Global Tech - Afrikan Heroes

Huawei Showcases Green Intelligent OptiX Network in South Africa

July 14, 2022

Global telecoms equipment and mobile manufacturer, Huawei has demonstrated its Green Intelligent OptiX Network and latest set of scenario-specific networking solutions at its recent Eco-Connect Johannesburg event. These solutions apply the concept “fibre to everywhere” to various industry scenarios and leverage innovative optical technologies to build secure, intelligent, ultra-broadband, efficient, reliable and simple digital network infrastructure for various industries.

The five solutions are this development ushers in are:

FTTO (fibre-to-the-office) solution for campus scenarios: This solution harnesses the technical advantages of IP and optical products to build a green and simplified campus network. It simplifies the network architecture from three layers to two layers and eliminates the need for weak-current equipment rooms. With this solution, copper lines are replaced with optical fibres, which are easier to construct and deploy. The innovative point-to-multipoint architecture saves investment in optical modules by 50%. Terminals are plug-and-play and go online as soon as they are replaced, improving O&M efficiency by 50%.

FTTM (fibre-to-the-machine) solution for factory, mine, subway, port and highway scenarios: This solution features deterministic low latency and high reliability, meeting the exacting network requirements of industrial scenarios. For example, in the mining scenario, Industry OptiX replaces active devices with passive devices to reduce the risk of downhole electric sparks. In addition, there is no need for downhole fibre splicing thanks to the pre-connected plug-and-play cables, ensuring construction safety. The deterministic ultra-low latency, meanwhile, ensures zero frame freezing during remote control and video data backhaul, improving service efficiency. And in road intersection scenarios, Industry OptiX has an innovative distributed architecture in which one optical cable and one electrical cable are used to replace hundreds of cables in a traditional solution, improving the construction efficiency by 80%.

Single OptiX solution for wide-area network scenarios: To ensure end-to-end physical isolation and high security of services, this solution uses native hard pipes (NHPs) to integrate transmission and access networks. There is huge potential for the application of NHP technology in electric power, transportation and government scenarios. By extending hard pipes to access networks, for example, power distribution automation and intelligent inspection can be carried over one network to enhance both security and efficiency.

DC OptiX solution for data centre scenarios: Storage-optical connection coordination (SOCC) uses optical networks to detect link faults and switches optical fibre paths within five milliseconds. On top of that, it can monitor the jitter of optical networks in real time and proactively notify storage devices of the jitter. In this way, an I/O switchover can be completed within one second, ensuring zero data loss and greatly improving network reliability. Moreover, Huawei has upgraded the single-fibre capacity of a Data Centre Interconnect (DCI) system from 88Tbit/s to 96Tbit/s, and in doing so reduced fibre leasing costs while improving operational efficiency for customers.

Sensing OptiX solution for oil and gas scenarios: Based on Huawei’s 30 years of experience in optical technology innovation and application, this solution harnesses intelligent sensing algorithms to help enterprises build a new mode of unattended inspection on oil and gas pipelines. With this solution, the identification rate of pipeline threat events can reach 97%.

At the summit, Dietlof Mare, CEO of Vumatel, South Africa’s largest optical fibre network operator, shared the achievements of joint broadband innovation with Huawei in recent years. “Vumatel has been committed to building connected lives, communities and societies. We have provided optical fibre access for more than 1.5 million homes, launched the first prepaid home network service in South Africa and connected more than 550 schools to free, uncapped 1Gbit/s fibre lines. During this process, Vumatel chose Huawei as the key technology partner to jointly provide customers with a great network experience.”

Huawei’s Green Intelligent OptiX Network solutions have served customers in a variety of industries including education, government, transportation, finance and energy in 170 countries and regions. In the future, Huawei will continue working with customers and partners to build ubiquitous optical connectivity and accelerate digital transformation in various industries.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Twitter Sues Elon Musk to Hold Him to $44-Billion Deal

July 13, 2022

Twitter has sued Elon Musk for violating his US$44-billion deal to buy the social media platform and asked a Delaware court to order the world’s richest person to complete the merger at the agreed $54.20 per Twitter share. “Musk apparently believes that he — unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value and walk away,” said the complaint.

The lawsuit sets in motion what promises to be one of the biggest legal showdowns in Wall Street history, involving one of the business world’s most colourful entrepreneurs in a case that will turn on staid contract language.

