Unlocking the Secrets of Blockchain: A Digital Revolution 🌐💡

Ever wondered about the magic behind cryptocurrencies like Bitcoin?

Enter the captivating world of blockchain – the technological wizardry that powers the digital currency realm and so much more!

🔗 The Basics: What is Blockchain?

A digital  ledger that's not owned by a single entity but is spread across a network of computers worldwide.

That's blockchain!

💎 Key Components: Blocks and Chains

These blocks are linked together using cryptographic hashes, creating an unbreakable chain.

It's this chain that gives blockchain its name.

🤔 Why Should You Care?

Blockchain isn't just for tech enthusiasts; it's a game-changer with the potential to revolutionize how we exchange value and information.

Understanding blockchain opens doors to a future where trust and security take center stage in our digital interactions.

In a nutshell, blockchain isn't just a buzzword; it's a technological masterpiece shaping the future of our interconnected world.

So, buckle up and join the journey into the heart of this digital revolution! 🌐🚀

Check this article on Effective tips to ride the block chain wave.

Engage and follow for more insights.

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Cryptocurrency adoption has continued to ride and thrive like a moving train, despite the hurdles that have stood in front of the industry. On a continent that was once believed to be an ancient relic of a primitive time, cryptocurrency has turned out to be of great interest to young Africans. In Nigeria, for instance, there are different perceptions of the industry. Some believe anything that has cryptocurrency in it is a scam, while others believe it is simply a get-rich-quick scheme. Thanks to various organizations and companies that have dedicated their time to organizing events to cure myopia among the African populace, we are getting a better idea of what the industry really is about. Before we get into the topic of the day, let's know what cryptocurrency wallets are.

What Are Cryptocurrency Wallets?

Cryptocurrency wallets are digital wallets used to store digital assets like Bitcoin and Ethereum securely. According to the Coinbase website, "crypto wallets keep your private keys—the passwords that give you access to your cryptocurrencies—safe and accessible, allowing you to send and receive cryptocurrencies like Bitcoin and Ethereum. They come in many forms, from hardware wallets like Ledger (which looks like a USB stick) to mobile apps like Coinbase Wallet, which makes using crypto as easy as shopping with a credit card online."

 Cryptocurrency wallets are not like traditional wallets. Unlike a physical wallet that can be stolen or lost, a crypto wallet is a digital asset that can be easily accessed by hackers if not secured properly. They are computer or mobile software programs that employ an internet connection to connect to the blockchain network of the cryptocurrency you're making use of. Cryptocurrencies aren't just kept anywhere. They are pieces of data saved in an organized database or ledger. These pieces of information are dispersed throughout the database; nevertheless, the wallet locates all the pieces connected to your public address and adds up the total for you via the app's UI.

Using these applications, sending and receiving cryptocurrency is incredibly simple. Several options are available for sending and receiving cryptocurrency from your wallet. The standard procedure is to enter the wallet address of the receiver, select an amount to transfer, sign the transaction using your private key, add funds to cover the transaction fee, and send it.

There are two types of wallets, custodial wallets and non-custodial wallets. Custodial wallets are hosted by a third party, which might be a company that offers high-level data security technologies used by companies to protect and safeguard their data. Some crypto exchanges offer these services to their customers. Non-custodial wallets are wallets where you are responsible for securing your keys. This is the type of wallet that most cryptocurrency wallets on devices use. There are also two categories of wallets: hot and cold. A hot wallet is one that has an internet connection, while a cold wallet does not.

Now that we have basic knowledge of what crypto wallets are, let's explore some of the best practices to keep your wallet safe.
 
1. Choose a Reputable Wallet Provider: The first step in securing your cryptocurrency wallet is to choose a reputable wallet provider. Do thorough research before selecting one, and find out which providers have a strong history of safe operations. Some popular wallet providers to consider include Trust Wallet, Ledger, Trezor, and MyEtherWallet, while you could also consider saving your funds with crypto exchanges like CoinW and Binance.
 
2. Use Two-Factor Authentication: Two-factor authentication adds an extra layer of security to your wallet. It requires you to enter a code generated by an app or sent to your phone before accessing your wallet. This can help protect your wallet against hacking attempts.
 
3. Keep Your Private Keys Safe: Your private key is like the password to your cryptocurrency wallet. If someone gets hold of it, they can easily access your funds. Never share or store your private key online. Instead, store it on an offline device like a hardware wallet or a paper wallet.
 
