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Home Blog Page 3529

Transformative Cryptos You May Not Have Already Bought Yet, Toncoin, Everlodge, Optimism

By
TI Partners
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0

While most mainstream headlines focus on Bitcoin and Ethereum, there are hundreds of DeFi projects that offer huge potential. Three projects that have been praised for their transformative designs are Toncoin, Everloge, and Optimism. Each project has an extremely strong foundation, and being more affordable than some of DeFi’s largest cryptos, could be a strong investment for new investors.

Optimism’s Value Soars In 2023

Optimism is quickly becoming one of the most talked about crypto projects. In 2023, its value increased by 130%, and the project is now the 18th most traded cryptocurrency in the world. Given its potential, crypto experts believe Optimism’s current price of ??$2.33 is still undervalued, with many expecting OP to hit $3 by the end of Q1.

According to market analysts, Optimism is just finalizing its accumulation stage, and is now preparing for another price rally in the new year. Despite many DeFi projects taking a hit over the last week, Optimism has increased in value by 33%, suggesting that the project may continue to outperform the market. This has created much anticipation around Optimism, which can be seen by its increase in daily trading volume, and recently hit $588 million.

Toncoin Struggles Following New Protocol Release

In an earlier test this year, the Toncoin development team announced that the blockchain could cope with speeds of over 100,000 transactions per second. This created immediate hype around Toncoin, with some experts suggesting that Toncoin could one day be used for everyday transactions. However, after being put to the test with a new protocol release, Toncoin has failed to perform.

The protocol was released last Tuesday and triggered an immediate spike in activity on the Toncoin network. The network quickly crashed, processing just 1 transaction per second by Thursday. This poor speed caused a build-up of over 2.5 million pending transactions, and popular Toncoin wallets such as Tonkeeper had to suspend their services.

Many experts are now questioning the scalability of Toncoin and its value has fallen by over 8% in the last week. Nonetheless, the Toncoin community remains positive and believes the project will perform better in the future.

Everlodge Hits A New ATH As Momentum Builds

Everlodge is one of the most transformative DeFi projects in the market. Designed to revolutionize the travel property industry, Everlodge lets investors fractionally invest in some of the world’s best travel properties for as little as $100.

Historically this market is difficult to penetrate, with investors needing six to seven figures just to get started. With Everlodge, however, buying equity in a travel property has never been easier. To begin, investors need to create a profile with Everlodge. Once created, they can search the property marketplace, find a property they like and invest. But how exactly does it work?

Each property is minted as an NFT and fractionalized to allow multiple investors to invest in a single property. Investors will generate a passive income based on the amount of a property they own, and will benefit from any appreciation in value.

This process offers several benefits, including no border limitations, no paperwork, and no hidden fees or credit checks. The concept behind Everlodge has already proven to be extremely popular. The project quickly sold out 7 presale rounds, and now stage eight is becoming its fastest-selling yet. With additional price increases expected before the end of the year, now is the perfect time to invest in ELDG tokens and earn a spot in Everlodge’s private members club.

Visit Everlodge

The Abia State Budget of Industrial Transformation

By
Ndubuisi Ekekwe
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0

You need to go way back to the days of Michael Iheonukara Okpara (Premier of Eastern Nigeria during the First Republic) to see a resemblance of what Abia State has in the 2024 budget. Chief Okpara built Aba and made it a hub of making things.

This is the sankofa moment and Abia is going back to the past, to learn, in order to improve the future. In the 2024 budget, Abia will put 84% to capital expenditure. Of course, civil servants will receive pay raises and all the support they need.

Abia State has a literacy rate of above 95% but we can get to 99%. So, education takes 20% of the budget: “Capital Expenditure took the lion’s share, claiming 84% of the total budget, while 16% was allocated to Recurrent Expenditure. This allocation pattern signifies a considerable commitment to boosting infrastructure and growth in the state. Notably, 20% was allocated to education and 15% to healthcare, underlining the government’s dedication to these critical sectors.”

#InvestInAbia – we’re open for Business.

