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How to Earn Passive Income by Staking PIVX



PoS Staking PIVX

In this guide, you will discover how you can earn passive income by staking PIVX, the popular privacy-centric cryptocurrency.

What is PIVX?

Staking PIVXPIVX, which stands for Private Instant Verified Transaction, is a fork of the digital currency Dash (DASH). However, unlike Dash, which uses a Proof-of-Work (PoW) consensus mechanism, PIVX uses Proof-of-Stake (PoS). That means that new PIVX coins are not mined using mining hardware or CPUs. Instead, new PIVX coins are earned as a reward for staking your PIVX holdings using the official PIVX wallet. As this does not require any additional computing power, proof-of-stake is considered to be the more environmentally-friendly alternative to proof-of-work cryptocurrencies such as bitcoin (BTC) or litecoin (LTC).

Furthermore, PIVX’s core focus is on privacy. In November 2017, PIVX announced the implementation of the privacy-enhancing Zerocoin protocol, which makes PIVX the first proof-of-stake coin to do so. PIVX users are now able to send and receive anonymous financial transactions. Further items in PIVX’s roadmap include I2P Network integration, an iOS mobile wallet, a decentralized exchange, elastic block sizes, in-wallet voting, and more.

What is Proof-of-Stake?

Proof-of-Stake is a consensus mechanism that is used to secure a blockchain network. The most popular consensus mechanism is known as proof-of-work, which requires network participants to contribute computing power to secure the network by verifying and processing transactions. Bitcoin, for example, uses proof-of-work to keep its network running. However, as proof-of-work requires a substantial amount of computing power, it is not a very environmentally-friendly.

Proof-of-stake cryptocurrencies, on the other hand, do not require a high amount of computing power to secure its blockchain network. Instead, those who hold the most cryptocurrency and are staking it will play the largest roles in securing the network. For this, they are rewarded with new cryptocurrency that is minted. Hence, those who have the highest stakes in a blockchain network also have the greatest incentive to ensure that the blockchain runs smoothly.

How to Earn New Coins by Staking PIVX

Since PIVX employs a proof-of-stake mechanism, anyone who holds PIVX in the official desktop wallet is able to earn new PIVX by staking their existing PIVX holdings. To receive a rough estimate of how many new PIVX coins you will earn for the amount of PIVX you hold, you can use the PIVX Staking Rewards Calculator.

To stake PIVX, you first need to download the official desktop wallet and then install it. Once installed, you will have to download the PIVX blockchain, which will take you several hours. Next, you can purchase PIVX on online exchanges such as Bittrex, Binance, and Upbit.

Upon purchasing your PIVX coins, you need to transfer them to your PIVX wallet. Next you need to encrypt your wallet using a password. (Remember this password as you will need it to access your coins!)

Staking PIVX

Once you have encrypted your wallet with your password, unlock your wallet using your password and tick the box that says “For anonymization and staking”.

PIVX Wallet

Now, you should see a little green arrow pointing up at the bottom right of your wallet. That means you are now successfully staking!

PIVX Wallet

To receive the full reward for staking, you will need to have your wallet running constantly. If you only have it running for half a day, you will only receive half the reward.

According to the PIVX Rewards Calculator, if you hold 1000 PIVX (at a current value of around $5,000), you will receive around 4.31 PIVX (worth around $21.60) roughly every 15 days.

More About PIVX

PIVX currently has a market capitalisation of $300 million and continues to gain momentum. Averaging 1.5-2 million per day in volume, it is now used in over 174 countries, with over 9000 members. If you want to learn more about this community-driven privacy-centric cryptocurrency, join the PIVX Discord channel.


Humaniq Launches Version 2.0 of its App Based on the First Working Hybrid Blockchain



Hybrid Blockchain
Image by Humaniq

Humaniq, a blockchain startup based in London, has launched version 2.0 of its app, which operates on the first working hybrid blockchain.

Unlike other hybrid blockchains that are still in the beta-testing and prototype stages, Humaniq has developed a working hybrid blockchain. The Humaniq next-generation app, which has its own cryptocurrency called HMQ, has been downloaded over 100,000 times.

