Tech
Crypto: Binance confirms working with Tinubu govt to block dollar-naira exchange
Published
11 months agoon
By
Ekwutos Blog“Users behaving in a manipulative way will be removed from the platform.’’
One of the World’s biggest cryptocurrency trading platform, Binance, has confirmed collaborating with President Bola Tinubu’s administration to block Nigerians from dollar-naira trade on its platform.
Binance disclosed this in an announcement on its “commitment to P2P users in Nigeria” on Tuesday, warning that “users behaving in a manipulative way will be removed from the platform.”
“As industry leaders,” Binance said, “We are working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance.’’
The crypto exchange platform further said it is “setting an upper limit for ads, filtering and removing bad ads, requiring and raising deposits for merchants posting ads as well as processes for actioning against any market manipulators.”
On Tuesday, Binance disabled sell option for its Nigerian users, blocking them from selling fiat currency, USDT, on the platform. It also capped the buy option to $1802 for Nigerian users.
It also disabled purchase of cryptocurrencies via P2P for its Nigerian users, leaving those who might want to sell their crypto assets such as Bitcoin, BNB, Ethereum via P2P stuck.
This comes as another desperate move by the Tinubu-led government to stem naira freefall against the dollar. The naira continues to decline even after the Economic Financial Crimes Commission raided perceived currency speculators at a popular Abuja Bureau De Change hub on Monday.
Earlier on Tuesday, the National Security Adviser, Nuhu Ribadu, directed law enforcement agencies to take firm measures against anyone engaged in foreign exchange market speculation.
“In a concerted effort to safeguard Nigeria’s foreign exchange market and combat speculative activities, the Office of the National Security Adviser and the Central Bank of Nigeria are joining forces to address challenges impacting the nation’s economic stability,” a statement issued by Mr Ribadu’s office read.
It added, “The CBN’s proactive measures to stabilise the foreign exchange market and stimulate economic activities have been commendable. However, the effectiveness of these initiatives is being undermined by the activities of speculators, both domestic and international, operating through various channels, thereby exacerbating the depreciation of the Nigerian naira and contributing to inflation and economic instability.”
The naira hit its all time low, trading for N1902 to a dollar on Tuesday before Binance blocked its Nigerian user from selling USDT on the platform.
Mr Tinubu’s government collaborating with Binance to block Nigerians from dollar-naira trading mirrors his predecessor, former President Muhammadu Buhari’s ban on cryptocurrency trading in the country in 2021. The CBN under Mr Tinubu’s watch in December 2023 lifted the ban on cryptocurrency.
Some Nigerian Binance users have criticised Binance on its latest move, threatening to migrate to other platforms for their dollar-naira trading.
An x user, @MikaelBernard, on Tuesday, dismissed Binance’s decision against Nigerian users as “absolutely ridiculous,” adding that “If this is how they plan to save the naira, I’m sorry but it’s going to fail woefully.”
“You can no longer sell your own tokens for above 1802/$. I don’t know what they aim to achieve, but traders are now on telegram, selling at 1850/$ and above. Binance was only a medium. If you block Binance, people will find new ways,” @MikaelBernard tweeted.
Another X user, MiracleOkeke said, “So, let me understand, you literally decided to put a peg or control a somewhat person to person transaction that should normally be determined by whatever price they wish? As an open market? Jokes on you, we will move to other platforms.”
With “more than half of its adult population” trading cryptocurrency “monthly,” according Binance, Nigeria ranks among countries with the largest population of crypto traders in the world.
Recent restrictions on domiciliary accounts in Nigeria by the Tinubu-led government could have also increased the number of Nigerians using the exchange to save their money or facilitate receipt of funds from abroad.
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The wheels of an aircraft continue to spin and move immediately after takeoff.
Tech
The wheels of an aircraft continue to spin and move immediately after takeoff.
Published
6 hours agoon
January 4, 2025By
Ekwutos BlogThe wheels of an aircraft continue to spin and move immediately after takeoff.
