Over the past few weeks we at KuBitX have been busy fine tuning our blockchain solutions while also working to raise some operational funding to help us go full blast with our marketing and scaling plans. The good news is that our efforts are finally paying off and you can rest assured we are taking this project further into the mainstream, where it needs to be. Remember KuBitX is all about adoption and inclusion?
In the past few months, we have also been working on how to ensure our supporters get the best value for their contributions. We understand one of the ways to do this is to bring more utility and relevance to our native exchange token (KBX – KubitCoin) and a number of business decisions have been made regarding the way forward especially when it comes to listing and getting it into the hands of more people both in crypto and the mainstream. We will talk more about KBX later but let us first discuss our issuance of Africa’s first usable stable coin.
Naira Stable Coin (NGNX)
Stable coins. We have all heard of them but they have either been associated with scandals or are typically merely used for trading against crypto pairs. We believe this amazing innovation of blockchain technology can be put to better use such as facilitating real life merchant payments, instant currency swaps and cross-border remittances. It is for this reason that we created NGNX, Africa’s first usable stable coin — a digital asset pegged 1:1 to the Nigerian Naira.
Why did we start off with NGNX? Nigeria boasts the highest population, highest youth population and highest mobile device penetration in all of Africa. It has the biggest economy and it’s teeming youth population are strong adopters of crypto — an evidence which can be seen in the volume of Bitcoin traded by Nigerians monthly. By creating this Naira pegged asset, we are not only helping more mainstream people to embrace certain applications of Blockchain tech, we are also facilitating further adoption of the technology and thus helping it mature better and faster in our own way. Our NGNX will be “swappable” in real time with other pegged tokens we plan to create once all the business and audit procedures are set in place.
Today, people who own NGNX can currently use it on KuBitX PROW to:
- Send XLM to their peers in any part of the globe
- Receive funds from their peers across the globe via XLM swap pathways. More pathways are being created starting with other countries in Africa.
- Pay for airtime, internet, entertainment, utility and other services for over 3000 merchants in Africa’s largest economy
- Fund their KuBitX Exchange account to exchange for other kinds of assets listed on the Exchange.
Fiat Payment Gateway Integration on Exchange
A major challenge crypto adopters in Africa and other emerging markets have is the difficulty in obtaining the top crypto (BTC, ETH, XLM etc) or the fact that they usually buy them at a premium, and often with steep transaction fees. Since we pride ourselves in helping adoption and fostering inclusion, we have decided to integrate a fiat payment gateway to the Exchange so that people can more easily invest in promising assets and projects they want without losing time and money due to the volatility in a high frequency trading environment. Our fiat gateway also ensures people can buy assets closer to the real price without having to pay the steep 2–3% fees being offered by the likes of MasterCard or Visa. It is another way of showing how much we care about how much we can give to our community and not merely what we can take from them.
Currency Conversion on KuBitX Exchange
For the sake of ease and convenience of portfolio management, we have added currency conversion to the settings so that our users can decide to see the prices of assets as well as their wallet balances in any of the currencies we have made available most notably the NGN, KES, ZAR, UGX, USD, GBP, RUB, EUR and CAD.
You may have noticed the reduction of the available trading pairs on the exchange, but you will have also noticed that the available pairs are coming alive. In the following weeks, we will be working to ensure there is more liquidity for the projects listed on the exchange. We do not believe in listing every project out there, we only want to list the most viable ones we can access. As our operations stabilise even further, we will be conducting community voting events as well as initial exchange offerings to bring on board high quality projects for our esteemed users.
Bonus referrals and Loyalty Discounts for payments using KBX
We believe in giving back, we cannot emphasize this enough. For this reason we will be giving back money to our users whenever they or their referrals pay for their bills on KuBitX PROW. When a referred person pays a bill, the referrer gets 5% of the transaction fees. A referrer is also eligible to earning 3% of the transaction fee of his/her downline’s first referral. People will always pay bills so we believe this is a good way for mainstream adopters of our KuBitX PROW to earn passive income.
In addition to the bonus referral payments, we have also negotiated discounted transaction fees for our users when they pay their bills on the PROW using our KBX tokens. This helps the user get a good deal as well as adding more utility to the token itself which benefits all owners.
