These websites store their information on your browser making it easy to track. Technology companies like Google use these cookies to display ads across the web with the information gathered from different sites.

When using the internet, cookies are pretty useful. They help users auto-fill passwords, payment details and other necessary information. However, over time, the interference of cookies have become burdensome so much so that Internet users have had to download adblockers to help protect their privacy.

According to research done to the Pews Research Center, 72% of internet users feel their activities are being tracked by advertisements and companies, while 81% believe that the potential risks of having their personal information used by third parties outweigh the benefits.

Google’s decision

Today, we’re making explicit that once third-party cookies are phased out, we will not build alternate identifiers to track individuals as they browse across the web, nor will we use them in our products’ – David Temkin, the Director of Product Management, Ads, Privacy and Trust, Google.

In a blog post titled: ‘Charting a course through a more privacy-first web’ which was published on the 3rd of March 2021, Google announced that it will be removing the third-party tracking feature on its websites.

According to the post which was written by Temkin, the reason for the removal of support for third-party cookies is to “build innovations that protect anonymity while still delivering results for advertisers and publishers”.

Google is not the first to stop the use of third-party cookies, as Mozilla’s Firefox and Apple’s Safari have done the same. The company is however the first to produce a replacement. In a blog post published on the 25th of January, Google stated that it has created a Privacy Sandbox as an alternative to third-party cookies. The Privacy Sandbox called FLoC – Federated Learning of Cohorts is a technology for interest-based advertising.

The FLoC is a cohort tracking program that seeks to study user behaviour and categorize these users based on their interests and habits. That is, instead of ads being targeted at individuals, companies could target their ads to larger groups with similar interests.

Implications

On the surface, Google’s decision may appear to be a step in favour of privacy and data protection, but it is not so. The implication of Google’s decision is not that the website will stop collecting cookies or that the information gathered will not be used for ad purposes.

The implication is that Google will stop selling ads that are targeted at individual users and Google Chrome will stop allowing cookies to collect user’s data. Google, however, will have little or nothing to lose as it will still collect user information and will still target ads towards its users in cohorts.

What Google seeks to do is not new, it’s a concept similar to the model being employed by Facebook. A method is a form of consumer profiling whereby one can create a customised audience (i.e. a group of users with similar interests or even mixed interests) that will be used by advertisers to target their ads. The implication of Google’s FLoC program is to collect data but in a more anonymous and less ‘invasive’ way.

This move by Google is in the Company’s sole interest, contrary to what they want the public to believe. By removing third-party cookies, Google will only stifle its other competitors thereby giving it an unfair advantage. The company will still retain consumer information, and will still use it for tracking purposes. The only minor difference is that Chrome users will now be tracked in groups as opposed to being tracked individually.

Reactions

The European Commission on the 22nd of June 2021 stated that it has begun an investigation into Google for ‘possible anti-competitive conduct’ in the market. The Commission stated that it will “examine whether Google is distorting competition by restricting access by third parties to user data for advertising purposes on websites and apps while reserving such data for its use.”

Margrethe Vestager, the Vice President in charge of the EC’s Competition Policy, stated that the European government is “concerned that Google has made it harder for rival online advertising services to compete in the so-called ad tech stack.”

The United Kingdom is not the only party to react as the Texas Attorney General, Ken Paxton dismissed Google’s cohort tracking program calling it a “social credit score based on group identity”. In October 2020 and later in December 2020 the U.S Attorneys General filed an anti-trust complaint against Google and view Google’s Privacy Sandbox as an anti-competition strategy and a way of preventing its competitors from gaining access to relevant information on consumer behaviour.

Although Google’s decision will not take effect until 2022, one can only anticipate the turn of events within that period. However things go, one thing is certain – the privacy of internet users should be prioritized above all else.

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The post BYTES OF PRIVACY: GOOGLE SET TO STOP THE USE OF THIRD-PARTY COOKIES BY 2022 appeared first on Relawding.

How it started…

The history of MoneyGram’s legal battles began in 2004. According to court documents, MoneyGram was said to have been turning a blind eye to fraudulent transactions being engaged in by its U.S and Canada agents, costing consumers millions of dollars.

