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Understanding Binance Smart Chain (BSC)

By
Paul Ugbede Godwin
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0

Binance Smart Chain (BSC) is a blockchain platform that runs in parallel with the Binance Chain, the native blockchain of the Binance cryptocurrency exchange. BSC was launched in September 2020 and aims to provide a fast, low-cost and scalable infrastructure for decentralized applications (dApps), decentralized finance (DeFi) and interoperability with other blockchains.

BSC is compatible with the Ethereum Virtual Machine (EVM), which means that it can run smart contracts and dApps that are written in Solidity, the most popular programming language for Ethereum-based projects. This also means that BSC can support most of the existing Ethereum tools and protocols, such as MetaMask, Remix, Truffle, Web3.js, etc. Moreover, BSC can leverage the existing liquidity and user base of the Binance ecosystem, which includes the Binance Chain, the Binance DEX and the Binance Smart Chain Wallet.

BSC uses a consensus mechanism called Proof of Staked Authority (PoSA), which combines elements of Proof of Authority (PoA) and Proof of Stake (PoS). In PoSA, there are 21 validators who take turns to produce blocks and validate transactions. These validators are chosen by BNB holders, who can stake their tokens to vote for their preferred candidates.

Validators receive rewards in the form of transaction fees and cross-chain transfer fees. BNB is the native token of both Binance Chain and Binance Smart Chain, and it is used for paying gas fees, staking, governance and other functions on both platforms.

BSC boasts a high performance and low cost compared to other blockchains. It can achieve a block time of about 3 seconds and a throughput of about 2000 transactions per second (TPS). The gas fee on BSC is also much lower than on Ethereum, ranging from $0.01 to $0.05 per transaction, depending on the network congestion. This makes BSC an attractive alternative for developers and users who are looking for a cheaper and faster way to deploy and interact with dApps and DeFi products.

BSC also supports cross-chain communication and transfers with other blockchains through the Binance Bridge and the Binance Smart Chain Wallet. The Binance Bridge is a service that allows users to swap their tokens from one blockchain to another, such as from Ethereum to BSC or vice versa.

The Binance Smart Chain Wallet is a browser extension that allows users to access their funds and dApps on both Binance Chain and Binance Smart Chain. Users can also use the wallet to connect to other platforms that support BSC, such as PancakeSwap, BakerySwap, Venus, etc.

BSC has seen a rapid growth in its ecosystem since its launch. According to Bsc Scan, there are over 2.5 million unique addresses and over 100 million transactions on BSC as of August 2021. There are also over 600 dApps and over 1000 tokens on BSC, covering various sectors such as DeFi, NFTs, gaming, etc. Some of the most popular projects on BSC include:

PancakeSwap: A decentralized exchange (DEX) that allows users to swap tokens, provide liquidity, farm yields and participate in lotteries and NFT sales.

BakerySwap: A DEX that also offers features such as NFT marketplace, gamification and launchpad.

Venus: A decentralized money market protocol that allows users to borrow and lend crypto assets, earn interest and mint stablecoins.

CryptoBlades: A role-playing game that allows users to earn tokens by defeating enemies, crafting weapons and trading items.

Axie Infinity: A game that allows users to collect, breed and battle digital pets called Axies.

BSC is constantly evolving and improving its features and functionalities to meet the needs and expectations of its users and developers. BSC has a governance mechanism that allows its community to propose and vote on changes and upgrades to the platform. BSC also supports innovation and experimentation through its testnet and innovation zone, where developers can test their DApps before launching them on the mainnet.

BSC is a blockchain platform that offers high performance, low fees, cross-chain compatibility, rich ecosystem and support, innovation and governance for developers who want to deploy their DApps on a scalable, secure and interoperable platform. BSC is one of the fastest growing and most popular blockchain platforms in the world, with over 2 million active wallets and over 100 billion dollars in total value locked (TVL) as of September 2023.

