Big Eyes Coin (BIG) is taking the cryptocurrency market by storm, and its reception keeps improving daily. The presale has crossed the $3 million mark, and it’s only been three weeks. These are indications it will soon join coins like Ethereum (ETH) and Polkadot (DOT) in the top rankings as the most profitable token to invest in at the moment. Sit tight as we give a rundown of these tokens and how the market stands.
Kicking And Screaming With Ethereum (ETH)
Since its launch in 2o15, the Ethereum (ETH) network has been a force to reckon with in the cryptocurrency market. Ethereum (ETH) is one of the largest cryptocurrencies in the market presently, and with good reason. It is second to Bitcoin in market capitalization and offers a better advantage in terms of versatility and profitability.
Ethereum (ETH) is popular for its smart contract protocol, which enables the network to execute transactions as soon as the conditions for the exchange are met. The network previously operated on a proof of work protocol, which was plagued by slow transaction execution and high gas fees, because of the energy required to perform each transaction. Following the much-awaited merge upgrade, the proof of stake protocol has replaced the obsolete structure, and we await reports on the network’s performance with the new addition.
Ethereum (ETH) is in decline, as the price has fallen by some 7.7% in the past week. Notwithstanding, ETH’s cryptocurrency price is expected to spike in the coming weeks. In that case, it is advisable to invest in the token now to benefit from its spike.
The First Name In Security – Polkadot (DOT)
Polkadot (DOT) is one of the most significant cross-chain tokens in the cryptocurrency market. The platform comprises several side chains and a primary relay chain. Its main objective is to achieve scalability while providing a high degree of security to its transactions.
The Polkadot (DOT) network allows for interactions between unrelated blockchains, like Binance and Ethereum. This functionality takes the stress off using intermediate currencies to move assets from one blockchain to another. The platform executes this through its bridges. The bridges link the constituent blockchains together, as well as with external blockchains.
Another distinctive feature of Polkadot (DOT) is that it has several parallel blockchains that can handle smart contract transactions independent of the main blockchain. This arrangement ensures users or operations never overload the network since more than one blockchain is available for trades.
Polkadot (DOT) runs a proof of stake protocol, where the token, DOT, is used to stake and vote on protocol changes. DOT sells for about $6.44, according to CoinMarketCap.
Cat On A Hot Tin Roof – Big Eyes (BIG)
Memecoins exist to provide a humorous atmosphere in the crypto space, to remind us not to take ourselves too seriously. Hence, the developers often overlook the importance of making clearly defined roadmaps to guide the project’s success. However, Big Eyes is not your regular memecoin, and it has a lot in store for you. Read on to find out.
One of the Big Eyes’ significant features is its anticipated NFT club launch, which will increase user traction and activity on the network. More users and operations mean more value for BIG tokens. Also, NFT trade on Big Eyes (BIG) will require no network charges. Hence, all members are free to create and trade NFTs anytime. The official launch will occur sometime in the third pre launch phase, while the current stage will feature a minor release to the members.
Another critical aspect of the project is charity donations. As a member of the Big Eyes (BIG) community, you get to be a part of charity causes to ocean life conservation movements to give back to society. The developers have created a wallet containing 5% of the original tokens, from which they will be drawing their donations.
Big Eyes (BIG) will also be listed on exchange platforms to place the token before a larger audience. UNISWAP is planning a launch soon, and other DEXs are expected to follow soon after.
So, what are you waiting for? Your favorite memecoin is here to stay. Hop on the project while the prices are low. Click here to participate in the presales.
There might arise situations where people are physically or legally incapable of managing their affairs due to distance or the sheer amount of effort involved in doing so , a situation that has given rise to a legal instrument known as a Power of Attorney.
This article will thus be looking at the following subtopics :-
– What a Power of Attorney is.
– The types of Power of Attorney grants in Nigeria.
– The use of a Power of Attorney.
– If and/or how Powers of Attorney can be revoked.
– When a Power of Attorney cannot be revoked.
WhatexactlyisaPowerofAttorney?
