Monday, January 29, 2024

On Our Final "Virtual Route 66" For January 2024

 


 

The Big Story

Droning on

ZodiAq, designed by Khalifa University, is a multi-limbed underwater soft drone

In brief | Drones flew, robotic dogs walked and unmanned amphibious devices swam at Umex and SimTex in Abu Dhabi, one of the only events in the Middle East focusing on drones, robots and autonomous transportation systems.

While there was a lot of focus on the latest military and defence-oriented aerial technology on display, there was also plenty of excitement surrounding some of the more conventional products with new twists.

Does the world need a sustainable, multi-use tactical vehicle? Eneron, a subsidiary of the UAE-based tech, transportation and sustainability solutions company Kintsugi, thinks so. The company's Magnus prototype turned a lot of heads with a civilian-oriented prototype expected in 2025.

Also piquing interest from attendees was a new, UAE-made drone helicopter capable of delivering 300kg of cargo or humanitarian aid.

Why it matters | Forgive the pun, but the sky is the limit for the unmanned systems industry. At 2024's Umex and SimTex, there was unprecedented international representation in terms of vendors. That's no accident. There's an appetite for new solutions.

On the first day of the exhibition, the UAE's Ministry of Defence signed deals worth about Dh1 billion, showing there's still plenty of economic interest in the sector.

The industry has grown significantly and it's no longer just about defence. There are countless applications where unmanned systems can help improve lives.

There's also a booming artificial intelligence sector, which is bringing new capabilities to autonomous technology once thought to be impossible. It seems the surface is just being scratched.

Quoted | “End users want to increasingly remove personnel from dangerous environments or areas that might be high risk. And being able to use autonomous systems to do that, obviously, is an advantage to everyone”

– Miles Chambers, vice president of international business for Edge Group

 

Future in focus

The 'Hubot', or Houbara robotic decoy, could help save the vulnerable bird species

Hope from HuBot | Can an unassuming robotic bird decoy hold the key to saving the vulnerable Houbara bustard species?

The Mac turns 40 | As global PC shipments drop, what does the future hold for Apple's Macintosh?

No algorithms | Will Ayman Hariri's ad-free platform save social media?

 

Predicting the future: Signal or noise?

Micro OLED displays the size of a fingernail were showcased at Umex and SimTex

At the corner of the Abu Dhabi National Exhibition Centre, there was a small booth that was probably overlooked by many. It was home to a company called Rayvision Technology, showcasing something you needed magnifying glasses to see: micro organic light-emitting diode (OLED) displays the size of a fingernail. Although interesting, can this technology actually be of use to us?

This is a signal: We're bombarded with the idea that screens will be diminished as we enter the world of spatial and mixed-reality computing, but what's overlooked is that micro-OLED displays are a big component in this new era of computing. Apple's much-anticipated Vision Pro headset contains two of them, as do other headsets and immersive devices. They're also going to be increasingly utilised on cameras and other similar products where smaller screens are paramount. The only possible drawback is the lengthy and pricey manufacturing process, which, by various accounts, is already improving. You'll be seeing more micro-OLED displays very soon, but given how small they are, you might not notice them.

 
 

In case you missed it

The Estidama Mosque in Masdar City

Masdar City's new mosque emphasises sustainability

How sending cells to space could offer insights into disease on Earth

Opinion: AI can never replace human connections

New Balance loafers, adidas bowling shoes and other oddball sneaker innovations

This start-up converts classic cars into EVs for a greener tomorrow

INSIDE TECH

 		 
Thank you to our sponsor

Here are today's top stories: 

  • Spotify to launch in-app purchases in EU. 
  • eBay to lay off roughly 1,000 employees.
  • Zee Entertainment is suing Sony for canceling their $10B merger.


1

Spotify's iPhone users in Europe will be able to purchase audiobooks and subscriptions directly in the app, bypassing Apple's 30% commission in the App Store. The company is making the change as a result of the European Union's Digital Markets Act (DMA), a new law targeting anticompetitive practices by tech giants.

More:

  • The DMA, which takes effect March 7, requires large tech companies to open up their online services and closed ecosystems to competitors.
  • As a result, Spotify is launching its own in-app payment in the EU, avoiding Apple's 30% commission.
  • The company will be able to communicate in its app about subscription offerings, upgrades, product prices, deals, and promotions.
  • iPhone users will be able to directly download Spotify apps, like Spotify for Artists, from its website.

Zoom out:

  • The EU represents only around 7% of total App Store spending, according to Morgan Stanley analyst Erik Woodring.
  • The move is not expected to significantly impact Apple's services business, which generated $85B in 2023.

