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November 21, 2018
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Kindred’s robots help retailers handle fulfillment centers — and take on Amazon

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Since taking the reins as chief executive of Kindred at the beginning of the year, Jim Liefer has been focused on commercializing his company’s autonomous robots. But unlike forward-projecting use-cases for robots that may (or may not) one day take over for human beings in a wide swath of functions, Kindred’s current robots are purpose-built for the floor of retail fulfillment centers. That puts Kindred in the middle of an interesting business question: Given rising consumer expectations associated with online ordering, can anyone match or beat Amazon when it comes to speed, accuracy and efficiency?

With a background in operations at Walmart and One Kings Lane, Liefer asserts that his company’s core IP represents a significant advancement in retail operations. That’s because while industrial robots have worked well on manufacturing floors, robots have historically underperformed in e-commerce fulfillment centers, which require systems to handle objects of various shapes and sizes. Kindred’s approach is also notable because of its low-risk model that doesn’t require customers to make major capital investments. Instead of paying for the robot hardware, clients such as Gap pay based on the robots being able to successfully pick and sort items in a warehouse.

In the interview below, Liefer was eager to elaborate on his company’s core product, SORT. He was also happy to address the labor and throughput challenges facing Kindred’s clients as they look to thrive this holiday season. Finally, he offered his candid perspective on the ongoing debate over AI and jobs.

Gregg Schoenberg: Jim, it’s good to see you. I was interested in talking with you because Kindred is focused on the unsexy, but very important part of robot and AI technology that deals with e-commerce and gives insight into how our economy is changing. And by unsexy, I mean that your robots don’t do parkour.

Jim Liefer: Thanks, Gregg.  I’ll start out by saying that sexy is in the eye of the beholder. If you came from retail operations companies like Walmart, sexy would be not having to re-engineer or re-architect my building every year to handle the next peak.

GS: Fair enough. So where has that “sexy” journey taken the company today?

JL: We’ve evolved from a research and engineering company into a customer-focused organization. Today, there are four primary components that Kindred is working on: vision capability, grasping/manipulation capability, ability to identify what’s being held onto and then placing an item somewhere.

GS: And today, your solution is being applied to retail fulfillment centers?

JL: Yes, in retail fulfillment distribution centers, but not the consumer-facing side of retail. Still, there is a tremendous amount of automation in these centers. There are sorters and power conveyance, and there are forklifts running around. But we saw gaps in those in-between moments, the need to take individual pieces from automation A to automation B. That’s where Kindred now can fill those gaps, and it’s a big market.

GS: Do you make robots or do you make cobots?

JL: We’re absolutely collaborating with the humans, but we’re not letting them get that close to the robot. We’re letting the humans do what they do best, like higher-level thinking and dealing with more ambiguity than the robot can handle.

GS: But your solution is designed with the intent that there are going to be people that interact with it?

JL: For some period of time to come, I believe that is going to be true. That’s the design of what we have now. The reason I say it that way is that even today, the aspects of how product arrives at our solution varies, and some day, there might be another mobile robot that serves our robot, that brings the product to us.

Product

GS: At the core of the solution is your autograsp technology, right?

JL: The autonomous grasp algorithm is the core of our AI technology, which is combined with vision and grasping capabilities.

GS: I’m guessing that even though that grasp technology looks simple, it’s actually a big feat of both software and hardware innovation.

JL: Yes, absolutely. The grasping technology is a combination of AI that can understand the ambiguity that it’s dealing with. But there’s also the the physical side of it. Not only do you have to be able to get to a grasp-point, but you also have to grip it correctly.

Some day, there might be another mobile robot that serves our robot, that brings the product to us.

GS: What’s the inherent challenge with getting the gripping correct?

JL: It needs to be precise enough to pick up the item you want. It also has to have enough torque to be able to hold onto the item when you’re moving it.  

GS: Why is that so critical?

JL: Because you have to move at a speed that’s equivalent to a human or better in order to not lose it.

