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Unlocking Financial Inclusion With Stellar (XLM) and HedgeUp (HDUP)

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Since the creation of Bitcoin in 2009, we have seen the development of all kinds of blockchain protocols. Each of these protocols has been created as a potential solution to some problem in the crypto or mainstream finance worlds.

In Stellar’s (XLM) case, the network was developed with financial inclusion in mind. The protocol’s goal is to make financial services more accessible and affordable, particularly in underserved regions of the world.

This has made it the ideal protocol for other decentralized finance (DeFi) projects that have the same goal in mind. HedgeUp (HDUP) is one such protocol. HedgeUp’s goal is to make alternative investments cheaper and more accessible to people worldwide.

Financial inclusion with Stellar (XLM)

Stellar (XLM)  was created in 2014 and launched in 2015 by Jed McCaleb. It is designed as a decentralized payment protocol with a focus on features that allow for low-cost cross-border transactions. It was also designed to allow for the issuance and transfer of real-world assets as digital assets.

The payment protocol’s native cryptocurrency is called Lumens (XLM). XLM plays several crucial roles in the Stellar ecosystem. It is used to pay transaction fees and maintain overall system security. But perhaps its most innovative feature is that it can be used as a bridge currency to facilitate the transfer of value between digital assets and real-world assets.

Thanks to this, Stellar (XLM) allows users to create, transfer, and trade digital representations of all kinds of on-chain and off-chain assets.

This feature makes Stellar an attractive platform for projects like HedgeUp (HDUP). This is a DeFi project that’s using tokenization to provide investors with opportunities to invest in alternative assets like diamonds, gold, valuable jewelry, exquisite artwork, rare drinks, and more within the blockchain ecosystem.

HedgeUp (HDUP): inclusion through alternative assets

The alternative assets market is worth more than $17 trillion. It’s one of the best markets to invest in because assets like gold and diamonds tend to be less volatile. Their values remain relatively stable over a long period, making them the perfect tools to beat inflation. And to add to that, they have good potential returns.

Unfortunately, the market is inaccessible to most people worldwide. This is because of a complete lack of these investment opportunities in some regions. And even in places where they’re available, the cost of investments is typically high and out of reach for most of the population.

HedgeUp (HDUP) sees this as a very big problem that needs solving. That’s why the project has decided to tokenize alternative assets into NFTs. These NFTs will then be traded on HedgeUp’s (HDUP) own marketplace, giving investors from all over the world exposure to the alternative assets market.

HedgeUp (HDUP) will also allow for fractional investments, a feature that will see investors pay as little as $1 to own a slice of an asset. This is a feature aimed at making investments as cheap as possible and thus, accessible.

The project is currently in presale. And although it was built on the Ethereum blockchain, there are plans to move it to Stellar (XLM).

For more information about HedgeUp (HDUP) presale use the links down below:

  • Website: https://hedgeup.io/
  • Presale: https://app.hedgeup.io/sign-up
  • Telegram: https://t.me/HedgeUpChat
  • Twitter: https://twitter.com/HedgeUpOfficial

Fuel Subsidy: Edo State Nigeria Announces N40k Minimum Wage, Three Working Days

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Edo State Governor, Mr. Godwin Obaseki, has announced a measure to alleviate the hardships faced by the people due to the removal of fuel subsidy. In a statement he personally issued, Obaseki expressed empathy with the citizens and assured them of the government’s support during these challenging times.

The governor acknowledged the significant increase in fuel prices, which has resulted in a rise in the cost of goods and services, as well as the overall cost of living. In response to these circumstances, the Edo State Government is taking steps to reduce the burdens and mitigate the sufferings of the people.

Obaseki highlighted that his administration had already increased the minimum wage for workers in Edo State to N40,000, the highest in the country. He affirmed the government’s commitment to maintaining this wage and expressed hope for further increments if the state receives an additional allocation from the Federal Government due to the anticipated savings from the fuel subsidy removal.

Recognizing the hardships caused by the policy, particularly the increased transportation costs affecting workers’ wages, the Edo State Government has decided to reduce the number of workdays for civil and public servants. Instead of the usual five days a week, employees will now only need to commute to their workplaces three days a week. The remaining two days will be designated as work-from-home days.

Furthermore, the government plans to expand the EdoBEST@Home initiative, which aims to create more virtual classrooms. This expansion will lessen the commuting expenses for teachers, parents, and students. The Edo State Universal Basic Education Board (SUBEB) will provide more details on this initiative in the coming days.

Another governor towing the same path is Sheyi Makinde of Oyo State. On Monday, the governor constituted a committee to review the state’s workers’ salaries as part of efforts to mitigate the impact of the subsidy removal.

