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Uwerx Proves Its Sustainability Post-Successful Launch As It Makes Moves To Overcome The Hack Hurdle

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As blockchain and the freelance industry experience fast-paced adoption, it is bound to attract investors and, unfortunately, hackers too. Being aware of the activities of hackers over the years, Uwerx developers ensured they received audit approval from SolidProof and InterFi Network before even commencing presale activities.

After the recent hack following its successful launch on Uniswap, Uwerx has implemented plans for a full recovery to reclaim the trust of its investors and continue its goal of revolutionizing the freelance industry. Continue reading for more details on the Uwerx hack and the project’s plan for a full recovery.

Uwerx’s Successful Presale Ended On A High Note

The Uwerx presale, which began late March this year, finally ended on July 31st at 23:59 UTC. It enjoyed an influx of buyers and had to adjust its tokenomics to accommodate the new buyers. Its WERX token was sold at the final price of $0.05645, while last-minute buyers enjoyed a special final bonus of 27.5%.

The 5-phased presale attracted over 2,000 Twitter followers and 2,500 members on Telegram. This signifies users’ strong belief in Uwerx’s vision to empower the common man with the thriving gig economy.

Furthermore, remarkable progress has been made in the development of the Uwerx platform. The developers have already completed the design of some of the Core Functionality of the platform. These include the Application Preview, Chat System within job postings, Contract Preview, Message Search, Unlogged view for Agency, Freelancer, and Client, and Agency role selection.

Other completed pages are Settings, Help Center, Login, Create Account, Forgotten Password, Privacy Policy, Finished Payments, and Security Sections.

Meanwhile, the Core Functionality Designs that will be completed within the next two weeks include the Client Dashboard, Freelancer Dashboard, Agency Dashboard, Management of Ongoing Projects, and Additional Settings Pages. Once these designs are completed, the developers will commence the design of the premium elements of the Uwerx platform.

However, thanks to the commitment of the Uwerx team, the Uwerx Vault has been successfully completed and will complete its auditing process within the first week of August. Meanwhile, 84% of the Uwerx community has indicated their interest in utilizing the Vault to secure their funds and maximize their earnings.

On August 1st at 16:00 UTC, Uwerx performed its highly anticipated launch on Uniswap. The team revealed a 3% sell tax, 1% token burn, and 2% marketing. It also fulfilled its promise of locking deployed liquidity for 25 years, as previously announced during the presale. In addition, they reiterated their plan to renounce smart contract ownership soon after the CEX launch.

Finally, Uwerx announced its Buy-back program to provide additional support for the project. The campaign was designed to be executed weekly and will scale according to performance. However, the team withheld the specific dates for the buy-back to discourage bad actors. Given the recent hack, the buy-back funds will be channeled into liquidity provision.

Hacker Exploits Crypto-based Freelance Platform, Uwerx, Steals About $327K

While investors were anticipating the first WERX token airdrop scheduled for August 4th, Uwerx was hit with a flash loan exploit, resulting in the loss of 176 ETH (approximately $327,000) from its platform. The exploit occurred on August 2nd, a day after Uwerx launched on Uniswap. It was detected and recorded on Twitter by several crypto security platforms like PeckShield Alert and CertiK Alert.

According to CertiK Alert, the attacker flash-loaned 20,000 ETH ($36,726,400), which they exchanged for 5,053,637 WERX tokens. They created an imbalance in the Uniswap pool by sending 4,429,817 WERX tokens (about 10 times the initial amount).

By calling the skim() function of Uniswap with the 0x00…1 as the “to” address, they manipulated the token transfer to burn 1% of the initial amount resulting in an imbalance, which they exploited. In the end, the attacker gained 176 ETH ($327k).

Uwerx’s Sustainability Shines Through Its Strategic Steps Towards Overcoming The Hack

Following the unfortunate hacking, the Uwerx team has demonstrated immeasurable resolve by restrategizing to mitigate the effects of the hack. The team quickly contacted SolidProof and InterFi Network, alongside other security platforms that reported the incident. They also issued a message to the exploiter to consider returning 80% of the stolen funds, keeping 20% as a “white hat bounty.”

