It’s officially summer! (well, except you’re somewhere like Nigeria, where it almost always is).

We’ve explored the role blockchain plays in healthcare, music and even artificial intelligence (AI).

So what could blockchain possibly do for the travel industry? What advantages does it offer over traditional systems? Are there any real-world examples of these already?

Your guess is as good as mine.

How is blockchain used in travel?

Blockchain plays several roles in travel through the entire life cycle, from booking to landing.

More ubiquitous through online services and apps, using an agency to make a travel reservation seems the easier option. Until it’s not. Sometimes, it makes the process more expensive or uncertain, especially in cases of cancellations. So what if this could be avoided by choice? Because although there are valid reasons why we might use third-party platforms, a major one is convenience.

Blockchain provides a peer-to-peer model that allows travellers to interact directly with service providers in a decentralised booking marketplace. Indeed, thanks to smart contracts, tasks such as confirming bookings, payments and even refunds can be automated. There’s no need for a middleman, which delays the process.

Because if you’ve also ever known the pain of paying the high fees for a plane ticket only to have the transaction bounce, hanging somewhere in thin air, neither with the bank nor the airline — this is for you. In addition, blockchain via crypto ensures the transparency and reliability of payment transactions.

There’s also the secure storage of traveller data on the blockchain. You might not immediately realise, but an obnoxious amount of personal information goes into travelling. Whether it’s from our passports or whatever form of valid identification. Blockchain-based platforms can streamline identity verification processes. Travellers can securely store their personal information on the blockchain, allowing service providers to access and verify their identities without sharing sensitive data.

Blockchain technology can even be used to track luggage to prevent losses.

So with scalability and mass adoption issues, to name a few, is this integration possible? These companies below think so.

What are some examples of blockchain travel companies?

Take Travelport, for example. In 2018, they partnered with IBM Technology to implement blockchain into their operations.

They developed Traveller ID in collaboration with IBM to improve the security and efficiency of the identity verification process for travellers. By storing this info securely on the blockchain, they helped travellers to manage their personal info while maintaining data privacy.

But if this is the plant, an ecosystem such as Camino Network is the full-blown tree. Trusted by over 140 industry leaders, including the airlines Eurowings and Lufthansa, Camino sets the stage for a range of web3-enabled travel apps and services.

Here’s a quick run-down of what they do: by using the Camino token, the platform is tailored specifically for the travel industry. One of the ways this is achieved is by leveraging blockchain technology to create a more refined data management by non-fungible tokens (NFTs). With NFTs, details such as flight pass etc, can be stored in a decentralised manner as a unique digital token.

With blockchain and travel, there remains a lot to be seen and done.

But I guess it’s safe to say: the next frontier of travel is taking off. Strap in!

🟣 Pick of the week!

The World Health Organisation raises concerns over AI? Um okay.

🗞️ Support the newsletter

If you enjoy this newsletter, here’s how you can support it:

• Forward to family or friends, and recommend them to subscribe here.

From gramophones to CDs to Spotify, our medium of listening to music has also evolved. But if only we could go beyond listening to tangibly owning these melodies.

It appears there is a way.

Let’s explore that today…

Owning a piece of music

On the 12th of February, we witnessed the most anticipated Super Bowl halftime performance. For her much-awaited comeback, Rihanna I-need-no-further-introduction Fenty dazed the crowd and made an interesting announcement.

But she wasn’t the only one who made a comeback.

Her hit song ‘B-ich Better Have My Money’, which she opened with, also went viral.

This was the perfect chance for Jamil Pierre, a co-producer of the song, to cash out. See, ahead of the performance, he had put up his royalties of the song for sale as NFTs. Following the sale, another 0.99% of his royalty rights got redistributed to over 200 people via Ethereal NFTs on the platform AnotherBlock. That’s a lot of percentages!

Yet each tiny percentage granted each NFT owner rights to the song and assured them lifetime ownership of that portion of the copyright.

In fact, AnotherBlock’s mint was said to have raked in $63,000 in revenue. Woah.

There are also startups like Corite, that allow fans to invest in their favourite artists via blockchain technology. This works by inviting fans to donate toward a new release via crypto, creating music and then sharing the revenue.

And with blockchain technology, there’s the assurance that an accurate record of these transactions will be kept. Smart contracts also help ensure that the established rules of engagement are enforced.

Other use cases

While some have also utilised NFTs as a way to sell concert tickets, others have also created collectables and memorabilia around their musical performances.

Perhaps the most heartwarming use case is how this allows for a deeper connection between the artiste and their following.

For example, Bnxn (formerly known as Buju) launched an NFT project last year to build a community around his deepest fans, which doubles as a way for them to earn a share of his streaming revenue.

In essence, the middleman is removed, resulting in a direct value shared between the artist and her audience.

So what will blockchain do to the business of music? Only time will tell. But to the fans, perhaps it’s nice to have a slice of the musical cake.

🟣 Pick of the week!

You can now receive donation payments via crypto? Um, sign me up.

🗞️ Support the newsletter

If you enjoy this newsletter, here’s how you can support it:

• Forward to family or friends, and recommend them to subscribe here.

And who can blame us?

As a collective, it feels like we’ve all lived multiple lives already. For Gen X, it was a pre-mobile phone existence. For millennials, it was a pre-social media era. And now, for Gen Z, it’s pre-AI.

But something about this time feels more urgent, more hurried. What are we racing away from? Moreso, what are we racing toward?

I decided to juxtapose two distinct and giant technologies: artificial intelligence and blockchain technology.

What could happen if they collided?

Use cases for AI + Blockchain

I came across a handful of use cases for this dynamic duo. Still, a common thread I noticed was the use of the analytical skills of artificial intelligence working closely with blockchain’s transparency and security.

Blockchain provides the framework of a secure and immutable record of transactions and information. On the other hand, AI will help to identify patterns that can be used to optimise the overall process. Efficient.

Ocean Protocol is attempting to achieve something similar. As a decentralised data exchange platform, they use blockchain and AI to ensure the secure sharing of data.

There are also claims that we can utilise the blockchain to create decentralised marketplaces. At the same time, AI can provide personalised recommendations, similar to how ChatGPT can be prompted with specific nuances.

An example of this is SingularityNET, which is a decentralised AI platform that uses blockchain technology to create a global marketplace for AI services in different areas such as finance, robotics, biomedical AI, media, arts and entertainment.

There’s even Neurochain AI, which is a community-based AI on its own blockchain which offers high-quality data. For them, the community earns as AI learns.

Perhaps this is just the tip of the iceberg. There are still use cases we’re not even aware of because, well, we don’t realise we need them yet. Imagine using AI to analyse medical data records to observe patterns while blockchain ensures those records are kept safe in the first place.

But with the increasing scrutiny around these technologies (whether it’s full data privacy or environmental concerns), there’s clearly utility in this merge.

One thing’s for sure, as these technologies continue to mature: we can expect to see more exciting advancements in the future. Only time will tell.

🟣 Pick of the week!

This web3 newsletter by called Faces of Web3.

🗞️ Support the newsletter

If you enjoy this newsletter, here’s how you can support it:

• Forward to family or friends, and recommend them to subscribe here.

You can wake up one morning, scroll through your socials and come across unprecedented occurrences.

For example, on the 15th of February this year, a Colombian court held a court proceeding in the metaverse, its first of a kind.

The 2-hour hearing for a traffic violation had its participants present as avatars in a virtually constructed courtroom. Magistrate Maria Quinones Triana presided over the court, or at least her avatar did (pictures below).

Depending on who you are, this scenario will evoke an array of emotions: excitement, nervousness, a deep-rooted but previously-unperturbed sense of apocalypticism.

In a previous episode, we explored the inclusivity of the older generation when designing technology. So how about questions on the ethics of our increasingly digital existence?

What does it all mean?

Innovation is fun and daunting.

Perhaps when we think of ethics, an image of the scales of justice comes to mind (a blindfolded and impartial woman inclusive).

But ethics on the internet (generally in tech) is a broad term.

“Tech ethics involves considering how technology extends or curtails the power of individuals and how standard ethical questions are changed by these new powers, from the conception of an idea to a shipped product.”

It’s simply this: ensuring a morally right relationship exists between technology and its users.

But the very nature of breakthrough technologies is disruption.

While innovation is fun, it contrasts already-outlined ethical considerations, which are inherently safe and stable. And so, a natural push-and-pull dance ensues. What will give?

A significant concern raised by a policy expert at the virtual hearing was access to justice and equity: how readily accessible is this technology, and not just in terms of availability?

Another was the seeming loss of one of the little joys that tie in our shared human experience: stolen smiles and glances in the form of subtle visual cues and nuanced body language. Because how perceptible are these behind a metaverse avatar?

What if we could start all over?

At the recently concluded Paris Blockchain Week Summit 2023 (which was held between the 22nd and 23rd of March), the concept of ethics in technology was a significant talking point. And for good reason. The panellists unanimously acknowledged that in technology, innovation tends to come before ethical and safety standards are considered and implemented.

Take the rapid artificial intelligence (AI) wave, for instance: a high-profile group (Elon Musk inclusive) are pushing for a slowing down of “giant” AI advancements.

Can advanced technological pursuits, such as the metaverse, rely on the ethical protocols of their predecessors? Probably not; even the predecessors aren’t doing so great.

We’ve wrestled with moral and ethical codes for aeons, but this won’t stop the drive for advancement.

