The African Digital Asset Foundation (“ADAF”) is a non-profit and open-source project to create open, accessible and people-driven technological and legal standards to support digital trade between the continent and its diaspora. The ADAF supports the African Digital Asset Framework project.
It’s the first open-source software platform to create transnational standards for distributed ledger technologies for Pan-African development.
ADAF has just completed their first pilot the result of which they termed “a distributed standard ”— an evolving set of community-driven rules created to self-regulate an industry.
This standard is ultimately the first standard ADAF has released and it focuses on creating consumer protection guidelines and minimum standards for token generation events, commonly referred to as Initial Coin Offerings. The guideline creates a set of standards for consumers, policymakers and entrepreneurs to follow when evaluating or participating in token generation events for utility-token based ecosystems.
ADAF was launched to the world on November 2, 2018. Its objective is simple: to support the growth of distributed ledger technologies and digital assets in line with Pan-African sustainable development objectives.
ADAF project is said to be supported by ambassadors from the African Union, African Development Bank, Inter- American Development Bank, Republic of Mauritius, Inter-American Development Bank, Republic of Kenya and the Kasai Kingdom of the Democratic Republic of Congo.
- The First Standard: Consumer Protection Guidelines for Token Generation Events
ADAF has once said that they are calling this first standard the Consumer Protection Guidelines on Token Generation Events, version 0.1, a step-by-step guideline for entrepreneurs to launch TGEs, for consumers to evaluate tokenized ecosystems and for policymakers to draft new legislative frameworks.
One of the best potentials is that these Guidelines were prepared and continue to be supported by an open source community of 17 companies in the ADAF community. Together, they represent approximately 14 countries: The Bahamas, Bermuda, Canada, Ethiopia, France, Ghana, Kenya, Malta, Mauritius, Nigeria, South Africa, Trinidad and Tobago and the United States of America.
What’s the next step?
As of that time, ADAF made it clear that the Guideline is in version 0.1 and over the next few weeks, community members can leave comments, suggestions and debate topics directly on the Google Docs version that can be accessed here. We’ll consolidate all of these comments and integrate them into v0.1, and release version 0.2 of the Guideline on June 15, 2019. Distributed standards are meant to be living, evolving over time to keep up with the pace of technology.
ADAF’s plan about TGEs and ICOs?
TGEs can create distributed ecosystems that empower communities to build core infrastructure for distributed ledger technologies. TGEs aren’t dead, they’re evolving. The community preferred to call ICOs by their actual purpose: to distribute tokens in an ecosystem, or a Token Generation Event (TGEs).
TGEs are largely unregulated and there is an urgent need to create minimum standards to protect consumers from fraud and for entrepreneurs to build responsible projects. Each of these standards was created by community representatives, and we’re presenting them to policymakers to adopt these standards into their legislative frameworks.
What ADAF has to say?
Other pilots for standards are underway, including a standard for building a land titling system with oracles and smart contracts, a security token framework and a self-sovereign identity.
Enhancing Protection, Bittrex Secures $300m Digital Asset Insurance
Cryptocurrency exchange Bittrex, Inc announced it had secured a $300 million digital asset insurance.
The insurance obtained secures named crypto assets in its cold storage system.
The blockchain technology and cryptocurrency exchange firm said it worked closely with the world’s leading insurance broker and risk adviser, Marsh, in placing the coverage with Arch Syndicate 2012, an organization which provides casualty and specialty insurance for corporations and supported by various syndicates at Lloyd’s of London.
The approval for insurance coverage according to Bittrex comes after successfully demonstrating its extensive internal security and compliance protocols.
The coverage is up to $300 million in assets in cases of external theft and internal collusion.
The underwriters were not disappointed upon learning of the ‘best-in-class‘ technology Bittrex has. And the fact that ‘a growing number of cryptocurrency exchanges around the world are also built on the Bittrex’ technology owing to the confidence in the platform, Bittrex claims.
Speaking on the insurance coverage, the CEO of Bittrex, Bill Shihara, was quoted saying “Bittrex focuses on doing the right thing by our customers with security at the top of our mind. This insurance coverage provides another layer of peace of mind,”.
He continued further saying “From our institutional customers to hobbyists, we are committed to prioritizing security throughout all of our decisions and forward looking blockchain technologies”
Co-leader of the global leader in insurance and risk management firm, Marsh’s Marsh’s Digital Asset Risk Transfer (DART) team also commented saying “Insurance plays a critical role in the growth and development of any business, including those that work with blockchain technology and digital assets,”
“We worked closely with Bittrex to create a tailored insurance solution to fit their specific cryptocurrency needs.
Waves.Exchange launches Secure Decentralized Staking offering up-to 30% Annual returns
Waves.Exchange has launched its decentralized staking allowing users to securely stake their tokens and earn passive income of up-to 30% annually.
The exchange rewards users with profits made based on the proportion of tokens staked on the platform.