Meanwhile, the team has pushed forward the initial roadmap and announced their intention to relaunch the WERX token using the liquidity planned for the Buy-back program. The new WERX will be built on August 14th, while its details will be released on August 21st. The token’s new contract address will be audited twice to ensure better security.

The team plans to adjust the tokenomics, airdrop schedule, and the whitepaper. They also plan to include a new sell tax that will decrease throughout the new vesting period. 100% of the sell tax will be directed to the liquidity pool for Uwerx on Uniswap. Therefore, it is purely for the benefit of Uwerx. In addition, the team has assured users of the safety of their WERX tokens bought during the presale.

Furthermore, the Uwerx community has shown immense support for the Uwerx team. Members remained optimistic about the project’s vision. Today at 9:00PM UTC, the team will be unveiling the new smart contract and details of the newly created WERX token.

The team also encourages members to send their recommendations through their feedback email feedback@uwerx.network. Meanwhile, the dedicated developers continue to work diligently to ensure the timely completion of the Uwerx platform. Updates will be revealed through official press releases.

Due to Uwerx’s strategic recovery plan and the support of its community, the project has once again proven its viability as a long-term investment with high-yield potential. Therefore, there’s no doubt that it will emerge stronger than ever from this temporary setback.

To get more information about the project, click the following links:

Website: https://www.uwerx.network

Telegram: https://t.me/uwerx_network

Twitter: https://twitter.com/uwerx_network

Blockchain Gaming in Metaverse And Where It Stands Today

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Blockchain gaming is a rapidly growing sector in the metaverse, where players can own, trade and create digital assets on decentralized platforms. Blockchain gaming offers a new level of immersion, interactivity and ownership for gamers, who can benefit from the security, transparency and interoperability of blockchain technology.

However, blockchain gaming is not without its challenges and limitations. One of the main issues facing blockchain gaming is scalability, which refers to the ability of a network to handle a large number of transactions and users without compromising performance or security. Blockchain gaming platforms often rely on public blockchains, such as Ethereum or Binance Smart Chain, which have limited throughput and high fees. This can result in slow, expensive and unreliable gaming experiences for players, especially during periods of high demand.

Another issue facing blockchain gaming is accessibility, which refers to the ease of use and adoption of blockchain technology by gamers. Blockchain gaming platforms often require players to have a basic understanding of blockchain concepts, such as wallets, tokens and smart contracts. They also require players to use specialized software and hardware, such as browsers, extensions and devices that support blockchain functionality. This can create a steep learning curve and a high entry barrier for gamers who are not familiar with or interested in blockchain technology.

Blockchain gaming is a promising sector that combines the benefits of decentralized technology with the entertainment value of video games. However, despite the potential, blockchain gaming has not attracted as much venture capital (VC) funding as other segments of the blockchain industry. Why is that?

There are several possible reasons for the low VC inflow on blockchain gaming. One is that the market size and demand for blockchain games are still unclear. Unlike other blockchain applications, such as DeFi or NFTs, which have clear use cases and value propositions, blockchain games are more dependent on user preferences and tastes. It is hard to predict how many gamers will adopt blockchain games and how much they will spend on them.

Another reason is that the development and distribution of blockchain games are challenging and costly. Blockchain games require not only technical skills, but also creative and artistic talents, which are scarce and expensive. Moreover, blockchain games face regulatory and legal uncertainties, as well as platform and network limitations, which can hamper their scalability and accessibility.

A third reason is that the monetization and retention of blockchain gamers are difficult and uncertain. Blockchain games often rely on tokenomics and play-to-earn models, which can create incentives for users to play, but also introduce risks of volatility, manipulation, and exploitation. Furthermore, blockchain games have to compete with traditional games, which have more established brands, communities, and features.

