Download App

Category: Blockchain

  • Patricia Converts Customers’ Assets To Tokens, Repayment Tied To Profitability

    Patricia’s ambitious plan to repay customers has one important caveat.

    Last week, Patricia announced that it converted customers’ assets into its Patricia Token (PTK), months after the company made a $2 million hack public. Now the company has said its plan to repay customers is tied to its profitability.

    Nigerian crypto platform Patricia has announced that it will use a newly created debt management token—the Patricia token—to repay customers the $2 million in customer funds lost in a hack. According to Patricia’s white paper, a smart contract will lock the tokens—which are dollar equivalents of respective customers’ assets—and gradually release them on a monthly basis. While the company did not specify the token’s vesting schedule, it was easy to spot one key detail: customers will only get their money back if Patricia is profitable.

    Per Patricia’s white paper, “This [smart] contract will lock the tokens and gradually release them based on the exchange’s profitability. This approach aligns users’ compensation with the success of the platform, promoting transparency and trust.” As a private company, Patricia does not disclose its financials, and customers will have questions about how they can independently verify the company’s profitability. 

    Hanu Fejiro, the company’s CEO, told TechCabal, “Our OTC Desk has been fully operational, and it is growing and bringing in revenue. We are totally confident in the redemption of Patricia tokens and that we will be able to pay our customers with the proceeds from our operations and our fundraising efforts.” He also added that Patricia is “working with legal partners and the product team on measures to launch a feature that guarantees transparency.”

    There are also valid concerns about the absence of a smart contract for Patricia’s debt token. On the token’s vesting schedule, Fejiro said, “The vesting schedule remains in its early stages since users are yet to convert to Patricia Tokens. This would commence on a scheduled basis once we relaunch the app.”

    While public opinion is primarily skeptical of Patricia’s debt token, the company’s founder is hoping this will play out like Bitfinex, a cryptocurrency exchange platform that successfully used debt management tokens to recover 119,756 bitcoins eleven months after they were compromised in a hacking incident. But Patricia will need to do more to win over an understandably jaded public; it will need to show more transparency, share more information about its smart contract, and think announcements through before it shares them with the wider public.

  • Lazerpay Shuts Down Operations, Withdraw Your Funds Before April 30 

    Lazerpay, a payment gateway platform based in Nigeria, has announced that it will be shutting down its operations after unsuccessful attempts to raise additional funding. The news of Lazerpay’s closure has come as a shock to many in the Nigerian fintech industry, as the company had shown promise in the rapidly growing market.

    Founded in 2018, Lazerpay had raised $3 million in seed funding but was unable to secure additional funding to scale its operations in the highly competitive Nigerian payment gateway industry. The company’s failure to secure funding is reflective of the challenges faced by many startups in Nigeria’s fintech sector, where access to capital remains a major hurdle.

    In a statement issued via its official Twitter handle on Thursday, the CEO, Njoku Emmanuel, said Lazerpay ceased operation after multiple fruitless efforts to raise funds for the business’s survival.

    “We were unable to close a successful fundraising round,” Emmanuel explained to stakeholders.

    He said, “We fight hard to keep the lights on as long as possible, but unfortunately, we are now at a point where we need to shut down.”

    The firm promised to resolve all outstanding matters before the disruption, and merchants were advised to withdraw their funds from the platform before April 30, 2023.

    The Nigerian fintech industry has seen significant growth in recent years, with the emergence of several new players in the market. However, the competition for funding from investors has intensified, making it difficult for smaller startups like Lazerpay to secure the necessary funds to expand their operations.

    According to a report by PwC, the total funding raised by Nigerian fintech startups declined from $132 million in 2019 to $55 million in 2020. The report also noted that while the Nigerian fintech industry has shown resilience in the face of the Covid-19 pandemic, access to funding remains a major challenge for many startups.

    Lazerpay’s closure is a reminder of the difficulties faced by Nigerian fintech startups, and the need for innovative approaches to funding. Despite the challenges, however, there is still significant potential for growth in the industry, and startups that are able to navigate the challenges may still succeed.

    The closure of Lazerpay also highlights the potential for consolidation in the Nigerian payment gateway industry. With Lazerpay’s user base and technology up for grabs, other payment gateway providers may look to acquire the company’s assets and expand their own operations. This could lead to increased consolidation and competition among the remaining players in the market.

