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Central Bank of Nigeria withdraws circular on 0.5% cybersecurity levy

By
Ndubuisi Ekekwe
-
1

The Central Bank of Nigeria (CBN) has withdrawn the circular directing financial institutions like banks to implement a 0.5% cybersecurity levy: “Further to this, please be advised that the above referenced circular is hereby withdrawn.”

My Response: This is one of the weakest links we have in Nigeria. We promulgate policies without testing the impacts on human welfare gains and losses. Otherwise, the apex bank could have shown why reversing the policy would have hurt Nigeria, or did it not have any benefit to start with?

But when everything is done via circulars with no analytical rigours, there is really no defense. Sure, the parliament pushed the law, but even with that, CBN should have modeled the implications, before it took it up for implementation.

This is the best outcome for Nigeria and what WE THE PEOPLE pushed for. Yet, we do hope that CBN returns to publishing working papers. America increased the top marginal income  tax rate to 94% during WW2, and provided indicators on why that would help fund the war. Yes, rich man, would you prefer to be enslaved by the Nazis or pay-up to save your freedom?

In other words, what was the welfare gain around this policy to start with? And now that it has been withdrawn, what happens to that gain? We must govern with data, otherwise, it is nothing but a guesswork.

That said, my commendation to the government for making sure this is withdrawn, and I do hope there would not be an effort to sanitize, and re-introduce it. If Nigeria wants more money, Nigeria needs to help Nigerians become richer, and by doing that it can get more tax revenue.

The Central Bank of Nigeria, CBN has withdrawn the circular directing banks and other financial institutions to implement the 0.5 per cent cyber security levy.

The withdrawal of the circular was announced via a statement signed by Haruna Mustafa, Director, Financial Policy and Regulation, Department and Chibuzo Efobi, Director, Payment System Management Department.

The circular stated: “The Central Bank of Nigeria circular dated May 6, 2024 (Ref. PSMD/DIR/PUB/LAB/017/004) on the above subject refers. ‘

“Further to this, please be advised that the above referenced circular is hereby withdrawn.”

Discovering The Best Altcoins To Invest In: Near Protocol, Cardano, And BlockDAG’s Market Prospects

By
TI Partners
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0

Within the ever-evolving cryptocurrency market, identifying coins that offer not only substantial returns but also breakthrough technology and solid growth is key for savvy investors. This overview examines Near Protocol, Cardano, and BlockDAG—three cryptocurrencies that stand out due to their innovative features and strong investment potential. This guide will help you understand their unique advantages and why they could be worthy additions to your investment portfolio.

Growth Trajectory of Near Protocol

Near Protocol has recently shown impressive performance, significantly boosting its market cap by 94% to a remarkable $7.2 billion. This growth has propelled it past major cryptocurrencies like Bitcoin and Ethereum, thanks in part to its rapidly expanding user base, now boasting 1.2 million daily active addresses. The platform continues to thrive due to significant advancements and contributions within its ecosystem, making it an appealing option for investors focused on long-term growth.

Cardano’s Market Outlook

Cardano has witnessed a noteworthy increase of 15% in its price as of early May 2024 but has faced resistance around the $0.45 level. Market analysts predict a potential rise to the $0.50 mark, bolstered by an increase in open interest of $10.5 million in its futures market, signaling strong trading interest. Investors are advised to keep an eye on the next resistance point at $0.47, which could play a crucial role in Cardano’s short-term price movement. Despite these challenges, Cardano remains an attractive investment for diversifying cryptocurrency holdings.

BlockDAG: A Leader in Crypto Innovation

BlockDAG is quickly becoming a focal point in the cryptocurrency scene with its groundbreaking presale, amassing $28 million and distributing over 9.1 billion coins at a current price of $0.008 each. The impending release of the X1 mobile miner app, which promises to convert smartphones into productive mining devices capable of generating up to 20 BDAG coins daily, positions BlockDAG as a transformative force in the market. With projections suggesting a possible surge to $30 by 2030, BlockDAG presents a lucrative opportunity for investors aiming for massive, long-term returns.