Depending on the diameter of the tires, they may continue to spin between 1,500 and 2,000 rpm.
The captain must stop this rotation before the tires settle into the box, a task that is accomplished by different systems depending on the level.
Here is a brief explanation of how the wheels of an aircraft stop spinning
Most modern aircraft have automatic braking technology and devices to stop the wheels from spinning after takeoff, eliminating the need for pilots to use the brakes, as the automatic braking system works immediately after takeoff.
Passengers can feel the resulting vibration if they are sitting in the front and hear some intermittent noise immediately after takeoff.
Tech
Telcos push 100% tarrif hike, await NCC approval
Published
1 day agoon
January 3, 2025By
Ekwutos BlogNigerian telecommunications companies said they proposed a 100 per cent tariff hike to the regulator, the NCC, across voice, data and digital and are awaiting approval.
The proposal, which has been submitted, aims to address rising operational costs, including inflation and increased service delivery expenses.
The disclosure was made by the Chief Executive Officer, MTN Nigeria, Karl Toriola, during an interview on Arise TV on Thursday.
However, the CEO said that it remains uncertain whether the Nigerian Communications Commission will approve the proposal.
According to Toriola, the proposed tariff hike is necessary for the sustainability of the industry, which has been facing significant financial pressures due to rising operational costs.
“We’ve put forward requests of approximately 100 per cent tariff increases to regulators. I doubt they’re going to approve that quantum of increases because they are very, very sensitive to the current economic situation in the country,” Toriola said.
Despite the challenges, Toriola expressed optimism that regulators would make the right decision, taking into account the realities of the sector.
The CEO emphasised that the focus is on ensuring the long-term sustainability of the industry, rather than short-term profitability.
“I believe we’re all on the same side, the policymakers, the regulators, our Chairman of ALTON, Gbenga Adebayo, and the industry. We’re united because we share concerns about a few fundamental issues. First, human rights, are critical to driving any economy. Without a sustainable industry, the broader economy and the well-being of the people will be negatively impacted.”
Tech
Top secret lab is developing the UK’s first quantum clock
Published
1 day agoon
January 3, 2025By
Ekwutos Blog- READ MORE: Google’s quantum chip can perform ‘impossible’ tasks in five mins
A top secret lab is developing a super-precise ‘quantum clock’ that could revolutionize British intelligence.
This super-accurate timekeeping device, to be rolled out by 2029, will allow more precise navigation and surveillance on Royal Navy ships and RAF planes.
It will also ‘enhance the accuracy of advanced weapons’ like guided missiles and give British computer boffins the edge over online adversaries like cyber criminals.
The clock’s precision will be so refined that it will lose less than one second over billions of years, allowing scientists to measure time at an unprecedented scale.
It is the first device of its kind to be built in the UK and will be deployable on military operations in the next five years, according to Defence Science and Technology Laboratory (DSTL).
‘This first trial of advanced atomic clock represents a significant achievement in the UK’s quantum technology capabilities,’ said DSTL chief executive Paul Hollinshead.
‘The data gathered will not only shape future defence effort but is also a signal to industry and academia that we are serious about exploring quantum technologies for secure and resilient operational advantage.’
Quantum clocks use quantum mechanics – the physics of matter and energy at the atomic and subatomic scale – to keep time with unprecedented accuracy by measuring energy fluctuations within atoms.
Quantum clocks are even more accurate that the ‘atomic clocks’, of which there are approximately 400 already in operation around the world.
The UK already has an atomic clock at the National Physical Laboratory in London, but this quantum clock will be the country’s first.
Nick France, CTO of Sectigo, told MailOnline: ‘A quantum clock is a type of atomic clock – essentially a super-accurate timekeeping device.
‘Atomic clocks work by measuring the resonant frequency of atoms, whereas quantum clocks measure very small energy changes (‘quantum fluctuations’) in these atoms, leading to increased accuracy even over super-accurate atomic clocks.
