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Polygon Labs proposes facilitating Celo’s migration Amid Tether $5.5B Stablecoin Loans

By
Paul Ugbede Godwin
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0

Polygon Labs, a leading provider of blockchain development tools and infrastructure, has announced a new initiative to support Celo, a mobile-first platform that aims to make financial tools accessible to anyone with a smartphone. Polygon Labs proposes to facilitate Celo’s migration to Ethereum Layer 2, a scaling solution that enables faster and cheaper transactions on the Ethereum network, by using its Core Development Kit (CDK).

The CDK is a set of tools and libraries that simplifies the development and deployment of blockchain applications on Polygon, an Ethereum-compatible Layer 2 network that offers high scalability, security and interoperability. The CDK allows developers to easily create custom chains, bridges, validators, oracles and other components for their blockchain projects.

By using the CDK, Polygon Labs claims that it can help Celo achieve its vision of creating a more inclusive and accessible financial system for the billions of people who are underserved by traditional institutions. Celo’s platform leverages phone numbers as public keys, enabling users to send and receive digital currencies and access decentralized applications (DApps) with just their mobile devices. Celo also has its own native stablecoin, cUSD, which is pegged to the US dollar and can be used for remittances, payments, savings and other use cases.

However, Celo faces some challenges in scaling its platform and reaching mass adoption. As a Layer 1 blockchain that runs on a proof-of-stake consensus mechanism, Celo has limited throughput and high gas fees compared to Ethereum Layer 2 solutions. Moreover, Celo is not fully compatible with Ethereum, which means that it cannot benefit from the rich ecosystem of DApps, developers and users that exist on the world’s largest smart contract platform.

Polygon Labs believes that by migrating Celo to Ethereum Layer 2 using its CDK, it can solve these problems and unlock new opportunities for both platforms. Polygon Labs says that it can enable Celo to achieve higher scalability, lower costs and greater interoperability with Ethereum, while preserving its unique features and values. Polygon Labs also says that it can help Celo tap into the growing demand for Layer 2 solutions among Ethereum users and developers, who are looking for ways to overcome the limitations of the congested and expensive Layer 1 network.

Polygon Labs has already demonstrated its expertise and experience in building bridges and integrations between different blockchain platforms. It has successfully launched several products and services that connect Polygon with Ethereum, Bitcoin, Binance Smart Chain, Polkadot and other networks. Polygon Labs has also partnered with various projects and protocols in the blockchain space, such as Chainlink, Aave, SushiSwap, Decentraland and more.

Polygon Labs says that it is excited to collaborate with Celo and support its mission of creating a more open and fair financial system for everyone. Polygon Labs invites Celo developers and community members to join its Discord channel and Telegram group to learn more about its proposal and provide feedback. Polygon Labs also encourages other projects and protocols that are interested in migrating to Ethereum Layer 2 or building on Polygon to reach out to its team and explore the possibilities of using its CDK.

Tether increase stablecoin loans to $5.5 billions

Tether, the company behind the largest stablecoin by market capitalization, has announced that it has increased its total loans to $5.5 billion as of September 2023. This is a significant growth from the $2.8 billion reported in June 2021, and reflects the increasing demand for stablecoins in the crypto market.

Stablecoins are digital tokens that are pegged to a fiat currency or a basket of assets and aim to provide stability and liquidity for traders and investors. Tether, which is backed by US dollars and other reserves, is the most widely used stablecoin in the world, with a market cap of over $70 billion.

Tether’s loans are part of its transparency efforts, which allow third-party auditors and regulators to verify its reserves and operations. According to Tether, its loans are fully collateralized and compliant with the relevant laws and regulations. The loans are also beneficial for the borrowers, who can access low-cost and flexible financing options using Tether as collateral.

Tether’s Chief Financial Officer, Giancarlo Devasini, said in a press release: “We are proud to report that our loan portfolio has grown significantly in the past year, as more and more customers recognize the value and convenience of using Tether as a stablecoin and a collateral. We are committed to providing the highest level of transparency and compliance for our products and services, and we look forward to continuing to serve the crypto community with our innovative solutions.”

DYDX v4, Venmo, JPex, Optimism and Other Crypto News

By
Paul Ugbede Godwin
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0

DYdX v4, the latest version of the decentralized exchange protocol, has announced a partnership with Squid and Axelar to enable cross-chain liquidity for Cosmos-based appchains. Squid is a decentralized liquidity network that connects appchains to each other and to Ethereum, while Axelar is a protocol that facilitates interoperability between blockchains. By integrating Squid and Axelar, DYdX v4 aims to offer a seamless and secure trading experience for users and developers across different ecosystems.