Work is also ongoing to allow our esteemed community to be able to stake their KBX tokens for periodic rewards. More information will be provided on this at a future date.
One more thing (One Big Partnership)
We signed a huge deal to co-create something that can change the way funds/value is moved across Africa by people and especially mainstream businesses. We are super excited about this partnership and we believe it is positioning us further in an influential place within Africa and beyond as far as Blockchain innovations is concerned. We will share more details of this after the Easter break.
Yet one more thing (#BWCLagos19)
Women across Africa attended the maiden Blockchain Women Conference held in Lagos, Nigeria which was attended by the likes of Eric Annan (KuBitX CEO) and Reggie Middleton (Veritaseum CEO). At the event, KuBitX CEO pleaded with Africans to let go of a scarcity mentality and start collaborating to build strong and meaningful blockchain projects so that in the next few years, Africans can look at themselves as Blockchain solutions co-creators and not merely consumers as has been the typical trend with past major technology waves. When also puzzled about why KuBitX was giving so many top notch features out so cheaply, Eric Annan responded to say
“we are focused in bringing value to the entire continent, because Africans have been saddled with exorbitant charges, poor customer support including random unexplained closure of accounts by some platforms. We are more concerned about the people and the value we can bring them, hence we will continue to strive to make it easier for the continent to have easier access to useful and reputable digital assets in the coming months. We plan to do this with features such as card payment and direct bank deposit. This is only possible as a result of our commitment to strategic synergies and partnerships with the mainstream”
Thanks for your patience and support so far. Keep supporting us as we work to bring you value both in how we serve you as well as how we make KuBitX bigger and stronger. We have a few other things cooking which we would only be at liberty to share once all the background and paperwork has been completed. For now, the team will just keep doing what they know best — work, innovate, collaborate,deliver, improve, rinse and repeat.
Happy Easter Holidays
KnowBe4 Africa goes continental with Cyber Security Africa
KnowBe4 Africa aims to make access to its cybersecurity awareness training platform easier for African businesses through CS Africa
JOHANNESBURG, South Africa, October 21, 2019- KnowBe4 Africa is proud to announce that we are partnering with Cyber Security Africa as our African distributor. KnowBe4 Africa aims to make access to its cybersecurity awareness training platform easier for African businesses through CS Africa and offer a necessary solution to the threat of cybercrime in growing economies.
At the recent World Economic Forum in Cape Town, African business owners flagged cybersecurity as the biggest threat to a successful operation, with 94% of companies in Africa and the Middle East experiencing a cyberattack in the past year.
The distribution agreement between KnowBe4 Africa and Cyber Security Africa will allow for relationship building as well as provide local support on the ground for channel partners and end users. Considering the rapid rate of digital transformation in African countries, it’s vital that employees develop a security culture that will benefit them both personally and professionally.
Cyber Security Africa was the top choice as a continental distributor and has quickly established itself as an industry-leading Value-Added Distributor with a single-minded focus – the mitigation of information security risk for their clients. They focus their attention on niche, generally complex and certainly relevant security solutions that can utilized by organisations of all sizes and sectors. Lead by Martin Britz, Cyber Security Africa prides itself on being small enough to remain agile and large enough to apply a dedicated approach to each client experience.
For this new venture, Martin is assisting in the North and Central African regions. Gayle Britz will serve as the KnowBe4 champion and care for the SADC region. She guides a highly experienced team that includes Femi Ibine in West Africa, Susan Ndungu and Gladys in East Africa along with Andrew Ajuchi in Nigeria. Together, the Cyber Security Africa team will be able to provide support to business in close to 20 countries across the continent.
Cyber Security Africa founder, Martin Britz, believes great things are on the horizon for the fledgling partnership. “What sets us apart from our competitors is our keen understanding of this ever-evolving cybersecurity industry, with all its technologies, innovations, threats and solutions, positions us as “future-proof” to clients, while maintaining availability to attend to their more immediate needs. The offering from KnowBe4 Africa is unique and it’s exciting to be able to offer local training content that will have big benefits for African businesses.”
Transforming security culture
At the heart of this partnership is an authentic desire to empower and protect the greatest assets of any business: its people. Both KnowBe4 Africa and Cyber Security Africa focus on minimizing cyber risk for clients by educating their employees on how to spot threats like phishing, social engineering and training them with general information security practices. This fortifies the clients’ cybersecurity posture, saving them time and money while also drastically reducing the risk of falling prey to a cyberattack.
