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How Blockchain Can Help Struggling Economies

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The blockchain technology and its underlying use case cryptocurrency is making waves across the world. The technology aids in tracking and storage of data that will be immutable. It is a secure way of storing data and industries around the world are adopting the technology at the speed of lightning. From insurance and real estate to crowdfunding and data management, the potential applications of blockchain technology are numerous. The technology also allows for many other uses and applications as well. It’s likely that the blockchain technology will be of use to some of the world’s most impoverished nations who will benefit from integrating the blockchain technology to their systems.

Avoiding Sanctions

The economy of Venezuela has been suffering from hyperinflation which worsen after the US sanctioned the Venezuelan Government. The situation prompted dramatic shortages of basic necessities such as food, health amenities and the rest. However bitcoin and other cryptocurrencies had been used to help ease the strain. With Venezuelans turning to mining and bitcoin trading. Even more, the government of the nation even made their own crypto called Petro. Since the value of Venezuelan fiat had fallen so low that local artist now resort to using the money in making crafts. With crypto, the failing economy is able to sustain itself.

Protecting Children

The blockchain technology can be used as a means to help the defenseless such as the children of the Democratic Republic of Congo. The central African country which has mined 54% of the 123,000 tons of cobalt generated around the world has child miners working at informal mining structures. A project is however working to launch a platform to protect children there from forced labor. The project aims to provide global manufacturers of high-tech devices like smartphones with cobalt used in lithium-ion batteries that the colbats was not mined by children. This way protecting children labourers. This project will protect the right of the children in the Democratic Republic of Congo. A country that has been ravaged by wars and has a significant amount of problem causing informal mining sites where many of the workers are child workers.

Providing Relief

Countries such as Haiti which is still affected by the damages caused from hurricane and earthquake over the last decade. This country has a lot to benefit from the blockchain technology. Also, EatBCH a charity arm of Bitcoin Cash launched a feed South Sudan project. The country had been ravaged by civil war for the past four years and was equally suffering from hyperinflation.
There are many struggling nations that could benefit from the blockchain technology. Governments can apply it in their database, enhance their services and collate information about citizens identity. But regardless the use case, the blockchain technology is definitely the way forward and forward thinking government should employ it.

 

 

 

What do you think about struggling nations employing the blockchain technology? 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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I am a blockchain and cryptocurrency journalist fascinated with sharing the knowledge of this wonderful technology in the simplest language possible.

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Waves to Launch Blockchain-Based Games Marketplace with The Abyss

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Image: Waves Platform

Blockchain Platform Waves and blockchain distribution platform – The Abyss will jointly launch blockchain-based marketplace of digital goods and in-game items.

The co-operation will see the building of a universal marketplace of all tradable goods and in-game items offered by Abyss partner game developers through their games.

The marketplace will enable users to purchase items with Abyss Tokens and sell to other users no matter what supported game it was purchased from. This, according to Waves will open another way for game developers to monetize their games on The Abyss.

Waves revealed the Abyss tokens will be integrated with the Waves Blockchain thereby enabling developers to connect The Abyss Token operations directly into their Waves-based games.

This will be made possible and easier by the release of an SDK and provision of technical assistance by Abyss.

Founder, The Abyss Konstantin Boyko-Romamovsky is quoted saying “The Abyss development team has already started preparation for the integration of Waves solution. The respective API methods and libraries will be added to the platform SDK and offered to game studios and developers.

As a mutual benefiting arrangement, games built on the Waves blockchain will be able to utilize the distribution network of The Abyss therefore getting exposure to a wide audience of gamers.

Speaking on the arrangement between both firms, CEO, Waves Platform, Sasha Ivanov said, “The integration of Waves technology will enable The Abyss to create one of the best and the most advanced digital marketplaces in the video game industry. Apart from boosting up blockchain adoption, it is also supposed to increase the speed of processing trading transactions”.

Based on the Ethereum blockchain, The Abyss is a digital distribution platform for online video games with a unique revenue sharing system. The Abyss offers browser, client and blockchain games and provides game studios with additional customer benefits, from community features to marketing tools. Part of the income generated by sales of games & services is distributed between users in the form of rewards for various activities available on the platform.

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A Proposal Has Been Made To Move ZCash from POW to POS

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A ZCash Improvement Proposal ZIP was submitted to the ZCash community to migrate the privacy focused blockchain from the Proof of Work protocol to Proof of Stake.

