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OpenAI Raises $175 Million to Invest in AI Startups

By
Ojukwu Emmanuel
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0

American Artificial intelligence (AI) research laboratory company OpenAI has raised $175 million to invest in AI startups, with backing from Microsoft and other investors.

SEC filing reveals that the fund which is managed by OpenAI CEO Sam Altman and COO Brad Lightcap, raised the money from 14 investors.

Notably, OpenAI has been investing in startups working in artificial intelligence for a while. The company launched the OpenAI startup fund and said it would seek to back companies pushing the boundaries of how powerful AI can positively impact the world and profoundly change people’s lives.

In 2022 last year, the company announced a $100 million entrepreneurial tranche which was backed by Microsoft and other partners. The company chose 10 AI startups to receive $1 million each and admission to five weeks of office hours, workshops, and events with OpenAI staff, as well as early access to OpenAI models and programming tailored to AI companies.

When OpenAI first rolled out the OpenAI startup fund, it said that recipients of cash from the fund would receive access to Azure resources from Microsoft. Also, OpenAI introduced a new accelerator program for AI-focused startups called Converge. The startups will be granted special early access to OpenAI’s latest models and its software specially adapted for their kind of business model.

OpenAI Startup Fund was founded on the belief that powerful AI systems will spark a Cambrian explosion of new products, services, and applications. The company also believes that the most enduring and impactful of these companies will use emerging AI capabilities to revolutionize existing markets and create entirely new ones, rather than simply enhance what’s already possible.

The tech company aims to share a glimpse into the future of powerful AI, give early access to the newest systems, and empower startups to build transformative applications. Following OpenAI funding of AI Startups, analysts predict that investing early in companies that build directly or indirectly on its technology could net OpenAI a lot of large revenue streams down the line. The tech company is no doubt looking to cash in on the increasingly lucrative AI industry.

OpenAI has however acknowledged that work still needs to be done to improve the technology and continues to develop services. Since its founding in 2015, OpenAI has focused exclusively on AI, giving the company significant momentum in the field.

It is interesting to note that with the rise of artificial intelligence (AI) in the global market, it has caught the attention of venture capital (VC) investors. According to leading data and analytics firm, 3,198 AI startups received $52.1 billion in funding across 3,396 VC funding deals in 2022.

Some of the notable VC deals announced in the AI space during 2022 include $1.5 billion fundraising by Anduril Industries, $580 million raised by Anthropic, and $500 million fundraising by Black Sesame Intelligent Technology. AI companies across the globe are receiving increased funding lately because AI has the potential to disrupt industries and transform the way businesses operate.

Cryptography, Smart Contracts and Distributed Networks

By
Paul Ugbede Godwin
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0

Cryptography is the science of securing information by using mathematical techniques and algorithms. Cryptography uses mathematical techniques to encrypt and decrypt data, authenticate messages, and verify identities. Cryptography has many applications in computer security, digital signatures, e-commerce, cryptocurrency, and more.

Smart contracts are self-executing agreements that are encoded on a blockchain and can enforce the terms and conditions of a transaction while distributed networks are systems of nodes that communicate and cooperate with each other without relying on a central authority or intermediary. In a distributed network, each node has its own processing power, memory, and storage, and can operate independently or collaboratively with other nodes.

Benefits of Smart Contracts

Insurance policies: Smart contracts can automate the payment of claims based on predefined conditions and verified events. For example, a smart contract can trigger a payout to a policyholder if their flight is delayed or canceled, without the need for manual verification or paperwork.

Supply chain management: Smart contracts can track the movement of goods and services across different parties and locations and enforce the terms of delivery and payment. For example, a smart contract can release the funds to a supplier once the goods have reached their destination and passed quality inspection.

Voting systems: Smart contracts can ensure the security and transparency of voting processes by recording and verifying each vote on a blockchain. For example, a smart contract can prevent double voting, tampering, or fraud by validating the identity and eligibility of each voter and storing their vote immutably.

