The crypto market tanked aggressively after FTX collapsed. FTX’s influence in the crypto market had been massive. The liquidity crisis removed billions of dollars from the crypto market, causing a high “selling” pressure on crypto assets.
Whales have always loved meme coins and could be watching Shiba Inu and Big Eyes Coin (BIG). Big Eyes Coin is a new meme coin from the cat family set to overtake meme-verse leaders, including Dogecoin and Dogelon Mars.
In other news, Chiliz has been bullish for most of Q4 2022, could it maintain this position till the second half of 2023? Let’s find out in this analytical article on the aforementioned cryptocurrencies.
Shiba Inu (SHIB): Already a Whale Target
Whalestats.com reports that Shiba Inu (SHIB) is one of the leading cryptocurrencies admired by crypto whales. Aside from being a whale-loved token, Shiba Inu is also in high demand due to the products and services it renders.
Shiba Inu’s inflationary tactics have left its unit price insignificant. However, recent developments in Shiba Inu’s network by its community have encouraged “token burning” —a mechanism used by deflationary coins. Token burning on Shiba Inu has removed a large number of SHIB tokens from circulation, hence creating scarcity and high demand, which, in turn, continues to increase SHIB’s value and market capitalization.
Chiliz (CHZ): Continue To Hit Higher Unit Prices in Q4
Chiliz’s high demand could be influenced by the 2022 World Cup which took off in Qatar. As a sports fan token, Chiliz has been bullish. Sports fans worldwide use Chiliz to play fantasy sports games and also to bet on their favorite teams and sportsperson for every tournament or game.
Chiliz could enlist among the top 15 cryptocurrencies if it maintains this pace longer. Alas, the world cup’s conclusion could affect its unit price. The influence of the world cup could lead to a price correction, hence, forcing Chiliz to follow the market tide.
Unless there are new developments on Chiliz’s network or any positive news in the sports and entertainment ecosystem, any price drop in the crypto market after the world cup could cause Chiliz to also drop in price. A potential positive news we could be looking at is the UEFA Champions League set to continue in February 2023.
Big Eyes Coin Hits $11 Million Plus In Presale, More To Come
Big Eyes Coin achieved an $11 million milestone as the seventh stage of its ongoing presale nears closure. More than $1.5 million was raised in stage six alone, with more liquidity flowing into the ecosystem, courtesy of its community.
There will be promising benefits when the presale is over, and only those who participated in the presale could be the benefactors of the reward. To become a staunch member of Big Eyes and contribute to its ecosystem, you could simply start holding its utility meme cryptocurrency or buy the Big Eyes NFT to win a badge from the community. If purchasing in the presale, use the exclusive code BCUTE955 to gain additional bonuses and awards!
The bear market has overstayed its welcome within the cryptocurrency industry. If you ask any member of the crypto community, be they traders or investors, they would likely share this sentiment. The reason for this is that the bear market has spanned over five months, and in that time, it has put a serious strain on the activities within the industry, such as investing and trading.
Now known undisputedly as the longest bear market in crypto history, its severity is forcing crypto regulars to seek feasible solutions that can ensure the safety and security of their assets.
However, the current climate within the cryptocurrency industry is not stopping the upcoming Ethereum (ETH) based meme coin, Big Eyes Coin (BIG), from dominating the headlines of crypto news.
The token, which is currently on presale, has raised over $9 million, prompting comparisons to several industry giants, including Uniswap (UNI) and Aave (AAVE). This piece highlights what is so special about the Big Eyes Coin (BIG) and why it should be on every investor’s radar.
Uniswap: An Ideal Example
Uniswap (UNI) is a reputable decentralized trading protocol within the cryptocurrency industry. It is best known for its role in facilitating the automated trading of decentralized finance (De-Fi) tokens and is an ideal example of an automated market maker (AMM). Like most trading protocols within the industry, Uniswap (UNI) aims to keep token trading automatic and completely open to anyone who holds tokens while improving the efficiency of trading versus that on traditional exchanges. It is also notable for creating more efficiency by solving liquidity issues with automated solutions.
