businesses or individuals. This generalized contract is then translated into a contract recognizable and executable for the public blockchains that the contract is expected to run on. Business Initialization, The next layer, , aims to execute interactions between roles as defined in the contract. To achieve channel consensus, sidechain consensus based on is conducted within the channel, among all its participants. Sidechain consensus is reached when of the participating nodes have agreed. A channel can, of course, run through two different business models, in which case sidechain consensus is reached when both business models have reached consensus. Channel Consensus Byzantine Fault Tolerant Partial Synchronization more than two-thirds Once consensus is reached in a channel, data is written to the block, broadcasted to all nodes in the channel, and the corresponding state is stored. The last layer, , is required when a transfer between public chains is requested. This initiates the at the beginning of sidechain consensus. Public Chain Consensus sidechain pre-consensus OneLedger sidechain consensus in conjunction with public chains; taken from OneLedger whitepaper found here (PDF) The pre-consensus block drives a proposal to the relevant public chain where a vote is conducted by validators of the public chain to lock or unlock digital assets. If the public chain vote is successful, and more than two-thirds of the sidechain nodes agree, the pre-consensus block will be committed and added to the ledger. Team and Advisors has extensive cumulative experience in blockchain protocol and consensus algorithm development, high-performance computing, information security, cloud computing and business intelligence. OneLedger’s team The of OneLedger, , is the Chairman of , and has over 13 years of cumulative experience in blockchain technology and enterprise architecture. Prior to being an active member of the Hyperledger and blockchain community, David has also worked at Lab as a Java/WebSphere Commerce Developer, and at as a Lead Commerce Consultant. Founder and Chief Executive Officer (CEO) David Cao Canada China Blockchain Professional Association (CCBPA) IBM Toronto Xerox The of OneLedger, , is the Founder and CEO of , a blockchain startup developing a blockchain-enabled social credit rating system for the world. Alex is also the former Chief Technology Officer (CTO) of , a smartcard-based fare payment system for public transit systems in Ontario, Canada. Chief Technology Advisor (CTA) Alex Todd Trust 2 Pay PRESTO The of OneLedger, , has previously worked as a Senior Consultant at and , and as a Software Engineer at and . Stephen is an expert in distributed application innovation, and Solidity smart contract development. Lead Engineer Stephen Li Morgan Stanley Deutsch Bank IBM Microsoft OneLedger also has a strong advisory board, instilling confidence in the future direction of the project. Some of the most prominent names on the advisory board include — a former IBM Center of Excellence Post-doctoral Fellow in High Performance Computing, — CEO at , and — Co-founder of and founding shareholder of . Matthew Niemerg Trevor Koverko Polymath Jor Law VerifyInvestor.com Homeier Law PC OLT Token Usage and Distribution OLT is OneLedger’s native token that would be utilized by three main participants in the OneLedger ecosystem: Businesses and individuals would pay OLTs as a transaction fee to the nodes to use any services on the OneLedger platform. Users: Participating nodes will receive OLTs as network fees. OneLedger would allow everyone to run a node initially. However, as the ecosystem matures, an OLT staking amount would be required to establish nodes in order to maintain network integrity. Nodes: Developers need OLT tokens to deploy their modules and code to OneLedger Marketplace with a smart contract defining the terms of sale. Developers: OLT token usage between network users, nodes and developers; taken from OneLedger whitepaper found here (PDF) OLT token distribution; taken from OneLedger whitepaper found here (PDF) 100 million OLT tokens will be premined, with a token sale hard cap of US$ 15 million for 35% of the tokens. 25% community reserved tokens will be utilized for developer grants and community engagement. Apart from the tokens distributed in the token sale, all tokens have predefined lockup and vesting periods as detailed in . OneLedger’s whitepaper Roadmap OneLedger is still in the early phases of its development roadmap, with a lot of significant milestones planned in the next couple of years. Some of the most important milestones are the launch of Ethereum and Bitcoin sidechains, MVP launch for crosschain consensus, launch of API gateway, and the launch of Alpha version and the first version of OneLedger’s platform. Following is the roadmap that OneLedger is going to follow through 2018–2019: Q3–Q4 2017 Final whitepaper Theoretical Proof of Concept Q1-Q2 2018 Launch Ethereum sidechain testnet Synchronize Ethereum sidechain with OneLedger protocol engine Implement and optimize cross-chain consensus Add more public chain support Launch MVP with crosschain