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‘Project Khokha’ South Africa’s Central Bank’s Tokenized Fiat Interbank Payment System

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South Africa is going the crypto way as the country’s Central Bank (SARB) had decided to create a blockchain protocol using the Proof-of-Concept (PoC). The pilot is to tokenize fiat using the Quorum blockchain to create an interbank payment system. The project is called ‘Project Khokha’ and it is built on Quorum an Ethereum-based private blockchain.

The trial version of the Quorum that uses an Istanbul Byzantine Fault Tolerance (IBFT) consensus mechanism was tested using two encryption methods – Pedersen commitments and range proofs. The project had Seven South African banks who participated in the trial that was spearheaded by ConsenSys who was also the technical partner. Also, PricewaterhouseCoopers Inc. (PwC) an international audit and accounting firm was a supporting partner.

The report released by SARB’s explained that the ‘Project Khokha’ will  investigate the “interconnected” issues of the platform’s, confidentiality,resilience, scalability, and finality. The project also has the primary aim “to build a proof of-concept (PoC) wholesale payment system for interbank settlement using a tokenized South African rand on distributed ledger technology (DLT).”

The SARB report also concluded that the system could “have considerable implications,” noting that:
“If one starts from the point where money is tokenized…and then represented on a DLT system, then this system can be developed to enable other uses beyond wholesale settlement. Examples include the exchange of tokenized money for other tokenized assets, like bonds or securities.”

The SARB declared last month that cryptocurrencies do not meet the requirements of money and should therefore be known as “cyber-tokens”. Earlier, the central bank had established a self-regulatory body to monitor the progress of cryptocurrency in the country and prevent risks. With the Project Khokha employing a disintermediated system, banks no longer have to take a central stance but each bank will be responsible for configuring its own node on the network and instead of printing fiat for bank settlements, it would mint tokens on the blockchain.

 

What do you think about Project Khokha? Share your opinion with us in the comment section below.
Image credit: Pixabay

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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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Altcoin News

Vice Industry Token Rewards All Stakeholders in the Adult Industry

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vice industry token to reward stakeholders in Industry

Imagine a word where you get paid to view content. In fact, where everyone involved gets paid – from the producers, all the way to the consumers. This is VIT’s vision for the future. VIT was developed because most players in the vice industry online are not okay with the way things are done now.

At a time when adult content generates 30% of all traffic online, very little money is actually generated back to content owners and producers and not one penny goes to the viewer.

Vice token has completely replaced the current commercial model with something revolutionary, disruptive and elegant. A model where all parties involved from the producers to consumers get paid.

Disruption

This is the next stage in the evolution of online television and video with the revolution and disruption using blockchain and a cryptotcurrency called the Vice Industry Token.

The adult entertainment industry is leading the way and the future of our industry lies in recognizing that consumer attention is a valuable an scare resource in and effectively, and entirely new economy- the Attention Economy.

The Attention Economy

In the attention economy, content producers, curators and consumers all get paid for their participation. Content is produced, tagged by a blockchain enabled platform and curated by channel owners. Consumers view these contents for free in exchange for engaging with it in a specific ways. For example, commenting, up-voting or simply viewing a video for a set period of time.

The Vice Industry Token

These digital engagement, generate a proprietary cryptocurrency called the Vice Industry Token. Which is then used to compensate viewers, curators and producers for their participation. The attention pays producers for content consumption even in cases where their content is mashed up or other wise re-used. This leads them to invest in creating better quality content that appeals to consumers. Popular content creates higher engagement levels, which generates more revenue and the cycle continues.

Reward for Curators

Curators are financially incentivized to offer high quality and more popular contents and to attract the viewing public. The combinations of high volume of traffic and poplular content, lead to greater consumer engagement which means which means greater revenue.

Reward for Consumers

Finally, consumers get paid for contents their engagement in content the are genuinely interested in watching. This engagement model creates a more authentic brand-consumer relationship than the current advertising model and eliminates advertising industry problems like click forward.

