Nigeria has experienced her fair share of revolution at different stages of political and economic metamorphosis with the majority of her revolution being political and few economical. But successful countries in the world do not owe their success to stable political system only, but thriving and prosperous economies that allow for innovation, competition, and “early adoption of technologies” able to grant them a competitive edge and a bullish advantage on the world economy chart. The latter in particular has been the strategy that has turned third world nations to nations with enviable prosperous economies. When a topic of this nature is being discussed, a striking example that readily comes to mind is the DUBAI Revolution. The famed Arabian Desert turned number one tourist and popular innovation centre in the world achieved its present enviable status as a result of a foresighted government, which knew “the future would not be as patient with us as today is.”
Dubai’s foresightedness has given much room for technological advancements on all levels especially in the case of the Blockchain Technology, which undoubtedly is the “future of Man and his environment”. Consequently, Dubai is well placed to be one of the leading economies of the next age Indeed owing to the boundless possibilities of the nascent Blockchain Technology, Dubai may appropriately be dubbed the most efficient and organised political and economic system in the world. Dubai is one of the few countries to recognise the power and possibilities of the Blockchain and how it can be the one-fit-all solution to common social, health, economic, and political, challenges in the world. In response, she has setup an active engagement with the virgin Blockchain Technology at all levels of its national existence, with the goal of running over 90% of all it’s national activities on the Blockchain by year 2020 which would allow for an efficient and reliable economic and political system.
Applause, to the liberal, foresighted government of Dubai.
While this is a counter-narrative in Nigeria’s case, it behoves members of the Blockchain community in Nigeria, to begin a major campaign on the adoption and use of the Blockchain Technology among other sister disruptive technologies like Artificial Intelligence and Internet of things by the government of Nigeria at all levels of its national and foreign existence and operation, if I may say, this is the true change we need.
This was my submission among others on behalf of Cheetah Africa at the launch of the Block Show Africa.
It was great sharing insights under a learning atmosphere with major Stakeholders in the Blockchain and Cryptocurrency space, such as (#ChimezieChuta, #NathanielLuz #senatorIhenyen, #CrytpoTv+, #Tega Abukure, #Kurefundsconsult, #Ademolaadeyoju) at the private launch of the Block Show Africa, an initiative by Crypto Tv+.
As the discourse went on, positions were maintained and ideas were shared among the participants and represented organisations in the space. At the end, we came to the general conclusion that the Blockchain Technology is Nigeria’s opportunity to leverage its available potentials in becoming a “First world nation” in the coming years.
The power and possibilities of the Blockchain Technology, is capable of rescuing Nigeria from majority, if not all, of its teeming challenges at all levels, the technology can especially aid things in health, agriculture, civil sector, the public service, national treasury, voting, policing and crime, etc.
For example, by legalizing and adopting the Blockchain Technology through:
1. the power of tokenization, Nigeria can raise enough funds for giant economic and social projects among its citizenry which would reduce our level of reliance on loan seeking from countries like China.
2. through the power of smart contracts: a perfect, and efficient governmental operation can be installed at all levels of public and civil service, which completely solves the age-long problem of corruption we have been embattled with as a nation. This would also solve completely the issue of Tax Evasion.
3. through the power of decentralization: inefficient, and bureaucratic practices leading to red tape can be completely gotten rid off.
4. through the power of the ledger system: issues of identification, and criminal activities can be easily resolved than any other existing technology.
5. through the power of cryptography: issues related to data protection in the governments can be far more resolved at very low cost; better than NCC identification system or even the national identification system.
6. through the power of open source: (kudos to what companies like BudgIT is doing in ensuring transparency in government practices but with Blockchain) government spending and budgetary allocations can be easily monitored and confirmed by anybody anywhere in the world through the open source system of the Blockchain Technology leading to greater Transparency and Trust in government practices in Nigeria.
7. through the power of decentralized applications: Elections can be conducted in a free and fair manner, Information can be made more accessible to the public, and in fact the need for public or civil servants would be greatly reduced leading to greater efficiency.
By adopting the use of the Blockchain, Nigeria would be placing herself on a pedestal of political efficiency and economic advantage, the legalization of the use of Cryptocurrency most especially, can lead to quantum foreign direct investment in the county (FDI).
