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Sui, Drivechains in Bitcoin as Senator Elizabeth Warren writes President Biden about plans on preventing Crypto-Financed Terrorism

By
Paul Ugbede Godwin
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0

Sui, the cryptocurrency exchange platform based in Singapore, has seen its share price plummet to a record low after a report emerged that the South Korean Financial Services Commission (FSC) is investigating its operations.

According to the report, the FSC is looking into allegations that Sui violated anti-money laundering and consumer protection laws, as well as failed to register as a virtual asset service provider in South Korea. The FSC has reportedly requested information from Sui and its local partner, Koinex, and may impose sanctions or even ban the exchange from operating in the country.

Sui, which launched in 2019, claims to be one of the largest and most secure crypto exchanges in Asia, with over 10 million users and more than 200 trading pairs. However, it has also faced several controversies and legal challenges in the past, such as being accused of inflating its trading volume, facilitating illegal gambling activities, and being hacked multiple times.

The news of the FSC probe has sent shockwaves through the crypto market, as South Korea is one of the biggest and most active markets for digital assets. Sui’s share price dropped by more than 40% on Monday, reaching a low of $0.12 per token. The exchange’s market capitalization has also shrunk to less than $100 million, down from over $1 billion at its peak.

Sui has not issued any official statement or comment on the report, but some analysts believe that the exchange may face a similar fate as Bithumb, another major crypto platform that was raided and fined by the South Korean authorities last year. Others suggest that Sui may try to relocate or rebrand itself to avoid further scrutiny and regain trust from its customers and investors.

Drivechains are a proposed extension to Bitcoin that could enable more innovation and scalability on the network. They are essentially sidechains that are secured by the main Bitcoin blockchain but allow for different rules and features. Drivechains could enable Bitcoin to support smart contracts, faster transactions, privacy enhancements, and more.

However, drivechains are not without challenges and trade-offs. One of the main issues is the security model of drivechains, which relies on miners to act honestly and not steal or censor the funds on the sidechains. This requires a high level of coordination and trust among miners, as well as incentives for them to behave correctly.

Bitfinex CTO Paolo Ardoino recently shared his views on drivechains and their potential impact on Bitcoin. He said that drivechains could be a “game-changer” for Bitcoin, as they would allow for more experimentation and innovation without compromising the security and decentralization of the main chain. He also said that drivechains could reduce the need for hard forks or contentious changes to the Bitcoin protocol.

However, Ardoino also pointed out some of the drawbacks and risks of drivechains. He said that drivechains would introduce more complexity and technical challenges to the Bitcoin ecosystem, and that they would require a lot of education and awareness among users and developers. He also said that drivechains would depend on the willingness and cooperation of miners, which could be influenced by external factors such as politics, regulations, or market conditions.

Ardoino concluded that drivechains are an interesting and promising idea, but that they are not a silver bullet for Bitcoin’s scalability and innovation challenges. He said that drivechains would require a lot of research, testing, and community feedback before they could be implemented safely and effectively. He also said that drivechains would not replace or compete with other scaling solutions such as Lightning Network or Liquid Network, but rather complement them and offer more choices and flexibility to users.

In a letter sent to President Joe Biden, Sen. Elizabeth Warren (D-Mass.) and 103 other members of Congress expressed their concerns about the potential use of cryptocurrencies to finance terrorist activities. The letter urges the administration to develop a comprehensive strategy to address the risks posed by the growing adoption of digital assets, especially in regions with weak or unstable governments.

The letter cites recent reports of terrorist groups such as ISIS, Al-Qaeda, and Hamas using cryptocurrencies to raise funds, evade sanctions, and facilitate cross-border transactions. The letter also notes that some countries, such as Iran, Venezuela, and North Korea, have attempted to use cryptocurrencies to circumvent U.S. and international pressure. The letter warns that these trends could undermine the effectiveness of U.S. counterterrorism efforts and pose a threat to national security.

The letter calls on the administration to work with Congress and other stakeholders to develop a coordinated response to the challenges posed by cryptocurrencies. The letter suggests several actions that could be taken, such as:

Enhancing the capacity of U.S. intelligence and law enforcement agencies to monitor and disrupt illicit crypto activities.

Strengthening the regulatory framework for crypto service providers and exchanges, both domestically and internationally.

Promoting international cooperation and information sharing among allies and partners on crypto-related issues.

Supporting innovation and research in the crypto sector, while ensuring that it adheres to high standards of transparency, accountability, and consumer protection.

The letter concludes by stating that the lawmakers stand ready to work with the administration to address the emerging threats posed by cryptocurrencies and ensure that they are used for legitimate purposes only.

