How venture capitalists think cryptocurrency will reshape commerce

Decentralized finance and artificial intelligence Crypto-finance can ring like science fiction . But it is our reality. Right now, all...

Crypto-finance can ring like science fiction. But it is our reality. Right now, all over the Internet, on decentralized funding programs like Uniswap, people trade, borrow and lend digital assets on platforms where computer code takes pride of place. There is now around $ 235 billion invested in DeFi, per a sector account.

On the DeFi protocol Compound, a A recent programming snafu revealed vulnerabilities in systems deliberately designed to eliminate the middlemen that regulators traditionally rely on to oversee financial transactions and ensure consumer protection. After a bug was introduced during a software upgrade, $ 160 million worth of cryptocurrency was put at risk of improper distribution, and about $ 90 million was wrongly paid, said the company.

Technically, Compound does not trade transactions, it simply programs software for transactions. But its founder, Robert Leshner, conceded in an interview with the New York Times this summer that he had long feared that a mistake could lead to significant losses. “For the first two years of Compound, I woke up with a cold sweat every morning,” he said.

Launched in 2017, the company now claims to have $ 18 billion cryptocurrency value earning interest on its platform. Mr. Leshner’s recurring nightmare was that someone would find a loophole in the program, a line of bad code, and steal everything. “All it takes is a bug,” he said.

A16Z supports a network called Helium. This “decentralized wireless infrastructure” company hopes to one day compete with established brands like Verizon or AT&T. Community members create a hotspot in their neighborhood with a special device and earn data and crypto helium tokens in exchange for their contribution to powering this group 5G cellular system.

The value of popularity on social media can now be calculated when you “tokenize” yourself and create an economy powered by your own crypto.

At BitClout, each user receives a coin and its value suggests what the Internet thinks of them. “There’s no company behind it – it’s just coins and code,” say the developers. An account by the name of Elon Musk is the most popular token at around $ 115. But the project’s launch was controversial, with crypto insiders calling the “dystopian social network”For relying on data collected by giants like Twitter to calculate reputation, among other criticisms. DeSo, short for Decentralized Social, is a blockchain network for developers to create decentralized social media programs.

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Newsrust - US Top News: How venture capitalists think cryptocurrency will reshape commerce
How venture capitalists think cryptocurrency will reshape commerce
Newsrust - US Top News
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