The Blockchain is capable of effecting a disruptive revolution in Nigeria completely; from the political sector to the economic sector and other levels of national engagement and operation and probably lead us to a utopian state. But this is only possible when all Public and Private Stakeholders at the helm of the country’s affairs begin to take a proactive and positive approach towards its adoption and legalizing Blockchain’s accompanying products, most popular of all, the Cryptocurrency. Hence if the “Blessings of the Blockchain Technology” must be consummated for our economic prosperity, the Securities and Exchange Commission (SEC) , Economic and Financial Crime Commission (EFCC), would have to be reoriented on the use of Blockchain and Cryptocurrency. Cryptocurrency is not a scam has it has been dubbed by many, it’s a technology redefining how we own and transact value, especially money. A corollary of this assertion is that with its unadulterated application, it can be used to track and handle financial and economic crimes efficiently. There would be no need for investigation. The open-source Blockchain network automatically alerts all of every Kobo allocated and spent. That is what we need as a nation, a transparent government by the power of the Blockchain. While the popular negative perception that holds sway among the government and masses about Cryptocurrency is untrue, the Blockchain Community in Nigeria is teaming up to redefine this false perception through education, regulation, and advocacy.
This is the objective of the Block Show Africa and the proposed Blockchain Association of Nigeria.
The government and its agencies needs to partner with the organised community of Blockchain and Cryptocurrency users in Nigeria to adopt this Future technology aka web 3.0 in causing a positive disruptive revolution in Nigeria.
Toast to the Block Show Africa, Toast to Cheetah Africa, Toast to the great future of Blockchain and Cryptocurrency in Nigeria, Toast to a Prosperous Nigeria.
Cardano to Release Version 1.6 of Its Software Product In A Few Days – Charles Hoskinson
We are shipping the version 1.6 update over the next few days tweeted CEO of Cardano Charles Hoskinson. In the tweet, Charles also requested for some “screenshots” of the new Daedalus and users’ comments on the product whether they like it or not.
Praising the team Cardano team, the Charles Hoskinson said lot of work went into this release and he is extremely proud of the team.
Daedalus is an extensive open source cryptocurrency and highly secure wallet for the Ada cryptocurrency.
It is built with web technologies and features unlimited accounting with advanced security.
We are shipping the 1.6 Cardano update over the next few days. Send me some screenshots of the new Daedalus and let me know if you like it. A lot of great work went into this release and I'm extremely proud of the team
— Charles Hoskinson (@IOHK_Charles) August 13, 2019
Charles formerly was worked in Ethereum as a Co-founder is moved to Cardano where he is building ground breaking innovations using blockchain technology.
Cardano according to the IOHK website is a blockchian platform with more advanced features that any protocol yet developed, and the first to evolve out of a scientific philosophy.
Launched in 2017, Cardano is a product of IOHK created using the Haskell code, a technology firm committed to using peer-to-peer innovations to provide financial services to billions of unbanked individuals all over the world.
It prides itself as a decentralized company that loves innovative teams forming and executing ideas that cause “cascading disruption“.
Cardano’s protocol is designed towards protecting privacy rights of users, while also taking into account the needs of regulators. It is the a blockchain platform with more advanced features than any protocol yet developed by a large team of experts engineers and researchers from various field.
Ripple Hit With Law Suit From Aggrieved Investor For Selling Unregistered Securities
A class action suit has been amended by an investor in XRP of Ripple. In the suit, Bradley Sostack an investor in XRP alleged that Ripple misled investors and raised money from them by selling XRP token, an unregistered security. A clear violation of Federal laws.
The filing was made on the 5th of August, 2019 and in a Coindesk’s report dated August 13th, the initial class action law suit was filed in 2017 and with this amendment, Ripple has until mid of September to make a response to this action.
Citing a SEC’s newly released “Framework for Investment Contract Analysis of Digital Assets, the plaintiff is seeking to defined XRP as an unlawful unregistered assets under the framework.
“The SEC Framework makes clear that ‘[w]hether a particular digital asset at the time of its offer or sale satisfies the Howey test depends on the specific facts and circumstances.’ The specific facts and circumstances relating to XRP support the conclusion that XRP is a security under the Howey test.”
The contention of Ripple as a security or not has been an ongoing debate amongst individuals in the industry. Some see XRP as a centralized digital asset which should not be touched since the founders hold huge percentage of the total while others do not share this opinion.
