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Home Blog Page 4074

Balancer, Coinbase, Bitcoin, Binance, Walmart and Other Crypto News

By
Paul Ugbede Godwin
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0

Balancer, a decentralized finance (DeFi) platform that allows users to swap tokens and provide liquidity, was hit by a DNS attack on its front-end website on Monday. The attackers managed to hijack the domain name and redirect users to a phishing site that asked for their private keys. Balancer said that no funds were lost and that the issue was resolved within a few hours. The platform advised users to avoid interacting with its website until further notice and to use alternative interfaces such as Zapper or Zerion.

Coinbase, one of the largest cryptocurrency exchanges in the world, has announced that it is closely monitoring the situation of Zcash, a privacy-focused coin that has recently seen a significant increase in its hash rate. According to a blog post by Coinbase, a mining pool called Luxor has managed to capture more than 50% of the Zcash network’s hash power, which could pose a threat to the security and decentralization of the coin.

Coinbase stated that it is working with other exchanges and stakeholders to ensure the safety of its customers’ funds and transactions, and that it will take appropriate measures if any malicious activity is detected. Coinbase also advised its users to be cautious when sending or receiving Zcash, and to avoid using shielded transactions, which are more vulnerable to attacks.

Ledger, the leading provider of hardware wallets for cryptocurrencies, has announced that its Recover service will be available by the end of 2023. The Recover service is designed to help users who have lost access to their Ledger devices or their recovery phrases to restore their funds. The service will use a combination of cryptographic proofs, trusted third parties and user verification to ensure the security and privacy of the recovery process.

Ledger CEO Pascal Gauthier said that the Recover service is a result of years of research and development, and that it will offer a new level of convenience and peace of mind for Ledger users. “We believe that everyone should have the right to access and control their own digital assets, even in the worst-case scenarios. That’s why we have created Recover, a service that will allow our users to recover their funds in a secure and user-friendly way, without compromising on our core values of security and sovereignty,” Gauthier said.

According to a report by K33, a crypto analytics firm, Binance was the main contributor to the drop in bitcoin spot trading volume in September. The report stated that Binance’s spot volume decreased by 31% month-over-month, while the global spot volume declined by 22%. The report attributed the decline to regulatory pressures, competition from other platforms, and lower market volatility.

Taurus, a leading provider of digital asset infrastructure solutions, has announced that it will support private blockchains for its custody and tokenization services. This will enable clients to leverage the benefits of blockchain technology while maintaining control and privacy over their data.

Taurus claims that its platform is the first to offer such a comprehensive solution for private blockchains, which can be used for applications such as digital identity, supply chain management, and asset tokenization. Taurus says that its platform is compatible with any private blockchain protocol, and that it can integrate with existing systems and processes seamlessly.

Walmart, the world’s largest retailer, has announced its intention to explore new opportunities in the metaverse, the virtual environment where people can interact with digital content and each other. The company said it will leverage its expertise in e-commerce, logistics, and customer service to create immersive and engaging experiences for its customers and partners in the metaverse.

Walmart also said it will collaborate with leading platforms and developers in the metaverse space to integrate its products and services into various virtual worlds. The company’s goal is to become a leader in the emerging metaverse economy and to offer value and convenience to its customers across different realities.

Stanford University plans to return millions of dollars received from FTX

By
Paul Ugbede Godwin
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0

Stanford University, one of the most prestigious academic institutions in the world, has decided to return millions of dollars that it received from FTX, a cryptocurrency exchange platform, according to a report by Bloomberg. The move comes amid growing concerns about the environmental and social impact of the crypto industry, as well as the potential conflicts of interest that may arise from accepting donations from such sources. FTX has been facing devastating setbacks owing to its bankruptcy filing in November 2022.

According to Bloomberg, Stanford received $7.5 million from FTX in June 2021, as part of a $20 million donation that the exchange made to various universities. The donation was intended to support research and education in blockchain and digital assets, and was announced by FTX CEO Sam Bankman-Fried, a Stanford alumnus, on Twitter.

However, the university later faced backlash from some faculty members and students, who questioned the ethics and transparency of accepting money from a company that is involved in highly speculative and volatile markets, and that may have a negative impact on the environment and society.

In a statement, Stanford said that it has decided to return the funds to FTX, after reviewing its policies and procedures for accepting gifts. The university said that it is committed to ensuring that its research and teaching are independent and free from undue influence, and that it respects the views and values of its community. The university also said that it will continue to explore opportunities to collaborate with FTX and other partners in the crypto space, as long as they align with its mission and principles.

FTX did not immediately respond to request for comment. The exchange is one of the largest and fastest-growing platforms in the crypto industry, with a valuation of $18 billion as of August 2021. It has been making headlines for its aggressive marketing and sponsorship deals, such as naming rights for the Miami Heat’s arena, and partnerships with celebrities like Tom Brady and Kevin O’Leary.

