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Small But Mighty: Countries Making Impact in the Blockchain Space

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The Blockchain technology has been fashioned into many industries. The technology has outgrown its first intended use case, cryptocurrency and is now being employed in diverse industries. While some countries are regulating the technology, some other countries are interested in big data and recording and management costs that the blockchain reduces. Well, we will be looking at some countries with really small economies that are adopting and utilizing the blockchain technology and cryptocurrency in different sectors.

Malta

Malta offers a friendly jurisdiction for cryptocurrencies. The country is currently regulation free and is home to Binance Headquarters. The cryptocurrency exchange had earlier in the year announced it was moving its headquarters to Malta from Hong Kong due to strict regulations. The island country is located in the Mediterranean Sea near Italy.  Unlike other countries, Malta has established itself as the number 1 spot for crypto trading. Malta is writing laws that would be relevant in a future economy. The country now legally recognizes smart contracts and DAOs. The Island proposed the creation of the Malta Digital Innovation Authority (MDIA) earlier this year.
The MDIA would help to advance the utilisation of digital ledger technology and its design and uses in the country.


Georgia

Georgia is the world’s third largest miner of cryptocurrencies. The small country located on the eastern side of Turkey is home to one of the largest mining companies in the world. About 5% of households in the country are involved in cryptocurrency mining or investments. With a total population of about four million,  the country of Georgia has minimal regulations over cryptocurrency. Asides that, the country has affordable electricity with hydropower. This has attracted many miners although majority of the cryptocurrency mining in Georgia comes from the US-based tech company Bitfury. The company has a data center near the edge of the country’s capital Tbilisi.

Cyprus

Cyprus is also an island country located in the Mediterranean Sea, south of Turkey. The small country is the home to The University of Nicosia, this was one of the first schools to offer courses in blockchain and cryptocurrencies. With programmes such as a Masters of Science in Digital Currency.

Liechtenstein

Liechtenstein, a small country sitting between Switzerland and Austria is also involved in the blockchain technology. The country is making it easy for cryptocurrency businesses to flourish. Starting a cryptocurrency business in Liechtenstein is easy, you do not need a bank account. Rather than using fiat, the registration process can be done using Bitcoin (BTC) or
Ethereum (ETH). The founder of Aeternity blockchain, Yanislav Malahov claims that he founded the company with 50,000 Swiss francs worth of ETH.

Thailand

Thailand is gradually integrating the blockchain into its industries. From the country’s postal service which announced last year that it will be using the blockchain to track packages to its electrical sector. The country’s Electronic Transaction Act 2001 was amended to include the support and use of blockchain-powered smart contracts. The financial sector was not left out as Kasikornbank launched a “completely paperless” Letter of Guarantee network in conjunction with IBM Blockchain last year. By March this year, 14 Thai banks have joined forces to create the Thailand Blockchain Community Initiative, which will be built on the LINUX Hyperledger platform.

Estonia

Estonia is a blockchain hub famous for its e-Residency program. A large number of ICO’s and blockchain related companies choose Estonia to launch their projects due to the regulatory environment and technologically advanced infrastructure. Although it seems the country is planning on launching a national cryptocurrency.

 



 

 

What do you think about these countries? Share your opinion with us in the comment section below.
Image credit: pixabay,

 

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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I am a blockchain and cryptocurrency journalist fascinated with sharing the knowledge of this wonderful technology in the simplest language possible.

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Tunisia’s Central Bank to Launch E-Dinar, A Digital Currency

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The central bank of Tunisia has announced the development of work for the launch of a digital currency, the E-Dinar.

The Tunisia’s foray into digital currency will see the creation of a blockchain based platform and digitization of the Tunisian fiat currency, the Dinar. The virtual currency will be created and issued using a Russian developed blockchain, the Universa Blockchain.

The Universa platform will receive a percentage of all transaction carried out with the E-dinar while the Tunisia central bank will see every transaction, as well as every buyer and seller online.

The Tunisian central bank revealed that the nation will not issue additional shares to issue the electronic money rather; the E-dinar will be pegged to part of the local fiat currency. And with the launch, individuals can also switch to the E-dinar.

Based on the contract between both parties, the Russian firm who developed the blockchain platform will receive a percentage of each operation for the entire duration of the operation of the technology, and at the same time, as it develops the Universa platform, it will launch a web application and open two thousands stalls in the country where individuals can transfer their money to E-dinars.

In order to protect the financial sovereignty of the Tunisia’s nation, considering the operations of the US based swift which operates in over 200 countries and financial censored the Iranian government, financial censorship will not happen in Tunisia’s E-dinar as the developers will hand over all encryption keys to the nation’s Central Bank and they will not be able to block the platform and see transactions.

According to the head of Tunisia’s central bank, “we are for the development of financial technologies. But we do not support private money in any form, digitally or so. If they replace public money, they will destroy monetary policy and financial stability. We are against”

The system was kick-start by the Tunisian Central bank’s head Marouane El Abassi and a representative of the IMF which say both of them carrying out a symbolic transfer of one E-dinar from one account to another in a test form. In the event in the nation’s capital where the E-dinar was presented, also in attendance was other Maghreb countries such as Morocco, Algeria and Mauritania.

Universa plans to expand to other part of the world to nations such as Malaysia, Phillipines, Argentina, Brazil etc.

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A Crypto Project With the intention to Eradicate Poverty Has Written An Open Letter to the EFCC, Says it’s Open for Questioning. 

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An ambitious Crypto project iBSmartify, through its CEO Omotade Sparks Amos Sewanu has written an open letter to the Nigerian anti-graft agency, the Economic Financial Crimes Commission EFCC informing agency of its intention to eradicate poverty in the country.

