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Announcing the 2023 Kraken Transparency Report

Consistent disclosure of compliance information demonstrates our longtime commitment to complying with legal and regulatory requests in a way that is consistent with law enforcement and aligns with our ideals: financial freedom, permissionless access to assets, and the acceleration of global crypto adoption -- with a vigilant commitment to regulatory compliance and our clients’ privacy.

The post Announcing the 2023 Kraken Transparency Report appeared first on Kraken Blog.

Sam Bankman-Fried might get early release, suggest legal experts

Tether, Bitfinex agree to drop opposition to FOIL request

Tether and Bitfinex say the decision not to appeal the Freedom of Information Law request by several media outlets was made in the interests of "transparency."

Tether and Bitfinex have jointly agreed to drop initial opposition to a freedom of information (FOIL) request lodged in New York by a number of high-profile news publications.

A statement from the USDT stablecoin issuer and cryptocurrency exchange shared with Cointelegraph notes that it is committed to transparently sharing information following a FOIL request from Coindesk earlier this year.

The companies also indicated that they would not be openly releasing documentation, claiming that the approach is not in line with its business practices:

“It's essential to clarify that transparency does not mean a wholesale release of all our documents.”

Tether and Bitfinex will not appeal against the FOIL request put forward by journalists including Zeke Faux, Shane Shifflett and Ada Hui, while claiming that this is despite “certain behaviors” exhibited by the writers in question.

The company’s claim that Faux’s past reports on Tether and Bitfinex have “extended beyond the boundaries of professional journalism”. They also claim that media outlets including the Wall Street Journal and Bloomberg, whose journalists are participating in the ongoing FOIL request, have been “one-sided and inaccurate”.

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The statement stresses that both companies are committed to transparency and remain open to engagement with journalists and regulatory authorities, given that they “adhere to ethical reporting standards and respect data privacy boundaries”.

Tether and Bitfinex have also called for “responsible document review” before any public release of information and that their efforts to be transparent do not “equate to unrestricted public disclosure of all documents”.

Cointelegraph has reached out to Tether to ascertain finer details of the FOIL request and the information it pertains to.

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Binance Labs invests in ARKM, the native token of Arkham platform

Binance Labs, the venture capital arm of Binance Exchange, has invested in ARKM, the native token of the crypto intelligence platform Arkham.

Binance Labs, the venture capital arm and incubator arm of Binance, said on Nov. 15 that it has invested in Arkham (ARKM), the native token of the “deanonymizing” blockchain platform Arkham.

The company said in a blog post on the website that the investment aims to support “on-chain insights at scale across the blockchain ecosystem.”

Arkham’s mission is to deanonymize blockchain transactions and strengthen self-regulation by enabling users to see anyone’s blockchain transactions using Arkham’s intelligence platform, Binance Labs said in the post. Based on the proprietary artificial intelligence (AI) engine known as ULTRA — which “algorithmically matches addresses with real-world entities” — the Arkham platform enables users to track entity relationships and flow funds, the announcement noted.

The VC platform also mentioned that Arkham introduced one of the world’s first on-chain intelligence exchanges, the Arkham Intel Exchange. The tool is a “decentralized intelligence economy” that matches buyers and sellers of blockchain intelligence and allows users to generate intelligence to capture value for their work in exchange for the ARKM token.

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Binance Labs didn’t disclose the terms of the ARKM deal in the announcement. Amid the news, the ARKM token has jumped more than 30% over the past 24 hours, with its market value reaching an all-time high of $100 million on Nov. 15, according to data from CoinGecko.

At the time of writing, ARKM is trading $0.58, up more than 70% over the past 30 days.

Arkham (ARKM) 24-hour chart. Source: CoinGecko

Binance Labs did not immediately respond to Cointelegraph’s request for comment.

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Blockchain improves charity transparency — But is it right for everyone?

Can blockchain technology actually help to improve transparency within charities?