2012 Protests Against Fuel Subsidy Removal Were All Politics – Kayode Fayemi

By
Samuel Nwite
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0

Dr. Kayode Fayemi, a former Governor of Ekiti State, stated on Tuesday that the protests that occurred following the fuel subsidy removal during President Goodluck Jonathan’s administration in 2012 were driven by political interests.

Fayemi made this statement during his keynote address at a national dialogue held to commemorate the 60th birthday of Professor Udenta Udenta, the founding National Secretary of the Alliance for Democracy and a Fellow at the Abuja School of Social and Political Thought, in Abuja.

The programme was graced by former president Jonathan, former Minister of Education, Dr. Oby Ezekwesili; former Minister of Aviation, Osita Chidoka, among others.

In 2012, the Nigerian Labour Congress led a coalition of civil society organizations – backed by opposition political parties – under the aegis of Occupy Nigeria, to stage weeklong protests across the country over the decision by then president Goodluck Jonathan, to remove fuel subsidy.

The attempted removal of the fuel subsidy resulted in the adjustment of the petrol pump price from N65 to N141 per liter. However, the protests forced the government to reverse its decision, readjusting fuel price to N97 per liter.

The protests, backed by different political parties such as the Action Congress of Nigeria (ACN), Congress for Progressives Congress (CPC), and All Nigeria Peoples Party (ANPP) that would later merge to form the ruling All Progressive Congress (APC), paved way for the emergence of Buhari in 2015.

More than a decade after these protests, fuel prices have been repeatedly increased particularly under former president Muhammadu Buhari, who had promised to reduce the price from N87 to N40.

One year into his presidency, Buhari astonished the nation by raising the pump price from N87 to N145. Following his re-election for a second term, fuel prices continued to climb, reaching N161 per liter in 2020. By November of that same year, the price had risen further to N170. Upon his departure from office on May 29, a liter of fuel was being sold at N210.

All these happened without protests.

While confessing that the 2012 protests were politically motivated, Fayemi said that Nigeria’s democracy is not working. He said the challenges facing the nation today cannot be solved unless the country embraced proportional representation, where the spoils of elections are shared between contestants.

He also acknowledged that the last time Nigeria experienced economic development was during Jonathan’s administration, adding that Nigeria needs to do away with politics of hate and division.

Fayemi said: “Today, I read former President Olusegun Obasanjo’s interview in The Cable saying our liberal democracy is not working and we need to revisit it, and I agree with him. We must move from the political alternatives. I think we are almost on a dead end of that.

“What we need is alternative politics and my own notion of alternative politics is that you can’t have 35 percent of the vote and take 100 percent. It won’t work! We must look at proportional representation so that the party that is said to have won 21 percent of the votes will have 21 percent of the government. Adversary politics bring division and enmity.

“All political parties in the country agreed and they even put in their manifesto that subsidy must be removed. We all said subsidy must be removed. But we in ACN at the time, in 2012, we know the truth Sir, but it is all politics.

“That is why we must ensure that everybody is a crucial stakeholder by stopping all these. Let the manifesto of PDP, APC and Labour Party, be put on the table and select all those who will pilot the programme from all parties.”

Solana Co-founder wants FTX $SOL Holdings Redistributed to Customers

By
Paul Ugbede Godwin
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0

In a surprising move, the co-founder of Solana ($SOL), Anatoly Yakovenko, has publicly called for the redistribution of the $SOL tokens that were allocated to FTX, the crypto exchange led by Sam Bankman-Fried. In a tweet posted on September 4, Yakovenko said that he believes that FTX should return the $SOL tokens to the Solana community, arguing that the exchange has too much influence over the network and its governance.

“FTX owns too much $SOL and it’s not healthy for the ecosystem. They should redistribute it to the customers who actually use Solana, not just speculate on it,” Yakovenko wrote. FTX is one of the largest investors and supporters of Solana, having acquired 16.5 million $SOL tokens in a private sale in March 2020. At the current price of around $150 per token, FTX’s stake is worth about $2.5 billion.

