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What is Internet Computer Protocol (ICP)?

By
Paul Ugbede Godwin
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0

The Internet Computer Protocol (ICP) is a novel technology that aims to extend the functionality of the public internet. ICP enables developers to create and deploy software that runs directly on the internet, without relying on any intermediaries or centralized platforms. ICP is powered by a network of independent data centers that host specialized hardware and software nodes. These nodes communicate and coordinate through a protocol called Chain Key Technology, which ensures the security, performance, and scalability of the network.

ICP is designed to address some of the major challenges and limitations of the current internet infrastructure, such as:

The lack of interoperability and composability among different services and applications. The high costs and complexity of developing, deploying, and maintaining software. The vulnerability to censorship, manipulation, and hacking by malicious actors. The inefficiency and environmental impact of wasteful computation and storage

By providing a unified platform for building and running software on the internet, ICP enables developers to create:

Open services that can interoperate and compose with other services across the network. Autonomous software that can self-manage and self-govern without human intervention. Tamper-proof software that can resist attacks and guarantee data integrity.

Efficient software that can optimize resource utilization and reduce energy consumption. Some of the use cases and applications that can benefit from ICP include:

Social media platforms that can preserve user privacy and data sovereignty. Decentralized finance protocols that can offer transparent and fair financial services. Web3 applications that can leverage the power of smart contracts and blockchain technology. Enterprise solutions that can streamline business processes and workflows. Internet-of-things systems that can connect and coordinate devices and sensors.

One of the most common questions about ICP is how it compares to Ethereum, the leading smart contract platform. Ethereum is a layer two blockchain protocol that runs on top of the existing internet infrastructure. Ethereum allows developers to create decentralized applications (DApps) that run on a global network of nodes. Ethereum has been instrumental in fostering the growth of the decentralized web, but it also faces some challenges, such as scalability, security, and usability.

ICP differs from Ethereum in several ways. First, ICP is a layer one protocol that creates a new internet architecture, rather than relying on the existing one. ICP does not need any intermediaries or gatekeepers to run its services, as it connects directly to the physical layer of the internet. Second, ICP is faster and more scalable than Ethereum, as it can process thousands of transactions per second at web speed, while Ethereum can only handle a few dozen transactions per second at slower speeds.

Third, ICP is more secure and private than Ethereum, as it encrypts and verifies all data and computation by default, while Ethereum requires additional layers of encryption and verification for some applications. Fourth, ICP is more cost-effective and user-friendly than Ethereum, as it does not charge any fees for its services, while Ethereum requires users to pay gas fees for every transaction.

ICP is not a competitor to Ethereum, but a complementary technology that can enhance the decentralized web. ICP and Ethereum can work together to create interoperable services that leverage the best features of both protocols.

For example, developers can use ICP to create fast and secure web services that interact with Ethereum’s smart contracts and tokens. Alternatively, developers can use Ethereum to create complex logic and governance mechanisms that interact with ICP’s open internet services.

ICP is not just a protocol, but a vision for a new internet paradigm. ICP aims to democratize the creation and distribution of software, and to empower users and developers with more choice, freedom, and innovation. ICP is an ambitious project that has the potential to transform the internet as we know it.

Anonymous Activist Group Inscribing Classified US War Logs into Bitcoin

By
Paul Ugbede Godwin
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0

In a bold and unprecedented move, an anonymous activist group has announced that they are using the Bitcoin blockchain to store and disseminate classified US war logs that expose the atrocities committed by the US military in Iraq and Afghanistan. The group claims that they are doing this to protest the unjust imprisonment of Julian Assange, the founder of WikiLeaks, who first published these documents in 2010.

The project is called ‘Project Spartacus’ which intend to use the bitcoin blockchain as a permanent and censorship-resistant storage for the thousands of classified documents. The project’s website states that ‘Project Spartacus’ is inspired by the legendary gladiator who led a slave uprising against the Roman Empire, and by the courage and sacrifice of the whistleblowers who risked their lives to expose the truth.

The project claims that by embedding the Afghan War logs into the bitcoin blockchain, they will ensure that the documents will remain accessible and verifiable for generations to come, regardless of any attempts to erase or manipulate them by governments or corporations.

