Blockchain Press Releases
Amid Rise in Internet Shutdowns in the Middle East, Internet Society Launches ‘NetLoss’ Calculator to Measure Economic Impact
The groundbreaking NetLoss calculator uses a unique econometric framework to give a new level of precision in estimating the impact of Internet shutdowns worldwide
WASHINGTON, June 28, 2023 /PRNewswire/ — The Internet Society today launched the NetLoss calculator, a revolutionary tool that measures the economic impact of Internet shutdowns around the world. Hosted on the Internet Society’s Pulse Platform that tracks and analyzes shutdowns, NetLoss uses a groundbreaking econometric framework to understand the impacts of shutdowns and provides an unprecedented level of rigor and precision in estimating their economic damage.
Internet shutdowns globally reached a record high in 2022, with governments around the world ordering Internet access and services to be restricted or blocked during civil unrest, school exams, and during elections, which resulted in major economic consequences.
The Middle East and North Africa region experienced 37 shutdowns across 11 countries, which is a 62 percent increase from 2021. According to NetLoss the recent shutdown in Sudan, which took place from April 19-24 2023, is estimated to have cost the country more than USD 3 million as well as the loss of 560 jobs. Iran experienced the most shutdowns in the region at 18; other countries that experienced shutdowns were Algeria, Iraq, Jordan, Libya, Oman, Syria, Tunisia, Turkey, and Yemen. 24.3% of shutdowns in the region were service-based, which involves blocking access to messaging and social media platforms.
Governments often mistakenly believe that Internet shutdowns will quell unrest, stop the spread of misinformation, or reduce harm from cybersecurity threats. But shutdowns are extremely disruptive to economic activity: they halt e-commerce, generate losses in time-sensitive transactions, increase unemployment, interrupt business-customer communications, and create financial and reputational risks for companies. They also hurt a country’s growth as research shows Internet adoption positively impacts Gross Domestic Product (GDP).
The Internet Society has long opposed the practice of Internet shutdowns, and urges all governments to refrain from implementing them due to the damage they inflict on a nation’s economy, civil society, and Internet infrastructure. With NetLoss, organizations and advocates can demonstrate to governments and regulators how a shutdown will negatively impact their nation’s economy.
In addition to the estimated cost of an Internet shutdown (i.e. the loss in GDP), the Internet Society NetLoss calculator also estimates:
- The change in the unemployment rate due to a shutdown.
- The amount of Foreign Direct Investment (FDI) lost due to a shutdown.
- Risk of a shutdown: the probability that a country will experience a shutdown.
“The global rise in Internet shutdowns shows that governments continue to ignore the negative consequences of undermining the open, accessible, and secure nature of the global Internet,” said Andrew Sullivan, President and CEO of the Internet Society. “The calculator is a major step forward for the community of journalists, policymakers, technologists, and other stakeholders who are pushing back against the damaging practice of Internet shutdowns. Its groundbreaking and fully transparent methodology will help show governments around the world that shutting down the Internet is never a solution.”
The calculator considers a wide range of economic impacts beyond traditional measures of economic output, such as GDP, to demonstrate the financial impact of an Internet shutdown. It also includes the change in the unemployment rate, the amount of Foreign Direct Investment (FDI) lost, and the risk of a future shutdowns.
In addition to its primary indicators, the NetLoss calculator’s methodology also takes into account other factors that can impact country-specific economic outcomes, including the age dependency ratio (percentage of working 18-65 years old to total population), the fraction of the population residing in urban areas, and the percentage of the labor force with basic education.
By using the following open data sets, the NetLoss calculator’s methodology is reproducible and transparent:
- Shutdown data: Includes detailed event-level data on government-mandated shutdown events.
- Protests and civil unrest: Includes detailed event-level data on various events, their start and end dates, involved parties, and associated fatalities.
- Elections: The Constituency-Level Elections Archive maintained by Yale University provides elections data from 150 countries since 1960.
- Socioeconomic indicators: The World Bank provides data on economic indicators including GDP per capita, employment, inflation, and foreign investment.
