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Allo is a new app that aims to help people create positive habits with their finances through mindfulness on August 1, 2023 at 5:00 pm

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Allo, a new financial app that can be described as Headspace for personal finance, is aiming to help users meaningfully engage with their finances without becoming overwhelmed with numbers and spending. The idea behind Allo is to help users create a mindful money practice that allows them to approach their earnings, spending, saving, investing and giving with a sense of fulfillment.

Founded in 2021, Allo helps users focus on gratitude and the importance of being aware of not only your numbers, but also your values and priorities when it comes to personal finance.

Allo was founded by Will Choi and Paul Montoy-Wilson, who both previously founded Aviate, an intelligent homescreen startup that was acquired by TechCrunch parent company Yahoo in 2014. With over 15 years of experience in software, the duo wanted to build a company that helps people create positive habits with their finances.

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Unlike budgeting apps that only focus on spending categories like bills, insurance and transportation, Allo includes categories like nature, family, giving, working out and healthy eating. Users can choose to have a daily, weekly or monthly check-in with the app in order to become aware of their finances.

Image Credits: Allo

“There are plenty of apps out there that will help optimize your net worth or help you save an extra dollar per month and tell you you overspent on a coffee,” Montoy-Wilson told TechCrunch in an interview. “If there’s a budgeting app out there that works for you, that’s great. We’re not trying to take users from budgeting apps that they love. But, the reality is that those budgeting apps don’t work for most people.”

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Montoy-Wilson says budgeting apps can make people feel guilty, which can lead them to avoiding their finances altogether. He believes simply being aware of your finances is an important practice, which is why Allo makes it easier to do so in bite-sized chunks.

To get started with the app, users complete Allo’s introductory course and learn from experts on how to feel more peaceful, confident and grateful when it comes to money. The app will ask you to select a few values that you want to focus on, such as health, being generous, exercise and kids. You can then use the values to tag different transactions during your daily, weekly or monthly check-ins.

Once you have set up a check-in, the app focuses on two things when encouraging you to be aware of your transactions. First, the app will encourage you to look at the things you appreciate. You can reflect on the transactions that made you happy, such as the money you spent on your family or well-being.

Next, the app will encourage you to reflect on the transactions that you don’t feel great about and may want to follow up on. For instance, you may see a transaction for a subscription that you intended on canceling beforehand and make a note to do so. Or, you may come across a transaction where you spent a lot of money going out, and don’t see it as a good use of your earnings. By reflecting on this transaction, you could make a note about wanting to instead spend more money on something you actually care about, like your health.

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Image Credits: Allo

After you have finished looking through your transactions, the app will ask you to check in on your values and select which ones you want to focus on for your next batch of transactions. Say you want to focus on health, you can either decide to just pay more attention to your health-related transactions or actually spend more money in that area by doing things like eating healthier or working out more.

“A core principle of Allo is being aware of your numbers, but also being aware of your emotions,” Montoy-Wilson said. “What we’re trying to do with Allo is make it easier through bite-sized chunks to engage with your finances and start changing your relationship with money. And then making it easier to keep that practice going over and over again.”

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Once you have completed your check-in, the app won’t surface anything else until your next one. Allo sees this as an “inbox zero” mentality that will help users set down their phone and not have to focus on their finances until their next check-in.

Over the past year, around 500 people across the United States have been testing Allo. The app is now available to download on the iOS App Store and the Google Play Store. The app offers a free 14-day trial and costs $6.99 per month. The company currently does not have any plans to expand beyond the United States.

Allo is self-funded and Montoy-Wilson says the goal to keep it independent. The company currently does not have any plans to raise funding.

​ Allo, a new financial app that can be described as Headspace for personal finance, is aiming to help users meaningfully engage with their finances without becoming overwhelmed with numbers and spending. The idea behind Allo is to help users create a mindful money practice that allows them to approach their earnings, spending, saving, investing and 

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Humans Need Not Apply: The AI Candidate Promising to Disrupt Democracy

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The rise of AI Steve, the artificial intelligence candidate running for a seat in the UK Parliament, has sparked a heated debate about the role of AI in governance and the potential disruption it could bring to traditional democratic processes.

Steven Endacott, the human force behind AI Steve, envisions his AI co-pilot as a conduit for direct democracy, enabling constituents to engage with the AI, share concerns, and shape its policy platform through a voting system of “validators.” Endacott has pledged to vote in Parliament according to the AI’s constituent-driven platform, even if it conflicts with his personal views.

Proponents argue that AI Steve can revolutionize politics by bringing more voices into the process and ensuring that policies truly reflect the will of the people. They claim that an AI candidate can engage in up to 10,000 conversations simultaneously, allowing for unprecedented levels of public participation and input.

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However, critics raise valid concerns about transparency, accountability, and the potential for AI systems to be manipulated or influenced by their creators, data limitations, or external actors. There are also questions about whether an AI can fully grasp the nuances and human elements involved in complex political issues.

Some argue that AI Steve is merely a clever marketing ploy to garner attention and votes, rather than a genuine effort to “humanize” politics. There are fears that the use of AI in elections could undermine faith in electoral outcomes and democratic processes if voters become aware of potential scams or manipulation.

 

Beyond the specific case of AI Steve, the rise of AI candidates and the increasing use of AI in political campaigns and elections raise broader questions about the integrity of democratic systems and the need for effective regulations and guidelines.

Anti-democratic actors and authoritarian regimes may seek to exploit AI technologies for censorship, surveillance, and suppressing dissent under the guise of enhancing governance. There are also concerns about the potential for an “AI arms race” between political parties to develop and deploy the most sophisticated AI technologies, further eroding public trust.

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As AI tools become more advanced and accessible, upholding electoral integrity will require proactive efforts to establish guardrails, transparency measures, and accountability frameworks around their use in politics. Policymakers, advocates, and citizens must work together to ensure that AI is leveraged as a force for a better and more inclusive democracy, rather than a tool for manipulation or consolidation of power.

The rise of AI candidates like AI Steve serves as a wake-up call for democratic societies to grapple with the implications of artificial intelligence in governance and to strike the right balance between harnessing its potential benefits and mitigating its risks to the democratic process.

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Saudi Arabia Says ‘Thank You, Next’ to the US Dollar

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Saudi Arabia is reportedly considering abandoning the US dollar for oil trade settlements, a move that could shake the foundations of the global financial system. For decades, the petrodollar system has propped up the dollar’s status as the world’s reserve currency, with Saudi Arabia insisting on dollar payments for its vast oil exports.

However, recent comments from Saudi officials hint at exploring alternatives to the dollar amid growing tensions with the US over various geopolitical issues and the rise of economic powerhouses like China.

Implications of a Petrodollar Shift

If Saudi Arabia abandons the petrodollar, the implications could be significant:

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1. Dollar Dominance Eroded: The dollar’s reserve currency status could weaken, potentially leading to a decline in its value.
2. Global Financial Instability: A sudden shift could trigger volatility in global markets as investors adjust portfolios.
3. Geopolitical Realignment: The move could signal Saudi alignment with China and challenge US economic hegemony.

Challenges and Uncertainties

While the prospect is significant, challenges remain:

1. Finding a suitable alternative currency with the dollar’s liquidity and stability.
2. Potential economic disruption for Saudi Arabia and trading partners.
3. Political backlash and strained relations with the US and allies.

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As the world watches, it remains uncertain whether Saudi Arabia’s comments signal a negotiating tactic or a profound shift in the global financial order.

 

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X Opens the Door to Adult Content With New Policy

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X, the social media platform formerly known as Twitter, has made a significant policy shift by officially permitting adult content on its platform with some restrictions and guidelines.

In an update to its rules, X stated that users can now share “consensually produced and distributed adult nudity or sexual behavior” as long as it is properly labeled and not prominently displayed in areas like profile pictures or header images.

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“We recognize that many of our users are adults who want to freely express themselves by sharing legal adult content,” said an X spokesperson. “At the same time, we have a responsibility to protect minors and prevent exposure to explicit material without proper labeling.”

Under the new guidelines, users who “regularly post” adult content must adjust their settings to automatically mark images and videos as sensitive content, which blurs or hides the media by default. By default, users under 18 or who haven’t entered their birth date cannot view this sensitive adult content.

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The policy prohibits content “promoting exploitation, nonconsent, objectification, sexualization or harm to minors, and obscene behaviors.” It applies to all adult content, whether photographic, animated, or AI-generated.

X has stated that it will monitor user-generated content and adjust account settings for those who fail to properly mark pornographic posts. Similar rules and enforcement will apply to violent content as well.

The move aligns X with Apple’s app store guidelines, which allow apps with adult content as long as it is hidden by default and behind proper age gates and content warnings.

While adult content was already present on X, this policy update officially permits and regulates it, aiming to balance freedom of expression for consenting adults with protecting minors from exposure to explicit material.

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However, enforcing these rules consistently may prove challenging for X’s reduced content moderation teams following recent layoffs and cost-cutting measures.

The policy shift has drawn mixed reactions, with some praising X for embracing adult expression while others raise concerns about the potential for the platform to become inundated with pornographic content despite the restrictions.

As X navigates this new territory, the effectiveness of its labeling requirements, age verification measures, and content moderation efforts will be closely watched by users, regulators, and advocacy groups alike.

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