Outlier Ventures Daily Brief

President Alexander Lukashenko of Belarus signed a decree on Thursday making it legal to transact in cryptocurrencies. The local government aspires to attract foreign investments and foster private sector growth through creating clearer regulations focused on the token economy. The change in law makes it legal to hold initial coin offerings within the region and tax-free trades of cryptocurrencies. The government also permits companies to be set up by English laws to attract foreign investments. Lukashenko said in a statement

Belarus is an example of the internet and blockchains breathing fresh air into what may have seemed like a stagnant economy. Major companies from the region include phone messaging app Viber and NYSE listed offshore programming company EPAM Systems Inc. As connectivity and trust are enforced by rising adoption of the internet and blockchains, we will see global economies intertwine closer in a new era of globalisation. Other nations that have been laying heavy emphasis on creating an environment that embraces blockchain include UAE, Singapore and Switzerland. 

Goldman Sachs has joined the league of mainstream Wall Street firms offering financial products focused on the token economy. Following the footsteps of Cboe and CME exchanges providing futures, the firm intends to set up a trading desk to market-make in the token economy by as early as June. It is claimed that the firm is setting together a team in New York to define their Bitcoin strategy. As the naysayers reduce in number it is interesting to see which direction the market takes next. With high volatility levels, and a market-wide dip even occurring earlier today, it will be interesting to see how institutional-sized trading desks might impact volatility in crypto markets. Although futures were anticipated to bring in institutional players and contributed to the recent price hikes, nothing much has come of it just yet. Bitcoin enthusiasts now look forward to offerings for an ETF. Regardless of the outcome, the entrance of institutional players is an important change in the environment, and with their trading desks will come further liquidity and legitimacy.

As 2017 comes to an end, it is worthwhile to look at all the interesting occurrences in the world of AI. To begin with, its the year we received the first robot with a nationality when Sophia was granted citizenship in Saudi Arabia. She was even on Jimmy Fallon discussing her desires to start a family. However, all emphasis has not solely been on interesting humanoids. There has been substantial work towards removing biases involved in algorithms. In April of this year, researchers at Princeton University revealed an algorithm named GLoVe to show how AI tends to replicate stereotypes in human languages. As fake news began interfering with elections and public perception, start-ups came to the rescue. Factmata, launched a google chrome extension in June’s UK election day to help fact-check statistics on employment and immigration. We also witnessed AI beginning to be more creative and releasing its own music and even working alongside JK Rowling on a new chapter for Harry Potter. Although fears of artificial intelligence taking over human jobs have been on the rise, it is anticipated that the booming sector will create over 2.3 million jobs in the near future. Long story short, 2017 - was the year where the retail applications of AI became far more evident. Between Alexa, Siri and chatbots, an increasing number of average consumers were able to interact directly with artificially intelligent agents. Let’s see what 2018 holds as blockchains begin contributing to the growth of AI. Exciting times indeed!

So this is it. Last story of the year. We will miss keeping you updated and posted on everything going on in the token economy over the coming week. On a parting note, we leave you with a compilation of some of the finest writings in the token economy. Ranging from the Fat Protocols hypothesis from Union Square Ventures to Essays on Bitcoin by Alex Kroeger, the compilation is an interesting peek into how diverse the token economy is. It is a single, go-to source for anyone looking at unwinding over the holidays and catching up on thought leadership, away from all the noise around price action. In case you are looking for something basic, there’s also an emoji based explainer of Bitcoin on the list. Make sure you share it with curious family members that constantly seek to understand Bitcoin from you. The list is a strong mix of whitepapers, articles & analyses for anyone intrigued in the token economy. Make sure you bookmark it and run through it as you find the time. Read the entire list here.