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Lagos BlockChain Meet: Education Drives Adoption

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A Blockchain meetup was held on the 28th of April, 2018 and Munachi Ogueke, the CEO of Cryset was the convener of the event. Cryset, is a blockchain company that builds software and partners with blockchain startups looking to extend their market and product reach to Africa. Munachi was full of excitement as the event commenced. Interestingly, he gave the opening talk in the first session and he spoke about the technology and how it works; how it gives us sovereignty, power and control of our wealth, identity and gives us the ability to do whatever we want with it. 

The overall purpose of the meetup had two major agenda’s. The first was to discuss the blockchain technology and how it can be effectively used in the various sector of the economy. The second was to grow the blockchain community in Nigeria through education and awareness. This focuses on breaking the notion that people are in the space just to buy when the market is bearish and sell when the market is bullish” more or less in for the profit and not the technology itself.

The meetup which had over 60 people in attendance, was graced with the presence of blockchain experts, investors, developers, enthusiast and general observers such as Chris Ani, founder of Digital abundance, Bashir Aminu, the Founder of Ven Hub, Ogundele Mayowa, CEO Agroplexi, Kelechi Onwurah, CEO Crypstone to mention a few. 

Chris Ani, who spoke on the topic: “How can Nigeria apply the Blockchain to improve governance” extensively explained how the technology can be integrated into the various sectors of the economy. Sectors which he mentions were agriculture, where it can be used for food authenticity and verification. The process would track the farm products, thereby making it easy for consumers and the relevant authorities to track the source of its consumables.

He also spoke about the Education as the key to massive adoption and the creation of an enabling environment by the government for the technology to thrive.

 

THE PANELIST SESSION

The first panellist session focused on the integration of blockchain in the agricultural sector with the topic: Improving Africa’sAgriculture and food industry with the blockchain. The overview of the conversation spanned across a few agricultural firms that were represented and the major issue discussed was how the technology can be deployed and integrated into the sector and how farmers could benefit from its use. Ogundele Mayowa- Agroplexi, Olufemi Adeneka-Circular Feed, Oluwakorede Moshood – Comestibles, Yemi Pedro- Farmovo were amongst the panellist.

The second panellist spoke on discussed on the topic “can Blockchain Improve Africa’s financial inclusion crisis.” the panellist included Ejemai Joseph CEO of Stach, Kelechi Onwurah CEO of Crypstone, Eseoghene Mentie a representative from Uport, and Ruth Iselema CEO of Bitmama. they spoke extensively on practical approaches that can be preferred to the African financial crises. Ejemai Joseph believes that “the blockchain is more about community and innovation. people need to be well educated beyond airdrops and holding that’s why we created a platform where people can understand the blockchain technology.”

 

When asked how Uport can bring their identity feature to the layman’s understanding? Eseoghene Mentie described Uport as  “decentralized and self-sovereign built on the Ethereum blockchain. what this means is that your identity will be built on the blockchain and it will include all data about you such as your name, your financial identity, and all your transactions. this means when you lose any information of yours, it is kept safe on the blockchain”

There was also a firebrand chat on EOS Akintunde, who was grilled with various questions from the audience  on EOS software and how fast the currency is rising in the market.  YellowCard product Demo was played and some participants got some free bitcoins. Finally, blockchain lawyer faith Obafemi talked on the regulations for Nigerian Blockchain startups. She gave a legal definition on virtual currencies, spoke on legal standards, risk management standards and exchange rates.

 

Largely, the meet up was a success, brought cryptopreneurs together, and gave crypto newbies an idea of what cryptocurrency and what the blockchain technology is all about and it is a buildup of what we anticipate in the crypto space.

 

Post your comments, idea and contributions in the comment section below or on our social media platforms.

 

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President of Venezuela Nicolas Maduro Calls on Public to its Newly Opened Petro Supported Casino

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The President of Venezuela has announced the opening of crypto supported casino in the country. This announcement was made on the 17th of January, 2020.

According to the President, the Ávila National Park’s Hotel Humboldt will soon be home to an international casino which will make use of the Petro (PTR) – the country’s cryptocurrency.

Nicolas Maduro went further saying, the proceeds from the casino activities will fund the country’s public health and education sectors. 

Betting has been halted in the country for several years prior to the administration of the current President Nicolas Maduro. Prior to this administration, betting places were ordered closed down because of being dens of drugs and other criminal activities. 

Giving details on the operation of the Casino, President Maduro said he has authorized legal bets with petros. According to him, the Hotel Humboldt will have an international casino and everyone will be able to place bets using the petro.

He went further explains, “You can come to bet. There will be offers, special prices. You buy your petro tokens, you can buy them if you bring yuan, if you bring yen, dollars, euros or any other cryptocurrencies … buy your petros and make your licit bets allowed by the state as contemplated by national laws.”

Owing to various sanctions hitting the oil filled country, the current President, Nicolas Maduro created the petro cryptocurrency to evade these sanctions and better position the economy of the state. 

The announcement of President Maduro to open the casino evidently is an attempt to provide more use cases for the petro to improve acceptability amongst the populace and global community. 

This move by the President will most likely fuel the emergence of new casinos across the country since it has been almost a decade casino activities were halted in the embattled state. 

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Binance to Support IOTX MainNet Token Swap

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The IOTX mainnet token swap to be supported by leading cryptocurrency exchange, Binance. The crypto ecosystem giant made this known via its blog.

Withdrawals will be suspended from the 15th of January, 2020 by 0:00 AM (UTC) pending till the token swap is completed.

