Facebook’s ‘Cryptocurrency’: All You Need to Know about Libra

Business How To’s

30 July 2019

Facebook’s ‘Cryptocurrency’: All You Need to Know about Libra

  • Posted by Awfis Editorial

Cryptocurrencies are believed to usher in the next digital wave, and why not? Their potential is undeniable when it comes to easing payment processes and making them much more secure. Add to it the fact that they are decentralized and come with near-zero processing fees, the scope of cryptocurrency is beyond general imagination.

Not someone to fall behind in emulating disruptive trends, Facebook announced its own cryptocurrency, Libra, on June 18, 2019, and is planning to publicly launch it in 2020. Read on to know more about Libra.

How stable is Libra?

Libra is a cryptocurrency that is intended to be sent instantly, and with almost no fees, anywhere in the world. It is built on the same principles as Bitcoin, but unlike Bitcoin, whose stability is followed by a huge question mark, Libra aims to have a stable value backed by trusted international currencies, such as the Dollar, Euro, and Yen. Libra will be pegged to a group of low-volatility assets, including fiat currencies, bank deposits, and government securities, which makes it extremely stable.

Is Libra a pure cryptocurrency?

This is a pretty contentious question that started making the rounds soon after Libra was announced. Let us make it clear for you. Compared to the Rupee or Dollar, Libra is definitely a cryptocurrency, since there’s no central bank that controls its minting.

However, compared to bitcoin, Libra isn’t as pure. While bitcoin is a permissionless system, meaning anyone can participate, Libra is a permissioned system, which means only a trusted few entities can keep track of its ledger (that is, mine the coin). But then, Libra will allow you to buy and transfer money under a pseudonym, which again makes it a cryptocurrency.

According to Nicholas Weaver, a researcher at the International Computer Science Institute, Libra is indeed a cryptocurrency and the permissioned model only means it needs less computing power.

How exactly does Libra work?

Basically, you cash in a local currency to get Libra, spend it like you would spend rupees without huge transaction fees or your real name attached, and cash it out whenever you want. Every time you buy Libra, your money is deposited in a bank account where it sits untouched. This is to ensure that every Dollar’s worth of Libra is backed by a Dollar in the bank, so it can generate interest that can be used to pay back the cryptocurrency’s initial investors.

What is the Libra Association?

In an attempt to spur Libra’s adoption and make it more stable, Facebook recruited the founding members of the Libra Association, a not-for-profit that will oversee the development of the cryptocurrency. The association will also monitor the reserve of real-world assets that gives Libra its value so as to avoid any untoward incidents that might nudge the cryptocurrency to crash.

For now, there are 28 founding members of the Libra Association, including giants like Visa, Uber, and MasterCard, which have invested at least $10 million each into the project’s operations. Facebook hopes to reach 100 founding members before the official Libra launch.

How will Libra be governed?

The Libra Association will be responsible for recruiting more founding members. Facebook claims that every member of the association will only get up to one vote or 1% of the total vote (whichever is larger) in the Libra Association Council. This is to provide a level of decentralization that will protect against Facebook or any other player attempting to hijack Libra for their own gains.

Plus, the association will also be responsible for protecting your privacy by never mingling your Libra payments with your Facebook data. Your real identity will not be revealed at any point, so Libra can’t be used for ad targeting.

Conclusion

Despite all the controversy that’s been going around the announcement of Libra, Facebook got one thing right for sure. Traditional money isn’t really accessible to everyone; you’d need a bank account at least. Facebook hopes to create a global currency that can be accessed by anyone with a simple internet connection, sans the concerns of theft, misuse, and heavy transaction fees. If Libra successfully gains universal traction, the world will become a much smaller place than all the News Feed Likes combined.

5 Myths about Coworking Spaces Debunked

Business How To’s

04 February 2020

5 Myths about Coworking Spaces Debunked

  • Posted by Awfis Editorial

In a world where startups are booming, and more people than ever are venturing into entrepreneurship, a coworking space becomes a blessing! This has given rise to multiple shared working spaces in India.  Typically, coworking offices offer business-standard infrastructure, including cubicles and meeting rooms along with top-notch amenities for people who are early-stage-entrepreneurs – individuals or groups. They provide the perfect environment to grow creatively and financially as well as provide extensive networking opportunities.

However, as with anything new, multiple myths surround these shared spaces. These myths often don’t hold ground and need to be cleared for it not to become a hindrance in your way.

The top five myths around coworking include:

Myth One: Coworking offices are expensive.

