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“Blockchain will do a lot for Nigeria” – Chris Ani

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The Nigerian lawmakers recently had a proposal put to look into understanding and regulating the blockchain technology. This has caused quite a stir in the Nigerian blockchain space and Chris Ani the CEO of Digital Abundance spoke at the Lagos blockchain meetup that held on April 28, 2018. He spoke on the topic titled;” How can Nigeria apply the Blockchain to improve governance?”

Infrastructure Needed

The first point of call for any nation willing to adopt the blockchain technology is to ensure that the said country is technologically ready.  Chris Ani points this out as he used Dubai as a case study, he pinpoints the fact that Dubai was technologically ready for its blockchain adoption. The UAE country has set up a strategy to improve governmental efficiency by 2020.  Dubai will be shifting 100 percent of government transactions to the Blockchain network as well as cutting down on almost 100 million paper transactions, thereby encouraging paperless transactions. Therefore, if the Nigerian government wants to adopt this technology the first point of call should be putting in place infrastructures that will support the adoption of the technology.

Education is the Key

Less than 50% of the Nigerian population are connected to the internet and this is a challenge for the Nigerian government. How does it adopt a technology where most of its citizens are unaware of it?  This is why Chris Ani says “the first thing a nation should do is to educate its people.”  He talked about data sharing and how government leaders are beginning to respond to the potential of the blockchain to address data sharing problem. But before this technology can be adopted in Nigeria, there is the need for an understanding of the distributed ledger technology and this can only be accomplished through education.

 

Chris Ani also talked about blockchain for city building. He used Dubai as a case study analyzing the country’s recent step in implementing a citywide pilot to implement the blockchain technology in city services. The goal is to offer the government services on interoperable blockchain and create a cohesive ecosystem that can dramatically reduce wasted time, effort and resources.

Better Agro-economy

Nigeria has once prospered as an agro-economy and it can prosper again with the application of blockchain ‘food solutions.’ Chris Ani talks on blockchain for food solutions, “Blockchain is contributing to many promising advances in the areas of food safety and authenticity. While there might not yet be wide scale examples of the benefits to consumers, we can find validations for such projects and inspiration by studying Dubai and the UAE. This will focus on incorporating blockchain and internet of things (IoT) to quickly and accurately track food products from farm to fork and everywhere in-between. Making this data easily accessible can enhance the ability of officials and consumers to take action before and after a health violation or food poisoning incident takes place.” This way, agricultural products from Nigeria can be trusted all over the world.

Nigeria lawmakers are already going the forward way by raising a motion that is blockchain based. The hope is that the government will begin to set up the infrastructure that will accommodate this technology as well as spread its knowledge to the citizens. it will definitely take a while but the country is hungry for a change and the blockchain technology and its transparency is just what we need.

 

what do you think of the adoption of the blockchain technology in Nigeria? Let us know your opinion in the comments section below.

 

Images courtesy of cryptotvplus

 

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Brad Garlinghouse,CEO of Ripple Predicts the death of Most Cryptocurrencies 

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The CEO of Ripple, Brad Garlinghouse has predicted the death of the majority of all the cryptocurrencies in existence. According to him, they will likely go to zero.

This prediction was made via a live interview with Bloomberg where he said very few number of cryptocurrency projects will survive and grow significantly as they are concerned with actually solving real life problems.

Others will likely fail because they can not support or solve real life problems. According to Brad, “Anytime there is a new market, there are a lot of people that run into that market and try to show that they can solve a problem, they can deliver a customer need.”

With more than 3,000 cryptocurrency that trade on a daily basis, he said, very few of them will actually be able to meet customers needs, and the majority of them will probably go to zero.

The same prediction made by Brad Garlinghouse has been made by others before most especially during the ICO boom days that say
w thousands of cryptocurrency project launched offering various “moon shot” products and services.

Max Keiser had also predicted the death of majority of altcoins according his twitter post in August, which reason “#Bitcoin dominance 68.2% — heading to 80% — as alts die in favor of BTC. The 2014-2017 era of alts and hard forks is dead. Don’t be the last to rotate out of alts into BTC.”

The growth in cryptocurrencies is caused by the hype around the crypto ecosystem, Garlinghouse said

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Electroneum to Launch ETN Powered Freelance Platform, Welcomes Beta Testers. 

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Electroneum is set to launch its own blockchain powered freelance platform AnyTasks.com and it is calling for Beta testers to test the platform.

In an email sent to users, Electroneum said it has been talking about and building the platform for a long time.

AnyTasks.com according to the email signed by the CEO, Richard Ells, is the Electreoneum powered freelance economy platform for the world’s unbanked.

It is different from other freelance platform to ever exist as buyers pay with a credit card and sellers get remittance automatically in ETN.
Electroneum calls on experienced persons in the freelance economy to join its Beta Testing Group and according to it, will help place final touches on the platform before public release.

The decision to join the Beta Testing Group according to ETN “will be helping to shape the futures of MILLIONS of people around the world, whose lives will be positively impacted by this launch.”

