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.
Image credit: cryptotvplus
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How “Use-Case” Inspired Bitfxt Project Success
Initiate the project and deliberately see to its growth!
Welcome to the CEOs corner.
Building a regulated platform in blockchain generally, would not classify as a walk in the park. It is even more demanding to take up such challenge in this part of the world where technology is obviously still far below average. To make matters worse, the competition globally- with the likes of Binance introducing their DEX, Huobi Exchange, Bittrex, Poloniex and a whole lot of VC-funded projects that make the playing ground very much uneven for local exchanges sprouting from the black continent of Africa.
#BUIDL CLUB provides an exclusive with Franklin Odoemena the CEO BITFXT, an IT firm that developed one of Africa’s leading cryptocurrency exchange platform. BITFXT portrays transparency, trust and user satisfaction.
In this interview,
Frank tells us about how “Use Case” helped him build BITFXT revealing secrets for pursuing a successful carrier within the most populated service area in the ecosystem.
In your own words, what would you say blockchain is?
Blockchain is simply an open, public, decentralized ledger for recording any kind of data and and transactions on the internet such that the records are irreversible and unchangeable.
Your Journey into the fast emerging Technology. When, how and through what means did you hear about Blockchain and Cryptocurrency?
I got interested in the technology when I first heard about bitcoin from a senior colleague in the year 2015. My first perception of it is that it is the future of money and that it has the capacity to become a global currency. I got much more interested in it when I performed my first transaction and discovered how fast and cheap it is… though my inability to purchase from coinbase and and the high exchange rate surcharge I got from a couple of other local exchanges available then made decide to provide a simpler and better solution for Africa, that was the birth of bitfxt.
In what areas of blockchain are you most passionate?
Exchange. I am passionate about providing a simpler solution for storing, buying and selling of cryptocurrencies in a seamless manner. I believe that such solution will hasten the adoption of the technology in developing countries. I have a goal of democratizing Africa financially.
What is Bitfxt?
Bitfxt is an IT firm that deals on deployment and development of software, mobile apps and websites including crypto exchanges, wallets, payment gateways, e-commerce, RFID tracking system, etc on the blockchain. We also aim a pioneering the movement of tokenizing businesses, assets and currencies in Africa.
What challenges or problems have you identified?
In as much as the hype is all over the place but in my own observations, not everyone truly understands the technology. 99% are in for the money and this is the reason why it will take a lot of people unaware.
When I got involved in the tech, I couldn’t find single developer in Nigeria, I couldn’t find a single trader both on the internet and offline, it was super frustrating. I had to outsource my project to a foreign country of which if we had developers, the money we spent would have gotten to the hands of a fellow Nigerian, thereby, improving on the economy.
How will your innovation use the blockchain to solve these problems?
Though we started as an exchange where you can list, save, buy and sell cryptocurrencies but we have grown beyond that to solve other problems. Right now, Bitfxt Technology is more of a decentralized IT firm where you can find professional blockchain developers to take on any project you can imagine. So far, we have developed other solutions such as bitfxt cointracker, bitfxt exchange wallet, bxtcoin, bitfxt vault, and much more coming soon
What milestones do you hope to accomplish in the coming years in the Blockchain Industry?
We want to be known as the largest blockchain IT firm in Africa at large. Lots of people have solutions locked up in their mind but because they dont have the funds and a professional to take on it, they die with the solutions and this is the reason why our coin BXTCOIN, is the official currency of the bitfxt ecosystem. Holders can pay at high discounts using our coin. We also hope to help tokenize Africa and stand as the largest exchange for trading African inspired tokens and coins.
How is your Project contributing to creating blockchain awareness and in turn Mass Adoption?
Our solutions are simple to understand and easy to use, and as such, anybody can easily use them. Our exchange is built with the African market in mind, users can easily connect their wallets to their local bank account in order to buy and sell cryptos and we hope to list more of African inspired projects and list them against other African currencies, I believe this will bring about mass user adoption.
Tell us about your project team?
My project team are made up of people from all works of life who has decided to make a difference in the industry. They are professionals to the core and are highly passionate about the project.
How did you come about the team?
I would say it was by the grace of God. I hand fully picked them one after the other not minding their academic background. I resonate more with passion because passion can drive a man to dare god, so I believe that getting the right people with the right attitude, willingness to learn and commensurate passion mattered more and that is what I go for.
