DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 4260

4 cryptocurrencies popular among South African traders

0

Investing in cryptocurrency offers several advantages, and one of the most notable is its 24-hour global market. Unlike localized markets that are subject to the influence of a limited number of investors who may drive asset prices with fear and uncertainty, cryptocurrency investors have access to a broader market that operates around the clock. Additionally, South Africa has established clear cryptocurrency regulations, a step that many other economies have yet to take, resulting in significant ambiguity within their investment systems. Although cryptocurrencies are known for their volatility, they have enabled many retail investors to earn substantial profits. In this article, we will explore the four Best Crypto South Africa.

Bitcoin (BTC)

Although Bitcoin (BTC) may not be the preferred cryptocurrency for short-term trading among South African traders, it remains the most widely used. The five cryptocurrencies we will examine today follow a trend similar to global cryptocurrency markets. Traders in South Africa adopt the same practices as traders in other leading digital asset trading countries worldwide. Bitcoin, being the most extensive cryptocurrency by market capitalization, is unsurprisingly the most common crypto among traders from South Africa.

Despite previous crashes of Bitcoin, this cryptocurrency keeps pushing forward, leading the cryptocurrency market. As central bank digital currencies (CBDCs) rise, investors in Bitcoin could shift their focus toward these assets. However, only time will tell how this will play out.

Ethereum (ETH)

Ethereum (ETH) is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (dApps). Founded by Vitalik Buterin in 2013 and launched two years later in 2015, Ether (ETH) serves as its native cryptocurrency; it’s used for payment for transaction fees and computational services on the Ethereum network.

Ethereum’s support for programmable smart contracts is a significant feature that sets it apart. These contracts are designed to enforce the terms and conditions of an agreement automatically, making them self-executing. Through smart contracts, developers can create decentralized applications like decentralized exchanges, prediction markets, and social networks without intermediaries.

An additional advantage of Ethereum is its scalability. The network is currently transitioning from a proof-of-work consensus algorithm to one based on stake, which should increase its capacity for handling more transactions per second.

Ethereum boasts an expansive and active developer community, leading to the creation of many cutting-edge apps and projects built upon its blockchain infrastructure. As a result, Ethereum is now used in numerous industries, such as finance, supply chain management, gaming, and more.

Litecoin (LTC)

Litecoin (LTC) is a peer-to-peer digital currency created in 2011 by Charlie Lee, an ex-Google engineer. It’s a fork of the Bitcoin blockchain with the purpose of improving upon some of Bitcoin’s shortcomings.

One significant advantage of Litecoin is its faster transaction confirmation time. Blocks on the Litecoin network are generated every 2.5 minutes, as opposed to Bitcoin’s 10-minute block generation rate. This means transactions on the Litecoin network can be confirmed much more quickly than those on Bitcoin’s network.

Litecoin utilizes a different mining algorithm than Bitcoin, known as Scrypt. Scrypt was designed to be more memory-intensive than Bitcoin’s SHA-256 algorithm, making it resistant to ASIC mining and fostering greater decentralization.

Another attractive aspect of Litecoin is its lower transaction fees compared to Bitcoin. This makes it more cost-effective for smaller purchases, making it popular with merchants and consumers alike.

Litecoin boasts an enthusiastic community of developers and supporters, often serving as a testing ground for new cryptocurrency innovations. For instance, Litecoin was the first major cryptocurrency to implement Segregated Witness (SegWit), a protocol upgrade that boosts blockchain capacity while decreasing transaction fees.

XRP

One major advantage of XRP is its speed. Unlike traditional payment systems, transactions on the XRP ledger can be settled within seconds, which take days to process. This makes XRP an attractive option for cross-border payments and remittances since it offers near-instantaneous settlement and reduces currency fluctuation risk.

XRP was built for scalability, capable of processing up to 1,500 transactions per second – significantly faster than other major cryptocurrencies such as Bitcoin and Ethereum.

Another distinguishing characteristic of XRP is its consensus algorithm, which utilizes a network of independent validating nodes to confirm transactions. This makes it more decentralized than some other cryptocurrencies, which rely on smaller numbers of validators or miners for transaction confirmation.

Despite the legal uncertainty, XRP continues to be traded by South Africans and other investors globally.

Conclusion

The cryptocurrency market is known for its dynamic and unpredictable nature. Therefore, the list of popular cryptocurrencies discussed in this article may change over time as new digital assets emerge and gain popularity.

