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ADAF: African Digital Asset Framework Completes its First Pilot Test

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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.
 

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Naijapay Launches Enabling Bitcoin and Dash Payments

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Naijacrypto a top indigenous Nigerian exchange has announced the launch of their crypto payment gateway, “Naijapay” to enable businesses to accept crypto payments with easy
conversion to naira.


Nigeria has been a popular crypto hotspot over the years always among the top in ranking of traded bitcoin volumes. This is fueled in part by the huge remittance inflow into the country which was more than the oil revenue of the country in 2018, and the use of crypto for payments.

As more people switch over to using crypto for day to day payments, Naijapay aims to be their top destination.

Naijapay will support Bitcoin and Dash payments at zero transaction fees. It would contain two modes; The “naira mode” would enable businesses to accept crypto but always receive naira.

They do not need to worry about the volatility of the cryptocurrency markets. The “crypto mode” is for those who wish to receive crypto and keep funds in crypto.

The platform has utilities for
users who just wish to accept crypto payments without any complexities as well as utilities for users who wish to integrate payment APIs on their website.

Naijapay is also InstantSend enabled, meaning Dash transactions will be instantly confirmed, and the naira value credited to the receiver.
The Naijapay Platform would also advertise businesses who accept cryptocurrencies, this is in Naijacrypto’s vision to make the Local markets visible to the international community.

Even freelancers can advertise their business to an international community and receive payments easily.


According to Chiagozie Iwu, founder of Naijapay; “Naijapay is set to revolutionize the way Nigerian Businesses and freelance workers receive payments. Gone are the days when payment methods hindered market reach”.

This is a much-needed utility in the Nigerian business space
and also good news to the Nigerian crypto community in their push for more crypto adoption
mechanisms.

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Luno to hire over 200+ people, Plans Global Expansion to reach 1bn people by 2030

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Co-Founder and CEO of leading cryptocurrency exchange, Luno has revealed the firm is looking to hire over 200 personnel. 

This was revealed via a tweet on the 19th of November, 2020. In the twitter post, the CEO, Marcus Swanepoel said Luno was looking at getting 200+ people and anyone who wants to help the firm upgrade the world to a better financial system should keep an eye on its job portal. 

Luno CEO, Marcus Swanepoel

Mr.  Marcus also tweeted about the plan of getting the Luno brand to 1 billion people by the year 2030.

Read also: How a First Time Bitcoin Trader Made 10% Profit in 10 Days on Luno. 

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Kucoin’s Web Traffic Drop by Almost half in October After Hack

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Cryptocurrency exchange Kucoin experienced a drop in its web traffic in the month of October by almost half. The report which was compiled by ICO_Analytics reviewed the web traffic data of 20 top cryptocurrency exchanges for the month.

According to the report, Kucoin experienced web traffic of 1.7 million in the month however, that figure represented a significant reduction in its web traffic when compared with the previous month, September.

The report revealed the exchange experienced a 45% loss in web traffic in the month of October. The likely reason was the attack which occurred on the exchange in late September, which saw the exchange halt significant operations. The hackers were able to withdraw huge some of funds running in hundreds of millions of dollars in several cryptocurrencies such as Bitcoin, Stellar and multiple ERC-20 tokens

Immediately the news of the security breach broke out, industry participants rally round support the thwarting of the hackers plan by freezing stolen cryptocurrency, upgrading contracts to render the some of the stolen funds useless etc. 

With this measures, the CEO of Kucoin Johnny Lyu has revealed the exchange has been able to recover the 84% of the stolen funds and will published the case when it is closed as directed by law enforcement. Johnny Lyu also revealed the exchange has resumed full service for the 176 tokens affected and all others are scheduled to be reopened before September, 22nd.

In a tweet published hours ago, the CEO of Kucoin, said he was glad that the incident was dealth with in an open and transparent manner, always putting users first and it Kucoin looks forward to continue to safeguard users funds and bring more crypto hidden gems to the world as it always does.

Other than Kucoin, the report also revealed Uniswap saw a drop in web traffic of 25%, ZB.com  experienced a 32% drop in web traffic  while Huobi had a one-fifth decline in web traffic in the month of October, 2020.

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