The blockchain technology is taking the world by a storm and Nigeria is part of the countries riding on its tide. It goes beyond cryptocurrency which is its most common use case and branches into various industries and sectors. The blockchain technology is a decentralized, open source and distributed database used to record transactions across many computers in such a way that data cannot be altered without causing a disruption across subsequent blocks in the network.
The big question seems to be how the blockchain technology can cause a radical change in the way and method in which things have been done in Africa in general and Nigeria in particular? And if there is an aspect that the transparent nature of the blockchain technology would be needed in Africa, it would be in tackling corruption. The adoption of the technology across the continent is moving quite slowly but surely. Countries like Kenya have embraced the technology by setting up an 11-member task force to focus on how the country can maximize the benefits of the blockchain and Internet of things (IoT).
Although countries like Nigeria, known as the giant of Africa is still dragging her feet on the blockchain technology, choosing rather, to focus on cryptocurrency and its volatility. The blockchain technology will aid in fighting against corruption in the following sectors.
In February, Agora a Swiss-based blockchain company offering verified voting solutions built on their blockchain network to governments made a claim that they conducted the very first blockchain based election in the world in Sierra Leone. Although the Government debunked the claim, imagine the bloodshed and stress a trustworthy election can prevent in Nigeria. The 2015 presidential elections that was reportedly rigged in some parts of the country can be verified using the blockchain technology.
The public healthcare system of Nigeria is hanging by threads and applying the blockchain technology to this sector will help a great deal. As it stands, the rural healthcare institution is relatively untouched by technological advancement. Also, the sector is even grossly unrepresented in the national budget with just 3.95% of the total national budget for 2018 allocated to health. The problem isn’t the misrepresentation of the health sector in the national budget but the fact that the budget is not fully actualized leading to a depreciated health sector. But with the application of blockchain to issues ranging from medical records to managing pharmaceutical supply chain transactions and execution of the healthcare sector can be monitored on the blockchain network.
Most of the Northern states in Nigeria have been battling with terrorism for some time now. With a terrorist group known as Boko Haram kidnapping young girls and training teenage boys to be suicide bombers. Tracking transactions is still needed as the blockchain technology makes it difficult to fund terrorism especially with the use of a cryptocurrency like Bitcoin.
The blockchain technology can be applied in a multitude of ways including identification such as the government of Estonia is doing. By allowing citizens access variety of services and rights enable by their e-identities. Pensioners should not be left out as tracking their pensions and gratuity will be easy and there will be lesser pension and tax fraud.
While we wait for the Government of Nigeria to adopt the blockchain technology, its citizens are already making use of cryptocurrencies, solving problems by creating blockchain startups and creating a name for themselves. The dream of Nigeria taking the front row in the crypto and blockchain space is one we hope comes true very soon.
Tether Prints Another 100M USDT On The Ethereum Blockchain
Tether, the company behind the cryptocurrency with a value meant to mirror the value of the U.S. dollar known as Tether Dollars (USDT), has just printed another 100m USDT on the blockchain. Within the course of last week, Tether has emitted a total amount of $250m USDT into the Ethereum blockchain, remarkably stirring the air about its claim of being a stablecoin. Tether has been known as a very controversial cryptocurrency in the cryptospace.
Since the beginning of this year, regular issuances of large amounts of the USDT have been routine for Tether. There have been a record of about 10 prints of $20 million to $150 million so far this year, one occurring (roughly) every two and a half weeks. Before that, the last print–which was for $30 million–occurred on January 29th, 2018.
Tether’s recent printing of the $100 million USDT made its market capitalisation to catapult from $2.8 billion from just a few months back to about a grand total of $3.5 billion.
Although Tether has printed a whooping figure of USDT, most of the coins have not been put into circulation as confirmed by Paolo Ardoino and the company’s official transparency page.
Paolo Ardoino is the CTO of Bitfinex. According to him the Tether that has just been emitted in the blockchain will not be issued quite yet. It has not been authorized but will become a part of the circulation once the demand will be higher than the supply. He makes this utterance in reference to the USDT printing that occured on June 11th. In his words, the new USDT is “authorized but not issued”; in other words, it “was created in the treasury wallet that will be used to fulfill future issuance requests.”
Quite similar to Paolo’s view or rather taken as a confirmation of what he says, Tether’s official transparency page avers that $99.8 million USDT is “authorized but not issued” on the Ethereum blockchain yet.
Block.one Offers Early Backers a 6567% ROI Buyout Option
Block.one, the Cayman Islands-registered firm which is behind the world’s largest ICO till date, $4 billion EOS software has recently sent out an email to early backers stating its intention to buy back some portion of its shares giving them a whopping 6567% ROI in less than 3 years according to a Bloomberg report.