These reasons may explain why VC investors are cautious about investing in blockchain gaming. However, this does not mean that blockchain gaming has no future or potential. On the contrary, blockchain gaming can offer unique advantages and opportunities for both developers and players, such as ownership, interoperability, innovation, and social impact. As the technology matures and the market evolves, blockchain gaming may attract more attention and funding from VC investors.

Blockchain gaming meta is wading off as a result of these issues, which hamper the growth and innovation of the sector. Blockchain gaming platforms need to find ways to overcome these challenges and provide better solutions for gamers who want to enjoy the benefits of blockchain technology without compromising on quality, convenience or affordability.

Some possible solutions include:

Using layer 2 solutions or sidechains that can increase the scalability and efficiency of blockchain gaming platforms by processing transactions off-chain or on parallel chains that are connected to the main chain.

Using cross-chain bridges or interoperability protocols that can enable the transfer and exchange of assets and data across different blockchains, enhancing the diversity and compatibility of blockchain gaming platforms.

Using user-friendly interfaces and tools that can simplify the user experience and lower the technical barriers for blockchain gaming platforms, making them more accessible and appealing to a wider audience of gamers.

Using gamified incentives and rewards that can motivate and educate players about blockchain technology and its benefits, creating a positive feedback loop and a loyal community of blockchain gamers.

Blockchain gaming meta is wading off, but it is not drowning. Blockchain gaming has a lot of potential and promise for the future of gaming and the metaverse, but it also needs to address its current challenges and limitations. By adopting these solutions, blockchain gaming platforms can improve their performance, usability and adoption, and revive the blockchain gaming meta.

Business and Commercial Law: Nigeria, Africa and Global – Tekedia Mini-MBA

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Lawyers shape nations, and provide the logic of the souls of nations. In business, they help us stay within the ordinances in markets. Tekedia law component is a big part of our program because business operates within laws, and having understanding of law is catalytic for effective market operations.

 Tomorrow, Tekedia Faculty Barrister Kingsley Izimah, LL.B, B.L, of SK Solicitors will educate us on Business and Commercial Law: Nigeria, Africa and Global. Zoom link in the class board.

 Tekedia Mini-MBA >> the best school. The next edition begins Sept 11, register here 

Nigeria’s Economic Challenges In the Post-Subsidy Era: UI Professor Oka Obono Recommends Communal Approach to Palliative Distribution

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Professor Oka Martins Obono of the department of Sociology, University of Ibadan suggests a community-driven palliative food programme to cushion the effects of the removal of fuel subsidy on Nigerians. In his recent social media post titled “That we all may breadth” Professor Obono advocates a new subsidy regime that is anchored on and driven by social and moral values such as empathy and compassion.

When the privileged begin to see themselves as the shade or “subsidy” of the less privileged, Nigeria could be made to open a new vista of economic opportunities that culminates in social happiness. According to the Professor of Sociology and Ethnodemography, we are currently embroiled in moral crisis. Perhaps if we redeemed our personalities, our policies will change.

Professor Obono’s words are below:

“Recently, the Chairman of a Local Government in the Southwest of Nigeria is alleged to have distributed foodstuff at the stock price of a thousand naira to all his constituents as a palliative measure in the post-Subsidy era. In a video going viral, his constituents can be seen buying up yams, onions, tomatoes, potatoes, garri, palm oil, and so on, in a fairly orderly fashion. There was none of the rancour you saw in the warehouses of the post-COVID palliatives.

“We need to seize this moment to recognize that there is more to be done.
“If only each could be Someone else’s subsidy, There could be peace. There could be blush. And, for sure, There could be bliss.

“The logic is that you and I (upper middle class, or solid middle class Nigerians) would not rush for the all-you-can-buy-for- one-thousand-naira palliative that a local government chairman was providing. That is meant for the poor or near-poor among his constituents. The delivery smacked of welfarism shorn of any pretense of bureaucracy.