4. Use a Strong Password: A strong password should be complex and contain a mix of uppercase and lowercase letters, numbers, and symbols. Avoid using easy-to-guess passwords like your name or birthdate. Change your password regularly and do not use it on any other online accounts.
 
5. Keep Your Wallet Software Up-To-Date: Keeping your wallet software up-to-date is important because it ensures that any security loopholes are fixed. Developers often release updates to address any vulnerabilities identified in the previous version.
 
6. Backup Your Wallet Regularly: If you lose access to your wallet or forget your password, a backup can save you. It is important to store backups of your wallet on other devices in case your primary device is damaged or lost.
 
7. Be Cautious of Phishing Scams: Phishing scams are common in the cryptocurrency space. Fraudsters often send fake emails and messages asking for your private keys or other sensitive information. Always verify the authenticity of any email or message before responding.
 
In conclusion, securing your cryptocurrency wallet requires a bit of effort, but it is worth it to protect your assets. By following the best practices outlined above, you can help keep your crypto wallet safe from hackers and other types of security breaches.

The current new narrative in the cryptocurrency space has been the Brc-20 and its opportunities therein, it is the existing network on the Bitcoin blockchain and it leverages on the Bitcoin popularity and sovereignty alongside its security and decentralized nature. 

It’s inspired by the Ethereum ERC-20 token standards but with quite a notable difference between the duos, as the former leverages on ordinal inscription on satoshi to create its tokens. While the later uses smart contracts codes built on the Ethereum Virtual Machine (EVM) on the Ethereum blockchain to create its tokens. 

What’s Brc-20 Token Standards?

This is an experimental token standard that uses ordinal inscriptions to enable minting and transfer of fungible tokens on the bitcoin blockchain. Brc-20 token was introduced on the 9th of March, 2023 by a pseudonymous blockchain enthusiast known as ‘Domo’ and on the same day, he launched the first brc-20 token known as ‘Ordi’. 

Since then, there have been about 24,677 of Brc-20 tokens in existence on the network. The current market capital is $472,554,369 with a 24 hours trading volume of $206,705,219 as the time of filing this report. Top meme tokens on brc-20 are the Ordi, with a market capital of $318,000,704 and a price of $15.14 though with an all-time high of $27, others are Oshi and Pepe. There’s usually a limit to be minted per time.  

How is Brc-20 token created?

The brc-20 fungible tokens are created by attaching a Javascript Object Notation (JSON) to satoshi through bitcoin ordinals. This JSON code bit defines every features of the brc-20 tokens such as minting and distribution and the bitcoin network decodes this information once deployed. 

Bitcoin Ordinals: is the systematic numbering and transferring of every satoshi on the Bitcoin network according to its order of issuance. Satoshi is the smallest unit of currency on the bitcoin network, 1 Bitcoin is equals to 100,000,000 satoshis. Other usecases of the brc-20 is the Ordinal NFTs.

Ordinal NFTs are non-fungible tokens and they are created by attaching a digital asset file, e.g. images to satoshi. The brc-20 tokens are minted and spent like any other normal tokens. A bitcoin ordinal wallet is required to mint brc-20 tokens with a limit for each mint. 

Platform needed to interact with Brc-20 network

There are several platforms where one can mint, buy/sell and transfer brc-20 tokens such as on brc-20.io, ordinalswallet.com and unisat.io, though the minting option is yet to be available on the later. Don’t forget that you need to create a wallet with any of them and fund with Bitcoin for gas fees

Opportunities in Brc-20 token networks

Just like in any other blockchain networks, opportunities abound, such as peer-to-peer trading on the network’s exchange as one can decide to be a merchant.

Secondly, arbitrage trading opportunity where one can mint or buy from the brc-20 network exchange at a cheaper rate and then sell in the centralized exchange with some profits. 

And lastly, is the that brc-20 tokens can as well be used for decentralized finance (DeFi) on the bitcoin blockchian, since brc-20 tokens are flexible and so can be integrated into decentralized exchanges, lending protocols and yield farming systems. 

In conclusion, the brc-20 tokens are experimental token standards that uses ordinal inscriptions to enable the minting and transfer of fungible tokens on the Bitcoin blockchain and it has had an eruptic effects on the bitcoin networks within its few months of inceptions, it has had a market capital of $472,554,369 million with about 24,677 tokens already deployed. Opportunities in this network are the P2P and arbitrage trading and the DeFi protocols on the network among others. The brc-20 token network though experimental but seems it has come to stay.