Warren’s anti crypto “Digital Asset anti-Money Laundering Act” receives boost from more senators

By
Paul Ugbede Godwin
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0

The crypto community is facing a new threat from the US Congress, as five more senators have joined Elizabeth Warren in co-sponsoring the “Digital Asset anti-Money Laundering Act”. This bill, if passed, would impose draconian regulations on the crypto industry, stifling innovation and harming millions of users.

According to Warren, crypto is a highly volatile and speculative asset class that is prone to manipulation, fraud, and hacking. She cited several examples of crypto-related scams, thefts, and ransomware attacks that have harmed millions of investors and users. She also claimed that crypto is undermining the authority and effectiveness of central banks and regulators, who are responsible for ensuring the safety and soundness of the monetary system.

She cited examples of how crypto markets have crashed due to hacking, technical glitches, or rumors, and how these events have wiped out billions of dollars of value and harmed investors and consumers. She also warned that crypto could undermine the effectiveness of monetary policy and fiscal stimulus, as well as the role of the US dollar as the global reserve currency.

Warren also claimed that crypto is a danger to consumer protection, because it lacks the safeguards and guarantees that traditional financial products and services offer. She pointed out that crypto users have no recourse if they lose their private keys, get scammed, or face technical issues.

The bill would require all crypto transactions over $10,000 to be reported to the Financial Crimes Enforcement Network (FinCEN), regardless of whether they involve fiat currency or not. It would also expand the definition of “money transmitter” to include any entity that facilitates the transfer, exchange, or storage of digital assets, such as wallets, exchanges, and decentralized platforms. This would subject them to onerous licensing and compliance requirements, as well as potential criminal penalties for non-compliance.

The bill’s sponsors claim that it is necessary to combat money laundering, terrorism financing, and tax evasion using crypto. However, these claims are based on false assumptions and outdated stereotypes. Crypto is not inherently more prone to illicit activity than fiat currency, and in fact, it offers more transparency and traceability than cash.

Moreover, the existing anti-money laundering (AML) framework already covers crypto transactions that involve fiat currency, and there are many legitimate use cases for crypto that do not involve fiat currency at all.

The bill would effectively create a surveillance state for crypto users, violating their privacy and civil liberties. It would also create a barrier to entry for new and innovative crypto projects, especially those that are decentralized and permissionless.

It would discourage investment and adoption of crypto in the US, while giving an advantage to other countries that are more friendly and supportive of the crypto industry.

The bill is a clear example of how some lawmakers are out of touch with the reality and potential of crypto. It is based on fear and ignorance, rather than facts and evidence. It is an attack on the crypto community and its values of freedom, innovation, and inclusion. It must be opposed and defeated by all who care about the future of finance and technology.

Abia State Governor Presents Ambitious N567 Billion 2024 Budget with 84% Capital Expenditure

By
Samuel Nwite
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3

Abia State Governor Alex Otti has made an audacious move by presenting a robust budget of N567,240,095,972 for the year 2024. Dodoh Okafor, the Senior Special Assistant to the governor on Public Communication, confirmed this significant budget presentation to the State House of Assembly.

The breakdown of the “Budget of New Beginning” underscores a striking focus on infrastructure and development, setting Abia apart as the only state in Nigeria with such a significant emphasis on these areas within its budget structure.

“We are determined to start afresh, construct roads, eradicate insecurity, and make our state conducive for investment both local and foreign to flow into the economy. This requires a lot of thinking, and doing things differently to ensure there is a clear departure from the past,” Otti said.

Capital Expenditure took the lion’s share, claiming 84% of the total budget, while 16% was allocated to Recurrent Expenditure. This allocation pattern signifies a considerable commitment to boosting infrastructure and growth in the state. Notably, 20% was allocated to education and 15% to healthcare, underlining the government’s dedication to these critical sectors.

Governor Otti’s budget estimate breakdown is as follows:

Capital Expenditure: N476,011,317,893.00: The bulk of this allocation will be directed towards road infrastructure, the construction of new schools, and equipping hospitals, emphasizing a clear vision for tangible development projects.

Recurrent Expenditure: N91,228,778,070.01: This allocation addresses the increase in the state’s salary package, reflecting the governor’s commitment to aligning the state’s wage structure with current economic realities.

