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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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Tron (TRX) Accepted by Travala.com To Be Used for Booking in Over 500,000 Hotels

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Tron (TRX) is the 10th cryptocurrency to be adopted by hotel booking platform, Travala. Before now, Travala had been accepting coins like; Bitcoin, Litecoin, Ethereum, XRP, Nanos, BNB, AVA, DGB, Doge, EOS, TUSD, XLM. It also accepts PayPal, VISA and Mastercard. As travel platform, Travala aims at merging decentralised technologies and tokenized incentive structures to make booking easy for travelers.

Travala.com, a reputable blockchain travel platform, dedicated to revitalizing the yet to come travel industry. Established in the year 2017, it now  boasts of 567,928 properties in 210 countries across the globe, with over 82,000 destination coverage. 

Travala.com as of yesterday declared that its clients can now make payments with Tron (TRX) token in over 550,000 hotels across the world with an added discount of 15% for every transaction performed with the token.

According to Travala.com their customers are to use TRX to book 550,000+ hotels worldwide with an average saving of 15% on http://Travala.com and the customers can get further savings up to 10% off the already amazing prices with our SMART program.

While the other coins listed above like Bitcoin, BNB, Nano, etc have been enjoying this privilege for some time now, it is coming new for Tron, and this can be taken as an added advantage for the cryptocurrency. Unlike every other blockchain technology, every moment of Tron (TRX) is filled with exciting news. The quality and potential of any cryptographic project in the space is determined by the adoptions and partnerships it gets.

As a means to echoing the success of Tron, Misha Lederman, a well-known member of the Tronix team, had once related that Tron has produced more blocks than Ethereum. According to Lederman, “Tron has produced 8.3 million blocks since its independence in June 2018 and Ethereum, on the other hand, despite its longevity, has only produced 7.5 million blocks since July 2015.”

Photo credit: Botcoin Exchange

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IOST Records  More Transactions than Ethereum One Month After Mainnet Launch

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IOST is an application-friendly next generation public blockchain network which is reported to be the first platform to launch an application-ready mainnet which features multiple live DApps (Decentralized Applications). IOST project’s software modules, as claimed by the management team, have been implemented using blockchain technology and they provide “secure and reliable data” as they “prevent tampering by third parties.” and thus, the IOST platform having been built on public blockchain infrastructure, allows “decentralized application developers overcome some of the most challenging problems with mass adoption.”

IOST is one of the most scalable blockchain networks. Although, its design principles are similar to some of the other leading dApp creation platforms, it has its own consensus protocol, known as “proof-of-believability.” Notably, the programming languages and development environments supported by the various dApp deployment platforms are a lot different from each other such as Ethereum, Tron, EOS, NEO etc. as each use different consensus algorithms such as proof-of-work (PoW), proof-of-stake (PoS), delegated proof-of-stake (DPoS), and delegated Byzantine Fault Tolerance (dBFT).

According to a news outlet, On April 6th, 2019,”the IOST network reportedly processed more transactions than Ethereum ( ETH ). Noting that Ethereum is the world’s largest blockchain-based platform for deploying decentralized applications (dApps), however, “IOST was able to register 580,231 transactions on its network while Ethereum only managed to log 558,272 transactions on the same day (April 6th).”

As contained in IOST’s press release, the smart contract development platform has achieved the following after “the first month of its mainnet launch:”

  • Registered [over] 213,000 live accounts on its network, with an average of 15,000 wallets added per day
  • Launched 9 dApps, including 6 games (one of which hit 700 million IOST tokens in a single day) and a USD-pegged stablecoin
  • Been listed and traded on 26 exchanges
  • Processed more than 25 million transactions, including a peak of 580,231 transactions per day
  • Brought more than 100 partners and developers onboard to build the IOST ecosystem, all partners totalling to more than 200 today

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EOS AND XRP MAINTAINS A POSITIVE PRICE MOVEMENT AMIDST BITHUMB HACK

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The cryptocurrency market is yet to experience yet another bubble. Some experts believe it will happen again before the market stablilizes. Some other analysts claims the market has settled and can be driven positively again through active development of products to cover the cryptocurrency use case.

Though looking at the state of the cryptocurrency market. The adoption of cryptocurrency is going positive but the number of active traders is decreasing because many traders seems to be holding. The price of XRP and EOS goes against each other. While XRP is gaining a minimal stable increase in Price. EOS has been at its bear level for a long while as against XRP. The use case offered by EOS is quite welcoming and growing rapidly but still yet it’s not impacting on the price movement.