A Power of Attorney is a legal mechanism in the form of a grant from one party known as a Donor/Principal to another party known as a Donee/Agent to act for the donor as his legal alter ego in the management of his affairs on his behalf.
This can be explained with a scenario of a Mr.A, by virtue of being based abroad, grants a Power of Attorney or authorisation as a Donor to another party, Mr.B, to, for example, appear as his legal alter ego as representative for the purpose of a lawsuit in which Mr.A is suing another party in a Nigerian court.
Mr.B will make depositions, stand in the witness box, and be cross-examined by the other party’s lawyer as if he’s actually Mr.A by virtue of being his legal alter ego and representative for the purpose of that lawsuit.
WhatarethetypesofPowersofAttorneyinNigeria?
A Power of Attorney can either be :-
– a general Power of Attorney (granting the donee the authorization to represent the donor in managing his entire affairs);
– a specific Power of Attorney (granting the donee the authorization to represent the donor in carrying out alter ego representation services for a specific & restricted purpose, asset or function)
WhocangrantorreceiveaPowerofAttorneyinNigeria?
A Power of Attorney can be granted or received by an individual of sound mind and capacity above the age of 18 or a corporation. A Power of Attorney can also be received by professionals trained in the specific competence required as the function of a Power of Attorney grant.
HowarePowersofAttorneymade?
A Power of Attorney can be made:-
– orally;
– by writing (expressly via a preferably notarized Deed or letter of appointment).
Note that when the Power of Attorney concerns landed property (especially as a debt charge), the Power of Attorney shall be documented as a Deed and becomes registrable with the relevant land title registration agency in a state.
WhatarethesituationsthatrequireaPowerofAttorney?
The following situations require a Power of Attorney :
– Signing contractual documents on behalf of a donor unable to physically sign them.
– Property & Estate management on behalf of a donor.
– Commencing and appearing in court for the purpose of litigation (including cross-examination).
– Paying a debt owed to a donee(this will then give the donee the right to manage his assets until his debt is fully satisfied).
Yes, a Power of Attorney can be revoked in one of the following ways:
– Orally (Expressrevocation) :- This involves the donor simply revoking the Power of Attorney through verbal communication with the donee.
– Impliedrevocation :- This is done by the donor carrying out the very functions he authorised the donee to carry out. In other words, the donor simply revokes the Power of Attorney by his actions without telling the donee anything.
– By reason of legal incapacity due to death, insanity, bankruptcy (the operationoflaw).
A Power of Attorney becomes irrevocable even if a donor loses legal capacity due to death or insanity when it is given for consideration (in satisfaction of a debt) until the debt has been satisfied. This debt can include payment for the Power of Attorney service being rendered by the donee/agent.
CanaPowerofAttorneybeusedas a valid documentforSaleofLandtransactions?
No, they cannot be used for Land sale because the relevant laws in Nigeria and its component states require that Land transactions be documented as Deeds of Assignment or Conveyance signifying an unconditional transfer of titles to land.
Powers of Attorney can only be used as a charge on land for the purpose of satisfying a debt, which is why they are best suited for Land Development Joint Venture contracts between Land owners and Real Estate Development companies.
Conclusion :- Powers of Attorney remain a simple Legal mechanism for overcoming the problems associated mainly with a lack of professional expertise or physical incapacity due to distance.
Recently I was interviewed by Peter Oluka of Techeconomy NG, for an article for 9ja Cosmos’ launch of the first ever Web 3 (blockchain) Top Level Domain in the world.
This was .9jacom (for Nigeria) on 13th September. As part of his research process, Peter also looked around for other information about me, and content that I had created here and there.
One of the things he decided to include in his piece, was an extraction from an off-the-cuff point I had made about Ethereum going PoS (Proof of Stake) or otherwise called ‘The Merge’ because it involved a fusion with another blockchain system, Beacon.
While it wasn’t wrong to include them, the comments were nuanced among quirky retorts between blockchain enthusiasts.
This meant things implied, which the contributors ‘in the moment’, may fully ‘get’, may be somewhat lost on a wider audience later.
