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Ethiopia Adopts former Ethereum Co-founder’s Enterprise Blockchain Framework

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Ethiopia adopts IOHK Enterprise Blockchain Framework

Atala to Serve the East African Country’s Capital and Agricultural Supply Chain

Charles Hoskinson, Cardano founder, CEO of IOHK, who is also the former Co-founder of Ethereum recently announced the launch of an enterprise blockchain framework mainly focussed on the African market. Ethiopia is the first country to adopt this technology.

“Atala” is built on the IOHK framework which literally is named after a butterfly found in the sunshine state of Florida in the United States. As reported, Charles Hoskinson says

“Atala is an enterprise framework similar to Hyperledger Fabric. However, the point is to be a solutions provider for governments in need of a municipal currency or a supply chain management system. This requires a type of framework that serves as libraries and modules that would allow governments to rapidly build a product for end users.”

The framework is unique, tailored for real-world use cases such as property registration, voting systems, and supply chain management. One other thing that separates it from other enterprise blockchain framework like the HyperLedger Fabric, is the fact that it is fashioned to support the creation and adoption of digital assets.

This is expected to give it the desired appeal to developers and other stakeholders in the ongoing sweeping blockchain revolution. It is also targeted at entities who seek to integrate the eneterprise blockchain framework into their businesses.

Atala will be rolled out to help governments like Ethiopia issue new cryptocurrency to provide a secure and dependable means of payment for Addis Ababa, the nation’s capital. As Charles Hoskinson puts it,

“While we have several MoUs signed, the most prominent of which we are going to build is a utility currency for Ethiopia’s capital, Addis Ababa. We are working with the Ethiopian government to create a new digital payments system that will allow six million users to pay their power and electric bills with cryptocurrency. We want to eventually combine this with an identity card,”

Fastest Growing Economy in Africa

This is particularly interesting for an African nation like Ethiopia braving the odds where its fellow counterparts have adopted a rather passive and reactionary approach. Ethiopia, an east African nation reported by the IMF to grow by over 8.5% far outpacing any other country within the African continent is not slowing down. With infrastructures like the Grand Renaissance Dam, touted to be the largest dam on the African continent on completion and constant influx of FDIs (Foreign Direct Investments) which grew by 26.7% according to IMF reports, Ethiopia is clearly not settling for small position.

Atala to Facilitate Ethiopia’s Agriricultural Supply Chain Tracking and Traceability Solutions

Hoskinson in a tweet last year announced an MoU signed by Ethiopian government and Cardano network towards the training of developers and synchronizing its Agritech industry with blockchain technology. It aims to achieve this by developing new tracking and traceability solutions for Ethiopia’s agricultural supply chain.

With frameworks like Atala, the gap and impedance towards impacting the agricultural supply chain due to the complexities of blockchain interoperability are hoped to be bridged. Hoskinson in addressing this issue said;

“The only way we can get 15 million farmers in Ethiopia into a cryptocurrency like a system is to first get them into a supply chain system. The farmers need to be in a supply chain system to adhere to international mandates. Many of these people have no desire to use cryptocurrency, but once they are in a supply chain, they are in a network. And if that is interoperable with Cardano, for instance, we can build a product that can touch 15 million people,”

Ethiopia has continued to show remarkable leadership in the African continent. From its  efforts at nation-building, to plans on becoming a regional power as the dividends of these efforts begin to show it is garnering huge tractions.

With its keen interest on revolutionary technologies such as the Blockchain, and taking action steps like tokenizing its power grid in Addis Ababa, it’s capital, getting as much as 6 million people within its borders using cryptocurrency, Ethiopia is setting itself apart and should be seeing stronger growth in the coming years.

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I am fascinated by Technology ranging from Blockchain, AI, AR/VR and the general IoT. I report on tech related news on startups and other mainstream firms.

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Galileo: Binance Mainnet Latest Version Is Out

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Binance has released the latest version of its mainnet known as Galileo. Earlier this month, Binance announced that it’s going to name its mainnet upgrades after scientists, bearing on  breakthrough advancements. And just on 15th of this month, it announced the completion of an upgrade to its mainnet dubbed Galileo named after the scientist Galileo Galilei. The latest mainnet version is called Galileo v.0.6.0.

Following the upgrade, four major changes were implemented in the Galileo mainnet. These upgrades include:

1) Matching Engine Revision: in the Galileo, Taker and Maker concepts have been introduced in the matching logic. And according to Binance, the new match logic will be more friendly to new users and reduce surprises.

What Does Taker And Maker Concepts Stand For?

Among all the orders to be allocated between buy and sell sides, there will be at least one side that only has new incoming orders from the current block, while the other side has orders left from the previous blocks, or new incoming orders, or both sides only have new incoming orders from the current block. “Maker orders” are the leftover orders, while all new orders are called “Taker orders”.