Its native cryptocurrency, UNI, plays an important role in its ecosystem and is integral to several crypto operations, such as network governance, payment fees, and user interaction. UNI has stock on various prominent crypto platforms, such as Binance and Coinbase.
Aave: Enjoy Exclusive Benefits
Aave (AAVE) is a notable decentralized finance protocol within the cryptocurrency industry. It is a highly reputable crypto exchange platform that allows people to lend and borrow crypto.
Aave (AAVE) provides several exclusive benefits to its users, such as discounts and fees and participation in network governance. On Aave (AAVE), lenders earn interest by depositing digital assets into specially created liquidity pools which borrowers can access using their crypto as collateral.
Its native cryptocurrency, AAVE, is central to all crypto operations on the platform, including network governance, and user interaction. AAVE is a highly sought-after cryptocurrency with stocks on prominent crypto platforms within the industry.
Big Eyes Coin Has Raised over $11 Million In Its Presale
BIG is the native cryptocurrency of Big Eyes Coin, an upcoming crypto project that seeks to lead the advancement and development of the blockchain industry.
The Big Eyes crypto project also aims to unravel the myth surrounding Decentralized Finance (De-Fi) within the global community. As the project’s native token, the Big Eyes Coin (BIG) plays an integral role in its ecosystem by incentivizing and facilitating several crypto operations, such as network governance, user interaction, and payment fees.
Big Eyes Coin (BIG) is currently in the 7th stage of its presale. It has raised over $11 million, making it one of the most successful cryptocurrencies this year and a token ideal for long-term cryptocurrency investing.
Big Eyes Coin is giving users an additional 5% worth of tokens with the code: BCUTE022
For more information on the Big Eyes Coin project:
If you’re looking to expand your crypto portfolio, especially as we approach the new year, we’ve got the top 3 cryptocurrencies that have the potential to bring you sweeping rewards. These cryptocurrencies include Solana (SOL), Cardano (ADA), and Dogeliens (DOGET). With the current market in a not-so-great position, many are taking advantage of this by purchasing tokens whilst they are down. With these on your list, you could earn significant amounts in the long term.
Solana (SOL)
Solana is an established coin and is currently ranked 16th by market capitalisation (at the time of writing). Dubbed as the Ethereum-killer, Solana is the fastest-processing cryptocurrency in the world.
Designed to facilitate decentralised app creation, Solana aims to improve scalability by using a proof-of-history model combined with an underlying proof-of-stake model of the blockchain. Due to this, Solana has become popular, especially among small-time traders and institutional traders.
Although Solana is well established in the crypto world, it is currently working hard to make decentralised finance accessible on a larger scale. Having accomplished so much already, Solana is a great addition to your crypto portfolio as it seems as if it will continue to grow.
Cardano (ADA)
Similarly, Cardano is also an established cryptocurrency and is currently ranked 8th by market capitalisation (at the time of writing). As a proof-of-stake blockchain platform, it aims to allow innovators and visionaries to create positive global change.
Additionally, Cardano is an open-source project and aims to create a society that is safe, fair, and transparent.
Although Cardano sought success quickly, it has recently been climbing the market ladder and becoming bigger as a cryptocurrency. It seems as if Cardano has the potential to grow further over time, especially when the general market is in a stronger position.
Dogeliens (DOGET)
Dogeliens is a new project that is set to enter the market in the new year. Currently, it is in presale as it is trying to raise funds and create a strong community of users. As a meme coin, Dogeliens focuses heavily on its community and aims to create a platform to suit their wants and needs.
Whilst many meme coins are basic, Dogeliens has made it clear what users should expect to see once it has launched. From a merchandise store, a crypto educational hub, Metaverse integration, and more, it seems as if Dogeliens has the potential to become big in the market.
