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Blockchain Association of Nigeria Set to Change the Face of Blockchain in Nigeria

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The cryptocurrency space in Nigeria will mark Wednesday, the 13th of July 2018 as a remarkable day on its calendar. Today, individuals with vested interest in the growth of the crypto and blockchain space in Nigeria hearkened to a call put forth by the Nigerian Blockchain Association. Cryptoprenuers and Blockchain enthusiasts came together to deliberate on the unpleasant reception most blockchain and cryptocurrency startups are receiving from banks. Stringent rules that are unfavourable to these startups are being put up by the bank. From frozen bank accounts to exemption from certain financial services, there is a need for a unified voice to speak against some of these practices.

Deliberations on a unit to meet up with regulatory bodies on discussions on how the Blockchain society can benefit from favourable policies and services.  Present at the meeting was the CEO of Cryptohub, Chris Ani, CEO of Cryset, Munachi Ogueke EOS ambassador for Africa Toju Kaka, Ceo of Stach, Ejima Joseph,  CEO of Cryptotvplus, Tony Nwabishop,  CTO of Crypstone, Johnbosco Obele and other prominent members of the Blockchain community. The meeting which lasted for hours was filled with deliberations on how to move the Blockchain community in Nigeria forward with one voice.

The Nigerian Blockchain space has been ridden with various crypto and Blockchain communities speaking for themselves but a greater threat to the growth of the Blockchain technology in Nigeria looms with the government lying doormat after the growth and potentials of the technology to the country. The central bank is building on this silence to be very stringent with crypto startups and there is a need to educate the government about the danger of crippling a sector that has been named the ‘4th revolution’.

The association is also talking about education, mass education of the Nigerian people, educating the Nigerian people parastatal by parastatal to eradicate the doubt that people might have about the blockchain technology. They have a plan about going to the grassroots and educate the layman about cryptocurrency. The plan is to build a cryptocurrency market that is just beyond bitcoin. Although this is just the first meeting the community will be having they have a huge future already mapped out for cryptocurrency in Nigeria.

 

 

 

What do you think about Blockchain Association of Nigeria? Share your opinion with us in the comment section below.
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The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Can Blockchain Make A Change In Developing Countries Land Registry?

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Can Blockchain Make A Change In Developing Countries Land Registry?

Blockchain is a technology that took the world by storm and has disruptive potential. Just like the internet, blockchain was welcomed with skepticism. Blockchain has been around since 1991, and cryptocurrencies like Bitcoin since 2009 but the world is only now starting to take a firmer hold.

It is projected that by the year 2021, the blockchain market will be valued at $2.3 billion. Most governments will adopt the technology for use in various tasks such as taxes, voting, health care, and land administration.

Land Administration

Developing countries have a hard time keeping accurate records in their land registries. Most countries have poor ledgers, which are prone to tampering, loss, and damage. These land governance issues are a source of land disputes owing to unclear land tenures and ownership.

These disputes mean the land is unproductive owing to the wrangles, sometimes dragging on for years. These inconsistencies in registry accuracy and land tenure lead to land grabbing from unscrupulous individuals.

Developing countries’ leaders should strive to catch up with countries that are already far ahead as far as the blockchain technology is concerned. Taiwan’s congressman Jason Hsu is one man who is determined to make sure all legal barriers concerning the technology are removed. He intends to ensure that the citizens are aware of what technology can do for them and better their lives. Hsu in an interview stated that blockchain technology can do very well in developing countries such as Zimbabwe and Venezuela.

Immutable Technology

Blockchain technology has the capacity to solve all the land registry problems for developing countries.in several ways:

  •       Since information is stored via cryptography, it means every item on the blockchain ledger is securely coded with an identifier that is unique and provides tracking capabilities and protection.
  •       Blockchain technology works on based on a consensus. This means if a fresh record is added to the ledger, it has to have real connections to other network nodes for it to be verified. If it has no connection, it cannot be added.
  •       Blockchain’s record storage is distributed. Information can be viewed and added to the ledger by authorized persons. They do not have to rely on a centralized command or an intermediary.

How it works

A blockchain can store online all the necessary information that pertains to property sellers and buyers. It can change the land registry by eliminating the manual steps in the land registries. These steps include verification of information from the land register, contracts with real estate agents, property inspections, and so forth.

 Everyone is able to see alterations made to the ledger and can access the records any time they wish and in real time. With blockchain, they are assured of the data’s immutability and security.

