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May 21 · Issue #136 · View online
3 Things You Need To Know From The Convergence Ecosystem
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Welcome back from the weekend! Apologies for the delay in sending this one. Today’s issue covers Canaan’s IPO, plans of launching a floating island nation and Amazon’s ware-house strategy.
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1. Bitcoin Mining Equipment Maker Canaan Files for $1 Billion IPO
Larger firms in the ecosystem have now begun eying stock market listings as a mechanism to provide exits for current investors and raising capital. Canaan Inc, one of the world’s largest Bitcoin mining hardware manufacturers has submitted a listing application to the Hong Kong stock exchange. Morgan Stanely, Deutsche Bank and Credit Suisse Group AG will be the joint sponsors for the proposed offering. The listing is anticipated to occur by as soon as July. The firm had previously considered China and USA for its listing. The entity was not permitted to list on Chinese markets due to questions regarding the firm’s valuation figure quoted. According to Frost & Sullivan, Canaan’s chips contribute to ~19.5% of all processing power dedicated to Bitcoin. The new capital raise should enable Canaan to compete fiercely against Bitmain - the only other firm focused on mining hardware to list on a public market. As companies in the ecosystem grow in valuation and profitability, we will see an increasing number of firms listing on public markets.
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2. Floating island is planned with government, cryptocurrency and houses
A handful of enthusiasts may soon be taking matters into “their own hands” concerning regulations for the token ecosystem. An island in the Pacific ocean is being set up to have its government, currency and regulations shortly. Created in partnership with the government of French Polynesia, the region will have 300 houses and a native token named Varyon. It is being set up as a ‘proof of concept" and will see more replications shortly if the first iteration succeeds in creating a stable environment. The creators of the island promise that the region will be “self-governed” and see no interferences from the government. The project is aimed to go live by 2022 with the intent of setting up a libertarian paradise. Looks like setting up an island nation beyond the reaches of existing governments is the new “tax haven” in the ecosystem.
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3. Amazon built its hyper-efficient warehouses by embracing chaos
Warehouse management is no easy task when it comes to handling items at the scale Amazon does. While there has been much news about the long hours and reportedly subhuman conditions their workers are employed in, its rare we get an inside glimpse of how the behemoth attains efficiency in managing its inventory and shipping it quickly. Unlike traditional stores, Amazon does not stock its inventory on basis of categories. Items are instead kept at “random”‘. Across the warehouse. This would allow a “picker” to find the shelf for a relevant item without walking across the warehouse. After acquiring robot manufacturer Kiva for $775 million in 2012, the e-commerce giant employed over a 100,000 of their machines across 25 warehouses in 2014. These robots have reduced the time taken from a user checking out to the item being packed from a high of 60 minutes when done by humans to a low of 15 by robots. This long form by Quartz explores how the “random” strategy followed by Amazon has helped it maintain its spot as a leader in the space over the years. It is an interesting read on how the arrival of robots further amplified their efficiency over time. Grab it here.
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10/11. If atomic swaps, @, @ and @ all find of way of creating an Internet of Blockchains, how will any individual token capture value? Why wouldn’t everyone just hold Bitcoin as store-of-value and swap for access/staking tokens just-in-time?
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