Aiming to take over the meme coin and metaverse sector, Dogeliens is a cryptocurrency of the future. As the market has evolved heavily over the years, many users are now turning to unique crypto projects such as Dogeliens as the market is constantly evolving.
As it is currently in presale, DOGET tokens are priced low, making this the best time to purchase tokens to earn bigger rewards in the future. However, there is always a risk when it comes to purchasing crypto tokens due to the unpredictability of the crypto market, especially a presale project. Hence, it is best to conduct thorough research.
In my last article, I related how a combination of relentless dedication, good timing, and admittedly, a bit of luck, brought me a massive improvement in virtual assets, all within the space of a few hours.
Some assets may match our core objectives, some may need to be disposed of.
Hardware aka ‘Cold’ custodial wallet.
When I had not too long began to explore the world of Web 3 domains, one of the most popular and user friendly mechanisms used to participate in domain auctions by accessing the Handshake blockchain core developed a fault.
The catastrophic failure of the system left many people with considerable holdings without access to their assets for about two months.
I’ve since managed to get access to a ‘node’ with simpler architecture and features. It has collapsed twice, though it is easier and quicker to recover.
It’s clear to me, that the business can’t keep operating continually on a mix of online node/staking systems, wallets and exchanges to distribute assets. While it removes a single point of failure, something more robust is needed to secure assets whose use is not imminent.
Hence the Ledger Nano X, which was recommended by others in the ‘Community’, though I have also heard Trezor products are also good.
Good to point out that any solution like this is CUSTODIAL. That means that if something goes wrong, the loss is on you. Take great care of the device itself and any keys needed to unlock it. Ultimately this is just a very specialist type of storage media, and any come back against the manufacturer will only indemnify the value of the device itself, not what was stored in it.
It is however leagues ahead compared to online solutions, which in addition to system failure, can also be hacked, or if a commercial entity, can file for bankruptcy.
Don’t Speculate on blockchain or digital assets.
On one occasion when I was based in a hotel working in Nigeria, there was a beer parlour across the road from the hotel gate, and two doors down, there was a ‘Bet9ja’ outlet. Any time I was at the hotel, I noticed the same dishevelled individuals of miscreant appearance shuttling between the beer parlour and the Bet9ja. I’m not sure how they got their money, but life was obviously not improving, because I never saw them upgrade to Armani suits and car with driver.
The problem with any kind of speculation is that if everyone could make money guaranteed, without adding any value to the asset whatsoever, then everybody would be doing it, and everybody would be rich. But they are not.
If somebody takes money, buys a hammer and a chisel, gets a piece of rock, fashions it and sells it, then the hammer and chisel are ‘investments’. But they have applied their own special skill to hone an otherwise useless piece of rock into something of increased value. This is ‘investing’.
Many however claiming they are ‘investing’ are actually not materially interacting with their ‘asset’ at all, beyond two things, deciding when to buy, and when to sell.
They will generally make small gains for a while, buying and selling between small fluctuations on an overall upward or downward trend, then some unexpected inflection point will be reached which will get them out of position, and they are either stuck with their asset beyond use, or they take a huge loss.
‘Another great evil arising from this desire to be thought rich; or rather, from the desire not to be thought poor, is the destructive thing which has been honoured by the name of ‘speculation’; but which ought to be called Gambling.’ – William Cobbett
It is important to purchase blockchain assets only if you need them as a means to get something else, such as utilities built inside a blockchain ecosystem, or, you are going to do something to materially add value to them through individual intervention.
People who want to build online followings will say different… but forget all the graphs and the stories about what someone did ‘When Bitcoin was $10’ – that ship has sailed.
For those hell bent on a life choice in that direction, just wait until I have time to be in that part of Nigeria again, I will show you the beer parlour and the Bet9ja. I won’t even ask you to follow me on LinkedIn!
