What will save crypto?

Cryptocurrency technology has been on a tumultuous journey since its creation in 2009. According to a recent New York Times article, bitcoin enthusiasts in the U.S. wrongly predicted the involvement of Wall Street institutions and investors in cryptocurrency, which would have given it legitimacy. Instead, the opposite effect has taken place: big investors have avoided crypto because of its volatility, as shown by bitcoin’s devastating drop in price last year.

Elsewhere in the world, particularly in the Middle East and among major Muslim communities, there is a growing curiosity surrounding cryptocurrency — and a call for regulation that deals with the stigmas against it. There are about 1.8 billion Muslims worldwide, and the global Islamic economy with the inclusion of crypto tools, services and products could equate to approximately US$3 trillion by 2021. If we are able to work through the challenges and implement crypto for a Muslim audience, the addressable market for crypto could increase exponentially. 

But since its inception, Muslim leaders and communities have debated on whether or not cryptocurrencies should be deemed halal or haram, permissible or forbidden. Shariah-compliant finance is a fundamental part of Islamic tradition, and it’s the primary reason why Islamic countries have been so dubious of the new currency.

The challenge of Shariah compliance

Shariah compliance refers to finances and investments that adhere to Islamic law. This includes prohibiting riba, or charged Read the rest

Unveiling its latest cohort, Alchemist announces $4 million in funding for its enterprise accelerator

The enterprise software and services-focused accelerator Alchemist has raised $4 million in fresh financing from investors BASF and the Qatar Development Bank, just in time for its latest demo day unveiling 20 new companies.

Qatar and BASF join previous investors, including the venture firms Mayfield, Khosla Ventures, Foundation Capital, DFJ and USVP, and corporate investors like Cisco, Siemens and Juniper Networks.

While the roster of successes from Alchemist’s fund isn’t as lengthy as Y Combinator, the accelerator program has launched the likes of the quantum computing upstart Rigetti, the soft-launch developer tool LaunchDarkly and drone startup Matternet .

Some (personal) highlights of the latest cohort include:

  • Bayware: Helmed by a former head of software-defined networking from Cisco, the company is pitching a tool that makes creating networks in multi-cloud environments as easy as copying and pasting.
  • MotorCortex.AI: Co-founded by a Stanford engineering professor and a Carnegie Mellon roboticist, the company is using computer vision, machine learning and robotics to create a fruit packer for packaging lines. Starting with avocados, the company is aiming to tackle the entire packaging side of pick and pack in logistics.
  • Resilio: With claims of a 96% effectiveness rate and $35,000 in annual recurring revenue with another $1 million in the pipeline, Resilio is already seeing companies embrace its mobile app that uses a phone’s camera to track stress levels and application-based prompts on how to lower it, according to Alchemist.
  • Operant Networks: It’s a long-held belief (of mine) that if computing networks are already irrevocably compromised, the best thing that companies and individuals can do is just encrypt the hell out of their data. Apparently Operant agrees with me. The company is claiming 50% time savings with this approach, and have booked $1.9 million in 2019 as proof, according to Alchemist.
  • HPC Hub: HPC Hub
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