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A foray into App chain thesis, fragmentation, and L2 Clusters

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The blockchain ecosystem is evolving rapidly, with new concepts and architectures emerging to address the scalability and efficiency challenges faced by traditional blockchain networks. Among these innovations, the App Chain Thesis, fragmentation, and Layer 2 (L2) Clusters are gaining significant attention in the blockchain community.

The App Chain Thesis posits that protocols built on blockchains are increasingly seeking to scale by deploying as sovereign chains, which confer full control over their protocol without relying on a Layer 1 (L1) blockchain. This marks a shift from the one-size-fits-all approach of general-purpose blockchains to a more tailored solution where each application-specific blockchain (Appchain) is optimized for a particular functionality or application.

Appchains offer several advantages, including dedicated block space, internalized revenue from sequencers, lower fees, better user experience, faster implementation of chain improvements, and unique monetization models. By focusing on a single application, Appchains can provide enhanced performance, security, and customization options that are not possible on congested and generalized platforms.

Addressing Fragmentation in the L2 Ecosystem

However, the rise of Appchains and L2 solutions has led to a new challenge: fragmentation. As more Appchains are created, there is a risk of redundant development efforts, liquidity fragmentation, and toxic liquidity flow. This fragmentation can hinder the interoperability and seamless user experience that are crucial for mainstream blockchain adoption.

To combat this, the concept of chain abstraction has been introduced. Chain abstraction aims to create a unified environment where users and developers do not need to juggle multiple wallets, gas tokens, or understand the intricacies of each blockchain. Instead, they can operate as if they are on a single chain, even though they are interacting with multiple rollups or Appchains.

The Role of L2 Clusters in Harmonizing the Blockchain Landscape

L2 Clusters are another solution to the fragmentation issue. They are groups of L2 solutions that work together to provide a cohesive experience for users. By clustering L2 solutions, it is possible to streamline transactions, reduce complexity, and improve the overall user experience. L2 Clusters can also facilitate the transfer of value and information across different Appchains and rollups, promoting a more interconnected blockchain ecosystem.

The App Chain Thesis, fragmentation, and L2 Clusters represent a significant evolution in the blockchain space. They reflect the industry’s ongoing efforts to scale efficiently, reduce costs, and improve user experiences. As these concepts continue to develop, they will likely play a pivotal role in shaping the future of blockchain technology and its adoption by the masses.

For those interested in diving deeper into the technicalities and potential of Appchains and L2 solutions, Layer Labs offers a wealth of resources and support for blockchain businesses looking to explore these opportunities. Meanwhile, discussions on chain abstraction and its implications for the blockchain landscape can be found in insightful articles that delve into the nuances of this breakthrough.

The journey into the world of Appchains, fragmentation, and L2 Clusters is just beginning, and it promises to be a fascinating one for developers, entrepreneurs, and enthusiasts alike. As the blockchain community continues to innovate, we can expect to see more tailored, efficient, and user-friendly solutions emerge, paving the way for a more scalable and interconnected future.

South Korea’s SEC forms a committee to discuss the approval of Bitcoin and crypto ETF

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In a significant development for the cryptocurrency market in South Korea, the Financial Services Commission (FSC) has taken a proactive step by forming a virtual asset committee. This move is aimed at discussing the potential approval of Bitcoin and other cryptocurrency Exchange-Traded Funds (ETFs). The formation of this committee marks a pivotal moment in the country’s approach to digital assets, reflecting a growing interest in integrating cryptocurrencies within the formal financial system.

The committee’s establishment comes at a time when the global financial landscape is increasingly accommodating cryptocurrencies. Countries are exploring ways to regulate and incorporate them into their economies, recognizing the potential benefits and risks associated with digital assets. South Korea’s decision to reconsider its stance on cryptocurrency ETFs could pave the way for a more robust and regulated crypto market within the nation.

The discussions by the FSC’s virtual asset committee will delve into critical issues surrounding the approval of spot exchange-traded funds (ETFs). This includes evaluating the risks and opportunities presented by allowing corporate accounts for crypto exchanges and the broader implications for the financial market. The committee’s deliberations are expected to be thorough, taking into account the complex nature of digital assets and their impact on financial stability and investor protection.

The move by South Korea’s FSC is indicative of a shift in perspective towards cryptocurrencies. Previously, there was a cautious stance, with the ruling party backtracking on an election promise to ease restrictions on local spot Bitcoin ETFs. However, the formation of the committee suggests a willingness to revisit these policies and potentially align with global trends where countries like the United States have already approved spot Bitcoin ETFs.

