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KuBitX Creates Africa’s first usable Stable Coin among other milestones

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Over the past few weeks we at KuBitX have been busy fine tuning our blockchain solutions while also working to raise some operational funding to help us go full blast with our marketing and scaling plans. The good news is that our efforts are finally paying off and you can rest assured we are taking this project further into the mainstream, where it needs to be. Remember KuBitX is all about adoption and inclusion?

 

In the past few months, we have also been working on how to ensure our supporters get the best value for their contributions. We understand one of the ways to do this is to bring more utility and relevance to our native exchange token (KBX – KubitCoin) and a number of business decisions have been made regarding the way forward especially when it comes to listing and getting it into the hands of more people both in crypto and the mainstream. We will talk more about KBX later but let us first discuss our issuance of Africa’s first usable stable coin.

 

Naira Stable Coin (NGNX)

Stable coins. We have all heard of them but they have either been associated with scandals or are typically merely used for trading against crypto pairs. We believe this amazing innovation of blockchain technology can be put to better use such as facilitating real life merchant payments, instant currency swaps and cross-border remittances. It is for this reason that we created NGNX, Africa’s first usable stable coin — a digital asset pegged 1:1 to the Nigerian Naira.

Why did we start off with NGNX?

Nigeria boasts the highest population, highest youth population and highest mobile device penetration in all of Africa. It has the biggest economy and it’s teeming youth population are strong adopters of crypto — an evidence which can be seen in the volume of Bitcoin traded by Nigerians monthly. By creating this Naira pegged asset, we are not only helping more mainstream people to embrace certain applications of Blockchain tech, we are also facilitating further adoption of the technology and thus helping it mature better and faster in our own way. Our NGNX will be “swappable” in real time with other pegged tokens we plan to create once all the business and audit procedures are set in place.

Today, people who own NGNX can currently use it on KuBitX PROW to:

Send XLM to their peers in any part of the globe

Receive funds from their peers across the globe via XLM swap pathways. More pathways are being created starting with other countries in Africa.

Pay for airtime, internet, entertainment, utility and other services for over 3000 merchants in Africa’s largest economy

Fund their KuBitX Exchange account to exchange for other kinds of assets listed on the Exchange.

Fiat Payment Gateway Integration on Exchange

A major challenge crypto adopters in Africa and other emerging markets have is the difficulty in obtaining the top crypto (BTC, ETH, XLM etc) or the fact that they usually buy them at a premium, and often with steep transaction fees. Since we pride ourselves in helping adoption and fostering inclusion, we have decided to integrate a fiat payment gateway to the Exchange so that people can more easily invest in promising assets and projects they want without losing time and money due to the volatility in a high frequency trading environment. Our fiat gateway also ensures people can buy assets closer to the real price without having to pay the steep 2–3% fees being offered by the likes of MasterCard or Visa. It is another way of showing how much we care about how much we can give to our community and not merely what we can take from them.

Currency Conversion on KuBitX Exchange

For the sake of ease and convenience of portfolio management, we have added currency conversion to the settings so that our users can decide to see the prices of assets as well as their wallet balances in any of the currencies we have made available most notably the NGN, KES, ZAR, UGX, USD, GBP, RUB, EUR and CAD.

Exchange Liquidity

You may have noticed the reduction of the available trading pairs on the exchange, but you will have also noticed that the available pairs are coming alive. In the following weeks, we will be working to ensure there is more liquidity for the projects listed on the exchange. We do not believe in listing every project out there, we only want to list the most viable ones we can access. As our operations stabilise even further, we will be conducting community voting events as well as initial exchange offerings to bring on board high quality projects for our esteemed users.

 

Bonus referrals and Loyalty Discounts for payments using KBX

We believe in giving back, we cannot emphasize this enough. For this reason we will be giving back money to our users whenever they or their referrals pay for their bills on KuBitX PROW. When a referred person pays a bill, the referrer gets 5% of the transaction fees. A referrer is also eligible to earning 3% of the transaction fee of his/her downline’s first referral. People will always pay bills so we believe this is a good way for mainstream adopters of our KuBitX PROW to earn passive income.

 

In addition to the bonus referral payments, we have also negotiated discounted transaction fees for our users when they pay their bills on the PROW using our KBX tokens. This helps the user get a good deal as well as adding more utility to the token itself which benefits all owners.

