OEG Project Concept
- World Turmoil Provides A Stage For Digital Currency
- Digital Currency Donates To Ukraine
On February 24th, 2022, Russia launched a full-scale armed attack on Ukraine. For a while, the world’s situation was changing, and international finance was ups and downs.
On the 27th, although NATO has not yet intervened in the Russian-Ukrainian war in military operations, the passage of the “SWIFT Expulsion” bill, which is known as a financial nuclear weapon, jointly promoted by the United States and EU countries, marked the beginning of a financial war.
During the war, digital currency is playing a new role. Ukraine has legalised Bitcoin is receiving accepting aid from the whole world through cryptocurrencies. Currently, digital currency is providing Russia with a new decentralised economic corridor.
Let’s talk about Ukraine. On the eve of the war, Ukraine has become the top 5 countries in the world for cryptocurrency usage. Ukraine is the second country in the world to recognise the legitimacy of Bitcoin. It is also a “mining” place that uses a lot of Bitcoin and Bitcoin computing power. According to relevant data, Ukraine’s daily cryptocurrency transactions have surpassed its national legal hryvnia.
Before the outbreak of the war, the continuous decline of the hryvnia against the dollar had caused Ukraine to complain, and the bill to legalise Bitcoin was also a choice that had to be made to maintain the stability of the value of its national currency.
After the war, with the decline of funds and stagnation of the domestic economy, Ukraine can only seek external help economically, and cryptocurrency has become the only way to help Ukraine externally.
The Deputy Prime Minister of Ukraine announced on Twitter that he would accept cryptocurrency donations such as BTC, ETH and USDT. Ukraine’s published data on donations showed that Ukraine has received more than 36 million dollars in donations from the crypto world.
Among them, the Ukrainian government announced that they have received 113 BTC and 2001 ETH (a total of nearly 10 million dollars), Binance has pledged to donate 10 million dollars to Ukraine, and Binance has received about 155 related crowdfunding activities (approximately 6 million dollars). Ukraine’s armed group “Come Back Alive” received 181 Bitcoins (about 7 million dollars), and UkraineDAO raised 1279 ETH (about 3.3 million dollars) through Ukraine’s state-owned NTFS.
After publicly expressing his support for Ukraine, the co-founder of Ethereum, Vitalik Buterin, used Twitter to call for support to help Ukrainian locals through UkraineDAO.
UkraineDAO is an organisation launched by political activists and founding members of the punk rock band Pussy Riot Nadezhda Tolokonnikova along with members of Trippy Labs (Trippy Jetpack DAO) and PleasrDAO. At present, UkraineDAO raises funds for Ukraine by casting the Ukrainian flag NFT, all income will be donated to the Return Alive Foundation and the NGO Proliska to provide humanitarian relief to Ukraine.
In this Russian-Ukrainian war, cryptocurrency has become one of the main channels for Ukraine to receive donations.
- Russia Is Brewing Digital Currency Against The Blockade
On the other hand, economic sanctions are horrible for Russia. After SWIFT sanctions were issued, the Russian ruble plummeted by nearly 30% today, reaching an all-time low of 119 rubles against 1 US dollar.
In this context, the digital currency will undoubtedly be a very ideal economic corridor for Russia to break through the economic blockade. Although digital currency is still unable to become the payment currency and ideal channel for mainstream countries in terms of market volume, for Russia, digital currency is almost the optimal solution in terms of evading the impact of sanctions.
According to the data released by Cambridge University in August 2021, Russia is the third-largest country in the world for Bitcoin mining, and the proportion of cryptocurrencies in Russia’s financial system is much higher than in most countries. A report by the Russian government estimates that Russian citizens have more than 12 million cryptocurrency wallets to store digital assets, totalling about 2 trillion rubles, or roughly 23.9 billion dollars.
According to the report of the government analysis centre quoted by local Russian media, The Bell estimates that Russia accounts for about 12% of the global encryption market. Last year, the average market cap of the global cryptocurrency market was 1.87 trillion dollars, and Russia’s share was about 214 billion dollars.
Such a mass base of cryptocurrencies also provides a good ground for separating from US economic sanctions through digital currency channels, which will largely offset the international settlement problems caused by the devaluation of the ruble.
