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Pathway on ERC- Standard 4337

By
Paul Ugbede Godwin
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0

ERC-4337 is an Ethereum standard that aims to achieve account abstraction on the protocol without any consensus-layer changes. Account abstraction means that users can use smart contracts as their primary accounts, instead of externally owned accounts (EOAs) that rely on private keys. This allows users to customize their verification logic, transaction fees, and user experience.

ERC-4337 works by introducing a new type of object called a UserOperation, which users send to a separate mempool. A UserOperation contains a signature, a nonce, a gas limit, a gas price, a paymaster address, and an entry point address.

The entry point address is a smart contract that implements the required entry point contract functionality, which defines how the UserOperation is executed and validated. The paymaster address is another smart contract that pays for the transaction fees on behalf of the user.

A special class of actors called bundlers (either block builders or intermediaries) package up a set of UserOperations into a transaction that calls the handleOps function of a special contract called the Entry Point Contract Registry (EPCR).

The EPCR then calls the entry point contracts of each UserOperation and executes them according to their verification logic. The EPCR also pays the paymasters for their services and collects fees from them either by deducting it from the user’s balance or by delegating it to a paymaster.

Bundlers are actors that collect user operations from the mempool and package them into transactions that call the entry point contract. Bundlers can be blocking builders or intermediaries that sell bundles to block builders. Bundlers are incentivized by receiving a portion of the fees paid by user operations.

The Shanghai Upgrade has scaled chances for more experiments on ERC 4337, Shanghai is a network upgrade for Ethereum that aims to improve scalability and security of the blockchain. Shanghai will introduce two main features: rollups and statelessness.

Rollups are a layer 2 solution that moves computation and storage off-chain, while keeping security and finality on-chain while Statelessness is a design change that reduces the size and complexity of the state which stores all the account balances and smart contract data on Ethereum.

Shanghai convention is expected to launch in late 2023, after the merge of Ethereum 1.0 and 2.0. This will pave the way for future upgrades such as London and Berlin, which will further enhance the performance and functionality of Ethereum.

ERC-4337 enables new capabilities for smart contract accounts, such as social recovery, meta-transactions, gas abstraction, and account upgradability that offer more security, convenience, and efficiency than EOAs… It also improves the user experience and security of Ethereum by reducing the reliance on private keys and allowing users to interact with any smart contract directly from their wallet.

Fuel Subsidy Removal: Market will Determine Petrol Prices Henceforth – NMDPRA

By
Samuel Nwite
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0

Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said henceforth, the price of Premium Motor Spirit (PMS) will be determined by market forces, ushering in a new era of unregulated pricing in the Nigerian oil market.

The new approach was announced on Friday by Farouk Ahmed, the head of the regulatory agency, during a press briefing in Abuja.

“The market structure will dictate the price swings at every point in time,” he said.

Ahmed explained that the NMDPRA will no longer fix prices or release templates for petrol, although the agency will team up with the federal government and Consumer Protection Commission to monitor the market to prevent profiteering by petroleum marketers.

The move has become necessary following the removal of fuel subsidy, which was announced by President Bola Tinubu on Monday.

Ahmed said that market forces would henceforth dictate prices under the liberalized market, as the NMDPRA would issue import licenses to more marketers to create a competitive market.

“As far as we are concerned in the NMDPRA, this is not like before when the PPPRA fixes the price; in a deregulated market, it is the market force that dictates the price.

“So, it is not about the Nigerian National Petroleum Company Limited alone. We put the regulation in place, we make sure quality control is complied with; we make sure the product is there and we give licenses to prospective importers.

“We make sure we guide the operations of everyone in the sector whether at the depot or wherever the product is but we will not put a cap to say this is what the price must be,” he said.

Ahmed further explained that under the liberalized market, petroleum pump prices will be determined by international prices. He added that the market would henceforth be modulated to allow the fluidity of prices.

“Based on this, the price would no longer be static but rather depend on the international price of the gasoline market,” he said, adding that this did not imply that marketers could sell at any price.

He assured that the NMDPRA and FCCPC will collaborate to curb excesses if certain prices were way above the expected profit margin.

In the wake of the fuel subsidy removal, business leaders have called for the issuance of licenses to more marketers to ensure an adequate supply of PMS across the country and to reduce the price per liter.

The removal of the fuel subsidy saw the prices of PMS go as high as N488 – N557 per liter, stoking economic chaos as Nigerians lamented that the new pump prices are unaffordable.

However, the statement from the NMDPRA supports the assertion that Dangote Refinery, which is expected to start pumping refined petroleum products in July, is not the ultimate answer for cheaper PMS. Many have expected the price of fuel to go down as soon as the refinery becomes functional.