Work is also ongoing to allow our esteemed community to be able to stake their KBX tokens for periodic rewards. More information will be provided on this at a future date.

One more thing (One Big Partnership)

We signed a huge deal to co-create something that can change the way funds/value is moved across Africa by people and especially mainstream businesses. We are super excited about this partnership and we believe it is positioning us further in an influential place within Africa and beyond as far as Blockchain innovations is concerned. We will share more details of this after the Easter break.

Yet one more thing (#BWCLagos19)

Women across Africa attended the maiden Blockchain Women Conference held in Lagos, Nigeria which was attended by the likes of Eric Annan (KuBitX CEO) and Reggie Middleton (Veritaseum CEO). At the event, KuBitX CEO pleaded with Africans to let go of a scarcity mentality and start collaborating to build strong and meaningful blockchain projects so that in the next few years, Africans can look at themselves as Blockchain solutions co-creators and not merely consumers as has been the typical trend with past major technology waves.

When also puzzled about why KuBitX was giving so many top notch features out so cheaply, Eric Annan responded to say:

We are focused in bringing value to the entire continent, because Africans have been saddled with exorbitant charges, poor customer support including random unexplained closure of accounts by some platforms. We are more concerned about the people and the value we can bring them, hence we will continue to strive to make it easier for the continent to have easier access to useful and reputable digital assets in the coming months. We plan to do this with features such as card payment and direct bank deposit. This is only possible as a result of our commitment to strategic synergies and partnerships with the mainstream.

 

 

Thanks for your patience and support so far. Keep supporting us as we work to bring you value both in how we serve you as well as how we make KuBitX bigger and stronger. We have a few other things cooking which we would only be at liberty to share once all the background and paperwork has been completed. For now, the team will just keep doing what they know best — work, innovate, collaborate,deliver, improve, rinse and repeat.

 

Happy Easter Holidays

 

 

 

 

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I love working with Corporate Brands. Also I am a SEO Expert, Blockchain Speaker and Writer, Strategy Lead at SMMA, Freelance Content Creator, Editor, Business Developer and finally blogger at Cryptotvplus.

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Facebook’s Libra Project White Paper Is Officially Out: Pushes for the Internet of Money

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Facebook's Libra Project White Paper Is Officially Out: Pushes for the Internet of Money

After months of speculation and a nonofficial statement from the Facebook team after the news break by Bloomberg reports on the rumoured cryptocurrency project secretly being worked, Facebook’s Libra Project White Paper is officially out.

Facebook clearly outlines its mission and vision for the Switzerland registered project.

It’s mission according to the whitepaper reads

“Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people.”

Facebook is clearly ready for another phase of its reign as a social media giant housing more than a quarter of the world’s population. It is home to more than 2 billion users with its aggregated user base for WhatsApp, Instagram, Facebook and Messenger.  

With the Libra’s project cryptocurrency dubbed the Globalcoin, Facebook is going to have an impact in the cryptosphere coupled with the influence of the founding members such as Coinbase, Visa, Spotify, Mastercard, Uber, Paypal, and others who have invested about $10million each into the project.

Facebook wants to make Libra the evolution of Paypal with the wish that it will be simpler to establish, easier to use as a payment means with fewer transaction fees, more accessible to the unbanked, more flexible and durable through decentralisation.

In its Libra document, Facebook writes:

“Success will mean that a person working abroad has a fast and simple way to send money to family back home, and a college student can pay their rent as easily as they can buy a coffee.”

Alongside Libra network, Facebook is also launching Calibra, a subsidiary company that will handle the transactions and protect users privacy. The goal of Calibra is “to provide financial services that will let people access and participate in the Libra network,” and it will be readily available in Messenger and WhatsApp and also as a standalone app.

The control of the Libra network will not be solely Facebook’s duty since it is decentralized to include all the 28 founding members. It is the association’s duty commonly referred to as “Libra Association” to promote the open-sourced Libra blockchain and also sign up businesses to accept Libra for payment. It rests upon them to recruit more founding members as Facebook says it wants to reach 100 members before the official launch of Libra.

