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News

Exploding Pagers Injure Thousands Across Lebanon 751

Wireless communication pagers, carried by thousands, exploded around the same time across Lebanon on Tuesday, injuring over 2,700 people and killing eight, in what security experts suspect was a sophisticated Israeli intelligence operation. New York Times: Hundreds of pagers blew up at the same time across Lebanon on Tuesday in an apparently coordinated attack that killed eight people and injured more than 2,700, health officials said on Tuesday. [...] Hezbollah said that pagers belonging to its members had exploded and accused Israel of being behind the attack. The Israeli military declined to comment.

[...] Three officials briefed on the attack said that it had targeted hundreds of pagers belonging to Hezbollah operatives who have used such devices for years to make it harder for their messages to be intercepted. The devices were programmed to beep for several seconds before exploding, according to the officials, who spoke on the condition of anonymity because of the sensitivity of the matter.
Further reading: Reuters; CNN; NPR; Fox News; and WSJ.

Edward Snowden said, "If it were iPhones that were leaving the factory with explosives inside, the media would be a hell of a lot faster to cotton on to what a horrific precedent has been set today. Nothing can justify this. It's a crime. A crime. And everyone in the world is less safe for it."
Medicine

FDA Grants Neuralink With Breakthrough Device Tag For 'Blindsight' Implant 14

Neuralink said on Tuesday it has received the FDA's "breakthrough device" designation for its experimental implant aimed at restoring vision. Called Blindsight, the device "will enable even those who have lost both eyes and their optic nerve to see," said Neuralink founder Elon Musk. Reuters reports: The FDA's breakthrough tag is given to certain medical devices that provide treatment or diagnosis of life-threatening conditions. It is aimed at speeding up development and review of devices currently under development. Neuralink did not immediately respond to a request seeking details about when it expects the Blindsight device to move into human trials.
DRM

Windows Media Player and Silverlight Are Losing Legacy DRM Services on Windows 7 and 8 (tomshardware.com) 47

An anonymous reader shares a report: Per a recent update to Microsoft's Deprecated Windows features page, Legacy DRM services utilized by Windows Media Player and Silverlight clients for Windows 7 and Windows 8 are now deprecated. This will prevent the streaming or playback of DRM-protected content in those applications on those operating systems. It also includes playing content from personal CD rips and streaming from a Silverlight or Windows 8 client to an Xbox 360 if you were still doing that.

For those unfamiliar, "DRM" refers to Digital Rights Management. Basically, DRM tech ensures that you aren't stealing or playing back pirated content. Of course, piracy still exists, but these days, most officially distributed movies, TV shows, games, etc., all involve some form of DRM unless explicitly advertised as DRM-free. DRM does seem like harmless piracy prevention on paper. Still, it hasn't been all that effective at eliminating piracy -- and where it is implemented, it mainly punishes or inconveniences paying customers. It is an excellent example of DRM's folly. Now, anyone who had previously opted into Microsoft's legitimate media streaming ecosystem with Windows 7 and 8 is being penalized for buying media legitimately since it will no longer work without them being forced to pivot to other streaming solutions.

Medicine

New Research Finds Microplastics In the Brain's Olfactory Bulb 43

An anonymous reader quotes a report from NBC News: Scientists in Brazil found microplastics in the brain tissue of cadavers, according to a new study published Monday in the journal JAMA Network Open. Mounting research over the last few years has found microplastics in nearly every organ in the body, as well as in the bloodstream and in plaque that clogs arteries. Whether these ubiquitous pollutants can reach the human brain has been a primary concern for scientists. The latest research looked at a part of the brain called the olfactory bulb, which processes information about smell. Humans have two olfactory bulbs, one above each nasal cavity. Connecting the olfactory bulb and the nasal cavity is the olfactory nerve.