Between April-October 2016, the company failed to flag and report a $125 million transaction, and this inaction flaunted the terms of the DPA. It was stated that the company willfully failed to put effective checks in place in its anti-money laundering program. At the court hearing, the judge fined the company $125 million and extended the DPA till May 2021.

How it is going…

MoneyGram has implemented the highest consumer-data collection capabilities in the industry and its customer ID verification standards, technology platforms and data-driven controls have helped to bring consumer fraud rates to all-time lows, ” – MoneyGram’s spokesman.

Five years down the line, the anti-money laundering charges against MoneyGram have been dismissed, as the company has been said to comply with the terms of the settlement agreement. MoneyGram’s agreement, which was supposed to last for 4 years, was extended seven times, thereby forcing the company to forfeit $225 million in total.

The court dismissed the charges after an independent monitor, John Carey certified that the company had “reasonably designed and implemented” a satisfactory compliance program.

Furthermore, the prosecutors of the case stated that the company had also paid the fines which were imposed on it. Through the money forfeited, the victims of the scams that occurred in 2004-2009 and 2013-2017 were duly compensated.

The company has learned a huge lesson and this is evident in the improvements in its compliance program over the last few years, some of which include the introduction of new point-of-sale technology and identity verification requirements.

While MoneyGram faced huge losses as a result of the legal settlement, their case will always serve as a deterrent to other financial institutions and force them to keep their organizational policies in check.

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On Tuesday, the 8th of June, the United States of America witnessed an event some may term ‘historic’. In a 68-32 vote margin, the US Senate passed into law, a bill that is set to enable the USA to go head-to-head with China in the technology space.

Round 1: About the Bill

“It’s the largest investment in scientific research and technological innovation in generations. It sets the United States on a path to lead the world in the industries of the future.” – Chuck Schumer, Senate Majority Leader.

The U.S. Innovation and Competition Act is aimed at ensuring that the US remains one of the world’s biggest technological giants. The bill is said to invest about $250 billion into scientific and technological advancement within the next five years.

According to Schumer, United States is said to be lagging behind China in the area of technological innovation. 1% of the country’s GDP is committed to technological advancement and research and this has resulted in the lack of competitiveness.

Asides from investing in high-end technology, the Bill imputes a certain level of constraints on the China-based app, Tiktok. While the app is not being banned, government officials are not allowed to download the app on government-owned electronic devices.

Furthermore, federal officials are not allowed to buy drones that are manufactured by Chinese companies including DJI, the largest drone manufacturers in the world. The bill also requires State Department and Intelligence Community to provide a report on the influence of China in international organisations such as the IMF, World Bank, WTO and UN.

Round 2: It’s implications:

“This legislation addresses key elements that were included in my American Jobs Plan, and I am encouraged by this bipartisan effort to advance those elements separately through this bill” – President Joe Biden.
The bill is not just set to give the United States a competitive edge over China, but to create many jobs for American citizens, thereby boosting the country’s economy.

The bill is also set to strengthen America’s national security by checkmating the rise of China as a global power. The United States, through this bill, will be investing in research and technology manufacturing.

Although the U.S, through the ICA, is making certain restrictions, it is working even harder to ensure the growth of its technological sector. The 1,445-page legislation has different parts which make provision for various aspects in the technological sector.

· Research funding: One part of the bill establishes a Directorate for Technology and Innovation at the National Science Foundation. To achieve this, $81 billion will be contributed to the foundation’s budget between 2022-2026.

Another part of the bill, known as the Endless Frontier Act, provides for investment in AI, robotics and quantum technology. The investment is set to be worth about $120 billion. Both parts aim at improving research across universities in the country which, will unlock several innovation opportunities.

· Microchip production: The COVID-19 pandemic revealed a major problem in the tech industry and that is the heavy reliance on the Asian community in the production of microchips. The heavy reliance on Asian microchip producers has affected the tech industry, as the producers are having a hard time meeting up with the demand which has spiked during the pandemic.