So what should we be doing differently?

Perhaps we need new approaches altogether. Because verbal harassment on web2 is one thing, but a simulated almost-real one in the metaverse triggers a whole new level of trauma.

🌟 Quick note!

The Top Sharers of this newsletter per week are still getting rewarded. Give your friends the gift of great content, tag @notsensibleco on Twitter or Instagram and get rewarded.

There are a couple of winners already:

Participate now; the merch is a limited edition.

Thank you for being supportive!

Share not sensible

🟣 Pick of the week!

This post by on progressive decentralisation for media. A compelling perspective.

I would love to reward the Top 5 Sharers of this newsletter by the end of the month [Substack has a backend for this, so I can tell]. It’s a win-win; give your friends the gift of great content and get rewarded for it too.

Thank you for being so supportive!

Share not sensible

In 1972, a behavioural professor of psychology realised something:

Attaching an otherwise non-practical token (or asset) to a desired behaviour changed the patient’s conduct.

This later became generally known as token economy, a part of the larger concept of operant conditioning, attributed to the same renowned psychologist B.F. Skinner.

I can’t help but see the correlation here.

See, the recipient isn’t really interested in the asset itself but in what it can do for them.

Curious, I wondered: what really gives a coin its value? Can it be measured? Is it solely about the monetary profits?

What’s Tokenomics About?

A basic rule in economics is how demand affects supply, which in turn, affects the price.

With tokens, supply can be divided into 3 main categories: circulating supply [how many tokens are currently being used], total supply [how many tokens have ever been used, in addition to current use] and maximum supply [how many tokens will ever exist]. For example, Litecoin has a maximum supply of 84 million that’ll ever be mined, while ETH, on the other hand, currently has no cap.

The logic then follows that, naturally, Litecoin should be more valuable.

Right?

Wrong.

Because this is life, and when is anything ever that straightforward? This is where tokenomics comes in.

I’d say tokenomics is the art and science of a token’s lifecycle.

Technically, a token is a digital unit of value that exists within a blockchain project. It has various differences from a crypto coin, one of which is that tokens are not solely for spending. For example, governance tokens are used for voting within a project. Thus, all cryptocurrencies are tokens but not vice versa.

Several factors determine tokenomics: supply, token velocity, overall monetary value [market cap] etc. But while all these factors are essential, if I had to pick one, it’d be this:

Utility.

What you want is a set of customers (aka buyers) that have a vested belief (let’s call them the As) in the project beyond a monetary motive (the Bs). The Bs mostly wanna make a quick buck (hey— no judgements here), but this has the unfortunate side effect of pushing prices to become too volatile. Because the more dominated by Bs the project/platform is, the more all participants are susceptible to a price bust.

Utility is one factor that makes us stick around in a raging bear market, and there’s panic everywhere else.

What I’m saying is this: in the mystical land of tokenomics, utility is king.

Or maybe making money is more important. In which case, you know what? Scrap literally everything I just said.

🟣 Pick of the week!

This comprehensive guide on how to DYOR [do your own research], to which tokenomics is merely a subset.

Grim banter aside, if one of the most democratic countries in the world (arguably so) can challenge its electoral process, then where-oh-where lies hope? Because regardless of where you live in the world, “election szn” is serious business.

As the awareness of electoral atrocities grows (take the alleged Russiagate, for example), the basis of democracy begins to get questioned.

Does blockchain technology offer a better alternative for democracy? And how would that even work?

How Blockchain Voting Works

Estonia, a small country in northern Europe, made history in 2014 with its first e-resident card.

Although this card doesn’t confer a legal residency status on its bearer, it’s a form of supranational digital identity given by the government. This means its holder has a digital signature valid anywhere in the European Union (which Estonia is currently a part of).

But what makes this country, with a population of about 1.3 million people—about ten times less than the entire state of Lagos—unique isn’t just advanced digital authentication methods. Nor the fact that wife-carrying is an actual sport done by weightlifters.

It’s how deeply embracing yet wisely cautious of technology they are.

Such that they’ve welcomed blockchain technology. For instance, if you needed to fill multiple forms with the same information to access public services, you’d need to input your data on the blockchain, which syncs across the board.

More pertinent is their system of voting. With blockchain technology, citizens can vote online, regardless of their geolocation.

FUN FACT: Diaspora voting in Nigeria is not currently possible because it’s limited by the Constitution, in section 77(2), which says, “every citizen of Nigeria, who has attained the age of eighteen years residing in Nigeria at the time of the registration of voters for purposes of election to a legislative house, shall be entitled to be registered as a voter for that election.”

But there are also other countries reported to have explored this approach: Denmark, Brazil, and even South Korea.

Your guess is as good as mine if you’re wondering why any sovereignty would do this.

If vote tallies can be viewed in real-time, it may discourage voter apathy. Blockchain voting enhances transparency and reduces fraud and rigging incidences as trust in electoral processes recedes.

As the world gets more immersed in digitalisation, it’s a matter of time before voting follows suit. Blockchain voting one-ups regular digital voting because of its unique value proposition: secure cryptographic proof. Traditional digital voting is problematic because it’s challenging to verify as valid. We’re already overrun with scams and bots as it is.

So what does voting on the blockchain look like?

It’s not that different from our current methods, at least not in the core process. To cast a vote, a citizen must register to prove their citizenship, vote via ballot boxes on the specified days and wait for the results to get counted.

With blockchain, a voter uses their “voting” token—with a timeframe limit for when the elections are over, wherein it becomes useless via a smart contract. Each electoral candidate has their specified wallet address where each voter can send their token as a count: this represents a casted vote. The vote then gets registered on the blockchain, which acts as a publicly distributed ledger. And then, the votes are counted, even in real-time.

If this sounds too easy, then you know that’s because it’s probably not.

Is Blockchain Voting Safe?

In theory, this process sounds straightforward.

But the logistics is another matter entirely. For one, a voter must be verified as the one who actually voted. Except voters come to a physical blockchain polling booth, leaving people to tap on their phones at home is fraught with many issues: a lot of people have (and can get) multiple phones, but besides, who knows if you’re being held at knife-point?

Two, there’s verification via nodes, which is how blockchain technology operates. These nodes could be manipulated for political sabotage if they are concentrated in specific enemy nations.

Beyond this, the voter’s anonymity must be preserved as a rule of thumb. But this process heavily depends on centralised entities to verify voters’ citizenship. Although various encryption methods exist, such as zero-knowledge proof, total anonymity (not pseudonymity) remains a daunting task.

2023 is a huge year in elections as Nigerians gear up for a most-defining election.

But not for Nigeria alone; other countries in Africa with an upcoming election include Zimbabwe, Sierra Leone and the Democratic Republic of Congo.

Some experts believe that blockchain is an appealing alternative to our current traditional way of voting. But if it’s to gain adoption, much more must be done. How many countries can boast of widespread penetration of the internet, access to smartphones and sufficient election funding?

According to this research, blockchain works well for a small number of users—probably not the presidential election scale. Maybe local governments and smaller provinces first.

We’re probably not ready for this, but it’s a compelling concept.

Leave a comment

🟣 Pick of the week!

Explore the depth of the oceans on this interactive website. And yes, I scrolled to the very end.

In case you missed it, we launched some limited edition merch. Emails were sent to the most engaged readers to appreciate the support (please check your emails & fill out the form) & the merch will be sent out soon.

But if you didn’t get the email, no worries. More details on how you can cop for yourself (free as well)!

Anyhoo, back to today’s post…

2022 was a stormy year, and with the heavy winds and rains came a bear market in the overarching financial industry.

Perhaps more so with crypto.

If it’s not fraudulent initial coin offerings or million-dollar hacks, it’s billionaire founders (almost) getting away with misappropriating customers’ crypto funds.

The need for regulation has never been more evident.

Yet this has remained elusive.

Why?

Are the federal, state and local governments really powerless against crypto?

The answer is not so straightforward.

What Crypto Regulation Means?

Regulation, as a broader term, is the imposition of rules by the government, backed by the use of penalties that are intended specifically to modify the economic behaviour of individuals and firms in the private sector.

In this scenario, it’s the act of creating and enforcing rules by government bodies to guide the trading of crypto assets.

Regulation protects us potential investors from fraud and other risks.

This sounds like a good idea, right? But it’s been difficult to hack so far (no pun intended).

See, the problem with crypto regulation is multi-fold.

First, crypto (and decentralisation as a whole) relies heavily on peer-to-peer networking, making it all the more difficult to track. Users are mostly self-leaning, so who really takes responsibility for missteps?

Another considerable quandary has been deciding what category cryptocurrencies fall under.

Are they securities: a financial asset that has value and can be bought or sold? Examples include stocks and bonds.

Yes.

Are they commodities: a basic unit of raw material used to produce other goods or services? Examples include grains, gold and beef. Remember how Bitcoin is regarded as “digital gold”?

Um, also, yes.

So are cryptocurrencies something else entirely, like a weird hybrid love-child of both?

There’s also the struggle with the ever-evolving landscape (today, it’s non-fungible tokens; tomorrow, it’s semi-fungible tokens). Or the variation in definitions of decentralisation and its concurrent terminologies.

However, for regulators, the overarching questions remain:

a) What old risks are being phased out?

b) What new risks are being introduced?

c) How can they be mitigated?

Leave a comment

The Current Regulations Around the World*

My Yoruba people have a saying: beheading is not the solution to a headache.

