L&T plans to establish a subsidiary with an investment of Rs 830 crore. R. Shankar Raman, L&T’s Chief Financial Officer, announced during the second-quarter financial results call that the company’s board has approved the creation of a wholly-owned subsidiary that will be involved in fabless chip design.

L&T to foray into chip design, not manufacturing. Here’s why

Powerchip Semiconductor Manufacturing Corp (力積電) plans to build an ￥800 billion (US$5.3 billion) factory in northeast Japan with financing from investment group SBI Holdings Inc and the Japanese government,

Powerchip to build foundry in Japan’s Miyagi

MediaTek unveiled its technology portfolio from its Dimensity, Filogic, Genio, Kompanio, Pentonic & Dimensity Auto portfolios at IMC 2023.

MediaTek showcased 5G Satellite & Smart Vehicle Tech at IMC 2023

MediaTek’s 3GPP standards-based 5G Non-Terrestrial Network (NTN) solution brings two-way satellite communications to smartphones and other devices. Some of the devices powered by MediaTek’s NTN solutions includes Motorola defy 2 smartphone and Motorola defy satellite link.

IMC 2023: MediaTek Showcases 5G Satellite Connectivity, Smart Vehicle Technology and Innovative Connectivity Solutions

MediaTek Dimensity Auto drives the future of intelligent, always-connected vehicles enabling smart vehicle technology innovation through delivering impressive computing power and comprehensive technologies.

MediaTek showcases 5G satellite connectivity, smart vehicle technology

S&P 500 earnings is expected to grow in Q3, reversing a four-quarter slide, as the reporting season enters its third week.

Apple, AMD, Palantir Earnings On Deck This Week As Market Seeks Positive Catalysts In Fed Decision Week

MediaTek Showcases 5G Satellite Connectivity, Smart Vehicle Technology and Innovative Connectivity Solutions at IMC 2023

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MediaTek expects up to 15% revenue growth in 4Q23

The 7th Edition of Indian Mobile Congress (IMC) 2023, the largest telecom, media and technology forum in Asia, jointly

PM Modi Inaugurates 7Th Edition Of The India Mobile Congress (IMC) 2023

MediaTek Inc (聯發科), the world’s biggest 5G smartphone chip designer, yesterday said that it expects revenue this quarter to return to growth at an annual rate of 17 percent at best, with the momentum to extend into the whole of next year given improving channel inventory, particularly on the smartphone front.

MediaTek says sales growth to return

Get the most recent info and news about MEDIATEK INC. on HackerNoon, where 10k+ technologists publish stories for 4M+ monthly readers.

MediaTek Inc. researches, develops, produces, and markets integrated circuits (ICs) worldwide. It provides multimedia, computer peripherals oriented, consumer-oriented, and other application ICs. The company offers products for smartphones, such as MediaTek Helio chipsets; octa-core and quad-core system-on-chips (SoC); 32-bit chipsets; and SOCs for Google Mobile Service Express. It also provides tablet chipsets that are used in enterprise systems; streaming and traditional audio products for connected audio systems, sound bars, and other applications; chipsets for ultra high definition 4K Blu-ray, Blu-ray and DVD players, and set top boxes; multi-core smart TV SoCs and chipset for digital TVs; and products for optical disk drives. In addition, the company offers home networking and broadband Wi-Fi products, which are used in PCs, broadband gateways, digital TVs, Blu-ray players, IPTV set-top boxes, and web cams; and automotive solutions, such as mmWave radar sensors, telematics solutions, vision advanced driver systems, and in-vehicle infotainment systems. Further, it provides chipsets for location intelligence, wearable products, smart home solutions, and machine to machine applications; and Narrow-Band Internet of Things (IoT), a 3GPP standardized cellular based low power wide area technology. Additionally, the company is involved in the provision of software and hardware design, development, test, maintenance and repair, and technological consultation services; import and export of its products; sale and delegation of patents and circuit layout rights for its products; and investment activity. It also provides research, marketing, management, and technology services. The company was founded in 1997 and is headquartered in Hsinchu, Taiwan.

MEDIATEK INC.

Was it Smart to Switch from Linux to ChromeOS Flex?