This has, in turn, led to a shortage of microchips around the world. According to a Semiconductor Industrial Association report, 75% of the chips used worldwide is produced in Asia, and the US seeks to change this. The Bill will also cause the US to invest $52 billion in semiconductor chips manufacturing companies. This will not only improve the economy but curb the global shortage of computer chips.

· Creation of tech hubs: With a $10 billion investment, 18 tech hubs will be created across the country and all will receive seed funding to help. The tech hub creation program will be managed by the Commerce Department.

This move will not only help boost the economy but will spur the growth of new industries in the country. The creation of these tech hubs is set to encourage internal competition that will in turn strengthen America’s ability to compete globally.

Round 3: China’s response

“This bill seeks to exaggerate and spread the so-called ‘China threat’ to maintain global American hegemony, using human rights and religion as excuses to interfere in China’s domestic politics and to deprive China of its legitimate development rights” – China’s National People’s Congress.

While this may be a positive step for the United States, the response of China is, however, negative. On Wednesday, the 9th of June, China, in a statement issued by the Foreign Affairs Committee of the National People’s Congress (China’s legislature), expressed its “strong dissatisfaction and resolute opposition” to the U.S. Innovation and competition Act.

The spokesman of the Chinese Foreign Affairs Committee, Wang Web, stated that the bill was “full of Cold War and zero-sum thinking and runs counter to the public aspiration in both countries to strengthen exchanges and cooperation”.

The Final Round?

As Biden said, the nation that wins the global tech race will indeed win the 21st century. While the implications of this bill will have a positive impact economically, it will affect the international relations between both countries.

The bill cannot guarantee victory or defeat for the United States, as it must pass through the US House of Representatives before being signed into law by President Joe Biden. However it goes, there is a lot to look forward to in the coming years.

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“It is,” Elon Musk replied. “It sure is.”

What seemed like a harmless Saturday Night Live show had a drastic effect on the stock market last week. Many did not know what to expect when CEO of Tesla and SpaceX, Elon Musk made an appearance as “The Dogefather”. The outcome was not favourable as stocks ran red a few hours later.

Part I: How it started

It is the year 2013, a bitcoin is worth about a thousand dollars and everyone can’t stop talking about it. Billy Marcus and Jackson Palmer think that the world is taking cryptocurrency way too seriously, so they create Dogecoin as a cryptocurrency joke, a way of making fun of Bitcoin. The logo of the coin is the meme of a Shiba Inu dog that is popular at the time and the word “doge” is a misspelt form of “dog”. Marcus and Palmer just want to play around and have some fun, along with other members of the doge community (or “Shibes” as they are fondly called).

Fast-forward to the year 2021, their not-so-serious idea takes a different turn. The Dogecoin is no longer a joke as its value, according to Kraken’s recent market report, has gained more than 500% and despite the price swings of the coin, it has recorded a monthly volatility reading of 442%. On the 5^th of May, the capitalization of Dogecoin at the stock market exceeded 85 billion dollars. The coin has grown such rapidly that in April, the stock trading app, Robinhood was so overwhelmed by the surge of interest in dogecoin that it started to experience a malfunction and eventually, a partial outage. Now, Dogecoin is said to be the fifth-largest cryptocurrency by market capital. Who would have thought?

The majority of the buzz surrounding dogecoin can be attributed to Elon Musk and a few other celebrities (like Snoop Dogg and Gene Simmons). Musk in his comical tweets has been vocal about his admiration for the coin and this has always affected its performance in the market.

Part II: How it is going

“The appearance over the weekend had been expected to mark a watershed moment for Doge, but comments from Musk sparked a sell-off in doge” – Simon Peters, an analyst at eToro

On the 28^th of April, Elon Musk, via a tweet calling himself The DogeFather, announced that he would be hosting Saturday Night Live. After this tweet, the price of dogecoin shot up by 32%, as many watched in anticipation, knowing that any action from Musk could affect the market, positively or negatively. The Daily Mail reported that Elon Musk’s appearance on the SNL show was the third most-watched episode and had an average of 7.3m viewers, thereby boosting the ratings of the show. These figures give an insight into the amount of influence Musk wields as the richest man in the world.

