Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. Ether is a cryptocurrency whose blockchain is generated by the Ethereum platform. Ether can be transferred between accounts and used to compensate participant mining nodes for computations performed. Ethereum provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. “Gas”, an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.
Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by an online crowdsale that took place between July and August 2014. The system went live on 30 July 2015, with 11.9 million coins “premined” for the crowdsale. This accounts for approximately 13 percent of the total circulating supply.
In 2016, as a result of the collapse of The DAO project, Ethereum was split into two separate blockchains – the new separate version became Ethereum (ETH), and the original continued as Ethereum Classic (ETC). The value of the Ethereum currency grew over 13,000 percent in 2017.
thereum was initially described in a white paper by Vitalik Buterin, a programmer involved with Bitcoin Magazine, in late 2013 with a goal of building decentralized applications. Buterin had argued that Bitcoin needed a scripting language for application development. Failing to gain agreement, he proposed development of a new platform with a more general scripting language.
At the time of public announcement in January 2014, the core Ethereum team was Vitalik Buterin, Mihai Alisie, Anthony Di Iorio, and Charles Hoskinson.Formal development of the Ethereum software project began in early 2014 through a Swiss company, Ethereum Switzerland GmbH (EthSuisse). Subsequently, a Swiss non-profit foundation, the Ethereum Foundation (Stiftung Ethereum), was created as well. Development was funded by an online public crowdsale during July–August 2014, with the participants buying the Ethereum value token (ether) with another digital currency, bitcoin. While there was early praise for the technical innovations of Ethereum, questions were also raised about its security and scalability.
Zambia’s Central Bank Declares, ‘Cryptocurrencies are not legal tender’
Zambia is just making its entrance into the blockchain space. However, the Southern African country is taking a different approach. The Zambian central bank has declared that cryptocurrencies aren’t legal tender. The decree which was issued on October 12 cautioned those transacting in digital currencies as they will have no one but themselves to blame if the market should fail. Also, the Central bank of Zambia is trying hard to promote the value of its local currency, the Kwacha which appears to be depreciating in value.
Similar to most African countries, the Bank of Zambia (BoZ) does not have any authority nor regulatory framework over cryptocurrency investments or trading. For the BoZ to have any say over the cryptocurrency industry, it would need legal backing. This means that the parliament will have to amend the law to enable the BoZ have any authority over the cryptocurrency industry.
The Zambian central bank issued a statement on Friday warning people about the risk of investing in cryptocurrency. The BOZ claims that it has observed the alarming rate at which interest in cryptocurrencies is growing through the enquires they have received on the subject. The statement released by the BOZ explained that although cryptocurrencies have some of the characteristics of money, such as being used as a means of payment, cryptocurrencies are not legal tender in Zambia.
The statement explains that the interest of the people and the integrity of the financial system in Zambia had to be maintained. The BoZ listed the following as the reason why cryptocurrency cannot be considered legal tender. For one, the BoZ bears the exclusive rights to issue notes and coins in the country according to Section 30 of the Bank of Zambia Act. Since the BoZ has not issued any cryptocurrency, they cannot be classified as legal tender.
Also, since the BoZ does not have a regulatory framework for cryptocurrencies, “the usage of cryptocurrencies are performed at owner’s risk.” The BoZ went on to list the risks associated with cryptocurrency usage. It adds, “Some of these risks include money laundering, financing activities of terrorism and general consumer protection risks such as fraud and hacking, to which in most cases, no legal recourse would be available to customers due to the unregulated nature of cryptocurrency-related transactions.”
What do you think about Zambia’s stance on cryptocurrency? Share your opinion with us in the comment section below.
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Huobi’s Global Elite Program Offers 2BTC Incentive to Members Who Introduce Eligible Candidates to The Program
A referal bonus of 2 BTC awaits anyone that introduces a candidate that gets accepted into the Global Elite program. Influencers of the world’s largest blockchain company, Huobi has announced earlier that eligibility into the new Huobi Global Elites program had been reopened. The Huobi Global Elites program is the company’s way of boosting the development of its partners in strategic locations. As a result, Huobi is offerings a variety of incentives including a 2BTC Referral Fee to those who introduce Huobi to Global Elite candidates who are successfully integrated into the program starting from this month.
Huobi Elite Alliance program offers its members a wide range of benefits including referral bonuses, business collaboration, and business networking initiative. The program which had its third launch on september 19 is now officially opened. With members in more than 20 countries, the Huobi Global Elites program aims to liase with top blockchain influencers, and other fintech industry. Members of the Huobi Global Elite program also get incentives for referring new members to Huobi. The referral bonus can be as high as 40% of the trading fees Huobi earns from that business (+ bonuses granted in Houbi Token).
Why You should be a Huobi Global Elite
Asides earning referral bonuses, members of Huobi Global Elites have a variety of benefits awaiting them. Members get the opportunity to network with other members of the Huobi Global Elite program around the world, both online and in-person. They will also get unlimited access to research and news sources and information before it gets to the public. These sources will include Huobi Research, Huobi News, Huobi Capital, Huobi Labs, and the Huobi Ecosystem Fund. Equally, members have the opportunity of collaborating with Huobi or institutions in investment recommended by Huobi. Members of Huobi Global Elites also get the privilege of participating in in-depth business training and global conferences of Huobi.
