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REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms.

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts Creation of chambers of commerce at the Court of Appeal Civil and commercial cases now handled by distinct clerks Establishment of commercial courts in Lom and Kara Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under theTrading across borders indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the Trading across borders index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togos ranking under the Doing Business Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lom plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lom has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT(more info)

From professionalization to digitization, through legislative regulations, Togos public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.

See more here:

Decentralization: In Togo, Yoto III municipality adopts a CFA4 billion ... - Togo First

The blockchain trilemma: optimizing for security, scalability, and decentralization, has been raging for years. Its kept the industrys brightest minds awake at night, inspired an array of new chains sporting novel consensus mechanisms, and spawned a thriving multi-chain universe.

Today, developers are blessed with a plethora of chains to choose from, most boasting greater security, scalability, and decentralization than their predecessors. With varying levels of throughput, speed, and interoperability, each new network offers differing features, benefits, and trade-offs.

DeFiChain is one such offering, providing an ecosystem for flourishing decentralized finance applications. Developers seeking a playground for deploying their dApps have a wealth of options on DeFiChain, combining Bitcoins security with the speed and scalability of a next-generation blockchain. Furthermore, with the upcoming DeFi Meta Chain (DMC), they will have all the tooling they need to easily build EVM-compatible dApps.

DeFiChain is a blockchain network thats designed for decentralized finance. It combines a highly scalable and high-speed protocol with a high degree of decentralization, making it suitable for routing high-value transactions and holding significant TVL. Use cases envisioned for DeFiChain include lending, trading, non-collateralized debt, and asset tokenization.

Keep Reading

Features include:

DeFiChains decision to anchor its blockchain to Bitcoin is unusual but not without precedent, RSK pioneered this move. DeFi on Bitcoin is an untapped market with massive potential if implemented properly. DeFiChain saves its most recent Merkle tree to the Bitcoin blockchain every few minutes, providing an immutable transaction record.

DeFiChain is not a general-purpose blockchain. This means that commands outside the basic set of functions are not allowed. This reduces the attack surface for smart contracts, creating a safer run-time environment.

Further information on DeFiChains architecture can be found in its technical whitepaper. As for the benefits of building on DeFiChain, take your pick from any of the following:

Developers interested in getting started on DeFiChain can find all the needed resources here.

Reasoning that two chains are better than one, DeFiChain is preparing to launch a second blockchain this year to push the limits of whats possible in DeFi. DeFi Meta Chain (DMC) is an upcoming layer-2 EVM blockchain with Proof of Anchor consensus built as an extension to the native non-Turing complete DeFiChain.

DeFi Meta Chain will allow for the expansion of use cases for the native DeFiChain while maintaining its core principles of fast, secure, intelligent, transparent, and decentralized financial services. It allows for the stability of the native DeFiChain while gaining the flexibility to achieve true Web3 compatibility. The DeFi Meta Chain is what makes building advanced dApps and smart contracts possible without limitations.

DMC will allow developers to access tools, infrastructure, smart contracts, and support from other ecosystems via the EVM environment. Whereas DeFiChain is non-Turing complete, DMC is a Turing complete L2. As a result, any code bases that have already been deployed within web3 can be used on the DeFi Meta Chain. A full stack of web3 services and projects will be integrated with DMC, including wallets, NFT projects, metaverses, and existing dApps.

As an L2, DeFi Meta Chain will support ultra-low cost transactions, ideal for high volume dApps, and will connect to the thriving layer-2 ecosystem. This year will see its constituent parts slotted into place, including a testnet, hackathon, launchpad, and, crucially, a $100M incubator program.

2023 is shaping up to be a big year for DeFi, whose developers have been significantly stung by accusations of failure to innovate over the last two years. Expectations are high that new use cases will emerge this year, including smarter liquidity protocols, better interoperability, safer bridges, and the return of yield farming, albeit in a more sustainable form.

Its also shaping up to be a big year for DefiChain, which will soon boast two interconnected networks where developers can put its capabilities to the test. In addition, the launch of DeFi Meta Chain, with its web3-ready credentials, will add yet another contender to the burgeoning L2 sector. With the promise of hackathons and incentivized developer programs, there will be plenty of reasons to consider building on DeFi Chain this year.

The blockchain trilemma: optimizing for security, scalability, and decentralization, has been raging for years. Its kept the industrys brightest minds awake at night, inspired an array of new chains sporting novel consensus mechanisms, and spawned a thriving multi-chain universe.

Today, developers are blessed with a plethora of chains to choose from, most boasting greater security, scalability, and decentralization than their predecessors. With varying levels of throughput, speed, and interoperability, each new network offers differing features, benefits, and trade-offs.