Tunisia, a small country in North Africa, may not be the first place that comes to mind when you think of tech startups. But over the past few years, the country has experienced a boom in entrepreneurship and innovation, with a growing number of startups disrupting traditional industries and solving unique local challenges.

One of the most exciting areas of growth in Tunisia's tech scene is in the fintech sector. In a country where nearly half of the population is unbanked, startups like Paymee and Expensya are helping to bring financial services to underserved communities. Paymee, for example, allows users to make payments and transfer money using their mobile phones, while Expensya helps businesses manage their expenses and streamline their accounting processes.

Another area of innovation in Tunisia is in the field of education technology. With the COVID-19 pandemic forcing schools to close and shift to online learning, startups like GoMyCode and Edumetric have stepped up to provide digital learning solutions for students and teachers. GoMyCode offers coding bootcamps and tech courses online, while Edumetric provides a platform for teachers to create and share educational content.

Tunisia's tech startups are also making waves in the travel and hospitality industry. With tourism being a major source of income for the country, startups like Trip4Care and Wibees are helping to attract more visitors and enhance the travel experience. Trip4Care offers medical tourism services, while Wibees is a platform for booking unique and authentic experiences with local hosts.

Of course, Tunisia's tech scene still faces its share of challenges, including a lack of funding and a shortage of skilled talent. But with the government and private sector investing more in innovation and entrepreneurship, the future looks bright for Tunisia's startups.

In conclusion, Tunisia may be small in size, but it's big on ideas and innovation. From fintech to edtech to traveltech, the country's startups are pushing boundaries and driving progress. Who knows – the next big tech unicorn could be born in Tunisia.

Fastest Growing Businesses Industries In Africa

      Africa is the second-fastest-growing and most lucrative payments and banking sector in the world, only behind Latin America.Over 500 financial technology companies are based on the continent, with the majority in Nigeria, South Africa, and Kenya.

     Africa is gaining grounds in the business world, through some major industries which are fast rising and making waves in different African countries.

   These industries include the following industries as outline in this article,but are not limited to these, because there are still so many other industries,springing up from different African countries,and they are gainnig grounds and dominating the business world.

 Agritech

Agri-tech is the use of technology for farming that is developed to improve efficiency and profitability. While most commonly used in horticulture and agriculture, agri-tech is also found in forestry, aquaculture and viticulture.

The food industry is one of the sectors on the continent with an increasing growth percentage, with many investors profiting from its resources. Business Standard reports that the food industry in Africa saw growth of 3.6% in 2020–21 and 3.9% in 2021–22.

The demand for packaged and processed meals is skyrocketing, and there is a significant increase in the consumption of frozen and dairy products. Other growth-related causes include the expansion and innovation of the food and beverage industry.

E-Commerce Business

Ecommerce is a method of buying and selling goods and services online. The definition of ecommerce business can also include tactics like affiliate marketing. You can use ecommerce channels such as your own website, an established selling website like Amazon, or social media to drive online sales.

    African businesses in e-commerce are expanding quickly as a result of innovation and technological advancement. Businesses in this sector enable the online trade of products and services between people and companies.

Africa’s real estate market worth is anticipated to reach USD 180 billion by 2025, according to Vanguard Newspaper. The report also revealed that funding for African eCommerce projects reached over USD 256 million in 2021, an increase of 40% from 2020.

Africa Business Communities said that by 2025, the e-commerce sector is anticipated to produce USD 46.1 billion in annual sales.

Logistics Business

     Logistics companies help their clients move goods from one place to another. Some cover the entire journey from pick-up to delivery to the end-user, while others help with part of the process—such as transportation, warehousing, packaging, shipping, or even disposal.

    In many African nations, the logistics industry is profitable and growing at a quick pace. No matter where they operate—in Mauritius, South Africa, Ethiopia, Ghana, Kenya, or Nigeria—entrepreneurs reap huge financial benefits.

Africa’s logistics market, according to Market Watch, increased from millions to multi-million dollars between 2017 and 2022. According to Sawya reports, the Suez Canal in Egypt brought in USD 704 million in revenue in July 2022, an increase from the USD 531.8 million reported in July 2021.

With the rise of delivery companies collaborating with both traditional and online merchants, the industry is successful in many African countries.

Real Estate Business

   Real estate is defined as the land and any permanent structures, like a home, or improvements attached to the land, whether natural or man-made.

Real estate is a form of real property. It differs from personal property, which is not permanently attached to the land, such as vehicles, boats, jewelry, furniture, and farm equipment.

