Bitcoin is Decentralized and Independent

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August 30, 2023

Bitcoin is a decentralized digital currency that operates without the need for a central authority or intermediary. It is powered by a network of computers that verify and record transactions in a public ledger called the blockchain. Bitcoin has many advantages, such as low transaction fees, fast and global transfers, censorship resistance, and limited supply.

Bitcoin is the most popular and valuable cryptocurrency in the world, with a market capitalization of over $600 billion as of January 2022. But how does it compare to other cryptocurrencies, such as Ethereum, Tether, Litecoin, XRP, and others? What makes Bitcoin different and unique from the rest of the crypto space?

One of the main differences between Bitcoin and other cryptocurrencies is that Bitcoin is decentralized and independent. This means that no central authority or intermediary controls or governs Bitcoin, unlike traditional currencies that are issued and regulated by governments or central banks.

Bitcoin operates on a peer-to-peer network of computers, called nodes, that validate transactions and maintain a shared ledger of all Bitcoin transactions, called the blockchain. Anyone can run a node and participate in the network, without needing permission or trust from anyone else. This makes Bitcoin more transparent, secure, and censorship-resistant than other cryptocurrencies that rely on centralized servers or entities.

Another difference between Bitcoin and other cryptocurrencies is that Bitcoin is scarce and limited. There can only ever be 21 million bitcoins in existence, and about 18.5 million have already been mined as of January 2022. This scarcity gives Bitcoin a deflationary nature, meaning that its value tends to increase over time as demand outstrips supply.

Other cryptocurrencies, such as Ethereum, have no hard cap on their supply, meaning that they can be inflated indefinitely by their creators or developers. This can reduce their value and purchasing power over time, as more coins are introduced into circulation.

A third difference between Bitcoin and other cryptocurrencies is that Bitcoin is more accessible and widely adopted than most of its competitors. Bitcoin has a larger and more diverse ecosystem than other cryptocurrencies, with more applications, merchants, exchanges, wallets, and users that support it. This makes Bitcoin more convenient and useful than other digital coins that have limited functionality or acceptance.

Bitcoin also has more recognition and awareness than other cryptocurrencies, both among the general public and among institutional investors. Bitcoin is often seen as a store of value, a hedge against inflation, and a digital alternative to gold. Other cryptocurrencies are often seen as speculative or experimental projects that have yet to prove their worth or viability.

Bitcoin is not just another cryptocurrency. It is the original and most influential one, with unique features and advantages that make it stand out from the rest of the crypto space. Bitcoin is decentralized, scarce, limited, accessible, and widely adopted. These characteristics give Bitcoin a competitive edge over other cryptocurrencies and make it the leader and pioneer of the digital asset industry.

However, BTC has some disadvantages that potential users and investors should be aware of. Here are some of the main drawbacks of Bitcoin:

Volatility: Bitcoin is known for its high price fluctuations, which can make it unpredictable and risky for long-term holders. The price of Bitcoin can change dramatically in a short period of time, depending on factors such as supply and demand, media attention, regulatory developments, technical issues, and market sentiment.

For example, in 2017, Bitcoin reached an all-time high of nearly $20,000, only to drop to below $4,000 in 2018. In 2021, it surpassed $60,000, but then fell to around $30,000 in a matter of months. Such volatility can make it difficult to plan and budget with Bitcoin, as well as expose users to significant losses if they are not careful.

Scalability:

Bitcoin has a limited capacity to process transactions, which can result in congestion and delays on the network. The Bitcoin protocol limits the size of each block (a batch of transactions) to 1 megabyte, which means that only about 7 transactions can be confirmed per second on average. This is much lower than the throughput of traditional payment systems, such as Visa or PayPal, which can handle thousands of transactions per second.

As the demand for Bitcoin transactions grows, the network becomes more crowded, and the fees required to get a transaction confirmed increase. This can make Bitcoin impractical for small or frequent payments, as well as reduce its accessibility and inclusiveness for users with low income or limited resources.

Security:

Bitcoin transactions are irreversible, which means that once they are confirmed on the blockchain, they cannot be undone or modified. This feature is designed to prevent fraud and double spending, but it also has some drawbacks. For one thing, it means that users are responsible for safeguarding their own bitcoins and private keys (the passwords that allow them to access their funds). If they lose their keys or their devices are hacked or stolen, they may lose their bitcoins forever.