Explaining why AnyTasks was built? It was quoted saying

Increasingly, more of us around the world are selling online, be it on eBay, Fiverr, Etsy, or the like. In excess of $200 Billion is spent each year within the freelance economy, providing many with the ability to earn their own living. Yet, without access to a bank account, this remains an impossibility for hundreds of MILLIONS of people across the world.

We’re changing that! People in emerging markets can earn as little as $3 per day on average. Imagine if we could give these people access to an online marketplace, where they could sell a single digital task for more than their average daily wage. AnyTasks will provide people that opportunity.”

Additionally, a learning platform TaskSchool will be launching in the first quarter of 2020. TaskSchool will enable users to learn simple skills they can sell via their smartphones through the AnyTasks platform.

We’re changing the world, and we’d really appreciate you taking a little of your valuable time to be part of shaping it, Electronuem concluded.

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Crypto Market Opens With Bitcoin Above 9k as it gains $2k under 24hours, Nigerian Industry Participants Share insights.

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Cryptocurrency market opened the day with Bitcoin above $9000 as it gains $2000 under 24 hours with over 68% dominance. The rise could be attributed also to the President of China as he talked about crypto.

Across board, cryptocurrencies are show significant gains with the dominant cryptocurrency Bitcoin showing a 26.48% gains as it adds $2k under 24 hours. Dominance is currently standing at 68.3% with the current value sitting at $9400+.

Ethereum, the second largest cryptocurrency by market capitalization is currently enjoy an increase of 16.26% as it trades currently at $188. Market capitalization has increased to over $20 billion.

XRP has gained 4.1% giving it the value of $0 29 with a market capitalization of $12.61 billion.

With other cryptocurrencies enjoying good gains, one would wonder what could have fueled the price action across the board and what it means going forward.

According to the Founder of Crypto Masterclass, Mr. Tola Joseph, he said

“It’s simple. This is the positive effect of BAKKT Bitcoin futures trading. Few weeks ago, I wrote on my WhatsApp status that BAKKT ruined Bitcoin (because of delay in launching Bitcoin futures) and I said this same BAKKT will impact Bitcoin greatly.

Mr. Tola Joseph expressed great confidence in the future about Bitcoin. He said,

“We are seeing this happening already. I think we are just getting started with the party. I think it won’t take long before we break Bitcoin all time high. The whole world will tremble and awareness will increase.”

CEO of Kurecoin Mr. Tega Abikure also gave insight into the reason for the surge in prices. According to him,

“There are several speculations as well as several possible reasons for this to have happened besides the normal suspicions of whales manipulation of the currency…”

He continued by saying,

China’s recent declaration to go full time blockchain across board and their desire to contest US current world currency domination through a wide accumulation of Bitcoin

These and many more including Bakkt futures gave the market such a response, however I also expect a correction as well.”

While Mr. Tola Joseph’s prediction portrays a bullish sentiment, Tega Abikure’s opinion on the immediate future is bearish. He said “I still believe the market is heading for a Low. Maybe around the 5k region”

For every bull run, there is always a correction as the charts always shows.

For the CEO of Nigerian Cryptocurrency Exchange, Bitfxt, Mr. Franklin Peters, according to him, the surge was needed for bitcoin to have a breathing space. The dump which saw the market went down required some space for the assets to climb back up. Bitcoin has been dangling, and considering the halving next year, people want to buy at its lowest so as to gain. It’s possible huge institutions came in as indicated by the huge volume of tether dropped into the market.

The upsurge in crypto market must have been anticipated by lots of people in the industry. One of these people is Mr. Tola Joseph of Crypto MasterClass.

As the thrust has started depreciating in its potency, Bitcoin and other cryptocurrencies will likely see some corrections. While the optimism shared could very well be pleasing to the ears, what does the chart says matters. As the saying goes, history repeats itself. What say the chart? We will wait and see.

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Dogecoin to be Listed on the Binance US Platform 

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Leading cryptocurrency exchange Binance announces the listing of dogecoin on its Binance.us platform. Hours ago, Binance released a blog post announcing dogecoin will be tradable on its US platform by 9pm EST 24th, October, 2019.

Now users can deposit dogecoin into the platform and start trading.

Binance.us is according to Binance “a fast and efficient marketplace providing access and trading across a diverse selection of digital assets.”

Binance continues to grow its presence globally. Hours ago, it also announced a partnership arrangement which will allow Nigerians and Africans to easily purchase Bitcoin, Binance coin and other cryptocurrencies using their debit or credit card.

The partnership with Flutterwave will also eventually allow other countries such as Kenya and South Africa to purchase cryptocurrency on Binance using their debit or credit card.

According to the Binance, it will continue to evaluate coins, tokens and trading pairs to offer on Binance.US in accordance with its Digital Asset Risk Assessment Framework, community feedback, and market demand.

Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide. Available on several OS such as Windows, Mac, Android and Linux, it’s currently trading at currently trading at $0.0025 based on data from coinmarketcap with a volume of $77+ million and market capitalization of $314,840,46.

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