“Yes, the fuel subsidy removal is going to affect all of us but we do have control over certain things in this state, and one of these is to be proactive and engage ourselves. They may call for strike or certain actions at the Federal level but the labour leaders in the state must be aware of our own situation. So, we must appreciate the fact that our economy is fragile. We must be proactive and set the tone without prejudice to whatever negotiation is happening at the Federal level,” the governor said.

The Trade Union Congress (TUC), in a statement signed by its president, Festus Osifo, and Secretary General, Nuhu Toro, on Monday, demanded an immediate increase and implementation of N200,000 per month minimum wage, from the current N30,000. The union also demanded adjustment on Cost of Living Allowance (COLA), like feeding, transport, housing, etc. before the end of June.

Calls for a minimum wage increase have risen in the wake of the removal of fuel subsidy late last month, especially following economic reports that the federal government’s decision will have a severe economic impact on the Nigerian people if palliatives are not provided.

KPMG, a multinational audit, tax, and advisory services firm, on Tuesday, predicted that the subsidy withdrawal could see the inflation rate climb to 30 percent from June.

“Our internal macro model also supports the World Bank’s findings with a forecast of an increase of about six percent over the June 2023 inflation rate to bring it to about 30 percent,” the firm stated.

Israeli Digital Bank, One Zero, to Introduce Generative AI Chatbot to App

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Israeli First established independent Digital Bank headquartered in Tel Aviv, One Zero, is set to launch a generative AI chatbot into its system, which is capable of providing immediate replies to customer queries.

To achieve this, the digital bank partnered with AI21 Labs to introduce a cutting-edge chat platform powered by Generative AI, which is scheduled to roll out to all One Zero bank customers in the fourth quarter (Q4) of 2023.

This offering will encompass not only informative and personal inquiries but also extend to consultations on matters related to money management. While customers will have the option to request assistance from a human banker at any point, the advanced chatbot will address the majority of customer queries, making more time for the bankers to provide comprehensive financial advice.

Speaking on the introduction of the cutting-edge chat platform powered by Generative AI, CEO of One Zero Bank Gal Bar Dea said,

“Generative AI technology replaces the traditional ‘bot’ creating an exceptional customer experience that closely resembles one-on-one human interaction, with zero wait time. The integration of this technology into banking is set to redefine service standards. Paired with the bank’s proprietary AI technology, which offers valuable money management insights, it advances our mission to provide inclusive private banking services to all”.

Reports reveal that the pilot program will initially involve 450 customers of One Zero Bank and will progressively expand until its official launch for all customers in the fourth quarter. 

During the process of developing and implementing the new technology, the digital Bank has incorporated unique advancements that are anticipated to be registered for patents.

The new technology will offer customers immediate responses without waiting times while enabling the bank to achieve continued growth with a cost-effective framework. This cost efficiency allows for potential savings to be passed on to customers through reduced fees and interest rates, benefiting their overall banking experience.

The new chat system will replace the current conversation menus, which rely on decision trees and predefined answers. Instead, it will enable customers to engage in free-flowing conversations, receiving responses that closely simulate human interaction.

Considering the learning curve associated with the technology, customers will have the option to seamlessly switch to a conversation with a human banker whenever they wish to. The AI-based chat platform will offer responses to both general informational queries and personalized questions, tailored to the unique characteristics of each customer’s account.

Following the development of OpenAI chatbot ChatGPT last year, which is currently the rave of the moment, this has seen several companies integrate generative AI tools into their products. Lately, several fintech and banking institutions are beginning to debut generative AI chatbots into their systems, with early successes coming in call center automation and marketing campaigns.

AI chatbots have reportedly transformed personalized banking and customer service. This has seen rapid processing requirements, unique customer needs, secure data management, and 24/7 availability which have all been met with the advent of conversational AI chatbots.

Several financial institutions are currently utilizing AI chatbots to streamline everyday operations and boost company performance which has brought about benefits such as enhanced customer service, cut down of cost, personalized banking experience, better risk mitigation, improved work efficiency, and reduction of workload, amongst others.

Experts predict that AI would revolutionize the banking industry, with the largest impact expected to be seen in areas of SMB Banking, Retail Banking, Investment, and commercial banking.

With the hype around these AI chatbots and their efficiency, it is not far-fetched to say that chatbots for banking services are here to stay, as banks would be likely unable to function without them in the future.

Financial Institutions integrating AI Chatbots might be making the best decision, as there is no other better time than now to take action, as it can also provide them with a competitive edge among competitors.

The Lesson From The Church’s Secondary School Students’ Celebration

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Close-up of multi coloured confetti flying mid-air against black background.

Last Sunday, in a local Church here in America, high school (i.e. secondary school) students were celebrated for simply graduating. People, it is a very big deal.  They put their names on the church board, the church’s circulars, etc – and parents over parents were testifying , congratulating the teenagers and themselves.

