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Chinese Workers Paid in CBDC Convert Digital Currency to Fiat: Report | IDOs News

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Chinese Workers Paid in CBDC Convert Digital Currency to Fiat: Report | IDOs News


By Fhumulani Lukoto, updated July 2, 2024

China’s ambitious foray into Central Bank Digital Currency (CBDC) has taken a significant turn as reports emerge of workers cashing out their digital earnings for tangible fiat currency.

Overview

On May 13, 2024, a South China Morning Post report revealed that some Chinese cities have begun paying state employees in the country’s CBDC, but most of these early adopters convert it to cash immediately. Sammy Lin, an account manager at a Chinese state bank in Suzhou, said, “I prefer not to keep the money in the e-CNY app because there’s no interest if I leave it there.” Lin added, “There are also not so many places, online or offline, where I can use the e-yuan.” 

Civil servant Andrew Wang revealed that he was not too worried by the idea of digital cash as it was only a tiny part of his salary being paid  In digital yuan. However, Wang’s spouse, who gets paid entirely in digital yuan, promptly converts the entire sum to physical cash upon receiving it, citing the limited usefulness of the digital currency. Wang said, “She can’t deposit the money or buy financial products with the e-CNY wallet.” The adoption of CBDC, often touted for its efficiency and traceability, faces a new challenge as workers seek to convert their digital wages into traditional money. This development raises questions about the efficacy of CBDC in daily transactions and its potential impact on China’s economy.

Workers’ Behaviour

The transition to CBDC payments for workers across various sectors was intended to streamline transactions and reduce reliance on physical cash. However, recent reports suggest that many Chinese workers convert their digital earnings into fiat currency, undermining the government’s efforts to advance the digital yuan. Several factors contribute to this behaviour:

  1. There needs to be more trust in the stability of digital currencies, particularly among older generations accustomed to traditional forms of money. According to a report by SCMP, although China has embraced a cashless society for nearly a decade, many Chinese people are still reluctant to fully adopt the digital yuan. This hesitancy is attributed to concerns about surveillance and the limited practicality of digital currency in various situations.
  2. Concerns about privacy and government surveillance may drive individuals to prefer cash transactions over digital ones.
  3. The ease of converting CBDC to fiat currency through various platforms and informal networks makes it a convenient option for workers seeking liquidity.

Despite authorities’ efforts to promote the digital yuan as a viable alternative to cash, the preference for tangible money persists among many Chinese residents. Experts at bitcoinsynergy.net mentioned that despite reservations, transactions worth over $250 billion have been carried out using the digital yuan as of July 20 2023.  

Challenges for CBDC Adoption

The growing trend of workers cashing out their CBDC earnings presents a significant challenge to China’s efforts to promote digital currency adoption. One of the primary objectives of introducing CBDC was to create a more efficient and transparent financial system. However, if workers continue to convert their digital wages into cash, it could undermine the government’s ability to track and regulate transactions. Furthermore, the widespread conversion of CBDC to fiat currency could hinder the development of digital payment infrastructure in China.

Businesses may only be willing to invest in digital payment systems if there is limited demand for CBDC transactions. This could slow the adoption of digital currencies and impede China’s progress toward a cashless society. Ye Dongyan, a researcher at Beijing’s Cheung Kong Graduate School of Business, emphasised the necessity for a greater focus on achieving a balance between privacy and security should the government intend to implement the digital yuan across the entirety of China. Dongyan said, “Paper currency is used anonymously, but the digital yuan is different. The boundaries between information tracking and information security protection need more deliberation.” 

Government Response

The Chinese government has taken several measures to encourage digital currency usage in response to the challenges posed by workers cashing out their CBDC earnings. These include promoting merchants’ acceptance of CBDC and offering incentives for digital transactions. Additionally, authorities are exploring ways to enhance CBDC’s features to make it more attractive to users. 

This may involve introducing incentives such as loyalty programs or discounts for individuals who use digital currency for their purchases. Furthermore, efforts are underway to educate the public about CBDC’s benefits and address concerns related to privacy and security. The government hopes to encourage greater acceptance and usage of digital currency among Chinese residents by building trust and confidence in the digital yuan. Since its introduction in 2020, various regions in China have been striving to increase the acceptance of the CBDC. Several cities have distributed over 180 million Chinese yuan ($26.5 million) in subsidies and consumption coupons. 

The emergence of reports indicating that Chinese workers are converting their CBDC earnings into fiat currency highlights the challenges facing the adoption of digital currencies. Despite the government’s efforts to advance the digital yuan, deep-rooted preferences for cash and concerns about privacy and security influence consumer behaviour.

Addressing these challenges will require a multifaceted approach that combines regulatory measures, technological innovation, and public education. By fostering trust and confidence in CBDC and enhancing its usability, China can overcome barriers to adoption and realise the full potential of digital currency in its economy.