GS: What’s the installation process associated with putting a system into a facility?

JL: We literally roll them off the truck, roll them into place, plug them into 110 power and a data port, and maybe do some final provisioning of software. All in, it takes us anywhere from five to eight hours to set up a robot. So it’s definitely plug and play.

Business Model

GS: I know you don’t actually sell the solution to a customer. Can you walk me through your model?

JL: In the days when I was in a Walmart facility and I wanted to implement a new solution, I would go out to a service provider and they would tell me how many millions of dollars to plunk down. I would pay for it and then someone would come in and build it, and then they would go away and I would try to operate it.

GS: How antiquated.

JL: In our world today, they tell us their throughput need and how many products they are trying to serve with robots. We then deploy the number of robots to the customer. We have an agreement that says you need 10 robots or whatever the number is, and we deploy robots that will serve X amount of products.

GS: How does the money flow work?

JL: It’s a robots-as-a-service model, where every time we successfully grasp and stow a product or item, they pay us something.

It takes us anywhere from five to eight hours to set up a robot. So it’s definitely plug and play.

GS: A commission of sorts.

JL A commission, right. So it’s not a purchase and walk away. And there are several reasons why we think that’s compelling for the customer. One, because it’s not a capital expenditure play for them; it doesn’t have to be multiple weeks, months or even years to get onto the capital budget. It’s an operating expense play.

GS: That sounds like a key consideration.

JL: Think of it this way. When an operating expense comes into play, in many cases, a director-level person of a fulfillment center can make the choice: Am I going to hire a human to do the job, or I can hire a robot to do that job?  The other is that because we’re providing a service to the customer, we’re right there alongside them. It’s not as though we gave them something and said figure it out.

GS: Aren’t you making it very easy for clients to keep the robots around? Because it’s not costing them to have the robots sit on the fulfillment center floor.

JL: Well, okay, good question. In our model, we still have a minimum for the customer,  because we’re paying down the robot. We don’t want to have a robot sitting there idle.

GS: In that case, what’s the break-even on how long the robot needs to be on site with the client?

JL: It’s somewhere between a year and a year and half to get the payback to cover the cost of building the robot.

The Kindred.AI sorting robot in the lab.

GS: Does the counterparty risk become a factor? Because these machines are obviously expensive.

JL: Yes, that comes into play. At the same time, the robots themselves are quite… I want to say the word mobile. It’s relatively low-pain for us to roll them out and roll them to another customer facility that’s probably nearby. Of course, we don’t want to do that, but it’s possible to do it.

Amazon

GS: Of course not. But you’ve spent many years at Walmart, and you’re obviously very aware of the existential threat that Amazon poses to just about everybody that isn’t Amazon. Does Kindred aspire to help others thrive in a retail economy that is increasingly dominated by Amazon?

JL: Yes. It levels the playing field, because if our customer, the retailer, is able to have better throughput, get the products into the hands of the customer faster, then they have the ability to hold onto their customers. If they don’t do it, then those customers are going to go somewhere else.

Am I going to hire a human to do the job, or I can hire a robot to do that job?

GS: Looking to the future, do you want to go deeper within the apparel channel, or do you see other retail applications for your grasping technology?

JL: To recap, we figured out a very difficult problem, which is how to handle clothing in a polybag with a label on it. What seems like the most logical and reasonable place to go is to smaller items and maybe toy items or jewelry.

GS: But it has to be in a bag?

JL: It doesn’t have to be in a bag. In testing, we can pick up a pen or a pencil. We can pick up an iPhone and even general merchandise-related items like baby wipes or rubber balls.

Technology

GS: Let’s dive into your technology a little deeper. Is your tech based on reinforcement learning or deep reinforcement learning?

JL: Actually, both. The way that we’re operating the current SORT robot is that there are multiple AI algorithms that are running in concert together. So there’s the autonomous grasp algorithm, there’s a grasp verification algorithm, there’s a stow algorithm; there are multiple algorithms that are running to maintain that speed and accuracy. Then, there’s our team in the Toronto office—

GS: —That’s the team working on deploying more reinforcement learning?