According to Yakovenko, FTX’s large stake gives it too much power over the Solana network, which is supposed to be decentralized and community driven. He claimed that FTX can influence the network’s validators, developers, and projects, and potentially harm the long-term vision and growth of Solana.

Yakovenko also suggested that FTX should follow the example of Coinbase, which recently announced that it will distribute its 9.5% stake in Polygon ($MATIC) to its customers who hold or trade $MATIC on its platform.

“Coinbase did the right thing by redistributing $MATIC to its users. FTX should do the same with $SOL. It’s only fair and it will benefit everyone in the long run,” Yakovenko said.

If you are a Coinbase user who holds Matic tokens, you might have noticed a sudden increase in your balance on September 1st, 2023. This was not a mistake or a hack, but a deliberate decision by Coinbase to redistribute Matic to its users. Here’s why. Matic is a layer-2 scaling solution for Ethereum that aims to provide faster and cheaper transactions. Matic uses a network of validators who stake Matic tokens to secure the network and process transactions. In return, they earn fees and rewards in Matic tokens.

However, on August 31st, 2023, a technical issue caused some of the validators to go offline, resulting in a temporary disruption of the network. This also affected the distribution of rewards to the validators, as some of them received more than they should have, while others received less or nothing at all.

Coinbase, as one of the largest exchanges that supports Matic, decided to intervene and correct the situation. Coinbase contacted the Matic team and agreed to redistribute the excess rewards from the overpaid validators to the underpaid or unpaid ones. This way, Coinbase ensured that all the validators received their fair share of rewards for their work.

But Coinbase didn’t stop there. Coinbase also decided to redistribute some of the excess rewards to its users who hold Matic tokens. Coinbase calculated the average reward per Matic token for the month of August and distributed it to its users proportionally to their holdings. This means that if you held 1000 Matic tokens on Coinbase on August 31st, you received an extra 50 Matic tokens on September 1st, as a bonus from Coinbase.

Coinbase explained that this was a gesture of goodwill and appreciation for its users who support Matic and other layer-2 solutions. Coinbase also stated that it believes in the potential of Matic and its role in scaling Ethereum and enabling decentralized applications. Coinbase’s decision to redistribute Matic to its users was widely praised by the crypto community, as it demonstrated Coinbase’s commitment to fairness and transparency. It also boosted the confidence and loyalty of its users, who benefited from an unexpected windfall.

FTX has not responded to Yakovenko’s tweet as of press time. However, some members of the crypto community have expressed their disagreement with Yakovenko’s proposal, saying that it is unfair to FTX and that it could damage the reputation and value of Solana. Some also pointed out that Yakovenko himself owns a large amount of $SOL tokens, as he is one of the founders and developers of Solana. According to Solscan.io, a Solana explorer, Yakovenko’s wallet holds over 38 million $SOL tokens, worth about $5.7 billion.

“Isn’t this hypocritical? You own more than twice as much $SOL as FTX and you want them to give up their stake? Why don’t you redistribute your own tokens first?” one user commented. Another user said that Yakovenko’s tweet was irresponsible and could cause panic and sell-off among Solana investors.

“This is a very bad look for Solana. You are basically telling people that FTX can dump their $SOL anytime and crash the price. How do you expect people to trust and support your project if you undermine one of your biggest partners?” another user said.

On-chain Narrative Coins continue to Bleed Value

By
Paul Ugbede Godwin
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0

The cryptocurrency market has been experiencing a prolonged bearish trend, especially for the tokens that are based on narratives rather than fundamentals. These so-called “on-chain narrative coins” are projects that claim to have innovative features or use cases but lack the technical or economic backing to support their claims. Some examples of these coins are Shiba Inu (SHIB), Dogecoin (DOGE), and SafeMoon (SAFEMOON).

These coins have been losing value steadily, as investors lose confidence and interest in their stories. According to CoinGecko, SHIB is down 87% from its all-time high in May, DOGE is down 76% from its peak in April, and SAFEMOON is down 97% from its record in May. These coins have also seen a significant decline in their trading volume and social media activity, indicating a lack of demand and hype.