As  I sat down, I saw people who truly treasure any positive step taken, no matter how small. Here, families traveled days to come and celebrate a mere and simple graduation from secondary school! 

In Nigeria, did any person notice that you graduated from a university, apart from your immediate family? Simply, did that church, mosque or village celebrate you?

Here is my message: do not be too hard on yourself.  Most times, we are making progress but we rarely acknowledge anything. Do all necessary to keep improving, no matter how little. And if you do, a positive attitude will help you achieve more.

Good People, a great energy with a positive attitude helps.  Discover your happiness by acknowledging some of your little wins. It does help.

Comment on Feed

Comment 1: Thanks Ndubuisi. I used to criticize high school graduation in the US until I realized that it is a big deal. Apart from the success, it is a passage to adulthood and responsibilities.

We don’t celebrate some successes because we think that those achievements are worth next to nothing. What we don’t value will not add value. That is why we don’t get the benefits of many of our achievements. Celebration of achievement is not just for enjoyment, it is a psychological stimulation to build on the achievement.

In addition, waiting to celebrate only when we achieve something great means we may never celebrate anything. The size of success is relative to situations. The higher we go, the higher the expectations. We should all learn to celebrate our achievements at any level no matter how small.

Comment 2: I really like the Post for so many reasons! The Professor is right on target concerning priorities, something I have personally had to balance concerning the professional life balancing the private life. In all honesty it has been a continual process regarding this balance. By coincidence, this morning in a few hours I am attending my granddaughter’s 5th grad graduation ceremony, I had to prioritize this over a important business meeting later this afternoon. Here is my thoughts, this is a one off, her 5th grade graduation, the business meeting is not. I can’t wait to tell her how proud of her I am! This going to be a lasting memory! What I like about this Post also is the fact this happens all over the world, makes me feel good we ALL have some commonality.

Comment 3: Well said, prof!
Africans should celebrate our little wins. It even has good effects on mental health and psyche.
Inasmuch as we keep progressing in the right direction.

Upbringing and background matters in all of these things too. Most of us were not celebrated that much for little our wins and achievements except the few significant ones. We are now adults. It’s not too late to celebrate ourselves and more importantly do it to our kids…

Life is what we make it to be for ourselves.

Thanks sir

Instagram Likely to Integrate AI-Generative Tool Into Platform to Enhance User’s Chat Experience

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Meta-owned photo and video-sharing social networking platform, Instagram, is likely to introduce an AI-generative tool into the platform, to enhance users’ chat experience, as reports suggest that the company is testing a 30-personality AI chatbot.

In a tweet made on Tuesday by Mobile app researcher and Developer Alessandro Paluzzi, which was accompanied by some screenshots, he disclosed that Instagram is working on bringing AI bots to chats for a more fun and engaging experience.

He tweeted,

“Instagram is working on bringing AI Agents (Bots) to your chats for a more fun and engaging experience. AI Agents will be able to answer questions and give advice. You’ll be able to choose from 30 different personalities”.

The chatbot which is reportedly in the works will answer users’ questions and as well offer advice. Users are given the option to choose from 30 AI personalities, and they can pick the one they prefer the most.

Through this AI bot, Instagram wants users to find the best way to express themselves and get help writing messages. Users will most likely get advice on how to write messages on the app.

In addition to the Al chatbot, Instagram is also working on a text-based app that could serve as an alternative to Twitter. It’s going to be a separate app but it will work with users’ Instagram accounts and pull all their content and data as well. This app is also expected to launch this month.

Although Instagram has not confirmed the news, however, it is not to say far-fetched that Meta is working on an AI bot for Instagram, as the company’s CEO Mark Zuckerberg had hinted that it was creating new top-level products that were focused on generative AI. The company currently has a team dedicated to building tools powered by artificial intelligence.

In February this year, Zuckerberg said that the company is working on AI experiences with text, such as chat with Messenger and WhatsApp, experiences with images for things like creative Instagram filters and ad formats as well as video and multi-modal experiences.

In his words,

“We’re creating a new top-level product group at Meta focused on generative AI to turbocharge our work in this area,” Zuckerberg writes. “We have a lot of foundational work to do before getting to the futuristic experiences, but I’m excited about all of the new things we’ll build along the way.”

After OpenAI rolled out its AI Chatbot ChatGPT last year, it has surged in popularity as several tech companies which includes, Microsoft, Google, Snapchat, TikTok, amongst others, are exploring opportunities in the generative AI space by integrating AI tools into their products to enhance users experience.

For example, large language models created by OpenAI have been integrated into Microsoft’s Bing chatbot as well as Google’s AI chatbot known as Bard. Also video-sharing platform TikTok is currently testing an in-app AI Chatbot called Tako, which has seen a limited rollout in a few select countries.