    In addition, Lazerpay’s closure could also present opportunities for new players to enter the market, particularly those with innovative approaches to funding and technology. The Nigerian fintech industry is still in its early stages, and there is potential for disruption and innovation in areas such as mobile payments, digital banking, and cryptocurrency.

    In conclusion, Lazerpay’s closure is a setback for the Nigerian fintech industry, but it also presents opportunities for innovation and growth. While access to funding remains a major challenge, startups that are able to overcome this hurdle may still succeed in the highly competitive market. With the closure of Lazerpay, there may also be opportunities for consolidation and new entrants to the Nigerian payment gateway industry.

  • Paxful Shutting Down Operations: A Major Blow to the Crypto Industry

    Paxful, one of the leading peer-to-peer cryptocurrency marketplaces, recently announced that it will be shutting down its operations due to regulatory concerns. This decision has caused shock and concern in the crypto community and raises questions about the future of the industry. In this article, we will delve into the reasons behind Paxful’s decision to shut down, the causes, and the potential impact on the crypto world.

    Paxful stated that it has decided to wind down its operations due to “an increasingly hostile regulatory environment.” The company has been facing regulatory challenges in several countries, including Nigeria, Kenya, and India. These challenges included restrictions on crypto trading and the requirement for exchanges to obtain licenses to operate. Paxful stated that it had tried to comply with the regulations, but it had become increasingly difficult to do so.

    One of the main causes of Paxful’s decision to shut down its operations is the increasing regulatory scrutiny faced by the crypto industry. Governments around the world have become increasingly concerned about the potential risks posed by cryptocurrencies, including money laundering, terrorism financing, and fraud. This has led to a crackdown on crypto exchanges and other businesses operating in the space. In some cases, exchanges have been forced to shut down or relocate to countries with more favorable regulatory environments. Paxful’s decision to shut down is a reflection of the challenges faced by crypto businesses in an increasingly regulated environment.

    The closure of Paxful could have a significant impact on the industry. Firstly, it could lead to a loss of confidence in the crypto market, which could affect the value of cryptocurrencies. Secondly, the closure of Paxful could lead to a reduction in the number of platforms available for buying and selling cryptocurrencies. This could make it harder for people to access the crypto market, which could slow down adoption. Furthermore, the shutdown of Paxful is likely to raise concerns among regulators about the risks posed by cryptocurrencies, leading to further regulatory crackdowns that could negatively impact the crypto industry as a whole.

    In conclusion, Paxful’s decision to shut down its operations is a major blow to the crypto industry. The closure of such a prominent platform highlights the challenges faced by crypto businesses in an increasingly regulated environment. While the impact of the shutdown remains to be seen, it is clear that the crypto world is facing a challenging time as it tries to navigate a complex regulatory landscape.

  • What Are Peer-To-Peer (P2P) Blockchain Networks, And How Do They Work?

    The decentralization thought, on which shared (P2P) innovation pivots, empowers network clients to manage exchanges without utilizing a delegate or focal server. Bitcoin (BTC) utilizes blockchain innovation without a chairman to monitor client exchanges in the organization. All things considered, the organization’s peers cooperate to go through with exchanges and keep up with the BTC.

    In a blockchain network, peers are hubs or PCs that are similarly strong and execute similar capabilities. Blockchain alludes to a decentralized distributed framework where every PC keeps a total duplicate of the record and really takes a look at its legitimacy with different hubs to guarantee the information is precise. It fills in as a decentralized record for at least one computerized resource.

    How Do P2P Organizations Function?

    Blockchain-distributed networks miss the mark on focal power. All things being equal, each hub (peer) is interconnected. There is no order, and a lattice network interfaces the organization hubs with a “level” geography. Distributed networks are open, decentralized, and hearty essentially since hubs give and consume benefits all the while, with correspondence going about as the main impetus behind interest.

    A P2P network varies from an ordinary client-server plan in that every hub in the organization should go about as both a client and a server to different hubs. In a client-server arrangement, the client generally downloads records from the focal server.

    Conversely, every hub in the decentralized framework capabilities as a server, downloading records and imparting them to different hubs. Since a hub can all the while communicate and get undertakings, the P2P network is fast, secure, and successful.