2) Delist Trading Pairs on Binance DEX: Here, Binance explained that when a token has a credit issue or when one of its trading pairs has little trading volume for an extended time, the community might consider dropping this trading pairs. The sole aim of this delist trading pairs is to improve the overall liquidity. With this mechanism, validators have the opportunity to create a delisting proposal and  also vote on delisting trading pairs.

3) Time Locking of Token Assets on Binance Chain: With this new upgrade, time locking of token assets is guaranteed. Some projects which decide to lock certain amount of tokens for  some periods of time, perhaps, with the aim of vesting in the future according to a predetermined schedule can do so.

How Does Time Lock works?

Time locking of assets can only be done on your own account.  

“TimeLock will transfer locked tokens to a purely-code-controlled escrow account and before the lock time expires, the specific user will not be able to claim them back, including restrictions where they cannot use, transfer or spend these tokens,” Binance explained in BEP9.

We have other terms such as timeRelock, timeUnlock, QueryTimeLocks, and QueryTimeLock.

4) State Sync Enhancement:  With the Galileo upgrade, the sync implementation is refactored to improve user experience. It aims to reduce syncing time. Also, the downloading of blocks can be resumed. Now, the user can specify the height from which they want to state-sync.

Binance, the highest cryptocurrency exchange by daily trade volume is really making waves into the cryptosphere. It has really distinguished itself in the crypto market and has aimed recognition in the eyes of the crypto community. With its steady innovation and improvement, it has continued to make the cryptosphere an interesting space. Binance Galileo has come to make Binance Chain an interesting space for the users.

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You Can’t Regulate Crypto, You are doomed to fail, John McAfee tells the US Government

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In a self made video posted on his personal twitter account, the creator of McAfee antivirus John McAfee has opened up on his opinion on government intervention in cryptocurrency and blockchain industry.

In the Video, the strong and vocal crypto supporter made it known to the whole world that government intervention to regulate cryptocurrency is doomed to fail. He stressed that cryptocurrency is a private thing and that it is unwise for government to attempt to regulate it.

While comparing the government’s history of regulating drugs to cryptocurrency, he said that regulations are designed to protect consumers and to make criminal activities more difficult. Regulations are to protect people from scams, schemes, coin artist and other bad actors. Giving an example, he pointed to the numerous fake twitter accounts impersonating him asking gullible people to send one BTC or half a BTC to an address and have five BTC sent back. And people do fall for these.

According to John, “anybody that stupid, you can’t protect them”. Eventually, we would need regulations to protect people from themselves. Continuing, he argued that you can’t stop anyone from doing something to themselves in private. It is impossible, he concluded.

Coming back to Drugs and Regulations, the Cuban based crypto advocate said that the US has the greatest legislation and largest force to prevent drug uses and sale, but the country still remains one of the largest drug market on the planet in spite of all the government has done. The latest drug bust of a JP Morgan Container could testify to this.

Reiterating, he said, “you can’t stop what someone does with their mind, body and money in private”. Therefore as we are doing everything in crypto in our privacy, with our devices, then the government can’t regulate crypto. Taking a swipe at the Politicians, he said “they do not understand it

Concluding, he begged the politicians to “wake up”.

John McAfee is currently in Cuba where he desires to run for the President of the United States in the forth coming elections. He has reported via twitter also of the government plans to apprehend him however, he has remained an open advocate for what cryptocurrency and blockchain mean to personal freedom. He aims to use the Presidential platform to tell the Americans and the world about Cryptocurrency and what it can do for every society.

With many voices including the US President and famous economist Nouriel Roubini coming to voice their issues with cryptocurrency, McAfee remains on

 

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Mark Cuban Bashes Facebook’s Libra, Labels It As A Big Mistake

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Mark Cuban in a recent interview bashed Facebook’s cryptocurrency – the Libra. In the interview with  CNBC, the billionaire investor called Libra a big mistake. Mark Cuban is a billionaire entrepreneur, a “Shark Tank” investor, and the owner of the Dallas Mavericks basketball team.

 

In the interview which took place today 12th July, 2019, the billionaire owner of Dallas Maverick Mark expresses his opinion on the Facebook stablecoin, that, he is not a big fan of what Facebook is doing. He then stresses that it is a big mistake and could be dangerous.

 

In his own words, he says:

“I’m not a big fan of what they’re doing there. I think it’s a big mistake.”

 

Cuban explains in plain terms that he is not more concerned with the impact Facebook’s Libra will have on the US economy. He is rather more concerned with the impact of Libra on the global scale. While speaking to Deirdre Boston, he says;

 

“I think globally and in countries where there isn’t a lot of rule of law, or a lot of government stability, or currency stability, then it could be dangerous.”