Decentralized applications: Smart contracts can enable the creation and operation of decentralized applications (DApps) that run on a peer-to-peer network without intermediaries. For example, a smart contract can govern the rules and logic of a DApp, such as a decentralized exchange, a social media platform, or a gaming service.

Smart contracts can be written in different languages, such as Solidity, Vyper or Yul for Ethereum. Some pertinent observations on cryptography, smart contract and distributed network include;

How cryptography ensures the security and integrity of smart contracts on distributed networks.

How smart contracts enable decentralized applications on various blockchain platforms.

How distributed networks overcome the challenges of trust and scalability for smart contracts.

How smart contracts can be used for various domains such as education, voting, real estate, entertainment, IoT, supply chain, healthcare, etc.

How smart contracts face risks such as vulnerabilities, legal issues, and malicious attacks on distributed networks.

How smart contracts can be improved by using advanced cryptographic techniques and protocols on distributed networks.

Cryptography involves the following aspects

Encryption: transforming plaintext (readable data) into ciphertext (unreadable data) using a secret key. Decryption: reversing the encryption process to recover the plaintext from the ciphertext using the same or a different secret key.

Cryptanalysis: breaking the encryption or decryption scheme without knowing the secret key, or finding weaknesses in the scheme that can be exploited by an attacker.

Cryptography protocols: rules and procedures for using cryptographic primitives (such as encryption and decryption algorithms) to achieve specific goals, such as authentication, confidentiality, integrity, and non-repudiation.

Cryptography standards: specifications and guidelines for implementing and using cryptography protocols and primitives in various domains and applications, such as web security, digital signatures, electronic voting, and blockchain.

Nigeria’s Central Bank Revokes the Licenses of 47 Microfinance Banks, Others

By
Samuel Nwite
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1

The Central Bank of Nigeria (CBN) has withdrawn the license of Eyowo, one of Nigeria’s digital banks, and 46 other microfinance banks.

The financial sector regulator said it took the decision to revoke the licenses of the 47 entities because they had either remained inactive, insolvent, failed to render returns, closed shop, or ceased to carry on the type of banking business for which they were licensed for more than six (6) months.

The CBN said doing any of the above puts the affected banks in contravention of the Banks and other Financial Institutions Act (BOFIA), 2020, and the Revised Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria.

The CBN governor Godwin Emefiele, in a declaration announcing the revocation, said previous measures taken by the apex bank to halt the persistent failure of the affected banks failed.

“I, Godwin Ifeanyi Emefiele, CON, Governor of the Central Bank of Nigeria, in the exercise of the powers conferred upon me by Section 12 of the Banks and Other Financial Institutions Act (BOFIA), 2020, hereby revoke the licenses of the 47 (forty-seven) Microfinance Banks,” he said.

The CBN also announced that it has revoked the operating licenses of about 132 companies that cut across Microfinance Banks, Finance Companies and Primary Mortgage Banks.

The financial sector regulator cited the following reasons for taking the decision to withdraw their licenses:

“The Microfinance Banks, Finance Companies and Primary Mortgage Banks stated in Schedules I, II and III respectively, hereto, have:

“(a) ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of 6 months.

“(b) failed to fulfil or comply with the conditions subject to which their licences were granted; or

“(c) failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.”

Below is the list of the 47 microfinance banks whose licenses were withdrawn.