In 2021, the Australian branch of the Red Cross received $90 million to aid the victims of the bushfires that plagued various regions of New South Wales and Victoria. 

However, the organization soon came under fire for its lack of transparency when it revealed that it would only distribute around one-third of the intended funds on immediate assistance and that it could take up to three years to distribute the total amount.

One resident who lost his home to the fires told local media, “They made a lot of promises that they’re going to this, that and other, (but) I’ve received nothing, I have no idea where the money is going.”

This one example highlights a common problem among charities: The processes for distributing charitable giving are often obscured by bureaucracy and prone to mismanagement. Without robust accountability mechanisms, charities risk mismanaging or misusing funds and, at worst, committing outright fraud.

Jack Vinijtrongjit, CEO of AAG — a venture capital firm that heads the AAG Charity DAO — told Cointelegraph, “Statistically, a lot of money goes to waste when it comes to charity. For example, in some cases, only fifty cents out of a dollar ends up at the destination. Very few can achieve efficiency in the 83% range, like Oxfam.”

Blockchain technology can provide tangible benefits for both donors and charities. It offers greater accountability and transparency for contributors, enabling them to follow their donations and see the results of their generosity.

How blockchain can provide transparency

Blockchain technology provides real-time tracking of donations and transactions. This level of transparency helps to build trust and confidence among donors, as they can verify that their funds are being used for the intended purpose.

In addition, it allows charities to provide donors with a detailed breakdown of their contributions, showing how each dollar is allocated to various projects or initiatives. Vinijtrongjit said, “With blockchain, the fund flow can be seen easily, and if the organization expects people to keep donating, they need to make sure as many funds as possible are delivered as intended.”

How blockchain can help provide more transparency. Source: OpenLedger

He said this transparency can reduce fraud and misuse of funds, as “there can be cases where corrupt local officials would take the funds and misuse them.”

Blockchain technology also has the important property of being immutable. A blockchain record or transaction cannot be changed or removed without the agreement of all nodes in the network. Because of its immutability, the charity’s financial records, donation histories and other data are safe from alteration.

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This function is especially important for nonprofit organizations since it guarantees that any donations made to their cause will be permanently documented and easily audited by third parties.

Smart contracts, self-executing contracts with the terms of the agreement directly written into code, are another valuable aspect of blockchain technology for charities. These contracts can be used to automate processes such as distributing funds or verifying the completion of specific tasks.

Smart contracts help ensure that funds are used for their designated purposes, as they only release funds when predefined conditions are met. This enhances transparency by eliminating the need for intermediaries and reducing the risk of misusing funds.

Charities using blockchain technology

One notable example of a charity using blockchain technology is the United Nations World Food Programme’s (WFP) Building Blocks project. WFP deployed blockchain when providing food assistance to Syrian refugees in Jordan.

Each transaction, from food purchases to distribution, was recorded on a blockchain, allowing refugees to access their entitlements via a biometrically verified account.

The World Food Programme also extended its use of blockchain to Yemen, where it employed the technology to provide food assistance to vulnerable populations amid the ongoing Yemeni civil war. By providing digital vouchers through blockchain, the WFP could ensure that aid reached those in need while minimizing the risk of diversion or fraud.

In 2022, Binance launched the Ukraine Emergency Relief Fund, a cryptocurrency-focused crowdfunding platform that allowed people to make contributions to emergency relief efforts aimed at assisting refugees and children in need. This initiative also aims to provide crucial logistical support — including food, fuel and essential supplies — for refugees on the ground. Additionally, Binance donated 16,042 BNB (BNB), equal to $6 million at the time, to the fund.

Donations can be tracked via the official fundraising page, which shows a list of donors, the amount donated by each donor, the total amount raised, and allocations. For example, 2.5 million Binance USD (BUSD) (worth $2.5 million) was allocated to UNICEF and Mercy Corps each, out of the $11.3 million raised so far.