DeFiChain is one such offering, providing an ecosystem for flourishing decentralized finance applications. Developers seeking a playground for deploying their dApps have a wealth of options on DeFiChain, combining Bitcoins security with the speed and scalability of a next-generation blockchain. Furthermore, with the upcoming DeFi Meta Chain (DMC), they will have all the tooling they need to easily build EVM-compatible dApps.

DeFiChain is a blockchain network thats designed for decentralized finance. It combines a highly scalable and high-speed protocol with a high degree of decentralization, making it suitable for routing high-value transactions and holding significant TVL. Use cases envisioned for DeFiChain include lending, trading, non-collateralized debt, and asset tokenization.

Keep Reading

Features include:

DeFiChains decision to anchor its blockchain to Bitcoin is unusual but not without precedent, RSK pioneered this move. DeFi on Bitcoin is an untapped market with massive potential if implemented properly. DeFiChain saves its most recent Merkle tree to the Bitcoin blockchain every few minutes, providing an immutable transaction record.

DeFiChain is not a general-purpose blockchain. This means that commands outside the basic set of functions are not allowed. This reduces the attack surface for smart contracts, creating a safer run-time environment.

Further information on DeFiChains architecture can be found in its technical whitepaper. As for the benefits of building on DeFiChain, take your pick from any of the following:

Developers interested in getting started on DeFiChain can find all the needed resources here.

Reasoning that two chains are better than one, DeFiChain is preparing to launch a second blockchain this year to push the limits of whats possible in DeFi. DeFi Meta Chain (DMC) is an upcoming layer-2 EVM blockchain with Proof of Anchor consensus built as an extension to the native non-Turing complete DeFiChain.

DeFi Meta Chain will allow for the expansion of use cases for the native DeFiChain while maintaining its core principles of fast, secure, intelligent, transparent, and decentralized financial services. It allows for the stability of the native DeFiChain while gaining the flexibility to achieve true Web3 compatibility. The DeFi Meta Chain is what makes building advanced dApps and smart contracts possible without limitations.

DMC will allow developers to access tools, infrastructure, smart contracts, and support from other ecosystems via the EVM environment. Whereas DeFiChain is non-Turing complete, DMC is a Turing complete L2. As a result, any code bases that have already been deployed within web3 can be used on the DeFi Meta Chain. A full stack of web3 services and projects will be integrated with DMC, including wallets, NFT projects, metaverses, and existing dApps.

As an L2, DeFi Meta Chain will support ultra-low cost transactions, ideal for high volume dApps, and will connect to the thriving layer-2 ecosystem. This year will see its constituent parts slotted into place, including a testnet, hackathon, launchpad, and, crucially, a $100M incubator program.

2023 is shaping up to be a big year for DeFi, whose developers have been significantly stung by accusations of failure to innovate over the last two years. Expectations are high that new use cases will emerge this year, including smarter liquidity protocols, better interoperability, safer bridges, and the return of yield farming, albeit in a more sustainable form.

Its also shaping up to be a big year for DefiChain, which will soon boast two interconnected networks where developers can put its capabilities to the test. In addition, the launch of DeFi Meta Chain, with its web3-ready credentials, will add yet another contender to the burgeoning L2 sector. With the promise of hackathons and incentivized developer programs, there will be plenty of reasons to consider building on DeFi Chain this year.

See original here:

DeFiChain Aims to Woo Developers with the Upcoming Meta Chain - Finance Magnates

Centralized crypto finance took a beating over the last year.

But the people and investors who relied on centralized structures like FTX also took a beating, mostly because they put their trust in these flawed organizations.

Our experience in the crypto space over the last 12 months reveals the need for more and better decentralization in crypto finance. We need more decentralized finance (DeFi), and the centerpiece for meaningful, widespread decentralization will be the rise of decentralized autonomous organizations, or DAOs.

Obstacles remain for DAOs, but the overall value proposition and world-changing potential remain exciting. The current crypto market provides an ideal landscape in which to nurture, prune and refocus DAOs so that they remain an important part of the future and find an edge over their predecessor, the traditional organization.

DAOs face some challenges that continue to prevent them from becoming a premier form of organization.

One is scaling. Democratic organizations work well up to a certain size, but at a larger scale, they can become slow and inefficient. This is usually solved through some kind of specialization, hierarchy or permissions in traditional organizations, and we dont know yet if, or how, DAOs can grow massively across borders, languages and cultures in a way that can be efficient, focused, functional and fair.

