Ideaforge

The World Bank has launched the first bond on a blockchain with the Commonwealth Bank of Australia.

The A$110 million ($87 million) bond-i (blockchain operated new debt instrument) — so named, I’m assuming, because of Australia’s famed Bondi Beach (bankers have the funnies!) — is the first bond to be created, allocated, transferred and managed using distributed ledger technology.

The investment is one small step for Australian finance and one giant leap for blockchains in the world (or not).

Investors in the blockchain bond include CBA, First State Super, NSW Treasury Corporation, Northern Trust, QBE, SAFA and Treasury Corporation of Victoria. It’s a smorgasbord of Australian state financial institutions and makes a ton of sense, because the Australian fintech community is one that’s strong, and blockchain is something that these institutions are definitely interested in exploring.

According to a statement from the World Bank, this will be one of many experiments that the global financial organization will make into blockchain research. Last June, the World Bank launched a Blockchain Innovation Lab to play around with the technology.

“We are particularly impressed with the breath [sic] of interest from official institutions, fund managers, government institutions and banks. We were no doubt successful in moving from concept to reality because these high-quality investors understood the value of leveraging technology for innovation in capital markets,” said World Bank Treasurer Arunma Oteh.

Source: Tech Crunch

Amazon acquired social reading service Goodreads five years ago, squelching the life out of the competitive landscape, as minimal as it was. So it’s promising to see a new app appear with the goal of getting more people to move off of Goodreads for social book recommendations. That app is Inky, built by two bookworm friends who wanted a better way to track their reading and find recommendations of what to read next.

The app is very much an indie effort for the time being, and not as polished as a similar app, Reco. However, it works well for those who are looking for a simple way of tracking their “read” list along with their “to read” list, and who want a way to see what other good books people are into right now.

Explains co-founder Simon Bruno, “mobile apps for avid readers just suck. The market leader in social networks for avid readers, Goodreads, is practically synonymous with archaic,” he says.

After asking around about what people actually want in an app for readers, he recruited his friend Mike Salvador to help build it. Both just graduated from college, and have decided to work on Inky full-time.

“No one knows who we are,” Bruno says. “We’re definitely not funded.”

But, he adds, they’re updating the app every few days and getting “little sleep in the process.”

Currently, you can sign up for Inky using Facebook or email, and then you’re presented with some pre-selected users to follow. You can check or uncheck these suggestions as you choose. There aren’t many users on the app at present, beyond around 1,000 early adopters and some Instagram book nerds, the co-founder notes. So you may want to at least seed your network with a few of them.

You can then fill out your two bookshelves  -“read” and “to read” – with books, by searching for titles. Once added, these are presented in a visual format, similar to how Slice Bookshelf looked back in the day before its untimely demise. You can also tap on the books’ covers to read a description, giving you the feeling of picking up a book at the store and reading its jacket.

Unfortunately, the app only presents the new recommendations from those you follow and not their recommendation history in its home feed; but you can visit users’ profiles to check their lists until friends post something new.

The founders say their goal right now is to take in user feedback then build what they hear people want. They aren’t looking to make money off Inky just yet.

“The goal is to partner with publishing houses to help launch new titles, similar to Goodreads’ business model,” says Bruno. “Once we’re confident we have something people absolutely love, we’ll turn our heads towards monetization,” he says.

However, their vision is not to reproduce Goodreads in a more modern format. That is, Inky is not meant to be a catalog of all the books you’ve ever read, but rather a place to for you to show off the books you think should be read. For that reason, the team won’t offer a Goodreads import mechanism. Instead, its focus will be on recommendations.

That may make sense to a point, but there are times you want to read a book and then are unpleasantly disappointed by it. Your negative reaction is just as valuable to your network of book readers as are your recommendations.

As an occasional Goodreads user myself, I can’t see making a full switch to Inky. I miss the “Currently Reading” shelf, the book lists, the discovery features, and of course, the much larger community. But Inky is one to watch as it grows.

Inky is currently available on iOS, but the team says an Android version is the works.