JL: Yes, the reinforcement learning which would replace some of the deep learning algorithms that we have in place today.

GS: I read up on Rich Sutton, who, based on my research, is a big deal in reinforcement learning—

JL: —Yes. He’s a big deal and is a mentor to several of our people.

It’s relatively low-pain for us to roll them out and roll them to another customer facility that’s probably nearby.

GS: Sutton describes reinforcement learning as a learning system that wants something. Can you describe in lay terms how this is central to Kindred’s technology and how it is different than deep Learning?

JL: Here’s how I think of reinforcement learning versus deep Learning. Reinforcement learning is allowing the algorithm to determine all of the possible outcomes and all of the possible permutations. Think about something in a space where you want you to go from point A to point B. In reinforcement learning, that robot will achieve the goal by doing something called body babbling, which looks like it’s jittering around, looking at all the different possible solutions.

GS: So it takes longer to train a reinforcement algo?

JL: Yes, because in deep Learning, you are going to give it some sort of structure within  parameters, because you sort of know what you want it to do. Then you look at body babbling, which is a much cleaner solution because the algorithm knows how to deal with all these variables because it’s explored every permutation.

GS: I saw that Kindred released a research paper last month. My top-line takeaway is that while reinforcement learning has made progress, it’s tough to train robots.

JL: I view it this way: In the last two years that I’ve been here at Kindred, I’ve seen things on a daily basis that I didn’t think were possible the week before or the month before. That’s a blanket statement, though, which is one of the reasons why I think people are anxious about AI and automation.

AI Anxiety

GS: So let’s talk about AI anxiety. Yesterday, I was on Bush Street and I watched this Cafe X robot serve coffee. Meanwhile, across the street, you’ve got this Blue Bottle that’s teeming with people, keeping its staff quite busy. Is that the future you see? Where workers are in demand, even in an era of well functioning robots that can grasp stuff?

JL: I  think back to Tower Records in San Francisco in the 90s. It used to be packed. I mean, that’s where I spent every weekend. You never thought that would end, perhaps like some people at the Blue Bottle today. But there’s that flip point.

GS: I appreciate that honest comment.

JL: To me, I just think it’s inevitable, and I don’t think it’s bad. But I believe that we will embrace it, just as we embrace technology in our phones, because it will improve our lives in many ways and it will also make our lives more complicated.

GS: We’ve discussed previously, too, this idea that in the fulfillment centers where the Kindred robots are operating, there’s a labor shortage.

JL: Yes, there’s no employee there to do the job.

We can pick up an iPhone and even general merchandise-related items like baby wipes or rubber balls.

GS: And that’s because fulfillment centers are in locations that are often—

JL: —They’re clustered. They’re fighting for the same resources. Big Amazon has come in, they’re paying those workers more, so they’re siphoning all those workers away.

GS: What about temporary workers around the holidays?

JL: We said earlier that the robots are collaborative, working alongside and collaborating with the humans. Absolutely, there are places for the temporary workers to come in, and  I want those humans to be fulfilled. In terms of helping our customer, it’s so painful to get even a temporary worker, give them a job that’s very mundane, have them leave and then have to hire another temporary worker.

GS: But Kindred is giving jobs to people with gamer skills, too, right?

JL: Yes, on the tele-operation side. About 85 percent of the time, our algorithm can do everything on its own. But 15 percent of the time, we have a human in the loop who steps in and assists the robot for about a second and half, and then steps back out.

GS: When you’re recruiting for these people, are you recruiting in the typical places that tech companies look?

JL: These people have a wide variety of backgrounds and skill sets. They might be gamer types, but some of them have marketing degrees and some of them have engineering backgrounds. There’s also a pool of generalists, those jack-of-all-trades kind of people.

GS: But they need to have pretty good dexterity, right?

