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South African Mobile Network Operator MTN Buys Land in the Metaverse – Bitcoin News

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South African Mobile Network Operator MTN Buys Land in the Metaverse – Bitcoin News


Mobile network operator MTN recently staked claim to its status as one of the first South African companies to enter the metaverse, after it purchased 144 plots of digital land in the virtual world Ubuntuland for an undisclosed amount.

MTN Seeks to ‘Amplify Consumers’ Digital Experiences’

South Africa’s mobile network operator, MTN, recently bought 144 plots of digital land in the Ubuntuland metaverse, a report has said. The purchase reportedly makes MTN one of the first companies from South Africa to enter the metaverse.

As the Mybroadband report explained, MTN now owns 144 plots with an area of 12 square meters.

Commending the company’s pivot to the metaverse, MTN’s group executive for marketing, Bernice Samuels, is quoted explaining how this dovetails with its Ambition 2025 strategy. The executive said:

This is exactly what our Ambition 2025 strategy is premised on — leveraging trends that amplify consumers’ digital experiences and engagement. We have always been at the forefront of technological and digital changes and we remain alive to the exciting opportunities the metaverse presents for us and our customers.

The mobile network operator added that its presence in the metaverse demonstrates its support for African innovation.

Also, through this presence in the metaverse, MTN will attempt to increase what the report calls its customer attractiveness. This will be done via a series of experiences that are merged with consumer passion points like gaming and music, the report explained.

What are your thoughts on this story? You can share your views in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.














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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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EU Data Act Proposes Shutdown Function for Smart Contracts – Regulation Bitcoin News

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The European Union has published its new Data Act, a law proposal that aims to regulate the generation and handling of data by the actors that harness it. The act, in its large scope, touches on the subject of smart contracts and proposes that every smart contract should have a termination function to stop the flow of transactions when required.

Smart Contracts Might Be Stifled by EU Data Act

The newly proposed EU Data Act, published on February 23, aims to regulate and control the ways in which data is being generated, bringing legal clarity to the data market in Europe. According to a press release, the new Data act seeks to “ensure fairness in the digital environment, stimulate a competitive data market, open opportunities for data-driven innovation and make data more accessible for all.”

However, due to its large scope, this new act touches the subject of smart contracts, which are pieces of software designed to execute certain tasks based on data inputs. The document, in its article 30, titled “essential requirements regarding smart contracts for data sharing,” defines the requirements that smart contracts must fulfill to be deployed in conformity with EU laws.

One of these requirements, called “safe termination and interruption,” states that approved smart contracts shall:

…include internal functions which can reset or instruct the contract to stop or interrupt the operation to avoid future (accidental) executions.

Another requirement for smart contracts to be validated by the EU includes the ability to audit the contracts, with the possibility of obtaining a record of the transactions made in the past by the software.


Limited Applicability

The proposal of interruptible smart contracts and the standardization of these smart contracts to the new requirements imposed by the Data Act were received negatively by some analysts, who criticized the scope and the applicability of the document. This is the case with Thibault Schrepel, Associate Professor of Law at VU Amsterdam, who stated:

Now, this is absolutely huge/controversial. It imposes smart contracts (that make data available) to be stoppable. So… basically, all oracles *shall* be redesigned (but how?), or else they will infringe the law.

Schrepel further stated that the approval of this act would make millions of online smart contracts illegal in the proposed jurisdiction, with no way of adapting them to the requirements presented in the document.

The EU has had its sights on cryptocurrencies recently, with some of its countries lobbying for the creation of a crypto AML watchdog in the region, according to reports.

What do you think about the Data Act and its requirements when it comes to smart contracts? Tell us in the comments section below.

 

sergio@bitcoin.com'
Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Starlink Terminals Arrive in Ukraine as Elon Musk Makes Good on Promise – Bitcoin News

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Starlink Terminals Arrive in Ukraine as Elon Musk Makes Good on Promise


Spacex has managed to deliver Starlink equipment to Ukraine as promised by its founder, Elon Musk. The hardware will provide access to high-speed internet for users in the country, which has been experiencing disruptions in communications as a result of Russia’s military invasion.

Ukrainians Get Starlink Internet Amid Ongoing Russian Offensive

Ukraine has received a batch of terminals needed to connect to the satellite internet constellation Starlink. The network is operated by Spacex, the aerospace manufacturer founded and managed by U.S. tech entrepreneur Elon Musk, and offers high-speed broadband internet across the globe.