The project’s website also provides instructions on how to download, verify and view the documents using a bitcoin node and a web browser. The project encourages anyone who supports their cause to donate bitcoin to their address, which will be used to cover the fees of embedding the data into the blockchain. The project also invites other whistleblowers and journalists to contact them if they have any sensitive information that they want to preserve and share with the world.

The project has already received some support and criticism from various quarters. Some praised the project as a noble and innovative way of safeguarding the historical record and honoring the whistleblowers, while others denounced it as a reckless and illegal act that could endanger national security and put lives at risk. Some also questioned the technical feasibility and sustainability of the project, given the limited space and high costs of storing data on the bitcoin blockchain.

The project’s website does not reveal any information about the identity or location of its members, nor does it specify when or how they obtained the Afghan War logs. WikiLeaks, the original publisher of the documents, has not commented on or endorsed the project. The US government, which has been pursuing legal action against WikiLeaks and its founder Julian Assange for over a decade, has not issued any statement or response to the project either.

The group, which calls itself “The Cypherpunks”, has released a statement explaining their motivation and methodology. They say that they are inspired by Assange’s vision of using cryptography to create a more transparent and accountable world, and that they are using Bitcoin as a tool to achieve this goal.

The group says that they have encoded the war logs into hexadecimal data, which can be embedded into Bitcoin transactions as “OP_RETURN” outputs. These outputs are not spendable, but they are permanently recorded on the blockchain, which is a distributed ledger that records every transaction ever made with Bitcoin. The group says that they have created a website that allows anyone to access and decode these outputs, and to verify their authenticity by comparing them with the original WikiLeaks files.

The group claims that by using Bitcoin, they are making the war logs immune to censorship, deletion, or alteration. They say that anyone who runs a Bitcoin node, which is a software that validates and relays transactions on the network, is effectively hosting a copy of these documents on their computer. The group also says that anyone who mines Bitcoin, which is a process that secures the network and creates new coins, is indirectly contributing to the preservation of these documents.

The group says that they have chosen to use Bitcoin because it is the most secure, decentralized, and resilient cryptocurrency in existence. They say that Bitcoin is designed to resist any form of coercion, corruption, or compromise, and that it is protected by a global network of thousands of nodes and millions of users. The group says that they trust Bitcoin more than any other platform or institution to safeguard the truth about US war crimes.

The group says that they are not affiliated with any organization or ideology, and that they are acting solely out of their conscience and conviction. They say that they are not seeking fame or profit, and that they are willing to face any consequences for their actions. They say that they are doing this for the sake of justice, freedom, and peace.

The group says that they are not done yet, and that they plan to continue encoding and uploading more classified documents to the Bitcoin blockchain in the future. They say that they have access to a vast trove of information that exposes the corruption and criminality of the US government and its allies. They say that they will not stop until Assange is freed, and until the world knows the truth.

Central Bank of Nigeria Removes FX Restriction on 43 Items, to Begin Intervention

By
Samuel Nwite
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0

The Central Bank of Nigeria (CBN) has announced the removal of 43 items from FX restriction, a move geared towards facilitating a vibrant FX market.

The decision was disclosed in a circular signed by Isa AbdulMumin, Director of Corporate Communications, and was released on Thursday.

The circular reads:

1. The Central Bank of Nigeria (CBN) will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates on a Willing Buyer – Willing Seller principle.

2. The CBN reiterates that the prevailing Foreign Exchange (FX) rates should be referenced from platforms such as the CBN website, FMDQ, and other recognized or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.

3. As part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time. As market liquidity improves, these CBN interventions will gradually decrease.

4. Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.

5. The CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.

6. The CBN has set as one of its goals the attainment of a single FX market. Consultation is ongoing with market participants to achieve this goal.

Participants and the general public are to be guided by the above.

Financial experts have criticized the CBN’s delay in removing the 43 items, saying it is an indication that the naira was only devalued and not floated as the apex bank announced in June.

Former CBN governor Godwin Emefiele imposed the FX restrictions on the 43 items as part of his policies aimed at taming Nigeria’s volatile forex market. However, the move drew severe criticism from business leaders.