The unit of the Libra cryptocurrency is Libra just like the unit of a dollar is cent. Libra is represented by a three wavy horizontal line Unicode character ≋ like the dollar is represented by $ or the naira by #. The value of a Libra is meant to stay largely stable since it is a stable coin. Its stability will make it be a good medium of exchange, as merchants can be confident as they will be assured they won’t be paid a Libra today that will be lesser than the amount tomorrow.

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Block.one Launches a Social Media App, “Voice”

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Voice social media app by Block.one

Block.one, the firm behind EOS, on 1st June 2019 announced that it is introducing a blockchain-based social media, Voice, that will bring alignment and transparency to social media users. This was made open at the company’s June 1 event at the DC Armory in Washington, DC. which drew about 300 attendees who included industry influencers, developers, investors, media and members of the community.

Block.one claimed that “Social media is fundamentally broken and is in need of a complete overhaul.” Noting that Voice will be launched on EOS public blockchain and therefore is a more transparent social media platform for the world. And hence, the value of good content gets circulated right back into sustaining the community, not corporate bottom lines as it will return to users. Voice is then meant to cultivate creation, sharing, discovery, and promotion of contents by real users, not bots and fake accounts just like on Facebook or Twitter and users will directly benefit from their ideas and engagement on the platform.

Voice will be on the public blockchain of EOS and it will allow for alignment and transparency – no hidden algorithms nor invisible interests.

Brendan Blumer, CEO of Block.one, who opened the company’s June 1 event at the DC Armory in Washington, D.C. with the announcement of Voice said that “the truth is, current social media platforms are designed to use their users.” However, pertaining to Voice, he said, “just look at the business model. Our content. Our data. Our attention. These are all incredibly valuable things. But right now, it’s the platform, not the user, that reaps the reward. By design, they run by auctioning our information to advertisers, pocketing the profit, and flooding our feeds with hidden agendas dictated by the highest bidder. Voice changes that.”

Is Block.one Capable of this Social Media Revolution?

Block.one is well positioned to lead this social media revolution because its first product, EOSIO, was a global initiative to build a more scalable, secure and flexible blockchain framework that enable people to reimagine, rebuild and restore trust in the systems enterprises. Its success with EOS has led to it offering early backers a huge returns for their investment. And notably, the numerous networks built on the EOSIO software are consistently the most used public blockchain platforms in the world, accounting for upwards of 70% of all blockchain activity. For example, Everipedia and Galaxy Digital LP are such networks that utilized EOSIO network. Security, privacy and ease-of-use will always be critical in Block.one’s projects.

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Bitcoin Pizza Day, We’ve Come a Long Way

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Pizza is well known all over the world the juicy cheesy meal has won many a heart. Bitcoin, on the other hand, is also breaking boundaries. The story of Bitcoin Pizza Day begins on May 22, 2010. It isn’t just a story of how one man bought a pizza for 10000 Bitcoin, it is a story of Bitcoin adoption.

Nine years ago, Laszlo Hanyecz traded 10,000 BTC for Pizza and has since been known as the Bitcoin Pizza guy. At that time one BTC was less than a dollar, but today, it is worth over a $7,000. Laszlo Hanyecz had announced on the bitcointalk forum that he was willing to pay 10,000 Bitcoins for the delivery of two Papa John’s pizzas. He wrote on the platform,

“I’ll pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day.”

At that time, all Hanyecz, a software engineer from Florida wanted was to get Pizza in exchange of BTC. Pretty soon, a British man took up Hanyecz’s offer. He offered to get the two pizzas for him at the price of $25 a piece. It was quite a bargain because at that time 10,000 Bitcoins were worth around $41. Nine months after exchanging his BTC for Pizza, Bitcoin became equal with the U.S. dollar, which means the two pizzas were now worth $10,000. Today, the price of one BTC is worth $7918.69 as at the time of writing.

While it is easy to make speculations as to why Hanyecz was willing to part with his digital currencies for Pizza, we cannot deny that he has made a contribution to adoption. It is important to note that the Bitcoin Pizza story is the first known real-world bitcoin transaction. Hanyecz claims that buying the pizza helped legitimize BTC. And although he doesn’t think about how wealthy he could have been if he had held onto his coins he doesn’t regret it. He claims that he is proud to have been a backer of Bitcoin and a proponent of its use in the real world.  

