Good Monday Morning! It’s May 3rd, which means you’ve already weathered a deluge of “it’s gonna be May” Justin Timberlake shenanigans online. But we’re not in the clear yet. Tomorrow brings a barrage of Star Wars memes. Godspeed.
Anyway, here’s the SWIRL:
📱 Tech: Alchemists plan next billion-dollar company
📈 Business: Walmart in your fridge. Literally. They’re going in fridges.
🏛 Politics: Giuliani investigation is Cloudy
If this is your first SWIRL, keep reading this part. If not, carry on to the content. Welcome, new Swirlers! Here’s a brief reader guide for you: the three teasers above will unfurl below to briefly cover a buzzy development in their respective area. You’ll read a little about each one. At the end, we pull on a common thread among all three and explore what it might mean for us. If you missed last week’s SWIRL, tuck in here.
📱 Tech: Alchemists plan next billion-dollar company
For millennia, humans have tried to transform base metals, like lead and copper, into precious metals like gold and silver. Those humans were called alchemists 👨🏽🔬 and they were unsuccessful.
For the last four years, several humans have been transforming the ways in which others interface with the base layer of technology that enables digital transactions 👩🏽💻 like cryptocurrency, NFTs, and smart contracts. That base layer tech is called Blockchain, and those humans comprise a company called Alchemy—and they’ve been really successful 💪🏻. More on that in a minute.
Quick aside: we’ve talked about Blockchain, crypto & NFTs before. If you need quick refresher, head here.
So, what does Alchemy do? If you ask them, here’s what you get:
Alchemy provides the leading blockchain development platform powering millions of users in 197 countries worldwide. Our mission is to provide developers with the fundamental building blocks they need to create the future of technology.
If you ask me, here’s another way to put it:
The company acts as a middle-man between complex technology ⚙ and the rest of the world 🌍. They build tools that allow other companies to bring Blockchain tech to consumers. Before Alchemy, if a company wanted to build an app that let users buy Bitcoin or sell an NFT, they’d have to start from scratch. With Alchemy, they have a head start, much like the tools and templates ‘build your own website’ companies offers customers.
Last week, the company announced 📢 a big fundraising round, which hauled in $80M, lifting Alchemy’s total valuation to $500M. Their long-term goals are aspirational 🤞🏾. They want to be as prevalent as Amazon’s web services business, which posted $13.5B in pure profit last year.
The company believes the comparison to Amazon Web Services (AWS) is fair, noting that: “Just as AWS provides the platform that powers Uber, Netflix and much of the technology industry, Alchemy powers infrastructure for many large players in the blockchain industry.” - Alchemy co-founder & CEO Nikil Viswanathan, in an interview with TechCrunch
The recent boom 💥 in cryptocurrency and NFT activity has put Alchemy in the spotlight. Did you hear about the digital artwork that sold for $69M? Alchemy enabled that transaction. Alchemy powers $30B in digital transactions per year. But, they’re still steps short from a billion dollar valuation. If the NFT craze solidifies, crypto continues and Blockchain technology expands its usefulness, Alchemy could get there by this time next year.
📈 Business: Walmart in your fridge. Literally. They’re going in fridges.
A couple weeks ago, we swirled on the FBI virtually accessing people’s computer systems. This week, it’s Walmart physically accessing your refrigerators. Well, only if you’ve asked them to…unlike the FBI.
In the months before the pandemic fully gripped the nation, Walmart was quietly piloting a new in-home delivery service called—and stay with me here—Walmart InHome. However, by March of 2020, all of us were stuck at home 🏡 with little appetite for strangers in our homes. But last week, Bloomberg reported the Arkansas-based retailer’s plans to kickstart the program by expanding into Atlanta 🍑 in July.
How does it work?
You sign up for the program. You then meet the delivery team that will complete your future orders 🛍 and show them how you’d like delivered items to be arranged in your pantry and fridge. You awkwardly smile as they leave your home because now they know about your stockpile of emergency Duke’s mayonnaise.
Later, you place an order online. The team arrives with your items and enter your home with a one-time smart lock 🔒 access code. They slip on sanitary shoe covers, begin live-streaming their in-home activities through wearable cameras, and deposit your groceries as previously instructed.
How much does this cost? It’s a monthly fee of $19.95.
Is this weird? Many think so. In a mid-April survey, 9 out of 10 respondents said they were “not at all likely” 🙅🏼 to sign up for InHome. Okay, they didn’t actually say ‘weird.’
And to be fair, many folks once thought it would be weird to ride in a stranger’s car (Uber), get rid of cable (Netflix), and share pictures of salads with the world (Instagram).