The Vice Industry Token and its commercial model, is just the beginning of the future of all online video and television. The team is envisioning a revolutionary future with billions of users.

Visit Vice Token to learn more about the project

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5 Lies Frequently Told About Bitcoin and The Truth You Need to know

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5 lies about bitcoin

Since its creation in 2009, Bitcoin has gained a lot of popularity. However, with this popularity comes some “untruths” that some people or authorities spread. Gaius, in his recently published book, takes a look at 5 lies that are frequently told about Bitcoin.

1.Bitcoin is MMM: No, Bitcoin is not related to any Ponzi scheme. It is a digital currency and not a pyramid scheme where you rob Peter to pay Paul.

2. Bitcoin will make you rich instantly: this is a total lie. It took me 5 years to gain profit from my initial investment in Bitcoin. If you want to get rich instantaneously bitcoin isn’t for you.

3. To own Bitcoin, you must “buy at least one Whole Bitcoin”. This is not true as Bitcoins are divisible to eight decimal places, or 1/100 millionth of a bitcoin called satoshis. This means you can own bitcoin worth a thousand naira or even a hundred naira.

4. Bitcoins does not have any intrinsic value: Most people fear that Bitcoin lacks value because it’s supply is finite but this is a lie as Bitcoins offers a safer, faster, cheaper transaction network. Since people utilise it for transactions, it has value.

5. Bitcoin can be used for illegal activities more than cash: This is a lie because Bitcoin can be easily traced and offers less anonymity than cash. So while criminals prefer cash, investigators prefer Bitcoin as it is easier to catch these criminals.

These excerpts are from his my best selling book “How Bitcoin Changed My Life” now on Amazon. Get a copy.

 

Do you share similar views with Gaius?  If yes what other lie would you like to add to this list? If no what is your take on the topic? Drop your opinions in the comment section 

 

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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Governments In Africa Will Welcome Blockchain Technology – Lucky Uwakwe

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Lucky Uwakwe - African Government will welcome blockchain technology
Lucky Uwakwe shares his views on African governments and Blockchain adoption with Cryptotvplus.

It is no news that a lot of enthusiasts in the blockchain space only show commitment to the projects they handle or the ones which give them maximum returns. It is not everyday you get to meet an enthusiast in the space who is quite passionate about getting the government on board this moving train.

Interestingly, in a recent article published by CryptoTVPlus, some African governments are already piqued by blockchain.

However, Lucky Uwakwe is positive that all African governments will finally come to terms with the versatility of the blockchain in the nearest future.

Here is an overview of the conversation we had with Lucky Uwakwe:

In your own words, what would you say blockchain is?

Blockchain is a persistent record of ownership transfer, that is publicly available for examination by all aspects of people. It is permission less to use and no trust is required toward any third party when using it. It is immutable.

In a few words tell us about your journey into the fast emerging Technology. When, how and through what means did you hear about Blockchain and Cryptocurrency? 

I learnt about bitcoin and blockchain from research in the CYPHERPUNK community,  during an online research in 2008, but I never fully grasp the importance until about 2010/2011 with bitcoin and the Mt gox exchange (magic the gathering of exchange)  after that I use to read Vitalik Buterin(ethereum founder)  Articles on bitcoin blockchain back then, when he was a writer on bitcoin

In what areas of blockchain are you most passionate?   

Education and Consulting with Service of smooth user friendly digital exchange.

What is your product all about? What challenges or problems have you identified? How will your innovation use the blockchain to solve these problems? 

CURRENTLY as I speak, we see that some countries in the world especially in Africa buy digital asset at a premium, and pay higher fee which is higher than some region. Another problem Fiat based crypto exchange is different and crypto- crypto exchange is also different.