And in an increasingly crypto world, scepticism reigns supreme as the king sentiment among individuals and governments alike.

But isn’t this the same attitude we adopt with most things we don’t understand? We push and prod and shove and scoff. Change can be uncomfortable.

For example, China outrightly banned cryptocurrencies and their concomitant exchange platforms, tagging them as illegal.

Then some are more open to crypto: El Salvador comes to mind. On the 5th of June, 2021, President Nayib Bukele announced a bill to adopt bitcoin as one of its legal tenders.

Quite the bold leap.

Many other countries haven’t jumped all in but hang around the fringes, waiting to see.

In Australia and Japan, for example, cryptocurrencies are legal and treated as property. Cryptocurrency exchange platforms are equally legal but must be registered with AUSTRAC and Financial Services Agency, respectively.

While crypto isn’t legal tender in the UK (it’s considered property instead), exchange platforms are legal.

Then there’s Nigeria, where it gets a bit more tricky.

Current Crypto Regulations in Nigeria*

In a circular that dates back to the 5th of February, 2021, the Central Bank of Nigeria instructed banks and financial institutions to prohibit crypto transactions, stating that such accounts are closed immediately.

However, in a seeming contradictory move, the Securities and Exchange Commission (SEC) released a document over a year later titled “Rules on Issuance, Offering Platforms and Custody of Digital Assets” (the “Rules”) as a step toward the digital asset regulation in Nigeria.

So who do we believe?

As it stand, crypto isn’t illegal in Nigeria, at least not in a literal sense.

See, according to Section 36(12) of the 1999 Constitution of the Federal Republic of Nigeria—stay with me—for a person to be detained for a crime, there must be an actual, clearly defined written law to the effect of said crime (paraphrasing here).

With crypto, there isn’t.

CBN’s circular doesn’t constitute a law.

And so, the ambiguity remains.

It’s why crypto transactions continue in the country as long as the banks (where CBN has jurisdiction) are somewhat removed from the equation. It’s also why crypto exchanges, like these, exist to solve that problem.

So will we see better crypto regulation (and not just casual dismissal, ignorance and nonchalance) in this big 2023?

I guess we’ll see.

*: As at the time of this essay.

🔖 Your next read:

not sensible

Crypto as the Root of Evil: Part I

It’s no big secret that fraud is a downside in cryptocurrency. We can’t seem to scroll past our social media feed without being spammed with scammy links and uninvited bots commenting on our innocent posts. Does it appear to have become more prevalent as time has gone on…

Read more

4 years ago · 3 likes · Ojuolape 🪴

How you can have a detailed 5-year plan in a perfect Google Doc file, and life will just go ahead to do its own thing.

It can feel like drowning in the ocean of life, clinging desperately to a reliable raft.

Known for its inherent volatility, this year in crypto was particularly chaotic: from the fluctuating prices of various cryptocurrencies (and downright crash of some) to the FTX debacle.

2022 #CryptoWrapped would say this: 496080 minutes of uncertainty. Personality: The Speculative.

How can we manage economic uncertainty, especially with a projected recession in the coming year?

Better yet, perhaps this question can be extended to life in general.

Let’s dig in.

Subscribe now

Understanding our Discomfort with the Unknown

“Nothing is certain or proved beyond all doubt.” - Richard Feynman

In 2016, a thought-provoking study was conducted.

A cohort of volunteers was told they would be receiving a painful electric shock. But there was a caveat: only some were told it would happen for certain. The others were told there was a 50% chance it might not happen.

What they discovered was that the volunteers who knew they’d definitely receive a painful electric shock felt calmer and were measurably less agitated.

It goes to show that even if things will go wrong, we’d rather know: it feels like half the battle is already won.

There’s something unnerving about uncertainty.

But rightfully so.

From what we know of modern neuroscience, the amygdala (an almond-shaped area in the brain) has been studied for its key role in associative fear conditioning in animals and humans.

See, uncertainty is interpreted as a danger to our minds because when we don’t know what to expect, how do we protect ourselves? And the very premise of continued human existence is based on survival.

This is why it's still difficult and painful to accept, even when we know that life can be unpredictable.

But all hope isn’t lost.

How to Stay Sane in Uncertain Times

What’s a bear market?

Simply put, a bear market is a period of prolonged and volatile decline in the price of nearly all assets. This means that losses can be made. Because in more technical terms, a bear market is when asset prices fall 20% or more.

Also known as a crypto winter, it’s reminiscent of our literal current season.

With winter comes extreme cold and extended periods of darkness ( shorter days, longer nights). But for some, an extreme form of Seasonal Affective Disorder can also be experienced: the occurrence of depressive symptoms during seasons because of lesser sunlight.

Perhaps, we can do a few things to lessen that pain, however.

I reached out to a friend of mine, who is a Consultant Psychiatrist and founder of Asido Foundation, a not-for-profit mental health organisation, to share some tips to help save whatever’s left of our collective mental health. But it turns out these can also be applied to our financial well-being in general.

1. Realise that 99% of your worries won’t happen

As someone prone to worrying, this is one lesson I often struggle with. Easier said than done, being selective about what to focus on mentally (which worry simply is, although negative) is often in our control.

Here’s what Dr Abdulmalik advises:

“Yes, take personal precautions but know that most of your worries are unfounded.”

So what does he suggest instead?

Investing in personal development.

There’s something about looking outward instead of fixating on one’s self. A practical example is ice therapy for anxiety: a method using ice cubes or an ice pack to help stay calm during a panic/anxiety attack. It involves holding a cold compress to your chest, holding ice cubes in your hands, eating ice or rubbing ice cubes along your face and arms. This works because it jars your thoughts away from the internal machinations of your mind.

Take this underlying concept and multiply it with your grander life. It’s not about distraction, it’s about choosing what rather focus your attention on.

Invest in yourself; that’s one investment that’ll never be a waste or lose value.

2. Take life a day at a time

Perhaps the most profound mindset I’ve imbibed this year, staying grounded as each day comes, has been life-changing.

“Live in the moment” and “don’t worry about what you can’t control” may read like clichés, but they’re true for a reason.

We need to make the best of the time we’ve been given because it’ll all end eventually someday. We can’t fully control the outcome of a future we’re yet to see. However, what we can do is our present reality.

3. Be part of a community

He confirms a theory that’s been playing in my head for a bit: isolation is its own form of hell.

In these times, more than ever, it’s key to be intentional about staying in touch with friends and family. Especially for anyone who has recently made some losses.

Build your social support system. After all, we all need one another.

Final thoughts.

Resilience is what keeps our humanity going, the opposite of our kryptonite. (Sidebar: yes, even we MCU fans can dabble into DC lingo once in a while).

“If uncertainty is unacceptable to you, it turns into fear. If it is perfectly acceptable, it turns into increased aliveness, alertness, and creativity.” — Eckhart Tolle

Unpredictability can be both exciting and challenging, but it’s up to us to navigate this general uncertainty of life.

As we wrap up the year, here’s a timely reminder that you’ve done the best you knew to do.

🔖 Your next read:

not sensible

Why We All Have Trust Issues

Trust is a currency, one that is less often spoken about. It’s woven into the social fabric of humanity and a collapse could signal the end of society as we know it. Whether it’s within the context of a simple romantic relationship, corporate organisations and our use of their products such as social media, for example, or higher authorities in terms of …

Read more

4 years ago · 2 likes · Ojuolape

That’s how big of an undertaking web3 is.

Going against the grain (the grain here being what everyone is already used to) is an uphill climb. Humans are an adaptive species that somehow abhor change. It’s just the way it is.

This is especially so for a technology pegged as the new in-thing.

Its newness is the exciting yet scary part.

And with all new things, hitches are expected along the way. But just how big are these hitches? And are they worth wiping away the life savings of thousands of people?

Perhaps web3 is already dead on arrival?

In light of recent events in the crypto space (which is merely a subset but the golden first child of this technology), I thought to explore the clunkiness of blockchain technology and web3 as a whole.

Because here’s the cold truth: there are real problems with web3.

Let’s dive in.

Subscribe now

The Centralisation of Decentralisation

In physics and chemistry, there’s a law that says: energy can neither be created nor destroyed - only converted from one form to another.

The same can be said for anything that has come to exist on our planet today. A fact that might seem obvious now, it’s something we were once oblivious to as children. The phenomenon called object impermanence didn’t make us realise back then that objects continued to exist even when we could no longer sense them. What do you mean the Math teacher didn’t just fade into oblivion after the fifth period but went home to his wife instead?

It’s the same way we also didn’t realise that nothing simply exists. The buildings we passed by were built by someone(s), as well as the roads, Daddy’s car and those Lego toys. Beyond that, they were also built with things that already were.

Web3 didn’t begin to exist in a vacuum.

It’s an enhancement of a previously known way of doing the internet. Thus, it has started off relying on the wobbly shoulders of Web2 a.k.a centralisation. It’s started off not entirely so decentralised after all. The technology still highly depends on centralisation: whether it’s for dissemination of information/education or through custodial exchange platforms.

But this in itself becomes an irony.

For a technology that prides itself on being decentralised, it then runs the risk of being taken less seriously.

Then there’s the other thing.

The Trilemma

If the underlying blockchain technology is to gain wider-spread adoption, it must achieve two things: the ability to handle more data and the ability to do it at a faster speed.

Herein, however, lies the problem.