‘Atomic clocks currently are incredibly accurate anyway, but a quantum clock has accuracy levels where only a single second is lost in billions of years of operation.’
The British quantum clock will be ‘the first device of its kind to be built in the UK’, said the UK government in a statement, but it will not be a world first.
Back in 2010, the University of Colorado at Boulder developed a quantum clock with the US National Institute of Standards and Technology.
However, key barriers to deploying quantum clocks are their size – current models come in a van or in a car trailer and are about 1,500 litres in volume.
Potential of quantum clocks
- Enable more precise and independent navigation systems, reducing reliance on GPS satellites, which are vulnerable to jamming or destruction in conflict scenarios.
- Secure communications systems, such as encrypted military networks, which depend on highly synchronised timekeeping.
- Enhance the accuracy of advanced weapon systems, like guided missiles, which rely on accurate timing to calculate trajectories and coordinate attacks.
- Allow Armed Forces to gain an edge over adversaries in timing-critical operations, especially in areas like cyber warfare, where milliseconds can make a difference.
Source: DSTL
Just like most quantum equipment, quantum also have sensitivity to environmental factors such as heat and air molecules, limiting their transport between different places.
‘Quantum clocks are not small like watches or alarm clocks,’ France added.
‘These are devices that in current implementations can be large, even room-sized devices.
‘However, improvements in technology will decrease the size of these devices making them more portable.’
Apart from just ultra-precise timekeeping, quantum clocks could transform global navigation systems by helping satellite communications and aircraft navigation.
According to DSTL, their quantum clock will enable more precise and independent navigation systems, reducing reliance on GPS satellites, which are vulnerable to jamming or destruction in conflict scenarios.
It will improve communications systems, such as encrypted military networks, which depend on highly synchronised timekeeping, as well as boosting the accuracy of advanced weapon systems like guided missiles, which rely on accurate timing to calculate trajectories and coordinate attacks.
What’s more, British Armed Forces will get an edge over adversaries in ‘timing-critical operations’, such as cyber warfare, where milliseconds can make a difference.
Cyber warfare refers to the actions by a nation-state or international organization to attack and attempt to damage another nation’s computers or information networks.
France told MailOnline: ‘Super-accurate timekeeping is important to governments and militaries to enable accurate navigation (using GPS or similar technologies) of planes and ships, but also guidance of weapons systems such as missiles.
‘Equally important to the military as well as civilians is secure communications.
‘Much of the secure communications for governments and the military relies on accurate time sources to function.
‘But equally these accurate clocks are useful for more civilian applications and general internet security, even securing your personal data as it’s transmitted around the internet.’
Companies and governments around the world are keen to cash in on the huge potential benefits that the spooky effects of quantum technology could bring.
Google last month unveiled a new quantum computing chip it said could do in minutes what it would take leading supercomputers 10 septillion years to complete.
Eventually, such a chip could power a ‘commercial’ quantum computer that could be purchased by members of the public and used in labs, offices and even homes.
These ultra-powerful machines, which use the spooky effects of quantum physics, could do everything from speed up AI, solve climate changeand discover lifesaving drugs.
WHAT IS THE ATOMIC CLOCK?
Atomic clocks have a timekeeping mechanism that use the interaction of electromagnetic radiation with the excited states of certain atoms.
The devices are the most accurate system we have for measuring time, with consistent standards applied.
They are the primary standards for international time distribution services, and uses to control wave frequency for TV, GPS and other services.
The principle is founded in atomic physics, measuring the electromagnetic signal that electrons in atoms emit when they change energy levels.
Modern versions cool atoms to near absolute zero by slowing the atoms down with lasers. With temperature of atoms driving their accuracy.
Every few years a ‘leap second’ is added to atomic clocks, by effectively stopping them for a second, to keep them in line with Earth’s rotation speed.
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