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Abuja Blockchain & Digital Assets Conference 2019

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Blockchain being one of the most disruptive technologies which we see today provides us with solutions which have the potential to make government operations at different levels more efficient and improve the delivery of public services, while simultaneously increasing trust in the public sector.

In order to achieve this, there is a serious need for sensitisation of key individuals who have the capacity to implement these changes and make them work for the public, gaining access to the right people at the federal, state and local government levels engaged, excited and educated about the technology. Once the right people understand the promise of blockchain, existing problems that can be better solved through blockchain-based solutions instead of the existing technology infrastructure, then we can start retooling government processes.

To this effect all these and more would be addressed at the upcoming Abuja Blockchain & Digital Assets Conference 2019, this will be the eighth edition curated by Blockchain Nigeria User Group and it will bring together experts, industry stakeholders, thought leaders as well as the academia. They will come together and brainstorm on how blockchain and other emerging technologies of the fourth industrial revolution can be leveraged by the Nigeria government and her agencies for improved public service delivery.

Some of the expected Keynotes and Special Guest include:A Full List of Confirmed Special Guests, Keynotes, Speakers and Platform Presenters that would attend this event include:
1. Hon. Femi Gbajabiamila, Speaker HoR. Nigeria
2. Prof Kingsley Mughalu, UN Ambassador and Former Deputy Governor CBN
3. Honourable Solomon Adaelu, Member of the House of Representatives of Nigeria
4. Isa Pantami, Hon Minister of Communications
5. Kashifu Inuwa Abdullahi, DG NITDA
6. Joshua Hawley, Blockchain Advisory Mauritius
7. Abubakar Umar, Co-founder & CEO, Cynotrust Intelligent Systems
8. Bola Ajomale, MD NASD OTC Securities Exchange
9. Bolaji Onibudo, CEO Xendbit DEX
10. Emmanuel Darko, BDM Africa at VITE Lab, Silicon Valley
11. Davidson Oturu, Senior Partner Aelex
12. Adebayo Adebajo, MD Jelurida Africa
13. Deji Soetan, Managing Partner BAM Technology
14. Eloho Oyinvbi, CEO BFE Investment International
15. Dr. Leonard Eze, Bitcoin Maximalist
16. Germaine Ifudu, CEO First Kudi Exchange
17. Jamila Umar, Federal Ministry of Finance
18. Mohammed Ibrahim Jega, Founder Startup Arewa, co-founder Domineum.io
19. John Kamara, MIIA Cortex Africa
20. Abdulsalam Umar, Blockchain Solutions Architect
21. Khadijat Abdulkadir, CTO, Africa Prudential
22. Luke Kim, CMO Vite Lab, Silicon Valley
23. Emomotimi Agama, HOD Exchange Registration & Licensing SEC Nigeria
24. Victor Akoma-Philips COO Kubitx
25. Yahaya Maikori, Senior Partner, Law Allianz
26. Abekure Tega, CEO KurecoinHub
27. Chiagoziem Iwu, CEO, Naija Crypto
28. Franklin Peters. CEO Bitfxt
Age Beeka, Song Writer/ Musician for Live Entertainment & Performance.
Product Exhibition
1. NaijaCrypto
2. Bitfxt
3. KurecoinHub
4. Vite Labs
5. First Kudi Exchange
6. Payfty
7. BFC Investment International
8. Quanta
9. Jelurida Africa
10. Xendbit
11. NiMEDix
12. SuperExchanger
13. Sabiii Exchange

Amongst other Keynote speakers

Agenda: The Blockchain Trust-Architecture for Governance and Public Service.

How those currently in the Blockchain Trenches operate along with challenges and insights

Security, Risks and the future possibilities of blockchain technology

Date: 4-5 October 2019

Venue: Sheraton Hotels, Abuja Nigeria.

Visit here for more information about this event

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Bitcoin Cash adds Three New Features in its Upgrade as Bitcoin Price Hike Post Halving

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Change is an ever constant in life. In the world of technology, the rate of change could be quite challenging for those not really following. This is especially true in the crypto industry.

Bitcoin Cash, the most successful fork of the Bitcoin blockchain has successfully completed an upgrade to its blockchain. The upgrade adds three new features to the network. 

The three new features were added to the Consensus Rules in the network upgrade which occurred today May 15th, 2020. The first of the three new features was a new upcode support, Sigcheck implementations that allows an improved counting of signature operations and a chain limit extension. 

According to News.BTC, the upgrade went into effect immediately the first next block was mined after the chain initiated at block 635,258. 

The first of the new features allows for faster re-spending of unconfirmed transactions as developers have increased the chained transactions limit by 100% that’s from 25 to 50.

The second feature which was the new opcode supports OP_Reversebytes which reverses the bytes of the top stack item. The third feature of the upgrade was the Sigcheck. Sigcheck essential idea “is to perform counting solely in the spending transaction, and count actual executed signature check operations.”

This upgrade is one of two which occurs twice yearly. That’s May and November. The upgrade comes after the bitcoin network halved which reduced miners’ reward by 50% from 12.5 BTC  to 6.25 BTC. The impact of which has made the business unprofitable for some miners and has resulted in the hike of bitcoin transaction fees. 