Some researchers worry the olfactory pathway may also be an entry point for microplastics getting into the brain, beyond the olfactory bulb. "Previous studies in humans and animals have shown that air pollution reaches the brain, and that particles have been found in the olfactory bulb, which is why we think the olfactory bulb is probably one of the first points for microplastics to reach the brain," said lead study author Dr. Thais Mauad, an associate professor of pathology at the University of Sao Paulo Medical School in Brazil.

Mauad and her team took samples of olfactory bulb tissue from 15 cadavers of people who died between the ages of 33 and 100. Samples from eight of the cadavers contained microplastics -- tiny bits of plastic that ranged from 5.5 micrometers to 26.4 micrometers in size. In total, the researchers found 16 plastic fibers and particles in the tissues. The smallest were slimmer than the diameter of a human red blood cell, which measures about 8 micrometers. The most common type of plastic they found was polypropylene, followed by polyamide, nylon and polyethylene vinyl acetate. "The nose is a major point of defense to keep particles and dust out of the lungs," Campen wrote in an email. "So seeing some plastics in the olfactory system, especially given how they are being found everywhere else in the body, is completely expected." [...] "There is evidence that very small airborne particles can move to the brain via the olfactory bulb, but this is not known to be a major route of trafficking material to the brain," Campen said.
Campen notes it's more likely that nanoplastics enter the brain through the bloodstream, which picks up plastic bits from the lungs or digestive tract, rather than the olfactory bulb. "However, it's extremely difficult for particles, even those in pharmaceuticals, to enter the brain through the blood," notes NBC News. "That's because the brain is surrounded by a semipermeable membrane called the blood-brain barrier."
AI

Google Will Begin Labeling AI-Generated Images In Search 31

Google said in a blog post today it will begin labeling AI-generated and AI-edited image search results later this year. Digital Trends reports: The company will flag such content through the "About this image" window and it will be applied to Search, Google Lens, and Android's Circle to Search features. Google is also applying the technology to its ad services and is considering adding a similar flag to YouTube videos, but will "have more updates on that later in the year," per the announcement post.

Google will rely on Coalition for Content Provenance and Authenticity (C2PA) metadata to identify AI-generated images. That's an industry group Google joined as a steering committee member earlier in the year. This "C2PA metadata" will be used to track the image's provenance, identifying when and where an image was created, as well as the equipment and software used in its generation.
Social Networks

Snap's New Spectacles Inch Closer To Compelling AR (theverge.com) 29

The Verge's Alex Heath reports: Snap's fifth-generation Spectacles have a richer, more immersive display. Using them feels snappier. They weigh less than their predecessor and last longer on a charge. Those are exactly the kinds of upgrades you'd expect from a product line that's technically eight years old. But the market for Spectacles -- and AR glasses in general -- still feels as nascent as ever. Snap has an idea for what could change that: developers. These new Spectacles, announced Tuesday at Snap's annual Partner Summit in Los Angeles, aren't being sold. Instead, Snap is repeating its playbook for the last version of Spectacles in 2021 and distributing them to the people who make AR lenses for Snapchat. This time around, though, there's an extra hurdle: you have to apply for access through Lens Studio, the company's desktop tool for creating AR software, and pay $1,188 to lease a pair for at least one year. (After a year, the subscription becomes $99 a month.)

Yes, Snap is asking developers to pay $1,188 to build software for hardware with no user base. Even still, Snap CEO Evan Spiegel believes the interest will be there. "Our goal is really to empower and inspire the developer and AR enthusiast communities," he tells me. "This really is an invitation, and hopefully an inspiration, to create." [...] Ultimately, I'm skeptical of why developers will want to build software for Spectacles right now, given the lack of a market and the cost of getting access to a pair. Still, Spiegel believes enough of them are excited about the promise of AR glasses and that they'll want to help shape that future. "I think it's the same reason why developers were really excited with the early desktop computer or the reason why developers were really excited by the early smartphones," he says. "I think this is a group of visionary technologists who are really excited about what the future holds." Spiegel may be right. AR glasses may be the future, and Spectacles may be well-positioned to become the next major computing platform, even with competition heating up. But there's still a lot of progress that needs to happen for Snap's vision to become reality.
Road to VR has a full list of specs embedded in their report. They also published a reveal trailer on YouTube.
Operating Systems