Allocation records of dispersed funds. Source: Binance Charity

Smaller charities such as GiveDirectly have also adopted blockchain technology. GiveDirectly, which recently provided direct cash transfers to survivors of the earthquake in Morocco and children living in poverty in Flint, Michigan, uses blockchain to record and verify every transaction.

Key considerations for charities

For charities looking to incorporate blockchain technology, there are several best practices to follow. First, it is imperative to establish clear objectives when integrating blockchain into charitable operations.

These objectives should be well-defined, including enhancing transparency, streamlining administrative processes or optimizing aid distribution.

Selecting the most suitable blockchain platform is of paramount importance. Choices like Ethereum or Hyperledger should be made judiciously, considering factors such as scalability, security and the unique requirements of the charitable organization.

Marina Zibareva, a spokesperson for Binance Charity — a nonprofit organization that uses blockchain technology for crypto donations — told Cointelegraph, “Charities need to adhere to some critical best practices when adopting blockchain technology to improve transparency in charitable operations. Among these is gaining a comprehensive understanding of how blockchain and cryptocurrency function. Acquiring this foundational knowledge is a pivotal first step in the integration process.”

Understanding how blockchain technology works is important for charities since blockchain technology isn’t a one-size-fits-all solution. There are different implementations and platforms, each with unique features. For instance, layer-2 networks like Polygon have faster speeds and lower transaction costs. To select the most suitable solution, charities must understand these differences and how they align with their specific goals and donor preferences.

Jerry Lopez, founder and CEO of Philcoin — a blockchain-based philanthropy platform — told Cointelegraph:

“It is important for the organization to conduct an internal analysis to assess capabilities and resources. Is the organization ready for innovation and/or adaptation? Are the main stakeholders ready for the shift?”

“This sounds like an obvious point, but it’s essential. Charitable organizations can be slower to accept change. Understanding what’s necessary to make the leap to blockchain solutions will require additional resources and investments to ensure credible, trusted and functioning solutions are implemented,” he said.

Lopez also stressed the importance of the organization knowing if it’s “fully committed to seeing through the transition,” which can take time, research, understanding and a dedicated team to help manage and oversee the development. “Very often, organizations will learn through trial and error,” Lopez said.

Good security practices and maintaining data accuracy are fundamental principles to building and maintaining trust with both donors and beneficiaries. This involves the continuous upkeep of precise, up-to-date records on the blockchain. Regular audits and verification of transactions are essential measures to prevent errors or fraudulent activities.

Zibareva said, “Charities must prioritize security as they venture into the blockchain realm. Adopting cutting-edge security measures and technologies is vital to safeguard the system’s integrity. Putting safety at the forefront ensures the protection of the organization and its donors from potential fraud and bolsters the overall trust in the transparency mechanisms in place.”

Adhering to data protection regulations and preserving the privacy of sensitive beneficiary information are nonnegotiable elements. These data security considerations should be balanced with the necessity of allowing accessibility for verification purposes.

Planning for scalability is another critical aspect, particularly when anticipating a growing volume of transactions and beneficiaries over time. The long-term sustainability of the blockchain infrastructure should be a central concern, ensuring that it can adapt to the evolving needs of the charitable organization.

Zibareva added that charities “should evaluate their technical readiness, considering their capacity to manage cryptocurrency wallets and other blockchain-related infrastructures.”

“By comparing their operational needs with blockchain’s capabilities and leveraging expert insights, charitable organizations can decide whether blockchain integration aligns with their transparency goals.”

It’s also necessary for charities to assess whether their community (donors, partners, etc.) are ready to accept using blockchain platforms for charitable purposes. 

Lopez said, “Is the community ready to accept blockchain? How will blockchain solutions impact the supplier chain, for example? Is the community able to accept, receive or interact with the new solutions, or will this require additional infrastructure, education, training and development to ensure the full charitable cycle is onboarded?”