   
2

eBay announced plans to lay off about 1,000 full-time employees, or roughly 9% of its workforce. In a corporate blog post, CEO Jamie Iannone said the cuts are necessary because eBay’s “overall headcount and expenses have outpaced the growth of our business.”

More:

  • In addition to the job cuts, eBay plans to lay off an unspecified number of contractors in the coming months, Iannone said.
  • The organizational changes will "align and consolidate certain teams to improve the end-to-end experience, and better meet the needs of our customers around the world," he wrote.
  • eBay's global workforce grew from roughly 10,800 employees at the end of 2021 to about 11,600 in late 2022.
  • It previously laid off 500 employees last February.
  • Over the past year, eBay's stock has fallen 13% while the S&P 500 has risen 21%.
   
 
3

India's Zee Entertainment is suing Sony for canceling their $10B merger agreement. The Mumbai-based entertainment conglomerate is urging the Japanese tech giant to revive the deal.

More:

  • The merger of Zee and Sony's India subsidiaries could have created an entertainment powerhouse in South Asia.
  • However, Sony terminated the merger on Monday, saying that certain closing conditions weren't met by Zee.
  • Sony is seeking $90M in termination fees for alleged merger agreement breaches.
  • Zee argues that Sony's termination fees are legally baseless, and is urging Sony to retract its termination and fulfill its obligations to complete the deal.
  • Zee filed its case at the Singapore International Arbitration Center.

   
4

Nintendo is shutting down online services for the 3DS and Wii U on April 8. Single-player games and offline mode will still work on both consoles.

More:

  • Online play features, including cooperative play and internet rankings, will end at 1 p.m. PT on April 8.
  • The eShop for both consoles will also close on March 27, after which purchases and free content downloads, like game demos, will be unavailable.
  • Users have until 10 p.m. PT on March 11 to link their wallets and transfer eShop funds.

Zoom out:

  • As Nintendo shutters services for its older consoles, it could launch a Switch successor in September of this year.
  • According to an internal email, the next-gen Switch's performance will rival that of the PS4 and Xbox One.
  • The "Switch 2" may have an LCD screen instead of OLED to bring down costs. Nintendo has reportedly already sent out development kits to partner studios.
   
 
5

Apple could launch a scaled-down version of its first self-driving electric vehicle as early as 2028, according to Bloomberg. Apple has reportedly scaled back its "Titan" electric car project from Level 4 (full automation in certain scenarios) to Level 2+ (partial automation). 

More:

  • The downgrade would make Apple's EV more like Tesla's Autopilot-equipped cars.
  • Apple's car could have basic self-driving features like braking/accelerating assistance but would still require the driver to pay attention at all times.
  • The company could still sell a car with Level 4 autonomy sometime in the future, according to Bloomberg.

Zoom out:

  • Over a year ago, Bloomberg reported that Apple originally wanted to introduce its future car with no steering wheel or pedals, but decided that level of technology wasn't feasible yet.
  • At the time, it was reported that the consumer model was expected to sell for under $100,000 and feature an Apple custom processor for AI capabilities.
   
6

Google announced it will settle a $1.7B patent infringement lawsuit brought by Singular Computing LLC. Singular accused Google of copying inventor Joseph Bates' technology to improve its Artificial Intelligence in services like Google Search, Gmail, and Google Translate. Details of the settlement were not disclosed.

More:

  • Singular, founded by Bates, claimed that Google illegally used its technology to develop its Tensor Processing Units (TPUs).
  • Google launched the application-specific integrated circuits to power its AI for tasks like speech recognition and text generation.
  • Singular, however, claimed that the second and third versions of the units, released in 2017 and 2018, infringed on its patents.
  • The company was seeking $1.67B in damages for Google's purported misuse of the technology.
  • While Google denied the claims, it reached a settlement on the same day closing arguments were set to start in the trial.
   
7

QUICK HITS:

US to sell $117 million worth of Bitcoin tied to Silk Road seizures



Hello Crypto Briefers!

The US government has seized nearly $117 million in Bitcoin from high-profile Silk Road cases to now be auctioned. The forfeited assets originated from the conviction of corrupt investigator Shaun Bridges and a dark web drug operation involving two Maryland residents. The forthcoming crypto asset sale represents continued reclamation from years of cybercrime crackdowns.

In line with expected turbulence around Bitcoin's upcoming "halving," analysts warn that over half of the publicly traded mining firms may no longer operate profitably if crypto prices don't rally. With reduced emission rewards ahead but energy and infrastructure costs remaining the same, thinner margins can quickly flip to losses without sufficient appreciation. However, miners employ varied strategies to hedge exposures using derivatives.