    Due to Africa’s substantial population, there is a considerable demand for both commercial and residential real estate. The Nigerian real estate market expanded by 1.77% in 2021 and 10.84% in the first quarter of 2022, according to Nairametrics. USD 10 billion, or an 8% increase, was generated by the Egyptian real estate industry in 2021.

Nairametrics projects that Egypt’s real estate market would rise by 6.5% in 2022. Kenya’s real estate market increased by 5.2% in the third quarter of 2021, and 5.9% growth is anticipated in 2022. African entrepreneurs profit by leasing, purchasing, and renting out commercial and residential properties, making the real estate industry one of the most lucrative in the continent.

        Conclusively,any Aspirant of business in Africa can grow and build on any of this industries and expand because of the growing pace of these industries in the African continent.

      Africa has produced a lot of prominent business icons in the business world through these industries and still expanding it's impact through the help of these sky rocketing business adventures.

Blockchain technology is a term that has been gaining a lot of attention in recent years. It has been dubbed by some as the "next big thing" in technology, with the potential to revolutionize industries and transform the way we interact with each other.

Blockchain is a type of digital ledger that allows people to store and track information in a secure and transparent way. The information on a blockchain is stored in blocks that are linked together in a chain, hence the name "BLOCKCHAIN"

What is Blockchain Technology?

Blockchain technology is a decentralized and distributed ledger technology that allows transactions to be recorded and verified without the need for a central authority. It is a digital ledger that is used to store data in a way that is secure, transparent, and immutable.

This means that instead of being controlled by a single entity, like a government or a corporation, it is maintained by a network of users. These users all have a copy of the blockchain, and they work together to verify and validate transactions on the network.

 It was first introduced in 2008 as a core component of Bitcoin, the first-ever cryptocurrency.But blockchain technology can be used for a wide range of other purposes as well, from tracking supply chains to storing medical records.

How Does Blockchain Technology Work?

At its core, a blockchain is a series of blocks that are linked together in a chronological and immutable chain. Each block contains a unique cryptographic hash, a timestamp, and a list of transactions. The hash is a mathematical function that takes data of any size and generates a fixed-size output. This output, known as a hash, is unique to the input data and cannot be reversed to recreate the original data.

When a user initiates a transaction on the blockchain, the transaction is broadcasted to a network of nodes (computers) connected to the blockchain network. These nodes are responsible for verifying and validating the transaction to ensure that it is valid and legitimate. This verification process involves checking that the transaction meets the required criteria, such as ensuring that the user has enough funds to complete the transaction.

Once a block has been added to the blockchain, it cannot be altered or deleted. This means that the blockchain is immutable, and any attempts to tamper with the data will be detected and rejected by the network.

What Are the Benefits of Blockchain Technology?

Blockchain technology has several benefits, including:

Decentralization: The blockchain is decentralized, which means that there is no central authority controlling it. This makes it more secure and less susceptible to hacking and fraud.

Transparency: The blockchain is transparent, which means that anyone can view the data stored on it. This makes it easier to track transactions and ensures that they are conducted in a fair and transparent manner.

Security: The blockchain uses advanced cryptography to secure the data stored on it. This makes it virtually impossible for hackers to tamper with the data.

Efficiency: The blockchain allows for faster and more efficient transactions, as there is no need for intermediaries to verify and process the transactions.

Trust: The blockchain creates a level of trust between parties, as all transactions are recorded on a public ledger that is accessible to everyone.

Conclusion

Blockchain technology is a revolutionary technology that has the potential to transform industries and the way we interact with each other. It is a decentralized and distributed ledger technology that is secure, transparent, and immutable. It allows for faster and more efficient transactions, and creates a level of trust between parties. blockchain is a powerful and innovative technology that has the potential to revolutionize the way we store and share information.

As the technology continues to evolve, we can expect to see more innovative applications of blockchain in the future.

If you've seen the movie - "Sneakerella" by Disney Studios, then you already know what non-fungible tokens are (at least in their basic sense) - they are one-of-ones. And all around us, we're surrounded by these NFTs in the forms of relationships, images, patterns, and even numbers. For instance, when you go pick up your kids at school, you don't go there to pick up your neighbor's kids, do you? In that sense, your kid depicts what nfts are - one of one's. Even if you had a set of twins they couldn't be the same - Taiwo would never be Kehinde and vice versa. Neither would Messi be Neymar Jr. Even though both were South Americans who played for the same club, Paris-Saint Germain (PSG).


