S5 E32 - 7th August 2024 Digital Bytes with Jonny Fry and James Tylee ft: Haydn Jones of Kroll
Description
From bartering to blockchain - evolution, tokenisation and the gold v Bitcoin debate: (Part 2) The evolution of money and the emergence of tokenised gold - in an exploration of tokenised gold, this article investigates key issuers such as Bold, Swarm, Paxos, HSBC, Tether Gold, Comtech Gold, Kinesis Money and VeraOne Gold, detailing their operational significance. It also delves into the ongoing debate between gold and Bitcoin as stores of value, contrasting gold's historical stability with Bitcoin's exponential returns and digital advantages and examines why tokenising gold appeals to investors whereby offering fractional ownership and enhanced liquidity. In addition, HSBC's recent launch of tokenised gold is highlighted, reflecting broader trends towards digital asset trading despite potential compromises in privacy and counterparty risk compared to physical ownership.
Evolution of tokenomics - the term tokenomics, a combination of the words “token” and “economics”, describes the concepts and economic systems centred upon digital tokens. These tokens, which are typically developed on blockchain-powered platforms, are changing our understanding of and interactions with ownership, value exchange and financial involvement. Tokenomics is evolving and changing the face of the modern economy, challenging the way in which transactions happen.
Impact of the Digital Operational Resilience Act (DORA) on business and cloud providers - the European Union's Digital Operational Resilience Act (DORA), effective on January 17th, 2025, mandates a unified ICT risk management framework for the EU financial sector. The regulation applies to a broad range of financial entities and ICT service providers, aiming to enhance operational resilience through uniform technical standards. DORA impacts blockchain technology, cloud providers and multi-cloud strategies, so emphasising compliance, risk management and operational continuity. Meanwhile, non-compliance results in significant penalties, whereby reinforcing the importance of timely adherence to DORA's requirements.
Quantum computing and its looming impact on crypto - with its qubits capable of multiple states, quantum computing can solve problems far faster than classical computers. Unsurprisingly, this threatens cryptocurrencies which depend on cryptographic algorithms for security. Potentially, cryptos will need major upgrades, requiring community consensus and possible hard forks in order to adopt these new algorithms. As quantum computing advances, the crypto community must act now to ensure a secure, future-ready ecosystem.