Blurring the Lines Between Real and Virtual Spaces Most of us have day jobs with set routines, responsibilities, and deliverables. Often, the mind wanders off, and as humans, we try to gauge alternative possibilities. What happens if I take the burden from one team member and add another team member to a project, suggest something to the executive leadership team, what should we cook for dinner, restaurant for the weekend, etc.? They are our banal thought processes. We are constantly juggling cause and effect and choosing the best of outcomes. Humans, in general, can do all this reasoning in the blink of an eye, which is the prophesized unique selling proposition of Artificial General Intelligence. Such decisions and their repercussions show us a parallel future that may exist — enter Metaverse, an environment that is a virtual space with augmented and virtual realities embedded therein. Think of people, cities, countries that exist digitally instead of flesh and bone or mortar and steel. In simple terms, Metaverse brings together the power of simulation technologies that we have championed over the last century and builds virtual worlds (almost like a video game) where people can have an immersive experience. Immersive Experience Little did Neal Stephenson (author of Snow Crash (1992) and the inventor of the term metaverse) know that this term will be foundational in building billion-dollar industries 30 years later. Metaverse has much excitement, and many companies are creating a digital presence. Nike has announced that it will create Nikeland on the metaverse platform Roblox. It will closely resemble the real physical Nike’s headquarters, and users can dress their avatars using Nike commodities, buy products from the virtual store, etc. Another metaverse platform Decentraland is hosting a first-of-its-kind Metaverse Fashion Week with lots of brands displaying their new collection and letting catwalk avatars walk the ramp. Some brands will be offering digital couture for the avatar where buyers can choose to sell the item and redeem the NFT (virtual currency — ) to buy a physical complement. Retailers like Walmart anticipate venturing into the Metaverse, creating their cryptocurrency and collection of NFTs. Instead of adding your milk and bread into a cart, we might be able to move around a store replica and buy our groceries (obviously delivered to our abode — we still cannot eat virtual bread and butter). Jokes apart, many exciting business models have been evolving in this space. Non-fungible token Advertising is yet another use case, as people embedded in the Metaverse can buy commodities for their digital self. This buying behavior will undoubtedly percolate into their real life. Instead of typing amazon.com on your web browser, we walk to the promised virtual land and buy the crockery we need for our dinner party by sieving through various advertised products in this virtual space (instead of your 2D computer screen). It indeed has taken 20+ years to get a seamless user interface for the 2D e-shopping world; I imagine, given the speed of innovation, one can get it right in half the time. Other use cases range from purchasing virtual avatars, buying homes to immersive learning in virtual classrooms. So, much scope for next-generation advertisement companies. What’s in for the technologist? Metaverse can be a melting pot of machine learning technologies like computer vision (CV), Natural Language Processing (NLP) and reinforcement learning (RL). We currently have a myopic view — use NLP to create voice agents, CV to figure missed items on a shelf or RL for scheduling and planning. Only some people have seen what happens when we bring voice and vision to make decisions. Google Deepmind, FAIR, OpenAI, and many other labs have been championing the decision-making aspect of artificial intelligence. No limits of technological advancements in voice and vision alone can take us close to Artificial General Intelligence unless we can use these sensations in a concerted way to take decisions. Thus, Metaverse may become a virtual experimental ground — a massive multiplayer game (RL folks, please think more about multi-agent RL and your favorite recipes for decentralized partially observable Markov Decision Processes). Build it, and They Would Come Flocking… Significant technology corporations like Microsoft and Meta (formerly Facebook) and financial services firms like Morgan Stanley have been flocking to integrate some form of metaverse offering in their product line. Virtual reality headset companies (Oculus, Pico, Varjo, Vive, etc.) that enable us to enter Metaverse and hardware manufacturers from MediaTek and TSMC to Luxshare have invested in building the hardware for the foundational Metaverse. Despite decades of development, these “entry tickets to metaverse” are bulky to wear and expensive to own. The whole point of creating a future parallel to reality (the Metaverse) is to have an immersive experience. Anything less from a user-experience point of view, we hit the first snag from a hardware point of view. Additionally, shouldn’t we start thinking about people who cannot see, hear or have an anxiety disorder (this was reignited as I watched Netflix’s As We See It). Or are we again going to create a judgmental metaverse? There are other issues concerning data and security, payment systems, legal jurisdiction in Metaverse that spans countries, ownership rights, etc. — more on these in a subsequent post. Being a machine learning scientist in academia and a technology executive in the industry, I have learned to see ideas such as Metaverse (and its earlier avatar Second Life and a few others) at the intersection of technology and product, but with a lens of ‘value’. Even crucially, will this have customer adoption? Such a thought process quickly becomes labored. Much as the promise is Metaverse becoming a virtual space where people can “feel” physically and emotionally present — are we there yet? Not yet. Will we buy such a system whenever it is available? Maybe. The next question we will ask is what for? Remember, all in all, we will have to devote physical (not virtual) time, money, and energy to interact with Metaverse. At the same time, I can see it being parallel to playing a videogame building community with your virtual neighbors but do we have the cognitive capacity to live a parallel life. Don’t we already have an information overload? Yes, tons of companies would be minting money showing VCs and users the promised metaverse land, but it would be crucial to ask what the product is? Build it, and the customer will come flocking mantra may not work. So, what can work? In my opinion, the first step towards the Metaverse is unleashed when you can use it to (a) make and (b) use it as a . One needs to build the incrementally. Otherwise, the customer adoption argument becomes quite strained if industries start opening “shops” in virtual spaces and using digital currencies or Non-fungible Tokens for buying/selling digital assets. The baby step towards Metaverse is , again an age-old concept. Take a small piece of the natural world, say a retail store, and use a dumb-down metaverse (the digital twin) to enable real-time visibility of all assets (commodities, store associates, supply chain flows, etc.). Then use technologies like computer vision to measure real-time supply-demand here-and-now at the store. Natural language processing sieves through thousands of correspondences and tells you what tasks need to be done. Finally, under the constraints of the digital twin, reinforcement learning makes decisions unfolding futures. This will help store managers have a real-time view of the store operations and take the nascent field of Digital Twins to make usable decisions. Technologically, it allows us to combine various voice and vision attributes and take optimal decisions. Don’t we all want to make informed decisions? I bet we do. decisions synthetic world for machine learning (ML) data generation product-market fit Digital Twins The other baby step towards the Metaverse surrounds the digital twin again, but this time with a view of . Our friends at Unity Technologies are already championing this line of thought, along with many other startups and technology companies. The central concept behind all of this is domain randomization. Digital twin, a subset of the Metaverse idea, enables us to create synthetic worlds and various subsets of the same world. What happens if my bedroom is painted red instead of white, the roads that I walk on are pebbled instead of concrete, change the visibility statistics (standard computer graphics tricks), etc. For example, most deep learning-based computer vision algorithms take a ton of training data. The digital twin (if constructed with rigor to reduce covariance shift from a real environment) can supply us with annotated synthetic data. Be it millions of kilometers of driving data for self-driving cars or hundreds of permutations for objects under different view statistics. Similarly, RL algorithms have a hard time generalizing when the domain is randomized, i.e., random changes in material (texture, color), light direction, light conditions, and placement of objects. The metaverse concept can help us alleviate some of the data efficiency problems. generating synthetic data In summary, if channeled from an end-product discussion, the excitement for Metaverse can shape and most probably lessen the impedance mismatch between the product and the market needs. Unchecked false assumptions can kill companies, no matter how technically great the solution is. First Published here