During his appearance, Musk claimed that Dogecoin was “the future of currency”. “It’s an unstoppable financial vehicle that’s going to take over the world”, he said. He then proceeded to call it a “hustle”. This statement, uttered by Musk led to a 30% drop in the price of the coin by the end of his appearance on the show.

Before the show, DOGE had been trading for $0.65. However, within 45 minutes of Musk’s appearance, the price of the coin dipped by 22% from $0.66 to $0.52, and the following morning, it further dropped to $0.43. This was not the result that the public was expecting!

Part III: Salvaging the remains…

Despite DOGE’s drop on Saturday, experts predict another rise. In what may be viewed as an attempt to salvage the situation, the Geometric Energy Corporation via a report on Sunday announced that the launch of SpaceX Falcon 9’s trip to the moon, also known as DOGE-1 Mission to the Moon, will be solely funded by Dogecoin.

Samuel Reid, the CEO of GEC stated: “By officially using DOGE for a transaction of such importance, the Geometric Energy Corporation and SpaceX have solidified DOGE as the financial unit used in the lunar agreement of space business”

Now here is where things get a bit more interesting: On Wednesday, Elon Musk released a statement on Twitter, informing the public that Tesla will no longer be accepting Bitcoin as payment for its cars. He also added that Tesla will not be selling any more bitcoins to the public. Musk stated that the reason behind his company’s decision was a response to “the rapidly increasing use of fossil fuels for bitcoin mining and transactions”.

Shortly after his announcement, members of the doge community started to make use of the hashtag #dogefortesla, suggesting that Musk’s boycott of Bitcoin might be to show favour to DOGE. While this is a speculation, it is not surprising why some may think that, as Musk hinted in a tweet on Tuesday, Tesla may soon accept payments in dogecoin. This was done through a Twitter poll he conducted in which over 3.9 million people voted and 78.2% were in favour of the coin being accepted as a legal tender for Tesla’s products.

While the issue of crypto mining and energy consumption still surfaces, dogecoin stands a better chance compared to bitcoin. There are currently about 128 billion dogecoins in circulation and it has no upper threshold compared to Bitcoin which has 18.7 million coins in circulation and a threshold of 21 million. Also, dogecoin is easier to be mined than bitcoin which uses a lot of computing power and consequently, energy. Should Musk be looking for an alternative to the bitcoin solely for this reason, DOGE might just be the right fit.

What’s Next?

It is important you know that cryptocurrencies are extremely volatile, therefore it is difficult to predict the rise and fall of the trading prices on the stock market. Musk attested to this when he said during the SNL that: “cryptocurrency is promising but invest with caution“

Anyone who wants to invest in dogecoin must be aware of the risk involved because unlike bitcoin, dogecoin is more community-driven with a less solid structure.

Given, Dogecoin looks like the new and hot kid on the block. However, should you choose to buy or invest in it, you must take note of its extreme volatility and the sentiments that are tied to its trade. While it might be doing well right now, it is not guaranteed that this will be the case in the long run.

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If you take a look at Vimeo today, save the name, you might scarcely recognize it from what it used to be. The company has moved from being a striving competitor with YouTube to becoming one of the biggest video creation platforms for professionals. This is thanks to one woman, a powerhouse called ANJALI SUD.

Take 1: The Beginning

In 2004, Jake Lodwick and Zach Klein undertook a project for a website called College Humor. The project was a video sharing platform where Jake and Zach could share short videos with their friends. Jake created the name Vimeo from the words: video and me. In 2006, Connected Ventures (the company that owned College Humor) was acquired by Barry Diller’s company – IAC. In 2007, IAC had instructed Jake and Zach to work on Vimeo full-time.

Vimeo was created to be a video sharing platform more like a smaller competitor to YouTube. However, the business began to lose money, a lot of money. It was failing – it had a revenue of less than $40 million. To salvage the remains of the now sinking Titanic, the company decided to develop a subscription service like Netflix and Amazon Prime. The company even hired experts from film production companies and signed deals with distribution companies. However, it still was not hitting the mark.