The lawsuit sets in motion what promises to be one of the biggest legal showdowns in Wall Street history.

On Friday, Musk said he was terminating the deal because Twitter violated the agreement by failing to respond to requests for information regarding fake or spam accounts on the platform, which is fundamental to its business performance.

The lawsuit accused Musk of “a long list” of violations of the merger agreement that “have cast a pall over Twitter and its business”. It said for the first time that employee attrition has been “on the upswing” since the deal was announced.

Twitter also accused Musk of “secretly” accumulating shares in the company between January and March without properly disclosing his substantial purchases to regulators, and said he “instead kept amassing Twitter stock with the market none the wiser”.

Shares of the social media platform closed at $34.06 on Tuesday, up 4.3%, but sharply below the levels above $50 where it traded when the deal was accepted by Twitter’s board in late April. The stock added another 1% after the closing bell.

Musk said he was terminating the merger because of the lack of information about spam accounts and inaccurate representations that he said amounted to a “material adverse event”. He also said executive departures amounted to a failure to conduct business in the ordinary course — although Twitter said it removed that language from the merger contract during negotiations.

Twitter also said it did not share more information with Musk regarding spam accounts because it feared he would build a competing platform after abandoning the acquisition.

Twitter called the reasons cited by Musk a “pretext” that lacked merit and said his decision to walk away had more to do with a decline in the stock market, particularly for tech stocks. Tesla’s stock, the main source of Musk’s fortune, has lost around 30% of its value since the deal was announced and closed on Tuesday at $699.21.

In a separate filing, Twitter asked the court to schedule a four-day trial in mid-September.

In a memo to Twitter staff on Tuesday, Twitter CEO Parag Agrawal sought to reassure employees about the future. “We will prove our position in court and we believe we will prevail,” he wrote in the note.

Musk is among Twitter’s most-followed accounts and the lawsuit included images of several of his tweets, including a poop emoji, that the company said violated the merger’s “non-disparagement” clause. Musk tweeted the emoji on 16 May in response to a pair of tweets by Agrawal, explaining the company’s efforts to fight spam accounts. It also included an image of a text message Musk sent Agrawal after Twitter sought on 28 June reassurances about Musk’s financing for the deal.

“Your lawyers are using these conversations to cause trouble,” Musk texted to Agrawal. “That needs to stop.”

Twitter noted that after Musk said he was terminating the deal, he sent tweets on Monday that Twitter said suggested his requests about spam were part of a plan to force spam data into the public sphere. “For Musk, it would seem, Twitter, the interests of its stockholders, the transaction Musk agreed to, and the court process to enforce it all constitute an elaborate joke,” the lawsuit said.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Apple Devices to Get ‘Lockdown Mode’ to Fight Spyware

July 10, 2022

Apple plans to release a new feature called “Lockdown Mode” later this year that aims to add a new layer of protection for human rights advocates, political dissidents and other targets of sophisticated hacking attacks.

The move comes after at least two Israeli firms exploited flaws in Apple’s software to remotely break into iPhones without the target needing to click or tap anything. NSO Group, the maker of the Pegasus software that can carry out such attacks, has been sued by Apple and placed on a trade blacklist by US officials.

“Lockdown Mode” will come to Apple’s iPhones, iPads and Macs this spring and turning it on will block most attachments sent to the Messages app. Security researchers believe NSO Group exploited a flaw in how Apple handled message attachments. The new mode will also block wired connections to iPhones when they are locked. Israeli firm Cellebrite has used such manual connections to access iPhones.

Apple also said it is making a $10-million grant to groups that find, expose and work to prevent targeted hacking

Apple representatives said that they believe sophisticated attacks the new feature is designed to fight — called “zero click” hacking techniques — are still relatively rare and that most users will not need to activate the new mode.

Spyware companies have argued they sell high-powered technology to help governments thwart national security threats. But human rights groups and journalists have repeatedly documented the use of spyware to attack civil society, undermine political opposition and interfere with elections.

To help harden the new feature, Apple said it will pay up to US$2-million for each flaw that security researchers can find in the new mode, which Apple representatives said was the highest such “bug bounty” offered in the industry.

Apple also said it is making a $10-million grant, plus any possible proceeds from its lawsuit against NSO Group, to groups that find, expose and work to prevent targeted hacking. Apple said the grant will go to the Dignity and Justice Fund established by the Ford Foundation, one of the largest private foundations in the US.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Africa Needs Women in Tech, But More Female Developers

July 6, 2022

Leading women in technology across Africa have called for more opportunities for women not only to be in tech, but also to acquire the much needed tech skills as developers.