There is a separate story here that is worth telling.
In the piece, I am quoted as saying: “We’ve all seen the SEC decision in US ‘deciding’ the Ethereum Chain falls under Federal US jurisdiction. There would be no point in just ‘declaring’ such if acting upon it wasn’t feasible…. “Moreover, Ethereum has now become a potential political tool.”
“The Chinese ‘Binance’ has a dependency on the eth-chain. So, welcome to Huawei part 2.’
Let’s unpack this a bit. What was Huawei Part 1?
Deng Xiaoping when leader, brought an end to the ‘leader for a lifetime’ concept. China enjoyed remarkable growth, illustrated with its crowning glory to the world – the incredible ‘Bird’s Nest’ stadium and amazing opening ceremony of the 2008 Olympics under the leadership of Hu Jintao.
Since Xi Jinping came to power in 2012, we have seen the wonder-boy, Jack Ma under house arrest, and towards the middle of last year, a purge of the entertainment industry under the guise of a ‘return to traditional values’.
2018 saw the reversal of Deng Xiaoping’s ‘Leadership for Life’ ban, meaning that notionally, Xi Jinping might not be leaving office any time soon.
Over the last few years, the complexion of the relationship between China and the rest of the world changed drastically.
In no particular order, we have seen big earners for China like Huawei and ZTE being banned from several international markets, and we have seen the Africa Union HQ spying scandal.
Huawei Chief Financial Officer (and daughter of founder, Ren Zhengfei) Meng Wanzhou was arrested in Canada in 2019 at the request of US who wanted to extradite her on fraud charges.
Then came COVID, which some may recall Donald Trump labelling it as ‘The China Virus’.
Following, we had the Russian invasion of Ukraine, with China conspicuous in its failure to condemn.
More recently we’ve had a Chinese manoeuvre by sea and air around Taiwan big enough to be their own Global Warming Footprint.. as a reaction to a visit there from a rather frail US Elder Stateswoman…
What did they expect? A launch of tactical nukes from her handbag???
Huawei in particular, had been accused of assisting in the mass-detention of Uyghurs in internment camps and using them as forced labour.
It specifically faced allegations from US and NATO countries, that its wireless networking equipment could contain backdoors enabling surveillance by Politburo CCP.
Huawei products were outlawed in many lucrative markets.
On Sunday, May 19, 2019, Google publicly declared that it would be complying with Trump’s Huawei ban. Gmail, YouTube, Google Drive, and even the Google Play Store were now no longer available for Huawei smartphones.
Not long after Google made its announcement, other US-based companies followed suit. This included Qualcomm, Intel, Arm, Microsoft, and many more.
The US approach to China and its companies overseas remains one of the few examples where the policies of the Trump and Biden Presidencies in the US, remained on the same page.
Binance now has the biggest crypto exchange in the world. It was founded by Changpeng Zhao, and started its life in China. It later moved its registered HQ to Cayman Islands following Politburo CCP’s ban on cryptocurrency.
Binance open development framework was first issued as ‘Binance Smart Chain’ and later renamed ‘BNB Chain’.
‘Binance Smart Chain (BSC) and Ethereum look similar at first glance. Even your public wallet addresses are same on both blockchains. Moreover, DApps and tokens built on Binance Smart Chain are compatible with (EVM) Ethereum Virtual Machine.’ – said Gourav Khanna, CEO of APPWRK
Gnosis Chain founder Martin Köppelman said: ‘Proof-of-work favours those with access to cheap electricity and rewards them with capital. Not perfectly egalitarian but not a feedback loop. Proof-of-stake favors those with access to cheap capital and it rewards them with more capital, creating a feedback loop. The rich get richer and the richer they get the easier it is to get rich.
Centralization is not just a proof-of-stake problem. Köppelman followed up his original tweet by noting that Bitcoin, which continues to use proof-of-work, also has issues with centralization: “No, dear Bitcoin fans, it is not better in Bitcoin. In fact you need only 4 entities to come to >72%”
But the key difference in terms of control potential, is that those 4 entities don’t have control over the actual process of adding blocks on the blockchain. Unlike PoS, on PoW, this is done by a myriad of anonymous miners.