JL: I don’t think it’s highly required. A lot of it is just point and click.

GS: Well, on that non-techy note, Jim, thanks so much for your time.

JL: Thanks very much, Gregg.

This interview has been edited for content, length and clarity.

News Source = techcrunch.com

11 moments from the International Space Station’s first 20 years

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It was November 20, 1998, when an unprecedented international coalition of astronomers, engineers and rocket scientists saw years of collaboration come to fruition with the launch of the International Space Station’s first component. Since then, the largest spacecraft ever built has hosted innumerable astronauts, experiments and other craft. Here are a few notable moments in the history of this inspiring and decades-spanning mission.

1984: Reagan proposes the ISS — without Russia

The space station was originally going to be a U.S. effort, but soon became a collaboration with Canada, Japan and Europe, excluding the then-USSR. American-Russian relations were strained then, as you may remember, and although many in the space industry itself would have preferred working together, the political climate did not permit it. Nevertheless, initial work began.

1993: Clinton adds Russia to the bill

The collapse of the Soviet Union and subsequent rejuvenation of international relations led President Bush to bring them into the program in a limited fashion, as a supplier and as a guest on a shuttle mission. The next year, however, President Clinton one-upped him with the announcement that Russia would be a full partner. This was both a practical and political decision: Russian involvement would save billions, but it also helped bring Russia on board with other issues, like ICBM de-proliferation efforts. At any rate, designs were finally beginning to be built.

1998: The first components, Zarya and Unity, launch to orbit

Endeavour approaches Zarya when the latter was the only component in place.

Though persona non grata at first, Russia had the privilege of launching the first core component of the ISS on November 20, 1998, the anniversary we are celebrating today. The Zarya Functional Cargo Block is still up there, still being used, forming the gateway to the Russian side of the station.

One month later, Space Shuttle Endeavour took off from Launch Complex 39A (we’ve been there) carrying Unity Node 1. This too is up there now, attached since that day to Zarya.

2000: The first of many long-term occupants arrive

From left: Shepherd, Gidzenko and Krikalev, aboard the station.

Almost exactly a year after Zarya went up, the first astronauts took up residence on the ISS — the first of 230 people so far to call the orbiting structure home. Bill Shepherd was NASA’s first representative, flying with cosmonauts Yuri Gidzenko and Sergei Krikalev; they would stay for about 141 days.

2003: Columbia disaster delays expansion

The fatal breakup of Space Shuttle Columbia on reentry following its 28th mission was tragedy enough that other shuttle missions were scrubbed for over two years. As these were the primary means of the U.S. adding to and maintaining the ISS, this responsibility passed to Roscosmos until shuttle launches resumed in 2005; crewed launches wouldn’t resume until mid-2006.

2007: Kibo goes up

Numerous modules have been added to the ISS over the years, but Japan’s Kibo is the largest. It took multiple missions to deliver all the pieces, and was only made possible by earlier missions that had expanded the solar power capacity of the station. Kibo contains a ton of reconfigurable space accessible from the pressurized interior, and has been popular for both private and public experiments that must be conducted in space.

2010: Enter the Cupola

If Kibo is the largest component, the Cupola is likely the most famous. The giant 7-window bubble looks like something out of science fiction (specifically, the front end of the Millennium Falcon) and is the location for the station’s most striking photography, both inside and out.

2014: Beautiful timelapses

With the Cupola in place, capturing imagery of the Earth from this amazing view became easier — especially with the increasingly high-quality digital cameras brought aboard by talented astronaut-photographers like Alexander Gerst and Don Pettit. The many, many photos taken out of this aperture have been formed into innumerable beautiful timelapses and desktop backgrounds, as well as witnessing incredible phenomena like aurora and lightning storms from a new and valuable perspective. It’s hard to pick just one, but Don Pettit’s “The World Outside My Window” above is a fabulous example, and Gerst’s 4K compilation is another.