It is essential for investors to conduct thorough market research and carefully consider the risks associated with investing in cryptocurrencies before making any investment decisions. The cryptocurrency market is highly volatile, and prices can fluctuate rapidly, making it a challenging and risky investment option. Therefore, being well-informed and exercising caution when investing in digital assets is essential.

Fintech Startup, Clear Street, Secures $270 Million Series B Fund to Replace Outdated Infrastructure

0

Fintech Startup that is building a modern infrastructure for capital markets Clear Street has secured a $270 million series B fund to replace outdated infrastructure.

The funding round which brought the fintech company’s recent valuation to $2 billion, was led by Growth equity firm Prysm Capital. The funds raised will help the startup to continue to grow its team and form new partnerships to meet its goal of improving access across the capital markets.

Speaking on Clear Street’s mission, the company’s co-founder and CEO Chris Pento said, “The company was founded to replace the outdated infrastructure being used across capital markets, starting with a prime brokerage platform for institutional investors. The public U.S. securities industry, which moves trillions of dollars a day, still relies on mainframe technology from the 1980s.

These legacy systems are entrenched in manual processes and siloed data, resulting in costly errors and expensive technical debt. For many firms, replacing these antiquated systems would be like removing the engine from a plane in mid-air. It’s time-consuming and difficult to execute with fragmented technology.”

As clients are demanding better technology and service, Clear Street is stepping up to address this issue through its cloud-native platform that provides services and data that investors need to compete in today’s market. The startup proprietary technology platform adds significant efficiency to the market while focusing on maximizing returns and minimizing risk and cost for clients.

Clear Street takes proven technology from the Silicon Valley world and applies it to finance. Its tech stack utilizes modern cloud-native infrastructure, including resilient service orchestration, event-driven real-time processing, and scalable data warehousing, a sharp contrast to the batch processing offered by mainframes.

The startup’s entire suite of software systems is built upon this consistent and cohesive technology stack, enabling the components to communicate seamlessly and stay in sync, eliminating the need for tedious reconciliation processes.

Over the past 12 months, Clear Street with its headquarters in New York has expanded its leadership team across business areas and has built a team of nearly 100 engineers to support product development and meet client demand. Under the leadership of Chris and Sachin, the fintech startup has built a cutting-edge platform that competes with established players in the industry.

Clear Street’s goal is to give all market participants, from emerging managers to large institutions, the tools, and services they need to compete in today’s fast-paced markets. The company understands that to keep up with the accelerating pace of modernization, firms will need to invest in technology to meet the needs of investors and regulators, while noting that those who do, will be part of building the modern, scalable future of capital markets thereby improving access, speed, and service for all participants.

With markets moving faster than ever, Clear Street makes around 6,000 updates on its platform every year and is constantly redefining its processes to help customers move with today’s fast-paced markets.

Chinese Regulators Roll Out Rules For Generative Artificial Intelligence Like ChatGPT as Companies Integrate The Technology

0

Chinese regulators have stepped out to release rules for generative artificial intelligence (AI) like ChatGPT as several companies continue to integrate the technology into their products.

Given the potential of generative AI to generate content that could be politically sensitive as well as several challenges it may pose, Chinese regulators have deemed it feet to unveil rules that will regulate the technology.

Hence, the Cyberspace Administration of China (CAC), has recently introduced lay down ground rules that generative AI services have to follow, including the type of content these products are allowed to generate, also noting that the content needs to reflect the core values of socialism and should not sabotage state power.

The draft rules state that companies should ensure that the data being used to train these AI models will not discriminate against people based on things like gender, race, and ethnicity. They also should not generate false information. The CAC’s rules which highlight the concerns that Chinese firms will follow, are slated to come into effect this year.

China’s rules for generative AI technology like ChatGPT are coming as Chinese biggest tech companies are integrating the technology into their product to catch up with OpenAI’s ChatGPT, even as the country’s state media warns investors of a valuation bubble.

China’s e-commerce giant is the latest company in the country to integrate the technology into its products, after it announced that it would be installing its chatbot “Tongyi Qianwen” into its speakers and its office chat software, with plans to integrate the new technology into all its services in the near future.

With OpenAI’s chatbot ChatGPT, now a buzzword on social media, generative artificial intelligence (AI) models have taken hold of the public’s imagination. Policymakers have also taken note, with statements from members addressing risk and AI-generated text read on the floor of the House of Representatives.

Also, several countries have begun to release regulations on the generative AI technology which they disclosed could be malicious to users. It is interesting to note that Italy became the first Western nation to ban ChatGPT and has ordered for it to be blocked in the country citing data protection concerns. The Italian DPA said it is concerned that the ChatGPT maker is breaching the European Union’s General Data Protection Regulation (GDPR), and is opening an investigation.