Building a Metaverse For Everyone

recently offered to send me their Vault Pro, a hardware wallet focused on “see what you sign” security, which they’re presently adding Ethereum support to. They didn’t ask for anything in return, and I assume they expected I’d give it a try and maybe tweet about it. Cobo Unfortunately, they sent it to someone who used to run a hobbyist electronics company, so I did a bit more than that. Packaging and First Impressions The Vault Pro comes nicely packaged and includes the Vault itself, a rechargeable battery (via USB-C, inconveniently placed so you can’t charge it while using it), a separate 4xAAA battery compartment, presumably for emergency use, and various instruction cards and quick-start guides. The package has tamper-evident seals on it, but one of them had come unstuck in the post without leaving its “void” marks behind on the box, so I’m skeptical about how effective they are. Cobo tells me they’re looking into this, and improving their seals and their application for future batches. The device seems solidly made, and the batteries clip-on satisfyingly with a magnetic clasp that also makes them easy to remove. As advertised, there are no communications ports, just a fingerprint reader and camera on the back. There’s also an SD-Card slot hidden under the battery compartment, which their site says is for firmware upgrades. Setup and UX The setup process will be familiar to anyone who’s owned a hardware wallet before. You’re asked to create a new wallet or import an existing one; in either case, there’s the familiar set of 24 mnemonic words to write down or enter. The touchscreen makes this much easier than the Ledger’s two-button interface, but the screen is just a bit small for the full keyboard to be fully comfortable. This is the case when entering passwords, too — I always had the feeling that I was going to fat-finger adjacent keys. The Vault runs a cut-down version of Android, which seems a sensible choice given the capabilities of the hardware. There’s no home screen, though — just Cobo’s built-in application, which uses common UX patterns and so is pretty easy to get used to. Ethereum Support The big thing Cobo is working on at the moment — and likely the reason they sent this to me — is Ethereum support. They’ve supported Ether transfers for some time now, but are adding web3 integration, via a fork of MetaMask, and support for smart contracts. Trying this out required me to download the latest firmware and flash it to the device using a MicroSD card, which was fairly straightforward. Cobo provides on how to verify that the update package matches the sources published on GitHub for the APK (Android App) and secure element firmware, which I haven’t yet done — but it’s to their credit that this is something they support. instructions After updating and installing their fork of MetaMask in my browser, I’m able to configure a “read-only wallet” on the device, which gives me a QR code to scan in MetaMask. After doing so, my Vault account is displayed in MetaMask, and I can interact with web3 apps using it. Signing is accomplished by MetaMask showing a QR code (or for longer transactions, an animated sequence of QR codes), which I scan with my Vault; then, once I’ve signed the transaction, the Vault shows a QR code with the signature, which I scan with MetaMask. I tested this out with the ENS app and it worked without issue, though most transactions are still just as opaque as they would be on Ledger, not showing the transaction payload: For some transactions, it’s able to decode the payload and show it to the user; for example, this ERC20 transfer: The Cobo folks tell me that they’re working on support for more ABIs, and support for users to load their own set of ABIs via SD card. They’re also considering options for including signed ABI data in the transaction QR codes, or other options for transaction transparency. They’re also working on getting their changes to MetaMask accepted into the main extension — which will be essential for making this work long-term. One of the things Cobo advertises is transparent signing — you should be able to examine and decode the QR code data to check it’s doing what you think it is. Let’s try it. Here are the contents of the MetaMask-generated QR code for one of my signing requests: UR:BYTES/TR HKG PYX PZ XVWP XUURQWP XAJR VRZXVEXXWPJV S CVVMRYCES YEXXWFHXGMKVVT V CRJCESXF KZD JXAJKYDMXX URQCF WF X RJD M XES YEXZDFKXGMKYVTZV XZEPEVGMX D QU CK DFHXQCXZEP XUE VYFUXVUPZ RSWZPXQ Y VPJYGKZY RY PSH PZ X TE XS D SYUH XQH VYFEKJEMWF JZYW ZXSE 0 N50 27 8 G3 5 5 2 9 NJVEEXSERSVMPVCCXYV3 8 9 5 3 3 5 5 VCCNGENRVF3 NSCMPXQMX2 5 56 NYXPSKYVNYX5 NJWF3 NVWRX8 93 2 338 NSCEKV5 2 3 NQVECXQURQG3 8 G3 6 2 6 2 G6 8 G3 6 5 NJ7 3 NQFE0 NQG3 9 3 NVCNPXUURYGNARYSURL Cobo uses an encoding of their own making called ‘ ’, designed to make the most of a QR code’s text alphabet. Using their JS decoding library gives us this: UR encoding { : , : , : , : } "txHex" "f8478084..." "xfp" "88A04E02" "hdPath" "m/44'/60'/0'/0/0" "signId" "436ba782" ‘xfp’ is the master key fingerprint from BIP-32. The rest is clear enough. Decoding the tx data with ether.js gives us: { : , gasLimit to value data chainId "nonce" 0 "gasPrice: " 0x7d50b32c "
  " ": " 0xaa93 ",
  " ": " 0x283Af0B28c62C092C9727F1Ee09c02CA627EB7F5 ",
  " ": " 0x00 ",
  " ":
" 0xf14fcbc8ca06e945496d0ab2d579916a68f92a5627b1babad9b6e61898c6e1e5700ad173 ",
  " ":3
} As expected, this is the data for the first transaction shown above. After signing, the Vault generates: UR:BYTES/TZ KG W EX YGEKYC HX X J XS RJEFSXQM XES XDJKVEPJXAJXYCEHV J V JXYCK ETZVY KXWRX QCRJEPHXSE VF XAJKXWPJV J XP XZC C PJRXEP XE VVU X C CVYU X CRQVF XQMXZEF RGDEJVY ZCG XZDECX TMVR G N8 NND9 NKUCT5 4 2 G36 3 4 NRSCE4 4 NZVP5 6 NYV34 NJWP5 3 N2 3 2 6 8 N2 3 4 NJVNRVVCRXE33 3 3 8 3 3 NQEN9 NWDEKV43 2 3 NYV34 3 NRQWRXV5 4 NV33 3 NND9 NKUJTYYGAZYDPNXE3 G386 2 Which decodes to: { : , : } "signature" "3bb75f8c55e104449e0072256a9843efd27dbc7de52211eeba5c8f809d7435117ec82ee92cc03f10bab88d3d16c0fec9776ebeb8a92254f08fe001506ae3db472a" "signId" "436ba782" Fairly straightforward, and seems to be doing what it says on the tin. Security & Teardown All of this is very interesting, but probably not why you’re reading this article. How secure is it, and what does it look like inside? The Vault has attestation keys loaded onboard — meaning that the secure controller has a keypair that was loaded at the factory, enabling it to sign messages asserting that it’s a “real” Vault. The secure controller is designed to make it difficult to extract the attestation keys from the device, even destructively. If opening the device without detection is difficult, and replacing it with a lookalike is prevented by the attestation keys, you can be fairly sure that you receive a device, and it passes the authentication check, it’s secure. Cobo makes a big deal of their physical security against supply-chain and evil maid attacks; they have and about its self-destruct mechanism, designed to wipe the secure microcontroller if anyone ever attempts to open the device. If effective, this means that you can be fairly certain that your device is intact when you receive it. How good is this security? articles videos First, let’s take a look at the published materials. Their article says there’s a button battery powering the self-destruct, and that it uses a continuity sensor with the display to detect if it’s been opened. Fortunately, they are kind enough to publish partial schematics and BoM (Bill of Materials). Let’s see what we can learn from those. Here’s the relevant part of their schematic — the detection circuit: The pin on the left here labeled ‘DET0’ leads to the pad that connects across the back of the screen. In normal operation, that connection grounds DET0, but if it goes open-circuit because the screen has been removed, R1101 is a pull-up connected to the button-cell, which pulls that pin high, turning on Q1101, which in turn enables Q1102, allowing power to flow from the battery, through D1102 to the same power regulator normally powered by the rechargeable battery. In other words, interfering with the tamper sensor will wake the device up. The “secure element” is also shown on the schematic, albeit without its true name and with a number of connections missing: VCC5V, here, is the power supply generated from the backup battery (or the rechargeable one, in normal operation). An odd choice, since the rest of the schematic shows that the secure element uses 3.3v logic levels — why does it need a 5V supply? This 5V supply isn’t used anywhere else, though it may be used to power the 3.3v regulator; that part isn’t shown in the schematic provided. A connection to DET0 isn’t shown, but we can safely assume (and the ) it’s connected to one of its general-purpose IO (GPIO) pins. The firmware also shows three other pins used as “passive” tamper sensors; these ones can’t wake the device up from sleep but can detect tampering of some kind while