The letter was signed by 104 members of Congress, including 12 senators and 92 representatives from both parties. The letter was also endorsed by several organizations, such as the Anti-Defamation League, the Center for a New American Security, and the Foundation for Defense of Democracies.

The Global Tech Industry Has Recorded More Than 240,000 Jobs Lost in 2023

By
Ojukwu Emmanuel
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0

Facing an uncertain global economy and slowing revenue growth, the tech industry across the globe has so far recorded a significant amount of layoffs in 2023.

According to data compiled by Layoffs. fyi, the online tracker keeping tabs on job losses in the technology sector, 1,069 tech companies have laid off about 244,342 staff so far this year, compared to 164,411 total layoffs last year.

Even though the year is not yet over, layoffs this year have outpaced that of last year as tech giant companies such as Meta, Amazon, LinkedIn, Google, Salesforce, IBM, Microsoft, PayPal, Intel, eBay, Zoom, as well as many smaller tech companies have announced job cuts.

Lately, there has been a contagion effect ravaging the once impenetrable tech sector as it has continued to record more job losses. In the UK, more than half of tech workers are reportedly applying for new roles in anticipation of being laid off.

The reason for workforce reductions follows a common script such as macroeconomic environment, cost-cutting plans, and restructuring while on a tumultuous path to profitability.

Continuing supply chain issues, inflation, are also having an impact on both business and consumer spending, leading to fears of recession.

According to industry insiders, they highlighted three key arguments for tech companies laying off employees.

Firstly, they noted that tech companies are undergoing a course correction after a period of over-hiring and endless optimism about market conditions.

It would be recalled that during the lockdown period, Tech companies saw record-high profits, as a result of this increase in online activity, it sparked a hiring frenzy to meet the rising demand.

For example, Meta nearly doubled its employee headcount during that period. This year, they announced they would be laying off nearly 11,000 employees. With people now reverting to their normal routines, there is a lower demand for tech services, and the need for these new hires also decreased.

Secondly, they stated that the prospect of an economic downturn provides cover for tech companies to reorganize without denting their reputations catastrophically.

Thirdly, they disclosed that the direction of innovation and the emergence of tools such as generative Artificial intelligence (AI) have sparked tech companies to question the skill sets of workers.

A small but growing number of tech firms have cited AI as a reason for laying off workers and rethinking new hires in recent months.

IBM CEO Arvind Krishna said in an interview with Bloomberg in May that the company expects to pause hiring for roles it thinks could be replaced with AI in the coming years.

Also in late April, file-storage service Dropbox said that it was cutting about 16% of its workforce, or about 500 people, also citing AI.

While there seems to be no substantial evidence that layoffs can be the magic cure for all the woes of tech companies this period, it has become the short-term go-to strategy.

Experts believe that there may yet be further layoffs in the near future, but noted that such predictions should not spell out doom and gloom for those aspiring techies.

Even though there may be predictions of tough times ahead, tech professionals are encouraged to  use this time to continue to upskill themselves and stay the course, regardless of incessant layoffs in the tech industry.

Vitalik Buterin hasn’t sold Ethereum for personal gain since 2018

By
Paul Ugbede Godwin
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0

Vitalik Buterin, the co-founder of Ethereum, has revealed that he has not sold any ether for personal gain since 2018. In a recent interview with Bloomberg, Buterin said that he has donated most of his ether holdings to various causes, such as pandemic relief, crypto research, and public goods. He also said that he does not intend to sell any more ether in the foreseeable future, as he believes in the long-term potential of the network.

Buterin’s statement comes amid a surge in the price of ether, which reached a new all-time high of over earlier this month. The second-largest cryptocurrency by market capitalization has outperformed bitcoin this year, gaining more than 400% compared to bitcoin’s 100%. Some analysts attribute this to the growing popularity of decentralized applications (dApps) and decentralized finance (DeFi) platforms that run on Ethereum, as well as the upcoming network upgrades that aim to improve scalability and efficiency.

Buterin, who holds about 333,000 ether worth around $1.3 billion at current prices, said that he is not motivated by wealth or fame, but by the social impact of his work. He said that he wants to use his influence and resources to support projects that can benefit humanity and the planet. He also said that he is not interested in becoming a billionaire or a celebrity, as he values his privacy and freedom.

Buterin’s altruism and vision have earned him respect and admiration from many in the crypto community, as well as from some prominent figures outside of it. For example, Elon Musk, the CEO of Tesla and SpaceX, recently praised Buterin for his work on Ethereum, calling him a “fearless leader”. Musk also said that he agrees with Buterin’s philosophy of not being attached to material possessions.

