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“Could This Be Nigeria’s Last Chance? The Blockchain and Nigeria”

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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.

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Report: EOS Loses 400,000 EOS Due to Security Glitches

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The crypto market has been bearish for some time now and a lot of tokens have had their fair share of dips. Likewise, EOS has also experienced quite a dip. However, it may seem that EOS is not suffering losses from the bearish market alone but has also experienced significant losses due to some security glitches. These issues have led to the loss of 400,000 EOS which is about $200,000, at the time of writing.

However, a report from Peckshield revealed that EOS ecosystem has been suffering from some security glitches. There were many loopholes at the early stages of the dApp ecosystem right from its launch in June as it took awhile for the system to go live. EOS, however, made a fast growth in the blockchain market attracting billions of dollars worth of investment as well as building over 200 dApps and carrying out as much as 600 million transactions.

Despite the numbers that EOS was cashing in, it had underlying problems. For one, its security issues can be traced back as far as July when a dApp, Werewolf game fell victim to an overflow attack.  EOS also had a very large number of gaming apps launched on its platform. The platform is popularly known ‘ETHEREUM KILLER’ recorded $1 million in august ABOUT $360,00 more than the drops of Ethereum. However, more attacks s

One of the gaming dApps on  EOS, EOSBet was faced with a RAM devour problem in August. The report, however, reveals that as time goes on, more attacks are likely to occur “due to the negligence of dApp developers.” The report also reveals that most of the glitches the EOS ecosystem suffered from after November were loopholes that weren’t addressed earlier in the ecosystem.

Also, the report unveiled that while the EOS blockchain ecosystem boasts of 200 dApps and more than 500,000 users, only 180,000 are active out of 500,000 accounts. The report states that while 120,000 are group control accounts active users on the platform are less than implied as there are more than 200,000 silent accounts.

However some researchers such as Guo Yonggang believe the attacks may be from external forces not related to the blockchain itself, he suggests cyberattack groups. However, the report noted that “The better way is for developers to build their own early warning platform. The benefit is that it can be implemented. Monitoring, as soon as the alarm sounds, immediately turn the game off.”



 

What do you think about the security glitches in the EOS ecosystem? Share your opinion with us in the comment section below.
Image credit: Pixabay

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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Jumia Partners with Blockchain Based Company to Provide Better Service

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The face of e-commerce in Africa is about to experience a dramatic change. All thanks to a collaboration between Japan-based blockchain telecoms platform provider, Telcoin and top online e-commerce marketplace, Jumia. The partnership was born out of a need to increase the quantity and quality of goods and services purchased on Jumia’s platform. The e-commerce company with a presence in over 15 African countries is seeking to tap into the blockchain technology to deliver efficient services to customers.

The duo will be kick-starting with a  partnership that will commence in Nigeria. The West African country seems to be a hub for e-commerce and the partnership will help Jumia add value to its cross-border transactions. Ms Lee-Ann Cassie, the Head of Africa for Telcoin explained that the firm would be working to increase the sales traffic and transactions from Nigerians in the Diaspora as well as increasing and adding value to e-commerce transactions within the country.

Telcoin is focused on creating a mobile cryptocurrency solution that would connect with global mobile networks and enable the ease of converting cash on mobile money, prepaid credit, and post-paid billing platforms. Telcoin aims to utilise existing mobile network providers, to give people access to needed financial services that include e-commerce, online remittances and payments.

The Chief Executive Officer for Jumia Nigeria, Mrs Juliet Anammah explained the partnership saying: “We’re excited, to say the least, about our partnership with Telcoin, because we believe this will have a huge impact on our commitment to improving the lives of Africans through the internet, helping them to save time and money. She also explained that the firm aims to provide services to Nigerians in the Diaspora who want to convert their digital currency to shopping vouchers on their platform.  She added, “We rely on and trust Telcoin to facilitate the currency conversion since digital currency is, in the interim, not a payment method on Jumia.”

