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Kudi Exchange is Live in Beta Testing

What else makes Kudi Exchange special? It is the first and only exchange in West Africa to offer a U.S. Dollar backed stable coin through our co-marketing partnership with Gemini

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Kudi Exchange is Live in Beta Testing

Ferrum Network in a Medium Post announced that it’s first product — Kudi.Exchange — is now live in beta testing with over 400 users in the pilot and 2500 more signed up!

This is big news for Ferrum Network because we built and launched a world-class exchange and payments product on a seed budget.

But it is even bigger news for the people of West Africa who for the time first time can purchase a U.S. Dollar backed stable coin with fiat and send fiat currency peer-to-peer instantly with no third-party intermediaries. We are proud to introduce Kudi.Exchange — A Digital Currency Exchange + Peer-to-Peer Payments App with U.S. Dollar Stability.

It’s a Fiat Gateway, But Runs on the Ferrum Network

What is Kudi.Exchange? It is a fiat-to-crypto exchange + mobile payments app based in Nigeria that runs on top of our network. With Kudi, users can buy digital assets directly with fiat. It is the fastest, lowest cost and most advanced digital currency exchange in Nigeria.

Why Nigeria? Nigeria is a massive crypto market. It has the 7th highest BTC volumes in the world, 1st in Africa, highest Google searches in Africa for “bitcoin”, a population of 200 million with 50% under the age of 35, and an existing financial system that is ripe for disruption.

Competing exchanges that offer far less regularly achieve $5 million USD in monthly volumes. With such a large market with low incumbent competition, we look forward to offering this product to millions of customers.

Faster Speeds, Lower Costs

How do we achieve millisecond transactions at lower cost than our competitors? Simple — the backend of Kudi.Exchange is running on the Ferrum Network— a high-speed interoperability designed for low cost financial applications. This means users can buy/sell/send digital assets faster and for less network fees than other exchanges.

The Only Exchange In West Africa to Offer U.S. Dollar Stable Coin

What else makes Kudi.Exchange special? It is the first and only exchange in West Africa to offer a U.S. Dollar backed stable coin through our co-marketing partnership with Gemini

Like many emerging markets, the demand for U.S. Dollars in Nigeria is high, but physical dollars are difficult and costly to obtain. Now for the first time, Nigerians can access digital U.S. Dollars through an app. They can rest assured those assets are backed by a fully-regulated trust company, Gemini.

Our market tests indicate that demand for a U.S. Dollar stable coin is incredibly high, and we are proud to offer our customers easy access to this critical safe haven asset.

It’s Also An Instant Peer-to-Peer Payments App

Perhaps the most exciting aspect of Kudi has nothing to do with cryptocurrencies. Remember — the market for people who deal only in fiat is far larger than those interested in digital currencies.

Therefore, Kudi also functions as a peer-to-peer mobile payments app for instant fiat money transactions. Our customers can now send Naira to each other instantly with no banking intermediaries at a fraction of the cost of a traditional bank app.

How is this possible? The Kudi.Exchange mobile wallet also doubles as a payments app. Users simply deposit their Naira into the app, enter the address of the recipient, and “send”. Customers can also send money to non-customers through their phone number or What’s App number, and the recipient will be prompted to download the app to receive the money. Since this all runs on Ferrum Network tech, the Naira is transferred in milliseconds, and it never goes through a third-party.

Normal banking apps in Nigeria can take up to 24 hours to send money, and charge fees on everything from minuscule transactions to using cellular data! With Kudi, users can now send Naira instantly peer-to-peer at a fraction of the cost. We are now talking to merchants who are interested in using this app to replace costly point-of-sale system, and who want to incorporate a fast, cheap, mobile payment solution.

More Transactions = More Burned Tokens

What does all of this mean for token holders? Well for now the exchange is running on a limited private Mainnet. But when the full Mainnet goes live in a few months, users will be spending FRM tokens for every transaction. Remember: every transaction that runs on the Ferrum Network burns FRM tokens.

