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Bitget shares Merkle Tree Proof of Reserves to Enhance Transparency

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Bitget, leading global cryptocurrency exchange, announces that it is launching its Proof of Reserves Page, which will demonstrate to users that we are a full-reserve exchange, as supported by its Proof of Reserves (“PoR”), using the cryptographic-audited Merkle tree method, and that users’ assets stored on the platform are safeguarded.

The Proof of Reserves page provides users with a wealth of information on the topic, including several core elements such as “Merkle Validator”, the monthly snapshots presenting the balance of the reserve pools, user education on Proof of Reserves and the importance of being fully reserved, as well as how the Merkle tree supports and proves the authenticity and consistency of the data presented by Bitget.

Snapshots of reserve wallets on the platform and the user’s assets serve as reassuring evidence and demonstrate that their assets are held at least at a 1:1 ratio.

To further enhance transparency and ensure the accuracy of the information on the page, Bitget is also launching a new tool, “Merkle Validator”, for users to perform self-audit with their own accounts. The feature allows users to verify the security of their funds in a few simple steps. Users are able to verify the status of their assets’ “Merkle leaf” under the Merkle tree data structure. Bitget is also committed to carrying out regular audits of the PoRs to make sure the balances and the status of user assets within its reserves stay up to date.

Gracy Chen, Managing Director of Bitget, comments, “Bitget actively responds to the market concerns, and even before FTX filed for bankruptcy, on Nov 9th, we had already promised to publish our Merkle tree Proof-of-Reserves within a month’s time. Today, we are proud to fulfil our promise.

“The release of the Proof of Reserves and the Merkle tree data equips users with updated and informational insights on the financial status of Bitget and enhanced control on their assets stored on the platform, which is echoed in our commitment of maximum transparency and top-notch protection policies for users.”

“The crypto industry is under close scrutiny after the scandals and collapses of some giant crypto firms. The desire of users to invest and store assets on a secure platform has seen its high, as Bitget has witnessed an increase in users recently. With the rollout of the Proof of Reserves page, Bitget not only demonstrates well-rounded protection for users, but also will continue to advocate more initiatives aiming to offer safe adoption of cryptocurrency worldwide and a sustainable and trustworthy environment in the crypto universe,” adds Gracy.

Aside from the POR release, Bitget has launched various initiatives to help rebuild the market’s confidence, such as launching the USD 5 million Builders Fund for users affected by the FTX incident, increasing the Protection Fund to USD 300 million, and most recently, investing 20 million in a series of campaigns with Lionel Messi.

What is Proof of Reserves?

Proof of Reserves refers to an auditing procedure that is verifiable through cryptographic proofs, checks of public wallet ownership, and recurring audits to certify the holdings of an exchange. The custodian provides transparency and proof of the existence of on-chain reserves and that the total amounts of those coins held and effectively at the disposal of the platform exceeds or is equal to the sum of all users’ holdings of those coins.

To achieve this, Bitget stores the hash of each user’s account assets in a leaf node on the Merkle tree. Each user can verify that their funds are included in the Merkle tree by checking the total amount of users’ assets stored in the Merkle tree leaf nodes. The open-source code of the platform’s proof of its 100% solvency program has also been published to GitHub.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Open Access Data Centres Recognize Sustainability as Key in its Operations – Aduloju

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Mr Olatunji Aduloju is Operations Manager at Open Access Data Centres (OADC) on Sustainability in Data Centre Operations.

He has an enviable career in operations of data centre, and has worked with CWG plc where he managed the company’s data centre for over 5 years before joining OADC few years ago.

In this interview, he explained the driving force behind WIOCC and OADC sustainability efforts. WIOCC Group is the parent company of WIOCC- Africa’s digital backbone and OADC.

What does sustainability mean to WIOCC and Open Access Data Centres and how driven is the company on sustainability and the environment?

Sustainability encompasses a variety of obligations that are inherent in conducting business responsibly. For WIOCC and OADC, this includes:

  • Leadership within the ICT industry, and regional bodies, and active engagement in industry organisations and events. For example, the CEO of OADC serves as Chairman of the Africa Data Centres Association and is a member of the Science and Technology Committee of the Lagos Chamber of Business and Industry. OADC also participates in the Infrastructure Masons Climate Accord which demonstrates our commitment to global initiatives focused on carbon accounting and reduction.
  • Corporate social responsibility initiatives through which we make a positive impact on the communities amongst whom we operate. For example, OADC has served as a strategic partner for the STEAM UP programme in Lagos for three consecutive years. This mentorship program aims to inspire, motivate, and guide young girls in pursuing studies and careers in the fields of Science, Technology, Engineering and Mathematics, by connecting aspiring female scientists in secondary schools with professional women working in STEM fields.
  • A comprehensive sustainability strategy across the entire WIOCC Group, and robust systems and processes to effectively manage environmental and social risks across our operations. In practice, this includes initiatives such as using acoustic panels in our power farm to stop reverberations and high levels of noise.