One of the main reasons why these coins are bleeding lower is that they have no intrinsic value or utility. They rely solely on the power of narratives and memes to attract buyers, but these narratives are often shallow, inconsistent, or unrealistic. For instance, SHIB was marketed as the “Dogecoin killer”, but it failed to deliver any meaningful innovation or differentiation from DOGE.

DOGE was promoted as the “people’s currency”, but it faced scalability and security issues that prevented it from being widely adopted. SAFEMOON was touted as a “deflationary token” that rewarded holders with passive income, but it turned out to be a Ponzi scheme that enriched its developers at the expense of its users.

Another reason why these coins are losing value is that they face increasing competition and regulation. The cryptocurrency space is constantly evolving and innovating, and new projects are emerging that offer better solutions and value propositions than the on-chain narrative coins. For example, Solana (SOL) is a fast and scalable blockchain platform that supports various applications and ecosystems, such as decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming.

SOL has gained over 9000% since its launch in April 2020, and it recently surpassed DOGE as the sixth-largest cryptocurrency by market capitalization. Moreover, the on-chain narrative coins are also facing regulatory scrutiny and pressure from authorities around the world, who are concerned about their potential for fraud, money laundering, and tax evasion.

For instance, the U.S. Securities and Exchange Commission (SEC) has warned investors about the risks of investing in these coins, and some countries, such as China and India, have banned or restricted their use. The best way to avoid coins with no fundamentals is to do your own research before investing in any crypto project. You should look for the following indicators of quality and legitimacy:

Whitepaper: A whitepaper is a document that explains the purpose, vision, goals, features, and technical details of a project. It should be clear, concise, well-written, and well-researched. It should also be original and not plagiarized from other sources.

Team: A team is a group of people who are responsible for developing, managing, and promoting a project. They should have relevant experience, skills, credentials, and reputation in the crypto industry or related fields. They should also be transparent about their identities, roles, and backgrounds.
Roadmap: A roadmap is a plan that outlines the milestones, timelines, deliverables, and updates of a project. It should be realistic, achievable, measurable, and verifiable. It should also be updated regularly and communicated clearly to the community.
Community: A community is a network of supporters, users, investors, partners, and influencers who are interested in or involved with a project.

The on-chain narrative coins continue to bleed lower, as they have no fundamental value or competitive edge in the cryptocurrency market. They are based on weak or false narratives that cannot sustain their growth or popularity. They are also vulnerable to regulatory challenges and market forces that favor more legitimate and innovative projects. Therefore, investors should be cautious and diligent when investing in these coins and avoid falling for their hype and manipulation.

How To Create A Lasting Legacy As CEO – Tekedia Startup Masterclass Will Help

By
Ndubuisi Ekekwe
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0

You’re a founder or becoming one. We’ll help you become a CEO. Create a lasting legacy in that company. Begin with Tekedia Startup Masterclass. We will help you understand the physics of markets, and the chemistry of business, so that at the end, your growth equations will balance. Come speak with Ndubuisi Ekekwe live on Zoom, one-on-one, and let us help you create that FUTURE! Begin here 

Tekedia Startup Masterclass: from Start-Up to Unicorn is designed to help founders, entrepreneurs, and those generally working in the startup ecosystems, to master the mechanics of building category-king startups. The program runs for 8 weeks. Besides some pre-recorded courses for the 8 weeks, the program includes an hour-long one-on-one live Zoom session every week, per participant, with Tekedia Institute’s Lead Faculty, Prof Ndubuisi Ekekwe.

Participants can enroll and begin anytime. In other words, there is no specific start date as it is customized for the learner via the one-on-one live Zoom sessions. If you pay today, you will begin immediately.

The goal of the Masterclass is to help the participants master modern business mechanics which are used to scale and blitzscale ideas into unicorns (startups with a minimum of $1 billion in valuation).

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