the device is active. published firmware confirms This is the point at which a ‘real’ adversary would have bought several Vaults, and would take one apart as a ‘sacrificial’ device so they can plan how to attack the others. I don’t have that luxury, so instead, I took my Vault to my local Veterinarian, and asked them to XRay it for me. They were happy to oblige, and gave me this: Interesting! This definitely isn’t the device in the video and the photos from the article; in those photos, the PCB takes up the whole device, but in these, it’s only in the top part. Presumably, this is a newer version? Here’s a closeup, where I’ve labeled the components we can decipher: “PMIC” is the 5v power regulator. We can also see a number of “cans” — shielding enclosures used to cut down on RF interference or to make it more difficult to tamper with components. The 5v regulator appears to be under one, and there’s a couple of overlapping ones in the middle of the board — on opposite sides of the PCB, no doubt. Since the X-Ray sees through everything, we’ve no way of knowing which side the battery is on — we can only hope it’s the outside, not the side facing the screen. We can clearly see the wires from it come down to the bottom left corner where they connect to a pair of pads, though, which gives us all we need. A little work with a Dremel and we have a hole in the back, through which we can see the wires, just where they should be: (Sorry for the poor image quality; I haven’t managed to locate the camera adaptor for my microscope since I moved house.) A check with the multimeter confirms this is the backup battery wiring. After snipping the red wire, we can take the screen off and be fairly sure that it can’t trigger any kind of tamper detection. A little work with a heat gun, some prying tools, and some IPA, and presto: There’s some sort of cover protecting the electronics. Removing it reveals how the tamper sensor operates on this version of the device: Two pads at the edge of the PCB are each divided in half, and two pieces of conductive fabric on the cover contact them, bridging them. Removing the cover will break the circuit. After putting a blob of solder on each to defeat the tamper sensor, and reconnecting the battery, we can boot it up again and see if we’ve been as clever as we think we have. Will it notice that its guts are spewed out in front of it, or will it think everything is still okay? Success! It hasn’t detected our tampering and boots up without warnings or errors, ready to sign transactions. Now, if I were an Evil Maid, or someone conducting a supply chain attack, this is what I’d do next: Find the boot mode selection pins for the main processor and change them to boot from an external device. If I can’t do that, just replace the EMMC chip with one of my own. Load an alternate Android firmware with a modified copy of the Vault app. This app can behave as normal, except when signing certain transactions of my choosing — in which case it will show the user an innocent description that matches what they expect but actually sign my malicious transaction. Alternately, for a supply-chain attack, modify it to always generate one of a few key pairs I control — meaning that I already know what account my target will ‘generate’ before they receive their device. Take a second Vault and remove all the components from it — no need to worry about the tamper sensor here. Put my modified Vault inside the sacrificial Vault’s pristine case, and send it on to my victim. So, what could Cobo do better? This is difficult; realistically, a sufficiently well resourced and determined attacker will always win, if they have their hands on your hardware. One option would be to put the battery on the side of the PCB facing the screen. This would require a substantial redesign, but make it a lot harder to clip the wires. A much more comprehensive solution would be to connect the battery directly to the secure MCU. Many MCUs support backup batteries for this purpose, and some deliberately store keys in volatile memory that is wiped if power is cut. This would be a “hardcore” option that puts a strict limit on the lifetime of the device but would make an attacker’s life a harder. With the MCU powered 24/7, other tamper protections can be used — for example, a thermometer can detect attempts to desolder components. Any attacker would be forced to try and compromise the device while it’s powered, and without using heat. lot If a rechargeable button cell was used, this could be charged from the main battery when it’s available — so rather than dying after 3 years or so, you’d merely have to use it about that often to keep it alive. Teardown I’m engaging in a supply chain attack, but I am interested in what’s inside, so let’s have a closer look at the PCB. This is the point where we give up on booting this device again, and I start taking things apart. not As expected from the X-Ray, the bulk of the PCB is protected by a can. A smaller one protects the 5v regulator — likely to reduce the RF interference it emits. Let’s unclip the main can and take a look underneath: Mostly this is as expected from the published schematics. There’s the Mediatek MT6850 System-on-Chip, and a Kingston part that combines eMMC and SDRAM, along with various support components. In the top left is the secure microcontroller — but its identifying marks have been lasered off! They really are determined for us not to know what this is. This seems a bit odd, to be honest — secure MCU manufacturers typically require NDAs to access their datasheets and tooling, so it’s no surprise they can’t tell us a lot about it, but the manufacturer generally won’t forbid you from revealing what part you’re using. If they did, all they would have to do is not label them in the first place. It also contrasts with Cobo’s generally open-source approach to the rest of their platform. Let’s see what we can figure out what it might be. We can figure out a fair bit about it: It’s a 5x5mm QFN40. It’s some kind of “secure microcontroller”. It uses a 12MHz main crystal. It uses 3.3v logic for its IOs but accepts (or at least tolerates) 5V on what appears to be a supply pin. We know from the build files that it’s an Arm Cortex M0. We know from the firmware that it has hardware-level ECDSA, RSA, and RNG support. Searching common supplier databases, there are not many hits for this criteria. Our best match is the , a “security supervisor” from Maxim. It meets most of our criteria, but it’s unclear if it even includes a programmable MCU (much less an Arm Cortex M0), or whether it has circuitry to support a 5v supply. On the other hand, it’s got built-in tamper detection and support for all the algorithms we know the firmware uses, and it’s the right form-factor, which makes it our best candidate. MAX36010-BNS-T The back of the board is fairly straightforward. It has the expected battery and pager motor, the SD card slot, as well as yet another can: Under the can is nothing particularly exciting: the power circuitry for the main CPU. Next Steps The next steps in a serious security analysis of this device would be to start taking apart relevant parts of the circuit, measuring them, and tracing nets on the PCB, to construct a schematic we can compare to the published one to identify the unknown parts of it — particularly the tamper detection circuits that are unpublished. I can speculate about what those are, but I don’t think it would be terribly difficult for a determined adversary with similar resources to me to identify and bypass them — especially since the device is inactive in this state, and the pins of the secure MCU can be exposed and traces cut or pins strapped to VCC or GND as required. Conclusion Despite the ease with which I was able to bypass its tamper-detection circuitry, the Cobo Vault Pro seems well designed in both hardware and software. The fact it has protections against supply-chain and evil-maid attacks puts it a step above most of its competition, and raises the bar for such attacks — but there is certainly room for improvement in that area to reach the levels of security it aspires to. By more clearly targeting frequent users who want the highest level of protection — and are prepared to deal with the inconvenience that brings — they could produce a device that stands head-and-shoulders above the current competition. I’m a little skeptical of the security value of using QR codes for the transmission of data. Still, the UX is good — no messing with getting USB devices working — and if they succeed in getting their changes to MetaMask merged, or otherwise add support for web3 apps via a solution such as WalletConnect, this device will be a viable alternative to the Ledger and Trezor, with a much nicer UI that seems likely to be further improved. This is a shame because the one I have appears to be non-functional and in pieces. Also published at https://weka.medium.com/defeating-the-cobo-vault-pros-self-destruct-mechanism-abf321e2f5b5