Why BlockDAG Dominates the Crypto Investment Landscape

When evaluating Near Protocol, Cardano, and BlockDAG, each platform showcases distinct strengths. Near Protocol excels with high user engagement and continuous technological enhancements; Cardano offers potential for substantial price appreciation supported by active trading interest; and BlockDAG introduces pioneering mining solutions along with robust presale success. However, BlockDAG’s innovative approach to enabling personal crypto mining, combined with its strong market entry and growth potential, clearly sets it apart as the top choice for investors seeking significant market gains.

As cryptocurrencies continue to reshape the financial landscape, understanding the unique positions and potential of platforms like Near Protocol, Cardano, and BlockDAG is essential. While all three offer valuable investment opportunities, BlockDAG’s combination of innovative technology, comprehensive market strategies, and compelling community engagement makes it the standout candidate for anyone looking to make a substantial impact in their crypto investments.

 

Join BlockDAG Presale Now:

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

BlockDAG’s Dashboard Invigorates Investor Activity with a 700% Surge Amid Ripple’s Large XRP Transaction and Bitcoin Cash’s Decline

By
TI Partners
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0

As Bitcoin Cash dips and Ripple makes huge XRP transactions, BlockDAG (BDAG) has significantly boosted investor engagement and activity with its new dashboard feature, which introduces six dynamic sections including an interactive ranking system. This upgrade has played a key role in increasing large-scale investments, or ‘Whale’ activity, and has contributed to the cryptocurrency’s impressive presale results, amassing over $28 million with a coin value increase of 700%.

Ripple’s Massive 100 Million XRP Transaction Fuels Market Buzz

Ripple has recently moved 100 million XRP tokens, causing widespread speculation among traders and analysts. This large-scale transaction is scrutinized for its strategic implications, particularly in the context of Ripple’s ongoing legal challenges and public discourse, which includes remarks from notable figures like Elon Musk. The financial community is keenly observing the potential impacts of this move on Ripple’s operations and the broader cryptocurrency market.

Bitcoin Cash Experiences a Significant Price Correction

After a notable rise in March, Bitcoin Cash (BCH) has encountered a severe price drop, declining by 20% in the last week alone. The price slipped by 0.42% in recent hours, stirring concerns among investors. Despite this recent downturn, some market participants remain optimistic about Bitcoin Cash’s recovery potential, considering historical performance and market dynamics following the Bitcoin halving event.

BlockDAG’s Dashboard Launch Drives Presale Success

BlockDAG’s rollout of its upgraded dashboard has greatly enhanced user interaction and accessibility. It features comprehensive sections like ‘Hot News’ and a Wallet tab, which provide timely updates and transaction capabilities, respectively. The dashboard’s Current Ranking section introduces a competitive aspect by displaying user rankings and the purchases needed to climb to higher tiers, ranging from Crab for up to $99 invested, to Whale for investments over $50,000.

This gamified ranking system has sparked a competitive spirit among users, encouraging more substantial investments to achieve higher status. The enhancements made to the dashboard not only made the BlockDAG site more attractive but also significantly influenced the presale’s success, which has now surpassed $28 million from over 9.2 billion coins sold at a current price of $0.008 each — a dramatic rise from the initial batch price of $0.001.

Whale Activity Soars as BlockDAG’s Dashboard Garners Attention

The launch of BlockDAG’s new dashboard has led to a significant uptick in ‘Whale’ activity, with investors keen on advancing their ranks in the competitive system. This heightened engagement has been pivotal in elevating the presale figures to over $28 million, with the BDAG coin price escalating to $0.008, up 700% from the first batch. The dashboard’s novel features and transparent transaction processes have effectively overshadowed recent developments in other cryptocurrencies like XRP and Bitcoin Cash, positioning BlockDAG as a leading contender in the 2024 crypto market.

The innovative approach of BlockDAG’s dashboard has not only increased user activity but also solidified its status in the cryptocurrency landscape, overshadowing significant transactions in Ripple’s XRP and the downturn in Bitcoin Cash prices.

 

Join BlockDAG Presale Now!

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

Tekedia Launches Tekedia CEO and Director Program, for Senior Executives

By
Ndubuisi Ekekwe
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0

Tekedia CEO and Director Program is designed to help CEOs, directors, board members, and C-level executive management members (including CFO, CMO, CTO, CIO, etc), master the mechanics of building category-king startups and companies. The program focuses on three core themes – business innovation, business growth, and building AI-era businesses – via pre-recorded, and personalized Live Zoom sessions. That live session courseware is customized around the learner’s industry with relevant industry cases.