There is no recourse or recovery mechanism for lost or stolen bitcoins, unlike with traditional financial services that offer insurance or protection. For another thing, it means that users have to trust the security and reliability of the Bitcoin network and its software. If there are any bugs, glitches, or attacks on the network, such as a 51% attack (where a malicious entity gains control of more than half of the computing power on the network), the integrity and functionality of Bitcoin could be compromised.

Regulation:

Bitcoin operates in a legal and regulatory gray area, which can create uncertainty and challenges for users and businesses. Different countries and jurisdictions have different laws and rules regarding the use, taxation, and regulation of Bitcoin and other cryptocurrencies. Some are more friendly and supportive of Bitcoin, while others are more hostile and restrictive. For example, some countries like Japan and Switzerland have recognized Bitcoin as a legal tender or an asset, while others like China and India have banned or limited its use and trade.

Users and businesses have to be aware of the local laws and regulations that apply to them when using or dealing with Bitcoin, as well as the potential risks and consequences of non-compliance. Moreover, they have to be prepared for possible changes or updates in the legal and regulatory landscape, as authorities may introduce new policies or measures to address the challenges or opportunities posed by Bitcoin.

How Cloud Computing, Artificial Intelligence, Healthcare, and Self-Driving Cars Are Transforming the World

By

Paul Ugbede Godwin

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August 30, 2023

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Cloud computing, artificial intelligence, healthcare, and self-driving cars are some of the most exciting and innovative fields of technology today. In this blog post, I will explore how these technologies are transforming our lives and society, and what challenges and opportunities they present for the future.

Cloud computing is the delivery of computing services over the internet, such as servers, storage, databases, networking, software, analytics, and intelligence. Cloud computing offers faster innovation, flexible resources, and economies of scale. It also enables the development and deployment of artificial intelligence (AI) applications, which are systems that can perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision making, and natural language processing.

AI is one of the most disruptive technologies of our time, with the potential to improve many aspects of our lives, such as healthcare, education, entertainment, and transportation. AI can help diagnose diseases, discover new drugs, personalize learning, create realistic simulations, and enhance user experiences. AI can also power self-driving cars, which are vehicles that can operate without human intervention, using sensors, cameras, radar, lidar, and software to perceive and navigate their environment.

Healthcare is the provision of medical services to improve the health and well-being of people. Healthcare involves diagnosis, treatment, prevention, and management of diseases and injuries. Healthcare also encompasses public health, mental health, social care, and wellness. Healthcare is one of the most important and complex sectors of society, affecting millions of lives every day.

Walmart will give its 50,000 or so non-store employees access to a generative AI app that’s trained on corporate information, the company announced on LinkedInWednesday. The chain said the “My Assistant” app will be able to help with everything from “summarizing long documents to assisting in the creation of new content,” in a push to both boost efficiency and save workers time on “monotonous, repetitive tasks.” Ultimately, Walmart aims to expand the uses of the app to everything from booking a conference room to choosing benefits — and may one day use it for customers, too.

While some companies are, like Walmart, embracing the use of AI, others are restricting itor blocking it completely, citing intellectual property and privacy concerns. Earlier this week, ChatGPT creator OpenAI introduced a business-specific version of the app. (LinkedIn News)

Self-driving cars are expected to revolutionize the transportation industry, by reducing traffic accidents, congestion, pollution, and costs. Self-driving cars can also improve mobility and accessibility for people who cannot drive themselves, such as the elderly, the disabled, or the intoxicated. Self-driving cars can also create new opportunities for leisure, work, and entertainment, as passengers can enjoy their time in the car without worrying about driving.

However, cloud computing, AI, healthcare, and self-driving cars also pose significant challenges and risks that need to be addressed. For example:

Cloud computing requires a reliable and secure internet connection and infrastructure. It also raises privacy and security concerns, as users have to trust third-party providers with their sensitive data. Cloud computing also depends on the availability and reliability of the cloud service providers, which may be affected by technical issues or cyberattacks.

AI may have unintended or harmful consequences if it is not designed or used ethically and responsibly. AI may also create social and economic issues, such as unemployment, inequality, bias, discrimination, and human rights violations. AI may also pose existential threats to humanity if it surpasses human intelligence and control.

Healthcare involves complex and sensitive data that need to be protected and handled with care. Healthcare also requires high standards of quality and safety that need to be ensured and monitored. Healthcare also faces ethical and legal dilemmas that need to be resolved and regulated.

