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Home Blog Page 4149

The Rise of Innovators And Why We Need Companies

By
Ndubuisi Ekekwe
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0

How can you set a new basis of competition? There are many ways – and they must not always be technology-driven. The “Intel Inside” sticker shaped the industry, creating new perceptions in the minds of customers. It had no microprocessor in it, but it took down competitors. Tesla’s aspirational & evolutionary business model has made it a software company that sells cars. Yes, the car keeps getting better provided you keep paying for new software updates!

Across markets and territories, sometimes, besides the technologies, you need xfactors to separate yourself. Look for xfactors in that business.

I have noticed one thing: a simple refund policy could increase sales in Nigeria! That reduces the inertia for the customers to pay. And if you have a really good product, you will win more customers. Find ways to do better with what you have, right now!Join Tekedia Mini-MBA which begins on Monday for a roadmap.

FTX and Genesis Ask Court to Clarify Crypto Staking Rights

By
Paul Ugbede Godwin
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0

Crypto staking is a process that allows users to earn rewards by locking up their coins in a network and participating in its consensus mechanism. Staking is seen as a way to generate passive income and support the security and decentralization of various blockchain platforms.

According to court documents, SBF’s FTX exchange and Genesis have jointly asked the bankruptcy court to issue a declaratory judgment on whether staked assets are property of the debtor or the creditor, and whether they are subject to automatic stay or turnover orders. The outcome of this request could have significant implications for the distribution of assets among creditors and for the future of crypto staking.

This is the situation that FTX and Genesis Global Capital are facing, as both companies have filed for Chapter 11 protection in the US after suffering massive losses from the crypto market crash in November 2022. FTX and Genesis are among the largest players in the crypto industry, offering services such as trading, lending, borrowing, and staking.

FTX and Genesis claim that staked assets are not property of the debtor, but rather contractual rights that are held by the creditor. They argue that staking is a form of lending, where the creditor lends its assets to a third-party platform or protocol in return for rewards. Therefore, they say, staked assets should not be subject to automatic stay or turnover orders, which would prevent them from accessing or transferring their staked assets.

However, staking also involves some legal and regulatory challenges, especially in the US, where the Securities and Exchange Commission (SEC) has not yet clarified its stance on whether staked coins are securities or not.

This uncertainty has led two prominent crypto companies, FTX and Genesis, to ask a federal court in New York for a declaratory judgment on the status of their staking products. FTX is a leading crypto exchange that offers staking services for various tokens, while Genesis is a digital asset lender that provides staking loans to its clients.

According to the complaint filed on May 29, 2023, FTX and Genesis seek a ruling that their staking products do not constitute securities under the federal securities laws, and that they are not required to register them with the SEC or comply with its regulations.

The complaint argues that staked coins are not securities because they do not represent an investment contract, a debt instrument, or an equity interest in any entity. Rather, they are simply digital assets that users voluntarily lock up in a network to earn rewards and support its functionality.

The complaint also claims that FTX and Genesis do not act as intermediaries or brokers in the staking process, but rather as service providers that facilitate the access and use of the underlying networks. Therefore, they do not owe any fiduciary duties to their customers or have any control over their staked coins.

FTX and Genesis state that they have been operating their staking products in good faith and in compliance with the existing guidance from the SEC and other regulators. However, they also acknowledge that there is a risk of enforcement action from the SEC or other authorities if they deem their staking products to be securities.

The complaint concludes by asking the court to grant a declaratory judgment that FTX and Genesis’ staking products are not securities under the federal securities laws, and that they are not subject to SEC registration or regulation. The complaint also seeks an injunction against any enforcement action from the SEC or other regulators based on their staking products.

Understanding ZkSync Airdrop and how to Position future Opportunities

By
Paul Ugbede Godwin
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0

Crypto airdrop is a marketing method employed by startups in the cryptocurrency space. It involves delivering tokens to the wallets of current cryptocurrency traders, either for free or in exchange for completing simple tasks. The main purpose of airdrops is to increase the visibility, adoption, and circulation of new tokens, as well as to reward loyal supporters.