How I Defeated the Cobo Vault Pro’s Self-Destruct Mechanism

With the pace of smartphone evolution, there is always something waiting for you behind the scenes. No sooner have you spotted the last handset, than there is anticipation for the next big thing. Here we take a look at phones that have yet to launch, phones coming in 2020. We'll update this list regularly, with these device rumors that we think are believable and exciting. When it comes to phones that have already launched, we've rounded up the best smartphones for 2020 elsewhere - the ones we consider to be the best across all platforms. If your budget is a bit smaller, there are also our budget smartphones for under £200 - and there's a mid-range rounding up to £400 as well. Winssol is one of the best offering website designing and development services and also premium Android applications development. Our best developed mobile applications will take your business is trending. web development company in Lahore The next generation of phones Before we dive into the details, here are some of the handsets expected for 2020 and 2021: Pixel 5 Pixel 4a 5G OnePlus 8T Nokia 7.3 5G Nokia 9.3 PureView Apple iPhone 12 5G Huawei Mate 40 and Mate 40 Pro Huawei mate x2 OnePlus budget phones Samsung Galaxy Fold E Apple iPhone SE 2 Plus Xiaomi flip phone Google Pixel 5 Google has confirmed it will launch the 5G Pixel 5 on September 30. But other than that, Google's next phone has seen some interesting leaks. It is suggested that it will use the Snapdragon 765 to make it more affordable and that it may ditch the Soli radar technology which had limited functionality. Google Pixel 4a 5G Along with the Pixel 5, Google has also confirmed that it will launch a Pixel 4a 5G. It will almost certainly be based on the Qualcomm Snapdragon 765 platform, adding next-gen connectivity to an already excellent phone. It is expected to launch with the Pixel 5 on September 30, 2020. OnePlus 8T OnePlus has an event scheduled for October 14 when the OnePlus 8T launches. The company has already started revealing details, including 120Hz display support and 65W charging. There's also no OnePlus 8T Pro. Nokia 7.3 5G Nokia is looking to add another affordable 5G phone to its selection and it is rumored that this phone will be used with the new Qualcomm Snapdragon 690 5G or MediaTek Dimensity hardware. Nokia has confirmed that it is working on a more affordable 5G device and that there will be devices on this new Qualcomm hardware in the future. We expect updates from Nokia in November 2020 Nokia 9.3 PureView Rumors of a new flagship have been circulating for over a year, with no sign of the elusive handset. It is, however, suggested that Nokia is hosting an event in November to launch new devices, and the Nokia 9.3 Pure View could be on the list. Apple iPhone 12 Apple is expected to launch a range of iPhone 12 models in October 2020, likely comprising two model sizes of iPhone 12 and iPhone 12 Pro. It is believed that 5G will be included for the first time, with a 120Hz display. As always with Apple, reliable leaks have been rare. Huawei Mate 40 and Mate 40 Pro Huawei is expected to update its Mate devices in October 2020 with the Mate 40 and Mate 40 Pro. We haven't seen a large number of leaks for these phones, but the design leaks suggest a big cockade on the back, with the Mate 40 Pro getting a periscope lens in addition to the Mate 40's offering. Both front cameras are in a hole. Perforation in the curved screen. Huawei Mate x2 Huawei's next-gen foldable phone is codenamed Teton and will go from the original Mate X design with the screen on the outside to one with the screen on the inside. Not much else has been said about this phone, but we might see it showcased in October 2020. OnePlus Clover, Billie, Kebab, Lemonade and Bengal Clover, Billie, Kebab, Lemonade and Bengal. There have been a series of leaks of names of code for future OnePlus devices, all deemed affordable. We don't know if all of these devices will come true, but it looks like OnePlus is about to dive into low-budget devices. The first could be the N10, a northern device for North America. Samsung Galaxy Z Fold E There have been several rumors of rumors suggesting that Samsung is considering more - and the Galaxy Z Fold E is what we could get. We're talking about a Fold model with a smaller external display like the Z Flip, designed to sell for a lot less - with a suggested $ 1,100. We might not see this cheaper Galaxy Fold until 2021. affordable foldable phones Apple iPhone SE Plus As soon as the iPhone SE 2020 was announced, rumors began to circulate about a larger model. With the iPhone SE essentially taking the body of the iPhone 8, some are wondering if a Plus model will be launched to fit into the iPhone 8 Plus space. While many say this phone is unlikely to appear (a 4-year-old design and a higher price tag than the SE makes it close to the XR), some say it will appear in early 2021. Xiaomi flip phone Xiaomi has shown a number of foldable prototypes in the past, but the company is now said to be looking to source components from Samsung Display. It is believed that Xiaomi is interested in producing a foldable phone similar to the Samsung Galaxy Z Flip. This could potentially provide a cheaper entry point for foldable phones and add variety to this growing market. The best way to recycle your old mobile phone is to sell it to mobile phone recycling company such as . Rapid Phone Buyer