The San Francisco-based company was given 20 days to respond to the order, backed up by the threat of some meaty penalties if it fails to comply. Fines for breaches of the EU’s data protection regime can scale up to 4% of annual turnover, or €20 million. It is worth noting that since OpenAI does not have a legal entity established in the EU, any data protection authority is empowered to intervene, under the GDPR, if it sees risks to local users.

Moreover, ChatGPT has been shown to produce completely false information about individuals, apparently making up details its training data lacks. That potentially raises further GDPR concerns, since the regulation provides Europeans with a suite of rights over their data, including the right to rectification of errors.

Also, the U.S. Center for AI and Digital Policy (CAIDP) has filed a formal complaint with the Federal Trade Commission, calling on the agency to halt further commercial deployment of GPT by OpenAI until safeguards have been put in place to stop ChatGPT from deceiving people and perpetuating biases.

EU lawmakers are already planning to regulate the A.I. industry through an Artificial Intelligence Act that the European Commission first proposed nearly two years ago. However, some of the proposed measures are beginning to look outdated given rapid advances in the field and highly competitive rollouts of new services, and the EU’s institutions are now scrambling to modernize the bill so it will adequately tackle services like ChatGPT.

Abia Governor-Elect, Dr. Alex Otti, Unveils Abia Governorship Transition Council Members

18

I thank the good Abia People and Mr. Governor-elect, Dr. Alex Otti, for considering the village boy from Ovim to be part of the Governorship Transition Council and Advisors. Please note that not all names are in the press release. The plan is clear: ‘Prof, we need people who will help to advance Abia and they do not  need to be from Abia State”.  So, Abia is home for ALL people with ideas and great visions.

Let me thank and congratulate Dr. Dozie Amuzie, the Director of Johnson & Johnson Innovation and Head of Johnson & Johnson Innovation (JLABS), Canada, for accepting to serve Abia. Dr. Dozie earned a dual-major Ph.D. in Comparative Medicine and Integrative Toxicological Sciences at Michigan State University. He also received a D.V.M from University of Nigeria and is a Diplomate with American Board of Toxicology, as well as a Diplomate of American College of Veterinary Pathologists. Abia needs innovations in healthcare delivery and Dr Amuzie is one of the leaders in this space in our world.

I also congratulate Ranveer S. Chauhan, former Managing Director of Olam International. Olam International is a major food and agri-business company, operating in 60 countries and supplying food and industrial raw materials to customers worldwide. Mr. Chauhan worked in Nigeria, Tanzania, Benin Republic, Cameroon, Ivory Coast, etc before he moved back to Singapore. Mr. Governor-elect will tap from his insights as we work to re-energize agriculture in Abia State.

ABIA GOVERNOR-ELECT, OTTI, NAMES ONYENKPA, OMOGUI, OTEH, OTHERS AS TRANSITION COUNCIL MEMBERS

The Abia State Governor-Elect Dr. Alex Otti has announced a list of distinguished professionals and technocrats in business, economics, entrepreneurship and politics as members of the Transition Council, preparatory to his formal assumption of office on May 29, 2023.

Otti, in a statement issued on Tuesday by the Council’s Secretariat, said the Transition Council will help to articulate a policy document that would forge a direction and developmental agenda for Abia, in line with his vision for the state.

The Council will be chaired by Victor Onyenkpa, Partner and COO, KPMG, and cochaired by Ifueko Omogui Okauru, former Executive Chairman of the Federal Inland Revenue Service (FIRS).

Arunma Oteh, former Director General of Nigeria’s Securities and Exchange Commission (SEC); former Treasurer and Vice President of the World Bank and currently a Director at FSD Africa, an international development agency focused primarily on financial markets in sub-Saharan Africa, is also on the Council.

Other notable members are Professor Ndubuisi Ekekwe, a Nigerian-born inventor who helped Apple design a semiconductor for the iPhone; Mr Uche Orji, the immediate past CEO of Nigeria Sovereign Investment Authority (NSIA); Victor Okoronkwo, GMD of Aiteo Oil and Gas; Mr. Frank Nneji, Founder of ABC Transport Company; and Ide John Udeagbala, an Aba-based business mogul.

The Council will be inaugurated on Friday, April 14, 2023 by the Governor-Elect in Aba.