2015: Gennady Padalka sets time in space record

During his fifth flight to space, Gennady Padalka set a world record for most time in space: When he returned to Earth he had logged a total of 878 days and change. That’s well ahead of the competition, which is almost exclusively Russian — though NASA’s Peggy Whitson is right up there with 666 days over three missions.

2016: Chinese station calling ISS, please pick up

It’s hardly crowded in space, but it can get lonely up there. So it’s nice that those who have the honor to fly reach out to each other. In this case China’s taikonaut Jing Haipeng recorded a heartwarming video message from the Chinese Tiangong-2 space station greeting the incoming ISS crew and praising the community of global cooperation that makes all this possible.

2018: Soyuz accident threatens long-term occupation

A crewed mission to the ISS with astronaut Nick Hague and cosmonaut Alexey Ovchinin encountered a serious fault during launch, fortunately resulting in no injuries or fatalities but shaking up the space community. The Soyuz rocket and capsule had more than proven themselves over the years but no risks could be taken with human life, and future missions were delayed. It was possible that for the first time since it was first entered, the ISS would be empty as its crew left with no replacements on the way.

Fortunately the investigation has concluded and a new mission is planned for early December, which will prevent such an historic absence.

2019? First commercial crew mission and beyond

Russia has borne sole responsibility for all crewed launches for years; the U.S. has been planning to separate itself from this dependence by fostering a new generation of crew-capable capsules that can meet and exceed the safety and reliability of the Soyuz system. SpaceX and Boeing both plan 2019 flights for their respective Crew Dragon and Starliner capsules — though slipping dates and new regulatory attention may delay those further.

The ISS has a bright future despite its remarkable 20 years of continuous operation. It’s funded more or less through 2025, but there’s talk of new space stations from Russia and China both, while the U.S. eyes lunar orbit for its next big endeavor. It’s hard to imagine space now without an ISS full of people in it, however, and falling launch costs may mean that its life can be extended even further and for less cost. Here’s hoping the ISS has another two decades in front of it.

News Source = techcrunch.com

Autodesk agrees to buy PlanGrid for $875 million

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Autodesk announced plans to acquire PlanGrid for $875 million today. The San Francisco startup helped move blueprints from paper to the iPad when it launched in 2011.

This digitization of construction fits with Autodesk’s vision of digitizing design in general, and CEO Andrew Anagnost certainly recognized the transformational potential of the company he was buying. “There is a huge opportunity to streamline all aspects of construction through digitization and automation. The acquisition of PlanGrid will accelerate our efforts to improve construction workflows for every stakeholder in the construction process,” he said in a statement.

The company, which is a 2012 graduate of Y Combinator, raised just $69 million, so this appears to be a healthy exit for the them. PlanGrid took what was a paper-intensive task and shifted it to digital, taking a world of hand-written mark-ups and sticky notes onto the fledgling iPad.

In an interview with CEO and co-founder Tracy Young in 2015 at TechCrunch Disrupt in San Francisco, she said the industry was ripe for change. “The heart of construction is just a lot of construction blueprints information. It’s all tracked on paper right now and they’re constantly, constantly changing,” Young said at the time.

Those manual changes often resulted in errors she said, and that was costly for the contractors. As an engineer working for a construction company, who was at one time responsible for making the paper copies, she recognized that the process could be improved by moving it into the digital realm.

PlanGrid CEO Tracy Young onstage at TechCrunch Disrupt San Francisco in 2015

Her idea, which was kind of radical in 2011 when she started the company, was to move all that paper to the cloud and display it on an iPad. It’s important to remember that the enterprise was not rushing to the cloud in 2011, and most people considered the iPad at the time to be a consumer device, so what she and her co-founders were attempting was a true kind of industry transformation.

Young sees joining Autodesk as a way to continue building on that early vision. “PlanGrid has excelled at building beautiful, simple field collaboration software, while Autodesk has focused on connecting design to construction. Together, we can drive greater productivity and predictability on the jobsite,” she said in a statement.