As stated by EkoLance, Non-fungible tokens (NFTs) are cryptographic assets that are one-of-a-kind and have varying degrees of rarity, making them available in limited editions. Based on origin and utility respectively, non-fungible tokens are digital creations of the web3/blockchain ecosystems. Which are ever-increasing in serving as channels for unique assets. Represented in the forms of digital arts, video clips, memes, GIFs, music, or poetry as well as any other artistic or intellectual properties. In this article, I am taking you through 4-Dimensions in the evolution of non-fungible tokens namely; The Hype, The Adoption, The Implication and  The Regrets. I'll split this under four subheadings for easy comprehension and then with a conclusive point-of-view: IS NFT TECH OR ART?

The Hype

Here's what hypes look like:

News Flash!

"Beeple sells an NFT for $69  million".

"Jack Dorsey's first ever tweet sells for $2.9m".

"CryptoPunks NFT collection crosses $1 bn in total sales".

"Obscure altcoin mana spikes 400% as Facebook's metaverse pivot spurs bet on virtual property token".



And it's not long before a fear-of-missing-out (FOMO) syndrome which affects most newbies in the web 3 space clings to your mind. Then the thought comes to mind: "buy 'em NFTs while the market's popping hot!!!" Right? The exact response of naivety. And this is where the walls of Troy come crashing down on you.

In the primary sense of the word, hype is, "promotional publicity of an extravagant kind" (Merriam-Webster Dictionary). In one word, hype is "noise" about something. And that's just what it is. There's no such thing as a good hype or bad one but there's "shilling", which we'll talk about later. This is why the acrostic DYOR - do your own research - exists in the blockchain space, to save investors from unnecessary heartbreaks. Notwithstanding, what organically promotes the hype around non-fungible tokens? Is it fundamental, technical or sentimental?

In a recent study carried out by Christian Pinto-Gutiérrez et alia on "The NFT Hype: What Draws Attention to Non-Fungible Tokens?", one interesting fact caught the eye of this subject. That is, it was discovered that "Google search activity for the topic “non-fungible token” and “NFT” is positively associated with major cryptocurrency returns" (Christian, 2022). In other words, the rise in returns on Bitcoin investments also known as a "bull run" led to increased interest in non-fungible tokens. Also, this trend seemed to flow in concurrent parallels with the heat surrounding who the next president of the United States would be at the same time in 2021. This observation was also made by the co-authored efforts of Tiana Laurence and Seoyoung Kim in NFTs for Dummies here:

"Google search trends within the US show that Googlers are now as curious about Bitcoin as they are about the country’s new president, and interest in NFTs has naturally surged with the Bitcoin tide."

And the same was true for specific NFT collections, such as “Cryptopunk” and “Decentraland”. However, the hype continues and it sure gave birth to something more concrete - nft adoptions.

The Adoption

It is primary info that NFTs were part of, but the least expected applications built on the Ethereum network outstripped its creators. Vitalik Buterin one of the founders asserts:
“NFTs are probably the one thing that I did not predict, by the way. If you look at the list of applications that were in the Ethereum Whitepaper, and you look at the applications that are popular today, the big thing that’s in the second list and not the first is NFTs.”

Although, "NFTs can credit their existence to CryptoKitties (www. cryptokitties.com), a novel game that was launched in the fall of 2017, by Dapper Labs" (Tiana & Seoyoung, 2021), NFTs first emerged in the space as digital artworks in the form of avatar collections such as CryptoPunks and later advancements began to explore other sectors where NFTs can be used such as


 • In real estate (Decentraland) or a proof of ownership of physical land.
 • In the fashion industry: Dolce and Gabbana - Alta Moda Collezione Genesi NFTs on UNXF
 • In the music industry: King of Leone Band
 • In education: EkoLance certificate of completion… (EkoLance 24 Days of Blockchain Advent Calendar, Day 11: "Non-fungible tokens).  
  • In book publishing: Readl which is built on the Polygon network provides writers the opportunity to publish their books as NFTs and create new revenue streams while protecting their creative rights.
As governments and major financial institutions began to accept Bitcoin and Ether, especially after El Salvador Repaid its $800 Million Bond despite adopting Bitcoin, non-fungible tokens will see more areas of adoption.
 

Just a little about Cryptokitties…

Here's the plot of the Cryptokitties NFT that sets me aback. CryptoKitties are unique cat NFTs that can breed i.e produce other NFTs, however of different kinds - as one of one's. As stated by the investor and professor, Tiana Laurence and Kim Seoyoung:

"CryptoKitties not only introduced the world to NFTs but also introduced NFTs that could make their own NFTs".

