🌍🎓Web3, South Africa, Opportunities, Challenges - Proof of Intel

Summary 📓🖋️

1. The Winklevoss' final bid for Genesis Crypto Bankruptcy is keeping the crypto world on edge.

2. 40% of South Africans are familiar with Web3, but scam and volatility fears remain.

3. Poly Network grapples with a massive security breach, underscoring the need for robust digital security.

4. Telescope Labs unveils GPT-4 powered plugin for Web3 game analysis, offering sophisticated data insights.

5. AI, the tech industry's darling, is causing disruptions with unexpected layoffs and industry transformations.

Rise and shine, tech enthusiasts! It's your buddy Mochi, back with another stimulating issue of Proof of Intel (PoI). Prepare for a dive into the deep end of the tech world's latest happenings, from high-stake crypto negotiations to malicious cyberattacks, and AI's unexpected industry impacts. We'll also delve into the unfortunate breach of Poly Network's security walls and the revolutionary GPT-4 powered analysis tool by Telescope Labs. Let's get started!

The Winklevoss-Genesis Tango💼💸

Let's kick off this journey in the high-stakes world of cryptocurrency. Cameron Winklevoss, co-founder of Gemini Trust Co., is attempting to reshape the crypto industry's landscape with his "best and final offer" of $1.46 billion for Genesis Global Holdco's bankruptcy restructuring. Bold, audacious, and fraught with implications, the deal has placed Genesis in a tight spot with a deadline of July 6th looming ominously.

This development isn't just a simple negotiation between two parties. If Genesis fails to meet the deadline, a default could be declared, necessitating the immediate payment of a staggering $630 million debt. This chain of events could send shockwaves throughout the entire crypto universe, causing potentially destabilizing ripples that could affect various other assets and shake the foundations of global crypto investors.

Web3 Awareness Grows in South Africa🌍🎓

South Africa is catching the Web3 wave, folks! A recent survey by Consensys reveals that 40% of respondents have become chummy with the notion of Web3, while a whopping 80% believe that the tech behind cryptocurrencies can give the financial system a good old shake-up. What's that you hear? Oh, just the sound of traditional banking shuddering.

But hey, it's not all sunshine and roses. A hefty 59% are raising the red flag on scams as the uninvited guest at the crypto party. Plus, let's not sidestep the 48% pointing at crypto market's roller coaster ride of volatility. No seatbelts in this financial thrill ride, folks!

As for the skills to surf the Web3 wave, financial trading is the big kahuna, with 43% of respondents listing it as the top dog. Software engineering and marketing also made the cut, but they're riding shotgun in this road trip to the future.

Poly Network Targeted in Latest Crypto Hack💻💰

Poly Network, a cross-chain protocol, gets its time in the limelight as attackers exploited a smart contract function and got their hands on billions in tokens. And not just any tokens - we're talking Binance USD (BUSD), Binance Coin (BNB), Shiba Inu (SHIB), and a mishmash of others. Now that's a treasure chest! Here's the twist, though. These tokens are virtually worthless.

That's right, the 'loot' doesn't translate into a Caribbean island or a Swiss bank account. Why, you ask? Low liquidity and security measures. Metis developers confirmed that there was no sell liquidity for BNB and BUSD, and the illicitly minted Metis tokens were locked on the PolyNetwork bridge by developers. That said, our digital criminals did manage to swap some of the tokens for Ether (ETH). But it's not much of a consolation prize, considering the attack supposedly left their wallet holding over $42 billion (on paper).

So why does this keep happening? Cross-chain bridges, like PolyNetwork, are vital for transferring billions of dollars worth of tokens between various networks. But they're also a ripe target for crypto crime. This is the second attack on PolyNetwork, with the previous one in August 2021 resulting in a $600 million loss.

Telescope Labs Leverages GPT-4 for Web3 Gaming🔭🎮

Startup company Telescope Labs has launched a GPT-4 powered plugin to rate Web3 games. This groundbreaking development means it can analyze thousands of games, giving users access to 37 shiny Key Performance Indicators (KPIs) specially optimized for Web3. It's like having your own AI sidekick giving you the inside scoop on gaming trends.

This isn't your grandma's data analysis tool. Using GPT-4's advanced reasoning capabilities, the plugin can estimate future trends with Sherlock Holmes-like precision. Daily analysis? Check. Comparing growth trajectories of different games? Absolutely. All that, without breaking a virtual sweat.

Telescope Labs' CEO and Co-Founder, Semih Gilan, couldn't be more excited about the tool, which combines high-volume data, smart reasoning, user-friendly design, and real-time responsiveness.

AI is already linked to layoffs in the industry that created it💻🤖

Companies like Chegg, Dropbox, and even IBM have been brandishing the layoff sword, citing AI as the main culprit. Apparently, the machines are coming for us, and it's not in some distant future, but right now. What's happening is a workforce transformation fueled by the rapid advancements in AI.

The robot revolution isn't replacing entire skill sets overnight, but rather nudging companies to pivot and leverage AI technology better, placing a premium on AI expertise. These changes coincide with an industry-wide trimming of the workforce due to an uncertain economic environment and changing demand for digital services, accentuated by the ongoing pandemic. We've already seen more than 212,000 tech workers receiving their pink slips this year, surpassing the 164,709 laid off in 2022.

In the shadow of layoffs, companies are caught up in AI fever, investing heavily in AI talent and tech. For example, data from Comprehensive.io shows that senior software engineers specializing in AI or machine learning earn, on average, 12% more than their non-AI specialized peers. And let's not forget the companies (Dropbox, we're looking at you) that offer whopping base salaries for AI roles.

️Embracing the Tech Whirlwind🤖💨

Our technology-driven world never stands still. From crypto power plays and breakthroughs in quantum computing to cybersecurity challenges, AI-enabled job market changes, and groundbreaking AI applications in astronomy - the landscape is always changing. We must remain adaptable and proactive in this exciting era.

Our ability to ride the tech tides, embracing new developments and adapting to changes, determines how well we thrive amidst this digital evolution. Whether it's considering crypto investments, stepping up your cybersecurity game, or updating your skills to meet AI's growing demand - remember, in the tech world, change is the only constant.

TL;DR: 📕💤

• Billionaire Cameron Winklevoss makes a bold move with a final $1.46 billion offer to Genesis Crypto for its bankruptcy restructuring. The deadline looms, with significant implications for the wider crypto community.

• The Web3 wave is catching on in South Africa, with 40% of survey respondents indicating familiarity with the concept. Despite this, concerns persist about scams, the crypto market's notorious volatility, and the perceived complexity of the underlying technology, acting as barriers to broader adoption.

• A cyber attack on Poly Network underscores the need for stringent security measures in the world of digital assets. Quick response and low liquidity save the day, limiting the hackers' illicit gain.

• Telescope Labs has launched a novel GPT-4 powered tool for analyzing Web3 games, providing users with enhanced data insights. The plugin, a first of its kind, enables real-time complex data analysis, setting a new benchmark in the field of Web3 gaming.

• AI, the tech industry's own invention, is leading to industry-wide job cuts and restructuring. The new demand for AI expertise serves as a call for tech workers to update their skills.

And there you have it, a world swept by the whirlwind of technology, ever-changing and ever-evolving.

Mochi, your go-to tech narrator, signing off. Stay curious, stay flexible, and keep smiling, no matter where the tech tide takes you! 🍦

Intel Drop #12