Digitization is critical because it allows hashing, on which cryptography has its basis. Hashing is the conversion of data into a unique text string. Most developing countries use paper-based methods that are a challenge when it comes to updating the information digitally. Any data is hashable, no matter its size or type, and the hash produced by any data is the same length.

Implementation

Implementation of blockchain would mean having to deal with issues created by decades-old poor land governance. It would also need a large investment to ensure the management of this technology. It is not impossible to streamline and digitize a land registry.

Many governments in the developing countries struggle with poor land governance issues, including registry digitization. Most are still far off from implementing the blockchain technology on a larger scale. However, the technology has some potential in areas where they have already succeeded in establishing a good record of title deeds.

The emergence of technology such as GPS, satellite imagery, machine learning, and machine imagery are some good examples of possibilities for completion of land record digitalization. These technological advancements might play a big role in the establishment of blockchain land registries in the future.

Conclusion

Blockchain technology can help to streamline the land registries in developing countries. These land registries largely depend on manual updates. These updates are rarely accurate, are prone to tampering, forgery, and loss.

Digitization of the land registry would be a huge leap towards ensuring that the land titles and tenures are registered to the rightful owners. Disputes arising from land ownership matters would be history. Blockchain technology is immutable. When a change is made, it is permanent and cannot be reversed. The evidence is open for scrutiny and this would build trust between the public and the land registry officials.

Do you share similar views with TechWarn.com? If no what is your take on the topic? Drop your opinions in the comment section!

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The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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An Infographic Perspective to Cryptocurrency Analysis

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cryptocurrencies simply described with infographics

Bitcoin (BTC):

Bitcoin was launched in 2009 and at present has a market value of $163 billion. The advantages of Bitcoin are, it is the original cryptocurrency, and is the largest and most popular on the blockchain network. It is the most battle tested one against the attackers.

The loophole of it is, with the growing demand it has stressed the Bitcoin’s network, and making the transactions expensive. The system can process only about seven transactions per second, which is nonetheless guzzles the electricity owing to the consensus protocol, proof of work, and is designed to make mining labor more intensive.

Ethereum (ETH)

Ethereum was launched in 2015 and at present has a market value of $70 billion.

The advantages of Ethereum is, It is a built-in programming language which allows the developers to write computer programs called as smart contracts, which run on the blockchain. The most initial coin offerings (ICOs) so far were based on the Ethereum smart contracts.

The loop hole of Ethereum is that it uses proof of work, which is relatively slow and energy hungry. Many of the early smart contracts were vulnerable to hacking, and the field of this smart contract security is immature.

Ripple (XRP)

Ripple was launched in 2012 and at present has a market value of $32 billion. The advantage of Ripple is its crypto token which is called as XRP, which is a “bridge currency” for the financial institutions so as to settle the cross-border payments faster and in a more cheap way than they do at present. It uses a novel consensus protocol that which allows for a much faster transactions than the Bitcoin and Ethereum.

The loop hole of it is, Since Ripple is a privately owned company, it has a lot of control over the system and the users say XRP is not decentralized enough which is in contrast with the Bitcoin, where anybody can mine.

Bitcoin cash (BCH)

Bitcoin cash was launched in 2017 and at present has a market value of $19 billion. The advantages of Bitcoin cash is the creators of this currency has made the product a “hard fork” of the Bitcoin, which means it is a tweaked Bitcoin’s software so as to handle the larger transaction volumes.

The loophole is Critics say that Bitcoin Cash is too centralized with a handful of miners who create most of these coins.

Litecoin (LTC)

Litecoin LTC was launched in 2011 and at present has a market value of $10 billion. The advantage of Litecoin is that it is an “alt-coin” and nearly a clone of Bitcoin, but with a very few alterations. It processes the transactions four times faster, and the mining process is designed to remain open to their hobbyist which is not the case with the Bitcoin, in which the professional miners use the expensive hardware.

The loophole of it is though it is faster than the Bitcoin, the Litecoin is still too slow and energy hungry to be as an ideal payment method and it also has the added handicap of being a far less well-known one.

Cardano (ADA)

Cardano was launched in 2017 and at present has a market value of $5.9 billion.

The advantages of Cardano’s are, the creators of it say that the system is only a platform for the trading and transferring the token which puts an emphasis on the privacy and regulatory compliance. They also say that Cardano will eventually host smart contracts. In this way it will be more like Ethereum, but it uses a proof-of-stake consensus protocol and thus gobbles up little energy.

The loop hole of it is despite big claims from its developers; there is still very little information on Cardano.