Buterin’s disclosure also contrasts with some other crypto founders and influencers who have been accused of selling their tokens or promoting dubious projects for personal gain. For instance, the creator of Litecoin, sold all of his Litecoin holdings in 2017, citing a conflict of interest. However, some critics claimed that he dumped his coins at the peak of the market and profited from the hype. Similarly, John McAfee, the antivirus software pioneer and crypto enthusiast, was indicted by the US authorities for allegedly promoting fraudulent ICOs and laundering millions of dollars.

Buterin’s integrity and dedication to Ethereum have made him one of the most influential and respected figures in the crypto space. His decision to not sell his ether for personal gain shows his confidence in the future of the network and his commitment to its development. As Ethereum continues to grow and innovate, Buterin’s role as its leader and visionary will remain crucial and inspiring.

However, Elixir Protocol, a decentralized exchange platform that leverages zero-knowledge proofs to enable fast and private transactions, has announced that it has raised $7.5 million in a Series A funding round led by Andreessen Horowitz. The round also saw participation from other prominent investors, such as Coinbase Ventures, Polychain Capital, and Electric Capital. The funding values Elixir Protocol at $100 million, making it one of the most valuable projects in the DeFi space.

Elixir Protocol aims to solve some of the key challenges facing current decentralized exchanges, such as high gas fees, low liquidity, and lack of privacy. By using zk-SNARKs, a form of zero-knowledge proofs, Elixir Protocol can process thousands of transactions per second without revealing any sensitive information about the users or the trades. This allows Elixir Protocol to offer a fast, secure, and scalable solution for DeFi users who value their privacy and sovereignty.

Elixir Protocol also features a novel liquidity mechanism that rewards liquidity providers with ELIX tokens, the native token of the platform. ELIX tokens can be used to govern the protocol, access premium features, and stake for additional rewards. Elixir Protocol plans to use the new funding to further develop its technology, expand its team, and grow its community.

“We are thrilled to have the support of such reputable investors who share our vision of building a more open and inclusive financial system,” said the founder and CEO of Elixir Protocol. “We believe that privacy is a fundamental human right and that DeFi users deserve a better way to exchange their assets without compromising their identity or security. Elixir Protocol is on a mission to make DeFi more accessible, efficient, and private for everyone.”

“Elixir Protocol is one of the most innovative and promising projects in the DeFi space,” said Chris Dixon, a partner at Andreessen Horowitz. “We are impressed by the team’s technical expertise and vision of creating a decentralized exchange platform that combines speed, scalability, and privacy. We are excited to partner with Elixir Protocol and help them achieve their goals.”

5G Expected to Benefit the Sub-Saharan African Economy by $11 Billion in 2030

By
Ojukwu Emmanuel
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0

Global organization unifying the mobile ecosystem to discover, develop, and deliver innovation, GSMA, in its recent report titled “The Mobile Economy Sub-Saharan Africa 2023”, revealed that 5G technology is expected to benefit the Sub-Saharan African economy by $11 billion in 2030.

With 297 operators in markets around the world launching mobile 5G services as of September 2023, the momentum for 5G continues to grow in Sub-Saharan Africa.

As of September 2023, 27 operators in 16 African markets have reportedly launched commercial mobile 5G services in the region, while several others have plans for a 5G launch.

GSMA report reveals that 5G will account for more than 6% of the overall economic impact of mobile connections in sub-Saharan Africa, as much of the technology benefit will materialize over the period to 2030, as some countries are in the early stages of deployment and 5G economic benefits will increase as the technology starts to achieve scale and widespread adoption.

In recent years, while the adoption of 4G technology has accelerated in Africa partly driven by the growing demand for faster speed among younger consumers, the 5G technology is also growing momentum with deployment in urban areas and industrial locations where there is a greater need for the technology.

5G adoption is expected to grow more quickly in the second half of this decade, rising to 17% by 2030. Sub-Saharan Africa will have 226 million 5G connections in 2030, equivalent to an adoption rate of 17%.

Nigeria and South Africa will account for almost half of these connections. However, the growth of 5G in the region will be slow but steady, as a larger share of the customer base will continue to migrate to 4G.

As a result of extensive 4G network buildout and growing 5G network deployments in Sub-Saharan Africa, capex will be on an upward trajectory over the next few years.

This will begin to trend downwards closer to 2030 as operators turn their focus to generating returns on investment. The focus over the next few years will be on extending coverage, along with network upgrades. At the same time, operators will be ramping up investments to support the growing momentum behind 5G.