Another challenge is voting distribution. The jury is still out on how to distribute voting (or governance) tokens among DAO participants in a way to maximize the health and growth of these organizations over the long run.

Treasury management is also a sticky matter for DAOs. Our collective experience with DeFi over the past couple of years has shown that our reliance on multi-sig treasury deployment is both a security risk and can blunt efficiency. In that same basket is the issue of stable, predictable compensation for those who produce in a DAO. Most people dont want to be paid in a volatile, risky asset and this is usually the case with native project tokens.

Story continues

Its likely that, to attract talent from outside the existing DeFi-degen echo chamber, DAOs will have to start using reliable compensation and governance programs without devaluing project tokens.

But despite these challenges, there remains plenty of potential for DAOs.

In traditional structures like FTX, directors and board members tend to make all the key decisions and the rest of the employees are expected to do whats asked of them regardless of whether they agree or not.

DAOs create a structure in which the governance of an organization is democratized because participants, or token holders, have the right to submit and vote on proposals that determine the future of the DAO. In other words, DAO participants, for better or worse, decide on the future of the DAO as the majority vote prevails.

With greater transparency and democracy comes the potential for inefficiency. We have seen this with MakerDAO where members submitted a proposal suggesting that the DAO take temporary measures to increase centralization in order to increase efficiency. (The DAO voted against this.) Furthermore, the voting systems within DAOs are far from equal as participants with larger stakes in a DAOs token typically have greater voting rights. Unequal voting rights coupled with poor voting turnouts have led to 1% of token holders having 90% of voting power within a selection of certain DAOs, according to Chainalysis.

It is true that DAOs still have some ways to go to achieve democratic realities that are ideal. However, as a young innovation, there is plenty of room to improve as DAO participation grows.

By creating a structure in which all participants own the DAOs token, participants are invested in their own organization. In traditional organizations, growth matters most to VCs, shareholders and the people at the top of the pile. This can be demotivating for those lower down in the hierarchy who might work incredibly hard but not fully reap the rewards.

In DAOs, everyone is literally invested in the organization. It is thus in everyones interest to see the organization grow. Furthermore, as DAOs become more successful, their native tokens can increase in value, which inevitably motivates holders of the token to be more productive as individuals will be better off as their organization develops. This remains an exciting feature of DAOs.

Every organization requires some sort of capital to set up. However, fundraising can prove to be a roadblock no matter how innovative ideas may be. Typically, entrepreneurs depend on VCs who have the capital power to support these organizations. But there are drawbacks to this model including the lack of access to VCs, the expectation of an exit within a short time horizon, and funding with no strategic input.

DAOs show us that funding no longer has to come exclusively from VCs. Gathering sources from those who believe in a single mission could be more strategic as they do not have the same exit ambitions as VCs, and opens up participation to anyone who has access to the internet.

Were seeing a major leveling-up of on-chain DAO tools and services that could help.

Organizations of the future will be even more nation-agnostic than they already are. That means we need structures that can bring organizations to the global stage seamlessly. In a world where legal systems are still localized, start-ups face obstacles including having to identify presence within specific legal structures in every new country.

On the other hand, DAOs benefit from the blockchain that puts them on the global stage by default. With the correct tooling, DAOs can have a head start over traditional organizations by cutting out the legal and regulatory wranglings that most start-ups have to overcome. We have seen many DAOs and projects flourish as a consequence of their global nature, for example, Uniswap which has facilitated over 119 million trades worldwide.

When agreements are not honored by parties, instead of using courts for legal recourse, DAOs benefit from smart contracts, a more modern and potentially efficient form of enforcement. While currently imperfect, in the near future, oracles that provide blockchains with real-world data will help facilitate this.

This ecosystem will continue to require growth and maturity in the oracle space. That means developing and partnering with projects that make it easier, more efficient and more secure to get real-world data on-chain in a way that allows crypto developers to focus on their novel mechanisms and designs instead of belaboring data verification. We need our oracles to be flexible enough to handle ambiguity.

As oracle infrastructure matures, DAOs will become trustless and truly decentralized a system not possible with traditional organizations.

DAOs have already blown up within the Web3 space with more than 11,500 currently operating. We are seeing a shift in the Web3 space as DAOs are proving to be an alternative to traditional organizational structures.

DAOs are far from perfect as it remains to be seen how they will evolve and address their problems with inefficiency and unequal voting power. However, the use of appropriate tooling will allow these organizations to solve some of their issues.

As we peer into the future, it will be fascinating to watch which DAOs emerge and how they will disrupt the future of organizational structures.