Ethereum Merge has converted Stake Holders to Controllers, and the SEC decision in the US has put that power under Federal US control.
Even before this, US authorities have shown no hesitation in wading into operations on the Ethereum ecosystem – example – Tornado Cash.
And now, there is the spectre of something that could make their intrusion a lot easier. New token specifications – ERC 20 R and ERC 721 R.
That ‘R’ by the way, denotes ‘REVERSIBLE’.
Uncle Sams ‘Attack Stack’
“One misunderstanding, which surprised us, is that people thought the proposal is to make all transactions reversible on [a layer 1 blockchain], or to replace the regular ERC-20/721 standards,” they wrote. “This is not the case. The paper is simply a proposal for a token standard that people can use or not, just like any other token standard.”
“If there is no way to architect a judicial system, then this proposal will not work,” they said. “Designing a fair judicial system (or proving that one does not exist) is an open question for the community to think about.” – Sam Kessler of Coindesk interviewing Stanford researchers.
All very fine and reassuring… J. Robert Oppenheimer once had a huge body of research work, which were just papers for a funding proposal. It resulted in the Atomic Bomb!
Building on Ethereum may face a major existential threat. The blockchain, post ‘The Merge’ is now manipulatable by US state actors.
It is double jeopardy for building on Binance, or any system emanating from or connected to a country which Uncle Sam isn’t particularly happy with and there are some global economic and political dynamics that are unlikely to change any time soon.
Politicians and Civil Service Agencies tend to be obsessed with various Armageddon and Doomsday global economic and political scenarios. They are also capable of dreaming about different kinds of domestic threats, real or perceived.
They frequently ego-centrify themselves as some kind of anti-hero beating their chests like mountain gorillas while backslapping between themselves as having to be those ‘brave’ enough to make the hard decision on least bad selection from thoroughly toxic choices.
There may be paranoia about shell companies owned by Iran aimed at corporate ownership of .eth stake, ‘Russians’, MAGA extremists, or even domestic ‘Black Opps’ systems … but it is a fact that over 70% of stake ownership of Ethereum are known entities, and that means its easily targetable.
While that vulnerability is real, it needs to be considered commiserate with risk. The problem is that politicians and high-ranking civil servants are often their own paranoid echo chamber, incapable of keeping perspective, and therefore pose a real risk to bringing the whole Ethereum ecosystem crashing down.
9ja Cosmos has its technical investments based on Handshake. Handshake was conceived by Joseph Poon (co-creator of Bitcoin’s Lightning Network and Plasma payment channels), Andrew Lee (CEO of Bitcoin payments gateway Purse), Christopher Jeffery (CTO of Purse and creator of Bitcoin node software Bcoin), Boyma Fahnbulleh (Bcoin developer), and Andrew Lee (Founder of VPN provider Private Internet Access).
9jacom and 9javerse are minted to the Handshake blockchain.
Summary:
The combination of the easy accessibility of over 70% of known stake owners since the Ethereum ‘Merge’ with the US SEC decisions means it is vulnerable to arbitrary and subjective decisions of US political or civil systems.
The advent of new protocols ERC 20 R and ERC 721 R (R means REVERSIBLE) may make such actions easier and therefore raise risk.
There is potential for Ethereum to become an international political tool, so systems perceived to be connected with entities not friendly to US may be at particular risk, such as Binance/BNB
The investment/infrastructural ‘ecosystem’ on the headline cartoon illustration are tools that are potentially deployable against individual entities dependant on the Ethereum Chain without necessarily going after the whole chain itself.
People in many African countries have problems raising pre-seed capital. The notion of taking ‘positives’ from failures often holds no solace for some African entrepreneurs as compared to some other locations globally. Many will only get to accrue the trickle capital needed to overcome inertia once in a lifetime. They should consider avoiding Ethereum or different solutions/L2s built on them such as BNB (Binance) or Polygon or consider gradual ‘architectural unwinding’ and migration of working systems as a gradual process.