The adoption of blockchain technology in the charitable sector is a complex process that goes beyond just the technology itself. It involves organizational preparedness, supplier relationships and the broader community’s ability to adapt. Transparency in charities is a noble goal, but it requires a comprehensive and well-planned approach to ensure that the full potential of blockchain is realized without leaving any stakeholders behind.

What else can charities do to increase transparency?

While blockchain technology can indeed help track the flow of funds, it can be combined with additional organizational processes to ensure that charitable donations are used effectively. 

Vinijtrongjit said, “I don’t believe blockchain alone can help fix these issues since tracking the use of funds is much more complex. For example, local charities at the destination may be forced to use a vendor overcharging them as part of the corruption scheme. An independent audit must still be carried out, but at least blockchain can be used to ensure the fund gets to the destination.”

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Independent audits are another important aspect of ensuring transparency, as they can thoroughly examine a charity’s financial records, operations and compliance with regulations. They provide an objective evaluation of the organization’s financial health and adherence to best practices.

Vinijtrongjit also believes that organizations must fully adopt blockchain in every part of their operations, as charities providing comprehensive, accessible and regular reports that detail their activities and financial information can be beneficial.

This includes information such as the allocation of funds and the amount of money raised, which can be gathered from the blockchain and added to these reports. Vinijtrongjit said:

“This will be like providing insights to the potential donors so they can decide not just what cause to contribute to but also based on how well the organization can carry out the mission.” 

Sam Bankman-Fried might get early release, suggest legal experts

Google updates service policies to comply with EU regulations

Google and other major platforms on the web will need to update their service policies in order to comply with EU standards in its Digital Services Act by Aug. 28.

Google plans to update some of its service policies in order to comply with the European Digital Services Act (DSA) according to a blog post on Aug. 24. 

The BigTech giant says it has made “significant investments” in various areas in order to comply with the European Union’s DSA’s specific requirements.

It plans to expand its Ads Transparency Center, expand reachers’ access to data, expand its transparency research, add more visibility for content moderation, create a new Transparency Center for its policies and conduct more in-depth risk analysis.

The post also expressed that Google has voiced concerns about the potential “unintended consequences of some of these measures:

“... such as the risk of making it easier for bad actors to abuse our services and spread harmful misinformation by providing too much information about our enforcement approach.”

The intention of the EU’s DSA was to consolidate content regulations across the region and form more specific processes for content moderation online. It also categorized 17 online platforms as very large online platforms (VLOPs) and 2 as very large online search engines (VLOSEs).

General requirements for sites in these categories include prevention and removal of illegal posts and a way to report them, targeted advertising being banned based on a user’s sexual orientation, religion, ethnicity or political beliefs, targeted ads to children being restricted and data sharing with researchers and authorities, among others. 

Related: Google upgrades search engine with AI-powered enhancements

The VLOPs included: Alibaba AliExpress, Amazon Store, Apple AppStore, Booking.com Facebook, Google Play, Google Maps, Google Shopping, Instagram, LinkedIn, Pinterest, Snapchat, TikTok, Twitter, YouTube and Wikipedia and Zalando.

The two VLOSEs it categorized were Bing Search and Google Search.

All the platforms mentioned in these categories had until Aug. 28 to meet the obligations of the DSA. Google called its updates “compliance at scale.”

TikTok, also mentioned by the DSA as a VLOP, also released a statement on Aug. 4 saying it also prepared for the measures. It added a new way to report illegal content, gave more information on its content moderation methods, made its recommendation system more transparent and updated its ad policy for teens. 

Users took to Reddit to discuss the upcoming implementation of the DSA. Some praised the regulations for being something that is “needed” to keep BigTech in line, while others said these policies limit free speech. 

In the middle ground, one user argued that it’s “too early to make a fair judgment.”

Despite these updates pointing towards a more safe internet, on Aug. 21 Google took to its blog to respond to accusations of ads tracking data of children, which were published in a lengthy report.

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Hollywood studios offer new proposal for AI and data transparency to curb strike

The Alliance of Motion Picture and Television Producers released a memo of its offer to striking writers and actors, with proposed guidelines for AI usage and data transparency.

