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Cryptocurrency

Cardano to give crypto a cash like experience without internet access

Cardano is working on a microchip that will make users have cash like experience the chip will be vitals in regions like Africa.  

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Cardano the blockchain built to help African farmers without internet, for financial services

Cardano is working on a crypto microchip that would ease crypto transitions without access to internet, enabling fast experience for hundreds of millions of users around the world.

Cardano’s creator, Charles Hoskinson, reveals the new details and that the chip is built by IOHK with the University of Wyoming.

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In addition the chip will be vitals in regions like Africa. There, 98% of farmers don’t have a smartphone or are internet-enabled to use cryptocurrencies. Cardano’s creator further outlines:

“So when you look at that, you say, well, OK, 98 percent are mostly offline and not banked or digital. So if I was building a money system for them, it would probably be a bad idea to say, ‘oh, you have to use an always online, purely digital currency. 

’” You need some other thing. And so how do I replicate the cash money experience but still have a blockchain backend? Well, what you do is you create a hierarchy where those two percent basically become like micro banks and then they can manage the issuance of these tokens to people and then their local phones or infrastructure can verify”. 

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What you should know; Cardano is a type of blockchain that permits people to receiving and sending funds. ADA coin is the name is the cryptocurrency. It uses the Cardano blockchain. It also allows people to design smart contracts just like Ethereum.

(READ MORE: Demand for “Inflow dollars” drive exchange rate to as high as N420/$1 compared to “Cash dollars”)

As discussed earlier, the chip can store private keys and the system proposed by Cardano’s founder will allow them to be transferred from one chip to another.

Cardano the blockchain built to help African farmers without internet, for financial services

Furthermore, with the proof of erasure it can be guaranteed that the keys only exist on one chip. That way, the use of the internet is not necessary for transfers:

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“So if you can do that, you can basically just tap phones locally with no Internet connection to each other and move value. Like you would a twenty-dollar bill from one actor to another actor, and you’ve replicated the cash experience.

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“Now, what’s nice about the solution is it’s infinitely scalable because these transactions actually don’t occur on the blockchain. So from the blockchain perspective, nothing has happened.”

Cardano’s chip can keep private keys and the system proposed by Cardano’s founder will allow them to be transferred from one chip to the other.

 

Olumide Adesina a French-born Nigerian, an Investment Professional at Nairametrics Financial Advocates, owners of Nairametrics.com. Olumide Adesina is a certified Investment trader, with more than 14 years of working experience in Financial trading. His work experience covers trading commodity derivatives and analysis of global equities, currencies, commodities, cryptocurrencies, and Fixed Income instruments. A member of the Chartered Financial Analyst Society. You can follow Olumide on twitter @tokunboadesina and email via olumide.adesina@nairametrics.com.

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Cryptocurrency

Did Satoshi Nakamoto cause the panic sell-off in Bitcoin market

Bitcoin plunged to as low as $8,750 and other digital coins recorded similar falls, with most major digital coins losing between 5% and 10%

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Data obtained from thecrypto analytics firm says that, the number of Bitcoin addresses having at least 0.1 BTC has risen by 14% over the past one year, Did Satoshi Nakamoto cause the panic sell-off in Bitcoin market, Bitcoin hits $8,826

Bitcoin plunged to as low as $8,750 on Monday morning, according to data obtained from coinmarketcap, before it rebounds to around $8,826, by 8.30am, Nigerian local time.

Bitcoin and other digital coins recorded similar falls, with most major digital coins losing between 5% and 10%, and losing more than $10 billion from the total cryptocurrencies market value.

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The specific cause for this sell-off was not clear, although the cryptocurrency market appeared to be affected by old bitcoin tokens worth about $500,000 moving for the first time in years.

What you need to know about Satoshi Nakamoto: Bitcoin was created in 2008 by an unidentified individual or group using the name Satoshi Nakamoto, in 2009. The source code was released as open-source code. The coins are designed as a reward for a process known as mining.

(READ MORE: Why Nigerians’ are attracted to bitcoin)

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“While it is unclear if it was [bitcoin’s mysterious creator] Satoshi Nakamoto, it is likely to be a very early-stage adopter of the crypto-asset, and the timing of the rumors themselves appear to be the source of yesterday’s flash crash,” eToro market analyst, Adam Vettese wrote in a note to investors. 

Also bitcoin’s price pattern showed a mixed picture with one widely-respected cryptocurrency analyst, Quantum Economics’ founder Mati Greenspan, warning that the bitcoin price could plunge a lot further.

