Digital Currency: Blockchain and Cryptocurrencies

By Yang Liu, Qianru Li

Blockchain has been on the hot topic of discussion in recent years. The basics of the blockchain technology can be explained as a block is created every time a new transaction occurs, and this block is connected and chained to the blocks which are created before and after it. For a transaction to appear, every user on the blockchain has to give consent in order for the transaction to be approved. Once the transaction occurs, the record will be stored on the blockchain, and no one can alter or delete the record, even if the personnel has the highest access level.

Cryptocurrencies are currencies that are launched using the blockchain technology; a classic example is Bitcoin. Cryptocurrencies have the safety feature and the hidden identity feature by using the blockchain technology. This means that it is almost impossible for frauds to alter, add, or delete records of cryptocurrency and all the transactions of cryptocurrency are anonymous. The anonymous feature might provide chances for potential money laundering and other illegal financial transactions. Therefore the future of cryptocurrencies might be subject to more regulations.

      https://cryptoslate.com/cryptos/stablecoin/

Stablecoin, as it is suggested by the name, is a type of cryptocurrency that maintains stability. Stablecoins take out the need for a middle man between a user and a financial service such as the bank and is safer as it is issued on the blockchain. There are three types of stablecoins categorized in accordance with their collateralization method, including fiat-currency collateralized stablecoin, non-collateralized stablecoin, and hybrid collateralized stablecoin.

1.    Fiat-currency collateralized stablecoin: this type of stablecoins use fiat currency to back up the coins. This type of stablecoin claim to maintain a 1 to 1 peg to the fiat currency.

2.    Non-collateralized stablecoin: this type of stablecoin does not have any collateralization but rather use algorithmic calculation method to maintains the stability of the coin.

3.    Hybrid collateralized stablecoin: this stablecoin use a hybrid of the two above approaches.

 Many stablecoins on the market now claim to maintain a 1 to 1 peg to a certain fiat currency. For example, TrueUSD is collateralized by USD, and the launching company claims that it maintains a 1 to 1 peg to USD.

From some time past, people are enthusiasm for Cryptocurrencies. However, most people do not exactly know what it is. Understanding the relationship between blockchain and Cryptocurrencies could help buyers clearly comprehend the entire operation and better choose Cryptocurrencies when to purchase them. Here are several questions about Cryptocurrencies and Stablecoins, comment below and discuss your idea.

Questions:

1. What is the three main features of a fiat currency? Do you think stablecoins satisfy these features
2. Have you purchased any cryptocurrencies? If yes, what is the name and trading symbol of that cryptocurrency? How has your experience with it been like?
3. What do you think the future of stablecoins will be? Will they be out of the eyes of the public as time pass by or will they be more and more popular to people? 

Reference:

TrustToken: Tokenization you can Trust. (n.d.). Retrieved from

https://www.trusttoken.com/

Maher, C. (2018, November 06). Why Stablecoins Matter More Than You

Think. Retrieved from

https://medium.com/originprotocol/why-stablecoins-matter-more-than-you-think-a885fd32b5bf

https://www.ibm.com/downloads/cas/K54GJQJY

Quantum Computing: What Does It Do?

Quantum Computing: What Does It Do?

By: Zachary Long & Kelly Jiang

Quantum computing is a hot topic in the technology realm. However, most people have very little understanding of what quantum computing is and what it is capable of. Quantum computers operate on a different state that classical computers cannot produce. A classical computer works in binary terms of 1 and 0. With a quantum computer, the physics concept of superposition takes place and generates a temporary third state of 1 and 0 combined in the same instance. The best way to understand this principle is by thinking of the Schrodinger's cat experiment. The premise of that experiment is that a cat can be in a closed box with poisoned milk, and that cat is both alive and dead until the box is opened. This undetermined state allows quantum computers to evaluate a large number of possibilities simultaneously, and then when it creates an output, it comes out as one calculation with the optimal answer. Quantum entanglement is the ability for the particles to interact with each other in ways that create dynamic interactions at the quantum level. These machines run on qubits which thanks to quantum entanglement multiply the computer's power exponentially with the addition of each qubit. Unfortunately, it is imperative to ensure that the computer is kept a temperature close to zero Kelvin. If the computer gets too hot, then decoherence will occur, and the calculations will see an error.