Self-driving cars are vehicles that can operate without human intervention, using sensors, cameras, radar, lidar, GPS, and software to perceive their environment and navigate autonomously. Self-driving cars have the potential to reduce traffic accidents, congestion, pollution, and fuel consumption. Self-driving cars also offer convenience, comfort, and accessibility for passengers.

These four technologies are interconnected and interdependent. Cloud computing provides the infrastructure and platform for AI to run and store data. AI enables self-driving cars to perceive and react to their surroundings. Self-driving cars generate massive amounts of data that can be analyzed by AI and stored in the cloud. Healthcare can benefit from all these technologies by improving diagnosis, treatment, prevention, and management of diseases and injuries.

Self-driving cars may encounter unpredictable or complex situations that may challenge their performance and safety. Self-driving cars may also cause ethical and moral dilemmas in case of accidents or emergencies. Self-driving cars may also have social and economic impacts on drivers, passengers, pedestrians, and other road users.

Therefore, cloud computing, AI, healthcare, and self-driving cars are transforming the world in many ways. They offer great benefits and opportunities for innovation and improvement. However, they also require careful consideration and regulation to ensure their ethical and responsible use and development.

However, these technologies also pose significant challenges and risks for society. Cloud computing raises issues of privacy, security, governance, and ethics. AI poses questions of accountability, transparency, fairness, and human dignity. Self-driving cars face technical, legal, social, and ethical dilemmas. Healthcare confronts ethical, regulatory, cultural, and economic barriers.

It is essential to develop these technologies in a responsible and sustainable way that respects human values and rights. It is also important to educate and empower people to understand and use these technologies for good. By doing so, we can harness the power of cloud computing, artificial intelligence, healthcare, and self-driving cars to create a better world for everyone.

OpenAI could generate over $1 billion in revenue over the next year — far more than the company’s previous revenue projections, reports The Information, citing an anonymous source. That figure suggests the company is currently generating more than $80 million a month in revenue. OpenAI was valued at $27 billion earlier this year, and generated just $28 million in revenue last year before it started charging users for ChatGPT. Back in February, the chatbot became the fastest-growing app ever, hitting 100 million users sooner than Instagram, Netflix or TikTok — though it quickly lost the title to Meta’s Threads app.

Earlier this week, OpenAI said teams in more than 80%of Fortune 500 companies had started using ChatGPT over the last nine months. (LinkedIn News_

Unveiling Entrepreneurial Icons in Egypt and South Africa: Where is the Media?

By

Mutiu Iyanda

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August 30, 2023

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Entrepreneurship is a vital catalyst for economic growth and societal development. The rise of successful entrepreneurs not only contributes to economic prosperity but also inspires a culture of innovation, determination, and self-reliance among citizens. In this context, media plays a pivotal role in shaping perceptions, aspirations, and intentions regarding entrepreneurship.

A thorough analysis of the Global Entrepreneurship Monitor (GEM) reports from 2013 to 2022 reveals that media attention to successful entrepreneurs in South Africa has outshone that of Egypt. This piece delves into the significance of media portrayal in fostering an entrepreneurial environment, explores the link between media attention and entrepreneurial intent, and proposes practical solutions for policymakers and stakeholders in both countries.

The Discrepancy: Media Attention to Successful Entrepreneurs

Between 2013 and 2022, the GEM reports highlighted a noteworthy variance in media attention to successful entrepreneurs in South Africa and Egypt. The average media score for South Africa stood at an impressive 73.9, while Egypt lagged behind with a score of 61.8. A careful analysis of this data, however, brought to light a more nuanced narrative. Contrary to expectations, Egyptian media emerged as the frontrunner in reporting successful entrepreneurs, suggesting their readiness to contribute to citizens’ perceptions of entrepreneurship. This insight underscores the power of media in shaping societal outlooks, particularly among adults aged 18 to 64, a demographic critical to entrepreneurial growth.

Media Attention and Entrepreneurial Intent: A Correlation Unveiled

The relationship between media attention and entrepreneurial intent cannot be understated. A deeper exploration of the GEM reports revealed a strong connection between the media’s focus on accomplished entrepreneurs and citizens’ inclination towards entrepreneurship in both Egypt and South Africa.