PlanGrid currently has 400 employees, 12,000 customers and 120,000 paid users, and has been used on over a million construction projects worldwide, according to data provided by the companies. They believe that under Autodesk’s umbrella and combined with their existing product set, they can provide a complete construction solution and grow the business faster than PlanGrid could have on its own — pretty much the standard argument in an acquisition like this.

PlanGrid was efficient with the money it took. In fact the last raise was $40 million almost exactly three years ago. The deal is expected to close at the end of January pending the normal regulatory approval process.

 

News Source = techcrunch.com

WTF is happening to crypto?

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Four days ago the crypto markets were crashing hard. Now they’re crashing harder. Bitcoin, which hasn’t fallen past $6,000 for months, has dumped to $4,413.99 as of this morning, and nearly everything else is falling in unison. Ethereum, flying high at $700 a few months ago, is at $140. Coinbase, that bastion of crypto stability, is currently sporting a series of charts that look like Aspen black-diamond ski runs.

What is happening? There are a number of theories, and I’ll lay out a few of them here. Ultimately, sentiment is bleak in the crypto world, with bull runs being seen as a thing of a distant past. As regulators clamp down, pie-in-the-sky ideas crash and shady dealers take their shady dealings elsewhere, the things that made cryptocurrencies so much fun — and so dangerous — are slowly draining away. What’s left is anyone’s guess, but at least it will make things less interesting.

The bag holder theory

November was supposed to be a good month for crypto. Garbage sites like FortuneJack were crowing about bitcoin stability while the old crypto hands were optimistic and pessimistic at the same time. Eric Vorhees, founder of ShapeShift, felt that the inevitable collapse of the global financial system is good for folks with at least a few BTC in their wallets.

Others, like the Binance CEO Changpeng Zhao, are expecting a bull run next year and said his company was particularly profitable.

Ultimately, crypto hype moves the market far more than it has any right to, and this is a huge problem.

So who do you believe, these guys or your own lying eyes? That’s a complex question. First, understand that crypto is a technical product weaponized by cash. Companies like Binance and Coinbase will work mightily to maintain revenue streams, especially considering Coinbase’s current level of outside investment. These are startups that can literally affect their own value over time. We’ll talk about that shortly. Ultimately, crypto hype hasn’t been matching reality of late, a major concern to the skittish investor.

“I think that the downturn is due to things not going up as much as people had wanted. Everyone was expecting November to be a bull month,” said Travin Keith, founder of Altrean. “When things indicated that it wasn’t going that way, those who were on borrowed time, such as those needing some buffer, or those in the crypto business needing some money, needed to sell.”

Tether untethered

Tether has long been the prime suspect in the Bitcoin run up and crash. Created by an exchange called Bitfinex, the currency is pegged to the dollar and, according to the exchange itself, each tether — about $2.7 billion worth — is connected to an actual dollar in someone’s bank account. Whether or not this is true has yet to be proven, and the smart money is on “not true.” I’ll let Jon Evans explain:

What are those whiffs of misconduct to which I previously referred? I mean. How much time do you have? One passionate critic, known as Bitfinexed, has been writing about this for quite some time now; it’s a pretty deep rabbit hole. University of Texas researchers have accused Bitfinex/Tether of manipulating the price of Bitcoin (upwards.) The two entities have allegedly been subpoenaed by US regulators. In possibly (but also possibly not — again, a fog of mystery) related news, the US Justice Department has opened a criminal investigation into cryptocurrency price manipulation, which critics say is ongoing. Comparisons are also being drawn with Liberty Reserve, the digital currency service shut down for money laundering five years ago:

So what the hell is going on? Good question. On the one hand, people and even companies are innocent until proven guilty, and the opacity of cryptocurrency companies is at least morally consistent with the industry as a whole. A wildly disproportionate number of crypto people are privacy maximalists and/or really hate and fear governments. (I wish the US government didn’t keep making their “all governments become jackbooted surveillance police states!” attitude seem less unhinged and more plausible.)