Quantum computing has the potential to change our future for the better. The primary application for it is artificial intelligence processors. Since quantum computing is based on calculating the probabilities for many possibilities, so AI is a good candidate.

Another use for the technology is precision modeling of molecular interactions, or finding the best configurations for chemical reactions. This is also known as “quantum chemistry,” and is so complex that a classical computer can analyze only simple molecules. Chemical reactions are quantum since they create extremely entangled quantum superposition states. This is something a quantum computer could easily handle. The uses for quantum computing in this area spans from creating more efficient products (such as fertilizer production) to the creation of new pharmaceutical drugs.

Quantum computing will also change the world of cryptography or the art of writing and solving codes. Online security heavily depends on how difficult large numbers can be factored into prime numbers. Factoring is currently being done through classical computers by searching through every possible factor, but this is expensive and time-consuming. Quantum computers can perform factoring much more efficiently than classical computers. Quantum encryption methods are also being proposed using the one-way feature of quantum entanglement.

Modern financial markets could also benefit from quantum computing. The current markets are very complicated systems that require advanced mathematical and scientific tools to run. Quantum computing can quickly evaluate the distribution of outcomes in a large number of scenarios generated at random.

Questions:

1. What other instances do you think a quantum computer would be useful for in the future?
2. Do you expect to use a quantum computer in the future? Please explain your answer.
3. How do you think quantum computing will affect a future MIS major?

References:

https://www.technologyreview.com/s/612844/what-is-quantum-computing/

https://singularityhub.com/2017/06/25/6-things-quantum-computers-will-be-incredibly-useful-for/#sm.00001owrqx51brf7hvf5w0ykx6tm2

Algorithms and Touring: How The Music Industry Creates Revenue

Streaming services are a big reason that the Global Music Industry has to thank for record highs in valuation – in 2018 the industry was estimated to be worth $19.1 billion which is the largest total since 2007.  While there is constant gripe in the news cycle about streaming services paying out minuscule royalties to artists, streaming services as a whole have spurred revenue growth not seen since right before the Great Recession. Prior to the Napster and Youtube era of music consumption in the early 2000s, albums used to cost upwards of $20, so as the average price of albums plummeted in early 2000s with the rise of streaming and downloading, the music industry needed to pivot to figure out how to bring in revenue.

The 2000s consumer consumption signaled that people wanted to listen to whatever they wanted, when they wanted, and they didn’t want to leave the house to get it. Rather than attempt to go backwards in time, the industry responded by meeting where the consumer where they were with a model that benefited both parties: music streaming services. The rise of Spotify, Apple Music, and Tidal helped consumers get all the music that they wanted, while generating revenue and increasing concert sales. Music streaming services main goal is to get you to listen to as much music as possible, and then feel moved enough to go see that artist in concert. Present day, the majority of revenue for artists come from touring – artists put out music, knowing it won’t generate them money from sales, but from it getting you to go see them on tour, which is where the money is.

This leads to the present day issue surrounding the algorithms that influence what people listen to and what kinds of music is rewarded. The streaming algorithms of Youtube, Apple Music, Spotify and others prefer higher quantities of content on a more regular basis to constantly feed users with new and fresh content – this is the reason why Drake and Migos will put 25 songs on an album as opposed to a refined album with not as many filler songs. The lack of boundaries for listening to music and creating playlists encourages more content from artists; Drake puts out 25 songs on an album knowing that each person will only revisit 5-10 of those songs regularly on their respective playlists, and the more songs Drake puts out the better chances he has of a listener liking one of those songs enough to keep on a playlist. While these algorithms satisfy the immediate want for new music from artists, their true purpose is to get you into a seat at a venue where the record label can generate the most revenue from you as a listener.

 Algorithms are decreasing the quality of music to fulfill the financial need for new material to be played on tour so the label can recoup their investment. All the major record labels own significant shares in Spotify, the leading music streaming service; the platform is a marketing vessel to gain fans and convert them to paying customers at shows. Spotify still operates at a loss right now and pays songwriters small paychecks for their work, but there is no rush to change the pay structure because this model has produced highest revenue streams for the industry in a decade. The algorithms and payout structure incentivize artists to release more music and announce more tour dates – give fans more content to persuade them to buy merch, vinyl or a concert ticket, because simply streaming an artists music on Spotify or Youtube is not enough to sustain their careers.