  1. Evangel MICROFINANCE BANK,
  2. DOMINION MICROFINANCE BANK,
  3. ANYA MICROFINANCE BANK,
  4. AKWENGWU MICROFINANCE BANK
  5. FADAMA FARMERS MICROFINANCE BANK
  6. SAL-FOL MICROFINANCE BANK
  7. MAUTECH MICROFINANCE BANK
  8. WASE MICROFINANCE BANK
  9. SMARTMICRO MICROFINANCE BANK
  10. AMBA MICROFINANCE BANK
  11. BRIDGE HOUSE MICROFINANCE BANK
  12. MONEYWELL MICROFINANCE BANK
  13. OTUKPO MICROFINANCE BANK
  14. OLOGBON MICROFINANCE BANK
  15. BESTWAY MICROFINANCE BANK
  16. BIYAMA MICROFINANCE BANK
  17. GREENLAND MICROFINANCE BANK
  18. FASILDAPO MICROFINANCE BANK
  19. SUNRISE MICROFINANCE BANK
  20. JOINT FARMERS MICROFINANCE BANK
  21. PROLIFIC MICROFINANCE BANK
  22. HALMOND MICROFINANCE BANK
  23. AJIKOBI MICROFINANCE BANK
  24. KOGI MICROFINANCE BANK
  25. EYOWO MICROFINANCE BANK
  26. ARISE MICROFINANCE BANK
  27. ISI-AKU MICROFINANCE BANK
  28. BMAZAZHIN MICROFINANCE BANK
  29. INI MICROFINANCE BANK
  30. NARICT MICROFINANCE BANK
  31. INTERLAND MICROFINANCE BANK
  32. EHOR MICROFINANCE BANK
  33. BIBAJINRE MICROFINANCE BANK
  34. GOLDEN FUNDS MICROFINANCE BANK
  35. GWADABAWA MICROFINANCE BANK
  36. IBA MICROFINANCE BANK
  37. EDUMANA MICROFINANCE BANK
  38. WEST-END MICROFINANCE BANK
  39. UMEJEI MICROFINANCE BANK
  40. MOUAU VASMUCS MICROFINANCE BANK
  41. JAMIS MICROFINANCE BANK
  42. NEW WORLD MICROFINANCE BANK
  43. ABESTONE MICROFINANCE BANK
  44. NSEHE MICROFINANCE BANK
  45. OSOGBO MICROFINANCE BANK
  46. CROSSOVER MICROFINANCE BANK
  47. DANGIZHI MICROFINANCE BANK

Here’s Why the HedgeUp (HDUP) Presale Looks More Appealing Than Pepe (PEPE) and RenQ Finance (RENQ)

By
TI Partners
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0

The volatility of cryptocurrencies will undoubtedly be on full display this year. Since December 2021, prices have been low, keeping the normal highs and lows of crypto to a minimum. As the market becomes more bullish, that will change and investors will have the opportunity to take advantage of it.

So, where is the best place to put your money?

Getting that question right could be the difference between making insane amounts of money or having a mediocre performance in 2023. Here’s why we think HedgeUp (HDUP) is the place to hang your hat.

>> Buy HedgeUp Now <<

Pepe (PEPE)

The meme coin based on Pepe the Frog certainly started as though it was shot out of a cannon. However, things have already cooled somewhat for the coin that broke into the Top 50 in less than a month after its release.

As of this writing, it is currently ranked 72nd by market cap. That trend will probably continue and it’s hard to tell where the coin will land and how spikey it will be this year. Since it’s a meme coin, the answer is probably – very spikey.

>> Buy HedgeUp Now <<

RenQ Finance (RENQ)

RenQ Finance just finished its presale, bringing in a respectable $16 million. Now, the project is live with the stated mission of making DeFi easier.

The team behind the blockchain rightly points out that people trying to enter the crypto space are almost forced into the clutches of centralized exchanges (CEXs). While decentralized exchanges (DEXs) are better in just about every way, the learning curve is so steep they aren’t an option to the uninitiated.

Beyond making crypto newbies feel better, RenQ will also be bringing a different set of financial products to DeFi users. Instead of vanilla lending and borrowing, RenQ will offer derivatives and margin trading.

HedgeUp (HDUP)

Like RenQ Finance, HedgeUp (HDUP) is a DeFi project. Also like RenQ, HedgeUp (HDUP) is focused on bringing unique financial products to cryptocurrency. And that is just about where the similarities end.

HedgeUp (HDUP) is the first blockchain to deal with alternative assets. HedgeUp (HDUP) will have an NFT marketplace where the NFTs are backed by real-world luxury items such as art and diamonds. The beautiful part is that investors will be able to own an NFT that represents a slice of the asset. So, just about anyone who wants to will have access to these investments.

