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Consumer surveys show a growing distrust of AI and firms that use it

A global consumer survey from Salesforce shows a growing distrust toward firms that use AI, while an Australian survey found most believe it creates more problems than it solves.

Consumers are developing a widening “trust gap” with companies using artificial intelligence, with many airing concerns about the potential unethical use of the technology, according to a new Salesforce survey.

On Aug. 28 the customer relationship software firm released survey results from over 14,000 consumers and firms in 25 countries that suggested nearly three-quarters of customers are concerned about the unethical use of AI.

Over 40% of surveyed customers do not trust companies to use AI ethically and nearly 70% said it's more important for companies to be trustworthy as AI tech advances.

Salesforce highlighted that respondents have become less open to using AI since last year.

In its 2022 survey, over 80% of business buyers and 65% of consumers were open to using AI to improve experiences — both have dropped respectively to 73% and 51%.

More problems than it solves

Meanwhile, a separate survey of nearly 1,500 Australians released Aug. 28 by market research firm Roy Morgan found nearly 60% of those surveyed agreed AI “creates more problems than it solves.”

One in five also believed the tech would risk human extinction by 2043 — echoing fears from AI pundits who signed a letter in May agreeing that mitigating human extinction risks from AI should be a global priority.

Roy Morgan’s survey was conducted alongside the newly formed lobby group Campaign for AI Safety. Source: Roy Morgan

However, despite the two recent showing a growing distrust of AI, another shows a majority in the United States haven’t heard of — let alone even used — what’s arguably the most widely-known AI chatbot.

Related: OpenAI debuts ChatGPT Enterprise — 4 times the power of consumer version

An Aug. 28 Pew Research report of over 5,000 Americans found that 18% had actually used OpenAI’s ChatGPT.

Around a quarter overall had heard of the chatbot and of the ChatGPT-aware cohort it was mostly those under 30 years old — around 40% — who had used the bot at least once.

Men, those under 30 and those with a postgraduate education were the most likely to have ever used ChatGPT. Source: Pew Research

As a global debate on how to regulate AI takes place — both sides of the U.S. political aisle that are aware of ChatGPT, nearly 70% overall, cited a greater concern about the government not going far enough in regulating AI chatbot use.

Magazine: How to control the AIs and incentivize the humans with crypto

Post-Christmas miracle as Bitcoin ETFs clinch inflow after 4-day bleed

Ethereum price at $1.4K was a bargain, and a rally toward $2K looks like the next step

ETH’s correlation with tech stocks, its increasing total value locked and its deflationary token economics all suggest that the path to $2,000 is programmed.

Ether's price (ETH) reached $1,400 on March 10, which proved to be a bargain as the cryptocurrency rallied 27.1% until March 21, at the time of writing. However, the three reasons that supported the price gain, including correlation with tech stocks, its increasing total value locked and its deflationary token economics, all suggest that the path to $2,000 is set in stone. 

There are numerous explanations for Ether's 19.4% decline over the past six months. The Shanghai hard fork upgrade was delayed from March to early April and after Shanghai, Ethereum's roadmap includes the "Surge," "Verge," "Purge," and "Splurge" updates. In reality, the longer these intermediate steps to achieve scalability take, the greater the likelihood that competing networks will demonstrate efficacy and possibly establish a competitive advantage.

Another potentially concerning issue on the minds of investors is the real chance of price impact when validators are finally able to unlock their 32 ETH deposits following the completion of the Shappela hard fork. While it is impossible to predict how many of the 16 million ETH currently staked on the Beacon Chain will be sold on the market. There is a compelling argument in favor of the transition to liquid staking platforms, as they can use liquid staking derivatives on other decentralized finance networks without sacrificing their staking yield.

Traders could construct a narrative based on regulatory uncertainty, especially after SEC Chairman Gary Gensler's September 2022 statement that proof-of-stake cryptocurrencies could be subject to securities laws. In February 2023, the SEC reached an agreement compelling the cryptocurrency exchange Kraken to cease offering crypto staking services to U.S.-based clients and the exchange also paid $30 million in disgorgement.

Correlation versus application-focused tech companies

To understand why Ether gained 15% in less than three days after briefly trading below $1,400 on March 10, traders must switch from a price-based analysis to a market capitalization comparison. On March 10, Ethereum’s market cap closed at $175 billion.

Oracle, SAP, and Salesforce are similar to Ethereum in that their software enables users to access shared computing resources and resources. This is in contrast to chipmakers NVidia and TSM, infrastructure providers Microsoft and Oracle, and technology companies Apple and Cisco that heavily rely on equipment.