Upcoming Mobile Phones: Future Smartphones in 2020 and 2021

State of Bitcoin (Fall 2018)

Demons in Digital Gold, Part 3 when it comes to standing the test of time, technology and security make strange bedfellows If you have not already done so, please read to this series. the introduction A store of value is the function of an asset that can be saved, retrieved and exchanged at a later time, and be predictably useful when retrieved. — Wikipedia Store of value is the function of money that enables goods and services to be paid for a considerable time after they have been acquired. — Collins English Dictionary If you think technology can solve your security problems, then you don’t understand the problems and you don’t understand the technology. — Bruce Schneier, preeminent cyber-security expert There are known unknowns. That is to say, there are things that we know we don’t know. But there are also unknown unknowns. There are things we don’t know we don’t know. — Donald Rumsfeld, no introduction required We will set aside all of the vigorous debate — strong points made for and against — and declare a (et al) are a store of value (SoV). Great news! For the duration of this post we accept that crypto-currencies ARE a store of value. fait accompli: Bitcoin “The motivation for this series is to provoke BALANCED thinking,” as stated in the introductory post. So what is left to discuss vis-à-vis SoV, given the “green check mark” status bestowed in the previous paragraph? Cryptocurrencies are enabled by innovative technology that we justifiably celebrate, and ALL innovative technology carry security ramifications. This post discusses the security attributes of a store of value, specifically, “security over a considerable time.” A remarkable track record First, big-league kudos are in order for the entirety of “Team Bitcoin” from Satoshi to present day contributors. (I am talking about a heist against the BACKBONE — miners, full nodes, peer-to-peer network, blocks, transactions, etcetera — NOT against exchanges and wallet apps.) Billions of dollars in a completely public protocol and database — the blockchain — and no successful hacks against the bitcoin system. That is f — ing amazing! The bitcoin system has had the biggest target on its back for the better part of five years (the point of $1B circulating supply), painted by ne’er do wells pining for the combination of ginormous sums of money and the distinct possibility of getting away with a heist. A remarkable state of affairs from a cyber-security perspective. The most gifted hackers worldwide have studied and probed from every angle, to no avail. This post is NOT about “everyday” implementation (i.e. code) vulnerabilities. This post tackles the potential of “unkown unknown” PROTOCOL vulnerabilities. And yet — yeah, you just KNEW this was coming — five years is not very long in terms of new and innovative technology. While the former can be dangerous, the latter can be dinosaur killers. “FUD!” I hear the complaints, “You’re talking hypotheticals!” Well, granted, that is the nature of unknown unknowns: things we don’t know that we don’t know. To best frame the potential of protocol vulnerabilities, let’s examine two long-lived and incredibly prevalent technologies that made the wrong kind of headlines in just the past three months. PLEASE bear with me while I explain these vulnerabilities. These examples build solid common ground before we circle back to “security over a considerable time for a store of value,” and tackle hypotheticals. KRACK vulnerability in Wi-Fi Protected Access (WPA2) The earliest Wi-Fi networks were “protected” by a foolhardy veneer that compounded its negligent lack of rigor with a confidence-inspiring name: wired equivalency protocol (WEP). WEP’s security flat-out SUCKED. People wondered if enterprise-grade Wi-Fi security was an intractable problem. Published in 2004, the protocol employed the very contemporary advanced encryption standard (AES) still in use everywhere today. Showing great foresight, WPA2 utilized 256-bit AES (most applications stuck with 128-bit AES through 2014). To remedy the situation with a sledgehammer — in order to put security doubts to bed — the Wi-Fi Alliance recruited credentialed cyber-security experts to craft a rock-solid security protocol in the form of WPA2. Yes, there were hacks against individuals and enterprises that failed to follow good security hygiene (for example, not changing a router’s default password). Yes, there were hacks against specific routers from careless vendors (for example, using out-of-date open source firmware). The WPA2 protocol — defined in the public specification—was never compromised. WPA2 delivered strong security. IEEE 802.11i-2004 After all, Wi-Fi opened the door to hacking a company’s internal network from their parking lot. And while some of those hacks succeeded, the vulnerabilities were NEVER in the WPA2 protocol. As Wi-Fi proliferated, hackers painted a big target on it back. Truly impressive: a completely public protocol accessible from completely public spaces, stood the test of time against gifted adversaries. The news in October 2017 was a bolt from out of the blue. This week security researchers announced a newfound, serious weakness in WPA2— the security standard that protects all modern Wi-Fi networks. This is a bad vulnerability in that it likely affects billions of devices, many of which are hard to patch and will remain vulnerable for a long time. — Electronic Frontier Foundation, 19 October 2017 This was KRACK — an acronym wrestled from the phrase “key reinstallation attacks” — and as vulnerabilities go, it was F — ING BAD. Concretely, attackers can use this novel attack technique to read information that was previously assumed to be safely encrypted. The attack works against all modern protected Wi-Fi networks. Depending on the network configuration, it is also possible to inject and manipulate data. For example, an attacker might be able to inject ransomware or other malware into websites. — (yes, major vulnerabilities get their own website) KRACK website And while KRACK did impact Wi-Fi routers, the more damaging consequence was that it impacted EVERY device with Wi-Fi. Computers, tablets, mobiles, and the growing plethora of IoT and smart home devices … all vulnerable. It was so f — ing bad because the flaw was in the WPA2 protocol itself. The weaknesses are in the Wi-Fi standard itself, and not in individual products or implementations. Therefore, any correct implementation of WPA2 is likely affected. Note that if your device supports Wi-Fi, it is most likely affected. During our initial research, we discovered that Android, Linux, Apple, Windows, OpenBSD, MediaTek, Linksys, and others, are all affected. —KRACK website The only good news: KRACK was discovered by extraordinarily talented researchers at (KU Leuven), who followed established conventions and quietly informed Wi-Fi vendors before any public announcement was made. There was no indication that the vulnerability had been exploited by hackers in the wild. Katholieke Universiteit Leuven The bad news: EVERY DEVICE with Wi-Fi needed to be patched. Mainstream vendors did a great job, for example, Apple and Microsoft patched the vulnerability in their respective operating systems BEFORE the October announcement. Many smart home devices remain unpatched to this day. Other vendors lagged and infuriated users, as a SINGLE unpatched device could leave AN ENTIRE network exposed. Key takeaways from KRACK vulnerability: Public protocol, extensively vetted by cyber-security experts Hundreds of implementations, most including yet more security testing Used in billions of devices 13 years as an “unknown unknown” before protocol flaw discovered Spectre vulnerability in processor hardware In the first days of 2018, published research revealed that nearly every processor manufactured in the last 20 years contains fundamental security flaws, arising from features built into chips that help them run faster. There is as of yet no evidence that these flaws have been exploited in the wild, but such exploits would be difficult to detect, and the flaws are so fundamental and widespread that security researchers are calling them catastrophic. — CSO Online, 8 January 2018 Last week saw the announcement of a heretofore unseen type of vulnerability impacting billions of computing devices manufactured in the past 15 years. The dramatically named Meltdown and Spectre vulnerabilities were discovered by a handful of insanely clever researchers, independently and yet simultaneously (a fascinating story in its own right, . check it out here ) As was the case with KRACK, the researchers quietly released information on these vulnerabilities to hardware and operating system companies, to give them time to develop and deliver mitigations before going public. Given the number of people “in the know” around the globe, it is astounding that the embargo held for a full six months. Here, I am going to focus on Spectre. While Meltdown impacts virtually every processor (a.k.a. CPU) manufactured in the past 15 years by Intel, Intel and AMD processors in everything from Macs to PCs to servers. ARM processors in tablets and mobiles. Even SPARC processors (if any readers remember those). Spectre impacts virtually every processor manufactured in the past 15 years by nearly EVERY manufacturer. Spectre breaks the isolation between different applications. It allows an attacker to trick error-free programs, which follow best practices, into leaking their secrets. In fact, the safety checks of said best practices actually increase the attack surface and may make applications more susceptible to Spectre. — (did you think I was kidding earlier?) Meltdown and Spectre website Spectre is a DEFCON-1 level vulnerability (technically, it is a pair of very closely related vulnerabilities): The flaw is in the aforementioned processor HARDWARE, so every operating system is affected. Mac OS, iOS, Android, Windows, Linux, you name it. Oh yeah, also every virtual machine hypervisor: the cornerstone of all cloud computing datacenters. The flaw enables a malicious program to read data from memory it should NEVER be able to access, including the operating system kernel. Therefore , Malware exploiting Spectre can “steal” the most sensitive information in a device’s memory, for example, passwords and cryptographic private keys. While all major operating systems were quickly patched against Meltdown, protecting against Spectre is far, FAR more involved. For one thing, operating system kernels AND applications must be recompiled with yet-to-be-determined defensive countermeasures. For another thing, the processor microcode must be updated. Few of you know what “microcode” means, and those few likely didn’t know that modern processors STILL have microcode. The only way to deliver said microcode update is via a new UEFI/BIOS … and when was the last time ANYONE updated that on their computer? Anyone? Bueller? Anyone? Some processors cannot be patched as described in the previous bullet. In such cases, the only full-and-proper fix is replacing the hardware. Yikes. Paraphrasing Nigel Tufnel in “This is Spinal Tap”: There’s something about this that’s so bad, it’s like how much more bad could this be? And the answer is none. None more bad. Processors spend a lot of time WAITING for data to arrive from memory (including cache memory). Imagine a processor reaches a conditional branch (if … then .. else) and does not yet have the data to resolve the condition. Back in the old days, the processor would twiddle its thumbs waiting for the necessary data before it could determine which fork of the branch to execute. Waiting equals poor processor performance. Strictly speaking, Spectre is not exactly a protocol vulnerability. It is more accurate to call it a TECHNIQUE vulnerability. The processor picks the RIGHT path most of the time. Yippee, no waiting and improved performance! Should the processor end up discovering that it selected the WRONG path, it discards all the speculatively executed work, “rewinds” to the branch, and continues along the right path. A processor employing speculative execution makes an educated guess on the conditional branch and plows ahead along the most likely path. Speculative execution is so effective that processor performance is greatly improved. Hence, no surprise that this technique is almost universally employed. The intrepid researchers discovered a FUNDAMENTAL flaw in speculative execution. They developed a method to trick the processor into speculatively executing a malicious code snippit that is discarded, while fooling the processor into exposing data in memory. Not a flaw in a particular implementation, rather, a flaw in the TECHNIQUE of speculative execution. This is a completely new class of through-the-looking-glass hardware flaw. Processors have multiple (formally) rock-solid mechanisms that prevent applications from reading data that belongs to other applications and ESPECIALLY data that belongs to the operating system. Spectre breaks ALL of those security mechanisms by speculatively executing a “magic” code snippit designed to be discarded. Open f — ing sesame, Spectre malware can read the most sensitive data in memory. Key takeaways from Spectre vulnerability: Public technique, extensively examined and refined and tested Hundreds of implementations, every one including more security testing Used in billions of devices 15+ years as an “unknown unknown” before technique flaw discovered Security over a considerable time for a store of value Yes, finally we circle back to the question of security vis-à-vis SoV. And for those few of you that are still reading this post [ed: thanks!], the information is neatly laid out on our freshly built solid common ground. An SoV, by definition, remains secure over a considerable time. Cryptocurrencies are built atop innovative technology of the . blockchain Cryptocurrencies are a prime target of hackers worldwide. Everyone recognizes that ALL technology has bugs. Most of these are discovered and mitigated with minimal “bad stuff” by way of damage. History illustrates that fundamental flaws at the PROTCOL and even TECHNIQUE level can exist for over a decade before discovery. KRACK and Spectre are examples of such latent vulnerabilities with the potential to inflict immense damage. Lucky for all of us, in both instances the flaws were discovered by The Good Guys. So what if KRACK had been discovered by The Bad Guys? There is a thriving underground ecosystem for the sale of exploits. A zero-day flaw with the pervasive impact of KRACK would be worth millions of dollars. Think about it: Stuxnet and its cousins stayed under the radar for years. Carbanak (below) was only found after the $1B heist. KRACK exploits would be much more difficult to detect in the wild. The exploit would be sold to a small number of the highest bidders — governments and well-to-do criminal enterprises — and would remain under the radar for quite some time. And what if Meltdown and Spectre had been discovered by The Bad Guys? An honest-to-goodness dinosaur killer exploit, worth tens of millions of dollars. “Clearly the highest bidders would be governments,” you say with plenty of recent historical precedent to back you up. Maybe not. Malware designed with these exploits might be more valuable to a criminal enterprise targeting financial institutions. Crazy talk? Hardly! Check out the extraordinary 2015 Carbanak attack on financial institutions . The take? ONE. BILLION. DOLLARS. Now there is a LOT of risk with an attack against financial institutions, regulated corporations with the full hell-and-fury of the best law enforcement agencies working to take down perpetrators. Anyone? Bueller? Anyone? in this article Perhaps a criminal enterprise with high-caliber hacking talent would be better served targeting an equally rich target, in a less regulated space, with a cleaner getaway? The above little corner of my imagination painted a threat against cryptocurrencies that leverages a Spectre-like vulnerability. That’s old school hacking (needing a delivery mechanism) against a contemporary target. The bitcoin system has had the biggest target on its back … The most gifted hackers worldwide have studied and probed from every angle, to no avail. An unknown unknown, present today, lying latent. How might such a protocol vulnerability manifest itself? Beats the hell out of me! There are things we don’t know we don’t know. Now imagine hackers do eventually avail, [ed: ] and discover a protocol vulnerability in one of the major cryptocurrency blockchains. ¿que? Maybe the flaw enables tilts the table of winning the block mining challenge, greatly reducing the barrier to a 51% attack. Maybe the flaw facilitates double spends. Maybe the flaw enables rogue transactions that flat-out steal Bitcoin (et al). I am NOT suggesting that such a vulnerability exists with ANY probability. What I am suggesting is that the possibility CANNOT be ruled out. EVER. Such a possibility is inherent in every technology. The probabilities are higher in newer, innovative technology solutions. This is at odds with security over a considerable time for a store of value. I am NOT suggesting that cryptocurrencies CANNOT be an SoV. What I am suggesting is that the dreadful, dinosaur killer possibilities outlined in this post need to be incorporated into your decision making process. I’m here to lay out facts that you may have overlooked. You’re here to reach your own conclusions. Your turn. Next in the series … Your private wallet, SoV, future-proofed Follow me @ Pressed250 on Twitter Copyright © 2018 Bruce Kleinman. All Rights Reserved.