Venmo, a popular payment app owned by PayPal, announced that it will soon allow its users to send and receive payments in PayPal USD, a stablecoin backed by the US dollar. This feature will enable Venmo users to access the benefits of cryptocurrency, such as fast transactions, low fees, and global reach, without the volatility and complexity of other digital assets.

Venmo said that it will launch the PayPal USD option in the first quarter of 2024, following a successful pilot program with select customers. Venmo’s move is part of PayPal’s broader strategy to integrate cryptocurrency into its platform and services.

The cryptocurrency market showed little reaction to the Federal Reserve’s decision to keep the benchmark interest rate near zero on Wednesday. Bitcoin, the largest and most popular digital asset, traded sideways around $50,000, while other major coins also remained stable.

The Fed’s announcement was widely expected by investors, who are looking for clues on when the central bank will start tapering its massive bond-buying program that has supported the economy during the pandemic. The Fed said it will continue to monitor the progress of the recovery and the inflation outlook before making any changes to its monetary policy stance.

Optimism, a layer 2 scaling solution for Ethereum, has announced that it has sold $162 million worth of its native token, OPT, in a private sale. The sale was led by Andreessen Horowitz and Paradigm and included participation from other prominent investors such as Alameda Research, Coinbase Ventures, and Polychain Capital.

Optimism said that the token sale was part of its plan to decentralize its network and governance, and that it will soon enable the transfer of OPT tokens to the public. OPT tokens will be used to secure the Optimism network, pay for transaction fees, and participate in governance decisions.

Friend.Tech is a new app that lets users compete with each other in various tech-related challenges, such as coding, hacking, or designing. The winner of each challenge gets to claim the loser’s social media handle on platforms like Twitter, Instagram, or TikTok.

The app has gained popularity among tech enthusiasts who want to show off their skills and earn bragging rights. Pepe, a famous hacker and influencer, has recently joined the app and announced that he will put his coveted Pepe handle on the line for anyone who can beat him in a hacking contest. The challenge has attracted thousands of participants who are eager to win the prize and become the new Pepe.

Hong Kong authorities have ordered the suspension of JPEX, a popular online trading platform, as part of an ongoing investigation into its operations. The Securities and Futures Commission (SFC) and the police raided JPEX’s offices on Monday and seized its computers and documents. The SFC said JPEX had violated the Securities and Futures Ordinance by providing unlicensed securities trading services to Hong Kong investors.

JPEX’s website and app were also blocked by the Office of the Communications Authority (OFCA) on Tuesday, making it inaccessible to local users. JPEX has not commented on the situation, but its website said it was undergoing system maintenance. The SFC warned investors to be cautious when dealing with online platforms that offer securities trading without proper authorization.

Mt. Gox pushes back Repayments to 2024

By
Paul Ugbede Godwin
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0

Mt. Gox, the infamous cryptocurrency exchange that collapsed in 2014, has announced that it will extend the deadline for its civil rehabilitation plan to March 31, 2024. The plan, which was supposed to be finalized by October 15, 2023, outlines how the remaining assets of the exchange will be distributed to the creditors who lost their funds in the hack. The exchange lost about 850,000 bitcoins, worth about $450 million at the time, due to hacking and mismanagement. Since then, some of the bitcoins have been recovered, and the price of bitcoin has skyrocketed, making the remaining assets worth billions of dollars.

According to a notice posted on the Mt. Gox website, the reason for the delay is the ongoing legal disputes between the exchange and some of its creditors, as well as the complexity of the asset allocation process. The notice states that “there are still many creditors who have not agreed to the proposed rehabilitation plan” and that “there are a large number of assets that are difficult to evaluate.”

However, the notice also suggests that some payments might still be made before the end of 2024, depending on the progress of the court proceedings and the approval of the rehabilitation trustee. The notice says that “the rehabilitation trustee is considering making possible interim payments before the rehabilitation plan becomes effective” and that “the rehabilitation trustee will make an announcement on the website as soon as a specific date is decided.”

One of the main challenges is the ongoing lawsuit filed by CoinLab, a former partner of Mt. Gox, that claims $16 billion in damages from the exchange. CoinLab alleges that Mt. Gox breached their contract to provide bitcoin services in North America. The lawsuit has been widely criticized by the creditors and the bitcoin community as a greedy and frivolous attempt to take advantage of the situation. CoinLab has appealed the court’s decision to approve the repayment plan and has also filed a motion to freeze Mt. Gox’s assets in the US.