ETH vs. Oracle (ORCL), SAP (SAP), Salesforce (CRM). Source: TradingView

The market capitalizations of Oracle, Salesforce and SAP are comparable to Ether's at $233 billion, $188 billion, and $149 billion, respectively. Ultimately, centralized and decentralized solutions permit businesses to integrate their proprietary software so that all third parties and relevant departments can consult, process, share, and store data.

Considering the past six months of data, Ether's price has performed similarly to those companies. The drop below $1,400 on March 10 was illogical if the correlation between application-focused tech stocks and the price of Ether remains valid.

ETH’s total value locked sticks at $30 billion

The Total Value Locked (TVL) of the Ethereum network was $24 billion on November 24, 2022, and increased by 30% to $30 billion by March 21, 2023. Therefore, if no other factors influence the price, one could anticipate a 30% price increase during that six-month period. Except that was not the case on March 10, when Ether traded at $1,400, representing a mere 8% increase from six months prior and indicating a disconnect between the value deposited in the network's smart contracts and the ETH price.

This 22% difference between the 30% increase in TVL and the 8% increase in ETH price indicated that Ether's true value should have been near $1,700, a level that was reached three days later on March 13, 2023. This simple model excludes a number of variables that influence supply and demand and the resulting price level, but it does provide an indication based on historical data.

Related: Coinbase submits petition to SEC explaining that staking is not securities

Ether's deflationary mechanism is in full force

On November 10, 2021, the price of Ether was $4,869, a record high for the cryptocurrency. However, a great deal has changed since then, including the burning of 3,016,607 ETH via the EIP-1559 Improvement Proposal. This equates to an additional $5.4 billion in capitalization that would have otherwise been created, thereby adding to the supply side and restraining price appreciation.

Currently, the market leader Bitcoin (BTC), is trading down 59% from its $69,000 all-time high. That does not necessarily mean Ether should reduce the gap versus Bitcoin, but it shows how discounted ETH currently stands at $1,780. The deflationary standard paves the way for Ether’s perception as a scarce digital asset, which is particularly promising during inflationary periods in the global economy.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Post-Christmas miracle as Bitcoin ETFs clinch inflow after 4-day bleed

7 real-world cloud computing examples to know

From streaming videos to cloud storage solutions, cloud computing has become an integral part of our everyday lives.

Cloud computing has become an important part of our lives, whether we realize it or not. Many of the services and applications we use on a daily basis, such as messaging and streaming music and video, are powered by cloud computing

Here are real-world cloud computing examples to know.

Netflix

Netflix uses cloud computing to provide streaming services to millions of users worldwide. By hosting its content on cloud servers, it can ensure reliable and scalable delivery to a global audience.

Netflix uses a variety of cloud computing services and technologies, including Amazon Web Services (AWS) and content delivery networks (CDNs). The majority of Netflix's cloud computing requirements, including storage, processing power and data management, are met by AWS. Netflix makes use of CDNs to guarantee that its users receive its content fast and consistently. To enable users to access the content from the closest location, CDNs keep copies of the content in many locations around the globe.

Slack

Slack is a cloud-based messaging and collaboration platform that allows teams to communicate and collaborate in real time. It utilizes cloud computing to provide scalability, reliability and accessibility to its users. Slack's cloud infrastructure allows it to support a large number of users and messages, and to provide seamless access to its platform from multiple devices and locations.

Slack runs on cloud-based architecture that is designed to be highly available and fault-tolerant. It uses multiple data centers to ensure that its services are always available, even in the event of a failure in one data center.

Salesforce

Salesforce provides customer relationship management (CRM) services through cloud computing. This allows businesses to manage customer data, automate workflows and streamline sales processes.

Salesforce cloud computing involves the use of a variety of cloud services and technologies, including:

  • Infrastructure as a service (IaaS): Salesforce employs IaaS companies like Microsoft Azure and AWS to supply the underlying infrastructure for its cloud-based platform.
  • Software as a service (SaaS): Salesforce offers its software products as an SaaS platform rather than as traditional software that must be installed on local devices.
  • Platform as a service (PaaS): To enable developers to create and distribute unique apps on the Salesforce platform, Salesforce also makes use of PaaS technologies like Force.com and Heroku.
  • Mobile computing: Salesforce also offers its users mobile apps that provide them access to their customer and sales data whenever and wherever they are.

Airbnb

Airbnb is a cloud-based platform for the sharing economy. Using Airbnb's website or mobile app, hosts may offer their properties for rent, and visitors can book such rentals. Massive amounts of data, including property listings, booking information and customer preferences, are stored and managed by Airbnb using cloud computing.