9ja Cosmos recognises a conflict of interest, but isn’t holding up Handshake as the ‘holy grail’ for averting risk exposure to building off Ethereum. There are many more options to explore for building on such as Bitcoin’s ‘Lightning Chain’ Cardano’s ‘Vasil Hard Fork’, Solana and DeSo.
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All references were accessed between 30-09 and 03-10 inclusive 2022:
You might be seeking to go into a business in Nigeria with a good product or service offering, but you are unable to do this either because:
– You lack the specific licence needed to engage in that particular line of business (very common in the Tech sector).
– You lack the marketing budget to create the right amount of brand awareness for your business.
– You are up against already well established brands in your planned line of business.
– You’re a Non-Nigerian based abroad and you cannot relocate to Nigeria or go through the process of registering and running a foreign company in Nigeria as you intend to set up your business in other countries as well.
– You lack the resources (financial and otherwise)needed to set up your business.
This is where you will be needing what is known as a franchise, which is best suited for start-ups and entrepreneurs seeking relatively immediate market share acquisition in the form of an ready-made pool of customers.
This is what this write-up will be looking at and treating, with its main subtopic focus areas being :
– What a franchise is.
– The legal framework governing franchising in Nigeria.
– The types of franchises and franchising models in Nigeria.
– The necessary components of a franchising agreement .
WhatisaFranchise?
This is legal mechanism for business expansion involving a party known as a franchisor (usually a well-established company with a registered Trademark, Business license, and Business system), granting another party known as a franchisee the right to use its trademarks and business name in exchange for usually an initial fee, royalties, or/and a share of the franchisee’s profits.
Think of it this way. You are a Techpreneur with a Saas (Software as a Service) that can rapidly process payments while automatically sending SMS transaction notifications to a foreign-based vendor and the buyer based in Nigeria at the same time, and you’re confident it will be a commercial success, but you lack the Business prestige and funds to secure a Payment Processing Service Provider licence from the Central Bank of Nigeria.
You can simply enter into a franchising agreement with a licensed Electronic Payment Processing Service Provider like Paystack to operate as a different brand offering while legally fronting as a subsidiary or service brand variant of Paystack in exchange for royalty payments or a back-end profit sharing arrangement.
Franchising arrangements are possible in almost every commercial sector and are a good market entry tool for start-ups and Nigerian subsidiaries of well-known International brands.
Currently, the general laws governing Intellectual Property (especially on technology transfer)in Nigeria also apply franchises as well as Franchising agreements in line with the laws of contract in Nigeria as there’s no specific law on franchising.
The following franchises can be found in Nigeria :
– Jobfranchises :- Usually involving sole proprietor-business models that consist of low-level investments via the purchasing of basic equipment, product stock and mobile product support such as a bicycle e.g. Fan Yogo Bicycle men and 1-man Sports-betting centres.
– Product/Distributionfranchises :- Which involve using the franchisor’s Trademark without any further Business supporting structure e.g Tire Wholesale centers and Computer retailing centers.
– Businessformatfranchises:- This is a franchise system that relies on the use of the franchisor’s trademarks and his business system to market the product e.g. Fast-food franchises and membership fitness centers.
– Investmentfranchises :-Franchises under this category usually involve large investments by the franchisee and might require the franchisor’s management for the purpose of ensuring returns on investment e.g. 4-5 star hotel franchises, Mall franchises.
– Conversionfranchises :- This involves the converting of Independent business units via franchising agreements that can be framed as strategic partnership agreements involving Trademark adoption by the franchisee as well as training systems, advertising programs and critical client service standards among other things. e.g. Professional service firms such as Deloitte (which for a while operated as Deloitte Akintola Williams).
With regard to Franchising models in Nigeria, the following types also exist :-
– TheMasterFranchisingmodel :- Which involve a franchisor (or Master Franchisor) grants another party called the Master Franchisee the right to operate its business in a given area of operations through a Master Franchise Agreement (MFA), enabling the Master Franchisee the right to grant sub-franchises to 3rd parties with a given geographical area, making the Master Franchisee an actual Franchisor for that territory e.g Kentucky Fried Chicken Nigeria.
