RONE in Geelong

Public art galleries need to attract paying customers if their funding derived from government grants is being cut. To pull in the punters, galleries have to resort to “blockbuster” exhibitions. In these uncertain, post lock-down times, the lack of international tourists means that galleries are forced to focus on local audiences. It’s good to showcase local talent in the shape of conquering heroes returning to their roots.

These may have been some of the arguments behind the Geelong Art Gallery‘s decision to mount a retrospective exhibition featuring the work of street artist Tryone Power (aka RONE). Of course, the planning began long before COVID struck, but otherwise the above assumptions would seem to be valid.

Let’s acknowledge the positives of this show: First, it is certainly pulling in the punters, and helping to bring in visitors and their wallets to the town. Second, it is hopefully creating a platform for future exhibitions, and public engagement with the Gallery itself. Third, it’s nice that a locally-born artist is being recognised (even if he has had to travel afar to make a name for himself at home).

Unfortunately, that’s where it ends, for me. My recent visit was probably the shortest time I have spent in an exhibition which I had paid to see. Overall, I found the work vapid – there was nothing of substance (nor anything challenging) underneath the painted surface, or behind the concept of “beauty and decay”. As a street artist, RONE does not have the wit or depth of a Banksy; as a conceptual/installation artist, he’s no Christo. The main images he creates or imposes on his work are highly stylised and extremely idealised portraits of young women – it’s a very limited exploration of “beauty”. At best, the work reveal something interesting about abandoned and overlooked locations. At worst, the installation reeked of interior decor magazines and displayed a taste for romanticised and sentimental kitsch.

Which is all a great shame, because given RONE’s apparent interest in deserted and decaying structures, there is a deep and rich vein of Australian Gothic he could have tapped into. (In comparison, think of the work of Nick Cave, Peter Weir, Peter Carey, Julia deVille, Rosalie Ham, etc.)

Despite the use of physical objects, this exhibition felt very one-dimensional. Artists as disparate as Helen Chadwick, Paola Rego, Cindy Sherman and Rachel Whiteread have all deployed notions of female beauty, decay, abandonment and destruction to far greater effect and impact.

Next week: Intersekt FinTech Pitch Night

Decay Music

As Melbourne returns to normal post lock-down, I’ve been attending some live music events around the city. The most recent was a performance of contemporary Australian compositions written mainly for percussion, including a piece entitled “When Only The Walls Can Sing” by Mark Pollard, performed by members of the Melbourne Conservatorium.

When introducing his work, the composer referenced the notion of “decay” in music, whereby sound waves continue to reverberate indefinitely, albeit in decreasing magnitudes of volume and resonance. Incorporating recordings of works previously performed by the Conservatorium, this 2020 composition is also a reference to our enforced isolation during the pandemic, when many people only had the four walls of their homes for company.

The concept of “musical decay” appears in many forms. Examples include:

The physical degradation that occurs with each playback of a recording (both analogue and digital), as exemplified by “The Disintegration Loops” by William Basinski

The idea that all sound is potentially infinite – given voice by Gavin Bryars on “The Sinking of the Titanic”….

…. and continues even when no-one can hear it, as suggested by “On Hold” by Photay.

The half-heard music that inspired Brian Eno’s early ambient and tape-loop experiments on “Discreet Music” ….

… and the related “systems” composition of Michael Nyman’s “Decay Music”

For musical archeologists, look no further than Philip Jeck’s epic installation piece (and related albums), “Vinyl Requiem”….

… and compare this to similar works by L.Pierre on his final two albums, “Surface Noise” and “1948”

Given the melancholic nature of “decay”, the “final” word probably goes to the conceptual work by AM/PM, that samples and amalgamates “The Ends” of certain records, to great effect.

Next week: RONE in Geelong

Blockchain Start-up Showcase

As part of the recent Australian Blockchain Week, YBF Ventures hosted a showcase of Blockchain start-ups – not a standard pitch event, but more an opportunity to hear how some teams are deploying Blockchain technology in their projects.

Here are the projects in order of presentation (links in the project names):

ProvenDB – developing immutable and tamper-proof document management, built on Hedera Hashgraph

BuildSort – a construction contract management solution to improve the industry supply chain and project management

Laava ID – product authentication via “smart fingerprints”

Verida – decentralized identity (with a focus on health records) – a user-centric solution focused on building user trust – resulting in hyper-personalisation

Cryptocate – crypto tax management service – with the growth in DeFi, there is a lack of data standardization or formal tax guidance on taxable events – e.g., how to handle crypto options?