 

The proposal was made by a user rebekah93. According to the community member, “Zcash was launched using Proof of Work. This meant that as well as removing the risk of POS being in some way faulty, the developers could focus on snark development rather than proof of stake development. Now the situation is a little different, as POS is a little mature and shielded transactions in zcash have come leaps and bounds.

This means that we should be able to switch from POW to POS without diverting developers too heavily away from other protocol improving works.”

 

The motivation according to rebekah93 for the improvement proposal was “by not wanting to have ‘destroying the planet’ as one of zcash’s most prominent achievements.

This is related to the amount of power needed to maintain the proof of work blockchains with Bitcoin being the highest consumer as the largest pow blockchain.

In order to achieve consensus, the community will have to answer some questions such as:

what properties does it want from POW? BFT or not?, Which are the best POS protocols that satisfy the needed properties, who gets to have the loudest/definitive say, when will it be implemented, who will implement it, will there be a transition period, when will the transition go live?

The ZIP which is currently in draft stage has attracted comments from the zcash community with one member Faddat defending POW by saying it doesn’t harm the environment and that it is one of the most efficient uses of stranded energy. According to him, POS chains have more favourable performance characteristic, but POW is more secure.

 

Another member of the Zcash community by the name OliverNChalk is  of the opinion that the migration to POS should be put on hold and wait to see how the Ethereum imminent migration to POS goes as this would give an idea of how POS looks in the ‘wild’.

 

A member of the Zcash foundation by the name Sonya said concerning the ZIP “I like proof-of-work because the economics are straightforward and the model is battle-tested. I don’t think proof-of-stake has been around long enough that we should jump on it — maybe another couple of years.”

 

The proposal was created over 40 hours ago, it has received 1500 views and 12 replies. At current it is still a draft.

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Blockchain-based ID System to Be Instituted In The Argentine Capital.

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On August 26, Buenos Aireshad announced that it would be partnering with three tech-based companies to facilitate the creation of Blockchain-based digital identity platform for the capital city of Argentina. This announcement was made by NEC’s website given that they will be partnering with DECODES (NGO Bitcoin Argentina) and IDB Lab to help develop the platform.

This new platform will achieve a number of purposes. One of these purposes would be helping to improve the access to quality goods and services for residents of the city, this is in line with the concerns about the fast increase in the level of poverty in Buenos Aires. According to a recent study carried out by the city government (GCBA), it indicated that 16.2% of the inhabitants dwelling within the region were currently living below the poverty line of the country.

The study also reflected an increase in the level of vulnerability for its inhabitants, this is because they aren’t just limited to access to certain goods and services, they are exploited as well. It is hoped that having more detailed information that is easily and securely stored will better enable government officials to create a more effective and efficient system that would assist those in the city suffering from extreme poverty within the region.

Erika Molina, the Project Team Leader from IDB in a statement, had explained that:

“The project aims to increase access to goods and services for the residents of vulnerable neighborhoods, thus allowing them to improve their opportunities for socioeconomic inclusion in the fourth industrial revolution.”

This new platform will go a long way in helping to alleviate the “poverty penalty” that many of the poorest in Argentina have been enduring for a while now. The penalty in this context refers to the fact that most of the people who are below the poverty line lack the proper paperwork and identification needed to acquire housing, employment or any form of assistance necessary.

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Telegram Open Network TON To Be Compartible With Ethereum, Public Testing on September 1st

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Privacy focused messaging firm Telegram’s blockchain project the Telegram Open Network TON has been revealed to be compatible with the Ethereum blockchain according to a Tech startup developing tools for TON.

The startup TON Labs which is financed by TON investors is building several tools for developers to use in order to build new projects on Telegram Network.

Of the several tools, a Solidity Compiler is one of them which will allow decentralized applications developed for Ethereum to also run on the TON.

According to the firm, the compiler has been in testing since July.

TON is expected to launch by in two months from now at the end of October however, public testing is expected to begin on the 1st of September, 2019.

The Telegram Open Network TON is a decentralized application and messenging platform built by Telegram after it had raised over a billion dollars in a token sale in 2018.

The blockchain is set to feature the native token GRAM which will be launched by 3rd quarter of 2019

Telegram announced in February that TON is almost complete and that TON will launch in Q3.

Earlier in May, Telegram released a test client for the Telegram Open Network. The release of the test client allowed users to create simple wallet smart contracts in TON.

Button wallet had earlier announced support for TON where it allows users trade and hold digital currencies on the Telegram platform with its TON testnet service

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