>> Buy HedgeUp Now <<

The tale of the tape

Pepe hit hard, grabbed a lot of attention, and settled down. It’s possible that it will continue to experience the volatility that most meme coins do, but often the high points come and go so quickly that retail investors miss out as the whales swim away with the profits.

RenQ Finance has some good-looking use cases lined up. It would be nice to see it become a welcoming portal for new crypto investors but, at the end of the day, all the DeFi products still leave its users trading digital assets.

HedgeUp (HDUP) offers investments in alternative assets, something that most people never get exposed to in or out of crypto. The NFTs are backed by the assets they represent, giving them real value. And that’s just the beginning.

Whether your strategy is about holding or getting in and out fast, HedgeUp (HDUP) is the most appealing place for investments this year, hands down. 

Click the links below for more information about HedgeUp (HDUP) presale:

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

SEC Emails suggest Ripple (XRP) is NOT a Security, HedgeUp (HDUP) Position themselves to Take over Solana (SOL)

By
TI Partners
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0

The realm of cryptocurrencies is abuzz with groundbreaking developments. Recent reports suggesting Ripple (XRP) is not a security have turned heads, and simultaneously, an emerging asset-backed trading platform, HedgeUp (HDUP), is gearing up to challenge the status quo, potentially outpacing Solana (SOL).

The Ripple (XRP) Controversy: An Unexpected Twist

For a while now, Ripple (XRP), the digital payment protocol, has been under the Securities and Exchange Commission’s (SEC) scrutiny, raising doubts about its status as a security. However, recent email correspondences from SEC officials suggest Ripple (XRP) might not be classified as a security after all. This revelation could potentially steer Ripple’s (XRP) legal battle with the SEC towards a favorable outcome, reinstating confidence among Ripple (XRP) holders and investors. While the final decision is yet to be pronounced, these developments undoubtedly add a layer of complexity to the debate. 

HedgeUp (HDUP) Emerges: Gearing Up to Outpace Solana (SOL)

While the Ripple controversy unfolds, HedgeUp (HDUP), a promising newcomer in the crypto space, is garnering attention. HedgeUp (HDUP), an asset-backed trading platform, is rapidly gaining traction due to its innovative model that aims to provide a more secure and less volatile form of crypto investment. The HedgeUp (HDUP) team is now strategically positioning themselves to compete with established players like Solana (SOL). 

Why HedgeUp (HDUP) vs. Solana (SOL)?

Solana (SOL) has been a hot favorite in the crypto market due to its high-speed blockchain and smart contracts platform. Yet, the recent buzz around HedgeUp (HDUP) indicates a potential challenge. Investors are increasingly attracted to HedgeUp (HDUP) asset-backed model that promises a layer of stability uncommon in the crypto world. Furthermore, HedgeUp’s (HDUP) focus on transparency and regulatory compliance makes it a strong contender in a market where investor confidence is key. 

The Potential of HedgeUp (HDUP) 

Given HedgeUp’s (HUDP) presale success and increasing interest among the crypto community, it seems poised to emerge as a significant player. However, its ability to outpace Solana (SOL) will depend on various factors, including successful platform execution, consistent community growth, and the maintenance of its unique value proposition. 

Conclusion 

As the Ripple (XRP) controversy continues and HedgeUp (HDUP) positions itself to challenge Solana (SOL), it’s clear that the world of cryptocurrencies is as dynamic as ever. The potential change in Ripple’s status could significantly impact its market presence, just as HedgeUp’s (HDUP) burgeoning success could reshape the crypto landscape.

It’s vital for investors and crypto enthusiasts alike to stay informed about these developments. However, it’s equally important to remember that the crypto market is characterized by volatility and sudden shifts. As HedgeUp (HDUP) prepares to make waves in the crypto ocean, it serves as a timely reminder of the ever-evolving and exciting world of cryptocurrencies.

 

Click the links below for more information about HedgeUp (HDUP) presale:

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