But on the other … yes, one reason for privacy maximalism is because you fear rubber-hose decryption of your keys, but another, especially when anti-government sentiment is involved, is because you fear the taxman, or the regulator. A third might be that you fear what the invisible hand would do to cryptocurrency prices, if it had full leeway. And it sure doesn’t look good when at least one of your claims, e.g. that your unaudited reserves are “subject to frequent professional audits,” is awfully hard to interpret as anything other than a baldfaced lie.

Now Bloomberg is reporting that the U.S. Justice Department is looking into Bitfinex for manipulating the price of Bitcoin. The belief is that Bitfinex has allegedly been performing wash trades that propped up the price of Bitcoin all the way to its previous $20,000 heights. “[Researchers] claimed that Tether was used to buy Bitcoin at pivotal periods, and that about half of Bitcoin’s 1,400 percent gain last year was attributable to such transactions,” wrote Bloomberg. “Griffin briefed the CFTC on his findings earlier this year, according to two people with direct knowledge of the matter.”

This alone could point to the primary reason Bitcoin and crypto are currently in free fall: without artificial controls, the real price of the commodity becomes clear. A Twitter user called Bitfinex’d has been calling for the death of Tether for years. He’s not very bullish on the currency in 2019.

“I don’t know the when,” Bitfinex’d said. “But I know Tether dies along with Bitfinex.”

Le shitcoin est mort

As we learned last week, the SEC is sick of fake utility tokens. While the going was great for ICOs over the past few years with multiple companies raising millions if not billions in a few minutes, these salad days are probably over. Arguably, a seed-stage startup with millions of dollars in cash is more like a small VC than a product company, but ultimately the good times couldn’t last.

What the SEC ruling means is that folks with a lot of crypto can’t slide it into “investments” anymore. However, this also means that those same companies can be more serious about products and production rather than simply fundraising.

SEC intervention dampens hype, and in a market that thrives on hype, this is a bad thing. That said, it does mean that things will become a lot clearer for smaller players in the space, folks who haven’t been able to raise seed and are instead praying that token sales are the way forward. In truth they are, buttoning up the token sale for future users and, by creating regulation around it, they will begin to prevent the Wild West activity we’ve seen so far. Ultimately, it’s a messy process, but a necessary one.

“It all contributes to greater BTC antifragility, doesn’t it?,” said crypto speculator Carl Bullen. “We need the worst actors imaginable. And we got ’em.”

Bitmain

One other interesting data point involves Bitmain. Bitmain makes cryptocurrency mining gear and most recently planned a massive IPO that was supposed to be the biggest in history. Instead, the company put these plans on hold.

Interestingly, Bitmain currently folds the cryptocurrency it mines back into the company, creating a false scarcity. The plan, however, was for Bitmain to begin releasing the Bitcoin it mined into the general population, thereby changing the price drastically. According to an investor I spoke with this summer, the Bitmain IPO would have been a massive driver of Bitcoin success. Now it is on ice.

While this tale was apocryphal, it’s clear that these chicken and egg problems are only going to get worse. As successful startups face down a bear market, they’re less likely to take risks. And, as we all know, crypto is all about risk.

Abandon all hope? Ehhhhh….

Ultimately, crypto and the attendant technologies have created an industry. That this industry is connected directly to stores of value, either real or imagined, has enervated it to a degree unprecedented in tech. After all, to use a common comparison between Linux and blockchain, Linus Torvalds didn’t make millions of dollars overnight for writing a device driver in 1993. He — and the entire open-source industry — made billions of dollars over the past 27 years. The same should be true of crypto, but the cash is clouding the issue.

Ultimately, say many thinkers in the space, the question isn’t whether the price goes up or down. Instead, of primary concern is whether the technology is progressing.

“Crypto capitulation is once again upon us, but before the markets can rise again we must pass through the darkest depths of despair,” said crypto guru Jameson Lopp. “Investors will continue to speculate while developers continue to build.”

