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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DUBAI, UAE, Nov. 28, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, in collaboration with Blocks Scholes, released the latest weekly derivatives analytics report and uncovered signals indicating ETH’s rise above BTC in the past week.
Fueled by news of current U.S. SEC Chair Gary Gensler’s departure at the end of the Biden administration’s term, ETH performance has positively surprised investors. In particular, open interest in ETH perpetual has been on the rise. Several large-cap altcoins also benefited from Gensler’s announcement, anticipating less scrutiny upcoming January.
Key Insights:
ETH outperformed BTC in open interest: Perpetual swap data has seen a gradual decline in BTC open interest while ETH contracts increased. ETH has also been taking a bigger share of daily trading volumes in the past 6-month time frame despite an overall slower market this week. The optimism could be attributed to hopeful investors’ expectation of a more crypto-friendly SEC Chair after Gensler’s last day on Jan. 20, 2025.
BTC price in retreat: BTC price’s ebbing from the $100K mark has flattened the ATM volatility term structure, with short-tenor options dipping below 60%. This mirrors a pattern observed since the U.S. election. Lower realized volatility explains the drop, while open interest in calls and puts remains unchanged, demands for short-term options this week have stagnated.
ETH options – bullish sentiment in moderation: ETH options show slightly more bullish sentiment than BTC options. Markets have recalibrated after the post-election high, but call options remain in the lead in both trading volumes and open interests.
Access the Full Report:
Read the full report in context here.
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About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
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GZIRA, Malta, Nov. 28, 2024 /PRNewswire/ — Popular iGaming content provider BGaming has secured a highly sought-after licence in Peru, marking a significant milestone in its expansion across LatAm.
BGaming’s technical system of gaming software and its engaging portfolio have been officially approved by the gambling regulator Mincetur, a national administrative authority which implements and oversees all aspects of online gaming and sports betting in Peru. By receiving the B2B certification, BGaming broadens its appeal with local licenced operators in the newly regulated market.
The licence also opens up more opportunities for BGaming to expand its business and strengthen its position in the wider LatAm region, where it has enjoyed significant attention in the last 12 months.
Marina Ostrovtsova, CEO at BGaming, said: “Securing the Peru licence marks a pivotal moment in BGaming’s global expansion. This certification not only strengthens our presence in Latin America but also underscores our commitment to bringing high-quality, immersive gaming experiences to new audiences.
“We are excited about the opportunities this will unlock, both in terms of growth and the reception of our slots in this new market.”
BGaming is a fast-growing iGaming content provider converting gambling into gaming. Thanks to an expert team and a player-driven approach, the studio creates innovative and engaging products featured on reputable platforms and 1,000+ online casinos worldwide. BGaming is the world’s first to support cryptocurrencies and offer Provably Fair games. Today the brand’s portfolio includes 100+ products with HD graphics and a clear user interface for every device. The studio is also known for its brand exclusives created in partnerships with leading operators in the industry.
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TAIPEI, Nov. 28, 2024 /PRNewswire/ — KryptoGO, a leader in Web3 financial infrastructure, has taken another groundbreaking step to ensure unparalleled user and enterprise safety by completing a rigorous security audit aligned with industry-leading methodologies. This milestone solidifies KryptoGO’s position alongside globally trusted platforms like 1Password, Metamask, and Trust Wallet, known for their exceptional security standards.
The audit, conducted with methodologies comparable to those used for 1Password—a benchmark in secure password management—focused on ensuring KryptoGO’s mobile applications, backend systems, and API endpoints meet the highest security standards. 1Password’s robust security features, such as end-to-end encryption, zero-knowledge architecture, and constant vulnerability testing, serve as the foundation for KryptoGO’s enhanced protection framework.
Demonstrating Excellence in Cybersecurity
KryptoGO has consistently showcased its expertise in security through achievements in prominent cybersecurity competitions and hackathons. Recognized for exceptional performance in events like 2024 BlazCTF, ETH Tokyo Hackathon, and ETH Taipei Hackathon, KryptoGO has solidified its reputation as a trusted innovator.
This audit marks another significant step forward, addressing potential vulnerabilities and reaffirming KryptoGO’s ability to safeguard user assets in an increasingly complex Web3 landscape. Notably, the findings resulted in a 50% reduction in vulnerabilities compared to prior assessments, demonstrating tangible progress in security hardening.
Why Security in Web3 Wallets Matters
In the Web3 ecosystem, wallets act as critical gateways, holding sensitive keys that grant users exclusive control over their digital assets. A single security lapse can lead to catastrophic consequences, including the loss of assets and the erosion of user trust.
Recognizing this, KryptoGO employs a multi-layered approach to private key management, ensuring the highest levels of security and reliability for its users:
- Device-Level Encryption: Private keys are encrypted with a Device Encryption Key and securely stored in the device’s protected environment (Keychain for iOS and Keystore for Android). Access to these keys is tightly controlled through biometric authentication, preventing unauthorized access.
- Password Protection with Argon2: For users who opt for password backups, KryptoGO utilizes Argon2-HMAC-SHA256 with 310,000 iterations to derive an Account Unlock Key (AUK). This industry-standard process, aligned with NIST guidelines, offers robust resistance to brute-force attacks while ensuring compatibility across a broad range of devices.
- Cloud Backup with Shamir’s Secret Sharing: To enhance convenience and accessibility, KryptoGO employs Shamir’s Secret Sharing Scheme (SSS) for password-free cloud backups. This approach splits private keys into multiple fragments (Key Shares) stored across diverse platforms like iCloud and Google Drive. Restoration is possible with any two fragments, ensuring data availability without compromising security.
These measures collectively address the most critical challenges in wallet security:
- Token Integrity: Robust lifecycle management prevents impersonation or unauthorized access.
- Advanced Encryption Standards: Sensitive wallet data and transactions are safeguarded by cutting-edge cryptographic techniques.
- Resilience Against Data Loss: Diverse and secure backup options ensure users can recover their wallets without fear of permanent loss.
- Access Control Enhancements: Multi-layered authentication mechanisms safeguard accounts.
- Secure APIs: Backdoor vulnerabilities and information leaks are actively prevented.
Results That Build Trust
The rigorous Cure53 audit, leveraging white-box and gray-box penetration testing, verified KryptoGO’s resilience against security threats. Cure53’s global reputation for securing critical systems further amplifies the credibility of KryptoGO’s security achievements. The resolution of key vulnerabilities identified during the audit, including token mismanagement and API access concerns, reflects KryptoGO’s dedication to continuous improvement and operational excellence.
Raising the Bar for Web3 Security
By achieving security certifications on par with 1Password and other leading platforms, KryptoGO has set a new benchmark for wallet safety in the Web3 era. These advancements empower users to confidently manage their digital assets while positioning KryptoGO as the trusted partner for enterprises seeking high standard and scalable blockchain solutions.
About KryptoGO
KryptoGO is a pioneer in Web3 solutions, providing secure, compliant, and user-friendly wallet services. Focused on stablecoin payment infrastructure and asset management, KryptoGO empowers businesses to seamlessly transition into the decentralized economy, backed by cutting-edge technology and industry best practices.
For more information on how KryptoGO can support your Web3 business needs, please visit www.kryptogo.com or contact us directly.
Media Contact: [email protected]
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