Apple Pulls iPadOS 18 For M4 iPad Pro After Bricking Complaints (macrumors.com) 23

Apple's iPadOS 18 update is no longer available after some iPad Pro owners found that it bricked their devices. MacRumors reports: There are reports on Reddit from iPad Pro users who had an interruption in the installation process, leading to an iPad that refused to turn on. A total replacement was required for affected users. Not all M4 iPad Pro owners have had an issue installing the update, and it could be linked to installing the new iOS 17.7 update before installing iOS 18. Apple will make the software available again when the underlying problem has been addressed.
Role Playing (Games)

Final Fantasy 16 Producer Asks Fans Not To Make 'Offensive Or Inappropriate' Mods (ign.com) 53

An anonymous reader quotes a report from IGN: Final Fantasy 16 producer Naoki Yoshida has asked fans to please not make "offensive or inappropriate" mods upon the game's PC release tomorrow, September 17. Yoshida wouldn't comment on any specific mods he wants to see in Final Fantasy 16 in an interview with PC Gamer, though made clear what he doesn't want to see. "If we said, 'it'd be great if someone made X, Y, Z,' it might come across as a request, so I'll avoid mentioning any specifics here," Yoshida said. "The only thing I will say is that we definitely don't want to see anything offensive or inappropriate, so please don't make or install anything like that."

Mods allow players to create custom content for games, often resulting in incredibly useful gameplay changes such as the ability to play Elden Ring with friends seamlessly, or major additions such as an entire new expansion for Fallout 4 or the ability to play as custom characters in The Witcher 3: Wild Hunt. Due to the nature of the internet, however, many mods are also, as Yoshida put it, "offensive or inappropriate." While cheating is one thing, fellow publisher Capcom expressed concern in November 2023 that "there are a number of mods that are offensive to public order and morals" which cause damage to the property itself.

Social Networks

Instagram Makes All Teen Accounts Private (npr.org) 46

Instagram has introduced new safety features that make teenage accounts private by default, enhance parental supervision, and set messaging restrictions to protect young users, requiring parental approval for changes. NPR reports: Meta said users under 16 will now need a parent's approval to change the restricted settings, dubbed "Teen Accounts," which filter out offensive words and limit who can contact them. "It's addressing the same three concerns we're hearing from parents around unwanted contact, inappropriate contact and time spent," said Naomi Gleit, Meta's head of product, in an interview with NPR. With teens all being switched to private accounts, they can only be messaged or tagged by people they follow. Content from accounts they don't follow will be in the most restrictive setting, and the app will make periodic screen time reminders under a revamped "take a break" feature. [...]

Meta requires users to be at least 13 years old to create an account. Social media researchers, however, have long noted that young people can lie about their age to get on the platform and may have multiple fake accounts, known as "finstas," to avoid detection by their parents. Officials at Meta say they have built new artificial intelligence systems to detect teens who lie about their age. This is in addition to working with British company Yoti, which analyzes someone's face from their photos and estimates an age. Meta has partnered with the company since 2022. Since then, Meta has required teens to prove their age by submitting a video selfie or a form of identification. Now, Meta says, if a young person tries to log into a new account with an adult birthday, it will place them in the teen protected settings.

While parental supervision on Instagram still requires both a teen and parent to opt in, the new policies add a feature that allows parents to see who their teens have been recently messaging (though not the content of the messages) and what subjects they are exploring on the app. Meta is hoping to avoid one worrisome situation: Someone who is not a parent finding a way to oversee a teen's account. "If we determine a parent or guardian is not eligible, they are blocked from the supervision experience," Meta wrote in a white paper about Tuesday's new child safety measures. [...] Meta points out that parents will be limited to viewing about three dozen topics that their teens are interested in, including things like outdoor activities, animals and music. Meta says the topic-viewing is less about parents surveilling kids and more about learning about a child's curiosities. Still, some of the new Instagram features for teens will be aimed at filtering out sensitive content from the app's Explore Page and on Reels, the app's short-form video service.