However, for Russia, the blockchain-based transaction system will still be a supplementary means of reducing the impact of economic sanctions outside the SPFS system, and Russia has been actively promoting the process of digital ruble if it can eventually bring emerging markets into the blockchain market. It will be a powerful blow to the hegemony of the US dollar and reduce the world’s dependence on the US-centred international monetary system.
2. The Trade War Calls For Digital Currency
In Bitcoin’s early emergence, there was a lot of confusion due to the underdeveloped technology. However, over time the situation has improved considerably. In 2018, a series of new blockchain technologies were experimented with and solved challenges that might have been less obvious at first, culminating in the Segwit protocol, which created Bitcoin Cash, a relatively successful than Bitcoin. Other interventions were proposed to develop the Bitcoin Lightning Network. Ethereum has also developed Plasma and Casper. With the development of technology and infrastructure, we are seeing more and more people showing interest in cryptocurrencies. Institutional investors are expected to join soon after Goldman Sachs got interested. At the same time, heavyweight companies such as IBM, Starbucks and IEC began to accept encrypted crypto payments on their platforms.
On May 5th, 2019, Trump announced on his Twitter that this week will increase tariffs on 200 billion dollars of Chinese imports to the United States, and will soon impose additional hundreds of billions of dollars in imports to the United States. The unexpected news reversed previous market optimism about the outcome of Sino-US trade talks.
After Trump’s tariff threat, trade relations between China and the United States became tense again. On May 6, the three major stock indexes in the A-share market dropped which led to panic. The Shanghai Composite Index fell 3000 points. It fell more than 6% at that point. Coinciding with the popularity of “Avengers 4”, someone soon linked the two: Thanos snapped his fingers to destroy half of the population, and Trump wiped out half of the shareholders with one tweet.
We know that the existing real economic system is built based on national credit. National credit guarantees the payment and circulation of currency, the normal operation of finance, and the healthy development of the stock market. Based on national credit, investors’ optimistic attitude towards the overall economic situation has created a prosperous market. Therefore, some people say that “confidence” is the most valuable thing in the entire investment market.
Around the national credit, all fluctuations in the stock market are orderly and controllable. Whenever market confidence is low, the government will appear to stimulate the economy, boost confidence, and promote the whole market to turn in a healthy direction.
Today, Trump brazenly launched a trade war that directly targeted the foundation of the entire economic system. Investors suddenly find that when the overall “confidence” is under threat, all response measures within the traditional economic system will be invalid. Therefore, we see that any ups and downs of the Sino-US trade war will cause a violent reaction in the stock market.
It can be said that in this trade war, Trump has found the biggest weakness of the real economy. When “confidence” is threatened, it’s easy to use Twitter as a weapon to achieve results that previously required real money.
Every time Trump “snaps his fingers”, a large number of investors will suffer heavy losses.
Digital currency such as Bitcoin has long been regarded as the replacement and successor of fiat currencies. Compared with legal currency, digital currency relies on consensus to complete credit construction, spanning counties and races, and is independent of the traditional national credit system. In the view of the traditional credit system, this is a natural disadvantage of digital currency.
When Trump shattered the fragile shell of “national credit”, investors suddenly found that national credit is not so reliable, and in some cases, even more, fragile than the spontaneous consensus system. National credit may become the target of hostile countries, and transnational consensus cannot be shaken by any country.
In recent years, Syria, Iran, North Korea, Venezuela, and other hot spots are bound to see digital currency be active.
In the context of the Sino-US trade war, many people have turned their attention to the digital currency market: the digital currency market is more stable than the war-torn physical market.
With such huge opportunities in the field of blockchain and digital currency. The most important thing is how to give full play to the powerful advantages of blockchain and digital currency to solve the practical problems we face.
3. The Global Business Landscape Is Facing Challenges
Since the 1980s, the development of science and technology and the improvement of transportation conditions have promoted the in-depth exchange of global information, trade, culture and ideas, and the concept of globalisation has become a household name. The process of globalisation is changing the world economic and trade pattern visibly, and the international trade network is gradually taking shape. In the three decades from 1980 to 2011, the world merchandise trade grew at an annual rate of about 7%, reaching a total of 18 trillion dollars in 2011.