“What the rest of us should do in response is provide our less privileged neighbours a sum of money, no matter how small or big, and then watch their households and pantries swell with foodstuff under this kind of community-driven palliative food programme. Nothing would be too big or small.

“That would be mass compassion in action. We must not re-exploit those who already hunger and thirst through a more original system of exploitation. We must, and can do, better than that.

“We must adopt a new mode of being for this season, endorse a new code of interaction in the country.

“Pay the cobbler more than he has charged you, not less. You are helping him breathe. Pay the poor more for less. We are rebalancing the scales.

“The Government can still provide its 8k (we need all we can get) but the Government has to ensure the cash goes further than it does under the current circumstances.

“We all need to grab hold and heave to help one another out of this thick financial quagmire.

“Buy a litre or two of petrol for the young barber down the street. This would normalise his heartbeat. Do not withdraw your hand from its random acts of kindness.

“Pay someone’s child’s school fees. She would breathe better in the classroom than on the streets. Do this, even if it means through sacrifice. Buy a meal or two for anybody. They would absorb more of the moral philosophy you so yearn to teach them then.

“Bring out those expensive clothes you are no longer using. Now is the time to give them away. You don’t need twenty pairs of shoes when you have only ten toes! They would be given away anyway, when you are gone. A flood or fire can take them away, or your death can do so. Why would you not authorise who gets your things now, when you still can?

“Commit to providing at least one meal a day to a hungry family you know. Derive your smile from theirs. Watch them finally sleep peacefully. They hustle so hard.

“Perhaps if we redeemed ourselves through our personalities, our policies will improve. We are embroiled in a moral war, shapen in the iniquity of a lawless mores. It is through humane action that we can merit our nation.

“It is only through this mass compassion that we can see one another through to the other side. One is not quite a human being if one is not being human. To be a human being is to be a humane being.

“There is simply no joy to be had from the joyless expressions carved by detached policy sculptors on people’s faces these days.

“We, the people, can replace these expressions with increased hope and superordinate belief in ourselves. It is not for the Government to bequeath us with the legacies of our fathers. That privilege is perilous and it is personal. Like Jason, we must seek out our golden fleece on our own. We must do this, even while avuncular usurpers feast for a short while on their mediocrity, pending our return.

“When you lose the concept of paradise, and the knowledge of heaven fades from memory and retreats even from imagination, then regaining it must be the collective responsibility of all. In particular, only those who can remember what paradise looked like should lead in reclaiming it.

“We each must turn into the subsidy that was removed. We must each embody the hope denied. We must become the incarnation of honour once found in Fajuyi. One for all. All for one.

“Let each one tell one. We have found our new meaning in our oldest message. We must recognise the reason for our existence in the continued prosperity of other citizens. We must be less chary, and more charitable. We must each be the subsidy of somebody’s existence.

“The peace I seek resides in the peace I provide. The love I need nestles in the love I give. I am because you are. You are because I am. Hatred is therefore not only evil, but ignorant.

“We must become what we seek everyday — the lost comfort that is ours by right, that retreating happiness.

“Nigeria!

“We must each lend voice to someone’s voicelessness, be the defence for the widow’s defencelessness, balm for their aching wounds. We must forgive the foolishness of the virgins, and lend them some of our oil, that they may light up their lanterns and that they may see also.

“We must lend somebody some of our own oxygen, that we all may breathe. Please.”

Implications of First Spot Exchange-Traded Fund based on Bitcoin in Europe

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The European Securities and Markets Authority (ESMA) has recently approved the first spot bitcoin exchange-traded fund (ETF) in Europe, paving the way for more institutional investors to enter the crypto market. The spot bitcoin ETF, which will track the price of bitcoin directly rather than through derivatives or trusts, is expected to launch in early 2024 on the Euronext Paris and Amsterdam exchanges. This means that investors can now buy and sell shares of a fund that tracks the price of bitcoin without having to deal with the complexities and risks of owning and storing the cryptocurrency directly.