FTX has also been trying to position itself as a socially responsible company, by pledging to donate 1% of its revenue to charity, and by offsetting its carbon footprint through carbon credits.

However, some critics have argued that FTX’s actions are not enough to address the fundamental issues that plague the crypto industry, such as its high energy consumption, its lack of regulation and oversight, its susceptibility to fraud and manipulation, and its role in facilitating illicit activities like money laundering and tax evasion.

They have also pointed out that FTX’s donations may be seen as a way of buying influence and legitimacy in the academic world, and that they may compromise the integrity and credibility of the research and education that they fund.

Stanford’s decision to return FTX’s donation may set a precedent for other universities that have received similar gifts from the crypto industry, such as Harvard, MIT, Yale, Cornell, and Berkeley. It may also spark a broader debate about the ethical implications of accepting money from controversial sources, and the need for more transparency and accountability in the academic fundraising process.

Friend.Tech users earned $12 million in fees

By
Paul Ugbede Godwin
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0
United States Ten and Twenty Dollar notes next to Ten and Twenty UK Pound Notes

Friend.Tech is a platform that connects freelancers with clients who need various types of digital services, such as web design, graphic design, video editing, and more. The platform claims to have over 10 million users worldwide, and to have paid out over $12 million in fees to its freelancers since its launch in 2019. But is this business model sustainable in the long run?

We will examine some of the challenges and opportunities that Friend.Tech faces as a platform for the gig economy. We will also look at some of the feedback and reviews from both freelancers and clients who have used the platform.

One of the main challenges that Friend.Tech has to deal with is the quality and reliability of its freelancers. Unlike other platforms that have strict vetting processes and rating systems, Friend.Tech allows anyone to sign up and offer their services, without verifying their credentials or portfolio. This means that clients have to rely on the freelancers’ self-reported skills and experience, which may not always be accurate or consistent.

Some clients have reported having negative experiences with freelancers who delivered poor quality work, missed deadlines, or even disappeared without completing the project. Some freelancers have also complained about clients who were unreasonable, abusive, or refused to pay for the work done. These issues can damage the reputation and trust of the platform and discourage both freelancers and clients from using it again.

Another challenge that Friend.Tech faces is the competition from other platforms that offer similar or better services. There are many other platforms that connect freelancers with clients, such as Upwork, Fiverr, Freelancer.com, and more. Some of these platforms have larger user bases, more diverse service categories, lower fees, or more features than Friend.Tech. For example, Upwork has over 20 million users and offers services in over 70 categories, while Fiverr has over 11 million users and offers services starting from $5. These platforms may attract more freelancers and clients who are looking for more options, lower prices, or higher quality.

However, Friend.Tech also has some advantages and opportunities that make it stand out from its competitors. One of them is its focus on social networking and community building. Friend.Tech encourages its users to connect with each other, share their work, give feedback, and collaborate on projects. The platform also hosts events, workshops, contests, and webinars for its users to learn new skills, network with peers, and showcase their talents. These features can help freelancers and clients build long-term relationships, loyalty, and trust with each other and with the platform.

Another advantage that Friend.Tech has is its innovative fee structure. Unlike other platforms that charge a fixed percentage or a flat fee from either the freelancer or the client for each transaction, Friend.Tech allows its users to set their own fees based on their skills, experience, and demand. The platform then takes a variable percentage from the freelancer’s fee depending on how much they charge. For example, if a freelancer charges $100 for a project, the platform takes 10% ($10) as its fee. But if a freelancer charges $200 for a project, the platform takes 5% ($10) as its fee. This way, the platform incentivizes freelancers to charge higher fees for their work, while still keeping its own revenue constant.

This fee structure can benefit both freelancers and clients in different ways. For freelancers, it can help them earn more money for their work, while also giving them more flexibility and control over their pricing. For clients, it can help them find freelancers who match their budget and expectations, while also ensuring that they get quality work for their money.

In conclusion, Friend.Tech is a platform that connects freelancers with clients who need digital services. The platform has paid out over $12 million in fees to its freelancers since its launch in 2019. However, the platform also faces some challenges such as quality and reliability issues, competition from other platforms, and customer satisfaction. The platform also has some opportunities such as social networking and community building features, and an innovative fee structure that benefits both freelancers and clients. The future of Friend.Tech depends on how well it can overcome its challenges and leverage its opportunities to create a sustainable and profitable business model for the gig economy.

Oil Marketing Firm, Conoil Plc, to Disburse N1.73bn Dividends to Shareholders

By
Tiamiyu Ismail
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0

Nigerian petroleum marketing company, Conoil Plc says it will be paying a sum of N1.73 billion as dividend to its shareholders. This translates to N2.50 per share for the 2022 financial year.

This was disclosed in a statement issued by the firm over the weekend following its 53rd Annual General Meeting in Akwa Ibom State.

