🌍 African region growth to continue

All Things Flooz newsletter is for innovators, creators and traders.

Flooz

5 min read May 24, 2023


Stay in the Know

  • Bitcoin Stablecoin coming

  • 🔐 Another hardware wallet breach?

  • 🌍 African region growth to continue

⚡Bitcoin stablecoin coming

Do you remember Bitcoin Ordinals? Well, it seems their economy is maturing quicker than most thought, and this time it is with Stably USD, a brand new dollar-backed stablecoin and the first on the Bitcoin network!

Stably, the forward-thinking issuing company behind this innovative token envisions Stably USD as the go-to currency for traders venturing into the exciting wave of novel assets built on Bitcoin. Which if you haven’t guessed already… Not only does it make it cheaper to trade through this route, but it is also much more efficient too!

Now, you might be wondering what exactly ordinals are and why they matter. Well, let us take you on a journey of discovery! Initially conceived as a way to "inscribe" NFTs on Bitcoin's smallest denomination, the satoshi, the ordinals protocol has quickly evolved into a gateway for creating a wide array of tokens - Stably USD being the latest addition to this remarkable family that is so loved.

Dubbed a "BRC-20" token, this game-changing stablecoin has the potential to make trading in all ordinals a breeze, provided it gains widespread adoption. Currently, ordinals traders face two options: either pay fees to convert stable fiat currency into ordinals or rely on the accessible but volatile nature of Bitcoin.

Stably USD promises to tackle both challenges head-on by maintaining a stable value and ensuring easy accessibility on the blockchain.

But that's not all, nuh-uh…Stably is leaving no stone unturned to ensure a secure and reliable experience for its users. Company documents reveal that Stably USD's fiat backing is held by none other than Prime Trust. To redeem your stablecoins for the underlying dollar value, you will need to undergo a Know Your Customer (KYC) and Anti-Money Laundering (AML) process, prioritizing your safety and compliance.

While Stably's previous stablecoin products in the Ethereum ecosystem, known as StableUSD (USDS), may not have achieved the same level of success as market leaders Tether and USDC just yet, the company is determined to make Stably USD thrive in the long run.

With approximately 750 holders and a market cap of roughly $264,000 for StableUSD, it's fair to say that the Bitcoin-linked stablecoin has its work cut out for it 🔥 But hey, we believe in second chances and potential breakthroughs, don't we?

Heck yeah, we do! So, as usual, let’s sit back and see how this endeavor plays out for the crypto community, as it could be yet another step in the right direction!

🔐 Another hardware wallet breach?

It seems that wallet vulnerabilities just keep on popping up and this time it is Trezor, who has seen their hardware wallet product breached…

Unciphered, the enigmatic company behind this remarkable feat, recently shared its exciting journey with CoinDesk. They revealed that they exploited an "unpatchable hardware vulnerability" in the STM32 chip, which allowed them to retrieve embedded flash and one-time programmable (OTP) data.

It may sound technical, but fear not, we are on the detective case!

To prove their prowess, the Unciphered team performed a thrilling laboratory demonstration, capturing the entire process in a video. They successfully hacked into a Trezor T wallet provided and retrieved the seed phrase and PIN.

Impressive, isn't it?

This isn't their first rodeo either… Unciphered has previously hacked the EthereumWallet and recovered locked-up crypto, showcasing their expertise in the field. According to their website, they claim to "support every wallet in the market."

However, Trezor, the hardware wallet manufacturer, responded cautiously. While they acknowledged the attack, they stated that they lacked specific details to provide a comprehensive response. Trezor did mention that it resembled an "RDP downgrade attack," which was flagged as a risk three years ago. Interestingly, Trezor indicated that they were unaware of any direct contact attempts from Unciphered, adding that such attacks require physical theft, sophisticated technical knowledge, and advanced equipment.

Don't panic just yet, as this certainly doesn’t sound good, we know… Trezor emphasizes that even in such scenarios, their hardware wallets can be protected by a strong passphrase, adding an extra layer of security that renders the RDP downgrade useless.

As we delve deeper into the world of hardware wallets, recent events have shed light on their vulnerabilities.

Following the controversy surrounding Ledger's proposed "recovery option," it's clear that even these devices aren't foolproof. Nonetheless, many crypto security experts still recommend hardware wallets as a safer alternative to keeping assets on exchanges.

While Unciphered's revelations are undoubtedly thought-provoking, let's remember that their vector of attack requires physical possession of the device. As the saying goes, sometimes the threat comes from within.

Wallet exploits are seemingly becoming a bigger problem when we need more solutions, so remember to protect your assets in the best possible way, and one way is by doing your due diligence and staying up to date on any device or software that you use to make sure you have the best option at all times.

🌍 African region growth to continue

There is more positive news from Africa, and this time it is with Central African Republic (CAR), which is locking down its future!

The IMF recently released a report expressing a more positive outlook on the CAR's economic prospects for 2023. The country is projected to experience a rebound in real gross domestic product (GDP) growth, reaching a remarkable 2.2% 📈

This growth is attributed to various factors, including the base effect and policy adjustments that have led to improved fuel supply. Additionally, the IMF anticipates an average inflation rate of 6.3% for the year, which is good considering worldwide numbers.

While the report acknowledges the CAR's sustainable public debt projections, it also highlights significant liquidity risks. These risks stem from potential shortfalls in donor support and challenges in accessing domestic and regional markets. However, the IMF's overall sentiment reflects a sense of optimism for the CAR's economic future.

Now, let's rewind a bit to appreciate the historic moment when the CAR became the second country in the world, after El Salvador, to embrace Bitcoin as a legal tender. Despite being one of the poorest nations globally, the CAR saw the potential in Bitcoin to reshape its financial infrastructure and boost its economic prospects.

CAR President Faustin-Archange Touadera wasted no time after the adoption of Bitcoin. He unveiled an ambitious initiative called the Sango Project, marking the country's grand entry into the world of cryptocurrencies. The government was determined to lay the groundwork for seamless integration of digital currencies.

However, the road to full implementation had its fair share of obstacles. In December 2022, the CAR announced a delay in listing Sango Coin on crypto exchanges due to market conditions and marketing considerations. Despite these setbacks, the organization behind the Sango Project assured the public that progress was being made.

Fast forward to January 2023, and exciting developments emerged. The Sango Project revealed that a government task force was actively working on legal amendments to facilitate the smooth integration of the cryptocurrency. These efforts signify the CAR's commitment to harnessing the power of blockchain and digital currencies for the benefit of its citizens.

As we eagerly watch the CAR's journey into the realm of cryptocurrencies, we can't help but feel a sense of excitement and anticipation.

This small African nation is demonstrating its determination to embrace technological advancements and transform its economic landscape.

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