Author: Staff

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Business

Crypto Oasis launches groundbreaking art talk with TODA for Web3 awareness

Crypto Oasis has teamed up with the Theater of Digital Art (TODA) to launch “Art Talk”, the first of its kind bi-monthly initiative that will support Web3 awareness and adoption. 

Crypto Oasis wants Art talk, a Web3 meta-community initiative, to be a global platform that will foster creativity, entrepreneurship, and collaboration across borders, shining a spotlight on the leading voices of the arts and crypto communities.

The discussions will center on the innovations, developments, and solutions that Web3 brings to the digital environment. The inaugural event, which took place on August 28, attracted a large crowd interested in learning more about Web3 and the advancement of blockchain.

The series of talks also seeks to debunk some of the myths surrounding Web3 and decentralized technologies by educating a large target audience about the cultural phenomenon of NFTs, the metaverse, and blockchain. 

TODA, using its state-of-the-art technology, NFTs and Blockchain, has offered a sophisticated and cutting-edge way of looking at art and, at the same time, creating an often-missing link between digital and traditional art forms.

Commenting on the partnership Crypto Oasis founder Ralf Glabischnig said, “We are thrilled to partner with TODA. Art Talks will bring like-minded individuals and Web3 communities together to create an environment that will enable individuals in the fields of arts and technology. We expect this partnership to take us one step closer to adopting Web3 and Blockchain and spreading awareness.”

Art Talk has been launched at a crucial time as the world becomes increasingly tied to the digital asset market since the rise of NFTs in 2020. 

NFT and the metaverse are set to change our futures and will continue to disrupt both the digital and traditional art worlds. 

The launched initiative also offers exciting opportunities for creatives, visionaries, and artists who want to grow their brands and drive the regional digital economy.

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Blockchain

Smart contracts defined

Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any time loss. They can also automate a workflow, triggering the next action when conditions are met.

A smart contract is a contract expressed as a piece of code designed to carry out a set of instructions.

With smart contracts, there’s no middleman. There’s no person or company holding your information or verifying it. The blockchain verifies and holds information for you.

Like the blockchain technology used to power most cryptocurrencies, smart contracts were derived from earlier technologies that weren’t quite complete. In the case of smart contracts, they are derived from earlier electronic instruction execution programs that used “if/else” statements and other conditional logic to automatically produce an outcome based on the information presented.

The term “smart contract” itself was coined in the 1990s in an academic paper created by Nick Szabo, a prominent computer scientist and cryptographer that was also responsible for developing one of the earliest precursors to Bitcoin, known as Bit Gold. 

Szabo initially described smart contracts for a variety of basic purposes like fraud reduction and enforcing contractual arrangements, but later expanded the potential use-cases of the technology to include digital cash, smart property, and more in a 1996 paper. 

Ethereum implemented a Turing-complete language on its blockchain, allowing for complex and sophisticated logic in its smart contracts.

How smart contracts work

Smart contracts work by following simple statements that are written into code on a blockchain. A network of computers executes the actions when predetermined conditions have been met and verified. 

These actions can entail paying out money to the appropriate parties, registering a car, sending out notices, or issuing a ticket. When the transaction is finished, the blockchain is then updated. As a result, the transaction cannot be modified, and only parties to whom permission has been granted can view the outcome.

Within a smart contract, there can be as many stipulations as needed to satisfy the participants that the task will be completed satisfactorily. To establish the terms, participants must determine how transactions and their data are represented on the blockchain, agree on the rules that govern those transactions, explore all possible exceptions, and define a framework for resolving disputes.

A developer can then program a smart contract, though more and more businesses using blockchain for business are using templates, web interfaces, and other online tools to make creating smart contracts easier.