As a result, the platform can offer features like real-time availability and pricing, secure payment processing, and customized recommendations that make the experience easy for both guests and hosts.

Uber

Uber uses cloud computing to manage its ride-hailing platform, including real-time location tracking, trip routing and fare calculation. This allows the platform to provide fast and reliable transportation services, with features such as real-time payment processing and personalized ride options. Cloud computing also enables Uber to scale its services to meet demand, provide 24/7 support, and ensure the safety and security of riders and drivers.

Related: An overview of peer-to-peer ridesharing using blockchain

GitHub

GitHub is a cloud-based platform that provides hosting for software development and version control using Git. It allows developers to store and collaborate on code with their team members, manage project tasks and track changes to code over time.

While GitHub itself is not a cloud computing platform per se, it is often used in conjunction with cloud computing services such as AWS, Google Cloud Platform and Microsoft Azure. Developers can use GitHub to host their code and then deploy it to the cloud using services such as AWS Elastic Beanstalk or Microsoft Azure App Service.

Google Cloud Platform

Google Cloud Platform is a cloud computing platform provided by Google that enables users to build, deploy, and scale applications and services using a wide range of computing resources. It is an example of cloud computing because it provides access to a wide range of computing resources on demand, including virtual machines, storage, networking, databases and other services, all delivered through the internet.

One example of how Google Cloud can be used is for building and deploying web applications. Developers can use Google Cloud's compute resources to host their application code and data, and use services such as load balancing, autoscaling and container orchestration to manage the application's performance and availability. They can also use Google Cloud's machine learning services to add intelligent features to their applications, such as image recognition or natural language processing.

Is blockchain a part of cloud computing?

No, blockchain is not a part of cloud computing. While both blockchain and cloud computing are used in the context of modern computing, they are distinct technologies with different characteristics and use cases.

Cloud computing is a delivery model for computing resources such as servers, storage and software applications over the internet. Users who use cloud computing can use these services whenever they need to without having to buy and maintain their own physical IT infrastructure.

Related: 7 modern technology examples that don’t need electricity

Blockchain, on the other hand, is a distributed digital ledger technology that records transactions in a safe, open and unchangeable way. Blockchain is frequently used to build relationships of trust between parties who do not already know or trust one another. In order to prevent any one person or entity from tampering with the data, it accomplishes this by using a decentralized network of computers to verify and record transactions.

While it is possible to use cloud computing to host blockchain-based applications, blockchain is not inherently a part of cloud computing.

Post-Christmas miracle as Bitcoin ETFs clinch inflow after 4-day bleed

Salesforce Tests VeChain Blockchain, Sending VET to New Highs

VeChain made headlines after Salesforce announced it would test the firm’s traceability solutions platform, VeChainThor.

Salesforce Begins Testing on VeChain

VeChain’s native token, VET, saw its price surge by more than 70% since late March following a minor retracement. Investors have been taking advantage of every downswing to scoop tokens at a discount, helping prices advance further. 

The mounting buy pressure behind this cryptocurrency allowed it to hit a new all-time high of $0.130 in the past few hours. 

Salesforce’s decision to enable open, seamless data sharing across multiple parties, using data hashed on the VeChainThor public blockchain, seems to have fueled the most recent upswing. 

Sunny Lu, CEO at VeChain, maintains that Salesforce’s integration could help boost VET utility exponentially. 

“Salesforce has started to make the first trial on the VeChainThor public blockchain. I’m really excited about that because of how big Salesforce is. They are a $100 million firm with millions upon millions of customers. Given their expertise and industry know-how in different areas, they could build thousands of applications in the future on top of the VeChainThor public blockchain,” said Lu. 

Token Targets New All-Time Highs

While the network’s utility expands, the price of VET looks headed for the 261.8% Fibonacci retracement level at $0.136 (measured from the high on Mar. 22 to the low Mar. 25). 

Breaking through this potential area of interest may lead to another upswing towards $0.150. 

VeChain US dollar price chart
VET/USD on TradingView

It is worth noting that the Tom DeMark (TD) Sequential indicator recently presented a sell signal on VET’s 12-hour chart. The bearish formation developed as a green nine candlestick, indicating a high probability of a correction before the uptrend resumes. 

Losing the $0.120 level as support could validate the pessimistic outlook. If this were to happen, VET might dive toward the 161.8% or 127.2% Fibonacci retracement level. 

These crucial support areas sit at $0.113 and $0.105, respectively. 

Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.

Post-Christmas miracle as Bitcoin ETFs clinch inflow after 4-day bleed