The program is currently in Pittsburgh, Kansas City, Florida, and Arkansas. As Walmart continues market trials, we may not hear much more until the company decides to fully roll out the service…unless a Walmart delivery person is attacked by a customer’s parrot 🦜 while unpacking puddings.
Attack parrots is how we’re ending this one. Bet you didn’t see that coming—much like we didn’t see Walmart InHome coming.
🏛 Politics: Giuliani investigation is Cloudy
Federal prosecutors in Manhattan are investigating the former NYC 🍎 mayor and personal lawyer to President Donald Trump. The probe, launched by the Department of Justice in 2019, is focused on Rudy Giuliani’s lobbying activities in Ukraine. On Wednesday, federal agents raided Giuliani’s home and office in search of evidence that could help prosecutors make a case ⚖️ that he broke the law.
The ‘no-knock’ warrant permitted the FBI to seize any devices or materials related to Giuliani’s involvement with President Trump’s ouster of then US Ambassador to Ukraine, Marie Yovanovitch.
The investigation has been active since 2019, but last week’s events represented an escalation in the government’s case, prompting Giuliani to address 🗣 the inquiry.
In an interview with Fox News, he slammed the court-approved search and also revealed to viewers that his iCloud account had been accessed by the government:
“In the middle of the impeachment defense, they invaded, without telling me, my iCloud,” the Trump confidant said. “They took documents that are privileged. And then they unilaterally decided what they could read and not read.” - Rudy Giuliani, in an Interview with Fox
Let’s wrap with a quick rundown:
Has Rudy been charged with a crime? No. This is a preliminary investigation, but charges 📑 could come after.
What could he be charged with? If he failed to disclose political interactions 🤝 with Ukrainian officials, he could be in violation of the Foreign Agents Registration Act (FARA).
Will he be charged? That’s a big TBD, but last week’s search 🔦 may indicate the government investigation is reaching a conclusion—we could hear about possible charges in the coming weeks or months.
So, how do our three stories swirl together? Convenience.
Technology has its headwinds: data privacy, online bullying, scammers, election meddling, and cyber attacks. And all that was just last week. Despite its challenges, there are countervailing virtues. One of those is convenience. Time travel with me for a moment.
1991
You realize you’re on the last butter knife slather of mayo. You waddle over to the fridge (totally untouched by Walmart employees), jot down ‘mayo’ on the shopping list, and return to your BLT sandwich. Three days later, you’ve driven to the store and tossed mayo into your shopping cart (or ‘buggy,’ if you’re in the American South). You hit the checkout aisle where you‘re greeted by Shawn, the clerk who was a few years ahead of you in high-school. Shawn’s colleague Amber helps you roll your bags to the car; she takes the $2 tip. You head home to replenish your mayonnaise stock to a reasonable eight jars.
2021
You realize you’re on the last butter knife slather of mayo. You open the Amazon app, order more mayo, and it’s at your door step the next morning. Or, if you’re in a larger city, a couples hours later. Maybe Shawn & Amber work for Amazon now. In any case, mayo crisis averted.
That’s real convenience! But, as with most of life, we make tradeoffs for convenience. Let’s look at the tradeoffs in this week’s SWIRL features.
Alchemy: they’re making it a lot easier for companies and consumers to engage with and benefit from Blockchain technology. The tradeoff? Middle-men always collect a tax. Becoming the bridge between users and complicated technical infrastructure, Alchemy controls the ‘rails’ much like Apple’s App Store, allowing them access to immense amounts of data and the opportunity to levy fees.
Walmart: they’re making it a lot easier for customers to keep their fridges stocked. The tradeoff? Privacy. Their new ‘InHome’ service allows employees access to our cabinets, kitchens, and pantries. The streaming video that lets customers monitor deliveries may sound like a good security measure…until it gets hacked, leaked, or subpoenaed for an investigation.
Cloud Storage Accounts: they’re making it a lot easier for us to store, organize, and access our information anywhere. The tradeoff? Fast, anywhere access for us also means fast, anywhere access for anyone who gains control of our accounts, legally or otherwise. Storage accounts like iCloud, which are essentially a ‘virtual filing cabinet,’ are increasingly crucial to our personal and professional lives, but they also create new types of exposure. Ask Rudy.
Let’s zoom back out. We’re constantly engaging with new ideas, new technologies, and new ways to make our lives easier. As companies get more creative about introducing convenience into our lives, keep in mind there are always tradeoffs.
Unless you’re talking about mayo brands. In which case, there is zero room for negotiation. Duke’s is the only option. Everything else gets a “what the Hell-man?”
And that’s it for this week’s SWIRL - see you next week!
-Matt from SWIRL
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