Another challenge is the technical difficulty of distributing the bitcoins to thousands of creditors around the world. The repayment plan requires each creditor to submit a claim form and provide a valid bitcoin address to receive their share of the assets. However, some creditors may have lost their access to their original Mt. Gox accounts or may have difficulty verifying their identity or providing a secure bitcoin address. Moreover, some creditors may prefer to receive cash instead of bitcoins, which would require converting the bitcoins at a fair market price and transferring the funds through various banking channels.

A third challenge is the volatility of the bitcoin market and the potential impact of a large-scale sell-off by the creditors. The repayment plan is based on the assumption that the price of bitcoin will remain stable or increase until the distribution is completed. However, if the price of bitcoin drops significantly, the value of the assets may not be enough to cover all the claims. Furthermore, if many creditors decide to sell their bitcoins as soon as they receive them, it could cause a downward pressure on the market and affect other investors.

The Mt. Gox saga has been one of the longest and most controversial in the history of cryptocurrency. The exchange, which was once the largest in the world, suffered a massive hack in 2014 that resulted in the loss of 850,000 bitcoins, worth about $450 million at the time. The exchange filed for bankruptcy shortly after, leaving thousands of creditors in limbo.

Since then, several attempts have been made to recover and redistribute the remaining assets of the exchange, which include about 150,000 bitcoins and some fiat currencies. However, the process has been plagued by legal battles, technical challenges and regulatory hurdles.

The latest extension of the deadline is likely to frustrate many creditors who have been waiting for years to receive their funds. Some have even opted to sell their claims to third-party buyers at a discount, rather than wait for the uncertain outcome of the civil rehabilitation plan.

On the other hand, some creditors might see this as an opportunity to increase their potential payouts, as the value of bitcoin has risen significantly since 2014. According to a report by CoinDesk, some creditors have filed petitions to change their claims from fiat to bitcoin, arguing that they should receive their original number of bitcoins rather than their equivalent value in fiat at the time of the hack.

It is hard to predict whether Mt. Gox will fulfil its repayment plans by the end of 2021. The plan faces many legal, technical and financial hurdles that could delay or prevent its execution. The creditors of Mt. Gox have been patient and hopeful for a long time, but they may have to wait even longer to see their money back.

The final decision on how the assets will be distributed rests with the Tokyo District Court, which oversees the civil rehabilitation proceedings. The court will review and approve or reject the proposed plan once it is submitted by the rehabilitation trustee. Until then, creditors will have to wait patiently for any updates from Mt. Gox.

The Three Pillars of the 48 Laws of Power By Robert Greene

By
Tiamiyu Ismail
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1

Robert Greene, an American classics scholar and writer, is no doubt one of the most admirable writers of our generation. His ‘’48 Laws of Power’’ is arguably the most commercially successful of his works. The 48 laws of powers is an exposition of a set of forty-eight laws that anyone who seeks to have and/or retain power should adhere to.

Robert Greene begins by identifying one of the things that evoke a sense of self in us — the feeling that derives from our ability to control events or influence people to do our bidding. This feeling brings to bear our hidden cravings for power. Thus, the inability to have control over events and people is described as strongly undesirable; it evokes a feeling of powerlessness. Powerlessness does not only make one feel miserable and inferior to others; it also constitutes a great obstacle in maximizing one’s potential and fulfilling one’s destiny.

Man is ‘’zoon politicon’’ argues Plato, the father of classical Philosophy. Zoon politicon translates to political animal. What Plato meant by this coinage is that man is naturally disposed to power play whether he is conscious of this or not. The struggle for power is the underlying factor behind every action of man or social relation.

Robert Greene probably had the foregoing Platonic worldview in mind when he conceived his 48 laws of power. Greene’s proposition is that power should be seen by man not only as a necessity for him to adapt in society but also as an inevitable force that shapes his social reality. There is no point avoiding the game of power when the world is a giant scheming court. However, in the course of attaining power, one must be careful not to be overt or eccentric. Standards must be set below and above which one must avoid. This is the rule of golden mean by Aristotle.

The following are the three pillars of the 48 laws of power:

 Self Mastery/Emotional Intelligence

One reason we need to master ourselves is because we have emotions. Emotions are not necessarily bad things about us; they are signals that alert us when we are up against a threat in our environment. However, we usually overestimate external threats. This leads to overreaction from us and could cause irreparable damage to both ourselves and the object of our emotional reaction.

There is a common saying that the master of his own emotion is the master of all. Feelings such as love, anger, hatred, passion, and dejection are some elements of our emotional life.  However one cannot repress these feelings and you should not endeavour to repress or avoid them when they surface. What you should avoid instead is making judgments based on those feelings. An emotional reaction to a situation does not only impair reasoning, it is prejudicial to sound judgment. It is like…..