With the reduction in the continuous supply of bitcoin from mining, elementary economics presents a likely increase in price. An idea that history has validated post halving.

What may be the position of the bitcoin network in terms of bitcoin transaction fees may not be so friendly, however, Bitcoin has shown resilience over it’s years of existence and things may just go back to ‘normal’ very soon.

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Vitalik Buterin Comments on HTC’s 1S Blockchain Phone, Says Mining on Phones is a Fool’s Game

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Creator of second largest cryptocurrency by market capitalization Ethereum, Vitalik Buterin has taken a swipe at the blockchain phone of popular electronics manufacturer HTC.

The latest device 1S which is termed a blockchain phone and able to mine cryptocurrency, specifically the privacy centric coin Monero XMR according to the manufacturer is designed to mine XMR when the device is connected to power source or not being utilized.

Buterin said mining on the phones is a fool’s game. And that the device goes against everything we know about hardware economies of scale and more likely to trick users with false hope than helping them.

The new of the device was recently reported by CryptoTVPlus which showed that the according to HTC, mining on the device will use a certain App called DeMiner to mine XMR.

The device which is expected to be available in the second quarter of the year worked by deactivating mining when the phone is in use or when it is not connected to a power source.

The firm handling the development of the App, Midas Labs compared mining in desktop computers to other powerful machines saying “mining monero (XMR), a privacy centric cryptocurrency, on desktops is not cost-efficient.” “………..a typical laptop can mine XMR of equivalent to around $0.06 per day by burning 65W of power, which costs roughly $0.0156 daily – a loss-making endeavour”.

Founder of Midas Labs also said the App (DeMiner) empowers EXODUS 1s users to mine at least $0.0038 of XMR per day on average, while the electricity cost is less that 50% of that. An endeavour which Vitalik Buterin called Fool’s Game.

Buterin said mining on mobile devices will likely trick users with false hopes than helping them. He continued further on staking on mobile devices is staking. In his words “*Staking* on phones, OTOH, is IMO quite promising…”

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Blockchain.com to lend Users USD pegged Stablecoins as it launches Borrow

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Blockchain.com has launched a new service called Borrow to enable users borrow USD pegged stablecoins. The service which is designed and built retail users allows its wallet users to fund their trade above the value of their holdings. 

Over the past year till now, the cryptocurrency lending market has been seeing some impressive activities from crypto financial firms. Exchanges are also not excluded as many exchanges now offer lending products and which they use to finance their margin trading platforms.

According to the company, Borrow works by allowing users to post their collateral, once this done, they receive their loan and can use it for whatever they desire. This presents an opportunity for retail traders to utilize funds to enter trades without having to close already opened positions. 

The decision to venture into crypto lending will no doubt have significant effect on the revenue of the popular wallet provider as it holds a large user base with over 40 million wallets already created as at today.

The service will allow its users across over 180 countries access funds above their current holdings collateralized by the cryptocurrency available in their wallets. 

Commenting on the launch of Borrow, Peter Smith, CEO of Blockchain.com said, “Institutional and retail investors have the same financial goals – grow wealth and manage risks – but the tools at their disposal are vastly different,” 

He went on saying “Now, with our suite of trading products and Borrow, retail users can trade like the big guys without selling the crypto they’ve stockpiled or leaving their wallet.”

In August, 2019, the popular crypto wallet provider had launched an institutional lending desk which has gathered interest ever since. The launch of Borrow was mentioned and the company said both retail and institutional investors will be able to tap into the same liquidity pool. 

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MoneyGram’s New Time Remittance Technology backed by Visa not Ripple

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A new service introduced by remittance giant (MoneyGram) which allows users to send and receive money in real-time has been credited to visa and not the work of its blockchain-based partner (Ripple) in an announcement by representatives of the company.

The recently launched Fastsend, a new service which allows clients to send money in real-time to a phone number through a mobile application or dedicated website. While responding to enquiries from news sources about the latest concept, it was revealed to much surprise that MoneyGram did not make use of the technology of Ripple to achieve the latest product.

Do we need blockchain for real-time settlements?

MoneyGram Chief Operating Officer, Kamila Chytil informed news sources that FastSend makes use of Visa’s Direct Original Credit Transaction to send funds to bank accounts making use of Debit card deposit which is clearly not blockchain-backed or related.

Without the need for DLT, the dedicated website and app make use of an open-source cloud-based microservices. Chytil further stated that although Ripple is not involved in the new product, the firm still makes use of Ripple’s blockchain in other fields of the company.

Also, Chytil made mention of MoneyGram’s continuous effort on how to utilize blockchain in areas where it could assist to solve data privacy and regulatory obligations via distributed ledger technology. In her remarks, she spoke highly of DLT technology and cryptocurrencies, stating that the firm believes blockchain to be the future of global cross border payments and transfer of money.

As MoneyGram continues to research on the multiple use cases in order to tap into Ripple’s tools while integrating with the recent version of Ripple’s service suit to introduce cash-out service to all network members.

It is worth noting that Ripple is gaining increased support and approval among financial institutions to provide them with its DLT services in Africa with the National Bank of Egypt joining its network, this has been seen as a welcome development as it would do well for the inward remittance within the region the Ripple Network.

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