Mozilla

Mozilla Exits the Fediverse, Will Shutter Its Mastodon Server In December (techcrunch.com) 62

Mozilla is exiting the fediverse by shutting down its Mozilla.social Mastodon server on December 17. Moving forward, the company will focus on Firefox and AI, aligning with its strategy under interim CEO Laura Chambers to scale back investments in non-core products. TechCrunch reports: Mozilla.social was a small instance, having only 270 active users at the time of Tuesday's announcement. By comparison, the most popular Mastodon instance, Mastodon.social, has over 247,500 monthly active users. Mozilla had telegraphed its plans to scale back on its fediverse investments earlier this year after the CEO stepped down. At the time, Mozilla board member Laura Chambers took over the job as the interim CEO of Mozilla Corporation through the end of 2024. Shortly after the change in leadership, Mozilla said it would refocus its product strategy around Firefox and AI and significantly scale back or even shutter other efforts. Among those products affected by the pullback were its VPN, Relay, and Online Footprint Scrubber, in addition to its Mastodon instance, the company said at the time. Meanwhile, its virtual world Hubs was shut down.

The redirection of Mozilla's efforts came after its flagship product, the Firefox web browser, spent years losing market share. That left room for other competitors, like the startup Arc, to take hold in the alternative browser market. Months prior to this change in strategy, Mozilla had been touting the fediverse's potential, but under Chambers, the company said that a more "modest approach" to the fediverse would have allowed it to participate with "greater agility." In an internal memo, Mozilla signaled that going forward, a "much smaller team" would participate in the Mastodon ecosystem. However, it didn't say at the time that the Mozilla.social instance would shut down, adding that it would continue to bring small experiments to those who participated on its instance.
Mozilla said it was a "hard decision."

"Thank you for being part of the Mozilla.social community and providing feedback during our closed beta. You can continue to use Mozilla.social until December 17," a post on Mastodon reads. Users can download their data or migrate their accounts at the respective links.
Television

TCL Accused of Selling Quantum Dot TVs Without Actual Quantum Dots (arstechnica.com) 48

An anonymous reader quotes a report from Ars Technica, written by Scharon Harding: TCL has come under scrutiny this month after testing that claimed to examine three TCL TVs marketed as quantum dot TVs reportedly showed no trace of quantum dots. [...] Earlier this month, South Korean IT news publication ETNews published a report on testing that seemingly showed three TCL quantum dot TVs, marketed as QD TVs, as not having quantum dots present. Hansol Chemical, a Seoul-headquartered chemicals company, commissioned the testing. SGS, a Geneva-headquartered testing and certification company, and Intertek, a London-headquartered testing and certification company, performed the tests. The models examined were TCL's C755, said to be a quantum dot Mini LED TV, the C655, a purported quantum dot LED (QLED) TV, and the C655 Pro, another QLED. None of those models are sold in the US, but TCL sells various Mini LED and LED TVs in the US that claim to use quantum dots. According to a Google translation, ETNews reported: "According to industry sources on the 5th, the results of tests commissioned by Hansol Chemical to global testing and certification agencies SGS and Intertek showed that indium... and cadmium... were not detected in three TCL QD TV models. Indium and cadmium are essential materials that cannot be omitted in QD implementation." The testing was supposed to detect cadmium if present at a minimum concentration of 0.5 mg per 1 kg, while indium was tested at a minimum detection standard of 2 mg/kg or 5 mg/kg, depending on the testing lab. [...]