Crypto ETFs provide investors with exposure to cryptocurrencies without the need to directly purchase or store them, eliminating the complexities of managing digital wallets and crypto exchanges. For many investors, the world of cryptocurrency is daunting due to its technical nature. Crypto ETFs simplify the process, allowing investment through regular brokerage accounts, making it more accessible to a broader audience.

Investors benefit from increased security as the ETF provider is responsible for the safety of the fund. This reduces the risk of security issues that individual crypto holders might face, such as phishing attacks or crypto heists. By pooling various cryptocurrencies into a single fund, crypto ETFs offer a diversified and cost-effective investment option. This can be particularly advantageous for individuals looking to invest in the crypto market without incurring high costs associated with buying and maintaining multiple cryptocurrencies.

The outcome of the committee’s discussions could have far-reaching consequences for the cryptocurrency market in South Korea. Approval of Bitcoin and crypto ETFs would not only expand investment options for local investors but also potentially reduce the ‘Kimchi premium’—the higher price South Koreans pay for cryptocurrencies compared to other markets. It would also signify South Korea’s entry into a growing list of countries that deal with these investment products, marking a significant milestone in the country’s financial innovation journey.

As the world watches, the decisions made by South Korea’s virtual asset committee will undoubtedly influence the future trajectory of the cryptocurrency market, both locally and internationally. The committee’s comprehensive review process and the subsequent decisions will be a testament to South Korea’s commitment to fostering a progressive and secure financial environment in the era of digital currencies.

Unlocking A Business Full Potential through Partnerships – Tekedia Mini-MBA

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He is the Global Channel and Partnerships Sales Manager of DigitalEd Canada, a leading edtech company in North America. He served as the General Manager, Partnership & Alliance Cloud at Globacom. Before Globacom, he was the Senior Manager (Enterprise Business) at MTN Nigeria. Ezekiel Bamigboye is a zen-master of business partnership and growth. And he will be at Tekedia Mini-MBA to educate us on “Unlocking A Business Full Potential through Partnerships”.

“Uwa bu ahia” [the world is a market] the Igbo Nation would say. Yes, if the world is a market, every part of the world is available for business. Most times, the best playbook is forming partnerships and alliances with other entities to unlock the world of opportunities. Join us today to understand how to do just that.

Tue, Oct 15 | 7pm-8pm WAT | Unlocking A Business Full Potential through Partnerships – Ezekiel Bamigboye, DigitalEd | Zoom link in the Board

Tekedia Institute >> our product is knowledge.

My Response on World Bank’s Comment on Nigeria’s Reforms and Fuel Subsidies

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I got the messages: “The World Bank has said Nigeria was losing around N10 trillion in foregone revenue to fuel subsidy and multiple exchanges as of 2022 before the implementation of President Tinubu’s reforms…The World Bank also noted that the country was on the brink of collapse before the introduction of the critical reforms of removal of subsidy and exchange rate unification.”

My Response: The World Bank point is self-evident and there is nothing to dispute. I never said that Nigeria was not losing money on subsidies. If Nigeria was losing N10 trillion as a government before recent policies, my position was that after the policies that Nigerian companies and people could lose more than that, if the policies were pursued as designed.

MTN alone has flipped from hundreds of billions of Naira profit  to more than N600 billion in losses.  If you look at lost revenue, what happened was the “loss” moved from the government to companies. Also, because the World Bank’s predicted N750/$ optimal FX did not happen, every Nigerian has lost at least half of his or her  purchasing power since as an  import-dependent country, prices of many things have gone up. That is estimated at more than N100 trillion of loss for consumers (in my model, the total money consumers send to merchants yearly in Nigeria is about $350 billion yearly).

I have NEVER argued that the government was not losing money on subsidies. My position was that the proposed plan would not solve the problem, as it would destroy companies and the economy, shifting the loss to companies and the citizens. In all great economies in this world, governments pick something to subsidize; Nigeria cannot be off-subsidy.

In the United States, the US postal service (USPS) has never made a single profit in the last 20 years. So, even if Nigeria was losing money because of fuel subsidies, it must not be interpreted that it was all doom, if we are strategic with zero corruption. In Nigeria, we killed NIPOST because it recorded some red lines even though the total economic activity the NIPOST was powering in Nigeria was enough (from the big picture) to offset the small loss.

But because Nigeria was not looking at the big picture, we killed NIPOST, rail system, etc. Do you know that the US government funded Amtrak rail system has been losing money since 1971? But in Nigeria, we shut down our Nigeria railways because it recorded losses even though Amstrak has NEVER made a profit since 1971. But the US is fine with it knowing that Amtrak powers the economy and the taxes therein offset those losses.