Elbaite – a non-custody exchange using a “TraderTrust” verification system to support P2P transactions – platform confirms the exchange transaction on-chain, then the platform uses the transaction hash to release clients’ fiat funds from escrow – platform charges fees and commission

Sempo – a remittance service, with a particular focus on supporting migrant workers, the unbanked and refugees

Future CX – decentralized middle-ware development – e.g., data containers, NFTs, smart contracts – using a “proof of distribution” model

Luca+ – e-invoicing solution that integrates with major third-party accounting software

BC Gateways – using Blockchain to facilitate secure data transfer within the superannuation industry – recently acquired by IRESS – scaling from 10k transactions per day to 5m per annum

DayByDay – an asset management solution for the insurance industry

Get Paid in Bitcoin – a Bitcoin payroll and savings account

DLTX – a smart contract development vendor

Next week: Decay Music

Notes from Blockchain Week

Blockchain Australia, the national industry body, recently organised the first National Australian Blockchain Week – a mix of on-line and in-person events, hosted in Sydney and Melbourne. Overall, it was an impressive line up of speakers and topics, featuring key local figures and presenting some intriguing announcements from politicians, regulators and practitioners alike.

The recurring themes were: Regulation, Tax and Innovation.

Despite past pronouncements about adopting a light-touch regulatory regime when it comes to Blockchain technology, the absence of definite regulation risks stifling innovation and/or driving projects overseas to more receptive jurisdictions. (Irony of the week #1: contrast this with the early and positive regulatory engagement with Digital Currency Exchanges (DCE) and other market participants in Australia, not to mention previous progress in removing the absurd GST treatment on the purchase and sale of cryptocurrencies).

Now, the industry is (once again) asking policy makers: to clarify the law as it relates to decentralised protocols, digital assets and utility tokens; to streamline the confusing and over-complex tax system as it applies to DeFi: and to define a specific regulatory boundary (rather like the UK’s FCA perimeter) within which crypto assets need to be regulated. Sadly, the latter is extremely hard to acheive thanks to the very broad definition of “financial product” within the Australian Corporations Act.

Throughout the four days, there were several highlights: Senator Bragg’s keynote speech on driving the policy agenda to bring clarity to regulators and markets alike; a progress report on the National Blockchain Roadmap; tax and legal updates from Joni Pirovich and Michael Bacina; a showcase of local Blockchain start-up projects (more on that next week); and a couple of enterprise presentations on the ASX’s DLT replacement for CHESS and the Blockchain-based insurance project between the R3 consortium and Grow Super. But apart from a couple of other Blockchain-in-business sessions, there was a noticeable absence of corporates, major banks, traditional financial services and institutional investors.

There was a lot of commentary around the fact that many Blockchain businesses and crypto projects still find it challenging to access regular banking facilities in Australia (Irony of the week #2: Westpac’s windfall from the recent Coinbase IPO). There was also a lot of discussion about the need for investor education before crypto and digital assets can go “mainstream” – which I find surprising when plenty of people seem to be finding their way without any help from traditional financial advisors, and yet no-one is required to educate themselves before their money is put into compulsory superannuation or real estate assets. Even where crypto assets are being included in retail investor products, the allocation is very modest and is being transacted offshore (see Raiz’s 5% allocation via the US-based Gemini Trust). Why not use one of the several established and well-run exchanges, crypto funds and OTC providers here in Australia?

Regarding the potential offshore brain drain, much was made of the work that Singapore is doing to attract Blockchain and crypto businesses. But I think the focus on Singapore risks overstating the situation there, and overlooks what is actually happening (and could happen) in Australia. For example, while Singapore may have more favourable tax arrangements for new Blockchain projects, I understand that ordinary retail investors don’t have access to crypto funds (not even ETPs). The Singaporean issuance of digital assets via tokenisation has to be done via an SPV structure. And while many ICOs have been issued from Singapore, they could not be marketed to local investors. At least Australia has a robust DCE sector, e.g. Independent Reserve, BTC Markets, and Bit Trade (now part of Kraken); early on we saw some very successful retail products such as CoinJar; and the local industry continues to nurture innovative decentralisation projects – we just need to sort out those “policy settings”, and give more encouragement to local entrpreneuers and innovation. (Irony of the week #3 – when former ALP politician and self-styled crypto OG, Sam Dastyari, was asked if the private equity fund he works for was investing in Blockchain or crypto, there was a deafening silence…)

Finally, one of the main benefits of Blockchain Week has been to entice people out of hibernation, and to attend in-person events after months of lock-downs and restricted movement. It felt good to be back.

Next week: Blockchain Start-up Showcase