The Alliance of Motion Picture and Television Producers (AMPTP) released details of its proposal for striking actors and writers on Aug.22, which included standards for the entertainment industry surrounding the usage of artificial intelligence (AI) and data transparency. 

Under the proposed conditions, generative AI cannot be considered a writer. Therefore, any AI-created material cannot be regarded as literary or intellectually protected.

The proposal also ensures that material produced by generative AI cannot affect credit, rights and compensation. While companies can use generative AI-created scripts as source material, any writer who reworks the script will be compensated as if they are the original author.

Additionally, any studio or production company seeking a writer’s help in the development of an AI-produced script must disclose the origin of the script.

Initially, the proposal was released eleven days ago, on Aug. 11, but without significant information about important issues raised by the striking parties.

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Along with updates to AI-related matters, the proposal touches on data transparency issues. Before the proposal, writers rarely had access to metrics produced by their work.

The updated offer would allow viewership data to be made available to writers and presented in quarterly confidential reports. However, for the time being, it would only include subscription video on demand (SVOD) metrics — not advertising or transactional videos.

The AMPTP proposal suggested that:

“This increased transparency will enable the WGA to develop proposals to restructure the current SVOD residual regime in the future.”

The latest developments came on the 114th day of the strike and were the latest iterations of AI incorporation from Hollywood studios. 

On May 3, they rejected requests from the Writers Guild of America to ban AI completely from the writing room.

There were also proposals that suggested background performers should undergo scanning, receive compensation for the initial day of work and then grant companies ownership of the scan, image and likeness. This sparked a wave of backlash from entertainers in the industry.

Nonetheless, the signals of big production companies looking to incorporate AI are apparent. On July 27, Netflix posted AI job positions with exuberant salaries reaching up to $900,000.

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5 Python libraries to interpret machine learning models

Python libraries that can interpret and explain machine learning models provide valuable insights into their predictions and ensure transparency in AI applications.

Understanding machine learning models’ behavior, predictions, and interpretation is essential for ensuring fairness and transparency in artificial intelligence (AI) applications. Many Python modules offer methods and tools for interpreting models. Here are five to examine:

What is a Python library?

A Python library is a collection of pre-written code, functions and modules that extend the capabilities of Python programming. Libraries are designed to provide specific functionalities, making it easier for developers to perform various tasks without writing all the code from scratch.

One of Python’s advantages is the wide variety of libraries it provides, which may be used to address multiple application areas. These libraries address various topics, including scientific computing, web development, graphical user interfaces (GUI), data manipulation and machine learning.

Developers must import a Python library into their Python code in order to use it. They can use pre-existing solutions and avoid reinventing the wheel by utilizing the functions and classes provided in the library once they have been imported.

Related: History of Python programming language

For instance, the Pandas library is used for data manipulation and analysis, whereas the well-known NumPy library offers functions for numerical computations and array operations. Similarly, the Scikit-Learn and TensorFlow libraries are employed for machine learning jobs, and Django is a well-liked Python web development framework.

5 Python libraries that help interpret machine learning models

Shapley Additive Explanations

Cooperative game theory is used by the well-known Python module Shapley Additive Explanations (SHAP) to interpret the results of machine learning models. By allocating contributions from each input feature to the final result, it offers a consistent framework for feature importance analysis and interprets specific predictions.

The sum of SHAP values, which maintain consistency, determines the difference between the model’s prediction for a specific instance and the average prediction.

Local Interpretable Model-Independent Explanations

Local Interpretable Model-Independent Explanations (LIME) is a widely used library that approximates sophisticated machine learning models with interpretable local models to aid in their interpretation. It creates perturbed instances close to a given data point and tracks how these instances affect the model’s predictions. LIME can shed light on the model’s behavior for particular data points by fitting a straightforward, interpretable model to these perturbed instances.