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Advantages of Mobile Apps in Gambling: The Example of Pin Up App | IDOs News

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Advantages of Mobile Apps in Gambling: The Example of Pin Up App | IDOs News


By Terry Ashton, updated August 31, 2024

Online gambling is going mobile — over 50% of players are already playing casino games on their mobile devices, and their number is expected to grow further. But does a mobile app have actual advantages over browser-based play? We decided to do more profound research by accessing and trying gambling on a desktop browser, mobile browser, and the app. That allowed us to distinguish casino mobile applications’ key benefits and drawbacks. If you’re considering using one, just keep reading — we will share some helpful insights below. 

Benefits of Mobile Play at Pin Up Casino

The rise of online gambling happens for multiple reasons, including the following ones: 

  • Ultimate accessibility. You can access the app anywhere, even on the go. You don’t need to take additional actions — the casino opens with just one click. 
  • Lower Internet requirements, offline play. If you play for fun, you can do it even without an Internet connection. If you prefer to play real money, the requirements for an Internet connection will still be much lower because most data is already downloaded to your device. 
  • Push notifications. You can immediately learn about the new top promotions and the hottest games without checking your email. 
  • Special bonuses. Sometimes, special bonuses are granted to mobile players. Some casinos may add them occasionally to encourage players to play on apps. 
  • The same game selection. If a casino is modern and cooperates with top providers, all games will be compatible with mobile devices. For instance, if you play at Pin Up casino online, you can access the same collection of games. That goes not only for slots but also for live games, table games, etc. 
  • Higher security standards. The app is protected even better than the site. Data is encrypted, and the chance that anyone will access your account is close to zero. 

Registration also goes smoothly. Once you sign up on the browser or app, you can access the platform with just one click by entering your Pin Up login and password. 

Considering the Cons: Potential Drawbacks of Using a Pin-Up Mobile App 

Nothing is perfect, and neither are casino apps. Gamblers should also consider the drawbacks, and the most common ones are as follows: 

  • Installing software is a must. You need to install the software on your phone. It’s safe if it’s the official casino site and a good product. However, clicking on the wrong link and downloading the wrong APK file may result in problems. 
  • Battery drain and storage space. It’s no secret that charging the phone all the time is annoying, and innovative slots with top graphics may drain your battery quickly. Also, though most apps don’t take much space (in the case of Pin Up, it’s just about 100 Mb), they still require more effort to manage it. 
  • Compatibility requirements. Any app will have technical requirements, and most aren’t compatible with old mobile devices and tablets. Also, you’ll need to install updates quite regularly. 
  • Smaller screen. This is a disadvantage for those who prefer playing on larger screens, particularly those who prefer live dealer games. 

Do the pros outweigh the cons for you? If yes, the mobile app will boost your experience. If not, browser play may be a better option. 

Final Thoughts: The App vs. Browser Play at Pin-Up Casino

Technology is shaping the industry. Nowadays, there’s no such significant difference between playing on a mobile app and a mobile or desktop browser. You get the same game selection, the same bonuses, and the same smooth experience. So, it’s a matter of taste. Choose what will work best for you and enjoy your play.


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NVIDIA Introduces Fast Inversion Technique for Real-Time Image Editing | IDOs News

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NVIDIA Introduces Fast Inversion Technique for Real-Time Image Editing | IDOs News




Terrill Dicki
Aug 31, 2024 01:25

NVIDIA’s new Regularized Newton-Raphson Inversion (RNRI) method offers rapid and accurate real-time image editing based on text prompts.





NVIDIA has unveiled an innovative method called Regularized Newton-Raphson Inversion (RNRI) aimed at enhancing real-time image editing capabilities based on text prompts. This breakthrough, highlighted on the NVIDIA Technical Blog, promises to balance speed and accuracy, making it a significant advancement in the field of text-to-image diffusion models.

Understanding Text-to-Image Diffusion Models

Text-to-image diffusion models generate high-fidelity images from user-provided text prompts by mapping random samples from a high-dimensional space. These models undergo a series of denoising steps to create a representation of the corresponding image. The technology has applications beyond simple image generation, including personalized concept depiction and semantic data augmentation.

The Role of Inversion in Image Editing

Inversion involves finding a noise seed that, when processed through the denoising steps, reconstructs the original image. This process is crucial for tasks like making local changes to an image based on a text prompt while keeping other parts unchanged. Traditional inversion methods often struggle with balancing computational efficiency and accuracy.

Introducing Regularized Newton-Raphson Inversion (RNRI)

RNRI is a novel inversion technique that outperforms existing methods by offering rapid convergence, superior accuracy, reduced execution time, and improved memory efficiency. It achieves this by solving an implicit equation using the Newton-Raphson iterative method, enhanced with a regularization term to ensure the solutions are well-distributed and accurate.

