Author: Precious Udeorah

The defunct cryptocurrency exchange FTX described a “severe liquidity crisis” in its U.S. bankruptcy filings, which also indicated that the group may have more than 1 million creditors. This came as regulators launched investigations and lawmakers demanded that the industry be subject to clearer regulations. According to FTX’s filing to a U.S. bankruptcy court, which was made public in the United States late on Monday, the company had assigned five new independent directors to each of its principal firms, including Alameda Research, and was in communication with financial regulators. In one of the most publicized cryptocurrency meltdowns, the exchange, which…

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Even though the full effects of FTX’s collapse are still being felt, some have already issued a warning that there would be more layoffs “in the months to follow.” Recruitment experts have warned that FTX’s collapse and any subsequent one may lead to layoffs at crypto companies in months ahead. According to a survey released on November 14 by cryptocurrency data aggregator CoinGecko, as of November 13, 4,695 employees in the crypto industry have already been let go in 2022, representing 4% of staff reductions across all “technology startups.” However, the report’s authors issue a warning that the “major effect”…

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One of the biggest cryptocurrency exchanges in the world saw a rapid and shocking decline on Friday when FTX Trading filed for Chapter 11 bankruptcy. Sam Bankman-Fried, the business’s founder and CEO, left the organization as well. John J. Ray III was chosen to take his place. According to a statement released on Friday, Bankman-Fried intends to stick with FTX while it navigates the bankruptcy process. This development has rocked a number of financial technology and as well as StableCoin companies in Africa, as many of them had assets invested in FTX. As a result of this, these organizations are…

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Changpeng Zhao, the CEO and creator of Binance exchange, announced the establishment of a “recovery fund” today to support cryptocurrency startups that have a solid understanding of their business model. The top-ranked cryptocurrency exchange,  Binance is renowned for providing high-caliber services related to cryptocurrencies. In addition to operating as a platform for cryptocurrency trading, Binance Exchange also promotes blockchain and cryptocurrency education globally so that people can better comprehend and readily accept this ground-breaking sector. Zhao stated that the platform is developing a fund in which qualified investors can participate as co-investor to lessen the cascade impact caused by the…

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The Web infrastructure’s capability will play a significant role in determining how quickly Web 2.0 evolves toward Web 3.0. High-speed broadband will no longer be sufficient to support the development of Web 2.0.   The development of multiplex broadband networks is a requirement for Web 3.0. However, the global network infrastructure is subject to natural limitations, just as CPU manufacturers do.   The Internet is following that trend in the same way that that sector of the economy has shifted to parallel processing using many cores per socket and threads. Threading is already supported by Mozilla and Microsoft’s web browsers.  Also read,…

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According to the Reserve Bank of Zimbabwe (RBZ), citizens can now express their opinions and ideas on “the design and character of the CBDC [central bank digital currency].” Zimbabweans must complete the exercise by December 7, 2022, or earlier, according to the bank’s tweet from November 9 that includes a link to the survey form. Only a few months after the RBZ promised to provide a document that would launch a public consultation process, the consumer survey is now underway. According to a news report in mid-August, the Zimbabwean central bank is of the opinion that including locals and other…

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The current blockchain landscape resembles the early Internet in many ways: it’s a clumsy, dangerous, and ungoverned “wild west” of haphazardly connected protocols that scarcely seem to be the foundation for future trade. It is obvious that the early internet detractors who claimed that email will never be used were incorrect. The verdict is yet out on blockchain, though. Getting blockchain out of its frontier stage is one of the main hurdles. It is still rather challenging to use cryptocurrency for its initial use in financial transactions. More importantly, though, is the fact that the larger Web3 ecosystem still lacks…

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Crypto mining is the mechanism through which cryptocurrencies function. A computational puzzle must be solved to store the transactions on a blockchain. This procedure necessitates a substantial amount of processing power, which uses a lot of electricity and other energy sources like coal and gas. In addition to the actual mining process, cryptography’s upkeep and security require more energy. According to research, the yearly energy consumption of bitcoin miners alone ranges from 60 to 125 TWh, or 0.6% of the world’s electricity, and is comparable to that of several nations like Austria (75 GWh) and Norway (125 GWh). We may…

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The feast of football, which is planned to take place in Qatar from November 20 to December 18, 2022, is anticipated to draw a record-breaking five billion viewers. That’s correct, it’s the biggest sporting event of the year, featuring 64 top-notch games between 32 national football teams to crown the overall winner. Binance Football Fever 2022 was recently launched in advance of the upcoming sporting spectacle that we are all eagerly anticipating. With a total prize pool of $1 million, this new online competition aims to unite participants from all around the world by uniting fans through a fun, risk-free…

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The next internet, known as Web3, introduces ownership and decentralization to the World Wide Web. Sports fans have a lot of interaction opportunities and exciting platforms when Web3 and the sports sector are combined. Also read, Enhancing Sports with Blockchain in Africa Over the past several years, the popularity of apps that let users play against one another in competitive games based on their understanding of various sports has skyrocketed. Games fans have pounced at the chance to demonstrate their prowess in all facets of their preferred sports. It shouldn’t come as a surprise that the broader, well-oiled athletic industry…

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