How concerned is WIOCC & Open Access Data Centres about sustainability especially when it involves the environment more especially when it comes to Data Centres operations?

WIOCC and OADC recognize that sustainability is a paramount consideration in the development and operation of data centres. With increasing energy consumption and carbon emissions associated with digital infrastructure, we are committed to operating sustainably.

We apply competitive sustainability standards during the design, building and operation of our data centres. This ensures that our facilities are both hyperscale-ready for clients, and meet global investor requirements for managing environmental and social risks.

How sustainable should Data Centres be when it comes to usage of power?

Energy efficiency is an area of focus for OADC. We have set performance targets that require us to improve our Power Usage Effectiveness (PUE) which is the industry standard for measuring energy efficiency.

In addition, green building design has been incorporated as a requirement of our core data centres. This requires energy and water efficiency to be included in the design of our data centres.

A key metric in building design is the ‘embodied carbon’ of materials – this refers to the greenhouse gas emissions associated with various stages in the life cycle of building materials, including raw material extraction, manufacturing, transportation, construction, and disposal. Current international building certifications, like IFC EDGE and LEED, require us to achieve ambitious targets relating to the embodied carbon in the materials we use for data centre construction.

How can technology help data centres to maximise sustainability process especially with energy efficiency and what lessons can be learned on the energy efficiency of OADC operations?

At OADC operations, we focus on improving our energy efficiency through technology and optimal occupation of our data centres. This includes:

  • Implementing advanced and more efficient cooling systems and managing airflow efficiently
  • Integrating renewable energy sources
  • Investing in energy-efficient hardware
  • Implementing smart energy monitoring and reporting systems to identify improvements and eliminate waste.
  • Using smart technologies like artificial intelligence to forecast workload and optimise resource allocation.

Waste management is always an environmental issue especially in a developing country, how can industrial waste be managed taking Open Access Data Centre as a case study?

At OADC, we apply the waste hierarchy which requires us to reduce and minimise waste as the first option. Where waste generation cannot be avoided or reduced, we recover and reuse waste in a manner that is safe for human health and the environment.

Where waste cannot be recovered or reused, we will treat, destroy, or dispose of it in an environmentally sound manner that includes the appropriate control of emissions and residues resulting from the handling and processing of the waste material. Our policy also requires us to use licensed disposal sites that are being operated to acceptable standards.

We have a Waste Management Plan that emphasizes a “Cradle to Grave” approach. This means we take responsibility for waste from its creation (“cradle”) to its final disposal (“grave”). We ensure waste separation by providing clearly labeled bins for different materials and have partnered with a government-approved waste collection service provider to ensure proper disposal.

Carbon footprints and circularity are issues in the operations of data centres, how do you recycle and manage your waste? is the community involved in your recycling process and in your waste management?

For circularity to be effective and sustainable, we start considering materials usage from the design phase. We also leverage innovative technologies and sustainable materials to minimise energy consumption, water usage, and waste generation throughout a facility’s lifecycle:

  • In our Lagos data centre, we have partnered with RESWAYE (Recycling Scheme for Women and Youth Empowerment), which collects our plastic waste for recycling purposes.
  • As part of our environmental initiatives, we dispose of electronic waste responsibly. Whenever possible, we ensure that equipment or its components are recycled or reused.
  • Our water treatment plants are environmentally beneficial. The implementation of Reverse Osmosis and Sequence Batch Reactor technology in our plants not only provides clean and safe processed water but also helps save water and reduce waste released into the environment. Its impact is far-reaching, contributing significantly to the protection of public health and the environment.
  • Additionally, we utilize environmentally friendly, clean agent fire suppression systems in our facilities. These agents have extremely low global warming potential and zero ozone depletion potential, containing no carbon dioxide or other harmful gases.

Nigeria is not focussed yet on using renewables when it comes to powering data centres, is OADC looking to do this?

Yes, certainly. OADC has recently completed a feasibility study regarding using renewable energy in our data centres. We have already launched a pilot project using solar power at one of our South African data centres, and we plan to roll out further solar installations wherever we operate in Nigeria and the rest of Africa.

We are also investigating other forms of renewable energy for future projects, including wind and wave energy.

 


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NITDA Brings Digital Technology to the Grassroots

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In its continued effort to transform Nigeria into a globally recognised hub of technology and innovation to drive economic diversification and boost productivity across all sectors, the National Information Technology Development Agency (NITDA) is set to collaborate with relevant organisations in effectively cascading the benefits of digital technology to all the local governments across the country.

This was disclosed by the NITDA Director General, Kashifu Inuwa when he played host to the Senior Special Advisers to President on Community Engagement – South East, Barr Chioma Nweze; South West, Ms Moremi Ojudu and North West, Hon. Abdallah Tanko Yakassai who visited the Agency to discuss possible areas of collaboration on Nigeria’s digital transformation journey.

This gesture is in total alignment with the present administration’s priority areas, particularly in the area of reforming the economy for sustained inclusive growth.

While stating the agency’s vision for Nigeria where inclusive economic growth is fostered through technological innovation, the NITDA DG noted that the vision aligned with the president’s 8 priority areas.

