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Wednesday, 15 June 2022

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Good morning!

Dennis here!

Below are the tech stories and news you need to know to start your day, carefully curated by Technext.
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Summary of the news

  • NITDA is seeking to regulate social media with a new Code of Practice
  • Microsoft said it will discontinue its flagship browser, Internet Explorer after 27 years
  • Coinbase said it will lay off 18% of its workforce as executives prepare for a recession and ‘crypto winter’
  • Elon Musk will hold his first meeting with Twitter staff since $44bn bid tomorrow
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NITDA's Code of Practice wants to be the morality police

Technext Round1
There is a new draft in town. The National Information Technology Development Agency (NITDA) tweeted the first draft of what it calls a "Code of Practice" for "Interactive Computer Service Platforms/Internet Intermediaries and Conditions for Operating in Nigeria."

In English, it means the draft, if passed into law will guide how social media platforms in Nigeria will operate.

On the best day, there is reason to be wary of a law that will see the government have direct access to citizens' private data, especially on what they do on social media. In Nigeria, it's a source of great concern.

It is important for social media companies in any country to be regulated. They should pay taxes. They should have an office in the country. They should collaborate will law enforcement, especially in criminal matters. The draft accommodates all of those.

But there are some clauses that should really make us all clutch our pearls even just a little bit.

Consider this excerpt below:

Disclose the identity of the creator of information on its Platform when directed to do so by a Court order. Provided that an order of this nature shall apply for the purpose of preventing, detecting, investigating, or prosecuting an offence concerning the sovereignty and integrity of Nigeria, public order, security, diplomatic relationships, felony, incitement of an offence relating to any of the above or in relation to rape, child abuse, or sexually explicit material. Where the first creator of the message in question is located outside Nigeria, the first creator of that information in Nigeria shall be deemed to be the first creator.

This is a very dangerous precedent because what the draft is arguing for is that, these social media companies will have to provide citizens' private data to law enforcement if they commit an offence concerning what it calls "the sovereignty and integrity of Nigeria." The problem is how that could be interpreted.

Then the draft also says that if any of the content on social media is created by a user outside Nigeria, "the first creator of that information in Nigeria shall be deemed to be the first creator."

What this means is that if a user in Nigeria for instance retweets any of this content or shares them on their Instagram stories, they have violated the law.

In Part IV which is on prohibited material, there is cause for concern about what prohibited material is. This is what the draft says prohibited material is:

That which is objectionable on the grounds of public interest, morality, order, security, peace, or is otherwise prohibited by applicable Nigerian laws.

Noticed the word "morality" in the excerpt? Then who defines what morality is and why is immorality still in documents like the "Code of Practice" draft in 2022 in a circular country? And why isn't it a cause for alarm?

NITDA is treading a very dangerous path, one that will have massive repercussions for years to come if this "Code of Practice" becomes enacted as law in its current state.
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The watch is over for Internet Explorer

Amazon
Microsoft has announced that the company’s oldest browser, Internet Explorer, would be out of operation tomorrow, June 15, 2022, after 27 years of operation. Users of the web browser will be automatically redirected to upgrade to Microsoft Edge as Internet Explorer 11 (IE11) will be disabled. But will Microsoft Edge be successful among users?

Sean Lyndersay, Microsoft Edge program manager said:

Not only is Microsoft Edge a quicker, more secure, and more contemporary browsing experience than Internet Explorer, but it also addresses a crucial concern: compatibility for older, legacy websites and applications.

I for one can't say I miss it because it never really was my go-to browser, even as computer manufacturers carefully place it close to the home button or as the default browser. I guess the lesson here is that people will use what they will use only if they like it.
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Coinbase lays off 18% of workforce as executives prepare for recession and ‘crypto winter’

BitCoin
The layoffs aren't quite over yet. As the tech industry bleeds from one of the worst quarters in a while, there have been massive layoffs and a halt in hiring in places like Netflix and Uber. Shira Ovide of the New York Times is calling this time in history for tech hiring "bonkers."

Now you can add CoinBase to that growing list. Why? The CEO Brian Armstrong said in a statement announcing the decision that the company "grew too quickly," a Silicon Valley trend that has fully sipped into Nigeria. I could not agree more.

“We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period,” Armstrong said in the email, adding that past crypto winters have resulted in a significant decline in trading activity. “While it’s hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment.”

This comes after JPMorgan slashed its price target for CoinBase to $68 from $171. Coinbase, one grounds the company will "struggle to turn a profit."

With hedge fund and venture capital firms springing up to pump millions of dollars into tech startups, there seems to be an urge for founders who have access to these funds to always seek them out and grow and expand.

But just like I opined yesterday, why not take out time to grow locally and fully integrate other states? So that down the line, you do not hit a roadblock and have to, like CoinBase, lay off staff.
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Elon Musk to hold first meeting with Twitter staff since $44bn bid

Netflix
After a lot of posturing, Elon Musk will finally be in an "all-hands meeting" with the entire Twitter staff tomorrow.

This comes after Musk said that he might walk away from the deal to buy the micro-blogging platforms.

But the deal seems to be moving forward even though speculations are that he is looking for a better deal. Musk insists that now that Twitter has shared its entire data with him, he is ready to forge ahead with a full takeover.

Sources tell Business Insider that he will take questions from Twitter staff, many of whom haven't had nice things to say in the press about the prospect of Elon Musk as their new boss. This is after all the man who recently sent a letter to his staff at Tesla that they must be physically present in the office for a "minimum of 40 hours per week or depart" the company.

Plus the Twitter team is not very keen of the ideas that Musk has shared about why he wants to take over the company, which he has called "the de facto town square."

On top of the list is bringing former American president Donald Trump back on the app.
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Have a great day!
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