According to Waves.Exchange, many crypto exchanges currently offering staking services but argued that only decentralized staking can guarantee users’ security and true control over their crypto assets.
In centralized exchanges, staked tokens become working capital for the exchanges since the tokens are transferred from the wallet of users to the exchange’s wallet thus losing control over the asset.
Waves.Exchange emphasized that its decentralized staking offers users control over their crypto assets yet allows earning. The service is unique because Waves platform uses the POS consensus algorithm and pays out rewards with the generation of every block.
“the exchange has no access to users’ funds: no one can block staked assets or interfere with users’ ability to collect passive income in any other way.”
It works by letting users to simply sign a special transaction that allows their WAVES to be used by a specific Waves node to generate new blocks. In return, users collect a percentage of the resulting block rewards.
Neutrino Dollar as an alternative
The exchange also offered alternatives, this comes in the package of the Waves decentralized stablecoin, the Neutrino Dollar. The Neutrino Dollar is described as 0″an algorithmic stablecoin pegged to the US dollar and underpinned by Waves’ PoS network.”
According to the exchange, all Neutrino coins are held in a smart contract and users can send their Waves to the smart contract and exchange them for the stablecoin at any time.
The transferred Waves are used by a Waves node as part of a generating balance with users getting daily payments earnings in the Neutrino Dollar.
The exchange boast of higher rates, security and control of funds than traditional financial tools. Quoting the exchange, it said “While daily earnings will fluctuate based on WAVES’ price dynamics — which, in turn, depend on a number of wider factors affecting the crypto markets — USDN staking can still bring annual returns of up to 30%.”
Naijacrypto Announce Support for XRP Days After Paystack Integration Allowing Buying of Crypto Easier
Nigerian cryptocurrency exchange Naijacrypto has added support for Ripple XRP on its platform. The announcement comes days after the exchange integration of paystack into the exchange.
Naijacrypto is one of the several Nigerian owned cryptocurrency exchanges offering locals the ability to easily buy and sell cryptocurrency.
Founded in March, 2019 and has grown offering unique services to users, as well as providing access to an OTC market for a wide selection of digital assets.
The Paystack integration allows customers to purchase cryptocurrency using their debit card thus eliminating the friction existing in buying and trading cryptocurrencies.
In a video, Chiagozie Iwu of Naijacrypto also mentioned certain changes already carried out in the exchange platform and several more to come.
According to the video update, changes such as in KYC has seen improvement and is more user-friendly.
Users are not mandated to submit identifying documents until the point of withdrawal. In security of the platform has also seen some improvement as users can now choose between available authentication methods.
According to Mr.Chiagozie Iwu, “This is to give you more security features or based on your preferences basically”
Buy Bitcoin Page & Naijacrypto Academy
Naijacrypto also talked about the creation of a page that will allow users to quickly buy bitcoin with few clicks thus simplify the whole process of getting bitcoin.
The update also the intention of the crypto exchange to launch the Naijacrypto Academy.
The Naijcrypto academy will serve as a platform for educating new users in crypto generally. According to the CEO, Chiagozie Iwu, more details will be coming out soon.
And in the coming days, New cryptocurrencies will be added to the platform and one of such being Bitcoin Cash.
Huobi Launches Brokerage Platform Targeted at Institutional Clients
Huobi Group, parent company of Huobi cryptocurrency exchange has launched a cryptocurrency brokerage platform, Huobi Brokerage. The brokerage platforms aims to attract institutional investors, especially those with great appetite for crypto products.
The announcement came at me World Economic Forum #WEF at Davos on Tuesday, 21st January, 2020. The platform named Huobi Brokerage is currently available in major jurisdictions where the exchange is currently present with exception to the People’s Republic of China.
Global Institutional Business (GIB)
The new service from Huobi is a part of Huobi’s Global Institution Business (GIB), an arm of Huobi with special interest to control its institutional-oriented businesses. It was established in November, 2019.
Huobi in a statement stating the function of the GIB said “The initiative, named Global Institutional Business (GIB), will see the creation of a team to offer and support services including contracts, exclusive benefits for VIP traders, and a dedicated fiat desks for institutional clients, as well as additional plans for custody services.”
According to Huobi, the firm since the third quarter of 2019 has seen an increase of up-to 400% growth in institutional clients with about 1,700 investors onboarded already.
With offices across a couple of continents, the Huobi GIB aims to be at a top priority for Huobi as it continues to grow globally.
According to Huobi Group vice president Ciara Sun, “2019 brought the first wave of institutional interest but 2020 is when we expect to see the industry mature with growing demand. As we enter the next phase of crypto, Huobi staking an active role in setting new standards for institutional and retail clients alike,”
The race for institutional clients continues to grow increasingly stronger as the industry grows in maturity. Coinbase is also expanding its custody business across the world.
However, as Huobi plans to initiate its custody business in the coming months, it hopes to through its venture aims to set new standards for institutional clients in the industry.
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