View post:

How DAOs can be remade to be more efficient and successful - Yahoo Finance

American venture capital investor and entrepreneur Tim Draper took the master stage at Paris Blockchain Week 2023 to give his keynote speech on The Decentralization of Everything, which he ended with a self-composed Bitcoin song.

The speech opened by touching on the general distrust of cryptocurrencies primarily Bitcoin (BTC) from centralized governments. I think they are absolutely panicking right now, he said.

Draper particularly angled his thoughts through the lens of the recent Silicon Valley Bank (SVB) crisis, which he called a crisis of trust.

However, according to the investor, a smooth transition out of these latest bank failures will not be likely under the current leadership in the United States. He signaled the recent remarks against cryptocurrencies stemming from the White House.

His whole speech boiled down to his belief that an inevitable change is coming stemming from decentralized financial tools like Bitcoin, calling it a drumbeat that keeps coming and coming.

He continued by saying that weak leaders will be revealed by those who resist it. Whereas strong leaders embrace it and are looking for this change. He concluded his speech with a three-minute song, which he wrote and performed.

According to Draper, the song was written four years ago but is more relevant than ever today. It touched on Satoshi, Bitcoin, banks, governments and the want for a new world order.

Related:Paris Blockchain Week 2023: First day of the Summit kicks off

Before he began, he dedicated the song to SVB and all the banks that have failed and will fail.

The song got a round of applause from the audience, as well as the panelists who followed Draper on the master stage.

He concluded his time by saying blockchain, Bitcoin and smart contracts are making up one of the greatest transitions in the history of the world, and it should be embraced.

Read the original:

Tim Draper sings a Bitcoin song dedicated to SVB and world governments: PBW 2023 - Cointelegraph

The United States commodities regulator received a crash course on decentralized finance (DeFi) on March 22. Crypto executives briefed the regulator on key issues affecting the space, including exploits, decentralization and digital identities.

As part of a scheduled first meeting of the CFTCs Technology Advisory Committee (TAC) in Washington D.C., members from the crypto space gave presentations to the regular intending to cover critical issues currently impacting DeFi.

CFTC commissioner Christy Goldsmith Romero opened the meeting with prepared remarks, saying understanding how DeFi works is important as policy decisions related to DeFi are currently being made by regulators and lawmakers.

The panel began with an explainer on DeFi and blockchain technology by Ari Redbord, head of legal and government affairs at blockchain intelligence firm TRM Labs.

He outlined the claimed benefits of blockchains, namely transparency, immutability and privacy, saying it could allow regulators to balance the right to privacy with the need for security.

Redbord and Nikos Andrikogiannopoulos, the founder of analytics firm Metrika, jointly outlined the benefits and issues currently facing decentralization, concluding that the benefits far outweigh the challenges, which they believe will self-resolve.

Weve reached a point in time where we can no longer ignore decentralization, Andrikogiannopoulos said. Not only do we have to embrace it, but I think its our duty to lead it in the right direction.

Redbord highlighted the total value that entered DeFi in the last two years, saying it was stress tested during FTX [...] and did not fail. DeFi is absolutely here to stay.

DeFis total value locked is around $49.1 billion, according to DefiLlama, rising from around $15 billion at the beginning of January 2021.

Carole House, executive in residence of venture firm Terranet Ventures, and Jill Gunter, chief strategy officer of blockchain infrastructure company Espresso Systems, then provided an overview of the current solutions for digital identity and noncustodial wallets, using the examples of the Ethereum Name Service and MetaMask wallet.

Related: CFTC continues to explore digital asset policy considerations in MRAC meeting

Fireblocks founder Michael Shaulov and Trail of Bits founder Dan Guido then presented the exploits and vulnerabilities that have, and continue to, take place in the market.

All the hacks, they are extraordinarily public, and its usually your users and other outside firms that find out about them before you do, Guido remarked, which he said instills a need for perfection in crypto firms.

Throughout 2022, the top 10 exploits in crypto alonesaw over $2 billion lost, with DeFi on the receiving end of 113 exploits out of the 167 carried out across the year.

Shaulov then briefly explained the exploits carried out against the Ronin Bridge, BadgerDAO and the recent Euler Finance exploit.

The DeFi portion of the meeting ended with members unanimously voting for creating a Digital Assets and Blockchain Technology Subcommittee.

The subcommittee will focus on the why of DeFi, what problems it solves, use cases, vulnerabilities, and proposed legal and policy frameworks.

Magazine: Best and worst countries for crypto taxes Plus crypto tax tips

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CFTCs tech committee gathered in DC to talk DeFi Heres what was discussed - Cointelegraph