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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

Axie Infinity Records Holders ATH: 420% Year to Date Growth

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Popular non-fungible token (NFT) gaming platform Axie Infinity continues to see increased adoption from users, following exponential growth in the number of wallet addresses.

Axie Sees Surge in Address Holders

According to data provided by IntoTheBlock on Tuesday (September 28, 2021), Axie Infinity Shards (AXS) ownership is on the rise, with 17,480 address holders. This figure represents a new all-time high (ATH) and a 420% increase year-to-date (YTD). Meanwhile, this growth is indicative of the rising popularity of Axie Infinity and play-to-earn non-fungible token (NFT) gaming.

Back in July, CryptoPotato reported that the value of the AXS token skyrocketed nearly 400% within one month, leading to a market capitalization of over the $1 billion mark. Later in August, AXS was among the assets listed on the major cryptocurrency exchange Coinbase Pro, which also gave it an immediate boost.

Axis Infinity, developed by Sky Mavis and released in 2018, arguably popularised the play-to-earn trend and has recorded a number of impressive milestones in recent times. Data from DappRadar revealed that the project recorded over $2 billion in NFT sales volume, solidifying Axie’s place as the most valuable NFT collection, thereby surpassing major names such as CryptoPunks, Art Blocks, and NBA Top Shot.

The data also showed that more than 600,000 users traded Axis Infinity NFTs, resulting in 4,887,645 transactions. The project currently boasts over 1.5 million daily active users.


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According to Jeff Zirlin, co-founder of Axie Infinity, half of the platform’s users got to interact with cryptocurrency and blockchain for the first time through Axie, while 25% of them did not own a bank account.

The Growth of NFT Gaming

The NFT industry is becoming popular with celebrities, major sports leagues, and companies buying digital art in whatever form, or selling them. However, blockchain-based games are seeing a special kind of attention.

A report by DeFiPrime stated that the NFT Gaming market has a total market valuation of nearly $180 billion as of August 2021, with the value estimated to rise to $196 billion. An excerpt from the report reads:

“NFT games may have the potential to become the standard for the gaming market if it sees enough attention and popularity. Already they have made major changes to games and made it much more fun for players. From there, it could be a very major change to the way people play games and could be as major as Doom was to the market or 3D was for environments.”

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Source: https://cryptopotato.com/axie-infinity-records-holders-ath-420-year-to-date-growth/

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Bitcoin, Ethereum will draw their market strength from this key aspect

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Bitcoin and Ethereum are currently surviving a bearish scare, with both assets just about holding a position above their immediate supports. For Bitcoin, the $41,000-level is establishing a strong bounceback range while Ethereum has managed to remain above $3000.

On the contrary, some altcoins have recorded strong recoveries, with Solana, Bitcoin Cash, and Uniswap hiking by more than 10% in one 24-hour window.

Now, these altcoins seemed to have the relative edge at press time. However, there are a couple of key metrics which may allow us to evaluate the actual strength of Bitcoin, Ethereum as the market goes forward.

How much importance should be given to utility?

Source: Sanbase

Over the past few years, market stability has been dependent on different aspects. During the bullish rally of 2017, investor sentiment was key and when major traders started to become bearish, the digital assets collapsed.

Then, it was constructive institutional inflows at the beginning of 2019. At the time, it was suggested that institutions can allow tokens such as BTC, ETH to hold higher price positions. The price fell in 2020, irrespective of rising interest.

However, one key idea missed by most speculators might be the utility side of things, which is presently one of the most important functionality. Gone are the days when astute marketing allowed assets such as TRON to climb into the top-10.

Now, according to Santiment, Bitcoin has hit a two-month high in terms of circulation. What’s more, if the chart is closely observed, the average BTC transferred has risen consistently over the month of September.

Source: Sanbase

Similarly, Ethereum hit a similar feat but its 1-day circulation index was at a 3-month high, indicative of high token utility and movement.

Ethereum’s price has dropped sharply over the course of the past few weeks, but circulation has remained high.

Bitcoin, Ethereum spaces have evolved

Now, to be fair, it is important to account for volatility and the fact the circulation isn’t as high as it was during May 2021. However, maintaining a development and transaction-intensive ecosystem, one which allows the price to be built on strong foundations, is eventually advantageous.

Now, with respect to the assets that have grown over the past few days, besides BCH, both Solana and Uniswap are extremely utilized tokens. While one is the native token of a major DEX, another asset is currently responsible for bringing better L2 solutions.

Likewise, for Bitcoin and Ethereum, higher utility and circulation should keep the asset relevant, and progressively exhibit significant recoveries over Q4 of 2021.

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Source: https://ambcrypto.com/bitcoin-ethereum-will-draw-their-market-strength-from-this-key-aspect

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Swaps.app Offering Seamless Crypto Swaps With No KYC Process

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Swaps.app Offering Seamless Crypto Swaps With No KYC Process

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Swaps.app is simplifying how users are converting Bitcoin and other cryptocurrencies by eliminating the current barriers available in the market.

The EU-regulated company is changing how people swap cryptocurrencies for money with its “swap’n’Go” approach. The platform is a user-friendly space that allows anyone around the globe to effort conduct various trading activities.  

Swaps.app has various unique features. The platform notably offers low commissions and a faster transaction experience to its users compared to many other venues in the market.

Swaps.app offers the lowest fees in the industry while at the same time offering the best buying rates. Transactions performed on the Swaps.app employ price execution from top liquidity providers. In turn, this assures that Swaps.app customers get the best price possible for their purchase.

In addition, transactions on the platform take about 3 minutes. This is because there is no Know-Your-Customer (KYC) process and allows transactions to take three minutes to complete. This is a breath of fresh hair since the registration process associated with cryptocurrency exchanges is usually lengthy and cumbersome compared to most. The process has notably caused many people not to engage in cryptocurrency trade. 

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Another notable feature is that coins get to users’ digital wallets within 15 minutes of payment approval. Swaps.app has two currencies available for purchase, including Tether (USDT) and Bitcoin (BTC). Currently, the platform is accepting two payment methods, Visa and MasterCard debit and credit cards. Users can purchase varying amounts of cryptocurrencies up to €1,000 per month.

To merchants and developers, Swaps.app provides a convenient order widget that can be integrated into any webpage with just a few clicks.

In addition to being regulated by the authorities, Swaps.app integrates a full 3-DS V2 for safe and secure transactions. Reportedly, card purchases that use PCI DSS Level 1 certification will be authorized by code and verified by Visa or Mastercard ID Check.

Swaps.app is now available to over 160 plus countries and is available 24/7 throughout the year. The platform is owned and operated by Octo Liquidity, based in Tallinn, Estonia.

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Source: https://zycrypto.com/swaps-app-offering-seamless-crypto-swaps-with-no-kyc-process/

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