 

A coworking space is never going to cost more than renting or buying an exclusive property. Usually, the charges are per seat or combined for a large team. Further, coworking offices often have great deals and discounts depending on your requirements.

When someone tries to build their own office space, the infrastructure is not the only cost at hand. One has to take care of electricity, appliances, hospitality support, etc. Whereas, all these things are together taken care of by the coworking provider. Hence, whenever you want to compare the costs, do take into account the miscellaneous expenses which are already included in the coworking space price.

Myth Two: Business privacy goes for a toss in a coworking space.

 

It is natural to think so, because unlike private self-owned offices, here you will be sharing the space with others as well. But it all depends on how you can utilize the space and make the most of the services provided by the provider. For confidential discussions, it is ideal to take a meeting room where the conversations remain private within the coworking spaces. So, it is all about where you are having those discussions; if you are careful, all information stays safe and private.

Myth Three: Working in a coworking office is the same as working from home or a coffee house.

 

Coworking spaces provide amenities and infrastructures that become a perfect fit for business and creativity. At home or a coffee shop, you might find the ideal corner, but will always miss out on the professional office vibes of a shared working space. The infrastructure itself differentiates it from an average coffee shop. Also, things like stationary, excellent wifi, hospitality support and tech assistance are things that coworking offices can offer.

Moreover, the most significant advantage of choosing a coworking space over cafes or home is that there will be less distraction. Also, not to forget, when one walks into a coworking, they walk into a pool of network where ideas can really grow. Often there are networking events and unwind sessions organized by the coworking centres that help businesses get inspired.

Myth Four: Coworking offices are too noisy!

 

You might assume that because it is a shared office space, the environment will be noisy, disturbing and unproductive. But the reality is, the atmosphere is extraordinarily conducive and calming. Nobody likes a place with constant chattering, so everyone makes conscious effort to make sure that their discussions are as silent as possible. Additionally, almost every coworking office will have open areas where people usually step out to have conversations, therefore, making the actual working area peaceful.

Myth Five: It is only for freelancers and extremely small groups.

 

It is a common misconception that coworking spaces are the go-to choice for only small-scale businesses. Step into any coworking space, and you would be surprised to see even mid-scale or big scale groups there. You can book as many seats as you want, which quashes the myth about limited space and seating in a coworking is absolutely false. It is all about making that inquiry call and opening the gateway to better opportunities and spaces.

With these myths debunked, one can be assured that there is no reason to be hesitant about opting for a shared office space.

Awfis offers excellently designed and competitively priced coworking offices across various locations in India. Walk into any one of our centres to witness practically designed spaces, calming décor, productive work areas and extensive networking opportunities. Visit an Awfis space today!

Marketing 101: How to Organically Build a Brand in a New High-Growth Category

Business How To’s

20 January 2020

Marketing 101: How to Organically Build a Brand in a New High-Growth Category

  • Posted by Awfis Editorial

Embarking on the journey of building a brand – especially one that belongs to a relatively new category – is no child’s play. It entails bridging the existing gaps in the sector while staying true to the brand vision. The competition may be significantly low, but so is the general awareness around the category. And this is where the challenge lies.

With renewed focus on flexibility, mobility & suiting the work preferences of the millennial workforce, most companies are adapting Coworking spaces. As per a Colliers International Report 2019l, the big jump in expansion has been in the last five years, between 2014 and end of 2018, where the number of flexible workspace sites expanded by +205% while the number of operators expanded by +138%The growth potential of the category is undoubtedly enormous, but how does one build the brand is a question that hovers around.

Here are the 5 steps of organically building a brand in a high-growth and new category.

Positively impact the stakeholders

Coworking spaces naturally have multiple stakeholders – landlords, brokers, tenants& own employees. Starting with the direct stakeholders is the most reasonable way of going forward as it gives one the leverage of word of mouth. It is a synergistic partnership where each stakeholder has a crucial role to play and reap benefits in return. For example, the landlord will only gain if more people opt for the coworking space. Again, the greater the number of tenants, the more popular the coworking space is likely to become. This in turn adds value to the tenant’s office location while also providing greater networking opportunities. It’s imperative that each employee/staff of the coworking space becomes a brand custodian & delivers as per the brand promise to the stakeholders at every step of the way.

Identify the high-impact touchpoints

Customers are everything to a brand; they are the reason the brand exists in the first place. Hence, identifying the right touchpoints is an integral part of brand building. For a coworking space to grow its brand, leveraging cost-effective yet highly impactful touchpoints is the key. Office buildings are the most effective to grab attention of office goers. Attention seizing building facades & signages at the entrance never go unnoticed and serve as high visibility touchpoints. While having hoardings and signages at prime locations can do the trick, there’s nothing cheaper and effective than online engagement, which brings us to the next step.

