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Blockchain is on its way to making the world a better place

How could blockchain technology work towards the betterment of the world as we know it? Well, let’s find out by clicking the link below.

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blockchain technology, Bitcoin giving better returns than the Nigerian stock market

What is does a better world mean to you? An egalitarian utopia? Clean oceans, cleaner air, and the eradication of toxins that have infiltrated our habitat? Or perhaps it’s simply about driving to work on a Monday morning without having to deal with major traffic issues? Whatever your definition of a better world is, we would all agree that there is so much potential for the world to get better. How could blockchain technology work towards the betterment of the world as we know it?

Experts and enthusiasts affirm that the potential capacity of the blockchain is immense. Judging by our current technocentric ecosystem, its impact could potentially extend far beyond finance to literally every socio-economic sphere.

A brief look at some developments

Everyday activities in diverse spheres are expected to change dramatically. Already, researchers have discovered over a hundred humanitarian projects built on blockchain technology in many key areas including: energy conservation, human rights activism, healthcare, agriculture, education, governance, climate & environment, land rights, wealth redistribution, water, and philanthropy. Although many of these initiatives are still in seed stage, researchers have reported remarkable growth potential.

Blockchain is already making a difference 

While all these future prospects are exciting, blockchain is already making the world a better place one block at a time. One example of such networks is the Bangladesh company, SOLshare. SOLshare works to bring solar energy to villages and remote communities in the country, by connecting individual households through an energy grid to produce and exchange power with one another. This technology helps people in village have access to power supply without having to rely on local utility companies. It also creates several micro-producers, thereby removing any possibility of a monopoly. Countries like Nigeria with inadequate power supply can benefit immensely from similar technology.

More benefits of blockchain

Some more benefits of blockchain technology is the ability to provide a digital identity to people who otherwise would not have access to one like immigrants and refugees. This can help give everyone a fair chance of surviving in the global economy.

For example, last year, Coca-cola in collaboration with the US State Dept., announced that they were working on creating a registry built on blockchain technology to combat forced labor. Initiatives like this on a grander scale could mean that forced labor and labor exploitation of immigrants could become a thing of the past.

Blockchain can eradicate electoral fraud! 

Another very key potential use of blockchain technology is in the eradication of electoral fraud. Election manipulation and vote rigging are rampant in many developing nations. This phenomenon is often followed by bouts of violence and oppressive governments. With blockchain, however, electoral fraud will be literally impossible. Democracies will benefit from the decentralized access, as no one would be able to tweak or subvert votes after they have been entered into the blockchain. Votes will be easily tracked by any member of the public – imagine what that level of transparency could do for democracies worldwide!

The spread of blockchain could very well birth a utopia of sort, and even in the smallest ways. Whether it’s keeping your money safe in a digital bank that could never fold, promoting humanitarianism or simply making the world a greener by eliminating paper currency, the changes promise to be beneficial.


This article is in partnership with Quidax. Quidax is a European based cryptocurrency exchange with a focus on Africa. We provide a seamless platform for users to send, receive, buy and sell cryptocurrencies using their local currencies.

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1 Comment

1 Comment

  1. nnaji Mark

    April 9, 2019 at 10:39 am

    Blockchain technology is a platform aim to bring symbiosis in human race, it’s most advanced platform for money lending, it provides a means where one can eat from another man’s work & lose for another man to eat, the notion that comes into the mind of our government that blockchain will disrupt economic system is opposed by the blockchain system it self why because no one can live on it unless he or she is a pro trader and to become a pro trader it takes a lot I mean a lot.

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Blockchain

Tezos, the small digital coin that makes Bitcoin’s record look ordinary

Tezos, which was designed as a “self-amending cryptographic ledger” and uses the so-called verification model, has emerged a big fan of tokenized real-estate and security tokens.

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Tezos

Bitcoin has done better than most financial assets in 2020 and is on the path to becoming one of the best financial bets for the year. Its price recovered after plunging in March, amid the COVID-19 induced sell-offs. It has since gained about 30% so far.