However, behind the prosperity, there are also many problems with the existing cross-border trade. These problems are particularly prominent in the context of the trade war.
- Lack Of Trust
Trust is an important element in cross-border trade. The logistics, capital flow and data flow in the business all need to rely on trust to maintain. However, in the current cross-border trade environment, there are relatively few technologies that can be used to support trust, but a large number of traditional paper documents, handwritten signatures, third-party escrow and other modes are used, which not only cannot effectively reduce the risk of fraud, but also affect the processing efficiency of cross-border trade to a certain extent.
The whole process of cross-border trade is not only full of participants and complex businesses, but also involves collaborative cooperation between participants and processes. Among them, most of this involves multiple participant in different countries, and even regulators in different countries. Due to the business particularity of cross-border trade, the absence or problem of any link in logistics, capital flow and information flow may lead to inefficient coordination of the entire business process. Which will directly affects the efficiency of trade and customs clearance.
- The Risk Is Huge
In the current environment where blockchain technology is not used, almost all technical solutions that can digitise cross-border trade provide centralised services or platforms. This type of system is characterised by a high degree of centralisation at the technical level and governance level. Each user is connected to the centre, which has very asymmetric rights and obligations far higher than ordinary participants. At the same time, such systems also have the problem of low transparency and strong dependence on the centre. Once the centre defaults, the entire system will suffer great damage if loses its connection.
4. OEG Was Born
To solve the above problems, we issued the OEG digital currency. OEG is the acronym of Online, Economics, and Ground, which means “Online Economics Ground”. It aims to provide users around the world with a secure, efficient, and circulating trusted trading system through the issuance of digital currency.
Through the circulation of OEG, the characteristics of currency investment can be used to help ordinary users in various countries in the world in regional crises and wars, ease the capital needs of enterprises in real situations, accomplish investors, internet investment platforms, physical enterprises and other aspects.
Saad Mushtaq was born and raised in the busy city of Abbottabad. As a journalist, Saad Mushtaq has contributed to many online publications including the PAK Today and the Huffing Post. In regards to academics, Saad Mushtaq earned a degree in business from the Abbottabad UST, Havelian. Saad Mushtaq follows the money and covers all aspects of emerging tech here at The Hear Up.Thanks
Great Resignation: How to beat Great Resignation with Employee Experience
The world was forever changed in late 2019 when the Coronavirus made its appearance. Countries shut down. Streets were empty. Companies held as best they could or were forced to close their doors. Many would believe that such an event would lead to employees wanting to hold on to their jobs. Typically, large numbers of resignations signify a good economy and abundant availability of jobs allowing people to follow passions instead of necessity.
Post-COVID employee experience is much different.
For two years, and some a bit more, people were forced to spend time alone, realigning the importance of human interaction, well-being, and happiness. This drive for more personal fulfilment, satisfaction, and growth stemmed The Great Resignation.
No longer were employees basing staying with jobs out of need or comfortability. Now they look for work-homelife balance, greater satisfaction and better employee experiences, or they will leave. So how do companies face this? How do they increase employee retention and improve employee engagement?
The secret is in employee experience.
Holistic Employee Experience
There are, of course, no quick fixes for the Great Resignation, small wins can motivate and drive longer-term goals for your organization. The Great Resignation—and COVID by extension—taught many employees that life meant so much more. That the daily grind working in offices with long commutes, stress, lack of rest or relaxation, and the hustle of strenuous work weeks while normal was not conducive to happiness and mental well-being.
But this shift can be used as a blueprint for better employee experience!
Companies who work on being human-centric in ideals, strategies, and decision-making can improve greatly their chances of stemming mass exodus. Post-covid employee experience is now the new golden standard, and it looks at taking a more comprehensive and holistic view of experiences.
How can you be more holistic and how does it help?
- Think beyond probationary periods – Your employees are more important than the first 30, 60, or 90 days of employment, and yet many companies stop professional development and training after these dates. Normalize career growth, evaluations, employee 360 reports, and feedback loops to keep learning and advancement in the scope of your employees. While doing this, you’re also keeping your strategies and Key Performance Indicators—KPIs—fresh as you go.