There was an agreement that having more “women in tech” doesn’t necessarily mean more female engineers and developers, but rather getting more young women tech-ready, to see that technology can and must underpin and complement their business ideas.

That is according to Omobola Johnson and Andreata Muforo, who together make up two-fifths of the management team at Africa-focused VC firm TLcom Capital, which is the first focus of a series of case studies and podcasts produced by Disrupt Africa, commissioned by Boost Africa Technical Assistance Facility and financed by the European Union under EDF Thematic Blending and Cotonou Investment Facility.

Female fund managers are very much in the minority worldwide. In the US, only nine per cent of decision makers in the VC space are women. In Africa, no definitive numbers are yet available, but female fund managers are hard to come by – a big mistake for the VC world, as data clearly demonstrates a direct link between gender diversity in teams, and increased profitability. The Diversity dividend: Female fund managers in Africa series (view here, free download here) looks at firms that recognise this truth, and put diversity front and centre.

Johnson and Muforo come from different backgrounds and have followed different career paths, but now they are united in a set of common goals – building VC success stories in the African tech space, and bringing more women into Africa’s tech ecosystem.

A woman in tech doesn’t necessarily mean more female engineers and developers, Johnson said. Rather, it’s more about getting young women tech-ready – to see that technology can and must underpin and complement their business ideas.

Few of the male founders that TLcom encounters on a daily basis are “tech founders” in the sense that most don’t come from a hard technical background. But men are more willing to found a tech business based on their ideas, she says.

Muforo adds that in Africa, cultural values around perceived success and failure may contribute to the lack of female entrepreneurs.

“The concept of failure is something that is really looked down upon, so I think many people are deterred from entrepreneurship. But in practice, there’s always something that you learn. It never amounts to nothing. You’ve learned something, and you get up and you try something else as well,” she said.

Both of them have advice for young women considering the tech startup or investment space for their career path – jump in and work hard.

Johnson, during four years in government, saw some “really outstanding” technology entrepreneurs in Africa. So when she was considering her options post-politics, she was drawn to a career path that allowed her to apply her skills gained during 25 years in consulting and her stint in government, in helping these entrepreneurs to thrive.

Muforo’s desire, meanwhile, was motivated by the ability to be closer to the entrepreneur and the business they are pursuing.

“In my previous capacity it was only advisory, but as an investor can be a conduit for capital direct to entrepreneurs, and support their business building,” she said.

“At the time when I joined TLcom, it was still fairly early in the African tech VC ecosystem, so I was more excited about the opportunity to be a manager in a tech VC fund […] because I could see the role that tech is playing in providing the services that African residents and citizens really need, at a more affordable price, with more efficiency, and increasing access,” she said.

Here are Johnson’s thoughts on what it takes to get more women involved in the African VC space.

“When I came into TLcom we started talking about how there’s not enough female entrepreneurs in our deal pipeline, and we need to do something about it. The thing is, unless you are intentional and deliberate about getting more females into any sphere, it’s never going to happen,” she said.

“In general, the world is a better place when both men and women are participating, versus if only half the population is contributing – there’s something that is missed there,” said Muforo.

“It’s more about trying to get to the point where we have representation that allows us to build more holistic, more robust, more sustainable ecosystems, and more sustainable and successful companies,” Johnson said.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

The rise and fall of hope for cryptocurrency adoption in Central Africa

July 3, 2022

By Johanna Monthe, Divine Afuba and Boris Awa

The adoption of cryptocurrencies by the Central African Republic (CAR) on April 22, 2022 (the “Crypto Law”) came as a surprise to many. The law made headlines as it was the first of its kind in Africa. Many saw it as an act of rebellion because the CAR, like other countries of the Central African Economic Zone (the CEMAC), is party to the Monetary Union of Central African States (UMAC) Convention. The Convention establishes that the sole legal tender of the CEMAC is the franc CFA, a currency subject to a 30-year-old peg with the euro, and before that, the French franc. The Convention further provides that the denomination and definition of legal tender can only be modified after an agreement among the member states and France.

CAR therefore unilaterally challenged the monetary order, creating hopes of a new era in a region that has evidenced one of the slowest rates in growth and technology adoption in Africa.