Qualities of a Good Candidate for the Program.
Global Elites should be top blockchain influencers, cryptocurrency and blockchain enthusiasts, or have access to reliable blockchain resources. Bitcoinexchange listed the qualities of a Global Elite to include a blockchain and crypto assets enthusiasts, someone with notable experience in managing large teams and a reasonable understanding of the brokerage sector and legally compliant to local regulations. Also, a candidate with 3 referrals from reputable and experienced blockchain experts is eligible for the program. Candidates who are interested and eligible to be Global Elite candidates can contact http://bit.ly/HuobiGlobalElites.
The Information provided on the website is designed to provide helpful information regarding blockchain and 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.
British Pound-Backed Stablecoin to be launched in the London Block Exchange
LBX CEO Benjamin Dives
Driving adoption of cryptocurrency in any economic state is not as easy as it sounds. With the recent state of things happening in the space a lot of kudos would have to be given to LBX for such huge step it is taking in launching the first ever Pound-backed Cryptocurrency.
The London Block Exchange has most recently made known her intentions to launch the LBXPeg which is also known as “stablecoin”. In a recently published article by Business Insider on the 29th of September 2018, the said Exchange was permitted by their banking partner to move forward with the project. This would be backed by UK’s Sterling reserves with one-for-one ratio and held in an account at the third party bank.
LBX’s latest plans are fueled by the high activity rate and interests in “stablecoins.” These are cryptocurrencies where the price is pegged to real-world assets, usually the dollar like in the case of the Tether. This simply is to give cryptocurrencies what is called price stability of a mainstream currency while also still retaining their compatibility and digital nature.
Benjamin Dives, with the help of a Professional Accounting company, plans to introduce auditing of the UK Sterling reserves as part of ways to ensure transparency. In his speech, Dives showed great confidence in the LBXPeg Stablecoin and assured that minting of the token would be in ten days.
Amongst the 50 stable coins, LBXPeg is proud to be the first coin pegged to the British pound and this affords it specific regional advatages over existing stablecoins . In addition, the use case of the new cryptopound would be for OTC trades in the london market and also in commonwealth exchanges where there do not have fiat banking and then securities token who want to pay dividends in a cryptopound.
We are not at Home with Cryptocurrency – CBN Governor
Taking further steps in openly stating its non-acceptance of cryptocurrency, the CBN Governor, Godwin Emefiele, who was represented by the Director Banking and Payment System Department, Dopo Fatoku, gave a rather interesting speech at the Vanguard Economic Forum Series on Financial Technology (FINTECH), Lagos.
In his speech,the CBN governor pointed out and I quote “Blockchain is a distributed Ledger Technology and we are at home with it and we know that it could be used for many good things especially in the financial services and industry.
But further in his speech, he then gave his reasons why the authorities were not in support of Cryptocurrency (one of the products acively used on the Blockchain). Among His reasons were that there is no issuing authority and according to him, this was a major challenge for Regulation. He backs his claim on notions that the supposed researches done by the English, Canadian and Monetary Authority of Singapore do not approve the use of Cryptocurrency for Central Banks.
Meanwhile the members and analysts from Blockchain Association of Nigeria (BAN), in a closed group conversation had a lot to say about this.
Mr Chimezie Chuta, coordinator Blockchain User Group Nigeria debunked the news above stating that this was not the official position of the CBN on cryptocurrency. He begged to question the authenticity of the publication.
Meanwhile, Mr Eze a member of BAN obviously opined that not having an issuing authority is the main idea of the crypto adding that it is a plus and that the idea of decentralization is what the Blockchain stands for. He takes solace in the fact that disruptive technologies never had Government endorsement not failing to add that the CBN Governor needed genuine education on the subject matter as all his statement reek with ignorance, biased information or pure mischief.
Also, Chimezie Chuta went ahead to point out that this could not be true as CBN recently did an internal restructuring that separates Banking from payments systems. Blockchain and its associated techs fall into the later. Even though the opinions from the former remains legit, it carries less weight. In his lengthy speech he said that official positions begin with an official definition, which the CBN are yet to give. Hence the need for clarification.
So in Chuta’s opinion, the remarks does not have CBN’s support. Another question is do the CBN really believe that the current players in the crypto space of Nigeria are small and insignificant?
The chief initiator of the conversation, Senator Ihenyen in trying to bring the house together, asked these questions;
Is CBN manipulating Nigerians About cryptocurrency through the use of media?
Is the media manipulating Nigerians about crypto by misquoting CBN or is it that some big interested persons are manipulating the media about cryptocurrency?
The answers to these questions vary from opinion to opinion but the summary remains that whether or not there is manipulation, the sole possible reasons for this could be because no one wants to be held directly responsible for the direct outcome which a clear statement will bring. Thus, ambiguity is the choice of all playing parties.
The questions still remains, if this were to be the case, when would the talks for regulation gain footings in the Nigeria economic market?