- Communication is key – Talk to your employees about what they need, want, desire, and what their ambitions may be. Learn your people like you want them to learn your company. With transparent and open communication, you are engaging with your employees and creating an environment of consistency, openness, and inclusion—aspects employees’ desire.
- Employee-centric Corporate Culture – It may seem like the best idea is to center your company culture around the company’s values, vision, and strategies, but this is only half the battle. Integrating employee experience into the fabric of company culture ensures the company is as focused on their employees’ happiness as their own. It creates a bond to grow engagement, which has an effect on employee satisfaction and experience. As these rates increase, so to can employee retention numbers and customer experiences.
- Life and work-balance Erasure – Should your employees have to ask for more work-life balance? No, they shouldn’t. When built directly into work environments or expectations, it becomes something standard instead of something to be sought after. Examples of this could be:
- Flex hours
- Unlimited PTO
- Work-from-home or hybrid offerings
- Expanded benefits to include mental health and free resources
- Altered work hour schedules
Rise of Human Experience
Human Experience is a viewpoint that blends aspects of customer experience with employee experience, important in a post-COVID world. Instead of viewing them as separate entities entirely, companies can connect metrics and measurements of both to view a more comprehensive experience. Employees are customers—or potential ones—and as such, so too can customers become employees. With this view, it refocuses employee experiences in direct answer to the needs stemming The Great Resignation.
Ways you can use CX strategies within EX:
- Employee Journey Mapping – Like in customer experience, companies can work on mapping journeys for positions within the company overall, building in professional development and growth from the outset. They can then alter these journeys through personalization when an employee fills that role.
- Monitoring metrics – connect goals, milestones, and trajectories with metric directly linked to KPIs. Think employee net promoter score (eNPS), employee experience (EX), employee satisfaction (ESAT), and employee engagement (EE), for example, as they can correlate with operational success as well as customer success with your organization.
- View of employees – view your employees with the importance you view your customers. You cannot survive without either, and just as you court customer loyalty for more profitable relationships, so to can employee relations boost revenue, growth, and expansion.
Remote and Hybrid Work
One of the lasting effects of COVID was the desire to work from home or have the flexibility to. According to Gallup, nearly half of full-time working Americans—45%—are still working remotely. White collar workers have even higher percentage, coming in at 70%. After the shutdown, many leaders were surprised to find employees still wanted to work remotely. The Pandemic exposed an internal need for conducive work environments and flexibility.
The office and all it entailed wasn’t as attractive as some leadership believed.
It was agile leadership who switched to maintaining remote or hybrid options who won out against competitors. Record job openings only further highlight how living is more important, and work can no longer be focused on only paying bills. Organizations who shift better with their employees retain talent better.
Remote work is not the only fix, but it does show how views of work’s place have vastly changed.
Act on Meaningful Feedback
Closing the loop between you and your employees is more important than ever before. Simply hearing them is not enough. Active, empathetic listening pair with actions on a consistent basis is the wining combination. Employees not only want to know they are heard but that their input is valued.
Regularly checking in with your employees, and not only attaching it to their performance, creates a culture of partnership.
Ways to gain meaningful feedback to inspire data-driven action:
- Employee 360 Review [LN1] [SP2] – not to be confused with an employee evaluation, the 360-degree review is a way for all employees to gain feedback from peers, subordinates, and managers to assist employee self-evaluation.
- Pulse checks – a powerful anonymous survey tool. Pulse checks are in between annual reviews and keep the feedback coming for HR initiatives, but it can also inform business strategies that are employee-focused as well.
- Surveys – From satisfaction to engagement, the best thing you can do is ask your employees. Working from assumptions can lead you down costly mistakes. By asking directly you can get their true opinions—think of using anonymity to influence candid responses.
The biggest takeaway from this is: employee experiences is an important part of operational success. The evolution of its importance and what it means cannot be discounted. Doing so can led to higher employee turnover rates and you won’t retain your best talent. As employee experience continues to change, the forward-thinking companies with innovative leadership will make it to the top.
[LN1]Would it be okay to tag our template here?
Yes, we can [SP2]
Khalil ur Rehman is a proud born and raised in Abbottabad. Khalil has worked as a journalist for nearly a decade having contributed to several large publications including the Yahoo News and The Verge. As a journalist for The Hear Up, Khalil covers climate and science news. [email protected]