The Blockchain technology is revolutionizing payments and it is seemingly pushing banks into oblivion. But then the banks are having none of it as they aim to evolve with the current trends. Mr Patrick Mweheire, the chairman of Uganda Bankers’ Association (UBA) and Stanbic Bank managing director said during an interview with Daily Monitor that banks will adopt the Blockchain technology where it is needed to reduce operational costs and risks. This is because asides the risks associated with the blockchain technology, it possesses some ideal prospect for the banking sector.
Mweheire explained, “Aspects such as data processing, settlements and payments [are good] and anything that reduces costs and risks is good for us.” Considering the fact that Mr Mweheire’s comments come just after Uganda hosted the African blockchain conference last week. During the event, topics on how Africa can leverage on blockchain technology to transform its payment systems and data collection systems were discussed.
Not Just the Banks
Asides the banking sector, other sectors could benefit from the blockchain technology. Mr Kweme Rugunda, the chairman of the Uganda Blockchain Association explained that asides payment systems, the blockchain technology could be used in tax collection, supply chain management, land registration etc.
What Does the Blockchain Have to Offer?
The blockchain technology can be used to facilitate interbank settlements, a point Mr Mweheire agrees with as inter-bank settlements currently take as long as two to three days. He also asserts that the blockchain technology will reduce a number of operational costs feed into bank accounts. He explains, “We [banks] face high operational cost of up to 70 per cent. Therefore, if there is a way we can eliminate them, why not?” Mr. Kweme also agrees that the Blockchain technology will be needed in the banking sector as it allows real time payment settlement and offers a high level of security that has back-to-back records documentation.
However, Ugandans have been warned against trading in cryptocurrencies as Mr Emmanuel Tumusiime Mutebile, the governor of the Central Bank of Uganda warned against cryptocurrencies, saying the Central Bank had no technology to regulate the sector that has a high risk exposure. Although it may seem that Uganda will likely adopt a staunch posture against cryptocurrency and the blockchain technology, Mr Frank Tumwebaze, the ICT minister of Uganda has said otherwise. During his closing speech at the Africa Blockchain conference in Kampala last week, he said that Uganda would adopt blockchain technology and the government would appoint a National Advisory Taskforce on Blockchain to monitor the process of the adoption.
What do you think about banks adopting the blockchain technology? Share your opinion with us in the comment section below.
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New Samsung S20 to Support Cryptocurrency like the S10 Smartphone
The Samsung’s new galaxy S20 is the new generation device that was unveiled by Samsung at their event. The device would have 5G technology, crazy cameras- “one that will change photography” according to samsung and it will have crypto storage.
It will have a special feature which is a secure processor that put in place for the protection of personal information such as the private key, pattern, and passwords among others. This was announced at Samsung’s unpacked event on 11th February.
However, the degree at which Samsung advertised and publicized cryptocurrency support in their last range of devices like the S10s was not the same with the galaxy S20.
They only made mention of the secure processor. They didn’t give information as regards the coin that would be supported by the device, new coins and apps that would access the crypto support.
The previous devices (S10) contained a security system like an enclave kept in the phone’s security knox for keeping private keys. The Samsung’s blockchain keystore app is connected to it.
It enables people see their balances in crypto and even to send money from one end to another. So, there is probability that samsung might continue with this system.
Having the control of your digital assets from your mobile device and being able to send from one end to another without itch would increase adoption. Again, Samsung is a recognised and popular brand.
Enabling crypto support on their devices will surely increase the adoption of cryptocurrencies because they advertised to a wide range of end users who might be hearing about it for the first time and adopt crypto on the long run.
Justin Sun & Tron Foundation Sued owing to Bad Working Condition, Discrimination & Assault
The founder of Tron Justin Sun and the Tron foundation has been sued by former employees for workplace aggression.
The lawsuit which was filed by last year in a 70 page document in the state of California by Richard Hall and Lukasz Juraszek revealed they have been victims of aggressive and hostile working environment.
The ex-employees are suing for $15 million in damages and government actions against claims of labour violations on the grounds of wrongful termination, discrimination, emotional distress and hostile work environment.
In the lawsuit, the plaintiff expressed undue pressure to deliver by fast-tracking the BitTorrent Software releases.
Lukasz Juraszek also claimed CEO of Tron, Justin Sun physically assaulted the Head of engineering however, there was apology issued for the assault.
Same Head of Engineering was also seen according to Lukasz Juraszek to have also hit a manager whom the former is known to always launch attacks at.
The 70-page document also showed some ethical issues with the management of the organization, specifically on the issue of copyright infringement.
Based on the report of the Court document, Richard Hall said he flagged some risk of third parties hosting copyright-infringement and child pornographic contents but CEO of Tron, gave little to no ears about the issue.
Lukasz Juraszek also claimed the manager physically assaulted by the Head of engineering, Cong Li told him that Cong Li appears to “hold him to impossibly high engineering standards”.
Not long after, he was kicked out of the company for reporting observation to human resources. According to the lawsuit, Lukasz Juraszek said after he was kicked out, an unknown user accessed his work computer from another location and his emails disappeared.