Source: Tech Crunch

Apple has placed a series order for Foundation, an adaptation of Isaac Asimov’s classic series of science fiction stories and novels.

Deadline reported earlier this year that the show was in development, but this was just the latest of several attempts to adapt Foundation, including a version developed by Westworld‘s Jonathan Nolan for HBO.

Now, however, it looks like Foundation really will happen at Apple, with David S. Goyer and Josh Friedman as showrunners. (Like Nolan, Goyer was one of the writers on The Dark Knight and The Dark Knight Rises, while Friedman created Terminator: The Sarah Connor Chronicles.) The series will be produced by Skydance Television, and Asimov’s daughter Robyn will be one of the executive producers.

The Foundation series (initially a set of stories published in the 1940s, then collected into book form in the ’50s and followed up by long novels that Asimov wrote in the ’80s) focuses on the fall of a long-lived Galactic Empire, with a small group of scientists at the edge of the galaxy working to preserve knowledge and minimize the period of chaos.

Elements of that plot description might make it sound like the ingredients for Apple’s version of Star Wars — and indeed, Asimov’s work is seen as a big influence on George Lucas’ films.

But in its print form, at least, Foundation is far from your typical space opera, focusing more on debate and political intrigue than action, and taking place over hundreds of years, with often interchangeable characters swapped out between stories. In other words, Goyer and Friedman will probably have to make some significant changes.

These are my favorite books by my favorite author, so I’m more excited about this than any of the other original shows that Apple’s planning (even the company’s other space opera, which is being developed by Battlestar Galactica‘s Ron Moore). I sure hope they don’t screw it up.

Source: Tech Crunch

I wrote the law that allows sites to be unfettered free speech marketplaces. I wrote that same law, Section 230 of the Communications Decency Act, to provide vital protections to sites that didn’t want to host the most unsavory forms of expression. The goal was to protect the unique ability of the internet to be the proverbial marketplace of ideas while ensuring that mainstream sites could reflect the ethics of society as a whole.

In general, this has been a success — with one glaring exception. I never expected that internet CEOs would fail to understand one simple principle: that an individual endorsing (or denying) the extermination of millions of people, or attacking the victims of horrific crimes or the parents of murdered children, is far more indecent than an individual posting pornography.

If you want to be the CEO of an internet titan where schools communicate with students, artists with their fans or elected officials with their constituents, you need to limit content like pornography — and they all do. But for some reason, these CEOs think it’s entirely appropriate to allow these other forms of indecency to live on their platforms. Their ineptitude is threatening the very legal foundation of social media.

Social media cannot exist without the legal protections of Section 230. That protection is not constitutional, it’s statutory. Failure by the companies to properly understand the premise of the law is the beginning of the end of the protections it provides. I say this because their failures are making it increasingly difficult for me to protect Section 230 in Congress. Members across the spectrum, including far-right House and Senate leaders, are agitating for government regulation of internet platforms. Even if government doesn’t take the dangerous step of regulating speech, just eliminating the 230 protections is enough to have a dramatic, chilling effect on expression across the internet.

Were Twitter to lose the protections I wrote into law, within 24 hours its potential liabilities would be many multiples of its assets and its stock would be worthless. The same for Facebook and any other social media site. Boards of directors should have taken action long before now against CEOs who refuse to recognize this threat to their business.

It’s telling that Reddit, of all the social media sites, has been on the forefront of striking a balance — telling because they’re the only site owned by a traditional pre-internet corporation. This balance is not the one I would have chosen — and certainly there have been missteps and failures — but an average user of Reddit won’t encounter the extremes of obscenity and indecency that it allows in darker corners of the site. And even they have defined certain speech as too indecent to be permitted on their platform.

There are real consequences to social media hosting radically indecent speech, and those consequences are looming. They are threatening to undo more than 20 years of internet law and jurisprudence that has protected speech and expression as never before. The forces of government regulation and control never sleep. Unfortunately, the internet CEOs have been asleep at the wheel.

Source: Tech Crunch

Latch announced this morning that it has raised $70 million in Series B funding.