Speculation Resilience of Handshake Ecosystem
The Handshake coin (HNS) is a functional/utility coin to drive the activities in the ecosystem, such as trades on its Web 3 domains. Typical market cap in the last 3 months has been around $12m with daily volume at around $20-40k.
This makes it extremely resilient to speculators as its fairly impossible to buy up large $value of the coin. While the coin is now around 0.022 off a high of 0.85, low volume would escalate the cost of an unconditional order for say, 500k coins fairly quickly. The speculator may get the first of 500k coins for 0.0022 but as the exponential curve of cost gains steeper gradient, they could very well end up paying $2k for coin number 500k. Once secured, the speculator would experience the reverse exponential curve price collapse if they decided to sell.
By comparison, Bitcoin has a market cap of over $320 billion and Ethereum is on around $150 billion. These much higher market caps can support speculation far more easily.
Staking Options for Retailing SLDs (Second Level Domains) off Handshake
A staking option involves a TLD owner, such as 9ja Cosmos going to a Staking Agent. This is a security guarantee for the end customer which could be simplified by comparing it to a bank guarantee. The TLD owner puts a fee (in HNS) with the Staking Agent, and it is held beyond use.
The Staking Agent then arranges a hosting/SLD sales retailer. Any contract for an SLD moving forward is with the retailer and not the TLD owner, or the Staking Agent. The fee (stake) is a limited deterrent from the TLD owner rug pulling on the SLD customers. If the TLD owner withdraws the TLD by removing the nameserver links with the SLDs, they lose the stake.
Web 3 domain investments are not speculation.
The current spate of extraordinary collapses in the crypto exchange world is down to enthusiasm being driven by greed, and insufficient due diligence being done by VCs, investors, or their agents.
If something appears too good to be true, then it generally is.
This has absolutely nothing to do with Web 3 Domains.
There are currently a wide range of costs and complexity associated with owning a Web 3 domain, depending on whether the client/customer wants a whole TLD to themselves, or just wants an SLD. Prices also vary across providers.
Once thing is certain, which is that as use cases become more simplified and more management tools appear, these Web 3 domains are going to rise in price significantly.
With the decentralization that is inherent in their blockchain credentials and the realization of their multiple use cases, they are going to be necessary for many individuals, particularly those self-employed or with a side hustle, and they definitely will be necessary for businesses.
It makes sense to come in now, early and relatively cheap, make mistakes, learn and become familiar with the technology. It would be imprudent to be a late adopter while competitors who have mastered the implementation drive business and gain commercial advantage.
That said, just as there are dangers in speculating with cryptocurrency, and there are dangers accumulating tokenized/NFT digital art collections with the expectation of selling at a premium, it would also not make sense to get ‘collectors instinct’ about Web 3 domains.
The moderate and sensible approach is to have restraint in the acquisition of any blockchain assets, with a focus on use case.
Buy cryptocurrency only when there is an immediate need to use it in trade, or to operate in a blockchain ecosystem. Offer it as a means of payment to make trade with you easier for customers.
Collect digital art if you have passion for it and can comfortably afford it, rather than buying it in the hope it will appreciate in value.
Similarly, it is probably advisable to only purchase sufficient Web 3 domain(s) consistent with the perception for future use.
9ja Cosmos is here… Get your .9jacom and .9javerse Web 3 domains for $2 at:
https://www.encirca.com/handshake-9jacom/
https://www.encirca.com/handshake-9javerse/
type mydomainchoice.9jacom or mydomainchoice.9javerse in the vacant field and proceed.
The Central Bank of Nigeria issued on the 12th of October,2021, the revised BVN operations and banking industry watchlist framework aimed at promoting financial system stability for the purpose of enhancing financial system stability as well as effective Customer Due Diligence (CDD) & KYC processes as part of the overall strategy for promoting a safe and efficient banking and payment system in Nigeria.