– TheMulti-unit/AreaDevelopmentFranchisingModel:- Which involve the grant of a franchise authorizing the Franchisee to open several business units or outlets in a given location e.g. The SPAR retail supermarket chain spread across various states in Nigeria.
– TheDirectFranchisingModel:- Which involves the grant of not more than a single franchise to a Franchisee in a given area e.g. Quick Service Restaurants like Mr.Biggs.
– TheManagementFranchisingmodel :- This involves a developer franchisee needing operational skill set experience for the purpose of day-to-day operations of the business and subsequently hiring specialist management (which may be seconded by the Franchisor), a franchise model common with International Courier companies and Hospitality brands.
The following clauses in a franchise agreement are to be carefully worded :
– TheRestraintofTradeclause :- which must be inserted in a franchise agreement which will prevent a Franchisee from in the future being able to use trade secrets gotten from the Franchisor in a competitive capacity after the expiration of the franchise agreement.
– TheLabourissuesclause :- This clause must be worded to indicate that all issues relating to staff recruitment, remuneration, training and laying off are strictly within the jurisdiction of the franchisee, otherwise Joint Employer liability will be traced to a Franchisor in the event of a Labour or Industrial dispute.
– TheBrandprotectionclause :- The use of the Franchisor’s intellectual property (Trademarks, Patents, Design Rights, Merchandise Marks, Copyrights, etc.) must be carefully defined and before signing the franchise agreement in the case of the franchisor being an International company,must have been registered in Nigeria.
Conclusion :- The issue of Franchising, even in the absence of a dedicated Legal framework, still requires a lot of Professional guidance to set up from advisory work & intellectual property registration to documentation and compliance measures. Further guidance on this topic can be gotten through sending a further consultation enquiry to ogbukalegal@outlook.com or 07011261897.
With the surge in the migration of young Nigerians to Europe, different sectors in the country have begun to feel the impact of the ‘Japa’ syndrome. “Japa” is the latest slang amongst the Nigerian populace which is a Yoruba word which means to run away.
According to experts, it has been projected that the surge in migration by Nigerians may persist as there are little or no indicators that the country’s leadership will make any significant headway in terms of positive transformation.
Lately, the large percentage of technical workers in Nigeria’s telecoms sector has reportedly become a major concern for operators in the county.
The telecom industry players are worried that this phenomenon may lead to poor quality of services if not addressed, as competent hands are resigning their positions in different telecom companies to seek greener pastures abroad.
According to the Executive Secretary of the Association of Telecommunications Companies of Nigeria (ATCON), Mr. Akinola Olude, he disclosed that so far, over 2,000 telecom experts left the country this year with many still making plans to leave.
While speaking at the NITRA ICT Growth Conference 2.0 held in Lagos recently, Mr. Olude stated the sector could begin to face negative impact the quality service, if there are fewer competent hands to handle network issues.
In his words: “While we have been talking about the problems of multiple taxations and the high cost of Right of Way in the telecoms sector, a new challenge is coming up and that is the issue of brain drain in telecoms.
“Many competent hands are leaving the country for greener pastures abroad. In the course of this year alone, over 2,000 have left and many are still going to leave. We have to do something; the government has to do something in this regard to encourage Nigerians to stay.
“It’s human capital because it sounds like a joke but this is a serious issue that is leaving because the government has failed to provide the social infrastructure they need to survive.
“If Nigeria had built telecommunications knowledge Parks and put thousands of youths there, many of them can be working for foreign companies from there; that is outsourcing.
“They don’t have to run out of the country to work for foreigners. They will be doing that here and earning in foreign currencies. We need the government to build these Parks to encourage our young ones to stay.”
Meanwhile, a surge in migration of Nigerians has been attributed majorly to the myriad of problems that have ravaged the country. Nigeria is currently ravaged by a number of socio-economic issues, some of which include; insecurity, high cost of goods and services, corruption, unemployment, etc which is forcing some of its skilled workers to move out of the country in droves.
