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The Third Economy?

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South African inventor and investor Stafford Masie on the economy that will unfold as a result of bitcoin offering greater capability than cash.

South African technology entrepreneur and artificial intelligence (AI) enthusiast Stafford Masie has headed Google in South Africa, invented Payment Pebble (a payment solution), and has had over 20 years in IT. At a recent lecture to engineering students at the University of Johannesburg, Masie said: “The future is already here. It is just unevenly distributed.” He also spoke to FORBES AFRICA on the tech forecast for 2019.

READ MORE: Under 30 Technology

AI gone rogue

Almost all industries have been impacted by AI and Masie believes it has potential to lose control.

“AI is the difference between the third and fourth industrial revolution. We now have this algorithm in the world that says we should measure companies by output so companies are trying to do more with less. [Companies are thinking] ‘get rid of the humans and let’s build automation and we increase our operating margin and our share price goes up’. That is not sustainable. That’s the world in which we find ourselves today. AI has already gone rogue. There is no expert of AI in the entire world. It’s still very early.”

Masie says should be seen as plural and not singular.

“Take a look at Uber. It’s a coalition of disparate AIs and a dual special awareness of intelligence. It’s intelligence on the phone, it’s intelligence in the car, it’s all of those things coming together to deliver on that service. That’s AIs, not an AI.

“AI does not need to take away jobs. AI is makes us look in the mirror and ask, ‘should we be doing that work?’ I don’t think we should. I think we have a higher purpose. We need to start rethinking this notion of employment and jobs and start thinking about work. Humans should be released from doing what they are doing today. A job that measures efficiency and productivity will ultimately be taken over by robots…We were not meant to do jobs that measure efficiency and productivity. We were meant to be [creative]. We need to allow humans to have a purpose.”

READ MORE: Africa’s Top 30 Tech Start-Ups Opens for Entries

Bitcoin will unlock the third economy

Despite experts predicting the fall of Bitcoin and its technologies, Masie predicts otherwise.

“The Bitcoin world is going to be interesting to watch over the next year. That’s very exciting. I just think because it’s still so infantile, it’s still so small. I think Bitcoin wasn’t built for the people who are actually using it today. It was built for the people not financially included in the world today. And what’s exciting in the next few years is to see those people being unlocked and emerging. We have the formal economy, then we have the informal economy. The formal economy has all the financial instruments that you and I use. The security, the credit cards, the bank accounts etc. Then you get the formal economy which is cash.

“But I think bitcoin is going to establish a third economy, and that third economy will surface new transaction types, new value exchange instruments that we still haven’t imagined today and that will come to the fore.

“What excites me more is this third economy that will emerge because Bitcoin offers greater capability than cash. You can program your money. You can expand it, you can create contracts around it. You can exchange value without a third party and that’s what am very excited to see within the next 12 to 24 months, that’s really big for me.”

The tech smoothie

“I’m excited to see what will happen in retail over the next four months. That’s the big one. I can feel it in the water. All the retailers are looking immensely at investing in technology, better customer service, optimization and then there’s logistics in the supply chains driving down production costs, doing more with the humans that they have, sweating their assets, etc. In retail, when you start mixing up the Internet of Things, AI and Bitcoin, that little smoothie looks very interesting to me.”

Technology

Apple Is Donating 9 Million Masks To Combat The Coronavirus

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Topline: Apple will donate 9 million N95 protective masks to combat the coronavirus, Vice President Mike Pence said on Tuesday, making Apple one of several California tech companies pitching in as hospitals across the country report a shortage of protective gear.

  • Pence thanked Apple for agreeing to donate 9 million N95 respirator masks to healthcare facilities across the country during a press briefing on Tuesday.
  • Pence’s remarks come after Apple CEO Tim Cook tweeted over the weekend the company was “working to help source supplies for healthcare providers fighting COVID-19” and “donating millions of masks for health professionals in the US and Europe,” but did not offer more specifics.
  • N95 respirators are masks that form a protective seal around a wearer’s mouth, filtering  out at least 95% of particles in the air, according to the Centers for Disease Control, which makes them necessary to protect healthcare workers from being exposed to the disease from patients.
  • Facebook has also said it is donating its stockpile of 720,000 masks purchased during the California wildfires last year, which degraded the air quality in the San Francisco Bay Area.
  • Apple did not immediately respond to a request for comment from Forbes asking if all of the donated masks were stockpiled because of the wildfires or if the company got them from somewhere else.

Chief critic: Teddy Schleifer, a reporter at Recode, wrote that health systems shouldn’t rely on the generosity of big tech companies to make up for the failures of the federal government. 

“But there is a risk in relying on corporate philanthropy—rather than the government—in solving this problem. For starters, it depends on the voluntary generosity of these companies to deal with an unprecedented emergency, an altruism that could vanish at any time,” he wrote.

Crucial quote: “And I spoke today, and the president spoke last week, with Tim Cook of Apple. And at this moment in time Apple went to their store houses and is donating 9 million N95 masks to healthcare facilities all across the country and to the national stockpile,” Pence said.

Key background: Apple is one of several California tech companies to give away N95 masks. In addition to Facebook, Salesforce, Tesla and IBM have also announced mask donations.

News peg: Doctors and nurses are sounding the alarm that they don’t have enough masks to protect healthcare workers. Not only does inadequate protective gear put important frontline health workers at risk, public health experts say, any situation endangering medical personnel may only further depletes the U.S. health system which already doesn’t have enough capacity to handle a surge in cases. State officials in New York and Illinois have criticized President Donald Trump for not stepping in to force companies to manufacture masks or allocate masks from private companies to ensure that states don’t outbid each other for the same supplies.

Rachel Sandler, Forbes Staff, Breaking News

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Video Games Are Being Played At Record Levels As The Coronavirus Keeps People Indoors

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Topline: With school closures, mandatory work-from-home policies and lockdowns taking place in the U.S. as a result of the Covid-19 coronavirus pandemic, gaming has seen higher engagement, especially over this past weekend.

  • Steam, the most popular digital PC gaming marketplace, reached new heights Sunday, drawing a record 20,313,451 concurrent users to the 16-year-old service, according to third-party database SteamDB.
  • Counter-Strike: Global Offensive, released by Steam-owner Valve in 2012, seems to be the top beneficiary of the increased engagement, breaking it’s all-time peak on Sunday with 1,023,2290 concurrent players, topping its previous peak last month by a million, which itself beat the record set in April 2016.
  • Like other esports, CS:GO has had to cancel events due to the virus, particularly the Intel Extreme Masters in Katowice earlier this month, though its peak viewership reached over a million, making it one of the most watched tournaments in the esports’ history.
  • Activision Blizzard’s new free-to-play battle royale spinoff Call of Duty: Warzone, launched March 10 on PC, Xbox One and PlayStation 4, is also likely benefiting, drawing in a staggering 15 million in three days, besting the record 10 million in three days by last year’s battle royale sensation Apex Legends.
  • These new heights follows similar effects of the virus on China and Italy: Telecom Italia’s CEO told Bloomberg it saw a 70% increase in traffic over its landline network, with Fortnite playing a significant part, while Chinese live-streaming service Douyu experienced increased viewership of the country’s most popular games, according to market analyst Niko Partners.
  • While gaming was considered “recession proof” during the 2008 market crash, stocks aren’t immune to the current historic drops: software developers like Activision Blizzard are facing a 9% decrease in price year-to-date, while hardware companies that rely on Chinese manufacturing like Nintendo are seeing bigger drops of 24%.

What To Watch For: If these records keep rising as the closings and lockdowns continue. Arriving this week is Nintendo’s long-awaited Animal Crossing: New Horizons for the Switch console, a relaxing “life-simulator” that’s set to have a big day with many fans not-so-jokingly asking Nintendo to launch early.

Surprising Fact: Plague Inc., a game that tasks players in creating a virus that wipes out humanity, surged in popularity late January, becoming the top-paid game on the Chinese app store at one point, but the game has now been removed in China at the direction of the government.

Further Reading: So You’re Suddenly Working From Home And Want To Try Gaming? Here’s How To Get Started.

Matt Perez, Forbes Staff, Innovation


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Amazon Hoping To Hire 100,000 New Employees To Deal With Coronavirus Demand

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Topline: Amazon announced Monday that it would be opening 100,000 new full-time and part-time positions to deal with increased buying demand as people practice social distancing during the Covid-19 coronavirus pandemic.

  • The company will also increase pay by $2 in the U.S. from its current $15 an hour, £2 in the UK and €2 in Europe for those working in fulfillment centers, transportation services, stores or people making deliveries, amounting to a total of $350 million.
  • Amazon last Friday shared that the increase in online commerce has unsurprisingly resulted in shortages for household essentials and delays in shipment times.
  • Monday’s statement also noted that “We continue to consult with medical and health experts, and take all recommended precautions in our buildings and stores to keep people healthy. We’ve taken measures to promote social distancing in the workplace and taken on enhanced and frequent cleaning, to name just a few.”
  • Last week, Amazon told all of its employees to consider working from home if they could, according to CNBC; for its fulfillment centers and delivery services, it also launched a $25 million relief fund that lets workers diagnosed with the coronavirus apply for  grants equal to two weeks pay, as well as unlimited unpaid time off for all hourly employees until the end of March.
  • Amazon currently employs 250,000 people at 110 fulfillment centers.

News Peg: According to Johns Hopkins, 181,200 people have been infected with the coronavirus, with 7,115 deaths reported. School closures, lockdowns and curfews have been put in place to promote social distancing, with the White House today recommending to avoid groups of more than 10 people.

Matt Perez, Forbes Staff, Games

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