Store of value / Vulnerabilities in store

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如何修复创作者经济

The internet and rise of micro-entrepreneurship Sometimes in the economy, monolithic entities that serve many needs disintegrate into an ecosystem of single-purpose entities. When that happens, there’s a huge opportunity for startups. Take, for example, Craigslist. Since its founding 25 years ago, Craigslist’s horizontal breadth, coupled with its shallow feature set and stagnant product, has presented rich opportunities for startups to carve off . This is illustrated by the now-iconic of vertical-specific marketplace startups aiming to unbundle Craigslist and build optimized experiences for certain categories, from Coursera for education to Airbnb for short-term accommodations. vertical-specific niches market map Entering the “Unbundled Work” Era While the unbundling of Craigslist created billions of dollars of value, it pales in comparison to the unbundling we’re currently living through. Outside of commerce, unbundling is now affecting a much broader domain of everyone’s lives: work is being unbundled from traditional employment. The notion of the “organization man”—a term popularized by William H. Whyte’s seminal that describes the subsuming of individual agency in service of a large corporation—is giving way to the rise of “micro-entrepreneurs,” or free agents, creators, freelancers, and independent workers who utilize digital platforms to make a living by leveraging skills and knowledge in the absence of a traditional employer-employee relationship. Accelerated by digital platforms that help surface job opportunities, facilitate customer connections, and aid in setting up and operating a business, workers are empowered to go independent and to earn a livelihood outside the confines of a traditional company. 1956 book Tech platforms have removed gatekeepers and democratized access to customers, enabling people to do work outside of the traditional employer-employee relationship A 2017 McKinsey Global Institute showed that 20-30% of the working age population in the US was engaged in independent work, and that the proportion of such work mediated by digital platforms like Uber and Etsy was growing rapidly. This trend spans the gamut from individuals who convert their passions into professions—think of YouTubers, podcasters, and gaming livestreamers who’ve monetized digitally-native hobbies—as well as those whom we don’t traditionally think of as “creators,” but who are also similarly shifting to digitally-mediated self-employment, including , , , , and . study teachers salespeople farmers chefs personal shoppers What is driving this rearrangement of work? For one, it’s catalyzed by innate human desire: Freshbooks’ found that the primary motivations for those pursuing self-employment were : most individuals seek a combination of freedom, fulfillment, and career control. Author Daniel Pink’s theory of motivation corroborates this finding, arguing that humans are driven by autonomy (desire to be self-directed), mastery (urge to improve), and purpose (desire to do something meaningful)—all of which independent work can facilitate. 2019 study on self-employment non-financial Tech platforms have removed gatekeepers and democratized access to potential customers worldwide; direct payment models have made it viable for workers to earn a livelihood from even a ; and platform companies in the gig economy and have paved new paths to work. small number of loyal fans passion economy How to best support the unbundling of work: horizontal or vertical? For startups looking to support this trend of unbundling work from employment, a fundamental question is whether to pursue a horizontal or vertical strategy. What’s the difference? While horizontal companies support workers in an industry-agnostic way, vertical platforms are focused on a particular industry. Patreon is a horizontal SaaS platform that allows any type of content creator, from comic book authors to YouTubers, to set up a membership subscription. In contrast, vertical-specific companies are building products for a given industry. For instance, Substack has enabled writers to more easily earn income from writing, and Blok.fit and Playbook have enabled fitness instructors to run a virtual business. What is the best approach to take, and where are the opportunities? The opportunity for vertical-specific work platforms: “Shopify for X” New platforms are emerging that broaden access to or potentially create an entirely new type of work. The “ ” model, wherein companies provide individuals tools to build an independently-owned business for a given line of work, is inherently vertical, with examples including for grocery delivery businesses and for in-home daycares. business-in-a-box Dumpling Wonderschool The benefit of building for a particular vertical is . Startups are able to align execution to a particular type of work and provide greater value for workers in a specific industry. A vertical approach also means more focused marketing, sales, and user acquisition strategies. Given that the online creative economy is growing at nearly , verticalization is becoming an increasingly viable strategy as each vertical grows larger. And, in particular, COVID is an accelerant to new vertical platforms as and seeking new, turnkey ways to earn income through end-to-end digital platforms. focus 20% per year nearly half of the US is jobless : Vertical-specific platforms can excel in a few key ways versus horizontal products 1. They turn non-producers into producers, i.e. actually expand the market Vertical-focused platforms can actually the market of workers who can participate in a certain industry, by honing in on and removing the obstacles for prospective workers. Many vertical-specific platforms support productizing knowledge or skills in new ways, thereby normalizing and broadening new paths to work. In other words, a vertical focus can unlock productivity and economic value, turning . expand non-producers into producers Podcasting has been around since the early 2000s, but , a podcast platform launched in 2017 that simplifies podcast creation, was reported to be powering 70% of all new podcasts as of and believes that its monetization platform effectively the number of podcasts running ads. Anchor Q1 2020 doubled Prior to Cameo being founded in 2017, it would have been strange for celebrities to charge fans for personalized shout-out videos, but Cameo normalized this type of paid interaction—and anticipates . $100M in bookings this year 2. They provide deeper value in helping the worker to manage and grow their business Vertical-specific creator tools can focus on supporting the “ ” journey from launch to growth, starting from serving an individual hobbyist and scaling up with them as they eventually grow into a business. , a platform focused on helping designers launch apparel lines, offers a software tool accessible to everyone from design students to fashion brands. CALA’s founder Andrew Wyatt calls their internal framework of product design “solving the next biggest pain point”: “As a creator starts to have success on the platform, they begin having additional needs. If possible, they will source the solution on-platform, because there is already trust and everyone wants just one login.” enterprization CALA Vertical-specific tools can provide a depth of value for creators that is challenging for horizontal platforms to replicate. Shopify, which has stated that its is to “make entrepreneurship more accessible,” doesn’t just superficially enable the creation of an online storefront, but offers deeper functionality tailored to e-commerce merchants: a dedicated network of fulfillment centers, merchant cash advances, marketing & SEO, etc. This focus on the e-commerce vertical has enabled it to build a $114 billion business, blowing past horizontal website builders like Wix that also offer e-commerce functionality (market cap of $14 billion, as of 7/28/20). mission Vertical-specific platforms for independent workers are closely related to vertical SaaS, which and have covered extensively. The difference now is that , who is able to operate independently without a team by leveraging software. In the local services vertical, gives personal shoppers everything they need to run their own grocery delivery businesses, including a fully-funded credit card for purchasing orders, professional website, client-facing app, and business coaching. Bessemer Lightspeed the new SMB is oftentimes a single individual Dumpling 3. They can re-introduce services that workers lose when they are unbundled from companies Employment at a company is itself a bundle of various services and infrastructure, and there’s an opportunity for platforms to replace what workers lose when they leave traditional employment arrangements. For micro-entrepreneurs, the tradeoff of independence is a de-risked company environment for learning, pivoting, and risk-taking—and there’s an opportunity for platforms to foster this sense of “ .” Recently, Substack it was launching a program to provide legal support for writers on its platform: confidence and comfort announced Substack Defender is one of many initiatives that will form a comprehensive support structure for independent writers. [...] [S]oftware alone is not enough. We are committed to creating the conditions that allow independent writers to flourish, which means helping to restore the infrastructure that has been eroded by the continued dismantling of models and institutions that once supported a healthy free press. Other services that employers typically provide include the comradery of a team, office space, and other vertical-specific functions (for instance, in the case of Substack, editing, distribution, and design). There is potential for