Take 2: The heroine steps into the scene

“I saw an opportunity to champion the creator side of the platform. So, I just started doing it. That opened up a path for me to do that formally… You just have to permit yourself and not wait for formal permission to do it” – Sud on Vimeo.

In 2014, Anjali Sud came into the Vimeo scene as the Head of Marketing. She was later promoted to the position of General Manager of the content creation arm of Vimeo. In 2017, she was appointed as the CEO.

Upon her appointment, she pitched an idea that could revolutionize the business to Joey Levin, the CEO of IAC. In an interview with Forbes, she said: “Vimeo has long been a software company for filmmakers, but the market was too small… There was another, much bigger market- businesses. What Squarespace and GoDaddy did for websites, we could do with video.”

Joey Levin then gave Anjali a small team of 50 people and a duration of 1 year to test the viability of her idea. Within that year, Sud and her team launched Vimeo Business which gained a lot of traction. Anjali had turned what was an entertainment company into a software-as-a-service (SaaS) platform where content creators can create videos and distribute them anywhere on the Internet.

Take 3: Putting the pieces together

“The way I think about a strategy is, “Is there a problem to be solved? Is it a mission-critical problem? And can you solve it better than anybody else?” – Sud

The first thing Anjali Sud did in her role as Head of Marketing was to understand her customers – who they were, what they liked about the platform, etc. From her research, she was able to understand the customer base and develop ideas on how best to cater to them.

However, she believed that gathering data was not enough, she needed to have actual conversations with these customers. In her interview with McKinsey&Co, she stated that she went to trade shows, managed Vimeo’s booths and interacted with customers. By doing so, she was able to understand the frustrations and identify where the pain points were.

Sud further intensified her efforts with Vimeo, following her appointment as CEO. She recognized the need to understand the market trends and build strategies around them. To achieve this, she dedicates her time to speak with about three video-tech startups every week.

Take 4: Vimeo – Before meets After

After Sud’s appointment, Vimeo’s transformation was sudden. Now, on Vimeo, content creators can upload their videos, as well as watch the videos of other creatives on the platform. Unlike YouTube and Netflix, the platform offers cool features such as a video school (which gives tutorials and lessons on content creation), a tip jar (which allows creators to get cash in form of tips from viewers); the platform also enables the creators to sell their videos.

Every day, the Vimeo staff selects their favourite new videos and share them on the platform. This is a feature called “Staff Picks”.

Also, the platform offers a Freemium model, whereby anyone can sign up for free. However, this package comes with limited features and only 500MB of storage space to upload videos every week. The Vimeo Plus is an upgraded version that costs $12 per month and comes with 5GB storage space per week, while the Vimeo Pro cost $20 a month and comes with 200GB, no bandwidth caps as well as other features.

One thing that makes Vimeo stand out is its “No Ads” feature which means users can enjoy their experience on the platform without the interruption of ads, unlike other video platforms. The platform is used by companies such as Forbes, Deloitte, Starbucks amongst others, to live-stream events and deliver employee training.

Take 5: Predicting the future

With Anjali Sud at the helm of affairs, Vimeo is set to soon become a publicly traded company.

In November 2020, Vimeo raised $150 million at a $2.8 billion valuation from Thrive Capital and Singapore’s GIC. In January 2021, the company also raised $300 million at a $6 billion valuation from T. Rowe Price and Oberndorf Enterprises.

At the end of 2020, it was reported that Vimeo had over 1.5 million paying customers generating a revenue of $83.8 million in revenue in the 4th quarter alone and about 170 million viewers.

With the capital that has been raised for T. Rowe Price and Thrives Capital amongst others, Vimeo is set to expand globally. Anjali stated that the company is looking to hire more professionals, invest in cutting edge technology and support its users in over 150 countries of the world.

Vimeo, in the past four years, has been able to carve a niche for itself and this can only attract competition, but Anjali is not so bothered about any competition soon, in fact, she says: “we have the focus, we have the capital, I think we have the patience. So this market is ours to lose.”

There is a lot to learn from Anjali Sud’s feat with Vimeo. She has, in four years, transformed a failing company into a market leader. While this may be a wonder to some, it is an inspiration to all and we love to see it!

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