It even gets more exciting that the cryptography behind this set of NFTs was genetically engineered in a laboratory known as, Dapper Labs. In a sense, what CryptoKitties as NFTs did to the web 3 ecosystem was to simplify the understanding of the technical processes of the same technology which backs cryptocurrencies - the blockchain. For instance, crypto kittens breeding explains the mining process evident in the PoW consensus mechanism of Bitcoin and other proof of work networks.

Finally, playing the Cryptokitties game doesn't require coding knowledge just like its metaversian counterpart, The Sandbox Game Maker. Yet, there are many more consequences to the adoption of NFTs.

The Implication

The birth of NFTs is rapidly changing how we've conceived the world of digital arts, medicine, certifications, and real estate. A new economy is being forged at its dawn for creators known as the emerging creator economy .
Work Distribution: As an afterthought, EkoLance is currently working with the HUMAN PROTOCOL to "revolutionise the work distribution ecosystem and exchange of knowledge, funds, work and contributions on chain" (bearing in mind EkoLance issues NFT certificates to those who have completed its course) and trained 1000+ individuals.

Think: Imagine holding a pool where a set of 100 NFT Certificates trainees in the Set={Content Creators}, were picked using the HUMAN PROTOCOL. Or in the area of education where access is granted to some specialised courses by holding some specific NFTs? Also, imagine what work would be like when creators can upload their portfolios on dynamic NFTs.

In concluding this segment, however, imagine using a social media post that is tokenised as collateral Defi. Or think of gifting a loved one voice notes status feature on WhatsApp tokenised as non-fungible tokens. It's mind-blowing. The boundaries are endless and so has the notoriety of NFT scam artists seen opportunities in the vulnerability of this digital creation known as NFTs.


The Regrets

Remember, Shilling - a word I mentioned earlier? Earlier:

"There's no such thing as a good hype or bad one but there's "shilling", which we'll talk about later."

Well, here's me keeping my word. From newbies to OG's everyone has had a fair share of sad notes in the blockchain space. For starters, it's shilling. So what's shilling or what does it mean when an NFT has been shilled?


Shilling is the process of someone heavily advertising a token or cryptocurrency (which has no special utility) with the aim of selling it at a higher price. It is the first part of pump and dump schemes - a type of scam in which the fraudster buys a coin or token and then artificially inflates its price using false and misleading positive statements to sell it thereafter at a higher price. Usually, the perpetrators of this mischief have either helped in developing the project or have something to gain, so they bait their victims with the falsehood of high returns on investment. One of the strong voices against this is nftnate.


Epilogue: Is NFT Tech or Art?
Many times there's confusion as to what NFTs are and what they were designed to represent. Remember me saying NFTs are one-of-one's? Well, I wasn't wrong but there's a more techy aspect to this you need to know.

"An NFT is a cryptographically secure digital record that verifies your ownership of or access to, say, a piece of digital art".
Laurence and Kim

Let's use an instance I mentioned earlier. When you go pick up your kids at school, you don't go there to pick up your neighbour's kids. What if on some day a random guy walks up to you and says, "I came to pick my kid up, thanks for all you've done for him all these years" - would you let that pass? Definitely not. With all the dramas which will ensue, of course, there's only one place it can be proven that Jerry is your kid - in the labs. A  blood sample from you and the strange guy as well as Jerry's is taken to the lab and the test is for a match in a certain string of codes known as DNA. Do you pass? The lab issues a medical report stating, "Jerry is your kid", Voila! Jerry is still your kid. What am I trying to say?



Just like that medical report issued by the lab, the NFT is not really Jerry in this case but, the medical record issued by the lab stating Jerry is yours because of a match in DNA. That record is what verifies he is yours. However, such records can be manipulated which is what brings NFTs in handy because nonfungible tokens are not just digital records but cryptographically secure, in other words, stored on the blockchain - Ethereum in this case. More importantly, there can be no other NFTs stating Jerry belongs to someone else. That's why we call it - one of one's.

For partnership and collaboration DM me on any of my social handles 👇

LinkedIn: Ezekiel Inyang

Twitter: Ezekiel Inyang

Just as it is in traditional financial services, there are crypto platforms that loan out crypto and also let you lend your crypto to other crypto users with interest. Decentralization is one of the core dividends of blockchain. With Decentralized finance (DeFi), financial products and services on web3 are increasingly expanding, recording tremendous growth and innovations. One such financial innovation is crypto lending.