The choice of Aba, the commercial nerve centre of Abia State, for the inauguration of the Council is strategic as well as significant with the Enyimba City being the centrepiece of the incoming Alex Otti government’s economic and infrastructural development plan.

Otti had promised during the campaigns to create a ministry for Aba, to take charge of the urban and physical renewal of the once foremost commercial and industrial hub of South East Nigeria.

  • Kazie Uko
    11/04/2023

Alex C. Otti

How Business Leaders Can Improve their Employees’ Engagement and Commitment for Organisational Success

0

Employee engagement and commitment provide insights into the efficacy and potency of the management structure and culture of an organisation. In other words, employee engagement is a strong parameter for analysing and understanding the goodness of fit and the potential for growth of an organisation.

When deciding the best strategies to deliver and capture value for a business, the manager is often required to bear in mind that the condition of the organisation’s human resource is just as relevant as the cash-flow or the strength of the balance sheet. This cannot be overemphasised, especially considering the fact that wealth is a corollary to the exertion and exchange of labour.

Therefore, if the employees are not adequately and fairly engaged, they may not resonate with the organisation’s values and philosophy or be inspired to exert their maximum strength for the actualization of the organisation’s goals and objectives.

High turnover, absenteeism, rebellion, sedition, lateness, receiving kickbacks etc are some of the symptoms of low employee engagement. When these are prevalent, they spell a doom on the organisation.

It is common knowledge that some managers are bent on achieving results at all costs instead of acknowledging and promoting the factors that motivate the employees to deliver results. Consequently, most of the organisations managed by these sets of managers lose a great deal of talents in the course of laying off and replacing their workers.

Study shows that companies with highly engaged and committed employees grow profits three times faster than their competitors; highly engaged employees are 87 percent less likely to leave the organisation and more likely to save the company some overhead cost. Conversely, disengaged employees cost organisations approximately $3500 for every $10000 in annual salary.

Incorporating structured frameworks for improving team dynamics can significantly elevate an organization’s productivity and employee satisfaction. One such effective approach is investing in the five behaviors facilitator certification, which empowers leaders to foster trust, encourage constructive dialogue, and build cohesive teams. By mastering and applying these principles, managers can create an environment where employees feel valued and motivated, leading to lasting engagement and commitment.

For businesses operating in the field of workforce coordination and service delivery, adopting tools that streamline operations can make a measurable difference. One powerful option is implementing OutOnSite job management software, which centralizes scheduling, task tracking, and reporting for mobile teams. With such a system in place, managers gain clearer visibility over projects and employee performance, while reducing administrative overhead. This ultimately fosters stronger engagement by ensuring employees have the structure and support they need to succeed.

The following are selected cases of how improved employee engagement translates to better Organizational performance:

Case1: System Review, Leadership and Management Training Improved Employee Engagement and Performance at Intuit

Intuit, a US contact service company, recorded a significant drop in its employee engagement between 2003 and 2004; it is reported that 40 percent of the company’s employees providing customer support and related services were affected. Having conducted six-sigma process analysis, the company identified low motivational leadership as the root cause of the problem.

Solution included targeted front-line leadership training to provide supervisors with better coaching skills. The company also revived its KPIs and reward system which enabled the employees to have greater flexibility in determining how to provide the best customer service.

Within two years of implementing the strategy, engagement score increased favourably by 16 percent and there was a corresponding increase in the number of new business referrals by satisfied customers. This also had an appreciable impact on the revenue and stock of the company.

Case2: Instituting Feedback Loop minimized employee turnover at a logistic company

A UK logistic and warehousing company featured in a Greenthumb article reportedly encountered retention problems with the fresh graduates it was hiring. It is discovered that once these graduates were fully trained, many of them decided to leave and join a larger organisation.

It was observed that what the company needed was simply an opportunity for the staff to confidentially provide feedback on both their positive and negative experiences at work. This would enable the management to identify which practices to retain or improve upon.

After creating the feedback mechanism and integrating employees’ feedback in new strategies of the company, employee turnover fell from over 50 percent to below 20 percent and the level of employee engagement increased significantly.

Key points

Companies need to embrace the culture of engaging their employees to enable them stay committed and exert their utmost capacity in their job functions. They could do this by:

  1. Implementing a regular assessment of employee engagement and commitment to work.
  2. Encouraging information dissemination and feedback from employees
  3. Regularly updating employees on the current demands of their works and other opportunities that could help them become better at their jobs.
  4. Encouraging investment and data-driven policies on human resource management
  5. Developing a robust job design or workflow and KPIs unique to each employee job role.