In response to the results from SGS and Intertek, a TCL representative told ETNews and The Korea Times that TCL is "manufacturing TV sets with QD films supplied by three companies" and that "the amount of quantum dots... in the film may vary depending on the supplier, but it is certain that cadmium is included." TCL also published testing results on May 10 commissioned by Guangdong Region Advanced Materials, one of TCL's quantum dot film suppliers. Interestingly, SGS, one of the companies that found that TCL's TVs lacked quantum dots, performed the tests. This time, SGS detected the presence of cadmium in the TV films at a concentration of 4 mg/kg (an image of the results can be seen via ETNews here). TCL also said that it "confirmed the fluorescent characteristics of QD," per Google's translation, and provided a spectrogram purportedly depicting the presence of quantum dots in its TVs' quantum dot films. [...]

TCL obviously has reason to try to push results that show the presence of cadmium. However, some analysts and publications have pointed out that Hansol could have reason to push results claiming the opposite. As mentioned above, Hansol is in the chemical manufacturing and distribution business. It notably does not sell to TCL but does have a customer in TCL rival Samsung. Taking a step back further, Hansol is headquartered in Seoul and is considered a chaebol. TV giants Samsung and LG are also chaebols, and the South Korean government has reported interest in Samsung and LG continuing to be the world's biggest TV companies—titles that are increasingly challenged by Chinese brands. It has previously been reported that the South Korean government urged Samsung and LG to meet with each other to help ensure their leadership. The talks resulted in a partnership between the two companies reportedly centered on counteracting high prices that Samsung was facing for TV components sold by Chinese companies. With this background in mind, Hansol could be viewed as a biased party when it sought testing for TCL quantum dot TVs.
"I'm really puzzled by Hansol's results," said Eric Virey, principal displays analyst at Yole Intelligence. "I have a very hard time believing that TCL would go through the troubles of making ... 'fake' QD films without QDs: this would cost almost as much as making a real QD films but without the performance benefits."

Ars Technica concludes: "As previously stated, it's possible that TCL is indeed using quantum dots but is using them in a small amount alongside phosphor. If true, the performance may not be as high as it would be with other designs, but it would also mean that TCL's quantum dot TVs aren't bogus. As it stands, the situation could benefit from more, preferably third-party, testing..."
AI

Salesforce's New AI Strategy Acknowledges That AI Will Take Jobs (yahoo.com) 57

Salesforce is unveiling a pivot in its AI strategy this week at its annual Dreamforce conference, now saying that its AI tools can handle tasks without human supervision and changing the way it charges for software. From a report: The company is famous for ushering in the era of software as a service, which involves renting access to computer applications via a subscription. But as generative AI shakes up the industry, Salesforce is rethinking its business model for the emerging technology. The software giant will charge $2 per conversation held by its new "agents" -- generative AI built to handle tasks like customer service or scheduling sales meetings without the need for human supervision.

The new pricing strategy also seeks to protect Salesforce if AI contributes to future job losses and business customers have fewer workers to buy subscriptions to the company's software. Salesforce is even leaning into the employee-replacement potential of the new technology. Its new AI agents will let companies increase their workforce capacity during busy periods without having to hire additional full-time employees or "gig workers," Chief Executive Officer Marc Benioff said Tuesday during a keynote speech at the company's annual Dreamforce conference.

IT

Desktop Hypervisors Are Like Buses: None for Ages, Then Four at Once (theregister.com) 34

An anonymous reader shares a report: September has been a big month for desktop hypervisors, with the field's big players all delivering significant updates. Oracle delivered VirtualBox version 7.1, billed as a major upgrade thanks to its implementation of a UI with a "modernized look and feel, offering a selection between Basic and Experienced user level with reduced or full UI functionality."

[...] Parallels also released a desktop hypervisor update last week. Version 20 of the eponymous tool now offers a VM that's packed with tools developers may find handy as they work on generative AI applications. Among those tools are the Docker community edition, lmutils, the OpenCV computer vision library, and the Ollama chatbot interface for AI models. [...] The other big player in desktop hypervisors is VMware, with its Fusion and Workstation products for macOS and Windows respectively. Both were recently updated.

