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The Next Evolution of the Internet is Closer than it Seems – ReadWrite



The Next Evolution of the Internet is Closer than it Seems - ReadWrite

It’s difficult to overstate just how transformative the internet has been for society, but it’s far from its final evolution. Technology visionaries in Silicon Valley predict that the next version of the internet, known as the metaverse, is right around the corner.

Yes, the Next Evolution of the Internet is Closer than it Seems

What is the metaverse? Imagine if the internet had a physical space where people could interact. Instead of scrolling Facebook on their phones, users would be in a shared virtual world, interacting with their friends, shopping online, watching concerts, playing games, and so much more.

The Grand Potential of  Metaverse

Considering the visions of today’s tech giants, it’s not hard to imagine the grand potential of the next evolution of the internet for users.

Companies that help create the metaverse and move into this space first will gain a competitive advantage over those that lag behind.

The Epic Evolution of the Internet

So far, the metaverse remains mainly in the realm of science fiction narratives like “Ready Player One.” However, The Washington Post and other news websites speculate that Epic Games has been turning “Fortnite” into something more than a game — and CEO Tim Sweeney has been hinting at that evolution.

From the outside, “Fortnite” seems like a fun third-person shooter game geared toward children and young adults. In reality, “Fornite” has become more than just a game. It’s a place to hang out with friends, meet new people, and attend events like the 2020 Travis Scott concert.

Technology Support of Online Metaverse

The potential is there, but a few things are holding the metaverse back. There’s currently no technology capable of supporting one online metaverse community.

Over the past few years, companies have started exploring cross-platform compatibility (one step toward an unhindered community).

Computing power remains an issue. “Fortnite” can only support 100 players at once in a single match, which meant the 12.7 million people who attended the Travis Scott concert couldn’t all share one space.

Despite these shortcomings, the metaverse and its grand user experience are within reach.

Monetizing the Metaverse

Gaming proved a long time ago that digital assets and goods could command real-world value, which means it’s possible to monetize parts of the metaverse.

Users would certainly pay money to customize or enhance their digital avatars, but the metaverse could also create a more unified digital economy.

Epic Games CEO Tim Sweeney says it’s analogous to the standardization of email, which quickly replaced the different propriety messaging systems that were once used within companies.

To businesses — the metaverse is a chance to interact with customers in an entirely new world.

Companies could sell real and digital products and services to people in exchange for digital currencies with actual values.

Digital goods are already available in most online gaming communities, but the metaverse would include anyone and everyone — not just the players of a specific game.

The Future of the Metaverse

There’s still a long way to go before the metaverse becomes a reality, but companies are making strides. Once the future of internet interaction begins to take shape, you can bet that these two things will follow in the next five to 10 years:

1. Widespread Adoption

It took Facebook 15 years to reach 2.3 billion accounts (i.e., more than half of the world’s internet users). TikTok has accumulated nearly 1.3 billion users in just five years, and compelling technology will continue to achieve even faster adoption.

The pandemic will be partly responsible for accelerated transformation and the adoption of the metaverse; COVID-19 caused many people to shift online for work, entertainment, and more. Additionally, digital natives in Generation Z will also quickly jump on board since they feel completely normal interacting with friends and strangers online. These early adopters will no doubt spearhead the general public’s adoption of the metaverse.

2. A Unified Experience

A true metaverse can’t be tied to “Fortnite” or even a platform as massive as Facebook. It will need to be platform-agnostic, which will require businesses and developing companies to work together to meet user expectations and standards in an alternative digital reality.

Epic Games’ Tim Sweeney has talked about the enormity of the undertaking, mentioning that it takes standards and agreements as well as a massive team to tackle a project of this scale.

The metaverse might eventually be regulated by governments, but this type of success will be predicated by many small steps. Agreement on a principled approach to construction will be one of the first ways to unify a disparate team of developers.

Metaverse is the Future of Internet Activity

The metaverse isn’t here yet, but it’s not hard to see it as the future of internet activity.

Existing online gaming communities like “Fortnite” are moving ever closer to a complete virtual reality, and interest from other companies will only add to that momentum.

As the CEO of a recreational esports platform, I know my team is already preparing by building agnostic gaming communities.

It’s difficult to tell whether the metaverse is 5, 10, or even 20 years down the road, but most forward-thinking tech leaders will agree that it’s only a matter of time.

Image Credit: giu vicente; unsplash; thank you!

Austin Smith

Co-founder and CEO of Mission Control

Austin Smith is the co-founder and CEO of Mission Control, a platform for gathering and growing community using recreational esports.


Fintech Kennek raises $12.5M seed round to digitize lending



Google eyed for $2 billion Anthropic deal after major Amazon play

London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs



Deanna Ritchie

As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations



Deanna Ritchie

As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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