As expected, the monetary and economic authorities of the Central African Zone have now reacted to Central Africa’s Crypto Law in two phases:

Phase 1:

On April 29, 2022, the governor of the Central Bank for the countries in central Africa, Abbas Mahamat Tolli, wrote a letter to CAR’s Minister of Finance stating that the adoption by CAR of the Crypto Law violated the rules that underpin monetary cooperation in central Africa, enacted within the framework of CEMAC. The letter adopts a very legal approach to the issue, citing various provisions of CEMAC-related international agreements binding on CAR and highlighting the supremacy of these agreements over national law.

For instance, the letter recalls the requirements of the UMAC Convention—to which CAR is a State Party—which states that the Union only has one legal tender, which is the CFA franc. This treaty also enacts that the issuance of this legal tender in each State Party is conferred on the central bank for central African countries (BEAC).

Phase 2:

On May 6, 2022, the banking regulator of the zone issued Decision COBAC D-2022/071 on the holding, use, exchange, and conversion of cryptocurrency and crypto assets by institutions subject to COBAC. The objective of the May 6 Decision is to adopt conservatory measures to guarantee financial stability and preserve client deposits in the CEMAC region.

The Decision notes that cryptocurrencies are not a recognisable means of payment and therefore have no legal basis. Furthermore, the Decision prohibits all financial institutions under the authority of COBAC from acquiring or holding cryptocurrencies or other forms of virtual currencies on their behalf or the behalf of third parties. It also prohibits these institutions from exchanging, converting, or settling cryptocurrency transactions or transactions in the CFA franc. Finally, the Decision creates tracking and reporting obligations for financial institutions. They are bound to provide monthly reports to COBAC on all cryptocurrency transactions and install internal systems to track said transactions.

It is worth noting that until the Crypto Law, Central African authorities had adopted a relatively gentle approach relating to crypto assets—not banning them outright but rather issuing cautionary statements and restricting certain specific uses of crypto assets in the region. The financial regulator for the region (COSUMAF) had even issued a statement on October 13, 2021 mentioning that their goal was not to ban but to create a legal framework around the use of crypto assets. CAR’s decision to elevate crypto assets to the ranks of a legal tender may have contributed to radicalising the zone’s authorities on this matter.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Chip War: Samsung Beats TSMC to 3nm Production

An aerial view of the Samsung Electronics’ chip production facilities at Hwaseong, South Korea

Samsung Electronics said on Thursday it has begun mass-producing chips with advanced 3-nanometre technology, the first to do so globally, as it seeks new clients to catch far bigger rival TSMC in contract chip manufacturing.

Compared to conventional 5nm chips, the newly developed first-gen 3nm process can reduce power consumption by up to 45%, improve performance by 23%,and reduce area by 16%, Samsung said in a statement.

The South Korean firm did not name clients for its latest foundry technology, which supplies made-to-order chips like mobile processors and high-performance computing chips, and analysts said Samsung itself and Chinese companies are expected to be among the initial customers.

While Samsung is the first to production with 3nm chip production, TSMC is planning 2nm volume production in 2025

Taiwan’s TSMC is the world’s most advanced foundry chip maker and controls about 54% of the global market for contract production of chips, used by firms such as Apple and Qualcomm which don’t have their own semiconductor facilities.

Samsung, a distant second with a 16.3% market share, according to data provider TrendForce, announced a ₩171-trillion (US$132-billion) investment plan last year to overtake TSMC as the world’s top logic chip maker by 2030.

“We will continue active innovation in competitive technology development,” said Siyoung Choi, head of foundry business at Samsung.

Samsung Co-CEO Kyung Kye-hyun said earlier this year its foundry business would look for new clients in China, where it expects high market growth, as companies from car makers to appliance goods manufacturers rush to secure capacity to address persistent global chip shortages.

While Samsung is the first to produce with 3nm chip production, TSMC is planning 2nm volume production in 2025.

Samsung is the market leader in memory chips, but it had been outspent by frontrunner TSMC in the more diverse foundry business, making it difficult to compete, analysts said.

“Non-memory is different, there’s too much variety,” said Kim Yang-jae, analyst at Daol Investment & Securities.

“There are only two kinds of memory chips — DRAM and NAND Flash. You can concentrate on one thing, raise efficiency and make a lot of it, but you can’t do that with a thousand different non-memory chips.”