The framework used in the NetLoss calculator builds on the Internet Society’s long standing research and advocacy on this issue via the Pulse Platform. Launched in December 2020, Internet Society Pulse consolidates trusted third-party Internet measurement data from various sources into a single platform to examine Internet trends and tell data-driven stories so that policymakers, researchers, journalists, network operators, civil society groups and others can better understand the health, availability and evolution of the Internet.
The source of data for NetLoss is the World Bank’s World Development Indicators, which typically corrects for minor statistical changes. Data used in the calculator is updated quarterly.
The NetLoss calculator can be found at: https://pulse.internetsociety.org/netloss
About the Internet Society
Founded in 1992 by Internet pioneers, the Internet Society is a global non-profit organization working to ensure the Internet is for everyone. Through its community of members, special interest groups, and 130+ chapters around the world, the organization defends and promotes Internet policies, standards, and protocols that keep the Internet open, globally connected, and secure. For more information, please visit internetsociety.org.
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Blockchain Press Releases
Markets Show Resilience Ahead of End-of-Year Options Expirations: Bybit x Block Scholes Crypto Derivatives Report
DUBAI, UAE, Dec. 26, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, released the latest Crypto Derivatives Analytics Report in collaboration with Block Scholes, highlighting the muted market volatility despite major options expirations on Friday. BTC and ETH’s realized volatility has increased, but short-term options haven’t adjusted to this change. This indicates that while spot prices are fluctuating, the options market is not fully reacting to these shifts, although BTC and ETH volumes have displayed slightly different patterns.
With more than $525 million in BTC and ETH options contracts expiring on Dec 27, 2024’s end-of-year options expiration looks set to be one of the biggest yet, yet expectations for volatility have remained subdued. The report highlights an unusual inversion in ETH’s volatility structure, but BTC has not mirrored the reaction. Additionally, a change in funding rates—sometimes turning negative as spot prices drop—signals a new market phase. Notably, BTC’s volatility structure has been less responsive to changes in spot prices, whereas ETH’s short-term options are exhibiting more noticeable fluctuations.
Key Findings:
BTC Options Expirations:
In the past month, BTC’s realized volatility has been higher than implied volatility on three occasions, each time reaching a relatively calm equilibrium. Open interest in BTC options remains high, contributing to potential increased volatility as we near the end of the year. Around $360 million worth of BTC options (both puts and calls) are set to expire soon, which can affect price movement.
ETH Options: Calls Dominate
Despite a mid-week inversion, ETH’s volatility term structure has flattened, maintaining levels similar to those seen over the past month. In the final week of 2024, calls overwhelmed puts in open interest in ETH options, although market movements and trading activities are more on the put side.
Access the Full Report:
Gain deeper insights and explore the potential impacts on your crypto trading strategies by downloading the full report here: Bybit X Block Scholes Crypto Derivatives Analytics Report (Dec 24, 2024)
#Bybit / #BybitResearch
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For media inquiries, please contact: [email protected]
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NICOSIA, Cyprus, Dec. 26, 2024 /PRNewswire/ — BC.GAME has launched its latest slot game, Wukong, inspired by the highly acclaimed Black Myth: Wukong, a groundbreaking AAA game that has captivated players worldwide. Officially released on December 24, this 6-reel, 5-row slot game allows players to experience the essence of Wukong’s legendary journey while aiming for rewards of up to 10,000 times their bet.
The game incorporates iconic symbols and elements from Black Myth: Wukong, such as the Ruyi staff, gourd bottles, and treasure pearls, designed to recreate the mythical atmosphere of the original story. The addition of the Sticky Symbols feature enhances gameplay by keeping special symbols locked in place during free spins, significantly increasing the chances of winning and unlocking larger rewards.
Dark Visual Design and Storytelling Behind Wukong
The visual design of Wukong draws from traditional Chinese art styles, blending elements from Journey to the West. The reels are filled with recognizable symbols like the Ruyi staff, gourd bottles, and treasure pearls. These symbols immerse players in the mythical world of the story, faithfully recreating key moments from the novel, such as Sun Wukong’s havoc in Heaven and his encounters with the White Bone Demon.