In Egypt, each unit increase in media reporting on accomplished entrepreneurs led to a significant 69.4% rise in citizens’ intention to engage in entrepreneurial activities. A similar correlation was observed in South Africa, albeit with a slightly lower impact of 33.5%. These findings underscore the media’s potential to drive entrepreneurial aspirations and decision-making.

Practical Solutions for Policymakers and Stakeholders

Media Empowerment and Collaboration: Policymakers should facilitate media empowerment programs to enhance reporting standards, with a focus on balanced and comprehensive coverage of successful entrepreneurs. Encouraging collaboration between media outlets and entrepreneurship-focused organizations can create a mutually beneficial ecosystem that amplifies success stories and showcases the challenges entrepreneurs overcome.
Public-Private Partnerships: Establishing partnerships between governmental bodies, private sector players, and media organizations can lead to the creation of dedicated platforms for entrepreneur-focused content. These platforms can spotlight successful entrepreneurs, share insights, and promote entrepreneurial role models, thereby stimulating public interest and intent.
Educational Initiatives: Develop comprehensive educational programs that integrate entrepreneurial values into the curriculum at all levels of education. By incorporating entrepreneurship into formal education, policymakers can nurture a culture of innovation and risk-taking from an early age, bolstered by positive media narratives.
Celebrating Diversity: Recognize and celebrate entrepreneurs from diverse backgrounds, industries, and regions. A diverse array of success stories can resonate with a wider audience, encouraging individuals from all walks of life to consider entrepreneurship as a viable career option.
Media Literacy Campaigns: Launch media literacy campaigns to help citizens critically assess and interpret entrepreneurship-related content. By fostering a discerning audience, media attention can be channelled more effectively towards fostering genuine interest and understanding.
Government Recognition: Governments can play a pivotal role in acknowledging and rewarding successful entrepreneurs. National awards and honours can not only highlight entrepreneurial achievements but also encourage media coverage that reflects their contributions accurately.

Media attention to successful entrepreneurs significantly influences citizens’ perceptions and intentions regarding entrepreneurship. While South Africa’s media has excelled in this regard, the case of Egypt highlights the potential for media to drive entrepreneurial aspirations. Policymakers, stakeholders, and media organizations in both countries have a shared responsibility to harness this potential for fostering a vibrant entrepreneurial ecosystem.

Implementing practical solutions aimed at enhancing media coverage, collaborating across sectors, and nurturing an entrepreneurial spirit from early education, Egypt, South Africa, and countries worldwide can pave the way for a new era of innovation, economic growth, and individual empowerment.

Lagos Blue Rail Line to Begin Operation Sept 4, Costs N750 Per Trip

By

Samuel Nwite

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August 30, 2023

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The Lagos State Government has announced that the first phase of the Blue Rail Line will commence commercial operation on Monday, September 4, 2023.

In a statement titled, ‘Lagos to commence blue rail line operation on Monday’, the state government said the commencement of the Blue Rail Line operation will be followed by other activities that will sustain the transport initiative.

The managing director of Lagos Metropolitan Area Transport Authority, Mrs Abimbola Akinajo made this known at the marina train station.

According to the LAMATA MD, the first train ride will kick off by 9. a.m. with Governor Babajide Sanwo-Olu on board, along with other passengers, which is from Marina to Mile 2 train station.

Lagosians have eagerly anticipated the kickoff of the Blue Rail Line since it was commissioned by former President Muhammadu Buhari on January 24, 2023.

The commissioning of the project included the signing of paperwork for the commencement of Phase 2 of the project, which covers from Mile 2 to Okokomaiko. The event was also witnessed by Buhari.

As a segment of the Lagos Rail Mass Transit, the Blue rail line will stretch over a distance of 27.5 km, connecting Marina to Okokomaiko. It will feature 13 stations and facilitate an end-to-end travel time of 35 minutes. The stations are at Marina, National Theatre, Orile Iganmu, Suru-Alaba, and Mile 2, while phase two upon completion, will extend the line 27km to Okokomaiko in Ojo.

The complete Blue Line system will operate on a dedicated and secure pathway, entirely separated from road traffic and pedestrians, eliminating both level crossings and unregulated entry points.

In February 2023, the state government initiated a 2-month trial run of the 13-kilometer Lagos Blue Line train service.

The statement quoted the LAMATA MD explaining how the operations will unfold.