Below is the list of the 43 items:

  1. Rice
  2. Cement
  3. Margarine
  4. Palm Kernel/Palm oil products/vegetable oils
  5. Meat and Processed Meat Products
  6. Vegetables and Processed Vegetable Products
  7. Poultry – chicken, eggs, Turkey
  8. Private Airplanes/Jets
  9. Indian Incense
  10. Tinned Fish In sauce (Gelsha)/Sardines
  11. Cold Rolled Steel Sheets
  12. Galvanized Steel Sheets
  13. Roofing Sheets
  14. Wheelbarrows
  15. Head Pans
  16. Metal Boxes and Containers
  17. Enamelware
  18. Steel Drums
  19. Steel Pipes
  20. Wire Rods (deformed and not deformed)
  21. Iron Rods and ReInforcina Bars
  22. Wire Mesh
  23. Steel Nalls
  24. Security and Razor Wire
  25. Wood Particle Boards and Panels
  26. Wood Fiber Boards and Panels
  27. Plywood Boards and Panels
  28. Wooden Doors
  29. Furniture
  30. Toothpicks
  31. Glass and Glassware
  32. Kitchen Utensils
  33. Tableware
  34. Tiles – vitrified and ceramic
  35. Textiles
  36. Woven Fabrics
  37. Clothes
  38. Plastic and Rubber Products, Cellophane Wrappers
  39. Soap and cosmetics
  40. Tomatoes/Tomato Pastes
  41. Euro bond/Foreign Currency Bond/Share Purchases
  42. Milk
  43. Maize

These 43 main items, which include various sub-items categorized by their respective import codes as designated by the Nigerian Customs, have been restricted from accessing foreign exchange through the Investor & Exporter window. This measure aims to encourage local production and reduce their impact on the scarcity of the U.S. dollar in the country.

However, doubts have trailed the CBN’s promise to ensure adequate FX liquidity through interventions. This is because the Nigerian government is currently looking for funds to boost its dollar supply.

In August, the Nigerian National Petroleum Company Limited (NNPCL) secured a $3 billion emergency crude oil-backed loan from the Afreximbank. However the government’s plan to strengthen the naira through a loan from Afrexim Bank has not materialized yet, as the pan-African bank is reportedly seeking buyers for the oil to generate funds to support the loan.

—Press release

CBN Restates Commitment To Boost Liquidity in FOREX Market

  1. The Central Bank of Nigeria (CBN) will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates on a Willing Buyer – Willing Seller principle.
  1. The CBN reiterates that the prevailing Foreign Exchange (FX) rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.
  1. As part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market byinterventions from time to time. As market liquidity improves, these CBN interventions will gradually decrease.
  1. Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.
  1. The CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.
  1. The CBN has set as one of its goals the attainment of a single FX market. Consultation is ongoing with market participants to achieve this goal.

Participants and the general public are to be guided by the above.

Isa AbdulMumin PhD Director, Corporate Communications

 October 12, 2023

Best Altcoin To Buy For 10x Returns In 2024 – Solana, Avalanche And Scorpion Casino Token Presale

By
TI Partners
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0

We all hear stories about how much money someone made from Bitcoin but what most investors won’t tell you is that most of their portfolio is made up on altcoins instead. Today we are going to look into three altcoins that have the potential to give you 10x returns on your investment in 2024. These altcoins are Solana, Avalanche and a crypto presale, Scorpion Casino Token (SCORP). So let’s dive in and see what all the fuss is about!

Solana – A Force to Be Reckoned With

Solana has been making waves in the crypto sphere with its lightning-fast transactions and scalable infrastructure. It’s often hailed as one of the most promising blockchains, and its ecosystem is growing at a rapid pace. The Solana blockchain has been designed to handle high-throughput, making it an attractive option for decentralized applications (dApps) and DeFi projects. With its commitment to innovation, Solana has the potential to soar to new heights in 2024.

Avalanche – Bridging the Gap

Avalanche, another contender in the crypto space, is known for its ability to bring different blockchain networks together. Its interoperability features are gaining traction, making it an essential player in the expanding world of decentralized finance. Avalanche provides a platform where developers can create and launch their dApps with ease. As more projects choose Avalanche for its versatility, its value could skyrocket in 2024.