Benefits of smart contracts

  • They are fast, efficient, and accurate; Once a condition is met, the contract is executed immediately. Because smart contracts are digital and automated, there’s no paperwork to process and no time spent reconciling errors that often result from manually filling in documents.
  • There is more trust and transparency; Because there’s no third party involved, and because encrypted records of transactions are shared across participants, there’s no need to question whether information has been altered for personal benefit.
  • More security; Blockchain transaction records are encrypted, which makes them very hard to hack. Moreover, because each record is connected to the previous and subsequent records on a distributed ledger, hackers would have to alter the entire chain to change a single record.
  • Increased savings; Smart contracts remove the need for intermediaries to handle transactions and, by extension, their associated time delays and fees.

Smart contracts are a relatively new technology, but they have already seen widespread implementation among crypto projects. They have been used to power popular DeFi protocols like Compound, Aave, Uniswap, and hundreds of others. 

Some Governments have already adopted smart contracts for example, in Denmark, Dutch bank ING has co-created Fnality, a blockchain-based trade-settlement system using smart contracts. In addition, Sweden’s government has tested a blockchain-based land registry for proving the ownership of land, which is built on smart contracts.

Conclusively, we’re still in the early days of what smart contracts can do. However, there are companies and even governments experimenting with their potential already. They are now used for a huge range of tasks, including digital identities, supply chain management, insurance, data storage, and a whole lot more.

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Business

Nigeria and Binance in Talks for Digital City

Binance has been on an ever-expanding spree recently. The crypto exchange platform is now in talks with Nigerian authorities to establish a digital economic zone that will help entrepreneurs fast-track blockchain technology in the West African nation.

The partnership aims to build a digital hub, similar to the Dubai virtual free zone according to a statement released by the Nigeria Export Processing Zones Authority. 

In addition to opening offices in multiple localities, Binance has been assisting Governments in making progress in the crypto and blockchain industries. Busan, South Korea, has recently been added to the list and now Nigeria is joining.

Lately, Nigeria has been focusing on digital technology to help diversify its economy away from crude oil and take advantage of an increasingly connected and youthful population. Fintech startups such as Interswitch Ltd and Flutterwave Inc have emerged in the space and achieved billion-dollar-plus valuations. 

Nigeria has also been reacting quite positively towards cryptocurrencies in general. In terms of adopting Bitcoin, Nigeria has made significant progress. It is one of the remarkable African crypto markets with the fastest growth with a peer-to-peer Bitcoin trading volume exceeding $1 billion between January 2022 and June 2022.

In addition, data from Paxful, a P2P cryptocurrency exchange platform, showed that Nigeria was among Paxful’s most important markets globally when the country’s trade volume in the first half of 2022 ($400 million) was added to that of 2021 ($760 million).

The Nigeria Stock Exchange (NGX) Ltd. has also disclosed its plans to introduce a blockchain-enabled exchange platform next year in an effort to increase investment in its regional economy.

Clearly, Nigeria’s citizens have shown more interest in cryptocurrencies than any other African country.

Nigeria’s Securities and Exchange Commission recently unveiled new rules for the country’s cryptocurrency industry which is indicative of continued support for the technology.

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Business

Ghanaian Central Bank Allays Fears Of The CBDC Impact On Mobile Money Operations

The Ghanaian central bank has moved to allay fears that the implementation of the central bank digital currency (CBDC) known as the e-cedi might adversely impact the operations of mobile money operators (MNO).

Clarence Blay, the Assistant Director of fintech and innovation at the Bank of Ghana (BOG), stated during a speech at a recent stakeholder meeting that the central bank will make sure MNO activities are not interfered with.

In addition, the assistant director claimed that the CBDC will further boost the operations of MNOs. He stated that boosting MNOs in turn will promote financial inclusion.

Blay also outlined the principles guiding the BOG as it moves ahead with plans to launch the CBDC. 

He stated,

“For the central bank, one of the critical principles guiding the roll-out of the e-cedi is to complement already existing mobile money operations. [The] e-cedi will not supplant already existing platforms, but rather enhance mobile money services, making it more vibrant and efficient.”

Blay further stated that some stakeholders from the Kenyan mobile money sector have attested that the e-cedi or CBDC will help in cost reduction. They have also advised that the digital currency will deepen interoperability as well as improve the efficiency of settlements.

