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KuBitX Creates Africa’s first usable Stable Coin among other milestones

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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.

Also Read Interview With Doja Culinary Company CEO, Onaopemipo Dara

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.

Exchange Liquidity

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

From KuBitX Team

 

Technology

Post Covid-19: The social impact of 4IR enabling technologies on the African continent

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Tshiwela Ncube is the Co-Founder and COO at VUUQA.com

During this global pandemic, I have been thinking of how the world will change post corona. Will this pandemic thrust Africa into the Fourth Industrial Revolution (4IR)?

In this article, Tshiwela discuss the social impact that 4IR enabling technologies will have on the African continent and how they will assist in addressing various problems facing the continent mainly in the following sectors:

  1. Health–This sector will be impacted the most; technologies like AI will enable diagnosis where there are shortages of doctors and enable the inventory management of medication in rural areas.
  2. Agriculture – Technologies such as the Internet of Things (IoT) have the power to enable African farmers to optimize productivity and reduce wastage through “precision farming” which relies on testing and data analysis to assist in the managing of field variations.
  3. Financial – 4IR will increasefinancial inclusion in Africa by enabling the unbanked to participate in the economy through retail electronic payments platforms and virtual savings and credit supply technological platforms. Technologies such as blockchain are providing the informal sector with opportunities to gain access to credit.

Also Read: Women in Tech: Interview With Ellen Fischat, Founder Story Room and Inspiring Fifty SA Ambassador

Most of these 4IR technologies have been implemented in Africa and many more are currently in testing phase. Africa continues to push innovation;however, a few challenges have the potential to impede the advancement of 4IR in Africa.

  1. Skills Deficit: To take full advantage of 4IR, Africa needs to invest heavily in cultivating the skills and capabilities of their labor force,lack thereof may result in job losses with technology replacing humans. When the labor is skilled it can work hand in hand with the technology.
  2. Infrastructure: Africa needs to improve its digital infrastructure in order to be able to access the advanced technology that enables 4IR. In countries like South Africa where data prices are expensive, the average man on the street can’t afford data therefore cannot connect to the internet affordably and easily.The result of poor digital infrastructure is that it reduces crucial connectivity which makes it difficult to effectively activate technologies like AI.
  3. Regulations: Africa needs to tighten and increase its cyber security to ensure the safety of people data and any possible fraud.Regulations should also be placed to enable African digital leaders to scale cross border, most especially with the new Continental Free Trade Agreement, this should be the time for Africa to align their processes and procedures in order to take full advantage of the rapid changes that 4IR is bringing.

4IR has the power to bring real fundamental social changes to Africa and to enable Africa to compete globally. It is up to African leaders to ensure that the environment is equip and conducive to forester such efforts. There was never a better time than now for Africa to move forward with the 4IR agenda and not only become a participant but a key player.

Article by: Tshiwela Ncube is an E-commerce thought leader, Co-Founder and COO at VUUQA.com

Visit: Vuuqa

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Facebook launches Tools to keep faith-based communities connected during COVID-19

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The tools are part of Facebook’s ongoing efforts in keeping communities safe, connected and informed during this pandemic

JOHANNESBURG, South Africa- Facebook has launched key resources to help faith groups stay connected and engaged during the current COVID-19 outbreak. The resources include the Faith on Facebook Resource Hub and the Faith on Facebook toolkit, both providing guidance and step-by-step tips that faith-based groups can use to keep their communities engaged while observing social distancing. The tools are part of Facebook’s ongoing efforts in keeping communities safe, connected and informed during this pandemic.

Download document: https://bit.ly/2VicyFs

Also Read: African academics launch initiative to collate COVID-19 data across Africa, call for volunteers

Some of the tools that faith-based groups can use to connect with their communities during the COVID-19 outbreak include:

  • Facebook Pages: Explore how to build an active and engaged audience of faith communities, advice on posting interesting content, as well as creating events and using Groups for discussions.
  • Facebook Groups: Groups allow people to come together around a common cause, discussing issues and ideas, posting photos and sharing related content.
  • Facebook Events: Host virtual events using Facebook Events to spread the word.
  • Utilising WhatsApp: Consider sending bite sized sermons or recordings through the voice note feature on WhatsApp to members, using either the dedicated broadcast list function or creating a New Group list.
  • Watch Party: Host a Watch Party for your Group, choosing videos that are relevant to your community and invite members to join and discuss.                                            
  • Facebook Live: Stream live stream events and performances on Facebook, utilizing interactive features such as reactions, shares and comments enabling you to further engage your audience.  

Commenting, Facebook Africa Regional Director Nunu Ntshingila said, “At a time like this, our mission has never been more relevant, to give people the power to build community and bring the world closer together. We know that faith leaders across Africa are grappling with the unexpected challenges in serving their members digitally, and we’re committed to providing them with the resources and tools to support them as much as possible”. She added, “Our ultimate goal is to equip faith-based communities with the tools to help them continue faith conversations throughout the pandemic.”

Credit: Facebook

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Zindi set to offer free hackathon and tailored online problem-solving sessions

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Cape Town based online data science competition platform Zindi will during the COVID-19 lockdown offer businesses free hackathon and tailored online problem-solving sessions.

Zindi recently launched a new hackathon space on its platform. The space will enable those companies with data science teams that are now working from home a private space to continue to upskill on problems that are important to their businesses while strengthening teamwork and cohesion in their free time, even while kilometres apart.

The offer comes in the wake of a 21-day lockdown imposed by the South African government with effect from 27 March.

Also Read: Women in Tech: Interview With Ellen Fischat, Founder Story Room and Inspiring Fifty SA Ambassador

“It really feels like we are stepping through that threshold that separates the world as we knew it from the uncharted territory that lies ahead. The situation is evolving rapidly and every day seems to bring new revelations about how COVID-19 might impact our lives, our economies, our companies, and our professional teams in the months and years ahead,” says Celina Lee, CEO Zindi.

“We realise that even during these challenging times, business doesn’t stop,” adds Lee.

“At Zindi, we also find ourselves having to adapt to the changing landscape. But we are driven by our mission to make AI accessible to everyone and every company. We see the current climate as an opportunity for our online community of over 12,000 data scientists to apply their skills to problems that matter most now, and to be an engine for productivity even during this unusual time,” says Lee.

“One thing this experience is teaching us is that physical location no longer matters. As an online platform, Zindi is uniquely positioned to harness the power of data scientists around the world to keep businesses and teams going during these challenging times. As a support to you, our valued partners, we’re pleased to offer you a free hackathon for your data science team or an online problem-solving session tailored for your business. Remember, we’re all in this together,” she adds.

ZINDI

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