    Measures Of P2P Network Security

    1. Antivirus programming to keep up with refreshed security.
    2. Appropriate, download, and affirm the approved archives.
    3. After use, switch off the P2P network framework.
    4. Continuously survey and output the documents consistently.

    Furthermore, P2P configuration works best when there are numerous dynamic companions in a blockchain network so that new friends joining the organization can without much of a stretch interface. It is significant to recollect that the organization actually has an adequate number of companions to get a move on in the event that a sizable part of them choose to stop.

    Nonetheless, when there are not many companions, fewer assets are by and large accessible. For example, on the off chance that a record is boundless and many friends are sharing it, it very well may be downloaded all the more quickly utilizing a P2P document-sharing application.

    Kinds Of Distributed (P2P) Organization Frameworks

    1. Unstructured P2P Organizations

    This kind of organization’s hubs has no foreordained construction. Hence, clients can join or leave the web as they see fit. Furthermore, on the grounds that there is no unmistakable system, members take part in unconstrained discussions. Unstructured P2P lattices, then again, require that all hubs be dynamic to drive numerous exchanges, requiring a ton of computer chip ability to keep the organization functional.

    1. Organized P2P Organizations

    This sort of organization permits hubs to precisely look for documents in any event when the substance is inaccessible since hubs convey in light of deliberate construction. Be that as it may, with organized P2P organizations, there is some level of centralization on account of a coordinated structure. Organized distributed networks are more difficult to set up than unstructured ones, in spite of the fact that offering direct information access.

    1. Crossover P2P Organizations

    This P2P network joins the ordinary client-server strategy with some P2P plan components. For example, it empowers the focal server to find a hub. Undertakings are isolated across servers and clients associated with a similar framework over a PC organization or the web in a disseminated network application structure known as the client-server design.

    Advantages Of P2P Blockchain Organizations

    Since a scattered organization of PCs misses the mark on the weak links, distributed design enjoys numerous upper hands over regular client-server engineering. Then again, with a client-server approach, the PC could lose information in the event that the server goes down. Moreover, on the grounds that P2P networks are decentralized and don’t have a solitary server, they might have the option to endure goes after successfully. P2P-based blockchains can’t ban network individuals from doing an exchange, in contrast to banks.

    P2P networks are likewise prudent since they needn’t bother with an organization’s working framework, which brings down costs. Distributed networks are likewise profoundly strong to changes in peer synthesis; in the event that many new companions join the organization on the double, the organization can without much of a stretch handle the expanded interest. Besides, losing a solitary friend

    Impediments Of P2P Blockchain Organizations

    Distributed networks are not without impediments, regardless of the advantages referenced previously. Because of the absence of a focal server, any malware or infection could spread from one partaking hub to all the others. As there is no focal power over the framework, hubs can circulate content that has copyright insurance.

    A hard fork of the blockchain is an equal organization that anybody can begin in the event that they so decide, which suggests that the product needs a move up to comply with the new standards. For example, a Chinese excavator delivered verification of work Ethereum (ETHW) after the Ethereum Union.

    A significant piece of clients in P2P networks consistently utilizes the assets shared by different hubs while holding their assets.

    Is P2P Crypto Exchanging Safe?

    Purchasers and merchants can execute straightforwardly on decentralized trades (DEXs) because of shared exchange. Clients have more command over costs and installment strategies on P2P crypto trades. Shared trades like Binance can exchange a more modest choice of digital currencies than customary trades because of the decreased liquidity that accompanies this freedom.

    P2P digital money exchanging requests to crypto merchants because of its absence of outsider cooperation, exchange charges, and variable evaluation. Notwithstanding, numerous nations need to confine digital currency exchanging and exchanges reaction to endeavors by states all over the planet to manage the progression of cash-encompassing computerized monetary forms and affect the crypto markets.

    P2P crypto trades can stay away from these digital money-related rules since they exchange on a worldwide market while staying nearby. Furthermore, escrow brilliant agreements safeguard each exchange on a distributed organization to forestall extortion against either party engaged with P2P exchanges.

    In conclusion;
    The becoming of shared (P2P) blockchain networks has been vital in making crypto exchange protected, quick, and solid without the nosy of outsiders. In any case, it is fundamental to know about related impediments of the organization to prevent horrible conditions that could prompt the deficiency of your asset while exchanging.