The arrival was announced by Mykhailo Fedorov, Ukraine’s deputy prime minister and minister of digital transformation. “Starlink — here. Thanks, @elonmusk,” the Kyiv official tweeted on Monday, posting a photo of a truck full of antennas and routers used to connect to the satellites.

On Saturday, Fedorov took to Twitter to ask the billionaire to provide Ukraine with Starlink stations. The call was issued after media reports revealed that the internet monitor Netblocks had registered “significant disruptions to internet service” in the country since the launch of the Russian military assault on Feb. 24.

“Starlink service is now active in Ukraine. More terminals en route,” Musk replied within hours. “Starlink terminals are coming to Ukraine!” the Ukrainian minister confirmed later, thanking Elon Musk and others supporting his country.

Ukrainian reports on social media have indicated that Starlink equipment is already working in the capital Kyiv. According to a tweet by software and communications engineer Oleg Kutkov, the internet connection’s top speed has exceeded 200 Mbps at some point.

Since the beginning of the Russian military offensive, Ukrainian officials have issued numerous calls for help from the international community. To support its defense and other efforts, the government of the East European nation started accepting donations in various cryptocurrencies.

Russian forces have been advancing from multiple directions, threatening to cut off major urban centers, including the capital Kyiv and Ukraine’s second largest city, Kharkiv. Problems with communication are likely to grow and affect many industries, including the crypto sector which Ukraine has been trying to regulate. Starlink notes on its website that the service is suited for areas with unreliable or unavailable connectivity.

You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund.

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communications, Crypto, Cryptocurrencies, Cryptocurrency, dishes, donations, Elon Musk, Entrepreneur, equipment, Hardware, Internet, internet connection, invasion, minister, Musk, routers, satellite constellations, satellites, service, SpaceX, Starlink, stations, terminals, Ukraine, ukrainian, War

Do you think Ukrainian businesses, including crypto companies, will benefit from the availability of the Starlink service? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Venezuela Might Be Affected by Russian Banks’ SWIFT Suspension – Economics Bitcoin News

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Analysts from Venezuela have expressed their worries about the expulsion of a number of Russian banks from SWIFT, an international messaging system that allows the interconnection of banks. These measures could affect the finances not only of Venezuela, but also of other countries in the region, damaging their capability to move funds, which is highly dependent on services provided by Russian banks.

Russian Banks’ SWIFT Expulsion Could Affect Venezuela

The recent announcement of the expulsion of some Russian banks from the SWIFT payments system has raised concern about the effects it could have in countries like Venezuela, which is linked to the Russian banking system. Jose Guerra, a Venezuelan economist, was one of the first to speculate about this possible problem on social media.

Guerra stated:

What does it mean for Venezuela? If the government money is in Russian banks, it will not be possible to transfer it to make payments. everything gets complicated.

Guerra further explained that if Venezuelan funds are indeed in Russian banks, companies like PDVSA, the national oil company, would be unable to pay for goods and services through those accounts. “If PDVSA has an account in a Russian bank excluded from SWIFT and wants to make a transfer to Banxico in Mexico, UBS in Switzerland, or a bank in Turkey to pay a supplier, it will not be able to do so that way,” he elaborated.

While there is no direct knowledge about the funds that Venezuela manages through Russian institutions, the sanctions already applied to the South American country have increased reliance on these services, according to reports.


The Devalued Ruble

Apart from the aforementioned connection issue, there is another problem that Venezuelan funds in Russia might face. Since the news about the SWIFT disconnection of some Russian banks was revealed, the ruble has lost more than 30% of its value, hitting institutions and countries that had their savings in the form of the Russian fiat currency.

If Venezuela has funds in Russian banks, they are affected by this situation, which could worsen if the conflict in Ukraine escalates or expands. According to Juan Gonzalez, director of the National Security Council for the Western Hemisphere, these sanctions will affect other countries on the continent. Gonzalez stated:

The sanctions on Russia are so robust that they will have an impact on those governments that have economic affiliations with Russia. So Venezuela is going to start to feel that pressure, Nicaragua is going to start to feel that pressure, as is Cuba.

Venezuela has been accused of using bitcoin to bypass economic sanctions before, but the capabilities and the cryptocurrency holdings of the country are currently unknown.

What do you think about the effect that the SWIFT disconnection of some Russian banks could have on Venezuela and other economies? Tell us in the comments section below.

sergio@bitcoin.com'
Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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