Nigeria froze our postal service and railway because they were not profitable. Nigeria was not looking at the big picture. For the US, USPS and Amstrak power economy, and the taxes on the broad economic activities therein offset the companies’ losses.

Good People, if a bird flies from the land and perches on the ant-hill, it is still very much on the ground. Nothing has happened as I predicted in June 2023 when we began to roll out the reforms. What is happening is that companies and people are the ones losing now, and not the government, and the loss is huge as asset values have been wiped via FX, inflation and other vectors. What the World Bank is writing is contradictory because it cannot fail to see that in the process of the government saving the milk, it dropped the jar which has caused losses for citizens and companies.

Subsidy is not bad. The challenge in Nigeria is the corruption in subsidies. If the World Bank had focused on helping the government reform the process, we could have had losses in the subsidy but the impact would have improved our economy, quickly offsetting the direct losses. The problem, unfortunately, is that we threw away the baby with the water.

How to Add People on Telegram

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How to Add People on Telegram

Telegram has recently surged in popularity as a messaging and group chatting alternative. That’s all thanks to its creative elements, such as cloud-based texting, video calls, group chats, and application customizations. These elements make it easy to interact and connect with your intended audience more genuinely and memorably.

Many people still need help with simple actions like adding people to Telegram. This article highlights a step-by-step guide on effectively adding Telegram members using various methods.

Add Your Friends by Invite Link

One of the easiest ways to add your friends on Telegram is by using the invite link and growing your Telegram community. Here’s a step-by-step guide to effectively add a contact via the invite link;

  • Go ahead and download the app if you haven’t already. Then, open the app.
  • From there, tap on the ‘drop-down’ icon on the top left corner of the app. You will see a list of different settings.
  • Select the ‘Invite Friends’
  • Next, tap on the ‘Share’ Telegram option to create a download link for your friends.
  • The link has an already-generated message, which you can customize for a more personal experience. That increases the chances of your friend joining using your invite link.

For this to be possible, you must grant Telegram access to your contact list. Go to settings and enable Telegram to have access to your contact list. With that, you can now share this invite link directly in your messages or on other messaging platforms such as WhatsApp.

Add People on Telegram by Username

You can also use the app’s search feature to find new contacts and add them to Telegram. That can come in handy especially if you want to add people who you only know their username but need their contact info. Here’s how you can add people on Telegram by username:

  • Open the Telegram app. Of course, if you haven’t installed it, now is the perfect time.
  • Immediately after, click on the ‘search icon’ at the top right corner of the app
  • You will be presented with a search bar. Type the ‘username’ in this section
  • To broaden the search beyond your immediate contact lists and messages, click on the ‘show more’ icon in the right corner, just next to the Global search icon.
  • That should help you see a list of channels and contact lists of people beyond your immediate contact list.

The search bar is well-segmented into chats, Global searches, and messages that include that specific username. That makes it easy for you to add people by username on Telegram. Moreover, this technique allows you to connect with your online community members. Unfortunately, this specific method has a limitation. This technique can only add up to 200 people.

How to Add More People on Telegram

As you’ve already figured out, Telegram limits who can add members. This can sometimes impact your influence on this platform, especially if you are trying to add people to a Telegram group.

Thankfully, there’s a way out. If you want to add unlimited members and achieve natural growth on Telegram quickly and effectively, your best option is to buy them. You can instantly boost your Telegram presence and group credibility by doing so.

Buy Telegram Members

That makes your brand even more attractive to organic Telegram members. Buying Telegram members is a strategic way of enhancing your group’s visibility and appeal to potential members.

That said, go ahead and purchase Telegram members from Buy Real Media to ensure authentic and sustainable growth. Buy Real Media offers genuine members who will contribute to your group’s activity and engagement levels, helping your community grow. By investing in genuine members through Buy Real Media, you can easily add more members to your Telegram group.

This technique is ideal for personal brands, businesses, influencers, and even community leaders looking for ways to impact Telegram and connect with their respective audiences.

FAQ

Can I Add Someone on Telegram if I don’t know them?

Yes, you can. The app’s search bar allows you to add someone on Telegram with their username. The only thing you need to know is their Telegram username.

Will a Person be notified if I add them on Telegram?

Yes, they do. This notification helps the user identify who added them on Telegram.

How Many Members can I add to my Telegram Group?

Unfortunately, you can only manually add 200 people to your Telegram Group. However, if you want to have more people on your Telegram channel, the simple answer is to buy them.