OpenAI Launches AI Models, o1-preview And o1-mini With Human-like Reasoning Abilities

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September 13, 2024

OpenAI, the maker of the Artificial Intelligence (AI) chatbot, ChatGPT, has launched new AI models, o1-preview and o1-mini, that are capable of performing some human-like reasoning tasks.

These models are specifically designed to tackle complex tasks and solve some challenging problems by mimicking the thought process of humans, taking more time to work through difficult tasks than previous models. According to OpenAI, the o1 thinks before it answers and can produce a long internal chain of thought before responding to the user.

Announcing the launch of the AI models, the company wrote,

“We’ve developed a new series of AI models designed to spend more time thinking before they respond. They can reason through complex tasks and solve harder problems than previous models in science, coding, and math. Today, we are releasing the first of this series in ChatGPT and our API. This is a preview and we expect regular updates and improvements. Alongside this release, we’re also including evaluations for the next update, currently in development.”

According to OpenAI, these enhanced reasoning capabilities can be particularly useful if users are tackling complex problems in science, coding, math, and similar fields. For example, o1 can be used by healthcare researchers to annotate cell sequencing data, by physicists to generate complicated mathematical formulas needed for quantum optics, and by developers in all fields to build and execute multi-step workflows.

It disclosed that the o1 ranks in the 89th percentile on competitive programming questions, places among the top 500 students in the US in a qualifier for the USA Math Olympiad, and exceeds human PhD-level accuracy on a benchmark of physics, biology, and chemistry problems. In a qualifying exam for the International Mathematics Olympiad (IMO), GPT-4o correctly solved only 13% of problems, while the reasoning model scored 83%. Their coding abilities were evaluated in contests and reached the 89th percentile in Codeforces competitions.

Notably, OpenAI further disclosed that in tests, the next model update performs similarly to PhD students on challenging benchmark tasks in physics, chemistry, and biology. It also excels in math and coding.

OpenAI however says it’s taking a slow and cautious approach to releasing the new models. It’s releasing a couple of “early previews” of two of the models in the series. People with ChatGPT Plus or Teams accounts can access “o1-preview” by choosing it in a drop-down menu within the chatbot. They can also choose “o1-mini,” which is faster and good at STEM questions, OpenAl says.

The launch of the o1 series represents a significant step forward in Al reasoning capabilities, and while it may not yet be the ultimate solution, it is undoubtedly a major advancement in the field of artificial intelligence.

LinkedIn Summary

OpenAI’s newest model, code-named Strawberry — and said to be capable of more complex reasoning — is already ripe for the picking. The newly released model, OpenAI o1, can work through more complicated math, science and coding challenges than OpenAI’s previous offerings, and it can even tackle subjective topics such as product marketing strategies. OpenAI’s business is already booming, with monthly sales revenue tripling since last year, but it’s eager to stay ahead of competitors and keep the money coming in. The company has already demonstrated Strawberry to national security officials.

OpenAI is talking with investors to raise $6.5 billion at a valuation of $150 billion.

United Kingdom Crypto Legislation Recognizes Digital Assets as Personal Property

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Paul Ugbede Godwin

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September 13, 2024

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In a landmark move, the United Kingdom has introduced a bill that is set to revolutionize the legal status of cryptocurrencies and other digital assets. The Property (Digital Assets etc.) Bill, presented in Parliament, aims to officially and legally recognize these assets as personal property. This progressive legislation not only clarifies the legal standing of digital assets but also positions the UK as a frontrunner in the global tech industry.

The Implications of the New Bill

The introduction of this bill is a response to the growing importance of digital assets in the modern economy and the need for clear legal frameworks. By recognizing cryptocurrencies, non-fungible tokens (NFTs), and carbon credits as personal property, the bill provides much-needed legal protection to tech-savvy owners and companies against fraud and scams. It also facilitates judges in handling complex cases where digital holdings are disputed, such as in divorce settlements.

The bill is a direct enactment of the recommendations made by the Law Commission of England and Wales, which concluded that certain digital assets are capable of attracting personal property rights. However, these assets do not fit neatly within the traditional categories of personal property, necessitating the creation of a ‘third category’ of personal property specifically for digital assets.

Economic and Legal Advancements

The UK’s decision to introduce this bill is not just about legal clarity; it’s also about economic advancement. The legal services industry in the UK is a significant part of the economy, worth £34 billion annually. By keeping the law up to date with technological advancements, the UK ensures that it remains a global leader in the legal aspects of cryptoassets. This move is expected to attract more business and investment into the UK’s legal services sector.

Moreover, English law governs a substantial portion of global mergers and acquisitions, as well as corporate arbitrations. The new legislation will likely reinforce the UK’s position as the preferred legal jurisdiction for international business dealings involving digital assets.

The UK’s bold step in recognizing digital assets as personal property is a clear indication of the country’s commitment to fostering innovation and growth in the tech sector. It also sets a precedent for other nations to follow suit, potentially leading to a more harmonious global legal landscape for digital assets.

For instance, Germany has a well-established framework for treating cryptocurrencies as a form of private money and financial instrument, which subjects them to certain tax obligations. Similarly, Canada has a comprehensive set of laws that treat digital currencies as money service businesses for regulatory purposes, requiring them to register and comply with various financial rules.

In the United States, the Internal Revenue Service (IRS) classifies cryptocurrencies as property for tax purposes, meaning transactions involving digital currencies are subject to capital gains tax. This classification provides a level of legal clarity and protection for cryptocurrency users and investors.

Other countries like Japan have also been proactive, with the Japanese government recognizing cryptocurrencies as legal property under the Payment Services Act, which also requires all cryptocurrency exchanges in the country to be registered and comply with financial regulations.

These examples illustrate a trend towards the formal recognition of digital assets within legal frameworks around the world, providing users with greater security and clarity while also ensuring that regulatory bodies can maintain oversight to prevent fraud and protect investors. As the digital economy continues to evolve, we can expect more countries to develop and implement similar legislation.

As the digital economy continues to evolve, the need for such forward-thinking legislation becomes increasingly apparent. The UK’s Property (Digital Assets etc.) Bill is a testament to the country’s proactive approach to embracing new technologies and ensuring that its legal system adapts accordingly.

Nigeria Introduces New Routing Directive For PoS Transactions to Enhance Monitoring And Efficiency

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Ojukwu Emmanuel

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September 13, 2024

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The Central Bank of Nigeria (CBN) has issued a new directive, that mandates Payment Service Providers (PSPs) to route all Point of Sale (PoS) transactions through certified Payment Terminal Service Aggregators (PTSAs) within 30 days.

This regulation announced on September 11, 2024, via a circular signed by Oladimeji Yisa Taiwo, on behalf of the CBN’s payments system management department, aims to enhance the security and oversight of electronic payments by only allowing authorized entities to process PoS transactions across the country.

Part of the circular reads,

“To achieve the objective of tracking electronic transactions in Nigeria, the Central Bank of Nigeria, in August 2011, granted a Payment Terminal Service Aggregator license to Nigeria Interbank Settlement System Plc. In furtherance of the above, the CBN hereby directs acquirers to route all transactions from PoS terminals at merchant and agent locations, whether physical or electronic.

“PoS terminals, through any CBN-licensed Payment Terminal Service Aggregator. PTSAs are required to send Po transactions to only processors certified by the relevant Payment Scheme, nominated by the Acquirer, and licensed by the CBN”.

The directive follows CBN’s recent diversification of the Payment Terminal Service Aggregator (PTSA) structure, previously managed by a single aggregator. It mandates that all PoS transactions, whether conducted at physical merchant locations or electronically, must be routed through any CBN-licensed PTSA. The aim is to decentralize PoS transaction routing, enhance transparency, and reduce reliance on a single aggregator.

Key Provisions of The Directive

1. Mandatory Routing of PoS Transactions: Acquirers must now route all transactions from Pos terminals, both physical and electronic, through any of the CBN-licensed Payment Terminal Service Aggregators (PTSAs). This ensures that all transaction data is captured and monitored by authorized entities.

2. Certification of Processors: PTAs are required to send Po transactions only to processors certified by relevant payment schemes. These processors must be nominated by the acquirer and licensed by the CBN to guarantee secure and transparent payment processing.

3. Flexibility for Acquirers: Acquirers have the autonomy to select their preferred processors and PTA, providing them with greater flexibility in managing their transaction processes. This allows for tailored solutions that meet their specific needs while adhering to regulatory requirements.

4. Device Configuration: Payment Terminal Service Providers (PTSPs) are instructed to ensure that their PoS devices and applications are correctly configured. This compliance measure guarantees that all transactions are routed through licensed PTAs as directed by the acquirers.

5. Monthly Reporting Requirements; PTSPs and PTSAs are mandated to submit detailed monthly reports to the CBN. PTSPs must report the number of merchants and agents they manage, as well as the services used to route transactions. PTSAs, in turn, must submit data on all processed transactions. These reports are to be sent to the CBN’s Director of Payments System Management Department within seven days after the end of each month.

6. Compliance Notification: PSPs are given a 30-day window to align their operations with the new requirements. Both PTSPs and PTSAs must notify the CBN in writing of their compliance within this period, confirming that they have regularized their operations as per the directive.

This new directive is coming Following the expiration of the deadline for PoS operators to register with the Corporate Affairs Commission (CAC).

Chipper Cash Secures Broker-Dealer License in Ghana, Expanding Investment Services

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Ojukwu Emmanuel

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September 13, 2024

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Chipper Cash, a cross-border payment platform, has been granted a broker-dealer licence by Ghana’s Securities and Exchange Commission (SEC).

This license grants Chipper Cash the legal authority to provide brokerage services, allowing both individual and institutional clients to engage in the buying and selling of securities directly through the platform.

Speaking on the license, Dion Jon Taylor Samson, Chief Executive Officer of Chipper Cash Ghana said,

“It is very important for every entity that enters a market to adhere to the rules and regulations set by the regulatory bodies. While it can be time-consuming and sometimes frustrating, it ensures longevity in the business and protects both the company and its customers. We are excited to bring innovations in the financial market into the digital payment space.”

Additionally, users of the Chipper Cash app will soon be able to benefit from personalized investment advice powered by Al and gain access to Initial Public Offerings (IPOs), opening opportunities to invest in companies as they go public. The introduction of fractional investments is another key feature on the horizon, allowing users to invest smaller amounts in high-priced stocks or ETFs, further democratizing access to the stock market.

Founded in 2018 by Ham Serunjogi from Uganda and Maijid Moujaled from Ghana, the Chipper Cash platform enables free instant cross-border mobile money transfers in Africa as easy as sending a text message. The fintech has been steadily expanding its portfolio of global licenses, now holding 55 worldwide, including in the US. Recall that the fintech recently resumed its US operations after transitioning to a new banking partner, enabling seamless money transfers from the US to African markets like Ghana, Nigeria, and Uganda.

In May this year, the company unveiled a new payment links feature for easy hassle-free transactions. The payment Links offer a simple, hassle-free way to request payments. With just a few clicks, users can create a custom payment link for any amount and share it with anyone, anywhere in the world. When the recipient clicks the link, they’ll be taken to a secure, Chipper-hosted page where they can complete the payment with ease. The feature is designed to make sending and receiving payments more seamless, whether for personal or business transactions.

Chipper’s mission has always been to provide seamless, accessible financial solutions that empower its customers across Africa and beyond. With its new broker-dealer license in Ghana, the fintech continues to solidify its position as a leading fintech in Africa, offering innovative financial solutions that bridge the gap between traditional finance and digital payments.

Property Rights And Titling Land in Nigeria – From Invention Society Era to Innovation Society Era

By

Ndubuisi Ekekwe

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September 13, 2024

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In my book which received IGI Global “Book of the Year” award in 2010 (link on IGI Global here https://www.igi-global.com/newsroom/archive/igi-global-announces-winner-2010/712/ ), and upon which I received an invitation from Harvard Business Review, I dropped some lines: no country can develop without property rights.

In other words, if you lack property rights, you will not advance as a nation. I tracked 2,000 years of GDP of some nations and posited that property rights (including IP rights) are a condition precedent to transmute from an invention society era to an innovation society era. Simply, there is no shortcut.

Amazingly, Nigeria gets the memo: “In a much-needed move, the Ministry of Housing and Urban Development has joined forces with the World Bank to tackle Nigeria’s land registration woes, aiming to bring order to a chaotic system where over 90% of land remains untitled…The Ministry signed a landmark agreement with the World Bank to register all land parcels within the next five years, digitize the country’s land records, and formalize transactions to bring the system in line with global standards.”

If you title those lands, you make them available in the balance sheets of banks/financial institutions, and that means you have created “capital” out of them, making them possible for people to trade (credits, loans, etc) on them. A very commendable policy