However, one little known digital coin has almost doubled in price since the beginning of the year, and it still shows more upside in its present momentum.

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Tezos, trading under a sticker XTZ, has gained about 91% since the start of 2020. Tezos was trading at $2.56 at the time of writing this report, with a market capitalization of almost $1.817 billion, according to data obtained from CoinMarketCap.

READ ALSO: Why Forex trading is becoming popular in Nigeria 

At the start of 2020, Tezos was the 15th most valuable crypto asset by market value according to the data. It has since managed to climb into the top ten most valuable cryptocurrencies and could surge past its crypto rivals with its current momentum.

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Tezos, which was designed as a “self-amending cryptographic ledger” and uses the so-called verification model, has emerged a big fan of tokenized real-estate and security tokens.

Tezos seems to be one of the most popular platforms for new projects to build on at the moment,” said Mati Greenspan, the founder of market analysis firm Quantum Economics told Forbes in a recent interview

READ ALSO: Dangote, MTN, Industrial stocks lead bears to pull market’s indicators

“Several projects that I’m currently advising are using it. As well, the tokenomics are structured in a way that a lot of the incoming supply is diverted to staking and taken off the market,” said Mati Greenspan, the founder of market analysis firm Quantum Economics.

In addition, after Bitcoin’s recent halving has made it harder to mine Bitcoin, many have suggested that miners (people who produce Bitcoin after a difficult task is completed) might as well switch their computing strength to other cryptos —potentially giving Tezos a boost.

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Blockchain

Bitcoin is giving better returns than the Nigerian stock market

Bitcoin has attracted hedge and quant traders who make money on short-term price swings.

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blockchain technology, Bitcoin giving better returns than the Nigerian stock market

With the COVID-19 pandemic still raging on and upsetting markets, Bitcoin has outperformed the Nigerian stock market and even most global equities; only performing worse than gold. Investors attribute Bitcoin’s performance to bets/bids that have been made to hedge against inflation.

In 2020Bitcoin has only posted a loss of around 5%, compared to respective drops of 17.5% and 18% for the Nigerian and MSCI All-Country World Index. With a market capitalization of over $126 billion as at April 22, 2020, it is much bigger and more liquid than the Nigerian stock market (market capitalization less than $31 billion dollars —N11.793 trillion est. April 21, 2020).

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Like stocks and other riskier assets, Bitcoin climbed up in the wake of massive stimulus packages launched by fiscal authorities and central banks around the world last month to ease the economic damage caused by the COVID-19 outbreak.

In addition, with a supply pegged at 21 million, its rarity gives it an intrinsic value and protects it from global central banks’ moves or policies that encourage inflation.

READ MORE: Bitcoin price under pressure, stays under $7000

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However, in 2020, bitcoin performed poorly against popular safe havens like gold. Just last month alone, Bitcoin slumped more than 35%, showing that gold has proven far more resilient than Bitcoin

Bitcoin users rise in Nigeria despite Senate, CBN campaign against it, Nigerians losing millions to crypto fraud, Investing in cryptocurrencies in this economic shutdown, Bitcoin giving better returns than the Nigerian stock market

A pile of bitcoins

Bitcoin which is notorious for high price swings, has found its use as a means of digital payment and scared off institutional investors such as pension funds. It has however attracted hedge and quant traders, who make money on short-term price swings.

READ ALSO: Nigeria’s Inflation rate jumps to 12.26% in March as recession looms

As its volatility soared, major cryptocurrency exchanges saw huge movements in volume last month. Many speculators sold off the cryptocurrency (like other assets) to raise money.

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“I’m long gold, I’m long bitcoin – we are seeing a monetization of debt like we have never seen in our lifetimes,” Novogratz said in a Monday interview with Bloomberg TV. “To me in the long run, that has to make hard assets look better.”

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Blockchain

Bears extend reign to crypto market, drops by about 50%

Bitcoin made further drastic losses sinking below $6,000 for the first time since May 2019 due to a coronavirus scare. 