Neo (NEO):

Neo was launched in 2014 and at present has a market value of $5.8 billion. The advantage of Neo is that it is a China’s biggest cryptocurrency, and is a smart-contract platform with goals similar to the Ethereum’s. It uses a consensus protocol called as delegated Byzantine fault tolerance, which the NEO’s creators say it allows around 10,000 transactions per second when compared to Ethereum’s.

The loop hole of NEO is that it is highly centralized, and is not clear that this will ever change or not. The founder has said that the plan is to make it a more decentralized one someday.

Stellar Lumens (XLM):

Stellar Lumens was launched in 2014 and at present has a market value of $5.6 billion. The

advantage of Stellar is that it is a ledger of the hard fork of Ripple’s, which  likewise aims for its lumens to be a bridge currency for the cross-border payments which only runs by a nonprofit, instead for a profit company. It also plans to compete with the Ethereum as a platform for the initial coin offerings.

The loop hole is Stellar faces a lot of competition, from Ripple as well as the traditional banking system’s dominant platform, called SWIFT, which is testing a distributed ledger technology with the blockchain-ish elements.

Eos (EOS):

Eos was launched in 2017 and at present has a market value of $4.3 billion. The advantage of EOS is its tokens exist and at present it is being  traded on Ethereum, though its smart-contract platform itself is billed as yet another Ethereum killer, it is yet to be launched. Like Cardano, it uses the proof-of-stake protocol instead of the proof of work which theoretically makes the transactions much faster and more efficient.

The loop hole is despite being on the track to raise more than $1 billion through an ICO; the project is nearly an impossible to judge before the network gets launched.

Monero (XMR):

Monero was launched in 2014 and at present has a market value of $4.3 billion. The advantage of Monero  is it uses ring signatures which is a type of digital signature that lets any member of the group to perform a transaction without revealing which one of them it was

actually. It is a way to let the users transact privately, and the mining process is designed to be an “egalitarian.”

The loop hole of Monero’s  is its features have made it a preferred coin amongst the cybercriminals, and it has helped to fuel the rise of “cryptojacking,” where the hackers use malware to make other people’s computers to mine the cryptocurrency for them.

Dash (DASH):

Dash was launched in 2014 and is formerly called as Xcash or Darkcoin. At present it has a market value of $4.3 billion. The advantages of Dash is that, it is the most decentralised coin in terms of rich list of addresses and governance.

Dash has notable features such as Instatsend, Privatesend, Chainlocks, DAO amongst others which speed up the payment processing.

The loop hole like few other coins, Dash also has the centralization problem. Because of this mishap, too many coins were distributed the moment it was first released, by concentrating on the wealth and giving a small group of disproportionate power in the decisions over the currency’s future.

Iota (MIOTA):

Iota at present has a market value of $3.8 billion.

The advantage of IOTA’s system is it does not use the blockchain, instead it employees a shared ledger which is based on the mathematical structure called as directed acyclic graph. It aims to be the currency which is used by the internet-of-things devices to buy, sell, and trade the data, whether its transaction partners are other devices or the customers like the technology companies.

The loop hole is the Critics say IOTA is too centralized and the numerous cryptography researchers have questioned on the system’s overall security features.

Now, kindly click for more infographic developed by Karthik at Mrbtc.org on 33 Cryptocurrencies described in four words or less, and let us know your thoughts.

Disclaimer:

The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site 

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Blockchain Saturday: Nigeria’s Most Prestigious Crypto Event!

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The much anticipated prestigious blockchain event, Blockchain Saturday is set to return in Lagos, Nigeria. We are proud to announce that the 6th edition of The Blockchain Saturday event is here.

The much anticipated prestigious blockchain event, Blockchain Saturday is set to return in Lagos, Nigeria. We are proud to announce that the 6th edition of The Blockchain Saturday event is here. After weeks of planning and execution, most of our plans have come to fruition, most of which centres around the venue, speakers and of course sponsors.

The theme for the event is “The Future of Money” and it is safe to say that despite the progress Bitcoin and Cryptocurrencies have made over the years in going mainstream, there are still millions who doubt blockchain and cryptocurrency, and there are a whole lot more who are oblivious to this space entirely. So, the conversation about the history of money is super important, as it tells the story of where money is heading.

About Blockchain Saturday

 

Blockchain Saturday is a periodic meet-up where renowned experts, industry leaders and practitioners, as well as enthusiasts, within the blockchain and cryptocurrency ecosystem come together to synergize, share ideas, and network. This gathering is to facilitate the cross-pollination of ideas to drive towards a more sustainable blockchain ecosystem in Africa. At Blockchain Saturday, it is our belief that the idea of the next disruptive project similar to Bitcoin, can be conceived at this meetup, and for that reason, every idea is worth considering as we work together towards the nurturing and development of projects that will later become products that will solve real-world problems.