3 Reasons Most Founders Ditch Professional Advice

By
Tiamiyu Ismail
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0

It is not uncommon to spot founders who express scepticism or aversion towards professional advice intended to help their companies grow and navigate their competitive landscapes. These founders have a strong sense of attachment to their own capacities and they tend to only take external or third-party advice with a grain of salt.

Analysts have termed this behaviour in founders and business leaders as hubris. Hubris has been found to be a major source of pain and, in extreme cases, downfall of many companies.

Without intent to morally justify or rationalize the behaviour, Marvin Liao, Silicon Valley Venture Capital and Big Tech analyst, explains in his article the reasons most founders often find it difficult to follow good advice.

He starts by saying this: ‘’Most advice is not good. I admit that. Most investors don’t know what they are talking about. Most founders give very industry or stage specific advice that is out of context.’’

However, Marvin finds it disconcerting that some founders remain adamant about their self-conceived knowledge even though they could leverage broader and more quality insights of highly experienced and well-meaning advisors.

‘’But due to the depth of knowledge and experience here in Silicon Valley, there are many high quality people who do give great advice. Credible people giving credible advice.

‘’Yet most founders still tend not to follow good advice given by credible people. People who usually only want the best for their mentees’’ Marvin said.

‘’I spent 6 years running one of the top global accelerators in the world, running 12 programs with over 370+ founders, I used to get really annoyed when we would share best practices in fundraising, or customer acquisition or hiring and firing and have it all completely ignored.

‘’But I have come to accept that this will always be the case. My hypothesis? Even if your advice is correct, there are good reasons why they will not take it,” he added.

Reasons founder often find it difficult to take professional advice are explained as follows:

  1. They have to learn the hard way: Not all knowledge can be read in book or handed down to us by a more experienced person. We have to have direct or first-hand experience with some things in real life. These things make up our “experiential knowledge” noted Marvin.
  2. Things do not fit into their logic or current worldview: Marvin use the term ‘’cognitively dissonant’’ to express ideas that appear so complex to founders that they don’t understand it or they choose to not rack their head around it. ‘’This often occurs because it breaks their worldview and it’s too painful or just does not fit with what they believe.’’
  3. Overconfidence due to a history of struggle and winning: When founders are able to build a successful business from the scratch, they tend to ‘’think they are exceptional to rule’’. Marvin argues, the journey of a founder is very hard, thus it’s highly irrational. ‘’You need to have a little bit of naivety and or delusion to be a founder, otherwise you would never start. This leads you to think you are unique and different so that the best practices don’t apply to you.’’

But in all 3 cases, Marvin remarks the market really always educates you quickly and painfully. ‘’This is no different than when growing up and you used to ignore your parents advice because you think you know better. It’s something that can only be learned with time and experience,’’ he said.

Marvin Liao is an investor, operator, executive coach, conference keynote speaker with strong opinions and perspective on Venture Capital, the Technology and media biz. He is a Silicon Valley Startup and Big Tech practitioner.

Popular Analysts Issue Major Bitcoin Alert and Predict a 100x Increase on Tradecurve

By
TI Partners
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0

Many cryptocurrency experts have predicted the beginning of a new bull market as digital assets recovered from the losses of the 2022 bear market. Year-to-date, the price of Bitcoin (BTC) has increased by 63%, with investors and analysts alike predicting more gains.

Despite what is almost a general consensus among experts, a popular crypto analyst, and trader, Credible Crypto, has issued a serious price alert for Bitcoin holders. On the flip side, the popular analysts are bullish about Tradecurve, predicting up to a 100x price increase during the current bull market.

Bitcoin (BTC) Is Ripe for a Flush Down – Credible Crypto

Credible Crypto – a popular cryptocurrency analyst – has expressed his bearish sentiments about Bitcoin (BTC), contradicting the predominant bullish claims of others. The pseudonymous crypto strategist told his 340,500 followers on Twitter that they should brace for a major drop in the price of Bitcoin.

According to Credible Crypto, the price of Bitcoin is currently below a critical resistance level and is ripe for a major ‘Flush Down.’ He explained that Bitcoin, which currently trades around the $27,000 level, fell under this price after a short squeeze happened during the Memorial Day weekend in the United States.

The crypto analyst believes that if the sell-off happens, the price of Bitcoin could drop to $25,338 as a minimum price. Further selling pressure could drive as low as $23,982 or $22,000 if the bears suppress any form of bullish momentum. According to the analysis, the only chance Bitcoin has to trade above this level is if Bitcoin reclaims and trades above the $29,200 price level.

Tradecurve Could Lead the Next Bull Market with 100x Price Increase

Although bearish about Bitcoin, the popular analysts have expressed hyper-bullish sentiments about Tradecurve, predicting that the native token of the revolutionary exchange could jump by as much as 100x, outperforming the crypto market in the next market rally. Tradecurve will be the first decentralized trading platform built on a blockchain where users can access global financial instruments without borders.