Eli Hini, CEO of Mobile Money Ghana Limited, also said, “There is also an expectation that the e-cedi will fast-track cross-border trade while reducing the risk of carrying bulk cash.”

Therefore, Hini urged participants in the mobile money ecosystem to prepare for the inevitable launch of the e-cedi rather than be afraid.

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Business

Luno appoints South African Manager

Luno is taking a step toward strengthening its South African stronghold in the crypto industry. The crypto investment company and exchange platform with over 10 million customers across 40 countries, has appointed Christo de Wit as its South Africa country manager. 

De Wit, a native of South Africa, has extensive experience working with multinational corporations. He formerly held leadership positions at True Money, a fintech unicorn with more than 65 000 agents spread across six nations. These duties included overseeing True Money as the nation’s managing director in Myanmar and holding numerous marketing positions.

According to Luno, De Wit joins Luno at an exciting time, with a team of over 1 000 staff. In addition. his immediate focus will be to build on the growth of Luno in South Africa by raising awareness about crypto as a long-term investment.

South Africa is a key market for Luno and Christo aims to maintain the momentum of customers being able to safely and easily buy and store their crypto on the country’s most trusted crypto platform.

Christo previously headed regional marketing in Asia for Rocket Internet’s Everjobs, which has since merged with Jumia. With an honors degree in Information Science and a BA in Socio Informatics, Christo moved into digital publications at Media 24. He also honed his marketing skills at Cape Town Tourism as a marketing manager

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Business

FIFA Launches NFT Platform on Algorand

FIFA, the world’s governing soccer body, has announced it will introduce an NFT platform for digital collectibles with soccer themes in the months leading up to the 2022 World Cup.

The platform, FIFA+ Collect, is set to launch later this month and will feature “affordable, inclusive, and accessible” NFTs that depict notable soccer moments, art, and imagery, according to FIFA. As the World Cup set to take place in Qatar in late November unfolds, moments from the marquee global soccer tournament may also be converted into digital collectibles.

FIFA+ Collect will run on the Algorand blockchain, a proof-of-stake Ethereum and Solana alternative developed by MIT professor Silvio Micali. In May, Algorand became FIFA’s official blockchain partner.

“Just like sports memorabilia and stickers, this is an accessible opportunity for fans around the world to engage with their favorite players, moments, and more on new platforms,” said FIFA’s Chief Business Officer Romy Gai.

Further details on what collections will be included in FIFA+ Collect’s launch will be released soon, as well as teasers of what types of NFTs will be rolled out over the course of the World Cup. The NFT platform will live on FIFA+, the organization’s platform for live soccer games, news, games, and original content.

Algorand made headlines earlier this year for acquiring digital music sharing service Napster, and for partnering with LimeWire which, once a peer-to-peer music sharing service itself, recently launched a music-centric NFT marketplace featuring the works of artists signed on Universal Music Group’s label.

In November, there will be more cryptocurrencies besides Algorand in Doha. Crypto.com announced in March that it would be the sole cryptocurrency exchange sponsor of the World Cup. The business, however, may be scaling back its ambitious plan for sports collaborations after reportedly canceling a $495 million sponsorship agreement with UEFA, the European Champions League, earlier this week.

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Business

Pesabase Slashes Remittance Fees in Africa by 80% and launches Blockchain Remittance Solution

Pesabase has launched a new blockchain remittance solution that allows its beneficiaries to receive their converted native currency directly on their mobile devices at a fraction of the cost. With its novel blockchain remittance solution and the newly released $PESA token, Pesabase is advancing into the blockchain industry.

With more than $2 million in seed capital, Phil Somh, the founder and CEO of Pesabase and a successful Australian entrepreneur originally from Africa, has created a variety of financial infrastructure including Pesabase with large Teleco firms and banks in Africa over the past five years.

At a recent press conference, Phil introduced the innovative blockchain solution and declared it the first and only remittance option hitting the African continent’s innovation-starved markets.