When you are angered it is better to suspend your judgment than to make an irrational decision on the spot. More so, your love for someone or people should not prevent you from seeing them as human beings and by nature political animals.

Critical Reasoning

You want to consider all the possible contexts connected to the matter at hand. Critical reasoning helps you to not only identify a problem or threat but also help you to unravel opportunities within the identified problem. Distance yourself from the present moment and think objectively about the past and the future.  You should see the moment as the connecting point of the past and the future. Focus not only on what you have at the moment but on how you could use it to correct the past, learning from both your personal experience and the experiences of those above you.

The mistake that you have made and learned from may turn out to be your greatest advantage.

In Robert Grenees’ words, one must assume the image of Janus, the double-faced Greek god who secures all the gates and doorways. Hence, you must possess a double face, one to reflect on the past and the other to peek into the future concurrently. Also, while thinking about the future you must not be consumed in fantasy or illusion. That is you must not focus solely on the happy ending of your dreams. You must anticipate challenges and problems and prepare a defense against them.

Flexibility

According to Robert Greene, one adept at power play is able to assume different forms or shapes, cashing on the narrow and rigid mindset of the unsuspecting enemy. You must be able to put your critical thinking to use to devise more subtle means of navigating your obstacles. A master at power is not predictable. Sometimes he is a crook and other times he is a saint. He is whatever he wishes to be or whatever is required of him according to context or situation. This reflects the height of self-mastery and the basis of power. Thus, the powerful man always has an ace up his sleeve and he is one step ahead of the enemy.

By his idea of flexibility, Robert Greene invites us to be water just as the famous Chinese martial artist, Bruce Lee, would say, ‘’Be water, my friend’’. Water is a recurring metaphor in Lee’s philosophy. Water is perceived as a powerful adaptive element due to its ability to take different forms or shapes.

Nigeria Announces Plan to Unify Data Collection Through NIMC

By
Samuel Nwite
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0
National ID Card, Nigeria

The federal government of Nigeria has announced its intention to harmonize data in a bid to end multiple identity registrations through the National Identity Management Commission (NIMC).

Nigeria is facing a challenge of data duplication with various agencies of the government, including the NIMC (national identity card), the Nigerian Immigration Service (international passport), and the Federal Road Safety Corp. (driver’s license).

Minister of Interior, Dr. Olubunmi Tunji-Ojo, who announced the plan while hosting a team from MTN management led by its Chief Executive Officer, (CEO), Karl Toriola, on Monday in Abuja, emphasized the need for Nigeria to harmonize its data.

“Data harmonization is key. If we must succeed at the Ministry of Interior, the success will start with NIMC. The integrity of our travel document must be restored through the harmonization of our data.

“This way, our people do not have to repeat data capture processes during the passport enrolment phase when they have a valid NIN,” he said.

According to the minister, the plan is to harmonize the country’s database in line with President Bola Tinubu’s mandate to the NIMC, which seeks to enhance Nigeria’s identity and security architecture.

He emphasized the need for an interior hub – a massive data center where “we will have all our identity information documented.” He said data harmonization will drastically cut down on stress for the people as well as overhead costs on the part of the government.

“When we harmonize our data, there will be an exchange amongst agencies such that when our people need data for passport or BVN, with their NIN, their data can be pulled out. This will not only save us stress, cost and energy but also help us optimize our processes,” he said.

The Minister emphasized the importance of private sector players, specifically mentioning MTN, in realizing the vision of harmonizing data. He stressed that in order to achieve this goal, it is crucial to establish mechanisms for private partnerships to contribute to the attainment of the objectives.

“For us, we are open to partnerships from private sector players, as NIMC may not have the full financial capacity to fulfill the ambition,” he said in a communiqué signed by his Special Adviser on Media and Publicity, Alao Babatunde.

Dr. Tunji-Ojo elaborated that various forms of data, including the issuance of driving licenses, passports, Bank Verification Numbers (BVN), National Identity Numbers (NIN), Subscribers Identity Modules (SIM), and others, should be integrated into digital chips.

This integration serves the purpose of streamlining and optimizing the planning and execution of government programs aimed at expediting development.

He further emphasized that the NIMC, as an agency falling under the ministry’s purview, has the potential to revolutionize the current scenario, where the country relies on a single point of data entry.

“There is no need for us to have a BVN number, a voter’s number, an NIN, and a passport number all at once, and this is why we have to work with NIMC to ensure that we harmonize all these and do away with these duplications.

“If NIMC performs well, NIS will perform better, and the police, NSCDC, and other agencies will perform admirably above par.” he notes.

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