Since the XRP Token is at current not mandatory to utilize any of Ripple’s products, this has raised concerns on the use cases of the token. Since it cannot be used in any of Ripple’s products, it begs the question of what really is XRP.
Ripple is a US based technology company founded by Chris Larsen in 2012. It is currently led by Brad Garlinghouse. It provides frictionless experience to send money globally using the power of blockchain. According to the company, by joining its growing, global network (RippleNet), financial institutions can process their customers’ payment anywhere in the world instantly, reliably and cost effectively.
Ripple is expected to respond to the class action not later than September.
CertiK Announces The Completion of Binance British Pound Backed Stablecoin BGBP Official Audit
In a post on micro-blogging site, CertiK announced the completion of audit on Binance British Pound backed Stablecoin, the BGBP.
Binance had some weeks ago through its CFO, Wei Zhou in an interview with Bloomberg hinted of the top exchange’s plans to issue own stablecoins. According to the Binance rep, the token will be called Binance GBP and will be fully backed by reserves of the British Pounds. He further continued that more fiat currency pegged stablecoins will also be launched on the Binance Chain.
The Binance British backed stablecoin was verified by CertiK. According to a blog post by CertiK, the auditors utilized their Formal Verification Technology and were able to identify undetected vulnerabilities in the stablecoin providing a more thorough security sweep and offering suggestions.
Always an honor to work with the leaders in the space.https://t.co/wqPugl0vO1
— CertiK (@certikorg) August 8, 2019
Commenting on the Audit and why the exchange sorted the services of CertiK, CZ, CEO of Binance said “CertiK’s Formal Verification bypasses the limits of manual detection, offering one of the most thorough audits in the industry”.
According to CertiK, the audit was done to ensure the source code of BGBP’s smart contracts were free from issues and vulnerabilities. By utilizing its Formal Verification Platform, Static Analysis and Manual Review, the team at CertiK applied a comprehensive examination during which they ensured that the codebase meets best practice and industry standards, that contract logic meets specifications etc.
The results of the audit carried out on the Binance GBP code showed that best practices was followed, the contract is not vulnerable to known securities challenges and that the BGBP is “a more secure, safe, and protected asset”.
CertiK is a blockchain and smart contract verification platform founded by experts from Yale and Columbia University. Incubated by Binance Labs, CertiK has been able to secure strategic partnerships with world’s leading exchanges such as OKEx, Binance etc and has been able to carry out audit on projects such as the LEO, TUSD etc.
Stablecoin Tether Launches Support for Tether (USDT) on the Liquid Network
Stablecoin Tether has now been launched on the Blockstream’s Liquid Network. The announcement was made via a blog on the stablecoin’s official website. Tether communicated the intention to launch on the Liquid Network was initiated by the desire and quest towards “improved blockchain interoperability”.
The Liquid Network is a blockchain for exchanges, brokers, and market makers that enables fast, private Bitcoin transactions with other members of the network. It is designed to allow the movement and issuance of digital assets.
The launch of Tether on the Liquid Blockchain according to CSO at Blockstream Samson Mow, is a major milestone in increasing the utility of the Liquid Network. He also emphasized the benefits such as OTC atomic swaps, super-fast arbitrage between exchanges etc
Speaking on behalf of Tether, CTO, Paolo Ardoino said
“It has been a natural decision to deploy Tether on the Liquid Network given the fantastic work that the Blockstream team is achieving. Issuing stablecoins and various other digital assets under one blockchain platform makes a lot of sense and greatly improves industry efficiency whilst allowing traders to manage all their assets from a single wallet application.“
Launched in 2014, Tether has surprisingly withstood several scandals. By its affiliation with Bitfinex, the largest stablecoin with about $4billion market capitalization has met some serious allegations however, it has continue to rage on and has been able to launch on some blockchain networks in time past, for example the Tron Blockchain.
The Liquid Network is one of its several achievements in the year 2019. The launch of Tether on the Liquid Network will open opportunities for new possibilities according to the blockstream website. Some of these possibilities includes enhanced securities trading, instant, low cost stablecoin payments using Lightning support for L-BTC when launched. Arbitrage traders will also be able to take advantage of Liquid’s 1-minute block times to rapidly complete inter-exchange transfer of fiats.
Liquid USDt is currently open for deposit and withdrawal on the Bitfinex exchange with other exchanges working on enabling it such as OKEx, OKCoin etc.
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