The round was led by Brookfield Ventures, the investment arm of Brookfield Asset Management. As part of the deal, Brookfield Properties will also be installing Latch systems in its multi-family properties that are currently under development.

“We are thrilled to support Latch, the clear market leader in a nearly $25 billion space that is expected to grow at twice the rate of traditional access over the next several years,” said Brookfield’s Josh Raffaelli in the funding announcement.

Lux Capital, RRE Ventures, Primary Venture Partners, Third Prime, Camber Creek, Corigin Ventures, Tishman Speyer and Balyasny Asset Management also participated int he new funding.

Latch’s smart lock system is designed for apartment buildings rather than single family homes, allowing you to open doors with a smartphone, keycard or door code. It also allows residents to create temporary access codes for guests and service providers.

Speaking of service providers, Latch announced a pilot partnership with UPS earlier this summer that will allow UPS drivers to receive unique credentials for entering buildings to make deliveries.

Latch was founded five years ago, but stayed in stealth mode until 2016. It previously raised $26 million funding.

Source: Tech Crunch

The Democratic National Committee has prevented an attempt to hack into its database of tens of millions of voters.

CNN and the Associated Press reported on Wednesday, citing an unnamed party official, that the political organization was warned Tuesday of the attempt.

DNC officials reportedly contacted the FBI. When contacted, a spokesperson for the FBI declined to comment.

Lookout, a security firm, told TechCrunch that its staff detected a phishing page hosted on DigitalOcean, a cloud computing and hosting giant, which replicated a login page for NGP VAN, a technology provider for Democratic campaigns.

In the case of phishing attacks, hackers attempt to obtain the username and password for sensitive internal systems by tricking staff into entering their credentials on spoofed sites. Hackers can then reuse those credentials to log in themselves.

Jeremy Richards, principal engineer at the security firm, notified DigitalOcean of the phishing site, which was taken offline. Mike Murray, vice president of security intelligence, informed the DNC.

It’s not immediately known who was behind the attempted hack.

Bob Lord, DNC’s security chief, briefed Democratic officials on the incident in Chicago on Wednesday. Lord did not immediately respond to a request for comment.

It’s not uncommon for political parties to store vast amounts of information on voters. Political parties and national committees often use the data to target voters with political messaging.

In recent years, several voter databases have leaked or were exposed on unprotected servers for anyone to find.

Earlier this week, Microsoft said it thwarted an attempt by a Russian-backed advanced persistent threat group known as Fancy Bear (or APT28) to steal data from political organizations.

Source: Tech Crunch

2018 has been the year that AR promises came face-to-face with reality. While Apple’s ARKit and Google’s ARCore sparked a ravenous response from developers that had grown worried about VR’s near-term market and the fate of AR headsets from Microsoft and Magic Leap, little seemed to resonate deeply with consumers.

That realization is part of the reason AR startups working on backend services and more base level development pipelines have seen so much success. Onstage at Disrupt SF 2018, we’ll be chatting with Anjney Midha, the CEO of an AR startup called Ubiquity6.

The startup was founded just a year ago but has already raised more than $37 million to solve some of the hardest augmented reality problems that companies like Google and Apple are working hard to solve, as well. Its backers include Google’s Gradient Ventures, First Round, Benchmark and KPCB, where Midha previously ran a small fund.

The company is tackling problems like multiplayer interactions and world mapping as well as issues key to more immersive gameplay like making sure that virtual objects stay tied to physical markers in-between gaming sessions. Ultimately, the company’s work is aiming to promote the Ubiquity6 app to be a hub for AR experiences that will have a development backbone that enables much deeper AR interactions for users.

Ubiquity6 is ambitious about the scale of their AR capabilities. While so many companies are focusing their efforts on how to capture AR interactions taking place in the living room, Ubiquity6 is actively working to map entire cities so it can deliver massive AR experiences that can turn heads (or at least phones).

We’re looking forward to chatting with Midha and hearing about how his startup is planning to compete with some of the world’s biggest tech companies in building out a digital reality that’s projected onto our own.

