Economy
PLC Ultima Revolutionizes Crypto Mining with Mobile App
It’s a far cry from the days when almost anyone could participate in crypto mining just using his computer. Nowadays, crypto mining is something not affordable to the majority as it needs either expensive computing machines or deep technical knowledge or both of them. This situation leads to higher risks of centralization of mining in the hands of those who can afford it. PLC Ultima, a blockchain-based ecosystem for e-commerce services, rethinks crypto mining and makes it possible to create new coins using mobile apps.
Mining Vs Minting
Opposed to centralized systems, all decentralized ones bear on the community of their supporters who actively participate in the life of the system, i.e. running nodes that check transactions or launching mining farms which write blocks of transactions in the blockchain. In return, active participants are rewarded with a certain number of digital coins for their work. Mining is essential in maintaining decentralized systems alive. Decentralized systems keep its level of decentralization while its users benefit financially from their roles.
In theory, everyone could try crypto mining. But those times when anyone with a decent home computer could easily earn new coins have long gone. Starting investments in mining exceeded several thousand dollars. If talking about bitcoin, one cannot even dream of mining if having less than $10,000 in his pocket. Furthermore, all this mining on computing machines or using GPU is extremely energy consuming and makes crypto mining an unfriendly process to the environment.
The crypto industry entered a post-Bitcoin era when new decentralized systems have to find new ways of creating coins and stimulate users to play an active role in the network. PLC Ultima proposes its innovative solution to this challenge called minting.
Minting is a more energy-effective way to produce new coins via computing power. Instead of buying expensive and energy-consuming GPU or ASICs, minting is available via apps on smartphones. This approach gives millions of persons an access to a profitable participation in decentralized systems.
Mobile Minting
Users who want to be active participants of the PLC Ultima ecosystem just need to register new accounts and download special apps (Ultima Farm and Ultima Wallet) on their smartphones. The PLC Ultima operates two native coins called PLCU and PLCUX. PLCU serves as a tool when sending transactions, while PLCUX is focused on generating new coins. PLCU is also based on a deflationary model. That means, fees paid in PLCU for transactions are burnt. By withdrawing coins forever from circulation, the ecosystem reduces market supply of burnt coins and increases shortage and raises demand for PLCU on the secondary market.
To start minting, users are required to freeze a certain number of PLCUX for a certain period. In order to buy PLCUX, users have to buy PLCU first as PLCUX is traded on exchanges only for PLCU. And PLCU is traded on dozens of exchanges, including Gate.io.
Users are rewarded on a monthly basis for storing and freezing coins in their wallets. The amount of the reward corresponds to the number of frozen coins in the wallet.
PLC Ultima, Ecosystem for Future Fintech
The PLC Ultima is a blockchain-based ecosystem focused on a wide range of fintech services, from an everyday payment system to a crowdfunding platform and marketplace, all of them already used by 1.5 million of users around the globe. The project was run by Alex Reinhardt, a venture investor, economist, entrepreneur who launched dozens of startups and fintech platforms. Its mission is to give people around the world access to the financial instruments of the ecosystem and improve their quality of life by lowering barriers to financial services.
Its blockchain is an updated version of Litecoin blockchain strengthened by the CryptoNight hashing algorithm used by Bitcoin and Monero. The PLC Ultima blockchain is fast, with one block signed every 1.5 minutes.
The PLC Ultima ecosystem hosts dozens of actively used fintech services. Its most popular ones are a blockchain-empowered crowdfunding platform called Platin Hero with smart contracts, a global e-commerce marketplace called PlatinDeal with cryptocurrency payment method available, and PLC Card, a banking-analog card for everyday payment in digital assets with exceptionally high daily limits (up to €150,000).
By Adedapo Adesanya
Three securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 1.38 per cent on Friday, July 3, with the NASD Security Index (NSI) up by 58.80 points to 4,307.26 points from 4,248.46 points, and the market capitalisation closing higher by N35.30 billion to N2.585 trillion from N2.549 trillion.
The price gainers were led by 11 Plc, which expanded by N20.05 to close at N220.55 per share compared with the previous day’s N200.50 per share, FrieslandCampina Wamco Nigeria Plc increased by N5.36 to N151.82 per unit from N146.46 per unit, and Central Securities Clearing System (CSCS) Plc appreciated by N3.52 to N90.74 per share from N87.22 per share.