They can also provide you with some extra income or exposure to potential gains. However, they also come with some risks and challenges that require careful attention and research. By following these tips, you can position yourself for crypto airdrops and enjoy their benefits safely and smartly.

Zksync is a layer-2 scaling solution for Ethereum that aims to improve the speed and lower the cost of transactions on the network. Zksync uses zero-knowledge proofs (ZKPs) to ensure the security and validity of transactions without relying on the main chain.

One of the features of Zksync is that it allows users to create and manage their own tokens on the layer-2 platform. These tokens are compatible with the ERC-20 standard and can be transferred and exchanged on Zksync with minimal fees.

To incentivize the adoption and usage of Zksync, the team behind it has announced an airdrop of its native token, ZKS, to users who have interacted with Zksync in the past or will do so in the future. The airdrop will distribute 10% of the total supply of ZKS, which is 1 billion tokens, to eligible participants.

The eligibility criteria for the airdrop

Users who have made at least one transaction on Zksync before December 1st, 2021, will receive a share of 5% of the total ZKS supply. Users who have made at least one transaction on Zksync between December 1st, 2021, and May 31st, 2022, will receive a share of another 5% of the total ZKS supply. Users who have registered an account on Zksync and verified their email address before May 31st, 2022, will receive a bonus of 10 ZKS.

The distribution of ZKS will be proportional to the number and value of transactions made by each user on Zksync. The more transactions and the higher the value, the more ZKS one will receive. The exact formula for calculating the amount of ZKS for each user will be announced later by the team.

The airdrop will take place in June 2022, after the launch of Zksync 2.0 and ZkEra in 2023, which will introduce smart contracts and decentralized applications (DApps) on the layer-2 platform. Users will be able to claim their ZKS tokens using their existing Zksync accounts or wallets.

Zksync airdrop is an opportunity for users to benefit from the growth and development of one of the most promising scaling solutions for Ethereum. By using Zksync, users can enjoy faster and cheaper transactions while supporting the security and decentralization of Ethereum.

How Can You Position Yourself for Crypto Airdrops?

Stay informed: The first step is to stay updated on the latest news and developments in the crypto space. You can follow reputable sources such as CoinDesk or Investopedia, subscribe to newsletters such as The Airdrop or The Node, or join communities such as Reddit or Telegram.

Do your research: The second step is to do your own research on the projects and tokens that interest you. You can check their websites, whitepapers, social media accounts, or forums to learn more about their vision, team, roadmap, partners, etc.

Be prepared: The third step is to be ready for any opportunities that may arise. You should have a wallet that supports multiple cryptocurrencies and tokens, such as Trust Wallet or MetaMask. You should also have some funds in popular cryptocurrencies such as ETH or BNB that may be required for some airdrops.

Be careful: The final step is to be cautious and vigilant when participating in crypto airdrops. You should never share your private keys or passwords with anyone or send any funds to unknown addresses. You should also verify the legitimacy and security of any website or app that asks you to claim or perform tasks for an airdrop.

Why Are Crypto Airdrops Issued

Crypto airdrops are issued for various reasons, but they all serve the same goal: to promote the new token and its project. Some of the benefits of issuing airdrops are:

Increasing awareness: Airdrops can generate buzz and attention for the new token and its project. By giving away free tokens, the project can attract more users and investors who may be curious about its features and potential.

Building community: Airdrops can foster loyalty and engagement among the existing and potential supporters of the new token and its project. By rewarding users for holding or performing tasks, the project can create a sense of belonging and participation among its community members.

Distributing supply: Airdrops can help distribute the supply of the new token more evenly and fairly among the public. By giving away tokens to a large number of users, the project can avoid concentration of power and wealth among a few early investors or insiders.

Boosting liquidity: Airdrops can increase the liquidity and trading volume of the new token on exchanges and platforms. By giving away tokens to users who may want to sell or trade them, the project can create more demand and supply for its token in the market.