In July of 2018, billionaire investor Peter Thiel invested into Block.one joining the like of Alan Howard and Louis Baycon who were early backers of the startup since 2017. These investors are faced with the mouthwatering option of either liquidating their shares of the company and cashing out huge gains or remaining with them.
Block.one in a March 19 e-mail to shareholders seeks to rein in external ownership of its equity by offering a $1,500 per share as compared to the $22 per share seed round. When asked about this move, a spokeswoman of the company merely said the company intends to use proceeds it generated from token sales to expand its resources while building its business strong clearly dodging the main question asked.
According to an email circulated to its investors, by February 2019, Block.one was valued at $3 billion as compared to $40 million during its seed round in 2017. And unaware to most of the public, it holds as much as $2.2 billion in U.S. government bonds as compared to the jurisdiction it is registered in the Cayman Islands.
Block.one had faced serious criticisms from industry stakeholders with many labeling it a shady enterprise that certainly didn’t need as much as $4 billion to launch a decentralized software. One of such critics is Richard Burton, San Francisco-based founder of Balance.io, a blockchain company that designs applications for open source financial products, he has once said
They designed a very clever mechanism to hoover up as much capital as possible,
He continued by saying,
Bitcoin was started on a shoestring and Ethereum raised just a few million dollars, which goes to show you don’t need anything like the money Block.one raised to launch and scale a successful network. It should be beholden on them to explain why they needed that much and what they are doing with it.
Brendan Blumer, the young CEO of Block.one however disagrees with such critics as he made his stance known in a Bloomberg interview in November of 2018, saying
too much transparency into everything that we are doing on an ongoing basis can actually take away a lot of the competitive advantage when we’re trying to put out new types of technology
clearly knocking off the argument of critics who demand squeaky clean transparency after raising so many funds.
When asked if they were willing to take up the buyback offer, Bacon and Howard declined to comment while Thiel ignored numerous messages sent to him privately, sources reported. On the other hand, early backer, Christian Angermayer made his stance known. He had this to say,
Block.one is one of the most promising and best-positioned companies in the blockchain industry, and its success story is just beginning,
Recall that Mike Novogratz had earlier liquidated his stakes in the firm and realizing as much as 123% in returns valued at up to $71.2 million in the transaction.
Although Block.one which holds up to 140,000 units of bitcoin as assets, cited extreme volatility as a major factor that impacted its valuation clearly halving its holdings valued at around $1 billion, which has since been recovered in the recent bitcoin really, it is looking promising and sure has the likes of Peter Thiel happy at any of the option it decides to pursue.
An Overview of SaBi Exchange
SaBi Exchange happens to be the most advanced centralized Cryptocurrency Exchange in Africa. Find out more in this review by cryptowisser.
There are currently over 15 cryptocurrency exchanges in Africa with about five centralized cryptocurrency exchanges in Nigeria. However, among these exchanges. SaBi Exchange happens to be the most advanced centralized Cryptocurrency Exchange. SaBi Exchange was launched 10 March 2019. It was founded by Lucky Uwakwe and Peter Huang. Lucky Uwakwe is a graduate of Nicosia University in Cyprus and has earned a Masters Degree in Cryptocurrency and Blockchain Technology. He is the current Ambassador of Dash Cryptocurrency to Africa, Founder of Cheetah Africa and a citizen of Nigeria.
SaBi Exchange is based in Abuja Nigeria.
The exchange is powered by Huobi Cloud and has the same security and liquidity features as Huobi. SaBi Exchange has partnered with Huobi to deliver outstanding crypto trading services to the region. According to the review from cryptowisser. It has not been able to verify the details of the Huobi partnership with SaBi Exchange and as such investors are advised to read this partnership details with caution. SaBi Exchange allows cryptocurrency deposits and fiat deposits on its platform with limitations.
US citizens aren’t allowed to deposit fiat currency into the platform while some listed countries are allowed to deposit fiat currency. The countries allowed to deposit fiat currency on SaBi includes China, South Korea , Canada, Russia, Britain, India, Australia, Switzerland, Brazil, Taiwan, NewZealand, Singapore, Vietnam, Nethaland, Hongkong, Nigeria, Indonesia, Philippine, Cambodia, Middle-east, Malaysia, Myanmar, Turkey. Fiat deposits through Wire Transfers and Card Deposits are allowed using Qiwi, Paytm, Paynow etc. However, Cryptocurrency deposits are allowed by users worldwide.