We have built a solution to cover all that, making it easier for people to trade and convert over 200 crypto to crypto , or crypto to fiat,  all in one place. also transfer in the exchange is free, from OTC fiat section  to the crypto exchange of our exchange, we even do free deposit fee, and our withdrawal fee is lesser than what is currently available in many exchange in the world.

We have exactly combine liquidity of Huobi which is one of the top three crypto to crypto exchange in the world, but we have added easy fiat for African and have open African customers to the rest of the world. With our partnership with Huobi cloud, security is paramount. we are called SaBi, we provide users across the globe to either use our Crypto to crypto or fiat to crypto,  we have open a continent to the rest of the world, so customers in other continents can trade with other continents including Africa. All in one place.

What milestones do you hope to accomplish in the coming years in the Blockchain Industry?

To see that government Across Africa welcome blockchain technology and digital currency, and to ensure we have a strong community of women and house wives who are professional traders on SaBi making a living to support there family and the continent at large. So that they can become independent.

Our goal is to see that we return 30-60% profit made from SaBi exchange back to our active users and the community to support poor African community, lacking basics facilities like Schools,clean water, hospital and food. This we will do through SaBi exchange with our partnership from Huobi cloud

How is your Project contributing to creating blockchain awareness and in turn Mass Adoption?

My company has been at the fore front of positive awareness with the government and community across Africa and beyond, a simple google search of my name Lucky Uwakwe  will show quite a lot,  but as a company we continue to create a cooperate awareness with institution making our authority responsible for enacting laws that will shape the future of Blockchain in our continent.

Tell us about your project team? How did you come about the team? How do you  inspire them to give their best? 

I actually don’t inspire my team, my team inspire me. They are the best brain out there, why tell the best what to do? Rather they inspire me and we work towards a common goal. Currently my team have been one of the best to work with in one project,  my project team members are from or based in China, Canada, Singerpore, Japan , Nigeria and Taiwan.

Most of them have over 3-10years+ background in Tech, Finance and Wall Street and Blockchain space. My Nigerian based team all have experience in the Blockchain space,  I am a certified cryptocurrency specialist (C.C.S) and still current  MSc in Digital currency and Blockchain Technology at the University of Nicosia Cyprus.

My Co-founder Mr. Peter Huang is a Chinese with experience Tech and Engineering company, from Beijing China, my Designer Kayode Iyanu owns SirfiTech in Nigeria capital city and the entire team of Huobicloud in Asia are working with us, from Mr. David Chen a Canadian, Mr. Jack Lee in  Shenzhen china , Mrs. Margaret Tang,  all from Huobi cloud, we have a rich diverse team across the world and many more working behind the scene working to see SaBi meet every standard before we Lunch by February 2019.

Mr Lucky Uwakwe is the Co Founder of Cheetah Africa.

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Twitter CEO: Jack Dorsey Joins Bitcoin Lightning Network

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The cryptocurrency and Bitcoin community is filled with excitement as the chief executive officer of Twitter, Jack Dorsey shows his support for the Bitcoin lightning network’s project (LN).

The co-founder of the social media platform has joined a community project illustrating the functionality of Bitcoin’s (BTC) second-layer scaling protocol. Although the trail program started on January 2019, he joined in on 5th of February.

The trail which was created based on the Olympic flame, “Lightning touch”, supports a carefully executed series of transactions on the second layer of Bitcoin scaling protocol. The people that are taking part are to pass on the touch using the #LNtrustchain. It demands a user to receive a transaction and adds a nominal amount of about 10,000 satoshis to it before sending to another trusted person. The torch currently contains around 3 million satoshis (about $98.60).

Jack Dorsey – who is also the CEO and founder of Mobile Payments Company Square, has shown support for bitcoin before and has actually taken into account that Bitcoin has the ability to become the de facto currency of the internet.

In a recent interview with cointelegraph, Dorsey declared his beliefs on bitcoin being the internet’s native currency.

“[Bitcoin] was something that was born on the internet, that was developed on the internet, that was tested on the internet…It is of the internet.”

 

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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