consensus Q3-Q4 2018 Enable Bitcoin sidechain to allow for cross-chain support Complete decentralized cross-chain exchange protocol Complete implementation of modularization tools and compilers Implement OneLedger’s Identity Management System and Smart Contract Authorization System Launch API gateway Launch Alpha version of the OneLedger platform 2019+ Release first version of the OneLedger platform Integrate with more blockchain protocols Expand business network Conclusion Opportunities OneLedger seems to offer a very practical and scalable approach to enable . businesses to operate in a blockchain-agnostic fashion OneLedger would allow , which is a huge improvement on the way dApps function today. dApps to run on multiple platforms with one master-contract Because of the unique elements of OneLedger protocol, it is in a in the blockchain interconnectivity space. unique position to explore uncharted territory OneLedger has a very modest which means that the at this stage of platform development. token sale hard cap of US$ 15 million, project is not over-valuing itself OneLedger has a very experienced team and advisory board led by David Cao . Concerns OneLedger is still in the early phases of its development, with the . How the team delivers on its ambitions, remains to be seen. Alpha version of the platform planned for Q3-Q4 2018 Bottom Line OneLedger is a blockchain infrastructure project with a very experienced team and advisory board, a strong use case, and a modest token sale hard cap of US$ 15 million. I am optimistic on the future outlook of OneLedger and will definitely keep an eye on it! Further Reading on OneLedger : Website http://oneledger.io : Telegram http://t.me/oneledger : Whitepaper http://oneledger.io/wp-content/uploads/2018/04/oneledger-whitepaper.pdf

OneLedger — A Uniquely Interesting Enterprise Blockchain Cross-ledger Solution

Many companies launch utility tokens due to lack of clear regulations in regards to security tokens. However relatively large number of those tokens don’t make any sense and at best their utility functions are very weak. Utility tokens are much easier to launch than security tokens because they are not regulated. ICO company can do online marketing and offer their tokens to non-accredited investors and retail investors. They do not have to incur the heavy expenses typically associated with regulatory compliance. But this is all changing now. Year 2018 will be the year of security tokens. Last month I went to Bahamas to attend a conference on security tokens ST-20 by . Polycon18 Polymath Since the conference took place in the Bahamas, it didn’t take a lot of convincing to decide to go there. In the end, the trip turned out to be well worth it and the rewards easily compensated for my red light ticket on my way to the airport and the loss of my winter jacket which I left in the taxicab in Nassau. I guess my subconscious mind didn’t think I needed to deal with an unnecessary burden like a winter jacket in a place where the summer never ends. Now let’s come to the point, as you are probably not that interested in my winter jacket anyway. Polycon18 Polymath Expo Booth Almost everybody I met at the conference asked "what is this ST-20 security token?" and "how it will make it easier to finally safely and legally offer crypto-securities on the ?". blockchain I had an opportunity to study the app which can be found on the public GitHub and understand its mechanism before the conference. https://github.com/PolymathNetwork/polymath-core Currently, if a startup wants to offer a security token, they have to figure out how they can do it within the existing legal framework in their jurisdiction, (mostly offering their tokens to accredited investors) and going through lots of paperwork, not to mention legal and third parties fees. Also — no crypto exchange today will list security tokens thus causing total lack of liquidity. One might want to list their tokens on exchanges like the NYSE or TSX, but then this becomes not much different than offering regular securities and then you will be going through the same hurdles as everybody else in the non-crypto world. So what is the token worth which nobody will trade or will it take lots of time and upfront capital to make the offering? The Polymath accepts the challenge of facilitating issuance of security tokens through appropriate blockchain driven platform and high level of alliances and partnerships with proper technology partners and influenceres. Trevor Koverko moderates panel of crypto experts Polymath CEO Trevor Koverko is definitely on the right track, and I have to give him full credit for a vision that is so brilliant, elegant and so obvious that many experienced entrepreneurs will be shaking their heads not seeing that before. The question becomes how one convinces SEC to create a legal framework which will finally regulate the sale of securities on the blockchain and make money along the way? What Trevor and his team have proposed is a platform which will create interfaces through software for all typically involved parties in the steps of running . And no this is not