Mrs Akinajo explains that for the first four weeks, the rain will run only twelve trips with the locomotive system. After one month LAMATA will commence electric-powered train operation with 76 trips, also with estimated passengers between 150,000 and 175,000, from 5.30 am to 11 pm daily. And the train will only stop for 90 seconds at each station.

According to her, the transport palliative announced by Governor Sanwo-Olu will also reflect on train transportation. She said it would cost N750 per trip.

The LAMATA MD appeals to residents of Lagos not to cross the rail tracks because it is energized. Anyone found carrying out illegal activities across the five train stations will be prosecuted.

The first phase of the Blue Rail Line (from Marina to Mile 2) was scheduled to begin operation by the end of the first quarter of 2023, but it experienced delays. The delays have left many who see the project as a reprieve from their hectic daily commuting to the island disappointed.

“We couldn’t begin operations as intended by the end of the first quarter due to unexpected issues. Although we promised an August launch, we faced challenges in meeting that timeline,” Akinajo explained.

Leadership Is Failing Africa, Not Democracy!

By

Ndubuisi Ekekwe

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August 30, 2023

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As Gabon goes into paralysis, many are writing that Africa should do away with “democracy” because it has not delivered sustained dividends to the people. Yes, poverty, hopelessness and despair continue to be the byproducts of Africa’s democracy.

But the question is this: what is the alternative? Certainly, not the military because we have seen their results also. Yes, they’re “no good”, and there is no way we can forget in a hurry how decades of military rule destroyed Africa. When politicians steal, you know. But when the khaki men steal, you see no records because they keep none.

My postulation is simple: we need to focus on Leadership and not just on “Democracy” with the colouration of the Western mindset. As a certified village boy who did not leave the village until they forced me to leave the village for college, I can tell you that most African communities have indigenous democratic systems.

In most Igbo communities, the oldest man in the clan runs the community and he seeks counsel from other elders. Even though he may seem to be the boss, he does not wield any unusual power; he folds into the antennas of the citizens. In Ovim, the Ojengwa women are like police officers. They have the power to excommunicate stubborn people and ban them. But before that is done, everyone must agree that the person is really bad. Consensus and democratic ideals!

Democracy is not for the Western world. What you can say they have more than us is better leadership. But Africa cannot have better leadership when we vote based on tribe, religion, etc. The fact is this: poverty does not respect tribe, religion, etc.

Good People, Africa’s problem is not Western Democracy. And the solution is not military rule. What we have to do is become real, and that means leaving behind tribalism, religiosity, etc as we choose leaders. The solution is good governance and that cannot come without a filtering process.

If we can improve the electoral process, democracy will give us what we need. I have advocated that the African Union should take over conducting elections as it makes no sense to allow sitting presidents to supervise elections their parties or themselves are participating in.

Interestingly, I made that point in the City of Democracy, Libreville, Gabon, as the now deposed president of Gabon smiled. I called it the African Democratic Commission with a clear mandate to conduct free and fair elections under the tenets of the AU within member states!

Comment on Feed

Comment 1: I completely agree with you, Prof. Ndubuisi Ekekwe!

Whenever I condemn military coups, some folks erroneously believe that it means I agree with our current democratic anomaly in Africa; no, I don’t agree with our current system a bit.

As you’ve noted, a redesign of our system (African Union serving as electoral umpire) and building leadership in all spheres of our institutions (beyond looking for a presidential savior) is what we need.

I witnessed some of the years during Nigeria military juntas; those guys are very abusive and power drunk. I remember several times how a private officer would beat up older men in their SUVs on the roads (at the slightest provocations), the scale of corruption (no one dared report, etc. Since then, I have loathed the military regime and detested them in power; they are made for Command and control.

Africa needs to build its own systems, have its own debates (we need to learn how to disagree to agree), and its own identity. We do not need a ‘Boss’ at the helm of affairs; we need ‘leaders’ throughout our organizations.

Comment 2: Political leaders in Africa are pushing the people to the wall. What is playing out should serve as a reminder to them that there are alternatives to democracy, and it’s a different conversation whether those alternatives are acceptable or not. In any case, the people should have a say in what the acceptable mode of political governance is. AU, ECOWAS and the rest should design a mechanism to develop metrics for leadership and governance, and encourage subtle peer review.

You cannot be beating a child and tell him or her not to cry. The people will support any alternative at this point because democracy in Africa seems to be a safe haven for leadership without purpose