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What Is Ethereum And How Does it Differ To Bitcoin?

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What is Ethereum

If you have been following any cryptocurrency-related news, then you will have most likely come across the Ethereum network. In this post, we will address the question ‘What is Ethereum and how does it differ to Bitcoin?’

What is Ethereum?

Ethereum is a decentralized platform that performs smart contracts. They are referred to as ‘Smart contracts’ because they are set up in such a way that they will not experience downtime, you can not censor them and has zero fraud. This platform is created by developers where they build their own applications to show ownership. The platform also makes it possible for programming of smart contracts into the blockchain. This helps create unquestionable contractual agreements.

ether

This new technology has the ability to interrupt the status quo of different industries. Ethereum blockchain-based smart contracts could be created to represent ownership of various things such as intellectual property and financial securities in a more secure way.

Ethereum’s cryptocurrency is called ‘ether’. However, it is purely there to ‘fuel’ the Ethereum network and was not designed to be a currency meant for financial transactions.

If you are based in Africa, you can purchase ether on the BitX cryptocurrency exchange, if you think that ether would make be a good investment.

How does it differ Bitcoin?

Bitcoin was built as the first truly global digital currency that can be used as an alternative to government-backed currencies. The Ethereum blockchain, on the other hand, was built to create smart contracts and it’s cryptocurrency ‘ether’ was not created as a digital currency for financial transactions. Instead, ether is spent by developers who wish to built new applications on top of the Ethereum network.

What could Ethereum be used for in Africa?

With the vast opportunities that the Ethereum network offers its users, it could have an immensely positive impact on society in Africa. The Ethereum blockchain could be used to ensure a better democratic process at national elections through electronic voter registration. It could also provide proof of land ownership in rural communities and could be used to provide digital identities for example.

Ethereum is still in an early development stage. Hence, it will be interesting to see what products and services will be built on top of the Ethrerum blockchain and what impact they could end up having in Africa.

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South African Exchange ICE3X Adds Monero (XMR) Support

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Image by GetMonero.org

South African digital currency exchange ICE³X has announced the launch of the anonymous digital currency Monero (XMR) on its trading platform. ICE³X is the first and only cryptocurrency exchange in Africa to list Monero, offering both XMR/ZAR and XMR/BTC as trading pairs.

ICE³X currently offers seven cryptocurrencies on its platform and believes that Monero is a suitable addition to the exchange due to its unique architecture, buzzing community and most importantly, a well-resourced development model.

Traders who have registered with the ICE³X exchange are presently able to deposit and withdraw Monero to and from their ICE³X accounts. The XMR/BTC market is expected to open for trading on Friday, April 27, 2018, with the XMR/ZAR market going live on May 1, 2018. Zero trading fees will be applied to the XMR/BTC currency pair until May 31, 2018.

In a company press release, Gareth Grobler, CEO of ICE³X, said:

“We think Monero is currently the most suitable coin to add to the exchange, because it is fundamentally different from bitcoin, has a real-world use case and somehow managed to stay true to the original idea around which bitcoin was created.”

Traders are welcome to sign up here to trade Monero on ICE³X. Further information on how to trade Monero or frequently asked questions can be found on our service desk portal help.ice3.com.

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The Sun Exchange Launches SUNEX Token to Fund its Solar Project Insurance Fund

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SUNEX token

The Sun Exchange, a South Africa-based blockchain startup, has announced the launch of its new SUNEX network token. The SUNEX token will be used to create a solar project insurance fund for emerging markets on The Sun Exchange platform.

The SUNEX network token will be utilised on the new Sun Exchange Solar Project Insurance Fund (SPIF) which has been built to unlock financing and minimise risk for financially underserved solar projects.

The Sun Exchange is a blockchain-based solution that provides members with a unique opportunity to earn income by investing in clean solar energy projects across Africa. Those looking to invest in the solar panels are able to purchase each solar photovoltaic (PV) cell online at $10 and lease them for installation to schools, businesses, hospitals as well as other organisations in Africa and the Middle East.

Individuals who invest in the solar cells are able to earn monthly income from the lease of the solar cells that are either paid in cryptocurrency or fiat currency with the consumers benefitting from access to clean energy that is affordable.

The new SUNEX digital network token and SPIF are the latest additions to the innovation designs that The Sun Exchange is developing to maximise benefits for its stakeholders while eliminating the obstacles hindering the financing of solar energy installations in developing countries.

SUNEX Digital Token Features

As an ERC20 standard token that has been built on the Ethereum blockchain and is designed to make solar asset ownership more affordable and rewarding, the SUNEX token’s features include:

  • Opportunities to receive up to a 20 percent return in tokens by staking SUNEX tokens into the Sun Exchange SPIF
  • Access to discounts and lease bonuses when using The Sun Exchange
  • Priority access to new solar projects on the platform
  • A gamified rewards programme, which guides users towards maximising the diversification and social impact of their solar cell portfolio

One of the main concerns for The Sun Exchange is to provide its members with a secure financial environment. For this reason, all the solar projects they have launched to date have proven reliable due to their rigorous approach to due diligence.