The program runs for 6 months, and offers 8 hour-long one-on-one live Zoom sessions, per participant, with Tekedia Institute’s Lead Faculty, Prof Ndubuisi Ekekwe.

Participants can enroll and begin anytime. In other words, there is no specific start date as it is customized for the learner via the one-on-one live Zoom sessions. If you pay today, you will begin immediately.

This executive program also provides a complementary 3 editions of Tekedia Mini-MBA at no additional cost.

Cost is $1,000 or N1 million. To register, go here.

The importance of Real Web3 Domains, the very new things they do, and how to spot fake ones.

By
John Mc Keown
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1

To understand Web 3 domains are, we first have to examine the legacy domains, understand them, and learn what has changed.

Legacy Domains

Registering 9jacosmos.com  is a way of finding us virtually. All things on the internet are represented by IP (Inernet Protocol) addresses. A process known as DNS (Domain Name Service) translates a human language ID into an IP so the internet can understand it.

Experts from an IP address rental company suggest that understanding this translation process is vital for managing how your brand is perceived and accessed globally. Securing the right numerical identifiers ensures that your domain consistently points to a reliable and high-performing network location.

9jacosmos.com real identity is 198.187.29.39 but DNS is converting it to something people will understand.

The registrant of 9jacosmos.com (Namecheap), like all registrants, have their own DNS integration to take care of that. They can also be paid for other stuff, such as hosting space, design services, security certificates and other things. These are services that allow things to be done with 9jacosmos.com, such as create a website at the destination or make an email address like ‘john1@9jacosmos.com

Aside from Registrars, DNS translation is also used in browsers and mobile apps.

This is a legacy web system that is centralized. The registrars are controlled by a centralized autonomous NGO body known as ‘Internet Corporation for Assigned Names and Numbers’ (ICANN). They basically ‘make up’ the root zone. They are a single point of failure. Root Zones’ are an upper extension of ‘Top Level Domains’ abbreviated to ‘TLD’

Examples of TLDs are .com, .net, .co.uk, .fr, .de, .io, .xyz etc.

Individual companies (or nations in the case of Country Domains), own the TLDs issued and regulated by ICANN.

ICANN itself is also not entirely impartial. Over the years, it has been infiltrated by eminent individuals who have positions in the commercial sector and work for companies whose prosperity is influenced by its trajectory, findings and decisions. This is common in many quazi-civil agencies. You only have to look at the   IMF, WHO, Environment, Climate and Wildlife Conservation… see all the professionals from big finance corporations, big phrama, energy conglomerates etc, and we see many with influence that shouldn’t have it, due to conflicts of interest and the commercial agenda of their paymaster.

Web 3 domains are the next generation and involves a decentralized process where there SHOULD BE no central authority ‘making up’ root zones. GENUINE Web 3 domains are produced through an integral architecture of a (Nakamoto Consensus) PoW blockchain in public ownership.

Root Zone:

The Root Zone is the base anchor for the Top Level Domain (TLD) and subdomains. In ICANN domains, the Root Zone is merely a data reference point inside an internal database management system. In Genuine Web 3 domains, the root zone is integrated to a PoW (Proof of Work) blockchain (preferably Nakamoto Consensus), using a TLD ownership information file. This file is stored by adding a distributed and decentralized blockchain-based system that no one controls and anyone can use. It is not a ‘Smart Contract’.

We’ve purposefully avoided making mention of providers claiming to have ‘Web3’ domains if how they achieve their root zone isn’t clear.

Top Level Domain (TLD) :

The Top level Domain is the highest group of characters which annexe the Root Zone. Examples of ICANN TLDs are .com , .net, .fr,  .ng, .eu , .xyz and .io

ICANN TLDs have only one use, which is to issue sub-domains. Genuine Web 3 TLDs have many other uses and are not confined to just issuing sub-domains.