 

What do you think about this marriage between blockchain and e-commerce? Share your opinion with us in the comment section below.
Image credit: Pixabay

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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India Has the Highest Number of Blockchain Developers Second to the USA

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India is carving a name for itself in the blockchain space, and this time, the Asian country is producing manpower. A market analysis has revealed that India has the highest number of blockchain developers in the world coming second place to the United States, beating Canada, the UK, and France. The analysis was carried out by Dappros a UK-based blockchain consultancy firm. The results revealed that there’s an estimation of a total of 12,509 developers in India who work with Ethereum (2,381), Solidity (1,432), Blockchain (19,627) and Hyperledger (1,579).

Although, the total estimated number of developers conflicted with the figures when separated into individual disciplines. The firm claimed that there is a difficulty in the analysis pegging an accurate number due to the fact that the data was collated from “open sources such as Linkedin”. While it is a great deal that India is moving up in the rank, Dappros still feels that there is a “need” for more blockchain developers. The firm explained in an accompanying article that there is an overall skilled labor deficit within the industry.

However, there is still a high demand for blockchain skills. Upwork, a freelance employment website in its third quarterly index of the 20 hottest job skills revealed that job postings for workers with blockchain skills have grown this year. Earlier on, the website revealed that the demand for blockchain technologists came in second place behind those with skills in robotics. On the other hand, Bitcoin cryptocurrency developers came in third place for freelance skills in Upwork’s previous quarterly report, however, it has dropped out of the top 20 job skills list.

Blockchain developers in high-tech regions such as Silicon Valley earn as much as $163,000; in New York City, they can earn as much as $150,000. The demand for blockchain developers is still concentrated in high-tech regions.

 

 

What do you think about India blockchain developers? Share your opinion with us in the comment section below.

Image credit: Pixabay

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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Nigeria’s Presidential Aspiriant Eyes blockchain Technology Ahead of 2019 Elections

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Nigeria is yet to have policies governing the blockchain technology. Although law makers met early in the year to contemplate on the blockchain, policies are yet to be made. However, the Presidential Candidate Of The Peoples Democratic Party (PDP), Atiku Abubakar unveiled his campaign policy document on Sunday. He revealed his Plans to create policies that would embrace the Blockchain and cryptocurrency if he is elected President in 2019.

Atiku’scampaign policy document tagged ‘Get Nigeria Working Again’ was released by his Presidential Campaign Organization. Atiku, who is a former Vice President of Nigeria identifies the need for the creation of  “a Comprehensive Policy On Blockchain Technology And Cryptocurrencies.” Although Nigeria is one of the top users of cryptocurrencies in Africa, with the west African country ranking 7th out of 178 countries likely to adopt Bitcoin by the Bitcoin Market Potential Index (BMPI) by the London School of Economics. However, it’s lawmakers are yet to decide what to do with the technology.

2019 presidential aspirant, Atiku reveals through his policy document that he aims to bring more to the economy through the blockchain. He revealed that to build the economy, he would build a  knowledge-based economy powered By ICT. He stated, “My mission is to ensure that Nigeria’s economy is responsive to
the challenges of the 21st century
knowledge economy by keeping with
the amazingly dynamic technological pace.” He believes that if ICT literacy is encouraged from Early school programmes up to adult education, Nigerian youths can awaken their entrepreneurial spirit.

Cryptoprenuers in Nigeria are constantly frustrated by the lack of regulatory frameworks. Also the Central Bank of Nigeria (CBN) and its stringent policy has lead to cryptoprenuers seeking a more favourable frameworks. Despite the warnings of the CBN about investing in cryptocurrency in March, Nigerians are still investing in digital currencies. Atiku’s policy document reveals that there are plans to integrate the blockchain technology to the Nigerian economy. Hopefully, more Nigerian and African politicians will begin to make plans towards a blockchain oriented future.

 

 

 

 

 

What do you think about Atiku Abubakar’s plans for the blockchain sector? Share your opinion with us in the comment section below.
 
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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