This article will be looking at this Regulatory Framework with a focus on :-
– The objectives of the framework.
– The scope of the framework.
– The participants in the framework.
– The BVN operational processes and procedures provided by the framework.
– Access to the BVN database.
– Restrictions on BVN use .
– Security and Data Protection.
– Notable banking Industry watchlist provisions.
– Categories of breaches .
– Watchlist sanctions.
WhataretheobjectivesoftheCBNBVNFramework?
The objectives of the CBN Regulatory Framework are :-
To define the roles and responsibilities of participants within the BVN system.
To properly define BVN operations in Nigeria.
To define access, usage and management of the BVN system in Nigeria.
To outline operations of the BVN watchlist process.
To deter occurences of fraud in the Nigerian Banking industry.
To define the sanction regime for breaches in BVN operations.
The participants in the CBN Regulatory BVN Framework and their functions are :-
TheCentralBankofNigeria :- Tasked with ensuring compliance with the Framework as well as constantly reviewing and improving the Framework.
TheNigerianInter-BankSettlementScheme(NIBSS) :- Tasked with collaborating with stakeholders to develop and review standard operating guidelines of the BVN system.
Banks&OtherFinancialInstitutions(OFIs):- Tasked with ensuring the proper capturing of BVN data and validate same before the linkage with customer accounts and wallets except Tier 1 in line with Standard Operating Guidelines (SOG)
Customers :- Tasked with providing accurate biometrics and data as well as reporting changes in their biometrics and bio-data.
The applicable procedures and processes under the BVN Framework are :-
Identification – This is the comparison of an individual’s biometric & demographic data captured in the BVN database to confirm the individual has not been previously enrolled & a BVN generated.
Verification :- This refers to the process of authenticating the customer by making his/her biometric template with what had been captured in the database.
Issuance :- Following BVN generation, the customer shall be notified of the BVN by the capturing Institution through email, SMS or letter notifications.
Linking of customer’s BVN to all related accounts and wallets (except Tier 1 accounts).
Delinking of customer’s BVN from accounts/wallets except Tier 1 accounts.
FraudManagement :- This is a process aimed at using BVNs to deter, prevent, detect & mitigate the risks of fraud in the banking industry.
CustomerInformationUpdate :- This is the process by which the customer’s information can be updated on the BVN database.
Parties with access to the BVN database are grouped into user categories namely :-
Tier1BVNdatabaseusers :- Users in this category do not require CBN approval to access the BVN database and are mainly banks and OFIs minus PSPs (Payment Service Providers).
Tier2BVNdatabaseusers :- Users in this category have access only through NIBSS as defined in the BVN standard operating guidelines.
It should be noted that for both user tiers, access to BVN details requires customer consent & carries the requirement of strict confidentiality.
WhataretherestrictionsonBVNuseifany?
BVN use under the Framework is restricted to purposes specified by the CBN.
As a result of this the following practices will constitute an abuse of the BVN system framework provisions on BVN use :-
– The use of BVNs to sanction individuals for non-financial offences.
– The use of BVNs for identification purposes outside the banking system.
– Any other misuse as may be designated by the CBN.
Under the Framework, the following requirements on security and data protection are to be complied with :-
– All stakeholders in the BVN shall comply with the Nigerian Data Protection Regulations or any other data protection regulations in force.
– BVN data shall be stored within the shores of Nigeria and shall not be routed across borders without CBN consent.
– Parties involved in BVN operations shall put in place secure hardware and software for the encryption of messages transmitted through a secured network.
– BVN system participants shall ensure that BVN information is treated as confidential.
Under this framework, a watchlist shall be maintained for the banking industry. This watchlist contains BVN records of individuals that have been confirmed to be involved in any of the breaches outlined in this framework.
The outlined procedure is that on receiving an alleged breach report, the watchlist framework participants shall within 1 month, instigate the breach allegations with a view to determining the nature of the breach as well as where and when it occurred.