We all can create an enabling environment that is geared towards learning, and against the imposition of ideas on participants.

So, What is the Future of Money?

Bitcoin has left a remarkable dent in the future of money, and at Blockchain Saturday, we are always exploring ways to better leverage the disruptive power that blockchain and cryptocurrency offers. And we are excited that the speakers’ line-up to make presentations at the event will be speaking in line with this theme, with their respective projects in mind. They will be sharing their unique crypto journey, and how far they’ve all come, and the plans for the future.

The speakers we will be having the privilege of listening to are:

MEET THE SPEAKERS

Chris Ani
Founder, CEO CryptoHub

You can’t mention the top personalities in the cryptocurrency and blockchain space in Nigeria without mentioning Chris Ani. The Founder and CEO of CryptoHub is a well-respected figure in the space, CryptoHub, which is one of the many arms of Digital Abundance is a platform focused on Bitcoin, blockchain and cryptocurrency trading education.

It’s a place where highly skilled tutors train newbies on important areas of the crypto world. It is hard to ignore the strides Mr Chris and his team have made in the space since their emergence, in enlightening interested people about cryptos.

The serial entrepreneur and author of Crypto 101, will be speaking on the title of his book “Crypto 101” which is focused on the newbies that have limited knowledge of cryptocurrency.

Enitan Bello
Co-Founder, CTO, Finmex.io

The need for technical people in the blockchain space can never be overemphasised, as they are the builders of any sustainable system. Mr Enitan is a seasoned developer, who also serves as the CTO on the Agricultural project – Agricblock, a project that aims to create a successful marriage between Agriculture and Blockchain technology, hence opening up a new market to an endless flow of possibilities.

Finmex.io, which is a peer to peer digital assets trading exchange that aims to provide cutting edge solutions to the challenges exchanges currently face. Enitan is the Co-Founder and CTO of this promising project, and he will be discussing the role crypto exchanges will play in the “The Future of Money”

Toju Kaka
EOS Nation Ambassador

Toju Kaka is the Africa Community Manager for BOS and an EOS Nation Ambassador working to facilitate the adoption of EOS in Nigeria. His newest venture EmpowermeEOS is a social enterprise that is helping marginalized young people earn EOS based tokens.

Prior to his engagement with BOS and EOS, Toju Kaka got his fame in the Nigeria blockchain space via Steemit (a blogging platform built on the Steem blockchain). Where he was one of the reputable Steemians in the country.

During the forthcoming BCS event, Toju Kaka will be speaking to the role the projects he represents (EOS/BOS) are going to play in the next monetary revolution.

Mosun Omotunde
Behavioural Psychologist & Writer, Steemit/Whaleshares

Everybody loves Mo, as she is popularly called across the Maschains (Steemit, Whaleshares and Trybe). A behavioural psychologist by training and a writer, Mo is actively engaged in the Mas-chains where she actively participates several communities and gets rewarded for her efforts.

She earns from creating content and blogging on platforms like Steemit, Whaleshares and a few others.

She will provide tips on how to earn cryptocurrencies by content creation on the blockchain, and she also will share some insights on how community activities can become a rewarding endeavour.

Franklin Peters
Founder/CEO, Bitfxt Technologies

Franklin Peters is the Executive Director Peters Blockchain Consults, Co-founder Billionairescode business club and the Founder/C.E.O Bitfxt. He is a Visionary leader and a business mentor and coach. He has a vast knowledge of Blockchain and cryptocurrency, financial intelligence and asset management.

He will be speaking about “Blockchain, the New Economic Goldmine” his discuss will be an offshoot from his project “Bitfxt” which is truly leveraging blockchain technology in solving our everyday transactional needs.

This promises to be an insightful discussion as Bitfxt are doing some exciting things in the financial space with their coin, and some innovative ways as to how it can be utilized.

Steven Moses
Jamaa Lead Ambassador

Also known as the “The Blockchain Pastor” Steven Moses is the founder of Blockchain Chapel which has a strong presence across the mas-chains (Steemit, Whaleshares, Weku Easysocial). Being a strong personality on these platforms, Blockchain Chapel rewards posts that are centred around Christianity, love and peaceful and harmonious living.

