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Project WaterCoins Brings Clean Water to Kenya

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Water shortage has been identified as one of the next greatest crisis the world will face. The World Economic Forum (WEF) had estimated that by the year 2030, the available supply of fresh water will be lesser than demand by as much as 40 percent. Since the blockchain technology is revolutionizing various sectors, BANKEX a decentralized and robust platform has decided to introduce Watercoin. The essence of Watercoin is to restore transparency to the execution of charities and the use of the Funds.

Every year, UNICEF spends over hundreds of millions of dollars on humanitarian projects across the globe focused on water, sanitation, and hygiene-related ( WaSH ). Most often, these funds are not utilized for their intended purpose. They are either embezzled or used for other projects. However, with a decentralised, transparent and open source system that the blockchain offers, the progress of these funds can be monitored.

Watercoin is a blockchain-based utility token that affords people from all over the world the opportunity to donate money in support of clean water initiatives all over the world. WaterCoin is focused on clean water and can only be used within the clean water initiative ecosystem.

The project was launched in June 2018 and a test run of the WaterCoins ecosystem was launched in Narok, Kenya. The Watercoin pilot project by BANKEX will provide water to families in the town through direct contributions from people around the world. BANKEX is trying to eliminate the middleman that brings complexity and lack of trust to the charity system. The project provides about 10,000 liters of clean drinking water to over 1,000 people in the area.

One WaterCoin costs about $0.02 during the pilot project and that is equivalent to the price of drinkable water from water pipes. One WaterCoin can be exchanged for a liter of drinking water. This means a donation of about $1 could about 50 liters of clean drinking water to the needed community. People can donate to the project by purchasing WaterCoins and even specifying how they want their donations utilised or allocated.

The project is employing protocols such as know your customer (KYC) verification which locals have to pass to gain access to the program. After the verification they are given NFC smart cards which costs less than $1. The transparency of the blockchain enables tracking and lessens the need for a centralised and bureaucratic system.

 


 

What do you think about WaterCoins? Share your opinion with us in the comment section below.
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Draft Cryptocurrency Law Released in South Africa

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Earlier in April, the South African Revenue Service (SARS) announced its plans to tax cryptocurrencies. The SARS just released a draft cryptocurrency tax legislation to define the framework of digital currency taxation in the country.
SARS aims to place a tax on incomes generated from crypto trading and operations.

Since April 2018, the tax agency had laid out plans to tax cryptocurrency income. The SARS confirmed by press release in April stating,

“In South Africa, the word “currency” is not defined in the Income Tax Act (the Act). Cryptocurrencies are neither official South African tender nor widely used and accepted in South Africa as a medium of payment or exchange. As such, cryptocurrencies are not regarded by SARS as a currency for income tax purposes or Capital Gains Tax (CGT). Instead, cryptocurrencies are regarded by SARS as assets of an intangible nature.”

However, under the draft taxation legislation, cryptocurrencies will be classified as intangible assets subject to income tax. South Africans may be mandated by the Law to declare every income accrued from cryptocurrency if this law is adopted.

The draft equally added that cryptocurrency transactions are excluded from value-added tax (VAT). This is because such transactions are viewed as separate financial services transactions by the SAR. So, if you sell, purchase, transfer ownership, issue or hold cryptocurrency there will be no VAT to be paid.

Despite the looming presence of regulations and scams, the S.A cryptocurrency industry continues to thrive. A recent survey even revealed that about 38 per cent of South Africans expressed their regrets in not investing in cryptocurrencies earlier.

 

What do you think about the taxation law? Share your opinion with us in the comment section below.
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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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Blockchain transforms Cocoa Farming in Ghana

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The blockchain technology has proven that financial inclusion can be made possible to all. Farmers in Ghana are beginning to employ the technology to increase the production of Cocoa. The Olam Farmer Information System (OFIS) is helping to change the profits of farmers, tripping their production and reducing dependency on the pesticide. Farmers now share farm data with advisors using the OFIS app and receive recommendations on how to increase their yields.

Olam apps allow products to be tracked from the farm, and farmers can check cocoa prices and trade online, achieving a better price for their crops. Olam technology is applying the blockchain technology to the supply chain management of cocoa. Allowing products to be tracked from the moment it leaves the farm. Farmers can also use the Olam app to check cocoa prices and trade online, receiving a better bargain price for their crop. This is increasing the farming yield as a farmer from Sefwi, Muhammed Adams, explained that since he started using the OFIS farm development plan, he now harvests 25 bags of cocoa instead of his usual 7 bags.