What is Crypto lending?

Similar to traditional banks' cash loans, crypto lending is a decentralized service that lets investors deposit and lend their digital assets to borrowers. Lenders then earn extremely high interest on the deposited cryptos as rewards. Depending on the platform a lender uses and other factors, these interest rates known as Annual Percentage Yield, APY may be up to 20% or more.

How Crypto Lending works

Crypto lending is made possible by crypto lending platforms. These platforms act as intermediaries between the lender and the borrower. They can be centralized or decentralized. They borrow out crypto assets in exchange for returns.

Say you have up to $100 worth of Ethereum and you deposit it in a crypto lending service.

The service gives out your crypto to any of its verified and trusted borrowers.

The borrower in turn stake, trade, or do whatever they need to do with the crypto and return it to the service as stipulated in the terms of the loan agreement (The agreement which covers things like interest rates, date of return, use of funds, etc.).

In return for this, you as the borrower/investor get weekly or monthly interest as stipulated in your terms of service.

Loans are funded on crypto lending platforms by the loans you and other lenders deposit. Loans provided can be cash or crypto and are made possible via collateralized loans. On the other hand, most crypto lending services do not require collateral for borrowers to access loans. The service sets the interest rates. Interest rates on cryptos differ from platform to platform. While some might go as high as 20%, others can go as low as 8.09%.

Types of Crypto Loans

Collateralized Loans

This type of loan requires some deposited crypto assets as collateral before borrowers can qualify for a loan. The lower the loan-to-value the higher the interest rates.

Uncollateralized Loans

Although they are unpopular in decentralized finance, few services still practice them. In this type of loan, borrowers are mandated to fill out an application form, go through the KYC tests and pass the creditworthiness review before they can access a crypto loan.

Crypto Line of Credit

In this type of loan, users can borrow up to a certain percentage of crypto deposited. There are no clear terms regarding repayment. Interests accrue only on funds withdrawn.

Flash Loans

These are the most popular types of loans where traders borrow crypto for a particular trade and make instant repayment in the same trade.

Crypto Lending Platforms

The best way to find a lending platform is to ransack all crypto exchanges that you can find on the internet. However, not all exchanges offer lending services. Popular exchanges like Binance US do not provide crypto lending. Here is a list of the top 10 ranking crypto lending platforms in 2023.

(This is not a financial advice, DYOR)

Gemini

Gemini remains one of the leading crypto lending platforms with its services available in over 50 states in the US, including New York. Aside from the fact that Gemini has never been hacked which makes it the best in terms of security, Gemini Earn users can receive up to 8.05% APY on 40 cryptos. However, the cons of using the service are in its fee structure, newbies and lenders looking to lend and borrow need to be mindful of it.

BlockFi

BlockFi is a crypto lending service that offers personalized rates on loans up to $100,000+. The BlockFi Interest Account lets lenders deposit and lend their cryptos in exchange for monthly compound interest. This is what makes it stand out as it is the only prominent service giving lenders compound interest. The service operates a collateralized type of crypto loan.

Youholder

Maybe because they are still a budding platform, YouHolder currently has the highest loan-to-value ratio of up to 90%. It also offers instant crypto loans accepting over 50 top coins as collateral. Cash loans are disbursed in any leading currency of the borrower's choice.

Aave

Aave is a decentralized finance platform that lets users borrow and lend crypto with smart contracts to automate the process. Aave specializes in over-collateralized loans. This lets the platform liquidate the collateral if its value drops too much. Its token, AAVE can be traded or staked on the exchange to earn interest.

ETHLend

Fully operational since 2017 after its public sale ended in November of the same year, ETHLend is one of the first decentralized crypto lending services. It solves the problem of reducing the loss of loan capital on default. Discount tickets on fees, buyback programs, specialized airdrops, etc are a few of the benefits that ETHLenders get.

Nexo

Nexo lets you borrow from $5 up to $2M without selling your crypto at low rates. The service does not have agreements that monitor what borrowers use with their crypto-backed loans. Where Nexo stands out amongst its peers is in the fact that it operates an uncollateralized crypto loan service that works as fast as a traditional bank credit transfer.

CoinLoans

If you are looking for a strictly crypto lending and earning platform, CoinLoans is your best stop. With over 200 crypto pairs available for exchange, coinLoan offers up to 5.5% APY at an interest of 8.5%. Unlike Gemini and a few others, reviews pegs CoinLoans customer support as the best with real humans and not bots.