He recently became Jamaa (a new content rewarding platform) Lead Ambassador for the Nigerian communities. And he will be Introducing Jamaa to the participants of the event.

Nathaniel Luz
Lead, Dash Nigeria

Nathaniel Luz is the Lead for Business Development, Dash – Nigeria. He is a Chief Player in the Blockchain space in Nigeria. He serves on the advisory boards of many remarkable Fintech startups and long-established firms in Africa. As a Pan-African, he has been rebuilding Africa since yesterday which establishes his life’s mission and vision statements. He has published several international journals, and articles ranging from topics like Blockchain and Future Technology, African politics, Free Market and Limited Government on leading web platforms.

Agbona Igwemoh
Convener Blockchain Saturday

Agbona is a tech entrepreneur who is passionate about technology and how it was designed to improve efficiency in our everyday life. He ventured into the world of cryptocurrency via the Steemit and Mas-chains portal, and he currently serves as Beam (a privacy-based coin) ambassador to Lagos Nigeria.

Ever since he ventured into the blockchain and cryptocurrency space, he has actively advocated for Africans to participate in this decentralized world. As it’s his belief that Africa’s problem can be solved with the decentralized power blockchain. Finance, elections, agriculture, governance, if these systems and the others are decentralized, it will immensely solve the majority of Africa’s problem.

It is based on this premise he created Blockchain Saturday, which is meant to a grass root outreach to informing people who know little about the crypto space about the potentials of a decentralized platform. By creating an enabling environment where both newbies, crypto seasoned experts, enthusiasts can come together to interact, network, share ideas. Who knows, the next Satoshi Nakamoto might just get inspired to create something revolutionary.

Why Should I Attend

Awesome learning, networking opportunities with leaders of the blockchain and cryptocurrency community in Lagos Nigeria

Free copies of Crypto101 book by Chris Ani

Free branded shirts

Free EOS and BOS account creation

Free Dash, Beam, Karma tokens, whaletokens and many others

Refreshment and dope professionally took pictures

Register HERE to save a seat
Venue: Smart X Business Hub – 16B Mobolaji Bank Anthony Way, Maryland, Lagos (View on Google Maps Here)

Time: 11:00 am

Date: 22nd June 2019

Strictly by Registration

 

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Highlights From BAL’s Blocktech Women Conference 2019

As it stands Lagos ranks as one of the top cities in the worlds that conduct researches on the internet on the blockchain. This is a result of some of those of these researches. #BWC2019 was a success.

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The just-concluded Blocktech Women Conference #BWClagos2019 hosted by Doris Ojuderie of Blockchain Africa Ladies was a major blast. It was one of the first blockchain conferences hosted within the Lagos blockchain community in 2019. The event sought to promote blockchain in areas of awareness among women using Education and life-changing stories of the keynote speakers.

The conference with the theme: THE LOOMING FINANCIAL REVOLUTION; AN ENGINE FOR SOCIAL TRANQUIL had speakers from The United Kingdom, United States, Canada, Abuja and was attended by participants both locally based and those who came from neighbouring cities within Nigeria from different walks of life – some of which had no prior knowledge of the Blockchain Technology.

The conference schedule featured activities from Panel sessions (Why Arent There More Women in Blockchain and What Are The Future Trends of Blockchain and Cryptocurrencies) to Training sessions( Crypto Trading Live, Programming skills and language, Entrepreneurship a Longrich Presentation). It also had a well-packaged workshop which gave participants practical knowledge to understanding blockchain and decentralization concepts.

The support from different blockchain communities for the lady-driven blocktech conference was second to none. Among many sponsors were Beepmagnet International Group – initiators of the sisiBox project, KubitX – Africa’s leading exchange built by Africans and for African, SiBAN – Nigeria’s Blockchain Stakeholders Association saddled with the task to self-regulate the industry within Nigeria, Dash Nigeria, Veritaseum Gold Platform built on the Blockchain, Nepsium – a swift crypto exchange platform and lots more.

Media practitioners were also represented in the conference, strategically to take feedback from attendees on the experience and delivery. e-blockbuzz, Zilla, Digivation, ADMP and Cryptotv Plus had more than enough content to share with their communities in the coming weeks.

As it stands Lagos ranks as one of the top cities in the worlds that conduct researches on the internet on the blockchain.

It is exciting to see women take the lead in the blockchain and if we must see blockchain penetrate the grassroots, we need more women in the space as they are the best educators, natural builders and great influencers of the future.

Find the summary of the events in Pictures as put together by Cryptotvplus.

For full event coverage of your Blockchain event, Contact us.

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