The letter which was posted on twitter via @inksnation handle shows the intention of the CEO to through its own blockchain platform iBLedger which it dubbed ‘Nigeria to the World blockchain’ to eradicate poverty in the country in the next six to nine months.

The CEO claims the iBLedger blockchain will compete with Facebook’s Libra, Telegram’s TON & GRAM, Bitcoin, Ethereum, Hyperledger and other blockchains in the world.

According to the letter, the powerful thing about the “charitable-blockchain” is that it can through the first token iBNaira generate a minimum of $847 billion for the Nigerian Government.

It also said the iBNaira can end poverty by 6 – 9 months by paying every single citizen including children born daily a minimum of N120,000 monthly.

The reason for this he said is because disruption is coming to the world and as such, it’s better Nigeria has its own version of disruption.

The poverty eradication scheme will begin fully on the 12th of November.

He claimed he has applied to SCUML under the name iBSmartify but it’s awaiting the certificate. However, the firm appears to be registered with the Corporate Affairs Commission under the following details:

Registration Number: 2956459

Name: IBSMARTIFY

Address: 23 Yetunde Abu Street

Registration date: 2019-08-15

The website appears to offer unimaginable rewards to those who come in, the type of rewards which is seen in Ponzi Schemes.

While the Anti-graft agency is yet to say anything on the open letter, the move by the firm has attracted criticism from Twitter as can be seen below.

https://twitter.com/brysonadahcole/status/1192412071683604482?s=19

The firm replied those requesting for White Paper on the same thread

The 12th of November is just six days away and as the CEO said, it is open to questioning.

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Ethereum to be Marketed and Promoted by a DAO – Marketing DAO

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Second largest cryptocurrency by market capitalization, Ethereum will now be marketed like other blockchains in the industry.

The marketing of Ethereum will not be done by individuals rather a decentralized autonomous organisation – the Ethereum Marketing DAO.

Born in September, 2019 and launched one months later, the DAO is made up of like-minded individuals knowledgeable in marketing, communication, brand experts etc and they include ConsenSys advisor, Amanda Cassatt, Former ETH Foundation Advisor William Mougayar, etc

The Marketing DAO according to a medium post released by the organization was conceived to ensure the strengths, value propositions, and vision of Ethereum are well communicated and understood, despite its complexity.

As Ethereum is in an enviable position, it gets attacked by detractors, those spreading misinformation, it lacks an organized entity to respond to these misinformation thus a unified marketing organization is needed.

According to the Marketing DAO, Ethereum growth has been accomplished without a concerted effort to market the network by the Ethereum Foundation and now, it has grown to the point where there is a need to formalize and professionalize a set of marketing and communications activities to benefit its long-term position.

The best way to help advance and promote Ethereum was in the Ethereum way – through a DAO and in order to properly support the network and stakeholders, there is a need for a coordinated mechanism to empower funding and decision making in an efficient, fair and representative manner, Marketing DAO said.

The Marketing DAO said it will fork the Molock DAO as the DAO baseline and it will be used for implementation of its marketing activities.

Work has been ongoing for the past month through regular online and in-person meetings and planning sessions to lay the foundational elements for the DAO.

Its initial project including developing strong Ethereum positioning, getting to know its audience and establishing a strong ground presence.

Those currently working on the DAO include ConsenSys advisor and former CMO Amanda Cassatt, former Ethereum Foundation advisor and blockchain author William Mougayar, Darren Mills, MetaCartel DAO’s Alexandre Masmejean, EtherWorld Founder and Ethereum Cat Herder Pooja Ranjan, former Reuters Americas General Manager Saul Hudson, former ShapeShift CMO and current director at Wachsman Emily Coleman, Brendan Forster, Dave Craige, Ven Gist, James Ross Treacher, Manuel Gonzalez Alzuru, and Kris Jones — among over 50 others.

As at decentralized organization, Ethereum Marketing DAO calls on anyone to be a part of it either as a Funder, a Member and/a supporter.

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Over $3bn Worth of Stellar Lumen Burnt, To End it’s Giveaway Program 

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Stellar has burnt 55 billions lumen from the total supply thus reducing the number of lumens in existence to 50 billions and giving an over 20% gains.

The burn were in two parts according to a statement published by Stellar. The first burn was from the Stellar Development Foundation SDF operating fund which previously held 17 billion Lumens. 5 billions lumen has been burned thus reducing the total SDF operating funds to 12 billions.

The remaining 50 billion lumen was burnt from the 68 billion lumen set aside for giveaway programs administered by the Stellar Development Foundation.

According to Stellar, it has decided to reduce the lumen allocations and to rededicate what remains to what it thinks Stellar needs most.

The reduction Stellar said, isn’t in any way a retreat from its mission, instead it’s an acknowledgement that (Stellar) owes to the ecosystem, the network and to itself, to be as efficient as possible in doing its job.

The burn linens was sent to the following Stellar Account.

GALAXYVOIDAOPZTDLHILAJQKCVVFMD4IKLXLSZV5YHO7VY74IWZILUTO

Stellar also announced it will be terminating it’s World Giveaway Programs both for individuals airdrops and for the Stellar Partner Giveaway Programs – a program which it said was created at the beginning of the Stellar network inception.

Stellar said its very excited about renewed focus on the SDF and the transparency it will bring.

The 12 billion lumen remaining from the SDF Fund will targeted to an aggressive program of direct development and advocacy for Stellar. This will be escrowed and 3 billion XLM will be unlocked yearly for the next four years.

The purpose of the Stellar Development Foundation’s purpose is to make Stellar global payments standard and every dollar and lumen we have is dedicated to that end and we believe the number of Lumen we hold now aligns better with our mission. The SDF will nor burn any additional lumens, Stellar said.

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