Trades And Fees
Aside from the normal trade features, SaBi offers four types of trades. They include OTC-trading, Margin, Exchange and Leveraged Trading. The OTC-trading feature of Huobi Exchange comes under the following currencies—USDT, BTC, ETH and EOS. SaBi Exchange offers 2x to 5x leverage. The leveraged trading features are available on 41 trading pairs out of the 240+ trading pairs available for regular exchange trade. It also offers 0.20% trading fees on both makers and takers which is slightly below the normal 0.25% fee charged by other exchanges worldwide. It charges a withdrawal fee of 0.0005 BTC. The withdrawal exchange fee charge is approximately 40% lower than the global exchange fee charge.
SaBi uses the Huobi security protocol “Huobi Cloud” to secure its platform against hack attempts. It equally shares the Huobi liquidity to ensure a liquid trading platform for its users. The exchange platform boosts of speed and faster transactions on trading of cryptocurrency on its platform. Fiat deposits are available through wire transfer and debit cards with a good security feature ensuring the safety of users account details in Nigeria. Fiat deposit can also come through Paynow, Paytm, Qiwi, IMPS, UPI or Interac e-transfer on the platform. SaBi has developers with over 6 years of experience working with Huobi and Huobi Cloud.
AFRICUNIA BANK To Launch The Fastest Financial Blockchain Technology– Creates New Paradigm In The Way Global Banking Operates
AFRICUNIA’s primary goal is to become the industry standard and a one-stop shop for setting up tokenized funds, regardless of whether these funds invest in the fiat or crypto universe.
London, United Kingdom – March 12, 2019 – The global banking industry has utilized existing methodologies for decades. Along comes Bitcoin and other crypto currencies based on Blockchain Technologies, and it was only a matter of time before an organization would step-up and disrupt the entire Global Banking Industry. This would affect not only typical banking, but also investing and commerce. Every sector of the Global Marketplace would be affected, including: Healthcare Providers, Insurance Companies, Manufacturing, eCommerce, Custom, Land Registry, Identity Management, Governments, and others.
A forward thinking group, led by Don Chancellor, Founder & President, has announced the formation of “AFRICUNIA BANK“, destined to forever change the global banking system. During a recent interview, Don Chancellor explains that “AFRICUNIA is introducing an innovative banking model that allows the use of digital currency without hurdles, risks and technical barriers linked with owning, transferring, and trading in crypto currencies and tokens. Open exclusively for investment, AFRICUNIA is a third generation closed-end fund that uses the AFRICUNIA Blockchain Technology to create a peer-to-peer cryptocurrency called AFCASH.”
He further says that ‘’AFRICUNIA Bank will be 100% fully Digital Crowdfunded Open Bank based on the Blockchain Technology 4.0 and that this Blockchain Digital Bank will be a new and unique Financial Institution that will offer not only traditional banking services related to opening of savings & current accounts, issuing of debit & credit cards, loans and forex exchange services but also will provide innovative banking services such as bank-to-bank transactions, interconnecting the world of traditional finance and cryptocurrency startups.‘’
AFRICUNIA Blockchain will be the very first Blockchain Technology that will be Afro-centric, aims to bank the unbanked and commits its revenue to humanitarian causes for the welfare of the less privileged ones in Africa and around the World. This new banking platform will lead the way for the Global Banking System to bridge the gap between fiat and cryptocurrencies. AFRICUNIA is a virtual bank that will be issuing AFCASH using AFRICUNIA Blockchain 4.0 Technologies. It is well positioned to become an industry standard for seamless funds tokenization and management by leveraging its own Blockchain Technology. AFRICUNIA is registered in the UK as AFRICUNIA LIMITED with offices in Austria, Malta, Switzerland, Ukraine, the Philippines and Nigeria to provide banking and financial services.
At the heart of AFRICUNIA’s mission is to bring about investment globalization, transparency and decentralization to the next level by leveraging Blockchain Technology. Here are their primary value propositions:
- Offering The Best of Both Fiat and The Cryptocurrency World:The majority of tokenized investment platforms are either fully crypto-oriented or are pegged to some tradable assets such as gold or fiat currency. AFRICUNIA intends to create a platform that allows users to gain from both.
- Promoting Sustainable Investment of Funds:All the tokenized funds will be reviewed and approved by their legal advisors to make sure they are fully compliant with the existing laws and regulations.
- Developing a Standardized Platform:AFRICUNIA believes that this is the right time to launch industry standards for setting up the tokenized investment platforms.
- Enhanced Transparency:The tokenization of interests in funds, or shares in profits, provides accountability and transparency to the investment process.
- Scalable Fund Development:By using the AFRICUNIA platform, any approved investment manager can setup and run a tokenized investment fund without going through the pain and effort of developing the necessary IT and legal infrastructure.
For complete information, please visit AFRICUNIA
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