Unlike most crypto exchanges that are limited to trading digital assets, on the platform users will be able to utilize digital assets as leverage to trade against forex, stocks, CMDs, options, ETFs, and other financial assets.

Tradecurve will offer a wide array of assets with very low fees, no KYC limitations to accommodate users from anywhere in the world, powerful trading terminals, ultra-fast order execution, and instant deposits and withdrawals.

Powering the Tradecurve platform is its utility token, TCRV. Holders of TCRV tokens will receive discounts on trading fees, exclusive rewards, and monthly passive income via staking.

Tradecurve is in its third stage and you can buy a TCRV token for as low as $0.015 before the predicted as the exchange journeys to the top to compete with market leaders like Kraken, Coinbase, and Binance.

Get more information surrounding TCRV at the links below:

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Click Here To Buy TCRV Presale Tokens

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The CBN E-Valuation And E-Invoicing Guidelines, Statement on Status of Chief Compliance Officers

By
Emmanuel Ifeanyi Ogbuka
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0

The CBN Guidelines On The Introduction of E-Evaluation & E-Invoicing For Import & Export in Nigeria.

The Central Bank of Nigeria (CBN) on the 21st of January,2022 released a new set of guidelines addressed to all authorized dealers licensed by it and the general public pursuant to a CBN circular dated the 5th of August, 2020.

This article will be focused on the provision of these guidelines on the introduction by the CBN of the E-Valuator & E-Invoice which are replacements for hardcopy final invoices as part of the documentation required for all import and export transactions.

These provisions are as follows :-

– From the 1st of February,2022, all import and export operations will require the submission of an electronic invoice (E-Invoice) authenticated by authorized dealer banks on the Nigerian Single Window Portal – Trade Monitoring System (TRMS).

– The guidelines are aimed mainly at the realization of accurate value from the import and export of items in & out of Nigeria.

– The system would operate on a global price verification mechanism guided by a benchmark price. The benchmark price is the actual market price obtainable at the time of invoicing in, in that market where the goods are traded.

– Imports and exports with unit prices that are more than 2.5% of the verified global checkmate prices would be queried and will not be allowed got successful completion of Form M or Form NXP as the case may be.

– Accordingly the use of E-Invoicing shall subject to the following guidelines relating to the obligations of importers and suppliers for their operations as stated below :-

a). An importer/exporter of goods into Nigeria shall ensure that the purchase/sale contract with a foreign supplier/buyer stipulates compliance with the obligations set out in the guidelines and the seller’s invoice must be submitted in electronic format and authenticated by an Authorized Dealer Bank(ADB) as part of required documentation; 

b). No importer/exporter may effect payment to the credit of any foreign supplier unless the electronic invoice has been authenticated by ADBs presented together with other relevant documents for payment;

c). The content of the E-Invoice authenticated by ADBs is only advisory for the Nigerian Customs Service;

d). A supplier/buyer of goods and services for Import/Export operations into or out of Nigeria is required to register on a dedicated electronic portal provided by the CBN and operated by its agent service providers as in the operational manual for Form M & Form NXP;

  1. e) An annual subscription fee of $350.00 is charged for the authentication of suppliers on the TRMS system.

Exempted Import/Export Operations

– Individual invoices with a value of less than $10,000.00 or its equivalent in another currency, except where suppliers have an annual cumulative invoicing value equal to or above $500,000.00 or its equivalent in another currency, then they shall submit E-Invoices for all their operations regardless of the individual value of an invoice.

– Import & Export transactions made by all security agencies in the country.

– Supplies to diplomatic and consular missions .

– Supplies to international agencies dependent on the UN.

– Donations from foreign governments or individual organizations to foundations, charities and recognized humanitarian organizations.

– Goods supplied directly by a foreign government.

The CBN Statement On The Status of Chief Compliance Officers (CCOs)

The Central Bank of Nigeria(CBN) on the 9th of October 2020 released a statement pursuant to a CBN circular dated the 28th of September 2016 on the appointment of Executive Compliance Officers (ECOs) & Chief Compliance Officers (CCOs) of deposit money banks. 

Upon due considerations and presentations by stakeholders on the size, structure, operations & dynamics of classes of operators in various banking and financial sectors, the CBN reviewed the requirements for the appointment of CCOs.

Consequently, Merchant Banks and Regional banks (Commercial & Specialized) are to appoint CCOs on a grade not below that of an Assistant General Manager(AGM).

CCOs are however required to report directly to the ECOs of FIs(Financial Institutions) who have some responsibility for compliance matters in the bank.

The requirements and responsibilities of ECOs as stated in the 2016 CBN circular remain unchanged. 

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