The firm reported 60.1 percent growth in profit before tax, from N3.83bn in 2021 to N6.13bn in 2022, while its profit after tax increased by 60 percent from N3.08bn to N4.96bn in the same period. The company’s gross earnings rose by 5.1 percent to N145.8bn for the 2022 financial year from N138.2bn in the corresponding period of 2021.

Also, it was reported that with the improvement in profitability in the premium-marketing subsector, Conoil’s earning per share rose to N7.14, representing a 60.8 percent increase over the N4.44 earned in 2021.

Shareholders at the company’s AGM unanimously approved the proposed final dividend payout of N1.73 billion.

Chairman, Conoil Plc, Mike Adenuga, while addressing stakeholders at the AGM, reiterated the commitment of Conoil to continue to deliver value to its shareholders, adding that the company’s share price remains on the rise.

His words: ‘’We have shown a consistent ability to improve our operating margin and grow our volumes across all our locations. We have a great brand portfolio with energized and talented personnel with a reach pan-Nigerian. Our overriding goal is to ensure the continued delivery of excellent services to our customers and ultimately ensure that our shareholders are rewarded.

‘’Conoil Plc plans to consolidate on the progress made in the previous years to deliver a strong and sustainable performance that enhances returns to our shareholders. Regardless of the odds, the company is marching forwards in the year with confidence and optimism, as it strategically and continuously positions its business to take advantage of key opportunities’’ Mr Adenuga said.

The conoil chairman also noted that while there might be challenges posed by the rapidly changing geopolitical and socio-economic environment, Conoil would however concentrate on the strategies that have given it the greatest dividend.

Mr Adenuga said the impacts of the recent critical reforms by the federal government such as the petrol-subsidy removal and floating of the exchange rate are evident but his company will not rest on its oars so it can continue to grow its earnings, improve profitability and asset quality and deliver competitive returns to its shareholders.

Nigeria Lags Behind South Africa And Kenya in Digital Life Quality

By
Ojukwu Emmanuel
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0

In a recent Digital Quality of Life Index annual report, Africa’s most populous nation Nigeria lagged behind South Africa and Kenya in digital life quality ranking.

The latest ranking saw Nigeria ranked at the 88th position in the world, dropping two places downward compared to last year’s ranking.

The Digital Quality of Life Index annually ranks 121 countries by their digital well-being based on 5 core pillars.

Out of the five pillars, Nigeria performed average in Internet quality, claiming the 62nd spot, while Internet affordability was ranked 108th. Nigeria was ranked 73rd in insecurity, 88th in e-government, and 93rd in infrastructure.

In the overall index, Nigeria lagged behind South Africa (72nd) and Kenya (76th). The country was ranked 7th place in Africa, while South Africa emerged as the leader in the region.

Speaking on the ranking, Surf Shark’s spokeswoman, Gabriele Racaityte-Krasauke said,

“In many nations, digital quality of life has merged into the broader concept of overall quality of life. There is no other way to look at it now that so many daily activities, including work, education, and leisure are done online. That is why it is crucial to pinpoint the areas in which a nation’s digital quality of life thrives and where attention is needed, which is the precise purpose of the DQL Index”.

Nigeria is 73rd in the world in e-security – seven places lower than last year. The e-security pillar measures how well a country is prepared to counter cybercrime, as well as how advanced a country’s data protection laws are. In this pillar, Nigeria lags behind South Africa (72nd) and Kenya (65th), showing how unprepared the country is to fight against cybercrime.

On internet quality, Nigeria is just around the global average as the country’s fixed internet average is currently at 25 Mbps. Compared to South Africa, Nigeria’s mobile internet is 31% slower, while fixed broadband is 64%.

However, since last year, mobile internet speed in Nigeria has improved by 87%, while fixed broadband speed has grown by 33%.

While the Nigerian government has launched several initiatives aimed at accelerating the country’s digital transformation, there still exist several challenges that have negatively impacted the digital life quality in Nigeria.

One major challenge is that the internet in Nigeria is highly unaffordable, compared to other countries. Reports reveal that Nigerians have to work 35 hours 25 minutes a month to afford fixed broadband internet.

This has led to a significant digital divide in Nigeria with rural areas and some low-income urban communities having limited access to the internet and digital services.

Also, infrastructure constraints in the country such as challenges of unreliable power supply, inadequate internet infrastructure, and slow internet speeds have continued to hinder the quality of life for many Nigerians.

Improving the digital life quality in Nigeria is a multifaceted challenge that requires a combination of policies, investments, and initiatives aimed at expanding digital access, digital literacy, and the overall digital ecosystem.

It is worth noting that these process requires a long-term commitment and collaboration between the government and other stakeholders. Also, the government must adapt to evolving technologies and address emerging challenges in the digital landscape.

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