The Big players are no longer sleeping. This means that something big lies ahead. It may be uncertain now, but as Africans, we must not fold our hands to wait for SEC to endorse before we begin to see the need to understand this technology and how to make it part of our daily lives. Dr. Amb. Gilead Okolonkwo take about Facebook cryptocurrency is based on the adoption of blockchain and cryptocurrency.
In his words he buttressed his point saying:
As a decentralized advocate, I have my concern as to the reason or motive behind the coin. Cryptocurrency needs trust and its survival is based on decentralization.
Amb. Gilead Stance On Facebook Cryptocurrency
We are yet to see the stand of Facebook cryptocurrency on this matter as regards the algorithm of the coin if it is based to control power because of its community, centralization of its coin will defeat the purpose of Cryptocurrency. We will see gaps that will make the coin fade away.
However, if it is based on a free market economy aimed at upholding decentralization then it is a coin to be mindful about. More so, with the privacy issues that Facebook has passed through in recent times that leave a big question on the motive of Facebook crypto coin.
As Africans, this is the time to position ourselves, and begin to think about how we can take a bold step. Blockchain technology hold the Qutum revolution leap for Africa, we can implement the concept to solve African challenges such as;
- Digital Identification system
- Blockchain POS/ Human Teller
- Electoral Process
- Consumer Loyalty
- Land Registry
- Tokenization of African Natural Resources
- Credit Ranking
All these are problems that blockchain can solve. I am happy that we have great Africa companies that have started looking into the above-mentioned problems to implement the Proof of Use (POU) for adoption in Africa.
What do you think about the opinion of the CEO at Beepmagnet International Groups?
Do write us and we would be glad to feature your articles/opinions in our weekly #BuidlClub Publication.
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