How do you inspire them to give their best?
I try to be a true example of what I expect of them and so, they always pick a cue from my actions, resilience and passion towards the project. I also organize staff meeting once in a while where I ensure share knowledge and inspiration with them. In bitfxt tech limited, we are more of a family and it has helped us bond better.
Despite the obvious hurdles associated with building a start-up, exchanges seem to emerge on a consistent basis. Undoubtedly, most of them do not stand for progress in the ecosystem but those which truly are built with integrity are sure to survive the test of time. One would think this area was already saturated but wait till you hear the name of the next crypto exchange platform in town!
I Thought The Blockchain Was All About Bitcoin: BAL Founder
Did you also have limited information about blockchain technology? Learn from Africa’s foremost female in Blockchain!
Doris Ojuederie, founder of BAL; an educative forum that aims to bring all African women together through the Blockchain education in an Exclusive interview with Cryptotvplus shares an eye opener and her journey to the Blockchain technology.
There are quite a number of opinions about the Blockchain, however when asked what she would say about the Blockchain technology she said:
“Blockchain is a decentralized data base that transmit transactions in the form of information among various computer networks. It’s the next biggest technology that is going to change the way we transact and interact, it’s the new internet of value. Finally Blockchain is freedom”.
Also, she shares her journey into the fast emerging technology:
“My desire to learn and understand the Blockchain technology spurred up 6 years ago while I was a University undergraduate. I was opportune to find myself in a group where Bitcoin investment was constantly talked about. For the first time, I heard about Bitcoin and Blockchain. In my ignorant mind, I taught the whole Blockchain technology is all about Bitcoin.
She buttressed her point further:
As a young entrepreneur, I invested heavily in cryptocurrency. I had a routine of buying low and selling high. I made good profit as a young crypto trader.
As I advanced and got out of college, I conducted a diligent research and discovered there was more to this technology than just trading cryptos. Thereafter I became conscious that cryptocurrency is only a product of the Blockchain Technology and other offspring will spring up in time. My knowledge venture continued and I gradually utilized opportunities coming from this technology. After eventually graduating from college, I never submitted a CV. I was self-sufficient and needed no job. My Blockchain earnings were enough to take care of my basic needs. In the long run, I became financially independent, free, and started enjoying the freedom of being my own bank.
In what areas of Blockchain are you most passionate?
I am passionate about Blockchain Education and Blockchain Development. Knowing well that the Blockchain technology is an emerging Technology that will disrupt the way we live our lives, I have an earnest desire to study and know more about how to build this technology. The concept of decentralization and empowerment can only exist if we have Blockchain education. Interestingly I have a crazy passion for educating Women in Africa on how to benefit from the Low hanging fruits of the Blockchain.
What is your product all about? What challenges or problems have you identified? How will your innovation use the Blockchain to solve these problems?
I founded Blockchain African Ladies BAL an organization that educates and trains African women on various aspects of the Blockchain Technology. BAL organization was created due to my passion for educating newbies about the Blockchain Technology and to create many financially free African women. At BAL, we are gradually achieving this goal through our constant seminars, workshops, Webinars, and trainings.
The Future Plans for BAL
Every firm, organization, startups have a set goal which they aim to achieve on the long run. For Doris together with her team – a group of amazing women around Africa, this is how they aim to see these plans through;
One of the problem BAL intend solving is financial access and empowerment for women in Africa with the plans to produce 1 million female Blockchain enthusiasts and analysts across Africa, producing over 1000 female Blockchain developers across Africa.
Focus on education
The fastest route to get more women in the space is through Education. BAL attends and organize conferences, meet ups and Special training across Africa. I believe that getting more women in the Blockchain ecosystem will give the tech a faster Adoption. And with the various activities and programs
Finally, Africa’s leading female Blockchain startup-BAL have plans to build Tech Hub Centers across Africa, where women will effect Blockchain Applications and Development.
#BUIDL CLUB – THE STORY BEHIND THE SUCCESS
Blockchain Entrepreneurs- Are They Not Worth Celebrating?
Over the past two years, the interest in Blockchain on a global scale has skyrocketed. It currently is been view by many as a next-generation solution for both recently discovered and long standing problems as relates to technology and in almost all sectors of the global economy with particular attention in the financial sector.