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Explain Like I’m 5

A Python package called Explain Like I’m 5 (ELI5) seeks to give clear justifications for machine learning models. It provides feature importance using a variety of methodologies, including permutation significance, tree-based importance and linear model coefficients, and it supports a wide range of models. New and seasoned data scientists can utilize ELI5 thanks to its simple user interface.

Yellowbrick

Yellowbrick is a potent visualization package that provides a set of tools for interpreting machine learning models. It offers visualizations for a variety of activities, such as feature importance, residual plots, classification reports and more. As a result of Yellowbrick’s seamless integration with well-known machine learning libraries like Scikit-Learn, it is simple to analyze models as they are being developed.

PyCaret

Despite being primarily recognized as a high-level machine learning library, PyCaret also has model interpretation capabilities. The entire machine learning process is automated, and PyCaret automates the creation of feature significance plots, SHAP value visualizations, and other crucial interpretation aids after the model has been trained.

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South Korea to ask firms to disclose crypto holdings from 2024

After initially mandating public officials to declare their crypto, the South Korean authorities now want all local firms to disclose such holdings.

The South Korean government is continuing to develop tighter regulations targeting the cryptocurrency industry with the introduction of new asset disclosure rules.

On July 11, South Korea’s Financial Services Commission (FSC) announced a new bill that will require all firms that issue or hold cryptocurrencies like Bitcoin (BTC) to disclose their holdings.

According to the announcement, the FSC reviewed related proposals and gave the green light to the exposure draft bill that introduces mandatory disclosure requirements for crypto.

The new measures aim to enhance transparency in accounting and disclosure of crypto assets in line with supervision guidelines that require accounting for each transaction involving crypto. The initiative also targets revision of accounting standards that obligates disclosure of virtual asset transactions.

In the current draft version of South Korea’s crypto accounting supervision guidelines, the FSC mentioned that the scope of crypto assets to be reported includes fungible assets based on distributed ledger technology or a “similar technology,” or those issued using cryptography. Security tokens, or digitized securities under the terms of the Capital Markets Act, are also included in the scope of application of the guidelines, the regulator noted.

Timing of South Korea's new crypto supervision guidelines. Source: FSC

While the new accounting supervision guidelines come into effect immediately, the revised disclosure standard will be implemented starting from Jan. 1, 2024. “Early application is possible and is strongly recommended,” the FSC noted.

Related: Legal proceedings start for Terraform Labs co-founder in South Korea: Report

The news comes soon after local industry media reported that the FSC required internal employees to report their crypto holdings as defined under the Specific Financial Information Act. The affected employees reportedly include those who currently perform crypto-related duties and those who have performed such duties over the past six months.

While the latest crypto disclosure rules are somewhat new, South Korea has already required government officials to declare their crypto holdings.

South Korea’s National Assembly unanimously passed a bill that obliges lawmakers and high-ranking public officials to report on their crypto assets. The initiative, widely referred to as the “Kim Nam-guk Prevention Law,” came in response to a scandal involving some public officials allegedly manipulating the market and moving large amounts of crypto.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

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5 blockchain-based social media platforms to know

Discover five blockchain-based social media platforms that are reshaping online interactions.

Social media networks built on the blockchain are revolutionizing the way we share, interact and communicate with people online. These systems offer improved transparency, data ownership and decentralized incentives by utilizing the power of blockchain technology. 

This article will discuss five well-known blockchain-based social media sites: Steemit, Verasity, Binded, Audius and Sapien.

Steemit

Based on the Steem blockchain, Steemit is an innovative decentralized social media network. Users are paid for curating and creating content in this novel incentive approach. Users are motivated to create high-quality content and interact with the community since they can earn Steem (STEEM) tokens based on participation.

By fostering a thriving ecosystem of content producers and paying them directly, Steemit’s strategy transforms the conventional social media model.