 

Making emphasis on Africa, he said:

“There’s going to be some despot in some African country that gets really upset that they can’t control their currency anymore and that’s where the real problems start occurring,”

 

Mark joins a growing list of high profile individuals such as but not limited to: the Federal Reserve Chairman, Jerome Powell, the French Finance Minister, Bruno Le Maire, the Bank of England Governor, Mark Carney, who come out to express their contrary opinion about the global financial infrastructure Facebook is about to launch. 45th President of the United States, President Donald Trump also in a tweet expressed his opinion on the Libra.

 

Donald Trump’s recent tweet against bitcoin and other cryptocurrencies has stir the crypto community. Trump specifically outlines Bitcoin and Facebook Libra. In his tweet against Libra, he writes:

 

As Facebook is set to meet the US Congress, the fate of the Facebook Globalcoin project remains hanging on the balance. It is after the Congressional hearings, onlookers would know whether Libra will launch or not and if it will, what compromise Facebook will make to see the launch of its step into cryptocurrency. With various nations expressing their stand such as India on the Libra, time will tell if Facebook will need Liberation.

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Addis Ababa to host the Africa Fintech Summit

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Addis Ababa to host the Africa Fintech Summit

On November 21, leading innovators, investors, and policy makers from around the world will gather in Addis Ababa, Ethiopia, for the 4th edition of the Africa Fintech Summit (AFTS).

With participants who represent over $4.5bn in private equity and venture capital funding, the AFTS is the premier global initiative dedicated to financial technology in Africa. The bi-annual summit occurs each April in Washington, D.C., and each November in a different African city. The AFTS Advisory Board unanimously chose Addis Ababa as the 2019 host city in recognition of its rapidly growing economy, extensive infrastructure investments across the last two decades, and ambitious reform agenda that includes partial privatization of the national telecom monopoly and
ongoing liberalization of the financial sector.

“I am thrilled that this great event is coming to Addis Ababa,” said the Honorable Getahun
Mekuria (Dr.-Ing) Minister of Innovation and Technology, Ethiopia.

“And there is no better time than Nov 2019 for this Summit to come to Addis, to show to our policy makers the great economic impacts fintechs are bringing to other economies and to prove that our current sweeping digital reforms are absolutely correct.”

H.E. Fitsum Arega, Ethiopian Ambassador to the US, added:

“I am very much pleased to welcome Africa Fintech Summit delegates to the continent 's political capital and a nexus of global events, Addis Ababa. Ethiopia's commitment to Pan-African economic growth and integration is evident from its founding membership of OAU/AU, its offer of visa-on-arrival to all African travelers, its ratification of  the African Continental Free Trade Agreement (AfCFTA) last April, and by its flag-carrier Ethiopian Airlines, which connects 61 African cities to more than 120 destinations worldwide. Ethiopia is well positioned to welcome global travelers for the Africa Fintech Summit.”

“In addition, the country’s renewed focus on digitizing the broader economy and driving greater financial inclusion through innovation, there is no better time to host the Fintech Summit in Ethiopia,” the Ambassador added.

The AFTS is organized by Dedalus Global, an investment and communications advisory focusing on emerging markets and emerging technologies, and by Ibex Frontier, an investment consultancy and route-to-Ethiopian-market advisory.

“We are extremely proud to bring AFTS to Ethiopia, the 2nd most populous nation in Africa that is at the inflicting point of digitalization, as e-commerce and financial inclusion are of prime focus both by the Government and the tech sector. We look forward to welcoming global investors and Fintech eco-system players with warm Ethiopian hospitality,” said Zekarias Amsalu, Founder & MD of Ibex Frontier.

This past April, the AFTS in Washington, D.C. hosted 200 entrepreneurs, bank executives, policy makers, and corporate influencers from over 20 countries. Past AFTS speakers include Jim Ovia, Founder and Chairman of Zenith Bank; Clinton Townsend, Director, Global Fintech at Visa; Olugbenga Agboola, Co-Founder and CEO of Flutterwave; Tayo Oviosu, Founder and CEO of Paga; Andi Dervishi, Chief Investment Officer at IFC; and Worku Gachou, Managing Director for Africa, OPIC.

The AFTS Addis Ababa will focus on the future of banking, mobile money growth and integration, policy and regulation, blockchain, digital identity, remittances, and financial inclusion. Strategic partners for the Summit include the Corporate Council on Africa, the US State Department, the US-Nigeria Council, the Congo Business Network, and PeaceTech Lab.

Figure 1 Zekarias Amsalu, Founder and Managing Director of IBEX Frontier LLC, and Leland Rice, CEO of Dedalus Global LLC, signing an MoU to jointly organize and execute the Africa Fintech Summit in Addis Ababa on November 21, 2019.

Figure 1 Zekarias Amsalu, Founder and Managing Director of IBEX Frontier LLC, and Leland Rice, CEO of Dedalus Global LLC, signing an MoU to jointly organize and execute the Africa Fintech Summit in Addis Ababa on November 21, 2019.

A limited number of delegate passes for the AFTS Addis Ababa are now on sale. To learn more or to register, visit http://africafintechsummit.com/.

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