African markets witness $51 billion in remittance sent and received each year, and users have long been subjected to 20–40% surcharges. Pesabase seeks to usher in a major shift in how unbanked Africans, who are still used to utilizing their SIM cards as bank accounts, conduct their banking.

Pesabase has achieved this technological leap by forging partnerships with large Teleco companies across the continent who act as de facto banks in lieu of a standardized banking system. Their innovative proprietary smart contract converts remittance from pUSD, (Pesabase stable coin) to local currency for the recipient.

In addition, Pesabase also has forged deals with mini-banks across the continent to ensure that those who don’t use the Teleco system have points of contact to withdraw funds without hassle.

Sharing his journey as an entrepreneur at the press conference in Sydney, Australia, Phil Somh said, “Growing up in South Sudan and witnessing one of the worst famines in African history incited within me a deep passion for change in my homeland. My first remittance sent to East Africa was $50. After sending the payment I was shocked to find I was charged a transaction fee of $21 to process this payment. Almost 50% of my remittance was lost to intermediary fees. Something had to be done to address this issue.” 

The remittance platform founder also highlighted that average remittance fees in Africa are currently 10-15%. Using Blockchain, Pesabase is slashing this to 1-3% on their platform. A massive cut of 80%, saving millions of Africans crucial funds for their goods and services. With such advancements, Pesabase has the long-term mission to forge financial freedom for millions of Africans who use the platform.

Pesabase has also just recently launched the $PESA asset for public trading on exchanges as a way for both in and outside of Africa to get involved in the movement and invest in the lucrative technology underpinning Pesabase’s platform.

“For every remittance sent, the users receive $PESA tokens. These tokens can be traded on crypto platforms, and provide crucial holdings in a region where the average income is only $1.50 a day,” Phil said.

Furthermore, the Pesabase team believes that providing users with investment and stake in the platform, just for being users, provides education and financial inclusion in a much-needed sector. 

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Business

CapitalSavvy Launches Blockchain Innovation Program in East Africa

Capital Savvy, an investment and financial advisory firm headquartered in Kampala, Uganda has launched a blockchain innovation program (BIP)  today in partnership with BSV Blockchain, Satoshi Block Dojo, Blockchain Association of Uganda, Refactory, and The Innovation Village. The program launch which hosted a number of developers and blockchain enthusiasts was held at East Africa’s biggest maker space, MoTIV.

According to CapitalSavvy, the first cohort of the BIP will experience a 10-week program with a robust curriculum developed by the BSV Academy. The program aims to provide the foundation required for developers to build scalable projects and enterprises on the BSV Blockchain.

Additionally,  it will include intensive skills training and periodic meet-up sessions in which these innovators will access guidance through start-up obstacles and business acceleration strategies.

Reginald Tumusiime CEO of CapitalSavvy said, “50 entrepreneurs will be selected based on their clear demonstration of proficiency in a programming language such as Java C++, Python, and JavaScript, and should demonstrate entrepreneurial and leadership capabilities.”

He also emphasized that they chose the BSV blockchain platform for the developers joining the program because it is scalable, stable, and secure.

Patrick Prinz, the Managing Director of BSV Blockchain association pointed out that the program has been launched to highlight the different ways blockchain technology can support innovation. 

He said, “Using blockchain today enables innovators to create effective and efficient solutions. Technology is all about efficiency, cheaper costs, faster, safer, and more reliable solutions.”

Commenting on Uganda’s current stance on blockchain regulation, Edline Murungi, the Legal counsel at Yellow Card said, “At the moment there is no particular law on blockchain technology, however, there are specific laws that deal with technology in general. In addition, there are laws that govern virtual assets such as the anti-money laundering laws where cryptocurrency service providers are accountable persons.”

She also advised, “If you are a payment service provider, follow the regulator’s terms to avoid losing your license due to unlawful operations.”

At the end of the hackathon, the best entrepreneur will be given the opportunity to represent next year’s cohort at the Dojo in London.

“At the end of the hackathon, the entrepreneur that presents an exciting and innovative solution will be sent to London for another 12-week incubator program. It will include further training on blockchain solutions and start-up obstacles,” Reginald stated.