Richard Hall on the other hand, claimed Cong Li threatened him to deter him from recording their conversation, according to the lawsuit, the following words were used “if you go tighter with me, I will go tighter with you”, he also said “things will end badly for you”, “I cannot protect you” according to the lawsuit.
The plaintiffs also claimed Chinese nationals came from Mainland to replace both of them and other local nationals.
And these Chinese workers also behaved less responsible towards local laws and this gave Justin Sun upper hand in enforcing unfavourable work timetable.
Justin Sun has been involved in several controversy over the life of his company starting from the plagiarism of the Tron Blockchain white paper and codes, to his involvement in pump and dump schemes as well as the postponement of his lunch with Warren Buffet.
The former employees are suing for $15 million.
Gaius Chibueze A.K.A Bitcoin Chief Ranked Amongst Top 2019 Crypto Traders on Binance
Nigerian National and celebrity bitcoin advocate Gaius Chibueze popularly known Bitcoin Chief was ranked amongst the top cryptocurrency traders in 2019 according to Binance traders rankings.
The rank which was posted by the vocal Bitcoin advocate and founder of AbitNetwork on instagram showed he ranked above 97.00% of other traders on Binance.
According to the same screenshot shared via his Instagram handle, the total volume of trades entered all through the year was 100% Spot Trade.
This meant Gaius Chibueze didn’t utilize the futures or margin trading platforms owned by the leading cryptocurrency exchange.
Another screenshot also shared by Mr. Gaius Chibueze also puts him at a total completed trade of 894 of which he only accessed his account 35 times all through the year 2019.
As one of the earliest Bitcoin investor in Africa, Bitcoin Chief as he is popularly known by many has over the years exploited his skills in training and exposing people all over the world, helping them to be self sufficient in the world of crypto trading. He continues to groom people while being vocal against fraudulent schemes which portray a false representation of what crypto is about.
The rise of Tatcoin
The founder of ABiTnetwork, Gaius Chibueze, author of several books and tutor to thousands of people all over the globe in late 2019, through his company ABiT Network launched the ERC-20 Token, TATCOIN. TATCOIN is a utility token which is poised to be the next big thing.
Speaking on the reason for TATCOIN, CEO ABiTnetwork Mr. Gaius Chibueze said “at ABiTnetwork, we are always looking for smart solutions to prevailing issues in the economy,” In recognition of these issues in Africa, ABiTnetwork has leveraged on blockchain technology to provide solutions amongst which is the new cryptocurrency called the TATCOIN.”
Tatcoin will be utilized as the official transactional currency of the ABiT Network ecosystem. It will also be traded on cryptocurrency exchanges.
The token will serve to simplify payment processes for goods and services on the ABiT Network. It will be available to all users of the ABiT suite of products. Though it’s understandable that its utility may extend even beyond the ABIT suites of products.
Users using the token for payments on ABiT will also be entitled to discounts on purchases.
Token Sale for Tatcoin is currently ongoing ABiTnetwork. Accepted cryptocurrency for purchase of Tatcoin are Bitcoin, Ethereum, Binance Coin (BNB) and EOS.
Over 4000 Complaints filed against Dunamiscoin, Directors to Appear before Court on Jan. 22
Over 4000 complaints has been filed against the organization since the collapse of the money making scheme last December according to a report by the State Prosecutor. Directors of Dunamiscoins Resources limited is to appear before the court on the 22nd of January.
According to local media, the Observer, The Directors of the organization Mary Nabunya and Samson Lwanga were charged with 65 counts for obtaining money under false pretenses on appearance before the Court on Monday the 6th, January, 2020.
The Directors were accused of operating a fraudulent scheme which resulted in the loss of investment of hundreds of persons. The 65 counts related to obtaining money by false pretense and conspiracy to commit felony was read to the accused by Senior Grade One Magistrate Roselyn Nsenge
Based on report from Observer, the Prosecutor told the court that between the period of February 14th and December 3, 2019 at the New Taxi Park in Kampala district, the two accused directors conspired to commit felony by obtaining money under false pretenses, an act that is against the Penal Code Act.
The accused obtained fraudulently over $2.5million from unsuspecting victims with the promise to provide return on investment of 30% at in 21days.
The suspects have pleaded not guilty to the charges brought against them they are to be remanded in Luzira prison till the next court day, 22nd January, 2020.
The suspects were arrested and have been in custody since the 10th of December after the collapse of the platform. Prior to the collapse of the money making sham, the organization grew in size such that it was able to set up shops in several places including Kampala, Masaka and Mbale.
Haruna Asiimwe, the lead complainant in an interview said victims were duped by the organization’s officials into investing money with the promise of earning a 30% interest in three weeks. According to him, it came as a surprise when the company ended its operations on the 3rd of December.
However, the firm according to a statement from Uganda Police in 2019 revealed through its Directors that they are willing to refund the money but their major accounts in Centenary bank, Stanbic bank and GTBank are frozen by the authorities.
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