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.
CEO of MTN Group Speaks Out on MTNCOIN, Calls it Fake.
The CEO of MTN Group, Rob Shuter has spoken out on the document circulating the internet showing the Telecom giant, MTN Group to launch a utility token – MTNCOIN.
The CEO calls the document and unsolicited proposal and the Telecom firm will not consider it.
Fake news guys was an unsolicited proposal we are not taking forward.
— Rob Shuter (@ShuterRob) November 13, 2019
The document which was dated 29th of October, 2019 and titled “MTN COIN – Building Africa’s Universal Financial Services & Rewards Ecosystem” proposes a crypto token that will be used as a universal digital settlement currency for all financial.
In a statement published by MTN Group, it said it wishes to distance itself from the document as well as the services and offerings mentioned in the document as they are not provided by the firm.
According to the statement, MTN said the document was an unsolicited proposal submitted by an entity called Eureka Africa and it wasn’t adopted.
However, the Telecom giant affirmed its continual engagement and collaboration with various vendors, and if necessary it said, use official MTN channels to communicate such partnerships.
The document proposes the launch of a Stellar blockchain based cryptocurrency, MTNCOIN that will serve as a universal digital settlement currency for all financial users cases for all parties.
According to the document, It also intends solidifying and expanding MTN’s position as Africa’s leading communication services provider by staying at the forefront of digital transformation; capitalize on the Global Financial Technology revolution and lead the disruption of the traditional financial and insurance sector in the continent to protect current and create new revenue streams.
The Telecom giant has requested publishers to refrain from sharing the document or its contents on any public platforms.
Telecom firm, MTN Could launch a token MTNCOIN on the Stellar Blockchain to become Universal Digital Settlement Currency
A document showing Telecommunication firm MTN is set to launch a token –MTNCOIN on the Stellar Blockchain has been making waves on the internet since it was released.
The document which was dated October 29th 2019 and titled “MTN COIN – Building Africa’s Universal Financial Services & Rewards Ecosystem” posits that the African Financial sector is ripe for disruption.
It measured the financial flow of money through Mobile Money and Remittance. MTN through the plans to lead the disruption of Africa’s financial services industry to redefine financial inclusion.
This it intends to achieve by launching MTNCOIN as a universal digital settlement currency for all financial users cases for all parties. It also intends solidifying and expanding MTN’s position as Africa’s leading communication services provider by staying at the forefront of digital transformation.
It also wants to capitalize on the Global Financial Technology revolution and lead the disruption of the traditional financial and insurance sector in the continent to protect current and create new revenue streams.
MTN will to create a pan-african open platform and ecosystem and set the standards for trusted, direct, low-cost and instant financial transactions, bringing together various players in the financial industry such as banks, insurances, Fintechs, Retailers and major technology providers to drive interoperability and convergence.
The digital currency, MTNCOIN according to the document will be created and issued on the Stellar Blockchain Network.
It will serve as universal exchange currency, highly scalable, secure bridging currency across the African continent supported by the established MTN treasury functions.
It will serve data and airtime redemption assurance which according to the document will reduce counterpart risk as token holders.
The token will be a utility token controlled by MTN and it shall feature fast, no-cost remittance, automatic loyalty program benefits with ecommerce embedded shopping advantages.
The document compares MTNCOIN in superiority to other forms of payment such as MTN Money and M-Pesa. The coin will have a digital wallet, allow P2p transfer, cross border payments, bank integration, adoption by third party apps etc. MTNCOIN based on the document stands out from both MTN Money and M-Pesa.
The choice of choosing Stellar according to the document which compared it to the Bitcoin, Ripple and Ethereum Blockchain networks, was that Stellar is a platform that connects banks, payments systems and people, it allows fast, cross-border transactions between any pair of currencies. It is much cheaper and faster than bitcoin because of its unique consensus protocol etc.
CryptoTVPlus through one of its representative has reached out to MTN Nigeria for comment on the document as at press time but haven’t given response. Updates will be published as it comes.
Brad Garlinghouse,CEO of Ripple Predicts the death of Most Cryptocurrencies
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.”
#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.
— Max Keiser, tweet poet. (@maxkeiser) August 6, 2019
The growth in cryptocurrencies is caused by the hype around the crypto ecosystem, Garlinghouse said
Electroneum to Launch ETN Powered Freelance Platform, Welcomes Beta Testers.
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.