Meanwhile, demand persists for stablecoins: volumes surged 33% this past week across nine major blockchains. Ethereum led in transfer value, while Solana topped 5 million transactions over that period. Notably, Ethereum layer 2 leader Arbitrum continues to thoroughly dominate rivals Polygon and Optimism in stablecoin activity as scaling solutions enhance usability.

Today's Newsletter

  • US to sell $117 million worth of Bitcoin tied to Silk Road seizures
  • 11 Bitcoin miners may not mine profitably post halving
  • 33% surge in weekly stablecoin volume across 9 blockchains, Artemis reports

Markets

Data powered by CoinGecko.

Top Stories



REGULATION

US to sell $117 million worth of Bitcoin tied to Silk Road seizures

The US District Court has ordered the forfeiture and sale of nearly $117 million worth of Bitcoin linked to the notorious Silk Road dark web marketplace defunct since 2013. The assets connect to convictions of former Secret Service agent Shaun Bridges already sentenced for stealing government-seized crypto during the case, as well as Maryland father and son dark web drug traffickers.

The considerable forfeited sum from these cybercrime prosecutions will be auctioned by the US Attorney General after a 60-day public comment window. While the crypto originally came from illegal underground sales, the government now stands to legally profit from selling the seized coins to the highest legal bidder. The sale marks continued fallout from the seismic takedown of the Silk Road and its massive flows of illicit Bitcoin. [cryptobriefing]

BITCOIN

11 Bitcoin miners may not mine profitably post halving

Eleven of the largest publicly traded Bitcoin mining firms face profitability risks after the upcoming halving event cuts their block rewards unless crypto prices rally significantly. Analysts at Cantor Fitzgerald modeled "all-in" per coin costs for miners, projecting most major players like Marathon and Riot Blockchain could effectively pay more to extract each Bitcoin than it sells for around today's $23,000 price.

However, miners use varied tools to hedge volatility, commonly purchasing derivative instruments. And history shows that halvings often do eventually trigger appreciation by constricting supply. While thinner margins are assured in April's halving absent a bull run, miners plan years ahead to survive cycles. Only the most inefficient face imminent danger, while leaders like Bitdeer and CleanSpark enjoy room to spare. However, uncertainty persists on whether demand can catch up to software-enforced emission cuts. [cointelegraph]

STABLECOINS

33% surge in weekly stablecoin volume across 9 blockchains, Artemis reports

Across the nine blockchains tracked by data aggregator Artemis, a sizable 33% surge occurred in weekly stablecoin transfer volume during the previous seven days. Despite an overall supply drop of 0.2%, transfers exceeded 10 billion, averaging 1.4 billion daily. The growth signals persisting transactional demand to move value using on-chain digital dollars.

Among layer 1 chains, Ethereum led in sheer transfer value at $24 billion, while Solana topped it in absolute transaction count at nearly 5 million stablecoin payments sent. As for layer 2s, Arbitrum continues to thoroughly dominate rivals, accounting for over 400% higher transfer volumes than Polygon and Optimism's flows combined. Though arguably a still nascent niche, dedicated smart contract scaling solutions appear to fuel rapid growth for crypto settlements. [cryptobriefing]

Other News

Next Week's Token Unlocks

  • OP is gearing up for a 2.7% increase in supply with an upcoming unlock amounting to $81M, which is significant for its market cap of $2.9B.

  • SUI's upcoming unlock will be more modest, with a 0.9% supply increase and $12M unlocking, maintaining its market cap at $1.4B.

  • DYDX will experience an unlock leading to a 10.6% supply increase, contributing to the next 7-day unlock volume of $87M, pushing its market cap to $821M.

  • RON's forthcoming unlock of roughly $7M will result in a 1% supply increase, which will be reflected in its market cap of $649M.

  • AKT, newly listed, is expecting an unlock that will result in a 0.2% supply increase with $1.6M unlocking, impacting its market cap of $646M.

  • GMT's supply is set to increase by 1.3%, with an unlock of roughly $6M, reflecting on its market cap of $432M.

  • AGIX anticipates a 0.7% supply uptick with an unlock of $2.4M, poised to influence its market cap of $328M.

  • YGG will unlock $7.5M, leading to a 5.83% increase in supply, and it will be interesting to see how this affects its market cap of $127M.

  • ACA's unlock will contribute to a 3.1% supply rise, with $2.3M being unlocked, making an impact on its market cap of $74M.
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