The ETF, called Bitcoin ETP, is issued by 21Shares AG, a Swiss-based firm that specializes in crypto financial products. It will be listed on the SIX Swiss Exchange, the largest stock exchange in Switzerland, and will have a management fee of 1.49% per year. The fund will be fully backed by physical bitcoins held in cold storage by a custodian and will be audited by a reputable accounting firm.

The approval of the Bitcoin ETP is a significant development for the crypto space, as it opens up a new avenue for institutional and retail investors to gain exposure to bitcoin. Unlike other crypto products that use derivatives or futures contracts to track the price of bitcoin, the Bitcoin ETP will reflect the actual spot price of bitcoin, which is determined by supply and demand in the market. This means that investors will not have to worry about issues such as rollover costs, contango, or tracking errors that can affect the performance of other crypto products.

This is a significant development for the crypto industry, as it will provide more liquidity, transparency and regulatory oversight for bitcoin trading in Europe. Unlike previous attempts to launch bitcoin ETFs in other jurisdictions, such as the US and Canada, the spot bitcoin ETF will not incur any additional fees or risks associated with futures contracts or third-party custodians. Instead, the ETF will hold physical bitcoins in cold storage, ensuring that investors have full exposure to the underlying asset.

The approval of the spot bitcoin ETF also reflects the growing recognition and acceptance of crypto assets by European regulators and policymakers. In September 2020, the European Commission proposed a comprehensive framework for regulating crypto assets, known as the Markets in Crypto-Assets Regulation (MiCA). The MiCA aims to harmonize the rules and standards for crypto assets across the EU, while ensuring consumer protection, market integrity and financial stability. The MiCA is expected to be adopted by the end of 2023, coinciding with the launch of the spot bitcoin ETF.

The spot bitcoin ETF will likely attract more institutional investors to the crypto market, as it will offer them a convenient and secure way to gain exposure to bitcoin without having to deal with the technical and operational challenges of buying and storing crypto assets directly. Moreover, the spot bitcoin ETF will benefit from the high liquidity and efficiency of the Euronext exchanges, which are among the largest and most reputable in Europe. The spot bitcoin ETF will also have a competitive edge over other crypto products, such as Grayscale’s Bitcoin Trust (GBTC) or CoinShares’ Bitcoin ETP (BTCE), which trade at a premium or discount to the net asset value (NAV) of their underlying assets.

The spot bitcoin ETF could also have a positive impact on the price and adoption of bitcoin, as it will increase the demand and supply of the cryptocurrency in the market. According to some estimates, if a similar spot bitcoin ETF were approved in the US, it could boost the price of bitcoin by 10% to 15% in the short term, and by 40% to 60% in the long term. Furthermore, the spot bitcoin ETF could also increase the awareness and education of crypto assets among retail investors, who may be more familiar and comfortable with investing in ETFs than in crypto platforms or wallets.

The Bitcoin ETP is also expected to boost the liquidity and adoption of bitcoin, as it will make it easier and cheaper for investors to access the cryptocurrency. By buying shares of the ETF, investors can avoid the hassle of setting up a crypto wallet, buying bitcoins from an exchange, and transferring them to a secure storage. They can also benefit from the regulatory oversight and transparency that comes with investing in a regulated fund.

The approval of the Bitcoin ETP in Europe is a sign that regulators are becoming more open and supportive of crypto innovation. It also shows that there is a strong demand and interest for crypto products among investors. The Bitcoin ETP could pave the way for more spot ETFs based on other cryptocurrencies, such as ethereum, litecoin, or polkadot, as well as for more crypto products in other regions, such as North America or Asia.

The Bitcoin ETP is a game-changer for the crypto industry, as it offers a simple and convenient way for investors to access the most popular and valuable cryptocurrency in the world. It is also a testament to the maturity and growth of the crypto space, as it demonstrates that crypto assets can meet the high standards and requirements of regulators and investors alike.