Securing better prices for their products is one thing that farmers do not really get. But, now with the benefit of digital technologies, farmers can now choose who to sell their products to, picking the price that suits them best. Simon Brayn-Smith, head of cocoa sustainability at Olam explained that Money can be paid directly into the farmer’s mobile money wallets. The company is also setting up Olam Direct in Indonesia which will allow farmers to sell cocoa directly to the company at a much better daily price. Since accessing the internet is still a problem for most farmers, the firm designed their apps in such a way that most of them can run using text messaging. The future of farming is being built on the blockchain and very soon we anticipate a world of change.

 

 

What do you think about applying blockchain in Agriculture? Share your opinion with us in the comment section below.
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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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Blockchain Accelerator Funds Kenyan Startups

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Sofia-based æternity Starfleet Incubator for blockchain startups has enabled two Kenyan based startups secure the needed funding for their projects. The startups, UTU Technologies and RideSafe took the top position in the final event of æternity Starfleet. UTU Technologies had developed a machine learning algorithm optimised for trust while RideSafe was a startup which provided health services to motorcycle taxi drivers.

The two startups were not the only ones to benefit from the event as
æternity and æternity Ventures, overseers of the global incubator programmes and partnerships, announced that a total nine projects made it to the finals and they will receive a combined sum of US$1.3 million in investment. US$150,000 went to a Croatian startup while RideSafe and the remaining teams had the remaining funds distributed amongst them. The platform was a great one for these startups as a number of investment funds and angel investors followed the event online.

Earlier in April, UTU had raised funding from Hong Kong-based accelerator Zeroth receiving US$200,000. The team also got an additional US$50,000 from æternity Ventures’ partner network. Jason Eisen, chief executive officer (CEO) of UTU Technologies was excited about the out come and said, “Even being invited to take part in the final event of æternity Starfleet was a huge privilege for our team, and winning the top prize is vindication for our tireless efforts to date. This is a strong vote of confidence from one of the leading authorities within the blockchain sphere, and æternity’s support has been incredibly beneficial during the Starfleet programme.”

On the other hand, Nikola Stojanow, CEO of æternity Ventures explained, “We are beyond excited to continue working with the æternity Ventures team, and look forward to taking our project to the next level with their guidance and vision.” Nikola was impressed by the dedication, potentials and passion of the teams. He also added, “The finalists have demonstrated an innate ability to take our feedback and fine-tune their business model and roadmap accordingly. I’m very excited to see the project progress to the next phase of development.”

 

 

What do you think about these startups? Share your opinion with us in the comment section below.
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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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Ditcoin Goes to the Grassroot

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Cryptocurrency is going to the grassroots and Ditcoin is at the forefront. The CEO of Ditcoin, Tony Nwabishop was in the  Northwestern state of Katstina in Nigeria over the weekend and he spent his time explaining the basics of the blockchain technology and importance of cryptocurrencies to the people. It is no news that about 40% of Nigeria’s population are still Unbanked and it is important to include these people in the financial revolution that is currently ongoing.

Building a Solid Foundation

Speaking on the theme, Awareness on the Blockchain Technology, Cryptocurrency and Ditcoin, Mr Tony enlightened the people on the importance of the blockchain and the need for a privacy coin such as Ditcoin. He explained that, Ditcoin which happens to be Africa’s first privacy cryptocurrency is particular about protecting the privacy of its users.

The CEO posted on his social media handle, “And finally the Prince of  Katsina goes Crypto, Ditcoin now has 100% support from the prominent men in katsina. The first crypto city Powered by ditcoin supported by Katsina state Loading…….. #cryptoAfrica #cryptotvplus #ditcoin #privacycoin #blockchaintechnology.” This spells better things for the crypto space in Nigeria.

A Future For Crypto Adoption

Currently in Nigeria, people own more sim cards than bank accounts and this is making crypto adoption possible. As there is no need to go to a bank before owning a crypto account. The popularity of cryptocurrency is rapidly growing in Nigeria and sometime this month the trading volume hit 170 billion naira mark. With cryptocurrencies such as Ditcoin preaching the crypto gospel in Nigeria we look forward to seeing a future where crypto adoption is made possible.

 

What do you think about building Insurance on the blockchain? Share your opinion with us in the comment section below.
Image credit: pixabay, cryptotvplus

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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