The full agenda is here. Passes for the show are available here.

Source: Tech Crunch

Fifty-nine startups took the stage at Y Combinator’s Demo Day 2, and among the highlights were a company that helps developers manage in-app subscriptions; a service that lets you create animojis from real photos; and a surplus medical equipment-reselling platform. Oh… and there was also a company that’s developed an entirely new kind of life form using e coli bacteria. So yeah, that’s happening.

Based on some investor buzz and what caught TechCrunch’s eye, these are our top picks from the second day of Y Combinator’s presentations.

You can find the full list of companies that presented on Day 1 here, and our top picks from Day 1 here. 

64-x

With a founding team including some of the leading luminaries in the field of biologically inspired engineering (including George Church, Pamela Silver and Jeffrey Way from Harvard’s Wyss Institute), 64-x is engineering organisms to function in otherwise inaccessible environments. Chief executive Alexis Rovner, herself a post-doctoral fellow at the Wyss Institute, and chief operating officer Ryan Gallagher, a former BCG Consultant, are looking to commercialize research from the Institute around accelerating and expanding the ability to produce functionalized proteins and sequence-defined polymers with diverse chemistries. Basically they’ve engineered a new life form that they want to use for novel kinds of bio-manufacturing.

Why we liked it: These geniuses invented a new life form.

CB Therapeutics

Sher Butt, a former lab directory at Steep Hill, saw that cannabinoids were as close to a miracle cure for pain, epilepsy and other chronic conditions as medicine was going to get. But plant-based cannabinoids were costly and produced inconsistent results. Alongside Jacob Vogan, Butt realized that biosynthesizing cannabinoids would reduce production costs by a factor of 10 and boost production 24 times current yields. With a deep experience commercializing drugs for Novartis and as the founder of the cannabis testing company SB Labs, Butt and his technical co-founder are uniquely positioned to bring this new therapy to market.

Why we liked it: Using manufacturing processes to make industrial quantities of what looks like nature’s best painkiller at scale is not a bad idea.

RevenueCat

RevenueCat helps developers manage their in-app subscriptions. It offers an API that developers can use to support in-app subscriptions on iOS and Android, which means they don’t have to worry about all the nuances, bugs and updates on each platform.

The API also allows developers to bring all the data about their subscription business together in one place. It might be on to something, though it isn’t clear how big that something is quite yet. The nine-month-old company says it’s currently seeing $350,000 in transaction volume every month; it’s making some undisclosed percentage of money off that amount.

Read more about RevenueCat here.

Why we liked it: Write code. Release app. Use RevenueCat. Get paid. That sounds like a good formula for a pretty compelling business.

Ajaib

Indonesia is a country in transition, with a growing class of individuals with assets to invest yet who, financially, don’t meet the bar set by many wealth managers. Enter Ajaib, a newly minted startup with the very bold ambition of becoming the “Ant Financial of wealth management for Indonesia.” Why the comparison? Because China was in the same boat not long ago — a  country whose middle class had little access to wealth management advice. With the founding of Ant Financial nearly four years ago, that changed. In fact, Ant now boasts more than 400 million users.

China is home to nearly 1.4 billion, compared with Indonesia, whose population of 261 million is tiny in comparison. Still, if its plans work out to charge 1.4 percent for every dollar managed, with an estimated $370 billion in savings in the country to chase after, it could be facing a meaningful opportunity in its backyard if it gains some momentum.

Why we liked it: If Ajaib’s wealth management plans (to charge 1.4 percent for every dollar it manages) work out — and with a total market of $370 billion in savings in Indonesia — the company could be facing a meaningful opportunity in its backyard.

Grin

The scooter craze is hitting Latin America and Grin is greasing the wheels. The Mexico City-based company was launched by co-founder Sergio Romo after he and his partner realized they weren’t going to be able to get a cut of the big “birds” on the scooter block in the U.S. (as Axios reported). Romo and his co-founder have already lined up a slew of investors for what may be the hottest new deal in Latin America. Backers include Sinai Ventures, Liquid2 Ventures, 500 Startups, Monashees and Base10 Partners.