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Bears extend reign to crypto market, drops by about 50%, Answering the big Bitcoin question - buy, sell or hold?, Why cryptocurrencies are falling lately, Nigerians passion for bitcoin, Bulls push Bitcoin pass $7200 level, Bitcoin breaks past $7500 for the first time since early March, Nigerians Beware Of Bitcoin Fraudsters

Bitcoin once tagged as a ‘safe haven’ asset, has recently proved bookmakers wrong again. On March 12, Bitcoin made further drastic losses, sinking from $10,000 to below $6,000 for the first time since May 2019 due to coronavirus scare.

At its current price of $5,500 on Friday, 03.05 pm Nigerian time, bitcoin seemed attractive to buy. However, investors’ bias was broken with heightened uncertainty in the global economic outlook.

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Bitcoin users rise in Nigeria despite Senate, CBN campaign against it 

A pile of bitcoins

For these reasons, we can expect that the current bounce towards $6,000 might be a temporary relief on the way down.

However, the sudden drop comes after months of stable price growth, which saw Bitcoin rose from below $6,000 at the start of the year to above $10,000 by late February.

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[READ MORE: Cryptocurrency: Discern investors’ goldmine)

Chief Executive Officer, BitMEX, an exchange registered in Seychelles, Arthur Hayes thinks that the likely bottom for Bitcoin lies at around $6,000. As the flagship token suffered from the spread of the coronavirus, altcoins took a more severe hit with heavy losses seen across the board.

The latest crash appears to dispel this narrative, as it coincided with the sharpest rise in coronavirus-related deaths since the outbreak began.

Bitcoin bearish party seems to be utterly unstoppable. The selling pressure has been unrelenting on Thursday and could last throughout the day’s trading sessions. Data by CoinMarketCap shows that the market cap lost over $17 billion from the $223 billion recorded on Wednesday to $335 billion at the time of writing.

The reported trading volume is, however, on the rise, from $136 billion to $144 billion in the same period. Intriguingly, Bitcoin dominance has increased from 64% to 65.6%, to show that altcoins led by Ethereum have taken a huge plunge.

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[READ ALSO: French Government addresses the danger of Facebook’s Cryptocurrency)

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On Twitter, CEO, Invest Diva, Kiana Danial, explained that the current development witnessed in the industry went contrary to the general belief of the market. According to him, the market is usually insulated from global threats like coronavirus.

He said, “What happened have left many disappointed, as the digital currency has not been acting as the ‘safe haven’ it promised to be”.

The dramatic loss in value mirrored the drop in stocks as well as crude oil, with the main markets reacting to further bad news about the coronavirus epidemic. In addition, global uncertainty suggests investors’ desire to close positions in risky assets such as cryptocurrency.

Denis Vinokourov, Head of Research for London-based digital asset firm, Bequant, stated on Forbes Magazine that the crypto market had declined “sharply” in the last 24 hours, with bitcoin falling more than 20% in an environment characterized with worries about coronavirus.

Another factor is the U.S. President Donald Trump’s latest travel restrictions and panic-driven selling witnessed in the market. He noted that the desire of investors to sell off their holdings triggered “a liquidity crunch as the cost of capital spiked up across crypto exchanges.”

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In addition, President Trump, on March 11, banned travel for most of Europe to the United States and the equities markets reacted with further lows. These drastic measures might have resulted in steep losses that leave the traders in the cryptocurrencies markets clueless of what will happen next.

Bitcoin users rise in Nigeria despite Senate, CBN campaign against it, Answering the big Bitcoin question - buy, sell or hold?

Bitcoin

READ MORE: Luno breaks barrier, allows Ethereum/Naira trading pair 

Furthermore, from a short term view, the impact of the global economy is very indecisive but bitcoin is currently trading like a risk on the asset. Despite having a negative correlation earlier, the cryptocurrency market may continue to fall in tandem with the global equities market and other leading assets apart from Gold.

However, we still believe in the long term fundamentals of bitcoin as an asset. At the moment, not many large financial institutions are investing in bitcoin or crypto assets, However, when there is regulatory and settlement risk, this will change. Once that happens, bitcoin will be on a par or overtake gold as the safe-haven asset.

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