IBM

IBM Acquires Kubernetes Cost Optimization Startup Kubecost (techcrunch.com) 9

IBM has acquired Kubecost, a FinOps startup that helps teams at companies like Allianz, Audi, Rakuten, and GitLab monitor and optimize their Kubernetes clusters with a focus on efficiency and, ultimately, cost. From a report: Tuesday's announcement follows IBM's $4.3 billion acquisition of Apptio in 2023, another company in the FinOps space. In previous years, we also saw IBM acquire companies like cloud app and network management firm Turbonomic and application performance management startup Instana. Now with the acquisition of KubeCost, IBM continues this effort to bolster its IT and FinOps capabilities as enterprises increasingly look to better manage their increasingly complex cloud and on-prem infrastructure.
Businesses

FDIC Unveils Rule Forcing Banks To Keep Fintech Customer Data in Aftermath of Synapse Debacle (cnbc.com) 5

The Federal Deposit Insurance Corp. on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts. From a report: The rule, aimed at accounts opened by fintech firms that partner with banks, would make the institution maintain records of who owns it and the daily balances attributed to the owner, according to an FDIC memo. Fintech apps often lean on a practice where many customers' funds are pooled into a single large account at a bank, which relies on either the fintech or a third party to maintain ledgers of transactions and ownership.

That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure. That's what happened in the Synapse collapse, which impacted more than 100,000 users of fintech apps including Yotta and Juno. Customers with funds in these "for benefit of" accounts have been unable to access their money since May.

IT

Demand For High-End Cameras is Soaring (economist.com) 142

Luxury camera maker Leica Camera reported record sales in 2023, defying the global decline in digital camera demand. The German company's Q3 model, priced at $6,000, saw six-month waiting lists upon release last year. Industry data shows premium camera sales are surging as smartphone photography dominates the consumer market, Economist writes.

The Camera and Imaging Products Association reports the average camera price has tripled in six years as manufacturers shift focus to high-end models. Fujifilm's X100 series, launched in February at $1,600, is sold out and commanding higher prices on secondary markets. Nikon and other brands are following suit, prioritizing premium offerings. From a report: In a Japanese interview with Yomiuri, Nikon's president, Muneaki Tokunari, acknowledged that while smartphones harmed overall sales of digital interchangeable lens cameras, they may contribute to the demand for high-end cameras. Not many years removed from dire straits, Tokunari also outlined Nikon's ambitious expansion plans, including its recent acquisition of RED Digital Cinema.

Tokunari says that many camera businesses were recently operating at a loss and that some competitors excited the photo business altogether. This was, unsurprisingly, driven in large part by the massive growth of the smartphone market and the improving quality of smartphone cameras, which reached the "good enough" stage the late Steve Jobs predicted years before the camera industry felt the sting of smartphones.

However, "We are now in an age where smartphones and digital cameras can coexist," Tokunari explains in the machine-translated Yomiuri interview, initially spotted by Digicame-Info. "Global sales of digital cameras have fallen to one-twentieth of their peak. However, domestic companies are doing well. The top five companies hold most of the world's market share. This is a rare example in Japanese industry."

United Kingdom

UK Business Secretary Says Right To Work From Home Boosts Productivity (bbc.com) 62

Bruce66423 writes: Allowing flexible working and working from home creates a more productive, loyal workforce, the business secretary has said. In an interview with the Times, Jonathan Reynolds said employers "need to judge people on outcomes and not a culture of presenteeism." Labour is poised to unveil its Employment Rights Bill, which includes measures such as a right to "disconnect" outside working hours, a ban on zero-hours contracts and allowing workers to compress their contracted hours into fewer working days.

Business groups have raised concerns about the plans, warning it could push up the cost of hiring staff and have the unintended consequence of ending overtime. However, Reynolds said Labour's plans to address workers' rights should not be alarming for business leaders. Since April, workers have had the right -- introduced under the previous government -- to ask for flexible working as soon as they start a job, but firms do not have to agree.