Finally, there are some interesting ideas to help bridge the gap between streaming and touring to help aid those artists that can’t tour as intensely as other artists. Music streaming services could integrate a Patreon, Twitch, or Bandcamp payment model into their platforms. Patreon is a subscription website that lets creators receive direct monthly payments from consumers in exchange for varying levels of exclusive content. For example, small artists will have lower tier subscription that gives subscribers early access to new singles and higher tiers will have your name included in the Thank You section on their album’s packaging. Twitch is a streaming website owned by Amazon that, with a Prime membership, allows you to directly send your favorite streamer $5/month free of charge to the viewer as inclusion of the Prime membership. Bandcamp is a music marketplace where listeners can download music for free and choose how much they want to pay for the music. Streaming services can include an option to directly allocate $0.50/month of your subscription cost to a specific artist to help further support them, or include options to pay additional fees to get access to exclusive content from specific artists.

Questions:

1. When an artist releases a new album, how do you consume the album (shuffle it, play it all the way through, just the singles, etc)?  
2. Does the interface and platform of your choosing ever influence what you listen to through its recommendations, playlists, or charts? 
3. What would it take for you to pay additional money to a streaming service to support a specific artist?

Sources:

https://www.forbes.com/sites/hughmcintyre/2019/04/02/the-global-music-industry-hits-19-billion-in-sales-in-2018-jumping-by-almost-10/#26cd271218a9

https://pitchfork.com/features/article/9628-how-much-is-music-really-worth/

https://www.rollingstone.com/music/music-news/why-are-albums-so-long-right-now-203591/

https://medium.com/bandbasher/why-touring-will-be-your-biggest-source-of-revenue-2464fd47b655

Tech Innovations To Save Our Environment

             Today, a hot topic of debate deals with our planet and environment and whether or not us humans are really destroying our earth. On one side you have the people who believe it is all a myth, and on the other side you have the people who are extremely worried with where how bad our environment is becoming. As I began my research, I quickly found that a lot of negative things are happening at this very moment; for instance, on the sciencedaily.com environmental issues front page the first things that appear are, Alps Glaciers Disappearing Fast, Global Warming Disrupts Recovery of Coral Reefs, and Greening of Lakes: Green-house Gas Emissions. Now whether you believe that these things are a serious concern for our earth or not, new technological innovations are being made in order to reduce and even stop such things from causing harm to our environment. 

            Technology has greatly enhanced our lives by simplifying and improving our daily lives. Whether it is allowing us to connect with others across the globe, helping us battle the deadliest diseases, or even having self-driving cars, these all would not be achievable without the help of technology. Now, with the rise in controversy regarding our environment and the side effects and damages us humans are causing, engineers and scientists are creating new tech innovations to save our planet. 

            

Now let’s look at three ways technologies are helping us save the environment. 

1.    Developing renewable energy technology

a.    Efficient energy storage and smart grids

b.    Renewable and rechargeable batteries and fuel cells’

     Renewable energy technology is one of the most significant ways to help save the environment. “Due to the non-renewability of fossil fuels like coal, petroleum, and natural gas, researchers are coming up with new ways to generate energy with technology” (Joshi). Some examples of these new technology efficient energy solutions include fuel cells, lithium-air batteries, hydrogen energy storage, and thermal energy collectors.

     In regards to smart grids, these assist in moving the generated electricity around to ensure that everyone on the network can access it. New ways that are being created to do such things are from distributed grids and energy networks that are on a flexible infrastructure and are have globally accepted standards. Sustainable electricity generation comes from creating electricity from renewable resources like the sun, wind, and tides.

2.    Saving endangered wildlife

a.    Smart collars for endangered species and reducing human-animal conflicts

b.    Gene sequencing for detecting and researching on deadly animal diseases

   Technology is now being widely used in saving wildlife. Some of the new innovations that have been made in order to help endangered wildlife include: smart collars with GPS, meters, and sensors, wildlife remote sound monitoring, SIM-based collars, gene sequencing techniques, conservation drones, and predictive analytics about every species to protect them.