Anna Collard, managing director of KnowBe4 Africa firmly believes in securing a human firewall and creating a culture of security awareness in the digital age. “The human factor has become very important to the security of the organisation. People need to understand that if they use technology, they have to be cognisant of the risks. Organisations can support this understanding by investing in training that’s relevant, targeted and memorable. Training that can sustainably transform the company’s security culture.”
Whether it’s an SME, a healthcare institution or even a manufacturing business, there’s no doubt that all organisations will come to understand the importance of security awareness training. We certainly know that Africa is ready to make smarter security decisions, every day.
The Africa Digital Entrepreneurship Event Live in Johannesburg
The main challenge entrepreneurs are facing in Africa is not the lack of great ideas but the fear of turning ideas into reality. With unemployment in South Africa at an all time high, more and more people are trying to make their own way in the economy.
The Africa Digital Entrepreneurship events are about turning dreams into action. The series of events aims to enable digital entrepreneurship and the upcoming ‘Bitcoin Nights’ meet-up in Johannesburg on Thursday, 24 October at The Business Exchange Morningside, 150 Rivonia Road is a must-attend event for anyone interested in the digital assets space.
Business networking is the fast track to success and event sponsors such as Zcoin and OVEX believe that entrepreneurship is the way forward for South Africans. Jonathan Ovadia, Co-Founder and CEO at OVEX, a company helping to create an open, trustless and more efficient financial system says “the vision is to break down the barriers that prevent people from entering the traditional financial system. We believe that wealth-creating investment opportunities shouldn’t only be accessible to the wealthy, but should be available to all.”
The event is facilitated by the United Africa Blockchain Association (UABA), a non-profit leading blockchain education and adoption in sub-Saharan Africa. With the help of sponsors, The Africa Digital Entrepreneurship Series’ goal is to provide relevant content on business and technology that helps people learn and grow professionally and personally.
The meet-ups provide a conducive environment for networking and ideas exchange, and attendees can look forward to free drinks, giveaways and prizes. Other sponsors include Divi, which makes it possible for anyone to participate in securing blockchains through their one-click masternodes, challenging the notion that you need technical expertise to participate in the blockchain ecosystem.
Centbee, a digital wallet company that believes in the power of people to create an abundant future and æternity, a new blockchain technology, designed to deliver efficiency, transparent governance and global scalability are also part of the sponsors who see huge potential in Africa and are actively championing the digital asset revolution.
The theme of the Johannesburg event focuses on the Digital Asset Economy and anyone interested in tech is welcome to attend FREE of charge and benefit from the networking opportunity and inspiring discussions. Speakers will include Adi Kaimowitz, President and CEO of Virtual Actuary, Maushami Chetty of Novate Legal; Mpho Dagada – Commisioner, 4th Industrial Revolution at the SA Presidency; and Yaliwe Soko, Chairperson at UABA.
The event aims to inspire participants to increase their appetite for entrepreneurship and get more knowledgeable about the growing trend in digital assets. Africa is a market ready to adopt new technology but lack of emphasis on digital entrepreneurship opportunities in Africa might result in missed economic opportunities for the next generation. “It’s important to encourage the youth to explore the option of entrepreneurship as a career path instead of waiting for employment opportunities which may never be available to them.
Initiatives such as the Africa Digital Entrepreneurship Series focus on creating awareness and demystifying what it means to run a digital enterprise,” said Heath Muchena, Founder of Proudly Associated, a company working with companies developing blockchain-powered technologies that have use cases focusing on emerging economy development to gain adoption across the continent.
Whether you’re a student, professional or fledgling entrepreneur, this event will provide valuable insights and an opportunity to learn, grow, network and be inspired all in one. The meet-up will be a relaxed, no-suits-or-ties sort of event so expect to learn and be entertained.
“The Africa Digital Entrepreneurship Series connects up-and-coming entrepreneurs in all fields. It’s a fantastic way for those interested in tech and online businesses to build a solid support network,” said Grey Jabesi, host of the Grey Ave Podcast, Africa’s top rated podcast which focuses on survival skills for the 21st century.