Considering the high vulnerability of the EOS Blockchain. This might have probabaly affected the price. Too many major set backs have being recorded upon using the EOS Blockchain. Many users have complained of the poor user friendliness of the EOS Blockchain. Moreso, the transaction reversing feature of the Blockchain has more or less helped to mitigate against hacks.

Though the said feature also suggests that the EOS Blockchain is not decentralised, the adoption of the EOS Blockchain has been tremendous. From the recent Bithumb hack in May, EOS and XRP were the two cryptocurrencies affected.

EOS had a 11.45% sharp drop in price against Bitcoin few hours after the news dropped. XRP on the other hand wasn’t affected much in price. The XRP price has still gained 0.55% in USD value, but lost 0.05% over Bitcoin. The price of XRP seems to be more stable at $0.3. EOS has $4,126,251,897 in total marketcap with a daily trading volume of $2,735,279,072. XRP has $13,724,796,558 in total marketcap with $1,459,156,919 daily trading volume. XRP has a far high total market cap compared to EOS but a lesser daily trading volume. While XRP is losing 6.35% to bitcoin and gaining 5.5% to USD. EOS is losing 4.28% to bitcoin and gaining 8.5% to USD. This equally suggests that EOS has a better daily trading volume as against XRP.

Though the EOS downtrend has been so for a long time now. XRP has a better price statistics as against EOS. There is yet no future guarantee as to whether the price of both cryptocurrencies will be increasing any time soon. Bitcoin which is the base cryptocurrency has been on a better ground with a good uptrend through the week.

The Bithumb hack  didn’t really affect the price momentum of both cryptocurrencies as the price recovered back hours after the sharp drop. But in the long run. EOS may or not be at a lesser preference to XRP. XRP which has been opposed by the cryptocurrency community as a centralised blockchain. XRP more or less has a better adoption by authorities in comparison to EOS. While EOS has a better adoption by community users in comparison to XRP.  

 

 

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

 

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GROESTLCOIN (GRS) ENABLED ON SATOWALLET TO BE USED ON SATOPAY

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Satowallet and Groestlcoin

In a recently published article on its official medium blog, Satowallet mentions that it has successfully wrapped up the listing of Groestlcoin – a Blockchain asset on its global fiat system.

Groestlcoin is a secured blockchain asset which offers almost Zero fees during transactions. The team behind the project does well to make available major updates in 3-month intervals. this has contributed to keeping the coin and project among the top 200 on Coinmarketcap. Interestingly, the coins hold some form of history as the first to activate SEGWIT (SegWit, is the name used for an implemented soft fork change in the transaction format of the cryptocurrency bitcoin). READ MORE. According to Coinmarketcap, the project has $25M USD trading volume and a Market Cap of $35M USD with a total supply of 105,000,000 GRS.

Expressing excitement on the partnership, Satowallet reveals that the coin is set to trade against various crypto pairs; BTC, ETH, DOGE, SATOS and some fiat settlements; USD. NGN, GBP, and EURO for instant swift buy and sell on the global scene. More so, the use of Visa Debit Card to initiate Crypto/fiat withdrawal will soon be possible.

Satowwallet exchange is an all-in-one crypto exchange, with a widespread of users in over 140 countries and a range of services from; in-app trading, storage, investment, fiat settlement, staking, swapping and Blockchain Asset Security. The Nigerian based wallet has indeed changed the narrative of indigenously grown blockchain startups in the global scene.

Some of the recent features the project plans to launch are;

Satowallet Debit Card– creating a much easier and crypto friendly environment for her users worldwide with the use of SATOPAY (the planned Visa Debit Card for the Exchange). this means anywhere Visa cards are available, the exchange’s fiat withdrawal system will work.

Shop globally with SATOPAY– With the use of Groestlcoin Wallet and Satowallet Exchange App, you can easily fund your SATOPAY Card and shop from card enabled stores.

For more updates and recent features on the SATOPAY Card, visit the Satowallet Medium Blog

In the Press release, the 29th March 2019, saw the launch and availability of the coin on the Satowallet mobile and PC apps. The user can buy instantly with USD, NGN, GBP, and EURO and also with Cryptocurrency.

” Buying and Selling take only 5 seconds and the funds will be available in your wallet through Jiff Trading. The debit card will also be made available upon users request when released in a short while through our banking partners.”  –Team Satowallet

 

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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