Samsung Electronics workers stand with wafers at its chip contract manufacturing facilities in Hwaseong, South Korea

Samsung’s compound annual growth rate of capital spending between 2017 and 2023, which measures how quickly a company is increasing its investment, is estimated at 7.9%, versus TSMC’s estimated 30.4%, according to Mirae Asset Securities.

Samsung’s efforts to compete with the industry leader have also been hampered by less-than-expected yields of older chips during the past year or so, analysts said. The company said in March that its operations have shown a gradual improvement.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Google Suspend Engineer Who Claimed AI Chatbot is Sentient

June 18, 2022

Tech megacorp Google has suspended an engineer after he published conversations with an AI chatbot on a project he was working on, in which he claimed that the AI chatbot had become sentient.

Blake Lemoine said the AI system had developed consciousness and had feelings, just like a human child, according to a media report.

“If I didn’t know exactly what it was, which is this computer program we built recently, I’d think it was a seven-year-old, eight-year-old kid that happens to know physics,” Lemoine was quoted as saying.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Bitcoin Continues Its Freefall

June 17, 2022

Bitcoin fell again midweek to a new 18-month low, dragging down smaller tokens with it, as the recent tumble in crypto markets showed no sign of letting up.

The world’s largest cryptocurrency fell as much as 6.3% to US$20 715.69, its lowest since December 2020.

Bitcoin has lost around 28% of its value since Friday and more than half of its value this year. Since its record high of $69 000 in November, it has slumped around 70%.

The token has tumbled after US crypto lender Celsius this week froze withdrawals and transfers between accounts, stoking fears of wider fallout in the digital asset market.

Expectations of sharper US Federal Reserve interest rate hikes to combat soaring inflation in the world’s biggest economy have also heaped pressure on risky assets from cryptocurrencies to stocks.

Smaller cryptocurrencies, which tend to move in tandem with bitcoin, also fell. Ether, the second largest token, fell as much as 9.4% to $1 090.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Nigerians Still Traded N78bn Bitcoin in Three Months Inspite of Central Bank’s Bans

June 11, 2022

Inspite of series of restrictions placed by the Central Bank of Nigeria (CBN) on Bitcoin trading, Nigerians still traded at least N77.75bn ($185m) worth of Bitcoin in the first three months of the year.

This is a 5.71 per cent increase from the N73.54bn worth of Bitcoin that was traded in the corresponding period of 2021, according to data made available to our correspondent by Paxful, one of the major peer-to-peer cryptocurrency platforms in the nation.

Trade from Nigeria accounted for 25.87 per cent of the total N300.48bn ($715m) worth of Bitcoin that was traded on the platform in the quarter under review.

Global trade on the platform showed an 8.33 per cent increase from the N277.377bn ($660m) that was traded on it in the corresponding period of 2021.

According to the firm, Nigeria was its largest trading country in 2021 with 16,000 daily trades. In the period under review, the market cap of BTC dropped by $36.90bn from $902.10bn as of January 1, 2022, to $865.20bn as of March 31, 2022.

This was despite the CBN’s restrictions on cryptocurrencies in the nation. In February of 2021, the CBN asked banks in the nation to stop transacting in and with entities dealing in crypto assets.

The bank said, “Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.”

Since the restriction, P2P trading of crypto, especially BTC, has increased. According to a 2021 report by Chainalysis, the nation is the sixth leading nation in the world in terms of crypto adoption.

A recent report by KuCoin, a crypto exchange with over 10 million registered users, disclosed that about 33.4 million Nigerians trade or own crypto assets.

According to the Founder and Coordinator, Blockchain Nigeria User Group, Chimezie Chuta, the P2P nature of BTC is the cause of its increasing adoption in the nation.

He said, “Crypto is designed to be P2P and the only way we started talking about bank accounts is for easy offloads or what we call unwrap.

“If people are confident, or comfortable with just exchanging crypto to crypto in the P2P environment, then there is nothing that can stop it. And that is what happened after the CBN banned crypto and most of the trading went to P2P. P2P is person to person, there is nothing that can happen to that.

“So, what happens is you send people funds to their local accounts when you exchange whatever you need to exchange on the digital platform. It is expected because it is decentralised and disruptive enough to allow such things to happen.”

Chuta added that the recent downturn in the prices of the BTC and the crypto market was creating an opportunity for traders to make a profit.