Examples of providers with some products leveraged through Genuine Web 3 TLDs are Wallet Inc, HNSAU, 9ja Cosmos, Eskimo Software and Namebase

ENS used to have a Genuine Web 3 TLD (.eth) , though it became compromised following a change which happened in … generally referred to as ‘the merge’. This compromised the Root Zone, as Ethereum is no longer a ‘decentralized blockchain-based system that no one controls’.  Other changes since the merge has made it less so.

Several other TLDs exist claim to be Web3 Domains. Key attributes of fake Web3 Domains:

Do not have Root Zones produced through an integral architecture of a (Nakamoto Consensus) PoW blockchain in public ownership. Detailed information on Root Zone construct is absent from publicly available information.

Try to emulate ICANN in focusing solely on the sub-domain generation rather than the wide spectrum of use cases Web3 TLDs can be put to.

Tend to exist solely in the EVM Compatible Ecosystem.

Try to emulate the appearance of Web 3 Domains through imitation of Web 3 TLD use case diversity at the sub-domain level, by forming corporate and centralized extensions through EVM Compatible partners.

‘Flippers’ (people who buy and sell virtual assets without improving them) flip SLDs/subdomains more often or to the exclusion of flipping TLDs (another emulation of ICANN).

Sub-Domains and SLDs (Second Level Domains)

SLDs (Second Level Domains) are the first level of ‘subdomain’ below a TLD

With legacy ICANN domains, SLDs are the only consumer/general product and once registered, SLD registrant can make up as many subsequent subdomains as they like. They don’t have to pay extra for them.

For example, in the address www.linkedin.com/notifications.  ‘.com’ is the TLD owned by a company – Verisign. LinkedIn has had to pay to register ‘linkedin’ but ‘notifications’ is a subdomain made up by LinkedIn using registrants’ tools. It didn’t have to pay anything.

With GENUINE Web 3 domains, there isn’t a distinction between an SLD and lower subdomains most of the time, unless an SLD vendor is involved. This is because subdomains are only one use-case of a GENUINE Web 3 domain.

Some services feigning Web 3 domain creation, attempt to sell, or encourage the sale of further subdomains, through using tokenizing strings with no valid root zone, typically using EVM compatibility (ERC 20). This means monetizing subdomain levels that would normally be available free.

Hybrid Variations:

‘.hns’ by Namebase (case in point) offers SLDs creation options off Optimism which are EVM Compatible. This means they can avail of (centralized) EVM Compatible services made to work on similar architectures, such as ‘.eth’

The SLD created (example: ‘crypto.hns’) doesn’t have the decentralization ‘.hns’ does, but it does have a dependency on a TLD with a GENUINE Web 3 Root Zone. This makes it superior to SLDs with EVM Compatibility where a Nakamoto Consensus Root Zone is either absent or unclear.

.9jacom by 9ja Cosmos was the first Country TLD in the world, issued in September 2022. SLDs off .9jacom (and .9javerse) are offered via EnCirca registrar extensions, which emulate some of the features of traditional SLDs. Products that are technically similar are owned by Namecheap, 101 Domains and Porkbun, as well as EnCirca, and several third party commercial operators, although they are not targeting the Web 3 Country TLD market specifically.

Innovative Use cases of GENUINE Web 3 TLDs.

9ja Cosmos also made history by leveraging Web 3 TLDs to market NFT like assets to Qatar 2022, and issued 9ja Cosmos as an ‘extra-sovereign’ business using  GENUINE Web 3 TLDs as shares.

In the Sinosignia/Sino Amazon products we have GENUINE Web 3 TLDs partnered with amazing tokenized artwork where each TLD is one single character of East Asian appearance.

GENUINE Web 3 TLDs can be put to many uses that bears no relation to subdomains, internet addresses or websites. They can replace long alphanumeric strings in identifications related to wallets, exchanges, web 3 services and platforms.

However, security is weak when people do not have a root zone  integrated to a Nakamoto Consensus blockchain. This is particularly true of EVM Compatible proxies.

 

9ja Cosmos is here…

Get your .9jacom and .9javerse Web 3 domains  for $2 at:

.9jacom Domains

.9javerse Domains

Visit 9ja Cosmos LinkedIn Page

Visit 9ja Cosmos Website

Preview our Sino Amazon/Sinosignia releases (Ente)

Preview our Sino Amazon/Sinosignia releases (Pinterest)

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