The Federal Government and cryptocurrency platform, Binance Holdings Limited, are currently holding talks on the establishment of a digital economic zone that will help entrepreneurs fast-track blockchain technology.
In a statement issued on Sunday, the Nigeria Export Processing Zones Authority (NEPZA) said the partnership aims to build a digital hub similar to the Dubai virtual free zone.
Part of the statement by NEPZA noted that when completed, the digital economic zone would be “the first Virtual Free Zone in West Africa similar to the Dubai Virtual Free Zone”.
Cryptocurrency has gained considerable acceptance amongst the Nigerian youth over the years.
A study by crypto price tracker, CoinGecko, revealed that Nigerians are showing more interest in cryptocurrencies than any other country since the value of the digital assets began to decline in April.
The aim of the digital economic zone, otherwise known as the ‘digital city’ is to help Nigerian tech entrepreneurs fast-track their adoption of blockchain technology.
The partnership would also help Nigeria’s bid to diversify its oil-dependent economy by leveraging digital technology. A diversified [digital] economy would benefit the country which has a boisterous youthful tech-savvy population.
As you may know, Nigerians love cryptocurrencies. Alongside Kenya, South Africa and Tanzania, Nigeria has one of the highest cryptocurrency adoption rates, according to Chainanalysis.
Although cryptocurrencies are banned in the country, Nigeria still values the importance of blockchain technology and earlier this year launched a digital currency, becoming the first in Africa to do so.
Asides from that, Nigerian tech companies are increasingly adopting the technology due to its immense benefits in the digital age.
In June this year, the Chief Executive Officer of the Nigerian Exchange Limited, Temi Popoola, told Bloomberg that the bourse intends to launch a blockchain-enabled platform in 2023 as part of a broad plan to attract younger investors and expand its reach.
Popular microblogging app, Twitter has unveiled its new logo.
The new logo was made public by Twitter owner Elon Musk and its new CEO.
The social media app on Sunday hinted that it would ditch its bird logo, be rebranded with the name X and move quickly into payments, banking and commerce, according to AFP.
Founded in 2006, Twitter takes its name from the sound of birds chattering, and it has used avian branding since its early days, when the company bought a stock symbol of a light blue bird for $15, according to the design website Creative Bloq.
Tweeting a picture of the company’s new logo – a white X on a black background – late Sunday night, Twitter chief executive Linda Yaccarino said “X is here! Let’s do this.”
Also late Sunday night, Musk changed his profile picture to the company’s new logo, which he described as “minimalist art deco,” and changed his Twitter bio to “X.com,” which now redirects to twitter.com.
Musk had earlier tweeted that “If a good enough X logo is posted tonight, we’ll make (it) go live worldwide tomorrow.”
Musk also tweeted that under the site’s new identity, a post would be called “an X.”
The changes were not visible on the website as of 0630 GMT Monday.
Musk had already named Twitter’s parent company the X Corporation, and previously said his takeover of the social media giant was “an accelerant to creating X, the everything app” — a reference to the X.com company he founded in 1999, a later version of which went on to become payments giant PayPal.
Such an app could still function as a social media platform, and also include messaging and mobile payments.
“Powered by AI, X will connect us in ways we’re just beginning to imagine,” Yaccarino tweeted earlier on Sunday.
Yaccarino, an advertising sales executive at NBCUniversal who Musk poached last month to become Twitter’s CEO, said the social media platform was on the cusp of broadening its scope.
“X is the future state of unlimited interactivity – centered in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services, and opportunities,” Yaccarino tweeted.
Zhao made this known via his Twitter handle on Sunday, saying, “Binance Nigeria Limited a scam entity.”
“Binance has issued cease & desist notice to the scammer entity “Binance Nigeria Limited”. Don’t believe everything you read in the news,” he wrote.
The Securities and Exchange Commission of Nigeria had declared that Binance Nigeria was operating illegally in the country as it is not registered or regulated by the SEC.
Details later…
According to the app’s website, the “social internet” of the future will give users more options and creators “independence from platforms”.
However, the app is still under development and may only be accessed with an invite code.
“We’re building the AT Protocol, a new foundation for social networking which gives creators independence from platforms, developers the freedom to build, and users a choice in their experience,” the website stated.
Using financing from Twitter, Mr Dorsey started developing Bluesky as a side project in 2019. In late February, it was first rolled out to iOS users.
As per TechCrunch, the basic features for monitoring likes or bookmarks, modifying tweets, quote-tweeting, direct messages and using hashtags, which are available on Twitter are not present in Bluesky at launch. This will make the app a more streamlined version of Twitter than what it initially appeared to be.
Additionally, it’s incorporating decentralisation into its own protocol, the AT Protocol, rather than adding to the work already done on ActivityPub, the protocol powering Mastodon, an open-source Twitter alternative and a variety of other decentralised apps in the larger “Fediverse”, the term for these connected servers hosting free, open-source web publishing software, as per the outlet.
The demand for the application has been growing and has 20,000 active users currently.
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