China

China Wants Red Flags on All AI-generated Content Posted Online 58

China's internet regulator has proposed a strict regime that will, if adopted, require digital platforms to label content created by AI. From a report: The Cyberspace Administration of China announced its draft plan, which will require platforms and online service providers to label all AI-generated material with a visible logo and with metadata embedded in relevant files. The draft proposes that logos appear in several locations in a text, image, video, or audio file. In audio files, Beijing wants a voice prompt to inform listeners about AI-generated content at the start and end of a file -- and, as appropriate, mid-file too. Software that plays audio files will also need to inform netizens when they tune in to AI content.

Video players can get away with just posting notices about the content at the start, end, and relevant moments during a clip. Netizens who post AI-generated content will be required to label it as such. If they use generation tools provided by a platform, they'll be required to identify themselves -- and a log of their activities will be retained for six months. Some labels denoting AI-made content will be applied dynamically, based on metadata embedded in AI-generated content.
Youtube

In US v. Google, YouTube's CEO Defends the Google Way (theverge.com) 29

Google's acquisition strategy in online advertising has come under scrutiny in the U.S. antitrust trial against the tech giant. Neal Mohan, YouTube CEO and former Google ad executive, defended the company's purchases of DoubleClick and Admeld, saying they were aimed at competing, not neutralizing rivals.

The Justice Department alleges Google built an impenetrable ad empire by owning key parts of the ad tech stack, stifling competition. Prosecutors pointed to internal emails discussing "parking" acquired companies, which they argue shows intent to sideline competitors. Mohan countered that "parking" meant allowing acquired firms to operate independently while integrating with Google's technology.
Bitcoin

The Trumps Have Gone Full Crypto With World Liberty Financial (wired.com) 141

An anonymous reader quotes a report from Wired: Eric and Donald Trump Jr., the sons of former president Donald Trump, have pledged to "make finance great again" with a new family-run crypto endeavor called World Liberty Financial. Introduced in a meandering livestream on X Monday, the Trump family and their associates described World Liberty Financial as a crypto platform that would let users conduct transactions without a bank sitting in the middle and extracting fees -- a concept known as decentralized finance, or DeFi. While short on details, Donald Trump, Jr. and Eric Trump both stressed repeatedly that World Liberty Financial's primary goal was to make DeFi more broadly accessible. "It's truly our job to make it understandable," said Eric Trump during the livestream. "We have to make it intuitive, we have to make it user-friendly, and we will." Former President Donald Trump joined the call as well, stressing his pro-crypto stance. "I do believe in it," said Trump of cryptocurrency generally. "It has a chance to really be something special."

The Trumps aren't alone in leading World Liberty Financial. They're joined by crypto veterans Chase Herro and Zak Folkman, as well as Steve Witkoff, a real estate investor and friend of Donald Trump's. In addition to the platform itself, World Liberty Financial will come with a governance token, WLFI, which will provide owners the right to vote "on matters of the platform." Approximately 63 percent of the tokens will be sold to the public; 17 percent are set aside for user rewards, and 20 percent will be reserved for World Liberty Financial team compensation. [...] World Liberty Financial will face steep competition in a DeFi market already crowded with similar services, among them Aave, Compound, Venus Protocol, and others. "DeFi is pretty mature, especially on the over-collateralized side," says Zach Hamilton, founder of crypto startup Sarcophagus and venture partner at VC firm Venture51. But the Trumps need not necessarily do anything novel, if they can capitalize on their mammoth public platform to peddle the new venture. "[World Liberty Financial] is launching with the most free marketing that any crypto company could ever get," says Hamilton. "Trump is the king of living rent free in people's minds."
"I welcome any effort to bring DeFi into the mainstream," says Brad Harrison, CEO of Venus Protocol. "But like the autopilot in a Tesla, DeFi may give the appearance of something that's simple, but the inner workings are complex. Without a solid grasp of its nuances in the hands of seasoned technologists and financial engineers, a new platform risks being more of a branding exercise than a substantive and safe contribution to the space."

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