We’re now sitting at the top of a long-standing wide range, the bottom of which could easily be $6,000 or even $4,000 per bitcoin,” Greenspan wrote in a note, adding that he thought there was “a fair chance” of the market turning around and “blasting through $10,000” per bitcoin.

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Cryptocurrency

Nigerians’ love for cryptocurrencies on the rise, as it offers cheaper ways to transfer funds

Nigerians do have a high passion for digital currencies and are among the greatest users of cryptocurrencies in the world.

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In 2019 Google Trends, Lagos, Nigeria was the number one city based on online search volumes for Bitcoin worldwide. While recently, in May 2020, Arcade Research ranked Nigeria fifth globally with its 11% of connected Nigerians owning or using cryptocurrencies.

In addition, data obtained from Coinmarketcap recently revealed the  largest cryptocurrency users around the world, with Nigeria surging by 46% among its youth users. As a country, it gains stood Nigeria Up 211%.

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

These trends have shown that Nigerians do have a high passion for digital currencies and are among the greatest users of cryptocurrencies in the world. This is based on a major fact that Nigerians are using cryptos to avoid expensive and heavily bureaucratic money transfer systems currently available. Many Nigerians rely on remittances for their daily activities and any way of making the process effective cheaper would be of great benefit to them, this is where Bitcoin comes in

What you need to know: Cryptocurrency is basically, a digital currency based on an innovative technology called the blockchain. Its users range from small businesses to process payments, financial tech-based startups, and retail consumers that use it to send money across the border and as an investment asset.

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READ ALSO: Bitcoin hits $10,000, as cheap money floods financial market

Consequently, Asia’s arguably most popular cryptocurrency exchange listed Nigeria’s Naira to be first African currency supported on its Binance P2P platform, The Binance CEO said:

“We no longer need to bank the unbanked. We can empower them with cryptocurrency financial services directly. Nigeria is a vibrant innovation hub with a great passion for cryptocurrencies. We strive to provide the easiest cryptocurrency access and best trading service for the African community, and P2P trading is a more flexible approach, giving users the freedom to choose their payment methods and counterparty in a trade.”

However Nigeria’s central bank issued a statement about three years ago banning the use of bitcoin for transaction purposes, this statement was sent to all banks in Nigeria warning them against facilitating the trading of cryptocurrencies but that seems not to pause Nigerians growing love for cryptocurrencies.

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Cryptocurrency

OmiseGO, a small digital coin up, 150% in less than 30 days, as Bitcoin fails to break $10,000

OmiseGO traded at $0.5 on April 1st and is presently trading at %1.26, with a market capitalization of about $276 million.

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OmiseGO, an ethereum token that energizes smart contract platforms and trades under a sticker known as OMG, surged after popular American based cryptocurrency exchange, Coinbase, revealed that it would list the token on its exchange.

OmiseGO, which is not even in the top 30 most valuable cryptos in the world, has gained over 150% since April 1, according to data obtained from Coinmarketcap.

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It was trading at $0.5 on April 1st and is presently trading at %1.26, with a market capitalization of about $276 million.

READ ALSO: Elumelu says Covid-19 Presents Opportunity to Reset Africa

What you need to know: OMG coin was designed as a white-label eWallet. It was designed on the Ethereum blockchain by a Thailand based financial services company called Omise. Its full name is OmiseGo.

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OmiseGo helps in easing the transfer of coins from one blockchain to another without using a crypto exchange.

Meanwhile, the broader bitcoin market is closely watching for Bitcoin to break the $10,000 price level, after Bitcoin went through a supply squeeze a few weeks ago. Yet, Bitcoin’s price has remained around the $9200+ mark in recent days.

However, Teju Adeyinka a product manager at Nigeria’s fast-growing crypto exchange, Buycoins, explained to Nairametrics why cryptos such as Bitcoin would continue to be a leading force in future. She said:

“Bitcoin is the next important thing because it ushers in a new level of financial inclusion for everyone. It is a financial system that is truly democratized and in the interest of the people. It enables people to have total control over their money and decide what it does or where it goes.

READ MORE: Blue-chip stocks take Nigerian bourse to 5 days winning streak, Investors cash in N232 billion

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“It also opens up borderless trading and enables people who have been previously shut out economically to partake in financial opportunities beyond their geographical boundaries.

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“For instance, with our new product, Sendcash, people are able to easily receive payments to Nigeria from anywhere in the world.”

 

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