Scorpion Casino Token (SCORP) – The Game-Changer

Now, let’s delve into the Scorpion Casino Token, a unique cryptocurrency that operates in a space that merges two exciting worlds: blockchain technology and online gaming. SCORP presents an enticing opportunity for passive income within the vibrant online gaming industry. Leveraging the power of blockchain ensures transparency, efficiency, and security for both players and investors.

With the online gaming market expected to grow to a staggering $145.6 billion by 2030, SCORP is positioned to thrive. The SCORP presale has already demonstrated its potential by raising an impressive $1.3 million. The Scorpion Casino platform itself has become a go-to destination for online gaming enthusiasts, offering a wide array of options, from sports betting to classic roulette.

What sets SCORP apart is its robust tokenomics system, including buy-backs and burns, which enhance the staking experience. This promises a dynamic avenue for passive income in the ever-evolving crypto landscape. Perhaps most importantly, SCORP offers a unique revenue-sharing system that is unrelated to the frequent market fluctuations seen in the crypto world. This means that SCORP could potentially be the golden goose of crypto passive income in 2024.

SCORP Stands Strong

Solana and Avalanche certainly deserve your attention when looking for altcoin investment. Their innovative technologies and expanding ecosystems make them formidable candidates. However, when considering the enticing prospect of passive income within the online gaming industry, the Scorpion Casino Token (SCORP) stands out as a unique and promising opportunity.

SCORP’s blend of blockchain technology and online gaming positions it as a potential game-changer. With its impressive presale success and revenue-sharing system, SCORP offers a tantalizing glimpse into the future of crypto investments. So, as you explore the exciting possibilities in the crypto market, don’t forget to keep an eye on SCORP.

And if you’re ready to take the next step, you can find more information and participate in the SCORP presale by visiting their website. Act quickly, as the current presale stage is ending soon!

 

More info on Scorpion Casino Token:

Presale: https://presale.scorpion.casino/

Twitter: https://twitter.com/ScorpionCasino

Telegram: https://t.me/scorpioncasino_official

Egyptian Insurtech Startup Amenli Raises $1 Million Funding to Propel Its Expansion Efforts

By
Ojukwu Emmanuel
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0

Amenli, an Egyptian insurtech startup, has announced the raise of $1 million in funding to support its expansion and growth efforts.

The funding round was led by Alter Global, a leading international VC firm focused on emerging markets, with participation from the Qatar Insurance Company’s corporate VC arm Digital Venture Partners (DVP), one of the biggest insurance groups in the MENA region.

According to Amenli, the funding will be used to introduce new products, which will be targeted at both old and new customers to satisfy unmet insurance needs as well as develop new distribution channels to maximize efficiency and reach.

Also, the startup will focus on dominating the B2B2C space, capitalizing on its insurance API.

Speaking on the funds raised, the CEO of Amenli Shady El Tohfa said,

“The funding round is a substantial validator and a strong vote of confidence for Amenli, particularly amidst the current investment and economic environment. The backing of these prominent investors, who all possess extensive experience in the tech and insurance sectors regionally and globally, has reinforced our belief in the strength of our vision and in moving forward with our plans for Amenli’s expansion and growth”.

Also speaking on its investment in Amenli, Allen Taylor partner at Alter Global said,

“We are impressed with Amenli’s vision to revolutionize Egypt’s largely underpenetrated insurance market, which currently stands at less than one percent. Amenli has built the technological infrastructure to create strong distribution and product innovation advantages, thereby enhancing the insurance experience for both individuals and SMEs alike”.

Founded in 2020 by Adham Nauman, Omar Ezz El Din, and Shady EITohfa, Amenli offers its clients all types of insurance, with a focus on medical, car, home, and business offerings.

The insurtech startup also handles client claims with insurance companies on behalf of their customers. Through the platform, customers can buy insurance with a convenient and transparent experience.

They also do not need to wait a lifetime to get a quote or get boarded, as they provide the ability to do everything from the comfort of their home. Customers can buy their medical, car, or home insurance with installments of up to 12 months, through their preferred bank.

So far the startup has experienced remarkable growth, marking a fivefold increase compared to the same period in the previous year, and with the newly acquired capital, it anticipates accelerated expansion.

Amenli aims to democratize access to insurance through digital direct channels & embedded insurance API, for mid-income Egyptian families. The startup is licensed by Egypt’s Financial Regulatory Authority (FRA).

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