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How the Blockchain Technology can Solve Unemployment in Africa

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Unemployment remains a barrier to Africa’s development and with a large unemployed population rate, it indicates loss of potentials. Communities and nations usually fail to benefit from what the unemployed population (which comprise mostly of young people) could theoretically contribute to the economy. However, the new technology- blockchain technology is taking the world by a storm and proving to be a means to create sustainable development in Africa. Today, Toju Kaka and Tola Joseph were at cryptotvplus discussing the topic ‘how blockchain can solve unemployment in Africa, most especially Nigeria.’
Toju Kaka, a blockchain enthusiast, Steem Blogger and cryptocurrency investor talks about the potential of the blockchain technology to transform lives and not just in the creation of employment. Toju Kaka who ventured into cryptocurrency after getting introduced to steemit explains that before creating employment with the blockchain there needs to be an understanding of the technology. He explains that most people got into steemit without understanding how the technology functions but that it was encouraging since you got rewarded for creating value.
On the other hand, Tola Joseph the CEO of crypto masterclass, a cryptocurrency education platform explains that the question shouldn’t be how the blockchain technology can solve unemployment. He explains,” unemployment is a huge bacteria in Africa. The question should be how do we use this technology to create awareness? People lack awareness and cannot be obliged with what they are not aware of. The first step is to create massive awareness”. He goes on to explain that when people are aware of what the blockchain is, they can tokenise their ideas instead of going through the rigorous process of getting loans from the bank.
Tola also explained the role tokenisation can play in the transport and agricultural sectors as farmers who are most times less educated about technology can get help. He used tokenising water supply to farmers as an example stating that with blockchain, we can provide farmers with adequate water supply. “With the blockchain, you can partner with a solar company tokenise it and when the market value increases, farmers can have waters in their farms. All it needs is proper education”.
Also, the impact the blockchain will have on the unemployed population is exemplified by Toju Kaka who explains that a blockchain platform such as steemit rewards you for getting upvotes unlike a social media platform like facebook where you cannot monetize your likes. He says, “steemit is a shared platform rewarding you for your value. The idea is rewarding value creators with value.”  He also explained that although the blockchain technology will eradicate unemployment, it is left to people to know how they would like to use the technology.  On the other hand, the citizens cannot provide employment for themselves without the government. So, the government also needs to be aware of the impact of this technology on employment. Tola has a word for the government, he says, “the government should give an open hand to the blockchain. We shouldn’t be late to adopting a technology such as this”.
 

Do you think the Blockchain technology can eradicate unemployment in Africa? Lets hear from you in the comment section below!

 

Image Credit: cryptotvplus

 

 
 

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Explaining DASH Coins to Investors Big On Privacy

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Dashcoin (DASH) is a grand derivative of Bitcoin. Essentially it is a derivative of the derivative of Litecoin. Jokes apart,  DASH is a hardfork of Litecoin which in turn is a derivative of Bitcoin. 

Formerly dubbed Darkcoin, it was curated in January 2014 by Evan Duffield when he became frustrated with the transaction speed of Bitcoin.  DASH uses both masternodes and miners to validate onchain actions. One key feature of the altcoin is that it gives users the option of privacy when transacting.

With InstantSend, onchain actions using DASH are transacted speedily as intended by the founder of the crypto.

Investors are always quick to evaluate how the prices of their investments will do in coming years, but believe you me, there is a whole lot that goes into scaling the monetary worth of any investment  talkless of a volatile cryptocurrency. Nevertheless its functionality as a virtual currency is what triggers its market movement and causes its value to go up or plunge.

One key thing that distinguishes DASH from many cryptocurrencies is its privacy feature dubbed “PrivateSend”. Users have the option of opting for an anonymously transacted onchain action.

It appears that this altcoin is more of a functioning crypto than a store of wealth. Taking Venezuela as a case study, with the crypto scaling to be a worthy altè to traditional online payments, its perks are key factors to take note of when determining if its price will rise or fall in the nearest future. 

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As the Crypto Community Continues to Await the Belated ETH 2.0 Release, Vitalik Buterin Stakes $1.4M worth of Ether to Support the Blockchain  

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The Serenity ETH 2.0 is already seeing stakes from investors. Vitalik Buterin, founder of the Ethereum blockchain has transferred his first ETH for staking on the incoming iteration of the Ethereum blockchain.

The Ethereum Founder’s address transferred 32 ETH each on about a hundred on-chain actions. 

TrustedNodes reported that the gross sum of the crypto sent is about 3200 cryptos. The aggregate of all crypto sums sent is about $1.4 million as at the time of writing this piece.

These sums were sent via on-chain transactions to Ethereum  Serenity Phase 2.0’s just released deposit contract. This newest innovation became available in real time starting from Wednesday, the 4th of November 2020. It is a deposit contract that enables users transfer crypto from the extant proof-of-work blockchain to the about-to-drop proof-of-stake (PoS) blockchain.

The minimum requirement of staking 32 Ethers so as to scale the ETH 2.0 has since been met by the users depositing the above mentioned sums. 

About a seventeen million dollars ($17 million) or  38,693 ether has been amassed by the deposit contract as at press time. 

It will interest you to know that Point of Stake Networks (PoS) are not powered by mining unlike the current Bitcoin and Ethereum blockchains. A PoS network is enabled by stashing funds (staking) for a specified term so as to earn profits on same.

The Ethereum community continues to await the belated release of the Ethereum 2.0 Proof of Stake network projected to launch probably early December 2020.

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Ethereum Hard Fork, Berlin to be Released in January 2021 

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The Ethereum Network is about to storm the crypto community once more with its “Berlin” Hard Fork. According to the All Core Developers’ Bi-Weekly call held last Friday, it was revealed that the project will be released in the coming months. A projection for a  January 2021 launch seems to be in the works, immediately after the  release of the Ethereum 2.0 beacon chain in December.

Project Berlin introduces a Hard Fork of the Current ETH (PoW) 

Project Berlin introduces a hard fork of the current Eth 1- proof-of-work (PoW) network. This improvement on the current network was meant to have already been launched last July and it consists of low-level modifications for enhancing the extant mainchain while Eth 2.0 Serenity phase is still in the works. The Hard Fork was delayed because of the exhaustion of client employees and an observed necessity for a wider client range. Consequently, the procedure for incorporating Ethereum Improvement Proposals (EIPs) and the one that will culminate in the hard fork has been altered. 

The EIP Schedule

The following is the plan for incorporating three EIPs into the Berlin Hard Fork

  1. EIP-2315: Simple Subroutines for the EVM
  2. EIP-2929: Gas cost increases for state access opcodes
  3. EIP-2537: BLS12–381 curve operations

As at press time, it appears that EIP-2537 will no more be incorporated into the Berlin Hard Fork. This upgrade will facilitate the easy communication of Eth 2.0 blockchain and Eth 1.x blockchain by utilizing an analogous cryptographic arrangement. 

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