The Best School – Register for Tekedia Mini-MBA, Other Programs and Beat Early Deadline

By
Ndubuisi Ekekwe
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0

Join us at the next edition of Tekedia Mini-MBA which begins June 5 to end Sept 2, 2023.  It is going to be a redesigned courseware and certainly the best edition yet. There will be many business case studies, drawing from local and global companies. If you are looking at how to start or manage or work in a company effectively and efficiently, I invite you to REGISTER. We have got more than 300 faculty from some of the leading global firms you admire in this Institute.

If you register by May 31, 2023, you pay the discounted rate and also get access to my books including The Dangote System, free access to Facyber cybersecurity course, and many other goodies.

Besides Tekedia Mini-MBA, we have Tekedia Startup Masterclass, Tekedia Practice,  Tekedia Industries, etc. All the programs are here .

Click and register, and meet me in the class. Bank managers, professors, medical doctors, engineers, lawyers, traders, students, CEOs, founders, etc attend Tekedia Institute programs. Check our testimonials here –

This is the temple for NEW knowledge; you will see markets and business differently, after spending time in Tekedia Institute. This is the best school; we will help you understand the unborn future right now. Come to the #best school.

UK-based Capita Updates on Cyber Attack Incidents

By
Ojukwu Emmanuel
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0

British outsourcing company Capita, which reportedly experienced two cyber-attacks in March and May this year, has noticed some issues due to the data breaches. The company which runs services for local councils, the NHS, the military, and several others experienced the first hacking incident on the 31st of March which caused a significant IT outage.

The company initially described the hack as a cyber incident primarily impacting access to internal applications and reported that no data appeared to have been stolen. Shortly after, a ransomware group subsequently claimed credit for the attack, and Capita belatedly confirmed that sensitive data had been stolen.

The company resorted to corporate doublespeak in a bid to minimize the severity of the hack, trotting out a made-up measure of affected “server estate” to measure the severity of a hacking incident

The attack spurred the Pensions Regulator (TPR) to write to more than 300 pension funds to ask them to check whether data had been stolen by hackers.

Again, a second data breach occurred in May, after it was reported that the UK-Based firm had left benefits data files in publicly accessible storage. The incident involved an unsecured Amazon Web Services bucket containing more than half a terabyte of data.

In a statement, the ICO at Capita said,

“We are aware of two incidents concerning Capita, regarding a cyber-attack in March and the use of publicly accessible storage. We are receiving a large number of reports from organizations directly affected by these incidents and we are currently making inquiries.

“We are encouraging organizations that use Capita’s services to check their Own position regarding these incidents and determine if the personal data they hold has been affected. If necessary, consider reporting a data breach to the ICO and we will use this information to inform our next steps.”

British security researcher Kevin Beaumont said he found and reported the AWS data exposure to Capita on April 24. “The bucket had been exposed to the internet and unprotected by a password since 2016”, he said, putting at risk 655 gigabytes of data spread across 3,000 files.

Capita then disclosed that the exposed AWS bucket included release notes and user guides, which are routinely published alongside software releases in line with standard industry practice. The firm however did not state that personal data was among the types of information exposed. It did say the bucket was now secure.

Meanwhile, the British local governments disagreed. The Adur & Worthing Councils said in a statement that they don’t believe Capita’s assurances that the AWS breach did not involve personal data for its residents.

The council wrote,

“Our internal investigation has involved reviewing each of the files that Capita has said was involved. Unfortunately, this has revealed that those files did in fact contain some personal data belonging to around 100 Adur and Worthing residents,” although they added that at this stage, we consider that the risk to our residents appears minimal.”

Capita expects to incur exceptional costs of approximately £15m to £20m associated with the cyber incident, comprising specialist professional fees, recovery and remediation costs, and investment to reinforce Capita’s cyber security environment.

The company holds more than $8 billion in U.K. government contracts. Customers include the National Health Service, Britain’s military, the Royal Bank of Scotland, and telecommunications giants O2 and Vodafone, who collectively handle data pertaining to millions of individuals.

Lately, it has continued to work closely and at speed with specialist advisers and forensic experts to investigate and resolve the cyber incident. It has also taken further steps to ensure the integrity, safety, and security of its IT infrastructure to underpin its ongoing client service commitments.

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