By attending this FREE event, attendees will:
- Learn about new frontiers in digital innovation
- Find out how to leverage technology to broaden participation in the global digital economy
- Boost digital asset knowledge including digital asset acquisition and management
- Learn how to build a fully remote business
- Discover mentorship opportunities
- Interact with other entrepreneurs and build business networks
- Meet like-minded innovators and go-getters
- Be empowered!
Admission: FREE (Limited space so make sure you get there early.)
Date: Thursday, 24 October, 2019
Location: The Business Exchange,Block 4, 150 Rivonia Road, Morningside, Sandton, 2057 Johannesburg.
If you want to sponsor this event or for more information, contact:
Internet of Things (IoT): Kaspersky detects more than 100 million attacks on smart devices in H1 2019
Dan Demeter – Kaspersky (Image: Kaspersky)
This figure is around nine times more than the number found in H1 2018, when only around 12 million attacks were spotted originating from 69,000 IP addresses
LAGOS, Nigeria, October 16, 2019- Kaspersky honeypots networks of virtual copies of various internet connected devices and applications have detected 105 million attacks on IoT devices coming from 276,000 unique IP addresses in the first six months of the year. This figure is around nine times more than the number found in H1 2018, when only around 12 million attacks were spotted originating from 69,000 IP addresses. Capitalising on weak security of IoT products, cybercriminals are intensifying their attempts to create and monetise IoT botnets. This and other findings are a part of the ‘IoT: a malware story’ report on honeypot activity in H1 2019.
Cyberattacks on IoT devices are booming, as even though more and more people and organisations are purchasing ‘smart’ (network-connected and interactive) devices, such as routers or DVR security cameras, not everybody considers them worth protecting. Cybercriminals, however, are seeing more and more financial opportunities in exploiting such gadgets. They use networks of infected smart devices to conduct DDoS attacks or as a proxy for other types of malicious actions. To learn more about how such attacks work and how to prevent them, Kaspersky experts set up honeypots – decoy devices used to attract the attention of cybercriminals and analyse their activities.
Based on data analysis collected from honeypots, attacks on IoT devices are usually not sophisticated, but stealth-like, as users might not even notice their devices are being exploited. The malware family behind 39% of attacks – Mirai – is capable of using exploits, meaning that these botnets can slip through old, unpatched vulnerabilities to the device and control it. Another technique is password brute-forcing, which is the chosen method of the second most widespread malware family in the list – Nyadrop. Nyadrop was seen in 38.57% of attacks and often serves as a Mirai downloader. This family has been trending as one of the most active threats for a couple of years now. The third most common botnet threatening smart devices – Gafgyt with 2.12% – also uses brute-forcing.
In addition, the researchers were able to locate the regions that became sources of infection most often in H1 2019. These are China, with 30% of all attacks taking place in this country, Brazil saw 19% and this is followed by Egypt (12%). A year ago, in H1 2018 the situation was different, with Brazil leading with 28%, China being second with 14% and Japan following with 11%.
“As people become more and more surrounded by smart devices, we are witnessing how IoT attacks are intensifying. Judging by the enlarged number of attacks and criminals’ persistency, we can say that IoT is a fruitful area for attackers that use even the most primitive methods, like guessing password and login combinations. This is much easier than most people think: the most common combinations by far are usually “support/support”, followed by “admin/admin”, “default/default”. It’s quite easy to change the default password, so we urge everyone to take this simple step towards securing your smart devices” – said Dan Demeter, security researcher at Kaspersky.
To keep your devices safe, Kaspersky recommends users:
- Install updates for the firmware you use as soon as possible. Once a vulnerability is found, it can be fixed through patches within updates.
- Always change preinstalled passwords. Use complicated passwords that include both capital and lower-case letters, numbers and symbols if it’s possible.
- Reboot a device as soon as you think it’s acting strangely. It might help get rid of existing malware, but this doesn’t reduce the risk of getting another infection.
- Keep access to IoT devices restricted by a local VPN, allowing you to access them from your “home” network, instead of publicly exposing them on the internet.
Kaspersky recommends companies to take the following measures:
- Use threat data feeds to block network connections originating from malicious network addresses detected by security researchers.
- Make sure all devices software is up to date. Unpatched devices should be kept in a separate network inaccessible by unauthorised users.
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