Today, Bitcoin use has exceed pizza purchase. Bitcoin and other altcoins can be used for varied purposes. A lot of businesses have adopted digital currencies as a means of transacting since the Bitcoin boom of 2017. You can now purchase a house with bitcoin and even receive your salary in Bitcoin. Today, May 22 has been named Bitcoin Pizza Day. In celebration of the day, crypto companies such as Huobi are celebrating Bitcoin pizza day with special offerings for their users.

Can you spend 10,000 BTC on Pizza? Share your thoughts with us in the comment section below.

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Do Crypto Movies Really Educate?  

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Cryptocurrencies have come to stay and have found a way into the entertainment industry. Since the inception of Bitcoin in 2009, getting cryptocurrencies to go mainstream has been the aim of crypto and blockchain enthusiasts. A huge breakthrough has been made over the years with Bitcoin finding its way into the Merriam Webster Scrabble dictionary. Asides this, a couple of businesses now accept bitcoin. The importance of the media in creating awareness cannot be overemphasized. Now, the question revolves around whether crypto related movies have any positive impact on adoption or awareness.
A lot of documentaries have been made on cryptocurrencies since the inception of Bitcoin. The movie ‘Banking on Bitcoin’ is a documentary released in 2014 which explains the disruption bitcoin can bring into the financial system. The great thing about these movies is that they spend time educating people on different aspects of cryptocurrency. “Bitcoin in Uganda – Empowering people” is a 5 minutes crypto documentary created in 2018. This documentary shows the real power of cryptocurrency in remittances and cross-border transactions.
While most of these crypto movies are not mainstream, they do a lot in explaining the power of digital currencies. These documentaries chose different aspects of digital currency and focus on revealing more details about them. In fact, Bitcoin Big Bang, a 104-minute screen piece gives details on the Mt.Gox hack. The story focuses on the arrest of Mark Karpales, the CEO of Mt. Gox in Tokyo after the exchange was hacked and about 850,000 Bitcoins was reportedly stolen. The importance of documentaries such as this cannot be overemphasized

Going Mainstream Media With Crypto
Although there are a lot of low budget documentaries on cryptocurrency, high budget movies are beginning to spring up. ‘Deep Web’, a documentary about Ross Ulbricht trial on Silk Road had a budget of about $80,000 which was raised through Kickstarter. TV Shows such as Billions have episodes dedicated to cryptocurrency.
In fact, Dope is one of the first movies to accept Bitcoin. The movie which had a budget of $7,000,000 was the first movie to accept Bitcoin, this was due to a partnership between GoCoin, Lionsgate and Movie Tickets. Partnerships such as these go a long way to push crypto education mainstream. Also Hollywood blockbuster, ‘Crypto’ was released in April 2019, however, it was a movie about money laundering which involves crypto.

Is Crypto the Big Bad Wolf
As more movies begin to talk about cryptocurrency, the question remains if these movies are for crypto education or just on the move to portray crypto in a bad light. Crypto, the movie which features Beau Knapp and Kurt Russel promises to be a movie about digital currencies or is it? While many have praised the movie for the talent of the actors, a lot of persons are not so pleased with the script with many accusing it of scaring people away from Bitcoin.
Typical of every money laundering or compliance movie, the Russians are always the bad guys. However, does this movie portray crypto as a means of payment which is secure and fast or is it just an easy way for laundering money? While Hollywood still has a long way to go in crypto education and awareness, they must be praised for paying attention to details. From the representation of Ledger’s Nano in Billions to Crypto featuring images of a cryptocurrency exchange called Cryptocurrency market, progress is being made. However, anyone looking for cryptocurrency education will do well not to rely totally on these Hollywood movies.
This is why we have decided at Cryptotvplus to take it a step further at educating the populace on Crypto, its impact and what the future holds. Cryptotvplus will be reeling out interesting short movies bothering on crypto where anyone whether you understand the intricacies of cryptocurrencies or not will not only be educated but also become more than a spectator by participating in this revolutionary shift in the evolution of money and global finance. More on this in my next piece.

What topics or areas in Crypto would you like to see a short film done? Do you have any title in mind? Share your thoughts with us in the comment section below.

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