work platforms to not only enable participants to earn money, but to ease the transition to independent work by providing these services. Interestingly, platforms supporting the unbundling of work are also giving rise to a —in effect, creating new employers and organizations. On Substack, individual newsletter writers are already self-organizing into subscription , and some are teams and further professionalizing their content, effectively re-bundling into a new media organization (albeit, with a significantly different cost structure). re-bundling bundles hiring 4. They foster vertical-specific network effects: discovery of new creators or fan-to-fan interaction Discovery experiences make sense for verticals/use cases where customers benefit from repeated matching. For instance, the supplemental education platform is designed as a marketplace because parents and students find value in discovering new courses and teachers on a consistent basis. Outschool On the other end of the spectrum, fans often discover , a creator e-commerce platform, through a particular creator, and discovery makes less sense in this context and can even alienate creators. Facilitating discovery raises the issue that Ben Thompson has extensively covered: “Aggregators tend to internalize their network effects and commoditize their suppliers.” Pietra platform vs. aggregator Within a certain vertical, fans often want to connect with each other, given their affinity to what a creator represents. Substack’s initial foray into community consists of that publishers can activate. ’s social investing platform is predicated on this idea of “ .” As I earlier this year, “Frequently, premium content and community are bundled together to enhance the [user] experience by providing valuable social reinforcement and support.” Community experiences can benefit from being bundled into a verticalized platform given the nature of content and experiences users are connecting over. discussion threads CommonStock Come for the creator, stay for the network wrote Clearly, vertical-specific platforms can unlock tremendous value for independent workers. So what’s left for horizontal work platforms? Horizontal platforms supporting independent workers The key question for startups seeking to build horizontal work platforms is: what are the commonalities between workers such that a standalone, defensible product can be built by an independent company? Whether they’re hobbyists-turned-entrepreneurs, freelancers, or gig economy workers, independent workers regardless of industry share some common needs. Here’s where horizontal approaches can be better in supporting micro-entrepreneurs: 1. They act as a discovery destination for consumers Despite myriad attempts by startups to create better video consumption experiences aligned to a specific vertical, YouTube remains unbundled because it aligns to consumer usage patterns: there’s a large base of casual consumers who want to watch diverse content across categories, rather than visiting various destinations for different content verticals. As such, YouTube is an indispensable horizontal platform in the ‘entrepreneurship stack’ that supports independent creators across a variety of industries, from financial experts to unboxing video creators. Independent workers and creators will continue to leverage horizontal social platforms for discovery and audience building. Increasingly, social media is seen as a marketing channel for the unbundling of work: 2. They benefit from fragmentation of creator tools 22% of self-employed workers have multiple revenue streams, compared to 11% who work for an employer, according to a . With COVID, that percentage may be even higher as independent workers piece together income from different sources. 2019 Intuit survey The fragmentation of different platforms for engaging with and monetizing audiences presents a pain point that can be addressed by a horizontal platform that unites audiences. For instance, is a messaging platform that allows creators—often celebrities with presences across Instagram, TikTok, and YouTube—to aggregate their audiences in one place and to text fans directly; its homepage markets the ability to “communicate one-to-one with millions, without getting buried by social feeds and algorithms.” Community 3. There are economies of scale Horizontal platforms excel when there are economies of scale. For instance, there are benefits of scale in the lending business, with a virtuous loop of scale of customers, stronger models for underwriting, higher approval rates, and accelerated customer acquisition. Across multiple verticals, independent workers often lack predictable income, which presents an opportunity for lending. Early products in this space include Patreon Capital (merchant cash advances for Patreon creators), Shopify Capital, as well as horizontal creator business platforms Karat and Stir. 4. They provide common infrastructure or services needed across verticals What do all micro-entrepreneurs have in common, that can be solved via an independent platform rather than being rebuilt by every vertically-focused platform? Independent workers, in general, aspire to grow their earnings, find new customers, plan for the future, run their own businesses, and manage incomes from different sources. For example, is a project management tool that helps creators manage projects and collaborations, invoice clients, and receive payments, serving the needs of all types of creators who earn income from brand deals. Moe Assist Employment at a company is itself a bundle of various services and infrastructure, and micro-entrepreneurs piece these together on their own. What are some ideas for horizontal platforms? (not exhaustive) 1. Single sign-on for fans With increasing verticalization by content type, a single login/authorization system can help superfans pay for a single subscription and access all of a creator’s content. For instance, paying for a creator on Patreon could grant access to their private Substack group, private Zoom events, paid podcast, etc. 2. Connections between different apps & automation of experiences Marketo—which was purchased by Adobe for $4.75B—develops marketing automation software for businesses to market to customers. Creators and independent workers are likewise seeking to re-engage and customize experiences for their fans/customers, but lack the tools to do so. For instance, if someone subscribes to a paid podcast, trigger an email inviting them to a private Facebook group, invite them to a local event, etc. : 3. Business services for 1099 workers When workers are , they lose access to many of the services and benefits that traditional employment conferred: income smoothing with automated tax withholding (i.e. a paycheck), healthcare, employer-sponsored retirement plans, as well as a sense of comradery and community. unbundled from institutions Employer-based healthcare in the US means that self-employed workers have a challenging time finding affordable and comprehensive coverage (or even view it as a blocker to leaving a full-time job); and the US tax code means being independent requires increased time, money, and complexity. Companies like , , , , , and others are facilitating self-employment by providing services related to the administrative side of freelancing. Creator communities—both online and offline—like , , and are filling the team and community support gap for micro-entrepreneurs. Hyke Catch Better Wingspan Decent Keeper Indie Hackers Type House TikTok houses 4. Learning, upskilling, and development Organizations spent globally on training in 2016. Employer-provided learning, development, mentorship, and coaching programs means that independent workers need to piece together these resources on their own. Startups like , , , , , and more are creating standalone learning and development resources that freelancers can leverage to advance in their self-crafted careers. $359 billion Walden Knowable HireClub Skillshare Udemy Looking ahead… A re-bundling and a new type of organization? At the turn of the 20th century, in the wake of the Industrial Revolution in America, agrarian society and cottage industries gave way to urbanization, mass production, and corporate employment. At the dawn of the 21st century, new internet platforms are empowering a shift in work once again, from traditional employment arrangements to independent work that allows for greater autonomy and monetization of uniqueness and creativity at scale. While past platforms largely focused on connecting consumers with workers and honed in on facilitating transactions, . To legitimize independent workers and creators, there needs to be dedicated tools—both vertical and horizontal—to support managing and growing their businesses, forging new connections, learning new skills, and connecting to work opportunities. there’s a lot more to work than just earning income Looking forward, as individuals professionalize and seek to take their businesses to the next level, I anticipate more re-bundling—whether it’s short term collaborations with other micro-entrepreneurs, or building out teams that work together for longer-term projects. There’s a massive opportunity for digital platforms that lower the barriers to micro-entrepreneurship to support the growth of these workers, in whichever directions they seek. If you’re building a company in this space, please — I’d love to chat. reach out Acknowledgements: Thank you Brandon Handoko for creating the graphic designs for this post! Originally published as " Unbundling Work from Employment "

MEDIATEK INC.

mediatek.com

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MEDIATEK INC.

mediatek.com

10K+ employees

Since 1997

COMPANY RANKING

MEDIATEK INC.

EVERGREEN INDEX #7102

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