just an ICO lunch token platform. ICO This is a system which offers 4 categories of participants and ensures that final token is a security token in the jurisdiction where it is offered. You can see full demo at this url. Polymath dashboard — is the party offering the token Issuers — is the party offering KYC service Providers — are purchasers of tokens Investors legal team which can offer their legal services Delegates — To get more specif about inner working visit their white paper https://www.polymath.network/resources/whitepaper Now how this approach is going to help speed up mass adoption of this platform by the masses you may ask? The answer is Incentives. Everyone in this picture will be making money, possibly only investors occasionally will be losing money but this is not a new story. The main strength of Polymath concept are two categories which existing ICO platforms have not fully automated yet. These are and And I want to stress that are the key here as we already have multiple KYC providers which are offering APIs to hook them up with the token offering systems. KYC Providers Delgates. Delegates Nobody has automated even close the process of offering legal advice and create the mechanisms to be involved by any legal adviser in any possible jurisdiction. Now legal professionals will have the ability to offer their services to token issuers in the automated way and be rewarded through POLY, the native currency of Polymath. Also Issuers, will have more than one option of legal advice available and they will be able to chose from those who are most established and knowledgeable in this space. (Btw. POLY is a utility token by itself) So as soon as an issuer specifies jurisdiction in which token will be offered and its parameters, legal professional can offer legal template and specify cost of it. The issuer might get multiple template offers and choose the one which they believe is most appropriate for them and or most cost effective. If you still don’t see how this will speed up mas adoption and speed up creation of legal framework, let me help you to see that. Polycon18 sponsor banners (legal professionals) are the people who are the ones understanding legal implications of issuing security tokens in the jurisdiction where they are practicing. Delegates They will now suddenly have an opportunity to offer their services to large numbers of issuers who will be attracted to the new platform. The templates they create will be appropriate for multiple issuers, and they will receive an income, each time someone accepts their service. Incidentally several of the same legal professionals are also quite often involved in consulting proposals changing laws in jurisdictions where they reside. So the same people will be now involved in providing their service to token issuers and legislators. It will be in their interests to steer the legislators to embrace new technologies as fast as possible as this will be working in their favor. If platform and technology is ready and big players believe that all is in place, the legislators will follow. In short if you build it, they will come. It is much like miners are attracted to offer their computer power to maintain blockchain consensus, all 4 parties will have incentives to be part of this system and each will feed another. Any bad apple will be quickly discovered and avoided. The token itself will be only tradable between the parties who through KYC and legal framework found themselves in the white list of the ST-20 security token smart contract. Trevor Koverko Polycon18 So here are the typical steps of issuing and offering of security token ST-20. Issuer defines parameter of their token. Delegate proposes legal framework. Issuer choose legal template. KYC providers formulates technical interface and smart contract based on the legal framework from 2) and makes it available to the Issuer. Issuer makes token offering. Investor browses offering and decides to invest in that offering. In the process of purchasing the token, investor is asked to fill out KYC questionnaire. KYC provider white-lists or declines white-listing of the investor. In case investor is whitelisted, he/she can purchase tokens and trade them with other whitelisted investors. To prove that conversation about security tokens in the legal circles is heating up is the fact that on Feb. 6, the United States’ two major financial regulatory authorities — the SEC and the Commodity Futures Trading Commission (CFTC) — held a dedicated hearing on virtual currencies. CFTC Chairman J. Christopher Giancarlo said in prepared for the hearing: testimony We are entering a new digital era in world financial markets. As we saw with the development of the Internet, we cannot put the technology genie back in the bottle. Virtual currencies mark a paradigm shift in how we think about payments, traditional financial processes, and engaging in economic activity. Ignoring these developments will not make them go away, nor is it a responsible regulatory response. So be ready for crypto securities to be available this year.

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