BTCpop

Peer-to-peer lending is based on the borrower’s reputation and not on credit score. BTCPOP is seen as the GenZ of decentralized lending. It offers all types of crypto loans. The service lets you set not just the amount but also allows you to dictate your terms.

BitLend

Here is another strictly decentralized crypto lending platform. Bitlend is a fast, low-cost decentralized lending platform that lives on the BitTorrent Chain. However, the service employs rigorous collateralized loan types.

Celsius Network

At the time of writing, Celsius Network's initial website happens to be under construction as a result of a bankruptcy petition filed by Celsius and its affiliates. Celsius Network is making this list to warn you of the numerous potential risks affiliated with crypto lending and crypto dealings in general. Although the judge had ruled that celsius users should get 72.5% of their deposited crypto back, it is sad that the refund will not be instant in all cases. These and many more are the risks. If you are employing any crypto lending service, do your own research to fully understand the vulnerabilities associated with the service.

Blockchain technology has the potential to revolutionize the way Nigeria politics operates.

Blockchain technology has the advantage and ability to revolutionize the way we think about politics and governance. By creating a decentralized and transparent system for recording and verifying transactions, blockchain can help to reduce corruption and increase trust in political institutions.

 Here are some potential applications of blockchain technology in Nigeria politics:

Transparent voting systems: Blockchain technology can be used to create a transparent and secure voting system that is resistant to fraud and manipulation. Each vote would be recorded on a blockchain, which would prevent tampering and ensure that every vote is counted.

Digital identity verification: Blockchain technology can be used to create a secure and decentralized system for verifying the identity of voters. This would help prevent voter fraud and ensure that only eligible voters are allowed to cast their votes.

Secure fundraising: Blockchain technology can be used to create a transparent and secure system for political fundraising. Donations could be recorded on a blockchain, which would prevent fraud and ensure that all donations are accounted for.

Secure and transparent contract management: Blockchain technology can be used to create a secure and transparent system for managing contracts in Nigeria politics. This would prevent corruption and ensure that all contracts are executed fairly and transparently.

Tamper-proof record-keeping: Blockchain technology can be used to create a tamper-proof system for record-keeping in Nigeria politics. This would prevent tampering and ensure that all records are accurate and up-to-date.

In conclusion, blockchain technology has the capability to bring about significant changes in Nigeria politics. 

However, it is important to ensure that the technology is implemented in a way that is transparent, secure, and accessible to all. Additionally, it is important to address any potential regulatory and legal challenges that may arise from the use of blockchain technology in Nigeria politics.

Introduction

The usage and innovation of cryptocurrencies are rapidly exploding across Africa. The adoption of cryptocurrencies and blockchain technology is accelerating across the continent, from Nigeria to South Africa and beyond. 

Although it is very early, this emerging technology has a lot of potential. In this post, I will go through three reasons why Africa is becoming a key location for cryptocurrency.

1. Growth in Cryptocurrency Usage

The rising availability of internet accessibility is one of the main causes of the rapid growth in cryptocurrency use in Africa. 

More people have access to the internet, which increases their ability to research, learn about, and interact with cryptocurrencies. 

A lot of African nations are also developing the infrastructure needed for the adoption of digital currencies as they move toward digital economies.

2. Increasing Political Instability

Interestingly, the rising political unrest across the continent is a factor influencing the adoption of cryptocurrencies in Africa. 

Africans are turning to cryptocurrencies as a trustworthy store of wealth and medium of trade as a result of growing inflation and waning faith in local currencies. 

Cryptocurrency is a more dependable means to secure assets and offers shelter from the volatility of traditional markets.

3. Easier to Access

The simplicity of its access is another factor contributing to Africa's rapid rise as a cryptocurrency hotspot. 

In Africa, cryptocurrencies are considerably simpler to use and trade than conventional marketplaces. It is now simpler than ever to start using cryptocurrencies because of low costs, dependable and secure exchanges, and mobile applications. 

Therefore, more African citizens are embracing cryptocurrencies.

Conclusion

In conclusion, Africa is quickly becoming a major destination for cryptocurrency adoption. 

From increased access to the internet to political instability and easier access, the continent is rapidly embracing cryptocurrency as a reliable store of value and medium of exchange. 

This adoption will continue to grow in the coming years as more people become aware of the potential of blockchain and cryptocurrency.