Verasity

Verasity is another blockchain-based social media platform focusing on video content and monetization. It aims to empower content creators by providing a transparent and fair ecosystem for video sharing, viewing and earning rewards. Verasity utilizes its native token, VRA, to incentivize engagement, and reward both content creators and viewers.

Through blockchain technology, Verasity ensures the authenticity of views and provides a secure environment for content creators to monetize their videos. With features like ad blocking and ad fraud prevention, Verasity aims to improve the overall video content experience, while offering a sustainable monetization model for creators.

Related: 5 YouTube channels for learning graphic design

Binded

Binded is a cutting-edge blockchain technology-based platform designed specifically for photographers to protect their copyright. With Binded, photographers can safely upload their images to a blockchain-secured copyright vault. This ensures the authenticity and ownership of their work. Furthermore, Binded enables artists to share their creations while actively monitoring for any potential copyright infringements.

By leveraging the power of blockchain, Binded has successfully recorded and protected over 350,000 images, establishing itself as a reliable platform for copyright protection. In addition, Binded has simplified the copyright registration process for Instagram photos. Whenever a user posts an image on Instagram with the hashtag #Binded, it triggers an instant registration of the photo, ensuring quick and efficient copyright protection.

Audius

Audius is a decentralized music-sharing and streaming platform seeking to transform the music business. Audius, which was developed on the Ethereum blockchain, gives musicians direct control over their music and enables them to make money without using intermediaries.

Audius offers transparency, equitable rewards and censorship resistance by utilizing blockchain technology. Building networks and engaging with fans directly allows artists to get immediate feedback on their work.

Sapien

The blockchain-based social news network Sapien emphasizes user privacy, high-quality content and data ownership. It allows users to produce, distribute and engage in discourse about a range of topics, while still preserving control over their data.

Sapien has used blockchain technology to create a decentralized reputation system that promotes high-quality contributions and prevents spam and false information. Users can create customized news feeds and have meaningful conversations with other users who share their interests.

Related: 5 AI tools for learning and research

Factors to consider while monetizing content

When it comes to monetizing content, there are several key considerations that content creators should keep in mind:

Audience and niche

Understanding the target demographic and the specific niche one serves is essential. To design content that resonates with users, it is important to identify their requirements, preferences and behaviors. With this knowledge, users can choose the best content monetization tactics.

Value proposition

Outlining the special benefit provided to the audience is key. What distinguishes one’s content from others in the field? By emphasizing the advantages and solutions offered, it’s possible to attract and retain a dedicated audience.

Monetization models

Examining numerous monetization strategies allows for the selection of the models that best suit the audience and content. Advertising, sponsorships, affiliate marketing, subscriptions, premium content, product sales and crowdfunding are examples of popular monetization strategies. By weighing the advantages and disadvantages of each, users can choose the models that align with their content and goals.

Quality and consistency

Delivering high-quality material consistently helps gain the audience’s confidence and establish credibility. High-quality content leads to more viewers, greater engagement and increased revenue possibilities. Consistency in posting dates and content types is also essential for retaining and expanding the audience.

Diversification

Relying on just one way to monetize can be risky. Diversifying the sources of income helps to lessen dependence on any one source. Combining diverse monetization strategies, exploring joint ventures, or using various channels and media to reach a larger audience are effective ways to achieve diversification.

User experience and engagement

Prioritizing user experience and engagement helps keep users on the platform longer, attracting a bigger audience. Creating an intuitive, user-friendly platform or website for content consumption is crucial. Encouraging dialogue through polls, comments and social media interactions can enhance engagement. Engaging with the audience, addressing their comments and adapting the content as needed based on their preferences are important practices.

Promotion and marketing

Effective promotion and marketing methods are crucial for increasing the visibility of the content. Utilizing social media, email marketing, search engine optimization (SEO), partnerships with influencers, and cross-promotion can help reach a wider audience. Developing a strong personal brand and leveraging existing networks can also expand reach.