To increase its overall speed and, ultimately, scale, security may become compromised. This, in turn, weakens decentralisation.

Thus we have the blockchain trilemma.

I’ll attempt to (overly) simplify this quandary.

You see, the distributed control (decentralisation) this technology provides is its unique selling point. Because of the distributed nodes that work to verify transactions and data, this feature is closely tied to its security. The more nodes at work (security), the more secure the network since bad actors will need to override many more systems to be fraudulent.

But because there are more nodes involved in the verification process, this reduces processing time and hence speed (scalability).

On the other hand, increasing speed might mean reducing the number of different participants that make up the decentralised network. This reduces security and leaves us back at square one: centralisation (since control returns to a few participants).

Ugh.

How does one then solve this?

Leave a comment

That’s a post for another day.

“People who say it cannot be done should not interrupt those who are doing it.” - George Bernard Shaw

While blockchain technology is a very intriguing piece of technology, it’s not without its kinks.

Beyond the above listed, there’s still more to grapple with, such as environmental concerns and the rise of crypto scammers.

Yes, there are kinks to work through.

Thankfully, that work is ongoing.

🔖 Your next read:

not sensible

Crypto as the Root of Evil: Part I

It’s no big secret that fraud is a downside in cryptocurrency. We can’t seem to scroll past our social media feed without being spammed with scammy links and uninvited bots commenting on our innocent posts. Does it appear to have become more prevalent as time has gone on…

Read more

4 years ago · 3 likes · Ojuolape

Do you picture a nation built in the clouds, lofty, tucked away from the hustle and bustle of mundane earthly living? Or do you imagine all of us as digital avatars, going to work and visiting loved ones within the metaverse?

It turns out this isn’t the case, not really.

But hold up—why would anyone attempt to build a digital nation, and how can this be achieved?

Let’s dive in.

Subscribe now

What Is A Digital Nation?

Also known as a network state:

In essence, this means it’s a form of diaspora, but in reverse, the latter shall become the former.

Instead of with physical territory, a digital nation starts, well, digitally. It begins with a group of highly aligned folks online with similar shared values and a vision who come together to build.

Eventually, this can translate to land acquisition (where possible and/or necessary).

Is this possible?

Going by first principle thinking, the answer is yes.

See, at its most basic, a nation is built on a set of agreed-upon core values and overarching culture, an ideology. At least, that’s the idea. But it’s never been easier to find and aggregate like minds more than in this digital age.

A valid question to ask at this point is, how isn’t this different from a regular social club, perhaps even an elitist one?

The goal is to obtain diplomatic recognition from pre-existing nations—starting with smaller countries—making it a mutually beneficial partnership. The idea is that this feeds into a cycle where a digital country gets more acceptance and other nations, thus, become less sceptical and more welcoming.

And so, a new mini-nation is born.

So why would anyone want this?

According to Balaji Srinivasan, author of The Network State: How To Start a New Country, the reason is plain and simple: to build something new without historical constraint.

Take Plumia, for example, who are currently working on building an internet country for a unique community: (already) digital nomads.

For Afropolitan—the first digital nation being built by Africans for Africans—providing an opportunity for living an abundant life is their aim. Knowing how Africans suffer a scarcity of options, especially on a global scale, can the narrative be rewritten?

Because why should how far a man can go in life be determined by an attribute he had no control over: where he was born?

What if he could start all over, digitally, this time?

Theoretically, maybe this isn’t impossible.

Here’s how.

How A Digital Country Is Born

This concept will require a visionary and ambitious set of founders and participants. So perhaps, that’s the first step: finding a group of people audacious enough to attempt this futuristic project.

But to accomplish this, several other steps need to happen.

Hmm.

According to their manifesto, Afropolitan, for example, has four (4) phases: Network, Tool, Minimum Viable State and then, Foundation.

You can read a more extended version of their plan here.

But here’s a quick lowdown: It starts with Phase 1, where the intent is to clarify the vision alongside providing access to future events and a digital passport via NFT.

A super app will be launched in Phase 2, which will unify all utilities in one place: currency, DAO, goods and services etc. In Phase 3, the goal is to build legitimacy through state capacity.

Phase 4 is the final iteration, where all the previous work can culminate into physical land spaces in negotiation with partner governments.

Clearly, this isn’t a short-term venture; it’ll take months and years to actualise. There are much more details to also note — take a look here if you’d like to get a bit deeper into the weeds.

But here’s the least we know for sure: it’s indeed a tall order.

And so, we’re back to the question: can a digital nation be created?

What are your thoughts?

Leave a comment

🔖 Your next read:

not sensible

Finding Love in Web3

For the Hurleys, an American couple credited with one of the first metaverse weddings, the internet is probably the best invention ever. Not only did the couple meet through an online dating site, but they also recently decided to renew their marital vows in the metaverse. After 14 years of marriage, done traditionally, this new technology caught the gro…

Read more

4 years ago · 4 likes · 4 comments · Ojuolape

I.

My sisters and I loved playing the Sims, growing up.

Every day after school, we would rush to my dad’s in-house library, power up the desktop computer and live out our best simulated lives. (To this day, my architect-sister, who still plays this game, claims it’s a way for her to express her architectural and interior design prowess. Yeah, sure).

I’ve since seen its evolution, from a barely-2D creation to fully decked-out 3D animations. But one of the most remarkable upgrades was when we finally had the option to dress our characters. It was like suddenly being dropped into an infinite world of possibilities, one that we frankly wouldn't have otherwise realised we wanted.

This fond childhood memory was the first thing that came to mind when I came across the concept of digital fashion, particularly as NFTs.

But if you’re anything like me, this idea of wearable digital assets is absurd at an immediate glance.

I mean, New York and Paris Fashion Week I know but the metaverse fashion week, that recently passed by?

Why would anyone want to buy virtual pieces of clothing? What use cases could possibly exist? But also, how would this even work practically?

What I found was quite revealing.

Subscribe now

II.

So, what’s the deal with digital fashion?

Digital fashion is virtual 3D fashion that’s designed for humans and digital personas.

Think of it this way:

Digital fashion is what happens when the fashion industry meets our virtual identities, with use cases ranging from virtual try-on of outfits to direct clothing purchases for online avatars.

According to Dani Loftus, founder & CEO of Pronounced Drop (a digital fashion platform), these can be categorised into three:

1. IRL (in real life): Virtually-created clothing that also has a physical version. Sometimes, its physical counterpart is delayed to first ensure there’s even a demand.

2. ORL (on real life): Virtually-created clothing worn on physical people. How? It’s like a highly advanced form of Photoshop. Using this sophisticated technology, consumers upload their photos and the desired digital outfit is customised to their body such that it moves seamlessly, even in video format.

3. URL (un-real life): Virtually-created clothing for virtual people a.k.a avatars.

Perhaps the utility of the first two is immediately apparent: a significant reduction in clothing waste, which is currently estimated at a staggering 92 million tons of textile waste every year. In addition, every season, over 30% of clothes produced end up not getting bought.

But what about the third category? What does this really do?

And perhaps equally more pressing…

Who asked for this?

Because, literally, who is this even for?

The dominant current use case is in the gaming industry. Believe it or not, this is a huge market currently valued at $178 billion as of 2021 and estimated to climb to $268.8 billion by 2025. It’s said to be a larger industry than the movie and music industries combined.

For those familiar with Roblox or Fortnite, gaming skins are integral to the gaming experience. To the uninitiated, this might be a difficult concept to grasp but unique identification matters to avid gamers. But beyond a fashion statement, these skins also double as an investment, useful in trading with other items, such as extra lives or virtual weapons.

However, digital fashion isn't just for gamers or digital content creators.

There are also costume departments in the movie industry that might find this useful. Imagine a House of The Dragon filming that doesn’t require a ridiculous amount of waste in the wardrobe department.

But also, because a digitally made outfit defies the natural laws of physics, it encourages designers to push the limits of their creativity. Silk can suddenly stand upright and cotton can bend in unfamiliar ways.

There’s no denying this could also attract the most ardent fashion (and art) enthusiasts, thereby creating a new market for visionary creatives to make a living.

What about Africa?

The digital fashion industry might be relatively new but it’s already making waves globally.

Whether it’s BNV (that focuses on fashion in the metaverse) or Fashion League (that takes on a unique approach by primarily catering to a female audience).

But where is Africa, in this? While this is certainly not our current priority, should it even be a concern in a continent with low internet penetration (to say the least)?

Idiat Shole, an independent 3D fashion designer, seems to think so and certainly didn’t let herself be deterred. She created her brand HADEEART, incorporating afro-futurism into her pieces, and has gone on to work with clients such as Decentraland (gaming) and Spatial (fashion).

There’s also Astra, a predominantly-Nigerian owned tech company, that describes itself as “a first-of-its-kind Metaverse Experience, showcasing a new way to shop and play in virtual reality.”

Perhaps Africa will not be left behind, after all.

III.

“Don’t judge a book by its cover.”

Yet we do this every day; it’s an inherent psychological bias.

And in a world that’s become increasingly digitalised, it won’t be any different. It matters whether it’s finding love, ordering a meal or employers tracing the digital footprints of would-be employees. I, for one, feel somewhat safer with an online purchase when I can see the vendor has an online presence (and no, not the vanity metrics like the number of followers).

Does this mean there’s a need to clean up our digital personas and literally “dress the part”?

Perhaps this could become huge in the nearer-than-we-think future. After all, who could have foreseen how important making random YouTube videos 8-10 years ago would become a cultural phenomenon today, creating a wide range of unique job opportunities?

A common thread I’ve noticed about NFTs is they’re not trying to reinvent the wheel, not really. The goal isn’t necessarily to push one out to solely make way for the other. After all, we will continue to exist in the real world.

What makes the difference is the underlying blockchain technology, which only seems to facilitate and improve on what we’ve always done: be it art, gaming, fashion etc. But even if this change is marginal, it’s evolution nonetheless. Because shouldn't every new generation seek and attempt to improve for the upcoming one?

"In the same way that retailers need a brick-and-mortar or ecommerce store (Web 1.0) and a social media page (Web 2.0), they should have a metaverse presence (Web 3.0).” — Nico Fara, founder of Chief Metaverse Officer

I’m not fully convinced because a) I can hardly justify buying new physical clothes for myself as it is b) I barely keep up with the non-virtual fashion industry c) I’m not big on games or social media.

But it would be interesting to see how this all plays out.

Perhaps the use case will take on a new life of its own, looking totally different from what it is today.

It appears the NFT hype seems to have died out with the concurrent bear market. But perhaps that’s a good thing.

Because now, will the real (and truly persuaded) disruptors please stand up?

Subscribe now

🔖 Your next read:

not sensible

Why Art Has Utility, Actually.

I. The year is 1467*. In a small town in Italy, a father to a reserved and creative 15-year old boy sends him to be apprenticed under an artist. Little did they know this singular act would drastically turn his life around, forever. This boy grows up to become…

Read more

4 years ago · 8 likes · 7 comments · Ojuolape

Not only did the couple meet through an online dating site, but they also recently decided to renew their marital vows in the metaverse. After 14 years of marriage, done traditionally, this new technology caught the groom’s eye.

But beyond the online venue on Decentraland, a 3D virtual world browser-based platform, the ceremony had the usuals: (NFT) rings, a (meta-) marriage certificate and over 2000 people in virtual attendance.

Alright, maybe not so usual.

However, the ceremony wasn’t without its glitches. Literally. The bride nearly toppled over on the virtual aisle due to “high attendance that overloaded the server”. But the happy couple didn’t let that deter their big day.

This entire shindig might sound absurd at first glance, but why not?

If people can hold weddings over Zoom or Google Meet, isn’t one based within the metaverse a more immersive alternative?

It turns out it’s not that simple.

Subscribe now

💡Oh, something interesting.

Recently partnered with Brew Money, a financial app backed by Accel & an official grant recipient from AAVE, to host a giveaway of their Bithoots —the  Aaveians NFT. Answer this quiz and score three or more points to win their NFT.

Alright, back to today’s essay.

A Closer Look

In this essay, we spoke about what the metaverse is: an interactive and immersive network of virtual experiences.

Since the Hurleys, a handful of other weddings have been held in the metaverse.

This is essentially how it goes:

The couple, officiants and some of the guests are physically gathered in an agreed-upon venue (so far, this has been the organisers’ office) and hooked up to VR headsets. The virtual landscape, built by a Metaverse architect, then welcomes the digital avatars of the participants. Much later, a meta-marriage licence is issued as an NFT, to be stored on the blockchain.

But there’s an important caveat: are these marriages legal?

Short answer: no.

Perhaps recognised on the blockchain, the law is another issue entirely. The Hurleys were already married, making the event more ceremonial than legally binding.

A long way from becoming (if ever) a mainstream method to legalise nuptials, its use for renewing existing vows is intriguing.

But metaverse marriages are for those who have found one another in the first place. Going on a date within the metaverse takes online dating to a whole new interactive level.

For a web3 dating platform like truyou.algo, the goal is to use the technology of blockchain to prevent catfishing by validating each user’s unique verifiable identity. They also take it a step further by allowing the use of tokens to match, discouraging mindless Swipe Rights.

Perhaps all’s fair in love and war.

What are the possibilities?

Honestly, this all sounds unconventional and maybe even downright weird.

But that’s understandable; it’s difficult to imagine a change to traditional methods. Once seen as the red-headed step-child of forming relationships, online dating has since gone mainstream with many recorded successes.

Does love in a web3 world stand a chance?

Whether it’s metaverse marriages or matching individuals based on the NFT community they belong to, one thing’s for sure: the search for love will remain constant in the human experience.

Only its methods will continue to vary.

🔖 Your next read:

not sensible

How to Visit the Moon in the Future.

Right now, you’re in an enclosed space—it’s eerily dark—when you hear a whoosh sound behind you. You’re startled but you’re also excited, giddy. This is it. This is the moment you've envisioned for a long time but were quite unsure how it would even be possible…

Read more

4 years ago · 2 likes · 2 comments · Ojuolape

I mean, thanks to this invention, I can chat with you right now.

But it hasn't always been this way, how we’ve come to know it today. It’s been through several iterations which are still ongoing. The latest is Web3.

A term that has gone mainstream, tech enthusiasts are sorta kinda freaking out about it.

But what does it really mean? And why should we care? Isn’t this reserved for technical computer bros anyway?

To understand this, we need to take a quick step back into the time machine. At a time when we could only access the internet through neighbourhood cyber cafes and watching a 5-minute video took almost 2 hours due to buffering. Or perhaps even farther than that.

Let’s go back to when the internet first began:

1990:

Let’s establish this foundation first:

The internet is simply the connection of computer networks to one another, around the world.

It’s why I can talk to Seun from her mobile computer (aka phone) in Germany or see what Laolu posted from his computer in London.

Although the internet was originally in the works since the 1960s, it wasn't until 30 years later that it became available to the public. Prior to this, it was just used for research purposes by the government.

The Advanced Research Projects Agency Network (ARPANET) was the government’s preferred computer network. These early computers were huge, immobile and the connection wasn't optimal.

For example, the first piece of information sent from one computer to the other was between the University of California, Los Angeles (UCLA) and Stanford University. Although the word “LOGIN” was sent, only “LO” was received.

But that was more than enough to show that we had stumbled on something as monumental as the moon landing that same year.

It wasn’t until the World Wide Web was invented in the 90s that computers became fully connected to one another. Characterised by static pages, minimal content creators limited only to big companies and JavaScript, Web1.0 was born.

However, the internet didn't come into Africa as a whole till 1995, and Nigeria till 1996. Nil Quaynor, a Ghanaian professor known as the African Father of the Internet, helped to establish some of the initial online connections on the continent.

This phase was eventually dubbed Web 1.

But perhaps we could do better.

Today:

Web 2, also known as the participative social web, is what we currently use.

The difference is that while Web 1 was company-based, Web 2 was community-based and emphasised user-generated content.

And with the introduction of smartphones, it was a match made in content heaven.

For the first time, users could actively participate in what appeared on their screens — either by engaging through interacting or by making TikToks, for example. The centralised companies no longer had a monopoly over content, in fact, they welcomed it. Twitter, for instance, would be very bland if not for the people that actively tweet and retweet.

But there was still a loophole being exploited by the companies hosting these sites. It appeared they had only outsourced the creation part without giving up the profits and ownership. Users didn’t have full control over their data. In fact, if they could be chucked out at any moment based on ever-changing Terms and Conditions.

And so, another idea was posited.

What if users could also own their data?

2030?

With Web 3, your data lives on the blockchain.

The arrival of blockchain technology has brought about a lot of possibilities. One of which is how it provides ownership in a unique way.

In current internet practices, you can fume and grumble about a social media site, for example, but that’s really the most you can do. The alternative is to delete your account and carry your business elsewhere. But if you’re a seasoned YouTuber with thousands of subscribers, who are disgruntled with whatever Terms and Conditions flavour-of-the-week the platform has come up with, that’s not really an easy decision to make.

Web3 solves this by making data “portable”.

This is huge.

It also might be a bit hard to imagine but in a more practical sense, this means that you could carry and transfer data, even across enabled platforms. The blockchain could enable this via digital tokens owned.

When we spoke earlier about NFTs, I mentioned their use case in gaming. In this scenario, it means an item purchased as an NFT within the blockchain for one game can be used in another.

As I’ve alluded to, this could also translate to social media accounts. Whereas data such as username, content shared so far and follower count has to be manually transferred one by one, this no longer will be the case.

But beyond this, information will also be processed in a more human-like intuitive manner, enhancing the overall user experience.

Great as this might all sound, it’s not all roses though.

Apart from a difficulty to scale and a current lack of widespread accessibility, Web3 has a technical barrier when it comes to mainstream use. It’s not necessarily difficult, just different. And it will take a while to catch on.

But this shouldn't deter us from this opportunity.

An opportunity that blockchain enthusiast Keith Mali Chung believes Nigeria, and Africa as a whole, shouldn't miss out on.

“Nigeria/Africa missed out on the Internet/Web2 Revolution which is why there are no social media or African Tech Powerhouses like Google, Twitter, Facebook, or Meta as it’s been rebranded,” — Keith Chung

Perhaps only time will tell.

In summary:

If you were to ask — who invented the internet — the answer would be complicated. The evolution of the internet has been a network of efforts (pun absolutely intended).

Web3 will not solve all of the internet’s current problems but what a difference it would make. It’s wild to realise that we haven't even scratched the surface of what the internet can be.

I’m looking forward to what’s to come.

Luckily for us, the revolution will be televised.