IoTeX describes itself as an open source platform, building the Internet of Trusted Things, where all physical and virtual ‘things’ — humans, machines, businesses, and DApps — can exchange information and value at global scale. It was founded in 2017.

Binance also revealed it will handle all technical requirements involved in the swap process for all users holding the IOTX token in their Binance accounts.

Whenever even after the mainnet migration a user sends ERC-20 IOTX tokens to Binance, Binance guarantees the tokens will be converted to the mainnet IOTX and the user will not be able to withdraw the ERC-20 IOTX Tokens after the swap.

We will make a separate announcement after the mainnet swap is complete to notify users when withdrawals for IOTX (native coin) will open, Binance concluded.

In November 2019, IOTX revealed via a blog post the roadmap it intended to follow in ultimately bringing staking/voting using the IOTX token to its mainnet.

In the post, it gave a summary of schedule for staking/voting using the IOTX token.

Iotex

Mainnet Alpha (Apr 2019 – Oct 2019): staking on Ethereum using IOTX-E (ERC20) only

Mainnet Beta (Nov 2019 – Q1/Q2 2020): staking on both Ethereum and IoTeX using IOTX-E (ERC20) and IOTX (Native), respectively

Mainnet GA (Q1/Q1 2020 and on): staking on IoTeX using IOTX (Native) only. Note: all existing votes/tokens on Ethereum will be automatically converted to IoTeX

IoTex also stated that exchanges with IOTX-E currently listed will at their own different time perform official token swaps to IOTX (native) currency throughout Q4 2019 & Q1 2020.

The Internet of Trust Things platforms also stated that the final cutoff to swap IOTX-E to Native IOTX will be announced in Q1 2020.

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CEO of MTN Group Speaks Out on MTNCOIN, Calls it Fake.

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The CEO of MTN Group, Rob Shuter has spoken out on the document circulating the internet showing the Telecom giant, MTN Group to launch a utility token – MTNCOIN.

The CEO calls the document and unsolicited proposal and the Telecom firm will not consider it.

The document which was dated 29th of October, 2019 and titled “MTN COIN – Building Africa’s Universal Financial Services & Rewards Ecosystem” proposes a crypto token that will be used as a universal digital settlement currency for all financial.

In a statement published by MTN Group, it said it wishes to distance itself from the document as well as the services and offerings mentioned in the document as they are not provided by the firm.

According to the statement, MTN said the document was an unsolicited proposal submitted by an entity called Eureka Africa and it wasn’t adopted.

However, the Telecom giant affirmed its continual engagement and collaboration with various vendors, and if necessary it said, use official MTN channels to communicate such partnerships.

The document proposes the launch of a Stellar blockchain based cryptocurrency, MTNCOIN that will serve as a universal digital settlement currency for all financial users cases for all parties.

According to the document, It also intends solidifying and expanding MTN’s position as Africa’s leading communication services provider by staying at the forefront of digital transformation; capitalize on the Global Financial Technology revolution and lead the disruption of the traditional financial and insurance sector in the continent to protect current and create new revenue streams.

The Telecom giant has requested publishers to refrain from sharing the document or its contents on any public platforms.

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Telecom firm, MTN Could launch a token MTNCOIN on the Stellar Blockchain to become Universal Digital Settlement Currency

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A document showing Telecommunication firm MTN is set to launch a token –MTNCOIN on the Stellar Blockchain has been making waves on the internet since it was released.

The document which was dated October 29th 2019 and titled “MTN COIN – Building Africa’s Universal Financial Services & Rewards Ecosystem” posits that the African Financial sector is ripe for disruption.

It measured the financial flow of money through Mobile Money and Remittance. MTN through the plans to lead the disruption of Africa’s financial services industry to redefine financial inclusion.

This it intends to achieve by launching MTNCOIN as a universal digital settlement currency for all financial users cases for all parties. It also intends solidifying and expanding MTN’s position as Africa’s leading communication services provider by staying at the forefront of digital transformation.

It also wants to capitalize on the Global Financial Technology revolution and lead the disruption of the traditional financial and insurance sector in the continent to protect current and create new revenue streams.

MTN will to create a pan-african open platform and ecosystem and set the standards for trusted, direct, low-cost and instant financial transactions, bringing together various players in the financial industry such as banks, insurances, Fintechs, Retailers and major technology providers to drive interoperability and convergence.

The digital currency, MTNCOIN according to the document will be created and issued on the Stellar Blockchain Network.

It will serve as universal exchange currency, highly scalable, secure bridging currency across the African continent supported by the established MTN treasury functions.

It will serve data and airtime redemption assurance which according to the document will reduce counterpart risk as token holders.

The token will be a utility token controlled by MTN and it shall feature fast, no-cost remittance, automatic loyalty program benefits with ecommerce embedded shopping advantages.

The document compares MTNCOIN in superiority to other forms of payment such as MTN Money and M-Pesa. The coin will have a digital wallet, allow P2p transfer, cross border payments, bank integration, adoption by third party apps etc. MTNCOIN based on the document stands out from both MTN Money and M-Pesa.

The choice of choosing Stellar according to the document which compared it to the Bitcoin, Ripple and Ethereum Blockchain networks, was that Stellar is a platform that connects banks, payments systems and people, it allows fast, cross-border transactions between any pair of currencies. It is much cheaper and faster than bitcoin because of its unique consensus protocol etc.

CryptoTVPlus through one of its representative has reached out to MTN Nigeria for comment on the document as at press time but haven’t given response. Updates will be published as it comes.

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