Analytics and data insights

Using analytics tools to monitor the effectiveness of monetization efforts is essential. Analyzing information about the audience’s demographics, engagement levels, conversion rates and revenue sources provides valuable insights. By making data-driven decisions and continually improving tactics, one can identify areas for development and optimize monetization strategies.

Legal and ethical considerations

Familiarizing oneself with the laws and ethical principles governing content monetization is important. Adhering to privacy rules, disclosure standards for sponsored content, and copyright restrictions ensures compliance. Transparency and honesty in monetization strategies build audience trust and protect the brand.

Innovation and adaptability

The digital landscape is ever-evolving, so being open to modifying monetization plans and exploring new possibilities is crucial. Staying informed about market developments, emerging platforms and tools that can enhance monetization efforts is also important. Regular experimentation, taking feedback to heart and adapting strategies are all necessary to stay ahead in the dynamic world of content monetization.

Sam Bankman-Fried might get early release, suggest legal experts

Crypto offers Africans a ‘lifeline’ from inflation and corruption, say execs

Chris Maurice, founder and CEO of crypto exchange Yellow Card said in Africa, crypto isn't the "casino" that it can sometimes feel like in the West.

While many investors in the West may look to crypto to speculate the next biggest trend, blockchain technology is actually solving “real-world problems” in Africa such as hyperinflation and "corruption," executives told Cointelegraph.

Speaking to Cointelegraph, Chris Maurice, founder and CEO of Yellow Card — Africa’s largest cryptocurrency exchange — said crypto in Africa “is growing at the speed of light” because it allows many Africans to escape from the traditional financial system’s failures and transact more freely.

“Crypto solves real-world problems with banking and currencies on the continent, and it isn't the casino that it can feel like sometimes in the West.”

Maurice said the most common use cases in Africa are to make international payments, to send money to friends and family and to “save money against inflation.”

“Crypto in Africa lives closer than any other part of the world to the original mission of the technology,” he added.

Kevin Imani, the founder and CEO of Sankore 2.0 — an affiliate of layer-1 Near Protocol — believes blockchain-based payments can act as a human rights technology:

“It’s important to recognize the human rights protections that it provides to people in underdeveloped nations. In many developing countries, hyperinflationary pressure and corruption have left citizens with few options.”

“Cryptocurrencies offer a lifeline to these individuals, providing greater financial inclusion and control over their money,” he added.

According to Statistica, inflation rates in Sub-Saharan Africa reached an estimated 14.5% in 2022 — which marks the region’s largest annual change since the 2008 recession.

Imani said the “ability to counter weak national currencies and corruption” and increase financial inclusion makes peer-to-peer crypto transactions a no-brainer for many Africans.

“I personally see Crypto as Africa's next shot at life, another opportunity to be part of something great, as opposed to the internet revolution of the 2000s, when most Africans weren't as exposed as today,” added Okoye Kevin Chibuoyim, the founder and CEO of crypto education platform GIDA, based in Nigeria.

“Africans are used to bad governments that aren't accountable and transparent, but here, the blockchain flashes its transparent nature here and makes everyone trust the system,” he said.

Related: Africa: The next hub for Bitcoin, crypto adoption and venture capital?

In April, Block — a U.S. digital payments firm led by Jack Dorsey — partnered with Yellow Card to facilitate cross-border payments in Africa based on Block’s infrastructure.

After the number of cryptocurrency users increased by 2,500% in 2021, the region experienced an 11-fold explosion in venture capital funding in 2022.

Maurice said Nigerians have adopted cryptocurrency “like no one else” in the region — with one local publication reporting in May that 47% of Nigerians own or transact with crypto on a daily basis.

While Maurice said Botswana has the “most legal and regulatory clarity,” cryptocurrency is now reportedly illegal in Cameroon, Central African Republic, Gabon, Guyana, Lesotho, Libya and Zimbabwe, according to Investopedia.

Magazine: Bitcoin in Senegal: Why is this African country using BTC?

Sam Bankman-Fried might get early release, suggest legal experts