Budget Financing and Deficit Handling:

Expected Revenue: N166,077,717,058: This includes internally generated revenue (IGR), earnings from the Federation Accounts Allocation Committee (FAAC), grants from multilateral and donor agencies, and other revenue sources.

Financing the Deficit: The deficit of N401,162,378,914 will be covered by new borrowings estimated at N385,271,027,214. Of this amount, half will be sourced externally, with the remaining acquired domestically.

To assuage concerns about the prudent use of borrowed funds, Dodoh Okafor outlined Otti’s strict guidelines:

Capital-focused Borrowing: Funds will be exclusively channeled towards capital projects, avoiding any borrowing for recurrent spending.

Transparency and Accountability: Citizens will have oversight over fund utilization and project execution in their communities.

Responsible Borrowing: Loans will only be acquired at concessional rates, dedicated solely to projects directly impacting the state’s economic and social development.

While concerns have been raised about the state’s ability to secure a substantial loan to cover the deficit, financial analysts are optimistic about the budget’s potential to attract adequate funding.

Notably, the unprecedented 84% allocation to Capital Expenditure, particularly in road construction, has been praised as a stimulant for local job creation, value addition, and heightened economic productivity, signaling a positive trajectory for Abia State.

“This is the first budget I have seen in Nigeria with an 84% allocation to Capital Expenditure with a specific focus on road construction.

“This means local jobs, value addition, means stimulative consumption. Hopefully, this maximizes productivity in the state and then drives wealth creation,” Financial analyst, Kalu Aja said.

The budget’s allocation and strategic focus on infrastructure have sparked optimism as well as discussions about Abia State’s potential to attract the necessary funding for sustainable growth.

TikTok Achieves Significant Milestone by Becoming The First Non-Gaming App to Reach $10 Billion in User Spending

By
Ojukwu Emmanuel
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0

Short-form video platform TikTok has achieved a significant milestone, by becoming the first non-gaming app to reach $10 billion in user spending.

The social media platform is reported to have added more than $4 billion this year to achieve this milestone, with the year still running.

The majority of TikTok’s revenue reportedly comes from the US and China, as both countries have so far generated 30% of the platform’s revenue to date. Other major markets include Saudi Arabia, Germany, the United Kingdom, and Japan, which combined accounted for 13% of the app’s in-app purchase revenue.

TikTok’s recent milestone, underscores the platform’s rapid growth and success, solidifying it as a dominant force to reckon with in the social media landscape.

The short-form video platform began the year 2023 with an impressive $6.2 billion in consumer spending already under its belt. Throughout the year, it added an additional $3.8 billion, marking a substantial 61% growth.

The majority of TikTok’s revenue is reported to come from in-app purchases of coins, a virtual currency that users can use to purchase gifts for content creators on the platform. These gifts can be cashed out as fiat currency, with TikTok retaining 50% of the payout. Reports reveal that consumers are spending over $11 million per day tipping their favorite creators.

The platform also generates revenue outside of in-app purchases, like via advertising and e-commerce with TikTok shop. Following TikTok’s recent milestone, the head of insights at Data.Ai, Lexi Sydow, said that the platform revenue will grow to $15 billion in 2024, as TikTokers are poised to spend 40 hours a week each month in the app by 2024.

Since its launch in 2017, TikTok has become a leading player among short-form video social apps, with over a billion global users. The app quickly became the darling of Gen Z, which saw a lot of them become addicted to it, due to several remarkable features.

Currently, the platform has become a rave amongst other social media platforms as more than 15% of teens admit that they are on TikTok almost constantly.

In 2019, the app’s downloads surpassed that of Instagram, Facebook, Twitter, and Snapchat. By January 2020, users in their teens accounted for 37.2% of TikTok’s active user accounts in the U.S.

One remarkable thing about the app is that anyone can easily become a creator, as users feeds aren’t just limited to their followers, unlike other social media apps.

Notably, the platform is also increasingly being used by brands and celebrities to promote their content and reach new audiences. It has become a hot spot for influencer marketing and user-generated content, both of which are significantly helping small businesses grow their brand awareness effortlessly.

TikTok’s meteoric rise continues to be driven by its innovative and interesting features which have seen it become a hotbed for content creators. The app has shown no sign of slowing down, as it continues to introduce more interesting features to keep users engaged.

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