 Focus on real conversations/engagements online

The target audience for most coworking spaces is millennials, which is why a strong social media presence is crucial. Creating the brand’s own niche and building a community on social media can go a long way in ensuring maximum engagement.  For example, sharing relevant content and latest industry news, celebrating members’ successes, covering and promoting brand events, and raising awareness around causes close to the brand are highly effective in creating a conversation and building a community. It also goes on to show that the brand cares about its customers, thereby boosting brand image and presence.

Effectively use PR

A good public relations campaign is the backbone of building a strong brand image across offline and online channels. The PR campaign should essentially aid the brand’s objective of creating a niche. PR can be used as a robust tool to build thought leadership and establish a strong recall value. It is important to ensure that PR communications are consistent across all channels to achieve maximum impact.

Build brand partnerships

Affiliate marketing has been around for years and is one of the primary ways to drive traffic and generate sales. Coworking spaces can leverage this to reduce cost per lead while benefiting from the partner brand’s customer base & brand reputation.

Establishing tie-ups with brands by offering value to their customers through discounts on products/services is the right way. Coworking spaces can partner with BFSI companies, business hotels, retail brands, cab providers, etc. to delight customers on both sides. When done right, it also reflects brand’s genuine care for customers.

Coworking spaces are seeing a steady rise, thanks to incredible technological advancements and a shift in work cultures towards more flexible schedules. And if their branding game is top-notch, the opportunities to grow are tremendous.

The New Age Business Leaders’ Guide to New Year Resolutions

Business How To’s

26 December 2019

The New Age Business Leaders’ Guide to New Year Resolutions

  • Posted by Awfis Editorial

Come December, and the unmistakable buzz of the season is ‘New Year Resolutions’. It is that time of the year when many of us make plans to change for the better – both in our personal and professional lives. And business leaders are no exception to this tradition. However, as a new-age business leader, what should feature on your list of 2020 resolutions?

Here are our top picks:

Fail without fear

While risk-taking is part of the package in the world of business, start-ups and especially younger entrepreneurs are considered to be more financially fragile and risk-averse. New Year is the perfect occasion to bring about a change.

Every failure is but a disguised opportunity for learning and growth. Through creativity, trial and error, there will be subsequent victories. Let 2020 be the year when we fail without fear when we learn our lessons and chart new success stories.

Take radical responsibility

Every workspace has its own challenges. However, unconventional work environments call for progressive leadership qualities. Creating a harmonious and healthy work environment, particularly in the intimacy of a coworking set-up, demands radical responsibility towards clear and effective communication. This can be a small step towards changing the dynamics of your company culture.

By assuming radical responsibility, you take mindful action. As a new age business leader can you respect the strengths of the millennial generation, while also understanding their weaknesses? In 2020, let the emphasis be on productive discourses and constructive conversations. Unlike conventional offices, the open-door policy of a coworking set-up offers a fertile ground for a healthy exchange of ideas and robust professional relationships.

Foster learning

Complacency and disinterest are most frequently bred where there is a lack of learning, growth or active development. Success can only be guaranteed in a culture that fosters learning. So, it’s important to engage and retain employees with valuable programmes in relevant skills training.

In 2020, don’t just empower your company with tools and resources that they need to improve themselves, but also make them appealing. If you already have a programme, see if there are ways in which you can expand it further or make it more relevant to your team. The bonus? Invested employees and lower attrition.

Invest in self-care

Self-care is arguably the most under-rated leadership quality. Virgin Group founder Richard Branson says he finds kitesurfing therapeutic as well as a great way to stay in shape. In 2020, take inspiration from some of the world’s most successful leaders, by eating a life-enhancing diet and prioritizing regular exercise. Find yourself a physical and mental activity that enriches the quality of your life.

Sustainable leadership comes from the ability to take care of your own health. Whether it’s getting adequate sleep or taking up a sport to stay physically and mentally agile or taking a much-needed digital detox once a month in the coming New Year, new age leaders must lead by example. After all, a new age leader is someone who is versatile with his or her range of skills that go beyond official designations, hierarchies, geographies, and functions. It requires one to be at the front line of action to be able to foresee change, adapt and benefit from it.

In conclusion

We have kept the technology out on purpose. We know that new age leaders are tech-obsessed and that digital future promises to be the ultimate key for infinite scalability. However, we are looking beyond tech – because that gets updated regularly.

Happy New Year!