Because of the tested Prowess of the Blockchain, a lot of weight have been thrown behind supporting the decade old invention. Among many, a few supporters of the next big thing in the tech world are the Government leaders, Industry Bigwigs and a few All-out risk takers who I like to address as the ambitious entrepreneurs – who have given influential endorsements, financial support and further research into the dynamics of the Blockchain respectively.
As a way of reminder, Blockchain was originally developed solely to hold and transact a digital asset- Bitcoin.
Now moving further beyond the Bitcoin saga and bubble, Blockchain, in the past few years, has been used in a broader and more revealing sense. Its ability to offer solutions in various areas of human activities has not only been a plus to it, but has also taken discovery in the IT Industry to a whole new level. It is about time we took a critical look at the brains behind the blockchain projects that have seen the light of day.
There has been a recent upsurge in the demand for people with any form of Blockchain skills, as reported by Upwork; a world leading freelance exchange platform. This is no news as Blockchain provides an whole new area of focus for future tech professionals.
However, in recent times, hypes and various schemes have contributed to the low rate of economic inclusion and mass adoption of the Technology in many geographical areas- areas with optimum use cases. Thus with recent influx of Blockchain projects, only projects with the best tokenomics, strategies and total commitment from the part of the project team are sure to see the light of the day.
According to Ambisafe, only as at October 2017, over 86000 blockchain related projects were already on Github, more statistics were produced by Delloitte as it records that over 8603 new projects based on the blockchain had emerged since after bitcoin code was published in April of 2009.
More exciting news is that only about 8% of these projects manage to stay in operations one year down the line of launch. The need therefore to closely monitor and follow blockchain projects paying rapt attention to the founders and entrepreneurs to gain an insight to their driving force is key to driving mass adoption.
Success in this Industry, is often thought to be impossible or unattainable but guess what, it only takes a meticulous team- built with dedication and full of technical know how to achieve the unimaginable and create a lasting impression on the universe.
#BUIDL CLUB was born out of passion for BLOCKCHAIN ADOPTION and the need to show appreciation to the Entrepreneurs in the space, both locally and globally. We are poised towards revealing and making a global statement for the African, American and Asian Entrepreneur in Blockchain.
The Blockchain Ecosystem
On this note, I call on all leading Stakehodlers in the space to show great appreciation to the geniuses behind numerous blockchain projects that have made life a lot more easier for us enthusiasts. In the coming series of the #BUIDL CLUB, we shall be revealing the various Entrepreneurs in the space; their success stories and their contribution in to the ecosystem.
Click to be a part of #BUIDL CLUB. Send us a few details about your self, your project and its impact on your immediate environment!
#BUIDL CLUB- giving a global face to blockchain entrepreneurs
Funding Has Arrived For Blockchain Start-Ups In Africa
Does Binance have what it takes to power blockchain Start-ups in Nigeria and is the Nigerian government in support?
Binance labs, the self-acclaimed strongest network of Builders in blockchain is at it again and this time focuses on the continent with the most need for the blockchain. According to the platform, “Binance Labs is a social impact fund and an initiative to incubate, invest and empower blockchain and cryptocurrecny entrepreneurs, projects and communities”.
Its mission is to realize the full potential of Blockchain technology- and they has already actively involved the Nigeria, most populated nation in Africa.
Great news is that Binance Labs has made open her intention to fund African blockchain start-ups. In a recent post, Binance Labs made available the link to sign up form calling for applications from Blockchain startups in the ecosystem.
“Binance Labs is the best place for blockchain to build thier projects and c=achieve product-market fit. With the african blockchain ecosystem still in its nascent stage, this offers tremendous value to African projects as we are able to plug them into the top one percent of mentors, founders, investors and blockchain-focused service providers from the global Binance network”.
Thus it goes to say that at the end of the this incubation period, all projects successfully on-boarded would have access to over $120,000USD as support funds and a network of industry leaders associated with Binance within and outside the continent.
According to Binance labs, Public Blockchains, Decentralized Exchanges (DEX), Wallets & Payment, Stable Digital Currencies, ATS/Security Token Platforms and dApps are the investment focus in view for this 10 week-long Incubator program
For Entreprenuers, the support packages are Funding, Go-to-market strategy, Token Model and Distribution, Technical Review Listing Advice and Talent Recruiting.
Get more information from their twitter handle @BinanceLabs
Whats your take on this? do you think it would have a great effect on the adoption in Africa? Does Binance have what it takes to build a Blockchain system the Nigerian government would support?
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