With thousands of Nigerians sending Naira to each other, and buying/selling digital currencies, this will have an immediate positive impact on the Ferrum Network ecosystem.

In other words, Ferrum Network will be the first project with users, daily transactions and network utility on day 1 of main net launch.

Designed to be Replicated in other Markets

Finally, the best part is that this solution is not limited to one country. The technology is designed to replicated. We can easily import this solution to other emerging markets, and partner with existing exchanges who want to incorporate a U.S. Dollar stable coin and instant peer-to-peer fiat payments. And since it all runs on the Ferrum Network, the more we expand, the more it benefits the ecosystem.

Thank You to Everyone Involved

We want to thank TLG Ventures for being the driving force behind Kudi.Exchange. We also want to thanks all of our pilot users who are making sure the product is as great as it can be — you know who you are. Finally, we want to thank the Ferrum Network community for sticking with us since the early days. We could not have done this without you.

Coming Up Next

Since Kudi is still in the pilot, we will be sending weekly traction updates on our progress. You’ll also get updates on specific aspects of Kudi, including our user acquisition strategy, and expansion into other countries and other services (e.g. merchant point of sale).

Of course all of this is leading up to a token sale (details to be released soon) so YOU can get involved in Ferrum Network!

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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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Blockchain News

Binance To Launch Open Blockchain Project Venus To Develop Stablecoins Pegged to Local Currencies

Binance announces plans to initiate an open blockchain project. The project named ‘Venus’ is a initiative to develop stablecoins pegged to fiat currencies of nations.

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Opening the new week, Binance announces plans to initiate an open blockchain project. The project named ‘Venus’ is a initiative to develop stablecoins pegged to fiat currencies of nations. This was announced in a blog post made by the exchange. The initiate will see to the creation of hundreds of stablecoins pegged to the local currencies.

In order to successfully execute the vision of project Venus, the firm stated that they will need new alliances and partnerships with governments, corporations, technology companies and other cryptocurrency companies and projects developing ground breaking solutions for the blockchain and cryptocurrency industry.

According to the Binance, Project Venus will utilize the public chain of Binance – BinanceChain for secure operations of the stablecoins that will be created. The Binance Chain was released early this year and has currently in itself several blockchain projects including two stablecoins which are the BTC pegged stablecoin BTCB and the Binance BGBP Stablecoin.

Binance had earlier in recent weeks completed the audit of its British Pound backed Stablecoin BGBP. The audit was carried out by an audit firm CertiK. At current the BGBP is listed on Binance against a couple of trading pairs.

Promoting the accelerated development and actualization of the initiative, Binance has revealed it will provide full technical support, compliance risk control system and multi-dimensional cooperation network that are needed to build Venus while leveraging existing infrastructure and regulatory establishments.

Calling for partners, Binance encourages like-minded people and organizations to contact it and discuss the “infinite possibilities of the digital world together”.

Launched over two years ago, Binance continues to be innovative, resilient and despite various challenges such as hacks, leaks etc, the top cryptocurrency exchange continues to forge on with greater intensity.

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Altcoin News

Cardano to Release Version 1.6 of Its Software Product In A Few Days – Charles Hoskinson

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Image: themerkle.com

 

We are shipping the version 1.6 update over the next few days tweeted CEO of Cardano Charles Hoskinson. In the tweet, Charles also requested for some “screenshots” of the new Daedalus and users’ comments on the product whether they like it or not.

Praising the team Cardano team, the Charles Hoskinson said lot of work went into this release and he is extremely proud of the team.

Daedalus is an extensive open source cryptocurrency and highly secure wallet for the Ada cryptocurrency.
It is built with web technologies and features unlimited accounting with advanced security.

Charles formerly was worked in Ethereum as a Co-founder is moved to Cardano where he is building ground breaking innovations using blockchain technology.

Cardano according to the IOHK website is a blockchian platform with more advanced features that any protocol yet developed, and the first to evolve out of a scientific philosophy.