The game’s background is rooted in Journey to the West, where Sun Wukong embarks on a journey with the monk Tang Seng and his companions to obtain sacred scriptures. Each detail of the game is carefully crafted to bring this legendary tale to life, offering a unique gaming experience and a tribute to Chinese culture and mythology.
Key Features of the Wukong Slot Game:
Free Spins and Bonus Opportunities: Triggering free spins unlocks additional reward mechanisms, increasing the chances of landing big wins.
Sticky Symbols Feature: Special symbols remain in place during free spins, greatly enhancing winning potential.
Up to 10,000x Max Win: The game offers a maximum payout of up to 10,000 times the bet, providing significant winning opportunities.
“Wukong is not just about spinning reels; it’s about experiencing a rich part of Chinese culture. We’ve worked hard to ensure the game is stunning and fun and engaging for players, with layers of features that add excitement. We’re proud to offer a game that blends storytelling with gameplay, and we think players will love the journey through Wukong’s legendary world,” Jack Dorset, CEO of BC.GAME said.
About BC.GAME
BC.GAME is a leading online gaming platform that integrates blockchain technology and cryptocurrency into its casino games, by offering a secure, transparent, and decentralized experience, BC.GAME allows players to enjoy a variety of gaming options, including slots, table games, and live casino offerings. The platform is dedicated to providing players with exciting, fair, and innovative ways to engage with the world of gaming. citing, fair, and innovative ways to engage with the world of gaming.
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Blockchain Press Releases
WSPN Appoints Former EY Global Chief Innovation Officer Jeff Wong as Independent Director
SINGAPORE, Dec. 26, 2024 /PRNewswire/ — Worldwide Stablecoin Payment Network (WSPN), a leading stablecoin infrastructure company, announces the appointment of Jeff Wong as Independent Director. Mr. Wong brings over 25 years of experience in technology innovation and enterprise transformation to WSPN. He most recently served as EY’s Global Chief Innovation Officer from 2015 to 2024, where he spearheaded the firm’s global innovation initiatives and established EY’s advanced technology labs focusing on Artificial Intelligence, Blockchain, Quantum Computing, and Web3.
Prior to EY, Mr. Wong held leadership roles at eBay and JPMorgan Partners. He is a member of the Council on Foreign Relations, the Forbes Technology Council, and the founding Chair of Asia Society’s Technology and Innovation Council, helping drive the innovation and transformation agenda. He was also a member of the World Economic Forum’s Global Future Council on Innovation Ecosystems. He has previously served on the Oxford Foundry Board at Oxford University and the Advisory Board for AI4All. Mr. Wong is a recipient of the Outstanding 50 Asian Americans in Business award and an honoree of the A100 List by Gold House, recognizing individuals with Asian Pacific heritage who have made a significant impact on American culture and society.
“Joining WSPN at this pivotal moment in the stablecoin industry is incredibly exciting,” said Mr. Wong. “I look forward to contributing my experience in emerging technologies and enterprise transformation to help WSPN build the next generation of digital payment infrastructure.”
“Jeff’s appointment represents a significant strategic addition to WSPN,” said Raymond Yuan, Founder and CEO of WSPN. “His deep expertise in innovation management, enterprise transformation, and emerging technologies, combined with his leadership experience at global institutions, will be invaluable as we accelerate our market expansion and global development.”
About WSPN
WSPN is a leading provider of next-generation stablecoin infrastructure, committed to building a more secure, efficient, and transparent payment solution for the global economy. Their flagship product, WUSD stablecoin, is pegged 1:1 to the U.S. Dollar and aims to optimize secure digital payments for Web3 users. WSPN’s Stablecoin 2.0 approach prioritizes user-centricity, community governance, and accessibility, paving the way for widespread stablecoin adoption.
Learn more: www.wspn.io | X | LinkedIn
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