Yesterday, the value of transactions surged by 1,431.2 per cent to N160.1 million from the preceding session’s N10.5 million, and the volume of trades rose by 303.7 per cent to 1.8 million units from 440,653 units, while the number of deals decreased by 34.4 per cent to 21 deals from 32 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 70.7 million units transacted for N4.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Dipo Olowookere
The losing streak on the Nigerian Exchange (NGX) Limited was halted on Friday after the bourse closed higher by 2.19 per cent at the close of trading activities.
The gains reported by Nigerian stocks were buoyed by renewed bargain-hunting by investors, which resulted in all the key sectors of Customs Street ended in the green territory.
The banking space rose by 2.78 per cent, the insurance counter appreciated by 1.26 per cent, the energy segment expanded by 0.36 per cent, the consumer goods index chalked up 0.06 per cent, and the industrial goods sector grew by 0.05 per cent.
Consequently, the All-Share Index (ASI) went up by 4,918.37 points to 229,240.34 points from 224,321.97 points, and the market capitalisation increased by N3.156 trillion to N147.103 trillion from N143.947 trillion.
Investor sentiment was bullish after 34 stocks ended on the price gainers’ chart and 18 stocks finished on the losers’ log, representing a positive market breadth index.
The quintet of The Initiates, Universal Insurance, DAAR Communications, Omatek, and Airtel Africa surged by 10.00 per cent to sell for N25.85, 88 Kobo, N1.65, N1.76, and N5,274.00, respectively.
On the flip side, International Energy Insurance lost 9.96 per cent to trade at N4.70, Meyer shed 9.95 per cent to close at N18.55, Veritas Kapital dropped 5.07 per cent to finish at N1.31, Fidelity Bank slipped by 2.17 per cent to N18.00, and Jaiz Bank crashed by 1.84 per cent to N28.12.
During the session, a total of 414.7 million equities worth N25.1 billion exchanged hands in 47,106 deals compared with the 855.4 million equities valued at N28.4 billion transacted in the preceding day in 51,609 deals, implying a contraction in the trading volume, value, and number of deals by 51.52 per cent, 11.62 per cent, and 8.73 per cent, respectively.
By Adedapo Adesanya
The Naira closed flat against the United States Dollar at N1,370.19/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 3.
However, it appreciated against the Pound Sterling in the same market segment by N2.29 to settle at N1,829.88/£1 compared with the previous day’s N1,832.17/£1, and marginally depreciated against the Euro by 4 Kobo to close at N1,568.32/€1 versus Thursday’s closing price of N1,568.28/€1.
At the parallel market, the Naira also traded flat against the US Dollar at N1,390/$1, and at the GTBank forex desk, it also maintained stability at N1,832/$1.
Market conditions improved shortly after the following minimal intervention by the Central Bank of Nigeria (CBN) through modest Dollar sales, which boosted liquidity and supported stronger trading activity.
Easing pressure came after half-year profit-taking tapered down, while continued stronger policy signals from the central bank add to near-term support.
Deals executed at the official market on Friday came in at $70.430 million across 82 interbank deals, from $85.517 million the previous day.
Meanwhile, the cryptocurrency market continued its recovery after June non-farm payrolls printed at 57,000, less than half the 113,000 consensus, sending the implied probability of a September Federal Reserve rate hike from 64 per cent to 54 per cent and dragging AI stocks sharply lower.
Weak labour data reduces inflationary pressure and, by extension, the Federal Reserve’s justification for holding rates elevated. That transmission mechanism is direct: lower rate-hike odds compress the opportunity cost of holding non-yielding assets like crypto.
Bitcoin regained the $62,000 mark after it rose by 1.3 per cent to $62,475.29.
Cardano (ADA) gained 6.6 per cent to trade at $0.1759, Ripple (XRP) appreciated by 3.5 per cent to $1.14, Ethereum (ETH) expanded by 2.4 per cent to $1,756.82, Dogecoin (DOGE) improved by 2.1 per cent to $0.0768, Solana (SOL) chalked up 1.8 per cent to $82.65, TRON (TRX) increased by 1.5 per cent to $0.3235, and Binance Coin (BNB) soared by 1.4 per cent to $569.12, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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