Launched in 2017, Cardano is a product of IOHK created using the Haskell code, a technology firm committed to using peer-to-peer innovations to provide financial services to billions of unbanked individuals all over the world.

It prides itself as a decentralized company that loves innovative teams forming and executing ideas that cause “cascading disruption“.

 

Cardano’s protocol is designed towards protecting privacy rights of users, while also taking into account the needs of regulators. It is the a blockchain platform with more advanced features than any protocol yet developed by a large team of experts engineers and researchers from various field.

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Bitcoin News

Did the Binance Breach Really Occur, And Who is to Blame if it Did?

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On August 7, Binance is the world largest cryptocurrency exchange as at today (based on its 24hrs trade volume), was reported to have been hacked. This was said to have occurred when an unscrupulous person had gained access to a massive chunk of the Exchangers Know Your Customer (KYC) data. The hacker was reported to have demanded 300 Bitcoins (which is worth approximately $3.5 million as at the time of this report) after gaining access to about 10,000 personal photos from the Exchanger’s website, threatening to release all the data at his disposal.

It is noteworthy to state that the perpetrator of this hack had set up a couple of dedicated telegram groups where he was said to have allegedly released these sensitive materials. Although the group has since shut down permanently, the Exchanger had taken drastic measures to nail any further moves by other miscreants. However, seeing that there were no digital watermarks, there are no doubts regarding the authenticity of this material. The Binance security team had a follow up with an official statement:

“At the present time, no evidence has been supplied that indicates any KYC images have been obtained from Binance, as these images do not contain the digital watermark imprinted by our system.”

The CEO of Binance sent out a tweet:

The cryptocurrency Exchanger had claimed that all the images that have been released so far could be dated back to February and that this stunt was simply old news with a new spin, a time when the Exchanger was still making use of third party service to be able to provide KYC services. The Exchange had also tried to get the supposed perpetrator to disclose how he gained access to pull off the breach or give any irrefutable evidence to his claims, instead, he simply continued to demand 300BTC which further leads us to believe that this might have just been a bluff

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Adoption News

Surveyors Make a Move For the Integration of Blockchain Technology in Real Estates

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Professionals in the real estate sector, have begun to make moves to implement the application of the blockchain technology to advance transparency and speed of transaction between clients and practitioners in the field.

 

According to them, the implementation of this technology would go a long way in enhancing transparency, low level of liquidity in the sector, amongst other benefits.  

The blockchain technology also referred to as the decentralised ledger technology (DLT), is characterized by a time-stamped series of an immutable record of data that is managed by so many computers around the world not owned by any single entity. Cryptographic principles are being used to enable the security of each block and data in the system.

 

Speaking at its Royal Institution of Chartered Surveyors (RICS) Nigeria Group, in their second continuous professional development series titled, ‘Blockchain: The brick & mortar of its growth in today’s world’, the Managing Partner, Blockchain Asset Management, Deji Soetan clearly stated that the blockchain technology being a disruptive technology gradually gaining ground in today’s world presents the real estate sector with limitless possibilities in the real estate sector.

 

According to a news report by The Guardian, he also made reference to other aspects of the technology, such as smart contracts which could eliminate the cases of frauding of property owners. He said that the technology has created the possibility of linking digital ownership of documents, properties and contracts to the blockchain, laying emphasis on the fact that when all of these have been linked to the blockchain there is no chance of any form of alteration.

Soetan also made mention of the fact that this technology would soon gain notoriety even in the least expected industries. He further explained that transactions on the system are verifiable as every who including those who are part of the network and those who are not can have access to the open ledger and that every transaction can be traced right back to its origin.

 

“Within the context of payments, introduction of smart contracts into blockchain real estate ledgers and transactions have clear potential in streamlining various real estates processes, such as releasing apartment ownership, or rental documents upon completion of a crypto-currency transfer. One important area where it would be used is in the speed of transaction because nowadays, the process is still slow, making it be so archaic and needs to be modernised”, he said.

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