Subscribe now

Read next:

not sensible

Is Tech Inclusive Enough?

Many moments stand out to me from my time in medical school but recently, this one came to mind: an unassuming class in the Department of Public Health. It was the first time I came across a concept I had never even thought about: age-friendly cities…

Read more

4 years ago · 5 likes · Ojuolape

My dulled ears perked up.

The specialist went on to discuss why we should pay attention to making our communities accessible to the elderly and ageing. After all, we’d be there soon enough.

Let’s put this into perspective in our digital age, where we can hardly be involved in today’s urban culture without some digital know-how. Or at least how to open up a WhatsApp chat.

And so one wonders: how are the elderly and aged coping?

Subscribe now

The Inclusivity Equation

According to the World Health Organisation (WHO), an age-friendly world “enables people of all ages to actively participate in community activities and treats everyone with respect, regardless of their age”. The United Nations estimates a two-fold increase from the current 600 million to 1.2 billion by 2025 in the world’s aged population (above 60 years old).

With this in mind, the concept of age-friendly cities was created by WHO as part of their policy initiatives in the early 2000s.

But while the emphasis is on domains such as social participation, secure neighbourhoods and enhanced mobility, a vital component has often gone ignored: technology.

It’s everywhere we turn.

Moreso, depending on where in the world you live, the penetration of technology varies. For example, in developing parts (I’m from Nigeria, you see), we still use a lot of analogue methods, such as paper and pen documentation, alongside the many inherent drawbacks.

But it’s only a matter of time.

As of January 2022, Nigeria was reported to have more than 109 million internet users - the highest number reported all over Africa.

So how do the aged navigate a world that’s becoming increasingly automated?

Although the stereotypical belief is that the older generation is not as interested in technology as we youngins are, a) that’s not entirely true b) there’s hardly a choice now as it’s been slowly woven into the fabric of our current daily reality.

Research done by Neves et al revealed that the adoption of technology is based on a complex set of factors, ranging from social to usability to digital literacy. It also clearly showed that there are different expectations across generations in communication norms. This simply means one size doesn’t fit all, which goes without saying.

And yet.

In tandem with the proposed age-friendly system domains, technology is curiously missing and/or downplayed.

But it’s in how ordering a cab (including its subsequent billing) from a mobile app helps with transportation and mobility. Or how location tracking and setting up automatic mobile SOS systems help with feeling more secure — young or old.

It turns out I’m not the only person who will consider this correlation.

Marston and van Hoof wrote a report, critiquing the gaps in the laid-out WHO plans, and proposed a smart age-friendly ecosystem (SAfE) framework. The crucial addition to this framework is its inclusion of technology as an important driver.

Oh, what a wonderful world

To be honest, this goes beyond smart home gadgets and artificial intelligence.

It could be as simple as a phone call, which some of us take for granted as a regular part of life.

One of the things the pandemic lockdowns did was to deepen our reliance on tech, speeding up its adoption. If anyone didn’t see the need to have a connected means, whether it’s via a mobile device or computer, they do now.

Of course, the evolution of/for future generations shouldn't come to a halt because of urban ageing; that’s not the point, at all. Technology will continue to forge on, attempting to solve as many problems as possible.

The moral, perhaps, is that technology should be consciously evolved to consider as many people as possible—whether it’s by age, race, socioeconomic status etc. Particularly for the elderly, it should be and feel intuitive, be clear in its instructions and—let’s not forget—have the option to jumbo-size the font. Amongst other factors.

“According to continuity theory, successful aging is promoted when older people are able to continue familiar activities as a way to maintain self-identity.” — Ng et al

Whether it’s an Apple Watch detecting an abnormal heart rhythm and automatically dialling an emergency contact or Stefanov’s model of health smart homes for especially vulnerable persons, technology is here to stay.

And no sole group should have the monopoly of use.

Before you go…

I’d love to hear from you — who you are, what are your interests, and what have you enjoyed (or otherwise) so far.

Please check out this quick 2-minute survey, if you haven’t already. It’ll really help out a lot. Thank you.

Read next:

FAQs on Age-Friendly Cities

The door before you opens to unfamiliar terrain. Is that powder on the ground? Wait, why are there so many large holes on the ground? Why is the sky so black?

You squint.

You draw in a large breath; you had forgotten to breathe for a few seconds. You take several shaky steps forward, like an infant finding footing, feet sinking into what feels like quicksand.

Turning back briefly to glance at the spacecraft with which you landed, you grin. And then, you (attempt to) jump for joy!

You’re finally on the moon.

*snaps you awake from reverie.

My wildest fantasy aside, this is the Metaverse in a nutshell: an interactive and immersive network of virtual experiences.

But what makes it all the more unique is the presence.

In this reality, you can assume a digital identity and participate. You feel as though you’re actually there. It’s like a 5D-movie experience on steroids.

But, why would anyone want to create these augmented phenomena, like how Barbados plans to open a diplomatic embassy in the metaverse?

I’m glad you asked.

Subscribe now

Wait—

It’s almost 6 months of writing to you every two weeks 🎉

And I’d love to hear from you — who you are, what are your interests, and what have you enjoyed (or otherwise) so far.

Please check out this quick 2-minute survey after reading. It’ll really help me a lot to improve this column. Thank you.

Alright, enough small talk.

Why a Metaverse?

The idea of the metaverse isn't a new one.

I came across this concept in Ernest Cline’s novel Ready Player One, a dystopian sci-fi novel based in the year 2045 where he alluded to an alternate and virtual reality where could, in essence, live: a parallel existence. Unfortunately, the “real world” had inadvertently gone to heck because it was mostly ignored.

But while fictional, perhaps, this is a thing that can happen.

So knowing that, why build this? What real-life problems does the Metaverse hope to solve?

The main rationale behind this technology is twofold: socialisation and e-commerce.

The experience of digital shopping will become more immersive and real-like: think Amazon’s introduction of the “AR room tool” to allow users to see how furniture would look in their house—but grander. Customers will be able to “walk” around the store, browse and make purchases all through the Metaverse.

Enthusiasts also believe this technology will change the way we socialise online, lost body language cues and wrong emojis aside.

Beyond a place to hang out, the Metaverse could be a game-changer for accessibility, if widely adopted. In education, for example, one can attend an augmented-reality-based class that isn’t even on their continent.

Perhaps these efforts became more apparent during the lockdown, such as Travis Scott’s in-game virtual concert with Fortnite—a key player in the Metaverse buzz—with over 12 million viewers.

Although gaming is its most prominent current use case, this Metaverse still doesn’t exist yet. Not fully.

Internet availability isn’t even widespread enough yet, not to mention advanced gear such as VR headsets.

But this isn’t even my biggest concern.

Go outside & touch some grass

“In nature, nothing is perfect and everything is perfect.” – Alice Walker

I can’t help but wonder what this means for the outside world as we know it. Current social media usage is already up to a third of our waking hours—you don’t even want to see mine— with no foolproof mitigating measures in sight.

Should we really become more invested in the digital?

The importance of real-life experiences, such as taking a walk or laying in the sun, can’t be overstated. As this research paper puts it, “spending at least 120 minutes a week in nature is associated with good health and wellbeing.”

However, I can’t help but imagine the exciting intersectionality this can bring. For example, imagine attending immersive classes or work meetings via the Metaverse, on a sunny day, while it’s really gloomy or snowing aside. As a medic, I wonder if this can provide some reprieve from the spectrum of seasonal affective disorder.

I guess I’m also just hoping we humans don’t mess this up; perhaps I’m too optimistic.

Nature, as we know it, isn’t utopian. While it’s rainbows and butterflies and sunny summer days, it’s also tornadoes and earthquakes and wildfires.

But as we can all agree, the positives grossly outweigh the negatives.

Will the same be said for the Metaverse?

Although the promise of this new technology is attracting the attention of big players such as Nike and Facebook, it still needs a lot of work.

There are technical challenges, such as making it interoperable across virtual worlds and platforms, and non-technical ones as well, such as legal and ethical aspects. After all, even with our current technology, we haven’t fully solved hate speech, addictive tendencies and downright scams.

Is this a fad or something that will reshape our existence as we know it, for the better?

What are your thoughts?

Leave a comment

Oh & also:

Please don’t forget to check out the mini-survey. Thank you!

Read next:

Is Web3 the same as Metaverse?

“Even though we pretend our money decisions are purely logical or motivated by math, actually, we’re coming to those decisions with our personal histories and behaviours,” — Therapist Aja Evans

In my opinion, there’s an interesting dynamic between these two that isn't explored often enough.

Let’s take a look today.

Much ado about crypto

Smelly clothes strewn across the bedroom floor. Unwashed dishes from the meal, at least 5 nights ago. 57 missed calls from work (and Mum). Time of last shower: unknown.

While extreme, this might well be the typical life of a chronic gambler.

Now, philosophically, perhaps everything in life is a gamble. After all, we can’t accurately always predict what’s to come. But with crypto and without restraint, the consequences can be dire.

Thanks to smartphones and 24/7 access to the internet, trading doesn't have to stop. No longer do we need to hop on a flight to Las Vegas or visit the Lotto Man down the street.

Gamblers often talk about the high of big wins and quick cashouts.

But that’s the point:

Trading becomes problematic when it becomes obsessive.

Although not officially recognised as a condition—not to mention the lack of significant scientific literature—we can draw from a known concept that’s eerily familiar: addiction.

Research shows that addiction works in the brain by stimulating reward neural networks which are involved in memory, pleasure and motivation. When activated, a chemical messenger called dopamine is released, giving a sense of euphoria. This is nice every once in a while.

The problem arises when this is done repeatedly.

These dopamine receptors get oversaturated and can no longer give a similar effect. This creates a never-ending hamster wheel that requires more to get the same level of high as before.

The essential elements that form an addiction are: the compelling need for more than one initially did, unsuccessful efforts to stop or cut down, the inability to think about anything else in-between and it getting in the way of daily activities.

“Tolerance includes needing to take larger financial risk in order to produce the same sense of excitement and pleasure, and withdrawal when not trading may include symptoms such as depression, anxiety, irritability, mood swings and insomnia, among many others.” — Aaron Sternlicht, co-founder of Family Addiction Specialist

Addiction, if left untreated, doesn’t just rewire the brain. It can lead to other conditions, such as insomnia at best and depression at worst.

“What happened could have happened to anyone, but not everyone could have carried on.” — Marcus Aurelius

Loss is a universal occurrence most can relate to, regardless of circumstance. And those who have known the sting of losing their entire life savings can understand this on a different level.

Depression, with or without suicidal tendencies, can set in.

It’s an entire vicious cycle. At least for those who are prone.

So what’s the deal, anyway?

Why can one person take their first sip of alcohol and never go back, yet the other person goes on to become an alcoholic?

Studies have shown that some responsible factors are: genetics, previous history of addiction (to other substances), the right amount of peer pressure, and a noticed predisposition for impulsivity.

So while there’s no actual thing as a full-blown addictive personality, some personality traits are more predisposed to this extreme. And although personality is complex, it’s not impossible to change.

It goes to show that whether its effect is as intense as an obsession or more minimal as the FOMO that partially fueled the NFT rave, psychology underlies every discipline.

But how can it also help?

Staying sane & safe

Maybe this all sounds abstract to you.

Or maybe you can relate, directly or vicariously through someone you know. Regardless, these three strategies are worth considering.

1. See as a longer-term plan

The appeal of gambling is its short-term and rapid gains. While the promise of 10x one’s profit within 10 minutes (or hours, or days) is tempting—such as with viral meme coins—the complete story isn't often told. Particularly for individuals with a higher penchant for addiction, the better strategy is to view crypto-investing as a longer-term plan.

Easier said than done, set aside a specific time to review, make adjustments and then leave it be. Better yet, utilise features that passively accrue interest for you on crypto savings, like these.

2. Diversify your portfolio

There’s a reason some experts advise keeping your investments at up to 5% of your total worth, especially as a newcomer. Crypto is a great investment asset for gaining financial ground but should be done armed with knowledge and caution.

Simply, don’t put all your eggs in one basket.

3. Pick your battles

For the minority with extremely susceptible-to-addiction personalities, quitting cold turkey is the best defence. Even better if one never ventures into that battleground in the first place. In life, it’s important to choose one’s battles. And while some might happen to us, there are others we can evaluate before they ever begin.

Indeed, self-control comes more easily to some, but to those who are severely lacking, perhaps the best option is to opt out entirely.

At the end of the day, self-awareness is a life skill necessary to navigate adulthood.

We need to do the honest work of constant self-discovery, in this case, to determine our risk appetite. Because the fact remains that with great risk comes the potential for great reward, but we need to gauge how we would also react if it pans out negatively.

Can you simply let it go?

If you can, by all means, go ahead.

Truth be told, any form of risk can be anxiety-inducing — whether it’s making a radical career change, choosing who to spend the rest of our lives with or buying some crypto. We can do everything right but still be hit over the head with the uncertainty that is the “future”.

That said, check on your crypto-investor friends, seriously.

Read next:

How to Effectively Buy The Dip

I.

Pop quiz: What does an aspiring rapper and a tech entrepreneur have in common?

The perfect crime.

Well, almost perfect.

Earlier this year, a young married couple appeared in a federal court.

Charges: attempts to launder money from a previous 2016 BTC hack worth over $4.5 billion at the time they were arrested. They’re not being charged with the hack itself.

The Feds have since seized about $3.6 billion worth of that total.

On the outside, Dutch Ilya Lichtenstein and Heather Morgan seemed like a run-of-the-mill pair.

Heather was a writer and entrepreneur, creating her hip-hop artist repertoire under the pseudonym Razzlekhan. Dutch, on the other hand, described himself as a human angel investor, web3 developer and serial entrepreneur (at least on his Twitter account).

Subscribe now

Before this bust—which included the police seizing their multiple SIM cards, burner cell phones and, you know, other classic scammy stuff— the two had crafted an online presence that revolved around tech and the web3 space. Perhaps this played into why the allegation against this unlikely duo became more plausible.

Because they weren’t just jejune crypto users. Clearly, they were well-versed in this technology.

This was also why prosecutors didn't buy the whole ‘naive wife unknowingly roped in’ story.

“It bears noting that Ms Morgan is highly intelligent, with a graduate degree in economics, and has sufficient cryptocurrency and technical know-how such that if she were released, even if her husband burned the keys, she would absolutely have the ability and the connections to access the stolen crypto to purchase identities off of the dark net and disappear.”

In an ironic twist, she had often interviewed virtual currency exchange employees to discuss their anti-money laundering and anti-fraud policies for her online finance articles. She had even tweeted about possibly making a “rap song about fraud prevention”.

The couple used a series of minor transactions to move large sums of crypto—what is known as a peel chain. They’re also alleged to have mobilised funds across the dark-Web marketplace back into other coin exchanges.

Fortunately, several of these exchange platforms could not verify their accounts, leading to some of the funds being frozen.

Perhaps they really were just trying to show the lapses in the system. Oh, that and make a couple of billions of dollars before they jet off to Ukraine to start a family with their stored frozen embryos.

II.

“Cryptocurrency-based crime hit a new all-time high in 2021, with illicit addresses receiving $14 billion over the course of the year, up from $7.8 billion in 2020” Chainalysis Crime Report (2021)

Last week, we discussed how crypto scams are possible despite such sophisticated technology. What appears to be the blockchain’s greatest asset can also be its downfall, if care isn't taken.

The charge against the above couple is not the first—nor will be the last—of crypto-related laundering crimes noted to date.

As of earlier this year, illicit addresses are said to hold at least $10 billion worth of crypto, although this estimated value comes from subsequent price fluctuations of these crypto assets. A significant portion of this comes from money laundering, and these are related to only online dealings. Who knows what happens offline?

In contrast, the UN Office of Drug and Crime approximates that almost $2 trillion (can be as low as $800 billion) of fiat currency is laundered per year. While crypto crime is nowhere near this figure, the fact remains that crime is a menace that respects no platform or technology. (After all, it’s not a competition to see who’s the lesser evil).

This begs the question: is there anything we can do about this?

III.

While the majority of its users are law-abiding, there will always be those looking for a way to game the cryptosystem. Measures need to be in place to minimise the efforts of these actors in bad faith.

The onus lies with the different stakeholders, such as the exchange platforms themselves. Adequate know-your-customer and AML (anti-money laundering) policies should be the rule rather than an exception.

Beyond this, government agencies and policy-makers have a role to play as well: so much for being entirely decentralised. The fact remains that they are still the highest authority when it comes to law enforcement and overall judicial matters.

For example, the U.S. Treasury Department’s Office of Foreign Assets Control sanctioned two notorious crypto exchange platforms—Suex and Chatex. In fact, the Federal Bureau of Investigation was said to help train Nigerian crypto crime investigators.

Basically, for every one step of illicit transactions, we need to be two steps ahead.

In all honesty, I understand anyone’s hesitation toward the crypto space.

Perhaps this is why some experts advise keeping crypto investments under 5% of one’s entire portfolio, especially for those with a lower risk appetite.

But all hope isn't lost.

According to Chainalysis reports, crypto-based crime is on a downward trend, perhaps because law enforcement agents are becoming more accustomed to and informed about this new technology.

Whether it’s a seemingly unassuming couple or two Chinese citizens (Tian Yinyin and Li Jiadong, who successfully opened fake accounts on other exchanges and have been charged for their crimes in absentia), crypto-related crimes continue to evolve. And so do efforts to stop them.

Thought-provoking:

In a utopian world, this wouldn't need to be a thing. We would all get along, hold hands around the fire and sing kumbaya till the sun comes up.

Now wouldn't that be just perfect?

Read next:

What is a Smart Contract?

We can’t seem to scroll past our social media feed without being spammed with scammy links and uninvited bots commenting on our innocent posts. Does it appear to have become more prevalent as time has gone on?

As cryptocurrency becomes mainstream, it appears not only investors have noticed. So have actors in bad faith who have seized the opportunity.

But is this enough to signal the end of cryptocurrency? Should it be banned or, in more common parlance, ‘be cancelled’?

I had to find out, and the results were surprising.

Subscribe now

“Give me your Bitcoin.”

Studies by the United States Federal Trade Commission (FTC) revealed over 7000 people reported a whopping $80 million loss since October 2020. And that’s just for those that made a complaint.

Compared to the previous year, that’s over a dozen more reports.

As with ants perching on sugar on a hot sunny day (or any other day, really), scammers have swarmed the crypto space.

While crypto scams still aren’t anywhere as near rampant as with fiat currency, does the very premise of blockchain technology make it more prone to actors in bad faith?

The nascence of the space, the potential for significant gain and the lack of in-depth understanding by a sizeable number of users all make the perfect recipe for a scam pie.

And so, one of its most significant selling points can quickly become its pitfall: the lack of a middleman or centralised entity to flag suspicious-looking activity.

Bots are also a controversial aspect of crypto because while they’re helpful in the fast-paced space of trading, scammers can also utilise them to spread phishing links on social media.

Which begs the question…

How exactly is crypto hacked?

Scams aren’t novel.

They’ve been around probably as long as human beings have. And since most people are into crypto for the money, not just the technology, scams have become more prominent.

But how is this even possible with a technology rooted in steep security?

Cryptography—the security on which crypto lies—is still one of the most secure technologies. The way it’s set up, it’s almost impossible to get through the back door. This leaves room for one option:

The front door.

This is significant because it shows that there’s proactiveness on the consumer end. The downside, of course, is victim blaming, which is never helpful.

See, the primary way to get into one’s wallet is through their private (“front”) key.

Most often, this is what is usually targeted by fishy links. The idea is not to break down your door but to quietly open it and maybe even grab a bottle of Coke in your fridge as the apartment is ransacked.

So how exactly is this done?

FTC breaks it down into 3 main methods:

1. Investment scams: Because of the open nature of crypto offers, anyone can get into it. These scams are sometimes up-front, with the promise of an incredulous profit margin offering “little to no risk” in a short time, often with a sense of urgency.

2. Romance scams: Think Tinder Swindler meets crypto. These involve one party, usually met via a dating site/app, pressuring the other into getting into “a new crypto wave”. It might sound bizarre, but I guess love is a drug.

3. Impersonation: This could be in the form of government or business agencies demanding payment in crypto to offset a supposed and unknown debt or fake social media accounts of established crypto platforms sending phishing links. These can be very convincing.

This list isn’t exhaustive.

The way forward.

The fact remains that cryptocurrency (alongside the blockchain in its entirety) is a compelling piece of technology that’s still in its days of infancy. But these developments aren’t exactly encouraging to both the newbies and OGs in the space.

What about the claims on money laundering and crypto funding crime or wars?

Can anything be done about this?

Read next:

How to Avoid Getting Scammed

4 Basic Strategies To Better Crypto Trading

After all, we want our lives to count for something much more than our mundane existence of work, sleep and—if we’re lucky—travel. We want to carry on our very spirit when we eventually hit our demise. Not to forget, we want to never have to worry about finances: for us, for our future families even if we will not be there to see them.

But is the concept of legacy a meaningless pursuit, as with any other mortal venture we embark upon on this floating rock we call our planet? Would it matter in a century? And if it isn't useless, what role(s) can cryptocurrency play in the bigger picture?

Let’s investigate.

BTC as Generational Wealth?

In late 2009, what we now know as Bitcoin was launched.

With it came the promise of decentralised finance, clearer transparency of transactions and—perhaps most importantly—a chance to break the poverty cycle. Due to the largely speculative nature of cryptocurrency, it means this is an incredible opportunity to diversify one’s investment portfolio, beyond stocks and bonds and real estate.

Premiering in November 2021, the short film Bitcoin is Generational Wealth was an eye-opener to the potential that lay within this new technology. As a goal, the producers hoped to show that:

“Bitcoin can break the cycles of fallings and replace them with an everlasting, productive peace.”

Do you remember how Bitcoin prices blew up after a couple of years and it seemed as though one should have invested earlier? The truth is that it’s easier said than done. It takes a fair amount of grit to not throw in the towel and sell when the chips are down.

But this exactly is the attitude needed for long-term success with building generational wealth that lasts.

That is the secret most billionaires know.

For cryptocurrency, there’s something to be said for buying and hodl-ing.

Can you handle it for the next 10 years, come rain, come shine?

Of course, this goes beyond Bitcoin but it’s the case in point here since it’s lasted the longest so far. Building anything takes time, a factor that has become increasingly difficult to tie down in the jet age. Even the Google homepage loads in 0.3 seconds.

John D. Rockefeller was on to something when he mused:

“I had no ambition to make a fortune; I had the ambition to build.”

Cryptocurrency exchange platforms are beginning to see what this could do for their users and are getting in on the wave. For example, Busha Yield allows savers to earn up to 10% annual percentage yield interest on USDT (a dollar stablecoin). While the scale for growth is immense, especially longer-term, there are no absolute guarantees in life—even as fetched as if an asteroid hit the planet tomorrow and the survivors literally have to start all over.

The catch with building long-lasting wealth is the level of risk it carries. It’s no ordinary feat and that remains why it’s not necessarily for everyone. We must also take into account the people that cannot even afford to set any money aside as they live paycheck to paycheck.

But for the middle-class and above, as the sage meme goes:

Take risk and succeed.

A Different Perspective

I have a problem with the mainstream view of legacy.

There’s too much of an emphasis on its monetary angle. A legacy goes beyond generational wealth. It’s passing on value in form of knowledge and wisdom as well. It’s teaching qualities—such as kindness and empathy—to the next generation. It’s loving others while we’re here.

But this poses another quandary.

Perhaps it’s the cynic in me but I’m acutely aware of how, eventually, everyone we know and love will be dead and gone someday. Is it then logical to strive to race against time, to build something that’ll outlive us?

Does any of this even matter?!

Then again, maybe positively impacting just one generation can be enough. And maybe legacy has no singular meaning or definition.

For Professor Wole Soyinka, it’s a mark left on how the world will perceive African literature. For Nelson Mandela, it’s a mark on the abolition of apartheid, justice and perhaps most importantly, peace. I know a good book that says how a good name is to be chosen rather than great riches.

But to be completely transparent, the riches are pretty awesome too.

Read next:

How to Grow a Passive Income with Crypto

It’s woven into the social fabric of humanity and a collapse could signal the end of society as we know it. Whether it’s within the context of a simple romantic relationship, corporate organisations and our use of their products such as social media, for example, or higher authorities in terms of governments.

But why should we care so deeply about trust?

A concept that has predated our current civilised reality, trust was necessary for our hunter-gatherer ancestors. While privately eating one’s kill might be more satisfying, hunting alone was an unwise venture. Moving in smaller groups—or packs—ensured shelter, food and safety. To do this, there needed to be a level of understanding with trust.

So why are our levels of trust declining so rapidly?

The answer might not be too far-fetched.

As we become a more digitised society and more of us take an interest in the ongoings of the world (local or global), we begin to see the loopholes in how things are and have always been. Anonymity is the order of the day online, allowing scams, identity theft and trolling to run rampant. This is without forgetting the increase in fake news and conspiracy theories, largely pushed by echo chambers, and the alarming advent of deep-fakes.

Trust is a tricky subject, dependent on a variety of factors. For example, in countries such as Norway and Sweden, it is generally found to be higher—in the government, the police and the people. Trust in the government is gradually becoming historically low in other places like the United States and Nigeria.

This is a significant finding because it has a far-reaching impact. 

Research done to estimate the extent of economic outcomes based on overall trust showed a causal correlation. Economic inequality has also been shown to be negatively related to trust.

“We have been experiencing declining economic equality, the deterioration of compromise in the public square, a fraying social fabric, and a descent into cultural narcissism.” — Robert D. Putnam

When asked, people attribute their ability to trust others to personality types, past experiences and literacy level. Even seemingly unrelated factors such as the size and slant of a person’s eyes can be a perceived measure of trustworthiness. But this goes beyond (literal) face value.

Let’s take a deeper look at what can be found beneath the surface.

What’s Happening in the Brain?

This was the exact question neuroscientist and author of The Trust Factor, Dr Paul Zak, had in mind. And so, he did something about it.

In his series of curious experiments, participants were asked to send any amount of money to a stranger through the computer. But there was a catch.

Once sent, this amount would triple in the recipient’s wallet, who would then be anonymously given the option to share the spoils with the sender or not.

With none the wiser, their level of trustworthiness was put to the test.

Ensuring blood work before and after these decisions were made (both by the sender, to be trusting, and the receiver, to be trustworthy), the results were astonishing. It turned out that the higher the levels of trust, the higher the levels of a particular compound chemical produced in the brain.

Its name?

Oxytocin.

But to correct for a possible bias, the study was taken a step further. To prove if there was a direct correlation, synthetic oxytocin via a nasal spray was safely applied to subjects; things got even more interesting.

Participants more than doubled the amount of money they were willing to send to the stranger.

Other predecessor studies have shown this association between trust and oxytocin, as well.

Can Blockchain Bridge the Gap?

Blockchain technology claims to be trustless, and rightfully so.

But that’s only half the story. There is some level of trust — it just exists within verifiable and advanced mathematics.

The way that the blockchain works is primarily tied to cryptography, the study of secure communications techniques. In this piece, we discussed how these complex computer codes ensure that even the slightest alteration renders transactions useless. This technology is appealing, whether due to the ability to digitally and irreversibly encode data or the transparency of a public ledger that is available to all.

With blockchain, the need to trust an intermediary is removed. With cryptocurrency, transactions are securely transferred ‘trustlessly’’ between parties.

This begets another set of questions: in the midst of this, is blockchain technology an answer, the answer?

Should we outsource this fundamental human need to science, or is it more beneficial (although time-consuming) to rebuild our collective human trust?

Where would we even begin—buying nasal sprays?

Read next:

How to Effectively Keep Your Crypto Safe