Governments and enterprises in the African region are reportedly utilizing the technology to tackle the biggest challenges faced, and it has been poised to be a key player in this role.

5G is expected to benefit most sectors of the Sub-Saharan African economy, depending on their ability to incorporate 5G use cases in their business. Over the period to 2030, 32% of the benefits are expected to come from the manufacturing sector, driven by applications such as smart factories, smart cities, and smart grids, and 29% from the services sector.

Meanwhile, despite the growing momentum, the approach to 5G in the region will need to account for the current connectivity landscape and unique market features that could affect the rollout and adoption of the technology.

Hence, the region’s 5G network ecosystem players must find ways to deliver cost-effective and efficient 5G networks, balancing investment and value creation.

This comes at a time when 3G is the most dominant technology in Sub-Saharan Africa (accounting for 55% of total connections in 2022) while 4G is already dominant in other regions, implying network and customer readiness for the transition to 4G.

Nigeria Is Not Praying Enough! We Need Kinetic Prayer

By
Ndubuisi Ekekwe
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0

My Response to this post: “last week Statisense broke the data on how globally Nigeria is in bad company of countries whose citizens say they pray daily vs the results they deliver.”

My Response

Nigeria does not even pray enough. For people who do not understand what prayer is, they seem to think that it is a  mere religious oddity. As a Scripture Union kid, prayer was an energizer, because it conditioned my mind before exams. I cannot start a car engine today without a short prayer; it wins a psychological state for me. Prayer is not just about religion, it is therapy which boosts ego and elevates energy levels.

At the peak of the industrial revolution, England was a nation of prayers. As John Wesley roared, England boomed. But when they stopped, America picked it up, and rose. By the time Billy Graham had his microphones, America was mobilized to pray.

China prays but they call it yoga (a prayer with no “God” or “god” in mind). But it does condition the mind, just as religious prayer takes out burdens.  “In 2016, 89% of survey respondents in the US said they spent 1 to 5 hours a day practicing yoga. “ That is prayer without Jesus, Allah, etc. In most companies, they have yoga rooms because that thing works.

Nigeria’s problem is not prayer. Our problem is that we do not pray within the laws of physics, hoping for miracles and ignoring “faith without work is dead”, just as work without faith brings pain. Now that I am looking for a ministerial position, Nigeria can ask me to lead Ministry of Kinetic Prayers and Economic Transformation. Lol.

Comments on Feed

Comment 1: I always feel the people who attack Nigerians for praying too much always conflate correlation with causality; Is a reduction in prayers by Nigerians going to automatically turn Nigerians around??.
If these poll was taken during the industrial revolution, Nigeria would probably have been in the company of countries like Great Britain or the United States.
Did Dubai seemingly become the hub it has become because it’s citizens stopped praying, or did Lee Kuan Yew build Singapore by having his people stop praying??
What seems to be true is that great nations in prosperity become less dependent on God and may pray less, I don’t think great nation building, however, is birthed by stopping prayers.
Thanks Prof for your insights on this.

Comment 2: Thanks for this all important topic. My take on this is very simple: prayer is not the problem, as a matter of fact we need more of it times like this for it’s many advantages data can not capture. The question we need ask is: are these prayers prayer indeed?

The principle of true prayer is separate, so is the principle of work. Following one without the other will show in the long run.

Most Nigerians are not lazy in my assessment but we are against many odds that other nations have gone through also before they stabilize and become great.

I believe Nigeria will be great again but we need to work smarter and pray more prayers that work.

Comment 3: The word “Prayer” is a subjective term. The effect of it depends on:

  1. Who is praying
  2. Who are you praying to?
  3. What are you praying for?
  4. How are you praying?
  5. Why are you praying?

Someone rightly pointed out here that “correlation does not mean causation”! It is a logical fallacy to equate prayers alone to national development or economic prosperity. The truth remains that the Western civilization was built on the backbone of Biblical prayers and principles.

Even the Bible and many other religions beliefs instruct that prayer, meditation or call it a quiet moment of instrospection; if it is carried out daily without the corresponding work will amount to failure.

Man is a co-creator in his world. Prayer brings the Divine into the process which makes the outcome possible. Nations like China, Japan, UK, etc may be considered as less-praying nations, the fact remains that they practice a different form of prayers backed by sound pragmatic principles that lead to economic development.

In China there is zero tolerance to corruption. In UK the law is applied strictly to bring order. How can a praying nation prosper when it condones corruption?

Never stop praying, and never stop working!

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