Why we liked it: Scooters are so 2018. But there’s a lot of money to be made in mobility, and as the challenge from Bird and Lime to Uber and Lyft in hyperlocal transit has revealed, there’s no dominant player that’s taken over the market… yet.

Emojer

Creating animated emojis made from real photos, Emojer just might be the most fun you can have with a camera. The company’s software uses deep learning algorithms to detect body parts and guides users in creating their own avatars with just a simple photo take from a mobile phone. It’s replacing deep Photoshop expertise and animation skills with a super simple interface. The avatars look very similar to Elf Yourself, a popular site that let you paste your friends’ faces on dancing Christmas elves goes viral every year at Christmastime. Founders have PhDs in machine learning and computer vision.

Why we liked it: As the company’s chief executive said, Snap was for sexting, and Facebook was hot or not, so who says the next big consumer platform couldn’t be the Trojan horse of easily generated selfiemojis (akin to Elf Yourself)?

Osh’s Affordable Pharmaceuticals

Osh’s Affordable Pharmaceuticals is a public benefit corporation connecting doctors and patients with sources of low-cost, compounded pharmaceuticals. The company is looking to decrease barriers to entry for drugs for rare diseases. Three weeks ago the company introduced a drug to treat Wilson’s Disease. There was no access to the drug that treats the disease before in Brazil, India or Canada. It slashes the cost of drugs from $30,000 a month to $120 per month. The company estimates it has a total addressable market of $17 billion. “Generic drug pricing is a crisis, people are dying because they can’t get access to the medicine they need,” says chief executive Alex Oshmyansky. Osh’s might have a solution.

Why we liked it: Selling lower-cost medications for rare diseases in countries that previously hadn’t had access to them is a good business that’s good for the world.

Medinas Health

Tackling a $75 billion problem of healthcare waste, Medinas Health is giving hospitals an easy way to resell their used supplies. The company has already raised $1 million for its marketplace to help healthcare organizations buy and sell equipment. With a seed round led by Ashton Kutcher and Guy Oseary’s Sound Ventures, and General Catalyst’s Rough Draft Ventures fund, the company is also working to lower costs for cash-strapped rural healthcare centers.

Why we liked it: Finding uses for hospital equipment that’s been lying fallow in corners is a big business. A $75 billion business if Medinas’ estimates are correct. Add helping cut costs for rural medical facilities and Medinas is a business we can get behind.

And Comfort

Plus-size women have limited clothing options even at the largest retailers like Nordstrom and Macy’s. While a majority of American women fall into the plus-size clothing category, 100 million women are constrained to shopping for a very small percentage of options. And Comfort wants to solve the supply problem. To do this, the founders, two former Harvard classmates, are building a direct-to-consumer fashion brand with stylish, minimalist offerings for plus-size women, including tunic shirts and an apron dress. It’s very early days for the brand, but since launching in recent weeks, they’ve seen $25,000 in sales.

Why we liked it: This direct-to-consumer fashion brand is bringing higher quality, better-designed clothing options to a market that’s underserved and growing quickly. What’s not to like?

ShopWith

Influencers of the world are uniting on mobile app, ShopWith, which allows shoppers to browse virtual storefronts and aisles alongside their favorite fashion and beauty creators and YouTubers. Users can see exactly what products those influencers have featured and can buy them without ever leaving the app. It’s a free download and hours of commercially consumptive fun.

It’s like the QVC model, but for GenZ shoppers whose buying habits are influenced by social video content on YouTube, Instagram and Snapchat. The company revealed that one beauty influencer made $10,000 within five hours using the ShopWith platform. The founders are former product managers with experience building social commerce products at Facebook and Amazon.

Why we liked it: The QVC for GenZ not only has a nice ring to it, it’s a recipe for making cash registers hum. A mobile-first, influencer-based shopping company is something that we’d definitely not call an impulse purchase.

Source: Tech Crunch