  • What is Hash in Cryptographic money (Cryptocurrency)

    What is Blockchain?


    Blockchain is a circulated record that is overseen by an organization of PCs. It keeps a precise duplicate of the data set and updates its records by agreement in view of unadulterated arithmetic. Blockchain stores information in blocks that are then connected together through cryptography. It very well may be utilized to store various kinds of data yet the most widely recognized use up to this point has been as a record for exchanges. Blockchains and digital currency are essential for the most involved words in our present reality. In spite of the fact that it is known for its part in the digital currency framework, it has a few different capabilities.

    What’s the significance here of Digital currency?


    A hash is a numerical capability that satisfies the encoded needs expected to tackle a blockchain calculation. It is of a proper length since it makes it almost difficult to figure the length of the hash in the event that somebody was attempting to break the blockchain. Similar information will continuously create a similar hashed esteem.

    The blockchain just holds back approved exchanges, which forestalls fake exchanges and twofold expenditure of the advanced cash. This outcome is encoded esteem which is a progression of numbers and letters that don’t look like the first information known as a” hash”.

    Hashing is one method for empowering security during the course of message transmission when the message is expected for a specific beneficiary in particular. As a result of the elements of a hash, they are utilized broadly in web-based security — from safeguarding passwords to recognizing information breaks to really taking a look at the trustworthiness of downloaded records.

    You can also read WILL CRYPTO QUICKLY RETURN AFTER THE CRASH?

    Hash in Crypto Mining


    Crypto mining is the cycle by which new tokens get placed into course. This cycle works with hashing. Hashing requires handling the information from a block through a numerical capability, which brings about a result of a decent length. Utilizing a fixed-length yield increments security. Settling the hash begins with the information accessible in the block header and is basically taking care of a complex numerical issue.

    Each block header contains a rendition number, a timestamp, and the hash utilized in the past block. It additionally incorporates the hash of Merkle root, the nonce, and the objective hash.

    Diggers generally mean to get compensated with digital money in the wake of settling a riddle where hashing is a significant element. Here, the digger centers around the nonce, a series of numbers. This number is affixed to the hashed items in the past block, which are then hashed.

    On the off chance that this new hash is not exactly or equivalent to the objective hash, then, at that point, it is acknowledged as the arrangement, the excavator is given the prize, and the block is added to the blockchain.

    How Really does Hash Function in Digital money?


    Common hash capabilities take contributions of variable lengths to return results of a decent length. This is made conceivable by a cryptographic hash capability. This is a unique class of hash works that have different properties making it ideal for cryptography.

    The cryptographic capabilities have properties that make them secure. A cryptographic hash capability In this way consolidates the message-passing capacities of hash capabilities with security properties.

    Despite the fact that hash can be addressed in polynomial time and is thought of as cryptographically feeble, they are not effectively understandable.

    What are Hashes utilized for in Digital currency?


    Hashes are utilized in a few pieces of a blockchain framework. They are recorded beneath in no specific request. Hash guarantees that nothing is messed with while adding another block. Digital money utilizes verification of work agreement systems, for example, Bitcoin uses hashing of arbitrarily produced numbers. This is finished to show up at a particular hashed esteem containing a progression of driving zeroes. Hashing makes it challenging for a troublemaker to overwhelm the Blockchain organization.


    Significant Hints about Hashing for Crypto Diggers


    Here are significant things to be aware of on the off chance that you are taking the course of mining to procure a digital currency. Tackling the hash requires the digger to figure out which string to use as the nonce. This requires a lot of experimentation. It is exceptionally far-fetched that a digger will effectively think of the right nonce on the primary attempt. This implies that the digger may possibly test an enormous number of nonce choices prior to hitting the nail on the head.
    The more noteworthy the trouble — a proportion of the fact that it is so difficult to make a hash that meets the prerequisite of the objective hash. The more it is probably going to take to create an answer.


    How is a Hash Determined?


    As expressed over, the hash is a numerical capability so a few computations are to be finished. It uses complex numerical calculations that convert inconsistent length information to fixed-length information (for example, 256 characters).

    In the event that you change the slightest bit anyplace in the first information, the whole hash esteem changes. This makes it helpful for confirming the constancy of advanced documents and different information.

    Hook, a gift vendor, and a trade stage are the ideal best for you to be engaged with crypto exchanging. You can begin by enlisting today.