Comparative Performance

Figure 2 on the NVIDIA Technical Blog compares the quality of reconstructed images using different inversion methods. RNRI shows significant improvements in PSNR (Peak Signal-to-Noise Ratio) and run time over recent methods, tested on a single NVIDIA A100 GPU. The method excels in maintaining image fidelity while adhering closely to the text prompt.

Real-World Applications and Evaluation

RNRI has been evaluated on 100 MS-COCO images, showing superior performance in both CLIP-based scores (for text prompt compliance) and LPIPS scores (for structure preservation). Figure 3 demonstrates RNRI’s capability to edit images naturally while preserving their original structure, outperforming other state-of-the-art methods.

Conclusion

The introduction of RNRI marks a significant advancement in text-to-image diffusion models, enabling real-time image editing with unprecedented accuracy and efficiency. This method holds promise for a wide range of applications, from semantic data augmentation to generating rare-concept images.

For more detailed information, visit the NVIDIA Technical Blog.

Image source: Shutterstock



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AMD Radeon PRO GPUs and ROCm Software Expand LLM Inference Capabilities | IDOs News

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AMD Radeon PRO GPUs and ROCm Software Expand LLM Inference Capabilities | IDOs News




Felix Pinkston
Aug 31, 2024 01:52

AMD’s Radeon PRO GPUs and ROCm software enable small enterprises to leverage advanced AI tools, including Meta’s Llama models, for various business applications.





AMD has announced advancements in its Radeon PRO GPUs and ROCm software, enabling small enterprises to leverage Large Language Models (LLMs) like Meta’s Llama 2 and 3, including the newly released Llama 3.1, according to AMD.com.

New Capabilities for Small Enterprises

With dedicated AI accelerators and substantial on-board memory, AMD’s Radeon PRO W7900 Dual Slot GPU offers market-leading performance per dollar, making it feasible for small firms to run custom AI tools locally. This includes applications such as chatbots, technical documentation retrieval, and personalized sales pitches. The specialized Code Llama models further enable programmers to generate and optimize code for new digital products.

The latest release of AMD’s open software stack, ROCm 6.1.3, supports running AI tools on multiple Radeon PRO GPUs. This enhancement allows small and medium-sized enterprises (SMEs) to handle larger and more complex LLMs, supporting more users simultaneously.

Expanding Use Cases for LLMs

While AI techniques are already prevalent in data analysis, computer vision, and generative design, the potential use cases for AI extend far beyond these areas. Specialized LLMs like Meta’s Code Llama enable app developers and web designers to generate working code from simple text prompts or debug existing code bases. The parent model, Llama, offers extensive applications in customer service, information retrieval, and product personalization.

Small enterprises can utilize retrieval-augmented generation (RAG) to make AI models aware of their internal data, such as product documentation or customer records. This customization results in more accurate AI-generated outputs with less need for manual editing.

Local Hosting Benefits

Despite the availability of cloud-based AI services, local hosting of LLMs offers significant advantages:

  • Data Security: Running AI models locally eliminates the need to upload sensitive data to the cloud, addressing major concerns about data sharing.
  • Lower Latency: Local hosting reduces lag, providing instant feedback in applications like chatbots and real-time support.
  • Control Over Tasks: Local deployment allows technical staff to troubleshoot and update AI tools without relying on remote service providers.
  • Sandbox Environment: Local workstations can serve as sandbox environments for prototyping and testing new AI tools before full-scale deployment.

AMD’s AI Performance

For SMEs, hosting custom AI tools need not be complex or expensive. Applications like LM Studio facilitate running LLMs on standard Windows laptops and desktop systems. LM Studio is optimized to run on AMD GPUs via the HIP runtime API, leveraging the dedicated AI Accelerators in current AMD graphics cards to boost performance.

Professional GPUs like the 32GB Radeon PRO W7800 and 48GB Radeon PRO W7900 offer sufficient memory to run larger models, such as the 30-billion-parameter Llama-2-30B-Q8. ROCm 6.1.3 introduces support for multiple Radeon PRO GPUs, enabling enterprises to deploy systems with multiple GPUs to serve requests from numerous users simultaneously.

Performance tests with Llama 2 indicate that the Radeon PRO W7900 offers up to 38% higher performance-per-dollar compared to NVIDIA’s RTX 6000 Ada Generation, making it a cost-effective solution for SMEs.

With the evolving capabilities of AMD’s hardware and software, even small enterprises can now deploy and customize LLMs to enhance various business and coding tasks, avoiding the need to upload sensitive data to the cloud.

Image source: Shutterstock



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