“The President wants to Reform the Economy to Deliver Sustained Economic Growth; Strengthen National Security for Peace and Prosperity; Boost Agriculture to Achieve Food Security; Boost Infrastructure and Transportation as Enablers of Growth; Focus on Education, Health and Social Investment as Enablers of Development; Accelerate Diversification through Digitisation, Industrialisation, Creative Art and Innovation; and Improve Governance for Effective Service Delivery to Citizens,” he said.

He added that the agency recently crafted its Strategic Roadmap and Action Plan (SRAP 2.0) 2024-2027, and its pillars are the tool that will help Mr President in delivering on all the presidential priority areas.
Enumerating the 8 pillars of the SRAP, Inuwa highlighted “Foster Digital Literacy and Cultivate Talents” as one of the most important pillars the document is anchored on where inclusivity is pronounced.

“To ensure we are inclusive, we need to get our citizens to be digitally literate, so we developed the National Digital Literacy Framework with an ambitious target of achieving 95% digital literacy by 2030 but Mr President cited a mid-term target for us to achieve 70% by 2027,” he stated.

He further said that the agency is collaborating with the Ministry of Education in infusing digital literacy into all academic institution’s curricula while at the same time developing standard training with certifications that would be a prerequisite for securing government employment.

“We have already worked with the Head of Service to put it as a requirement for government workers to be digitally literate. But for the market people, artisans and so on, what they need is the literacy to use digital devices to access internet banking, government digital services and others.

“We have therefore been exploiting many channels to deliver them through TV programmes, social media, radio, roadshows and so on,” he averred.

The NITDA Boss stated that, the 3 Million Tech Talent programme was another initiative of the Ministry of Communications, Innovation and Digital Economy in collaboration with the agency to identify skill gaps in the country and build youth’s capacity on skills in high demand locally and internationally.

“We have started the training and so far we have trained over 30,000 and completed the first phase which is a pilot. We are now executing the second phase of the training,” he said.

While giving deep insight into the other seven strategic pillars of Building a Robust Technology Research Ecosystem; Strengthening Policy Implementation and Legal Framework; Promoting Inclusive Access to Digital Infrastructure and Services; Strengthening Cybersecurity and Enhance Digital Trust; Nurturing an Innovative and Entrepreneurial Ecosystem; Forging Strategic Partnerships and collaborations and lastly, Cultivating a Vibrant Organisational Culture and an Agile Workforce in NITDA, Inuwa shared the various infrastructures, innovative solutions, sponsorships and training programmes the government has been offering nationwide.

In his remark, Hon. Yakassai appreciated the DG NITDA for his wonderful presentation by sharing insights into the various activities of the agency to ensure a digitally empowered nation by building the digital capacities of Nigerians.

He however expressed his team’s willingness to collaborate with the agency in the areas of propagating the agency’s activities to the grassroots throughout the 774 local governments in the country.

“Mr President is a grassroots person that is why he created this office so that we make sure whatever the government is doing is taken down to the grassroots level and we need to show the people the importance of your programmes and how they can key into it”, he stated.


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Minister of Information Congratulates Newly-Elected APRA Executives

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Mohammed Idris, Minister of Information and National Orientation has felicitated the newly-elected Executive Council of the African Public Relations Association (APRA), elected at the 35th APRA Annual Conference and Annual General Meeting (AGM), which was held in Abidjan, Côte d’Ivoire from May 13- 18, 2024.

L-R: President, (from Kenya), Arik Karani; Vice President, (from Cameroon), Dr. Michele Mekeme and Secretary-General (from Nigeria), Dr. Omoniyi Ibietan, all of Executive Council of the African Public Relations Association (APRA).

The Minister, also a Fellow of APRA, acknowledged the significance of the election for the advancement of public relations across Africa, adding that while it is a pivotal moment for APRA, the collective expertise, and leadership of the newly-elected Executive Council would be instrumental in attaining the long-term vision of the association.

The new APRA Executive Council comprises Arik Karani from Kenya as President, Dr. Michele Mekeme from Cameroon as Vice President, and Dr. Omoniyi Ibietan from Nigeria as Secretary-General.

Idris urged the new Executive Council to “continue the trajectory of reforms in APRA,” stressing the importance of expanding the democratic space by encouraging greater participation of national public relations institutions across the continent.

He highlighted the need for inclusivity and collaboration to strengthen the public relations profession in Africa.

The Minister also called on the Executive Council to work closely with the African Union Commission and the Council of Ministers to ensure that public relations remains central to policy formulation, programme execution, and project implementation.

“Public relations should be at the heart of policy, programs, and project implementation,” he stated.

He also extended his salutations to Dr. Omoniyi Ibietan, the Head of Media Relations at the Nigerian Communications Commission (NCC), on his emergence as the Secretary-General of APRA.

“Dr. Ibietan is a thoroughbred journalist, public relations expert, and author, who is expected to bring his enormous wealth of experience to bear on APRA positively,” Idris said.


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