3.    Adopting a smarter lifestyle

a.    Smart homes that promote energy saving and green-living

b.    Electric cars that are three times more efficient than conventional vehicles

A key part in saving the environment must come from us humans and how we live our lives.          Luckily today, innovations are around us that allow us to live a more sustainable and green life. For example, smart homes advocate green living and lesser waist through advanced sensors that help in saving energy in daily activities. Additionally, these homes employ systems for natural waste management with built-in recycling methods. Another tech innovation that is helping us save our planet is smart cars like the Tesla. These cars have been developed to reduce the conventional automobile pollution and save energy. Efficient cars are also proven to be three times as efficient as normal cars running on fuel. 

            Lastly, I want to touch base on a new break-through innovation that is could make a huge impact on our lives and the environment. The United Nations predicts that in less than a decade, 14% of all people on earth will not have access to sufficient water resources. With this being a huge issue, researchers have developed a way to make ocean water drinkable. Today, there is already a way to do such through industrial scale desalination plants, however, this technique is very pricey, produces greenhouse gases, and can harm life. The new way innovators have developed is through a sieve made out of graphene that can filter out salt using a lot less energy. With clean, safe, drinkable water being a rare resource for many people already, this new innovation could make a huge impact.

Questions:

1.    How serious do you feel climate change and other environmental issues are?

2.    Can you think of some simpler ways regular people can make a difference when it comes to protecting our earth?

3.    Are you being proactive with the fight against environmental issues (recycling, living green, etc.)?

References: 

https://www.allerin.com/blog/3-ways-technologies-are-helping-us-save-the-environment

https://www.cnn.com/2017/05/11/tech/ecosolutions-5-ways-tech/index.html

https://www.sciencedaily.com/news/earth_climate/environmental_issues/

Don’t Blame Me, Blame Technology

Authors: Hang Khuu and Emma Phillips

Content:
According to research done by the Orleans Marketing Group, over 3.8 billion people use the internet today, which is 40% of the world’s population. From the moment you wake up to the moment you go to sleep, technology is present any and everywhere you go. However, as the presence of technology increases, what is its effects on our brain and behavior?

In a research study under the Media Psychology Division of the American Psychology Association (APA), they examined the good and bad effects of video games, online learning and internet resources such as Google, Yahoo, and other media. These studies validate the risks of Internet Addiction Disorder (IAD), which many professionals consider is comparable to substance abuse. Addicts are most often glued to their screens with their minds trapped for hours at a time and are excluded from all social interaction. Sometimes people use Internet media as a mental and emotional refuge to escape from harsh reality. However, this causes them to neglect their family, work, studies, social relationships and themselves. Meanwhile, Internet media has also positively impacted the public. The growth of new applications in commercial areas, such as online buying and banking, are improving the world’s economy at a fascinating rate. Furthermore, technology’s presence in education enables students to learn virtually and collaborate with others.

Research in this field is only continuing to grow as technology and media become even deeper ingrained in our daily lives and ultimately it finds that the effects can be both helpful and hurtful. The lists below details other significant positive and negative effects of media that studies found on individuals and society as a whole.

Positive Media Effects:

• IQs are rising due to advances in media assisted learning and interactive game playing.
• Girls are advancing in the field of science.
• Communication is increasing across cultures.
• Media has helped foster public understanding of many crucial issues

Negative Media Effects:

• Attention spans are decreasing due to exposure to excessively stimulating and fast-paced media.
• Violence in media causes desensitization to violence.
• The average number of sleep hours per night decreases in inverse proportion to the average number of hours per day of Internet use.
• Internet Addiction Disorder (IAD) is increasingly diagnosed by professionals.

Questions:

1. Do you think technology has more positive or negative impacts on people’s behavior?
2. As technology becomes a bigger part of our lives, do you think it needs to be limited to reduce negative effects? How do you think this could be done?
3. What other positive or negative impacts does technology have on people? Have you experienced any firsthand?

Sources:
https://www.psychologytoday.com/us/blog/the-media-psychology-effect/201203/brain-behavior-and-media

https://orleansmarketing.com/35-technology-facts-stats/