Maximum Impact Of Blockchain
Will Be Felt In Africa,
Not In The West, Just an Opinion
“Central Banks and Monetary Authorities world over have turned on their antennas to pay rapt attention to the disruption pervading the financial service industries by digital currencies, which are enabled by Blockchain technology,”
said Musa Itopa Jimoh, the Deputy Director, Banking & Payment System the Central Bank of Nigeria CBN, at the first ever Blockchain conference held in Nigeria. The two-day event which took place at the Civic Centre, Ozumba Mbadiwe Way, Victoria Island Lagos was organized by the Blockchain Nigeria User Group with Chimezie Chuta as national coordinator. Chuta explains that having to reconfigure the prevailing mindset of the majority of participants who see Bitcoin and cryptocurrencies as some MLM and Ponzi schemes was an aspect of the event which required a lot of resources.
However, he is confident that the presentations by the participating Blockchain organizations and the continued effort of his group through educational materials and future events will go a long way in correcting the people’s perception and set the nation on the pedestal of Blockchain revolution.
There is no alternative to the Blockchain
In his opening address, Jimoh emphasized the need for collaboration between Blockchain solution providers and government institutions. According to him, some countries have come out with specific directives and stance on the adoption of the digital currency and Blockchain technology while others are still reviewing their positions to enable them to decide on which way to go. But whether they like it or not, it will just be a matter of delay tactics and being cautious, because all central banks and monetary authorities will eventually and very soon, give legitimacy to the use of Blockchain technology to drive financial services including the issuance of digital currency.
Jimoh says:
“Nigeria’s position is very clear. We cannot stop the tide of waves generated by the Blockchain technology and its derivatives. However the Central Bank has the responsibilities of ensuring price and financial system stability. This is why digital currency issuance becomes a major concern to the central bank of Nigeria. To this end, the central bank of Nigeria has kick started several initiatives and research works to identify the various use cases of Blockchain technology including the issuance of digital currency using the Blockchain technology.”
Jimoh acknowledges the Blockchain Nigeria User Group as being on the right path and poised to raise awareness on Blockchain technology and cryptocurrency in Nigeria. “This event is one of such measures to raise the awareness amongst stakeholders including the regulatory authorities,” he concludes. The keynote speaker at the conference, Dr. David Isiavwe notes that the reality of the world today, particularly in Nigeria, is that the Distributed Ledger Technology (DLT), Blockchain and cryptocurrency are facts that must be confronted.
“We cannot wish this reality away. It is made worse when we realize that we are still grappling with current challenges of e-commerce and other electronic payment systems but technology development and advancements are not waiting. In this dynamic age that we find ourselves, the only mantra to survival as is propagated by the Information Security Society of Africa – Nigeria (ISSAN) is: ‘Innovate or Die!," says Isiavwe.
How To Open Cryptocurrency Exchange: Practical Tips
Crypto newbie
The cryptocurrencies boom forced analysts to talk about bubbles, and late "miners" to buy up video cards. Meanwhile, many people have already earned enough money on the trend: someone did it on the appreciating prices, and someone, as in case with nVidia, profited on the growing demand for related issues. There are a lot of debates over cryptocurrencies’ potential, about possible sell-offs, and the time in which the bubble may burst.
However, while the market talks, it’s worth looking around to understand the way to profit on the trend. If there is a demand for cryptocurrencies, it means the trade venues for these assets will be popular as well. Today, there are already about 200 cryptocurrency exchanges and exchangers in the world. And it is not a limit has been reached yet. So, what if the next stage of the crypto market evolution is the boom of cryptocurrency exchanges. If so, how can we profit on that? Perhaps open your own exchange.
How to open a cryptocurrency exchange
First, you need to resolve a legal issue. It is necessary to obtain a license. This is possible in several ways.
1. It is possible to obtain a Japanese license, but it will cost a lot. Investments may amount to at least $110K, and there is around $30K more for office expenses in Japan.
2. It is possible to register the company in jurisdictions, where there is no legal base for crypto exchange, but at least it’s not banned. It all depends on what you can afford and on available resources, but even with sufficient capital you still need to find a director complying with regulators’ requirements, lawyers who know all the details of licensing process, and much more.
Secondly, you need to develop the required software.
1. User Personal Account. It’s a profile for client registration and verification, with deposit/withdrawal options available. To write such a program you will need to invest effort, time, and money.
2. Trading platform. This is a place through which investors and traders can open, close and manage market positions. You’ll also need to think about each nuance, such as the development of gateways, connectors and bridges for platform connection. Writing the platform will consume time and money. There are major vendor lease providers of trading platforms in the world – you can choose, launch, customize and get services for the best of them.
3. Aggregator. It will allow you to connect new partners, other exchanges and even to become a market maker for some of the tools (e.g. if you create a cryptocurrency/token and want to add it to the list of trading assets at your crypto currency exchange). You must consider that your aggregator needs to process huge data volumes every second. At a rough estimate the cost of such a solution will be impressive, considering the number of expensive specialists and the time spent on development, therefore even large companies prefer not to write software, but to pick something available in the market.
All in all, the scope of work and investments required is considerable. However, there are cases when it’s worth going along a streamlined path rather than searching for your own original way. Where there is demand, there is supply. Even now at the start of this new crypto era some companies already offer the development of turnkey trading floors and exchangers, taking into account customer desires. Such services can considerably reduce your time, efforts, and expenses.
Chuck Reynolds
Marketing Dept
Contributor
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