“The new Sun Exchange SPIF creates a new layer of security and reliability as the company grows, stimulating investment in impactful solar projects,” stated Larry Temlock, co-founder and CFO in a company press release, and will be “the world’s first crowd-sourced default insurance fund for clean energy projects in emerging markets.”

The Sun Exchange’s SPIF will:

  • Safeguard The Sun Exchange solar cell owners against costs associated with potential solar project defaults
  • Unlock the flow of capital into emerging markets Commercial & Industrial (C&I) solar projects, accelerating critical economic and social development
  • Allow The Sun Exchange members can grow their token holdings by staking SUNEX tokens into the SPIF

Solar Projects Financing a Drive for Economic Development

Speaking on the new SUNEX digital token and SPIF, Abraham Cambridge, founder and CEO of The Sun Exchange said: “Small commercial and industrial solar projects can drive urgent economic development by powering organisations such as hospitals, schools, small and medium businesses in developing regions. However, with aid organisations and NGOs primarily funding residential solar, and large banks and financiers only backing large and utility-scale projects, C&I solar projects fall into a major funding gap. With the new SUNEX network token and SPIF, Sun Exchange is leveraging blockchain and the crypto-economy to further bridge that funding gap and address a very real global challenge with the power to impact the lives of millions.”

David Orban, the founder and Managing Partner of Network Society Ventures, and one of the investors in The Sun Exchange’s projects said: “We have invested in The Sun Exchange and purchased SUNEX tokens, because we believe in the fundamental value of the business, and in the healthy growth of the network as people all over the world embrace renewable energy. The innovation of coupling blockchain with solar energy decentralizes renewable energy funding and production, democratizing access and setting the stage for the long-term growth of Sun Exchange’s activities.”

To date, The Sun Exchange has provided financing for four different solar projects across South Africa that are fully operational. These include two wildlife rescue and protection parks, a school and a tire recycling factory. In addition, The Sun Exchange’s crowdsale for its fifth project that is meant to provide power for an environmental NGO South South North sold out in a record-breaking two weeks.

“What is fantastic about The Sun Exchange model is that it benefits us as the recipient of power and it benefits the people buying the solar cells and it’s also a win for the environment,” said the Director of South South North, Carl Wesslink. “Their unprecedented approach to solar financing can achieve installation at scale on a commercially sustainable basis. This is the catalyst required for realising our (distributed) energy revolution.”

The SUNEX network token will be available for sale through a public token event from April 22, 2018, at 12:00 PM UCT to both existing Sun Exchange members as well as the general public. The Sun Exchange SPIF will then be created shortly after the token sale comes to an end. Additional information on the new SUNEX token, token sale and SPIF can be found on the SUNEX Network Token Whitepaper.

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First-Ever Bitcoin Cash Kenya Community Meetup Will be Held on April 14

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bitcoin cash Kenya

On April 14, 2018, at 2 pm, the first-ever Bitcoin Cash Kenya Community Meetup will take place at Pepino’s Pizza on Kimathi Street in Nairobi.

Djibril Wachiye, event organiser and founder of JumpstartUP, told BitcoinAfrica.io: “The launch of Bitcoin Cash (BCH) Kenya community is informed by our mission to help Bitcoin Cash BCH) serve one billion users around the world within five years, Kenya included. We hope to provide economic freedom to users by allowing them to send money to anyone, anywhere at any time for less than a cent.”

“Other secondary innovative products and services built on top of Bitcoin Cash have made it easier for ordinary people to start using Bitcoin Cash as money. For instance, CoinText enables users to send Bitcoin Cash to any phone without internet via SMS, making it possible for the poorest in the developing world to participate in the digital economy, services on Local Bitcoin Cash matches peer-to-peer bitcoin cash buyers and sellers, allows people to post or apply for gigs and pay or get paid in Bitcoin Cash, and Tipprbot allows social media users to reward content creators with Bitcoin Cash directly on their usernames without the complexities of wallets,” he continued.

“With high levels of unemployment in Kenya, we believe that creating awareness of Bitcoin Cash (BCH) and innovative solutions around it will lead to the technical and economic empowerment of the masses,” Wachiye added.

“Information symmetry has contributed to the loss of funds to pyramid schemes disguised as bitcoin investment opportunities. By default, it is the responsibility of the enlightened to educate the masses and create stronger communities to lay a foundation for the mainstream adoption of digital currencies.”

“We are at a crucial moment in the discourse around Bitcoin scaling, and now more than ever everyone needs to pay attention and contribute to this discussion. On this premise, Bitcoin Cash Kenya community aims to bring everybody on board through monthly meetups and activities to discuss issues around Bitcoin Cash, help each other solve day-to-day issues in their specific areas of specialisation and network,” Wachiye concluded.

Bitcoin Cash (BCH) was created in August 2017 as a result of the ongoing Bitcoin scaling debate as an alternative peer-to-peer cash payment system to Bitcoin (BTC).

If you want to attend the first-ever Bitcoin Cash Community Meetup in Kenya, you can register here.

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