He added, “This will provide an avenue for further learning, and linkages to potential venture capital partners for the entrepreneur. The rest of the entrepreneurs in the program will be exposed to several projects within the BSV Blockchain ecosystem where they will have an opportunity to be gainfully employed, thereby applying the acquired skills.”

Lyllian Nakasujja from Refactory, David Gonahasa, founder of Tripesa, and CK Japheth, Team Lead at The Innovation Village were some of the other speakers at the BIP launch.


Developers interested in the program are required to apply with a standard fee of $50 via https://bip.capitalsavvy.pro/ by the 19th of September 2022.

Categories
Social Good

Binance partners with Women In Tech To Educate 2,800 Women in Brazil and Africa

The philanthropic arm of Binance, Binance Charity, has partnered with Women in Tech to launch a flagship global corporation that will offer blockchain education courses to 2,800 women from marginalized communities in Brazil and Africa.

The humanitarian arm is donating $250,000  BUSD for a six-month pilot project to empower women with the knowledge and skills to thrive in a Web3 future, with the first courses taking place in Rio De Janeiro, Brazil,  and Cape Town, South Africa, in October.

The market for blockchain technology is anticipated to increase in size from $4.93 billion in 2021 to more than $200 billion by 2028. However, it should be noted that for the past four decades, the gender gap in technology has widened with only one woman working in the sector today.

Helen Hai, VP of Binance emphasized that Binance’s partnership with Women in Tech, an international non-profit organization with a mission to close the gender gap in the tech industry, is to provide professional training and massive career opportunities to women in the blockchain industry.

“Binance believes the future of crypto should be built by all, not the few so we’re creating certified courses and removing financial barriers for women, especially those from vulnerable communities, to study and train,” she explained.

She added, “It is important to us at Binance and Women in Tech that quality blockchain education, innovation, and research opportunities are within everyone’s reach.”

Courses will be offered in classes of 25 to young women aged 15-25 by qualified trainers in person, online, or as a hybrid. The Web3 courses will be designed by Binance Academy and adapted to meet local context courses. These will include blockchain fundamentals, crypto fundamentals, decentralization, Web3, and the metaverse.

Classes will be designed for complete beginners and will include skills such as web development, front-end development, full-stack development and complete with the blockchain modules.

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Business

Kenyan court freezes another Sh400.6m in banks, M-Pesa linked to Flutterwave on suspicion of money laundering

Kenyan High Court has frozen another KSh400.6 million in three bank accounts and 19 Safaricom M-Pesa pay bill numbers belonging to Nigerian start-up Flutterwave on suspicions of card fraud and money laundering.

The assets including millions held in two accounts at UBA Bank, one account at Access Bank, and 19 M-Pesa pay bills were frozen after the Assets Recovery Agency (ARA) applied to block the transfer or withdrawal, pending the filing of a petition to have the money forfeited to the government.

According to reports, the frozen funds include KSh110 million in a UBA account, another US$ 556,622 (KSh66.7 million), KSh29.1 million in an Access Bank account, and KSh68, Sh112, and KSh14.5 million across 19 Safaricom Paybill numbers.

Justice Grace Nzioka barred the companies from withdrawing, transferring, or dealing with the money, pending ARA’s probe.

In her ruling Justice Nzioka stated, “A preservation order be and is hereby issued prohibiting 1st respondent or his agents or representative from transacting, withdrawing, transferring, using any other dealings in respect to the money held in the account.”

The agency also pointed out in court filings that the bank accounts received millions of shillings whose source is suspected to be money laundering and card fraud.

The freezing order has been issued just two months after four Kenyans and the Flutterwave’s 62 bank accounts totaling more than Sh6.2 billion were also frozen for similar reasons.

The transactions in the earlier case were done using cards issued by the same bank, at the same point, on the same day, raising suspicion of card fraud.

In the latest case, ARA said debits amounting to Sh136 million, which included chargebacks, reversals, and refunds are an indication of card fraud.

Flutterwave has not yet released an official statement in response to the latest accusation.