The President of Stakeholders in Blockchain Technology Association of Nigeria and General Secretary of Blockchain Industry Coordinating Committee of Nigeria, Senator Ihenyen, had in an earlier interview told our correspondent that it was time for the CBN to rethink its stance on crypto.

He had said, “Yes, I strongly believe that it is time the CBN rethinks its stance on crypto in Nigeria. No doubt that the CBN must have had compelling reasons for shutting out cryptocurrency in the country’s banking and financial system in February 2021.

“But 15 months later, all stakeholders, including the CBN, must have benefitted from seeing the true facts and figures of cryptocurrency adoption as well as the risks and opportunities. Today we know that less than 1 per cent of cryptocurrency transactions are linked with illicit transactions.

“Today we know that our law enforcement agencies need more transparency in order to aid their investigations, not the currency blackout in the space. Today we know that crypto exchanges such as Binance, Luno, Bundle, and the rest of them are the centralised gateway to the crypto world that should be accommodated as allied partners to CBN and other regulators.”

He added that the nation was safer with cryptocurrencies regulated than resisted as innovators believe it is the future of finance.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Is It Profitable to Swap ETH to XNO?

June 10, 2022

The development of the information society and the virtual economy has led to the emergence of new forms of money. An example of this is financial innovation is a virtual currency. In the official reports of the World Bank, electronic money is called “cryptocurrency” or “virtual currency.” Cryptocurrency – a type of digital currency, the creation and control of which are based on cryptographic methods. The term came after the article “Cryptocurrency,” which was published in 2011 in the magazine “Forbes.”

The most popular trends in the field of digital currency are:

Bitcoin (BTC) is a leader in virtual money. Various technical solutions are constantly being created on the basis of blockchain, and developers are constantly working on their modernization;

Ethereum (ETH) – stimulates the emergence of decentralized blockchain startups based on smart contracts;

Ripple (XRP) – the fastest cryptocurrency;

IOTA – designed mainly for the Internet of Things;

Lightcoin (LTC) – a network ready for experiments. It was one of the first to activate digital money for fast transactions;

NEO – the currency of smart contracts;

NANO (XNO) is a coin that has a lot in common with Bitcoin. However, it is more functional, faster, and more convenient for transactions.

In recent years, interest in XNO has increased significantly. Today, many people change ETH to NANO, as it is quite profitable. There are several reasons for this. Read more about it below.

What Is NANO Cryptocurrency?

RaiBlocks was the initial version of the XNO coin. It was generated in 2014 by Colin LeMahieu. RaiBlocks is rightfully rated as one of the key cryptocurrencies built on the basis of a directed acyclic graph. Experts note that since the name RaiBlocks did not find a response from the target group of the project, in 2018, the cryptocurrency was renamed to NANO (XNO). From the user’s point of view, it is very attractive for transactions. The NANO network consumes minimal resources and, at the same time, has a high throughput – 7000 transactions per second. Therefore, many people buy XNO on the crypto anonymous exchange online.

Key Benefits of XNO

By exchanging ETH for XNO, a trader receives a variety of beneficial advantages, including:

No commissions and a high TPS rate. Taking into account the high fees for Bitcoin, XNO is a more useful option for day-to-day transactions since it charges zero trading commission. The absence of transaction fees is not a short-term grant. There are no fees in the platform protocol itself. In addition, the network only needs 0.14 seconds to conduct transactions;

Low consumption of energy. The NANO network has created its own unique algorithm for confirming transactions, which relies on a voting system and not on heavy technical equipment;

Intuitive user interface and the presence of a wallet. NANO has a fairly simple and intuitive interface. Therefore, users rarely experience any difficulties when transacting with cryptocurrency. The advantage is also the presence of an official wallet – Natrium. Everyone can download it through the media store on iOS and Android to exchange XNO coins freely. The wallet is user-friendly and convenient both for beginners and experienced traders;

Complete decentralization. The decentralization was achieved due to the even distribution of the total supply of ETH coins. Due to this, any manipulations in the system are excluded.

Therefore, the XNO crypto is the native coin of the NANO blockchain project. It provides users with unlimited scalability and instant transaction processing, and there are no commissions in the system. This was made possible thanks to the minimum resources required for the operation of the network – there is no need for specialized mining equipment. Therefore, exchanging ETH to XNO seems to be quite profitable and promising.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry