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Blockchain: An Opportunity For Developing Countries?

An Opportunity For Developing Countries?-Blockchain24.coBlockchain is rightly considered as revolutionary technology for the modern economy. But how does this solution apply to developing countries? Not so long ago, we mentioned Akon’s initiative to bring blockchain to Africa and use it to help the continent in technological development. Today, we take a closer look at the possibilities that blockchain might …

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Blockchain is rightly considered as revolutionary technology for the modern economy. But how does this solution apply to developing countries?

Not so long ago, we mentioned Akon’s initiative to bring blockchain to Africa and use it to help the continent in technological development. Today, we take a closer look at the possibilities that blockchain might bring to developing countries. How can it help with various issues – both social and economical – which those nations face?

Blockchain democracy

The first usage in which blockchain technology can improve the situation of developing countries is the overall performance of the state. Blockchain might be useful for governing many areas of the country’s economy. Using a distributed ledger may cut off the number of intermediaries in various processes crucial for functioning. And for a country that still has a few catching up to do, such support might be an essential factor in shortening the process of development. 

An example of the field where blockchain might be successfully utilized is the voting system. Nationwide elections are the foundations of a democratic system, and a primary tool allowing citizens to influence the state policy. But for this to happen, the country need to avoid potential manipulations, corruption, and bribery which may occur during the voting.

Implementing the blockchain technology in the voting system helps to prevent abuses during elections, like forging or double-spending votes. Moreover, this idea may also facilitate voting for people who would have problems with taking part in this process. Such a project is already under development in India, where the main reason for it was to give people the opportunity to vote away from their place of residence.

Decentralizing economy 

Of course, one of the most noticeable implementations of blockchain technology in developing countries is related to its most popular utilization around the world: decentralized money. The idea of the currency free from manipulation of any third parties suits well for any modern society – and those from less developed countries will especially benefit from it.

The example of why cryptocurrencies might be needed in such places is clearly visible in Zimbabwe. This African country is currently facing hyperinflation, which makes the functioning of an ordinary citizen very complicated. In a situation where the value of the national currency can drop at any minute, people have turned to Bitcoin. In such cases, worldwide money free from national borders may significantly help to survive the economic crisis.

But the idea of utilizing cryptocurrencies in developing countries isn’t coming only from the citizens’ initiative. Decentralized currencies are seen as a functional alternative to those without a bank account, which is still common in African countries such as Nigeria, especially for women. It is an excellent opportunity for cryptocurrency companies to give them them a reliable solution based on blockchain technology that would help them to use decentralized finances in their everyday lives.

Toss a coin for a charity 

We also shouldn’t forget about the potential of charity when it comes to providing support for developing countries. In a situation when the state is unable to provide help for its citizens, the acts of altruism are the only thing they can count on. And the blockchain technology may improve it significantly. The transparency of distributed ledger is important when it comes to donating money for noble goals because it ensures us that our funds will reach designated people.

Moreover, because of the tokenization of the cryptocurrency industry, charity actions are more likely to reach more people who could support the initiative. In the blockchain world, we are used to the existence of various coins. This makes us more eager to get involved in new blockchain projects and acquire new tokens. And in case of charity tokens, we have a full picture of how our funds will be used to help achieve a set goal.

The example of successful implementation in that field is Binance Charity. This charitable initiative of the well-known cryptocurrency exchange has initiated many charity auctions around the world. A notable example of their actions is the Pink Care Token issued to fight so-called period poverty – a lack of basic sanitary supplies for women, which is especially common in developing countries.

Smart utilization

However, we should remember that blockchain and cryptocurrencies aren’t always the best solution. Lack of a thoughtful idea for their implementation of new technologies may as well lead to the worsening of the situation. The most notable example of such failure is Petro – a Venezuelan currency, which was meant to help the national economy in the time of crisis. Unfortunately, instead of reliable money, it turned out to be a centralized currency dependent on the government, without any particular value.

Failures similar to petro may discourage both governments and citizens to the idea of blockchain. And no wonder, since any technology, when it is poorly implemented, may turn out to be a fiasco, bringing even greater chaos. That’s why the importance of blockchain utilization in developing countries should rely on people who are already acquainted with this idea. Only then a satisfactory solution may be introduced.

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Source: https://www.blockchain24.co/blockchain-an-opportunity-for-developing-countries/

Blockchain

Binance Coin, Dash, Synthetix Price Analysis: 17 January

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Binance Coin looked to revisit $38.72 as the price failed to hold up above its present resistance. Dash formed a symmetrical triangle on the charts and presented the possibility of a breakout above $135.69 resistance while SNX reversed course and fell by over 12% after hitting record levels.

Binance Coin [BNB]

Source: BNB/USD, TradingView

Binance Coin retested $41.8 and moved lower as the bulls failed to lift prices towards $44.82 resistance. Prices could revisit the $38.72 support if the fall continues over the next few trading sessions. If the price rises, that would present an upside of $44.82. However, indicators favored the bears and suggested that a move towards immediate support could be a likely outcome.

The MACD was on the verge of a bearish crossover as the signal line eyed a move above the fast-moving line.

The Awesome Oscillator agreed with the MACD and indicated that momentum was shifting towards the bears.

Dash [DASH]

Source: DASH/USD, TradingView

Dash flashed red at press time, as prices traded at $121.84, down by 3.87% in the past 24 hours. A look at the 4hr chart showed that the price had formed a symmetrical triangle, and a breakout could be witnessed over the next few trading sessions. A bullish outcome could see the coin’s trading price rise above its immediate resistance and target a move above the next resistance at $135.69. On the flip side, a downward breakout could see the coin move below support $113.1.

The Stochastic RSI moved in the oversold territory and signaled a potential pullback if the index reverses direction.

The Parabolic SAR’s dotted markers were below the candlesticks and indicated that the price action was in an uptrend.

Synthetix [SNX]

Source: SNX/USD, TradingView

Synthetix hit an all-time high of $17.24 but immediately dropped by over 12% in the last few trading sessions. For now, losses were cut short at $14.63 support, but a fall below the present defense would confirm a bearish pullback.

The Relative Strength Index pointed downwards from the neutral zone. If the index moves into the oversold region, the price could follow suit and drop towards $13.41 support.

The MACD witnessed a bearish crossover as the price fell from record levels. The red bars on the histogram suggested the likelihood of a further pullback in prices.

Source: https://ambcrypto.com/binance-coin-dash-synthetix-price-analysis-17-january

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Former Ripple CTO may have lost much more than $220M in Bitcoin

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David Schwartz, current chief technical officer at Ripple, is responding to reports his predecessor had lost access to hundreds of millions of dollars in Bitcoin. 

In a Quora post on Thursday, Schwartz said recent reports about former Ripple CTO Stefan Thomas forgetting the password to an encrypted hard drive containing thousands of Bitcoin (BTC) were true, but added Thomas had also lost access to hundreds of coins when the crypto asset was young.

The Ripple CTO said his predecessor used to test the development of a Javascript library for Bitcoin by using real coins when the price was well under a dollar.

“He would create unspent outputs with ‘1.0’ Bitcoin because that was the fastest and easiest number to type,” said Schwartz. “He likely created hundreds of such accounts, none of which he retained the keys for because they were just for quick experiments. Each of those accounts is worth $38,000 or so today.”

Even just one hundred of these accounts at 100 BTC would mean the coins within are worth more than $3 million. The price of Bitcoin has fluctuated between $30,000 and $40,000 since reaching an all-time of more than $42,000 on Jan. 8.

Last week, a New York Times profile on Thomas said that the German-born programmer has used eight out of ten attempts to guess the password to access an encrypted hard drive containing 7,002 BTC. He has only two guesses left on the IronKey hard drive before the data — and funds — are seemingly lost.

Schwartz confirmed the story on Quora, saying Thomas had put aside the coins, which were part of a payment for creating a video. However, he questioned the $200+ million figure cited by major news outlets:

“I believe today [Thomas’ Bitcoin is] worth about $114 million. I’m not sure where the $240 million number is coming from — maybe I’m remembering wrong.”

There are many similar stories of long lost Bitcoin from early in the coin’s development. Last week, Cointelegraph reported that a student had found private keys to access more than $4 million worth of Bitcoin at his grandfather’s house over the holidays.

Source: https://cointelegraph.com/news/former-ripple-cto-may-have-lost-much-more-than-220m-in-bitcoin

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Monero Price Analysis: 17 January

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

The Monero market has been descending over the past couple of days. The overall trend in the market has not been actively bullish, and for Monero the trend has turned to a bearish one. As the price climbed down the price ladder, the market may witness more bearishness.

At the time of writing the price of Monero was $152.24.

Monero daily chart

Source: XMRUSD on TradingView

The Monero chart has been showing that the price has been dropping after it hit the resistance at $170.89. This retracement has been currently testing the support at $151, and the price has been witnessing a strong downward pressure.

As the value of the digital asset continued to see a push and pull at the level, it may force the price to sink further down to the second support at $146. This would be an opportunity for traders to make a profit.

Reasoning

The 50 moving average has already been spiking above the candlesticks highlighting the downtrend of the coin. The RSI has moved closer to the overbought zone from the equilibrium zone, which suggested that the sellers in the market were growing.

Meanwhile, the MACD indicator was noting a rise in bearishness in the market. The strong red bars were growing and have continued in the market for a few days now. Whereas, the MACD line although under the signal line for a couple of days now, was witnessing its gap grow.

Crucial levels

Entry: $151.02
Stop-Loss: $156.78
Take-Profit: $145.10
Risk-to-Reward: 1.03

Conclusion

The current market conditions indicated an increased bearishness in Monero’s price action. As the digital asset trades close to the support, and if it ends up breaching it, the coin’s price is likely to drop to the next level of support at $146 which will, in turn, provide only a minimal profit to the short traders.

Source: https://ambcrypto.com/monero-price-analysis-17-january

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