News Source = techcrunch.com

LinkedIn launches its own Snapchat Stories: “Student Voices”

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The social media singularity continues with the arrival of Snapchat Stories-style slideshows on LinkedIn as the app grasps for relevance with a younger audience. LinkedIn confirms to TechCrunch that it plans to build Stories for more sets of users, but first it’s launching “Student Voices” just for university students in the US. The feature appears atop the LinkedIn home screen and lets students post short videos to their Campus Playlist. The videos (no photos allowed) disappear from the playlist after a week while staying permanently visible on a user’s own profile in the Recent Activity section. Students can tap through their school’s own slideshow and watch the Campus Playlists of nearby universities.

LinkedIn now confirms the feature is in testing, with product manager Isha Patel telling TechCrunch “Campus playlists are a new video feature that we’re currently rolling out to college students in the US. As we know, students love to use video to capture moments so we’ve created this new product to help them connect with one another around shared experiences on campus to help create a sense of community.” Student Voices was first spotted by social consultant Carlos Gil, and tipped by Socially Contented’s Cathy Wassell to Matt Navarra.

A LinkedIn spokesperson tells us the motive behind the feature is to get students sharing their academic experiences like internships, career fairs, and class projects that they’d want to show off to recruiters as part of their personal brand. “It’s a great way for students to build out their profile and have this authentic content that shows who they are and what their academic and professional experiences have been. Having these videos live on their profile can help students grow their network, prepare for life after graduation, and help potential employers learn more about them” Patel says.

But unfortunately that ignores the fact that Stories were originally invented for broadcasting off-the-cuff moments that disappear so you DON’T have to worry about their impact on your reputation. That dissonance might confuse users, discourage them from posting to Student Voices, or lead them to assume their clips will disappear from their profile too — which could leave embarrassing content exposed to hirers. “Authenticity” might not necessarily paint users in the best light to recruiters, so it seems more likely that students would post polished clips promoting their achievements…if they use it at all.

LinkedIn seems to be desperate to appeal to the next generation. Social app investigator and TechCrunch’s favorite tipster Jane Manchun Wong today spotted 10 minor new features LinkedIn is prototyping that include youth-centric options like GIF comments, location sharing in messages, and Facebook Reactions-style buttons beyond “Like” such as “Clap”, “Insightful”, “Hmm”, and “Support”.

When users post to Student Stories, they’ll have their university’s logo overlaid as a sticker they can move around. LinkedIn will generate this plus a set of suggested hashtags like #OnCampus based on a user’s profile including what school they say they attend, though users can also overlay their own text captions. Typically, users in the test phase were sharing videos of around 30 to 45 seconds. “Students are taking us to their school hackathons, showing us their group projects, sharing their student group activities and teaching us about causes they care about” Patel explains. You can see an example video here, and watch a sizzle reel about the feature below.

For now, LinkedIn tells me it has no plans to insert ads between clips in Student Voices. But if the Stories content assists with discovering and vetting job candidates, it could make LinkedIn more unique and indispensable to recruiters who do pay for premium access. And if these Stories get a ton of views simply by being emblazoned atop the LinkedIn feed, users might return to the app more frequently to share them. As we’ve seen with the steady increase in popularity of Facebook Stories, if you give people a stage for narcissism, they will fill it.

LinkedIn’s start as a dry web tool for seeking jobs has made for a rocky transition as it tries to become a daily habit for users. Some tactical advice in its feed can be helpful, but much of LinkedIn’s content feels blatantly self-promotional, boring, or transactional. Meanwhile, it’s encountering new competition as Facebook integrates career listings and job applications for blue-collar work into its social network that already sees over a billion people visit each day. It’s understandable why LinkedIn would try to latch on to the visual communication trend, as Facebook estimates Stories sharing will surpass feed sharing across all apps in 2019. But Student Voices nonetheless feels unabashedly “how do you do, fellow kids?”

News Source = techcrunch.com

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