Week 11 – check out main happenings in tech world

Friday weekly News Wrap up

Ukraine legalizes the cryptocurrency post receiving $100 million in crypto donations during its war with Russia. Accenture’s Report reinforces metaverse’s role in redefining business models and operations. From NFT to Crypto token – Bored Ape Yacht Club continues to make news. These and more of the Tech news that happened in the Week 11 of the year.

Ukraine legalizes cryptocurrencies, received 100 million worth crypto as donations

Ukraine has decided to establish a legal framework through which cryptocurrencies can be operated in the country in a regulated ecosystem. In February, the country’s parliament had passed the law to legalize cryptocurrencies, and it was signed by President Volodymyr Zelenskyy.

As per the official account #Мінцифра to follow the news of the digitalization of Ukraine, Ukraine has legalized the crypto sector — @ZelenskyyUa signed a law. From now on foreign and Ukrainian cryptocurrencies exchanges will operate legally and banks will open accounts for crypto companies. It is an important step towards the development of the VA market in Ukraine.

The cryptocurrency market in Ukraine will be now regulated by its National Securities and Stock Market Commission. Under the new law, the regulator will also have the power to determine policies on digital assets, issue licenses to businesses dealing with cryptocurrencies, and act as a financial watchdog.

The timing of this legalization is critical. Ukraine has reportedly received more than $100 million in donations in the form of cryptocurrencies since the crisis began last month.

Accenture’s report reinforces metaverse’s role in redefining business models and operations

Accenture has released a new report that highlights the role of Metaverse in business as well as in every aspect of life. It talks in detail how a spectrum of digitally enhanced worlds, realities and business models will redefine how the world works, operates and interacts.

According to the Accenture Technology Vision 2022, “Meet Me in the Metaverse: The Continuum of Technology and Experience Reshaping Business,” businesses are racing toward a future that is very different from the one they were designed to operate in — as technologies, such as extended reality, blockchain, digital twins and edge computing, are converging to reshape human experiences. 

Just like in the early years of the web, businesses are racing toward a future utterly different from the one they were designed for. Over the next decade we will witness a complete transformation of nearly every environment that enterprises currently do business across. The way the internet operates and how we experience the digital world; the technology that propagates across the physical world and the command it gives us over our environment; how human-like, collaborative, and productive our interactions with machines can be; and even the very outer limit of computers’ capabilities, are all being upended.

From NFT to Crypto token – Bored Ape Yacht Club continues to make news

Bored Ape Yacht Club NFT has launched its native crypto token, ApeCoin this week. The token also got listed on major exchanges like Binance, Coinbase, FTX, Huobi, OKX, and Kraken.

The Twitter thread further says ApeCoin is owned and operated by the ApeCoin DAO, a decentralized organization where each token holder gets to vote on governance and use of the Ecosystem Fund. Holding ApeCoin is the only requirement for membership in the ApeCoin DAO. The DAO is supported by the Ape Foundation, which was created to act as the legal steward of ApeCoin and administer the decisions made by the ApeCoin DAO community. (Basically, someone needs to sign the checks.)

As per the website, the total supply of ApeCoin is permanently fixed at 1 billion tokens. No minting capability is exposed through the contract interface, thus the total supply will never increase. Similarly, the contract interface does not expose any token burning capability, so the total supply will never decrease.

In line with the standard practice, a portion of the tokens for contributors to the project will be initially locked. Locked tokens will be unlocked over a period of 48 months, in accordance with the predetermined unlock schedule in the chart below, starting on launch day, March 17, 2022.

Clubhouse’s Wave Bar

Social audio platform Clubhouse is testing a handy lil’ bar at the top of the screen where one can easily see who’s online, and wave to start up a room with them.

Waves will now open social rooms instead of private rooms so that friends of speakers can join the conversation, and speakers can ping in friends. There’s also a new ping bar at the top of social rooms so you can ping friends in quickly.

The Wave Bar experiment will begin rolling out for some users on iOS and Android. 

Sevashree Mohapatra
A strategic Corporate Communication leader and technology enthusiast, I have more than 20 years of experience in content, corporate communication, and Strategy. Having worked in major media houses and MNCs like Hindustan Times, Ogilvy, ArcelorMittal, and Suez, I have helped brands to create value for their customers.