The Humaniq app features an inbuilt chat system, a wallet, a secure authentication process, zero commission fees, instant transfers, and a referral and bonus system.

HumaniqHumaniq conducted an initial coin offering (ICO) in April last year that raised $5.1 million. The company also held a competition for blockchain projects with the aim of helping the unbanked population. Three winners from the competition travelled to Kenya to “gain an understanding of unbanked people and test their hypothesis.”

Low-Cost Transaction and Security Fees

Humaniq has solved the scaling challenges of ERC20 projects by preserving the benefits of the Ethereum main-net and creating a “unique combination of sidechain solutions in individual African countries such as Uganda, Senegal, Zimbabwe, Tanzania, and Rwanda.”

“Our development team is proud of this technological first, which brings together the benefits of the Ethereum blockchain and of individual blockchains. Our unique solution allows us to serve even more of the global unbanked population, building on the 100,000 downloads already made – without the costs of providing services of either the miners or the traditional banks,” Anton Mozgovoy CTO Humaniq said.

Humaniq has developed a new architecture that offers inexpensive security – compared to approximately $84.85 charged for the security of a transaction on Ethereum’s main-net – while enabling users to make small transactions with almost zero fees. Furthermore, the new architecture will enable HMQ tokens to be open and accessible on the Ethereum main-net.

The solution, therefore, consists of one main HMQ blockchain and several other internal blockchains “where user wallets from different countries are stored and operated together while remaining identifiable and personalised based on the user’s country location.”

When the existing blockchain capacity becomes fulfilled as a result of transaction volume, the system launches the next blockchain to scale the system horizontally. Additionally, transactions on the hybrid blockchain will remain transparent and decentralised.

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How ICOs Could Boost the Kenyan Startup Scene



Kenyan startup scene

On March 17, 2017, BitSoko held the first ICO Summit in Kenya. The three-hour event attracted over 50 attendees and was well-received by the Kenyan startup scene as the main theme of the event was focused on how ICOs can help Kenyan startups to meet their funding needs.

In Africa, Nairobi – the capital of Kenya – has turned into a hotspot for startups, especially in the technology sector. The fact that blockchain technology is applicable in various sectors has made it possible for upcoming startups to find ways of utilising the technology for the solutions they seek to provide. This was evident on Saturday when six local startups pitched their solutions to attract investors and raise funds for their businesses through tokenisation.

Key speakers during the event included Michael Kimani from ChamaPesa, George Maina from Oseko & Ouma Advocates LLP, and Mr. Apollo who spoke at length on the advantages and risks that ICOs have in the cryptocurrency crowdfunding space in the country.

What is an ICO?

An initial coin offering, also known as an ICO, a token sale, a crowdsale or a token generation event, is a new form of funding that (predominantly) blockchain startups are using to raise capital for their venture. In an initial coin offering, a startup runs a crowdfunding campaign where it selling a newly-issued digital token in exchange for bitcoin (BTC) or ether (ETH). The future value of the digital token is then linked to the performance of the project. In that sense, an ICO or very similar to a stock IPO, except for the fact that the new digital token does normally not constitute a share in the company and its value is only indirectly linked to the success of the company.

While speaking on ICOs in Kenya, Chris from Coinweez compared an initial coin offering to table banking in Kenya that has been used over the years to fundraise for various projects including settling of school fees, weddings, and medical bills. While acknowledging that ICOs are a new concept that is quickly becoming mainstream he said,

“The ICO model can be modified to suit our needs in Kenya and Kenyan companies can have a smart way of raising money for their businesses.”

His sentiments were backed by Mic Kimani who felt that chamas in Kenya are “missing a technology to power what they are doing”. Kimani, who is part of the blockchain based app, ChamaPesa, said that the app is meant to give chamas a superior way for not only storing and earning but investing their money through the use of the blockchain.

He added, “ChamaPesa will connect different chamas to allow for borrowing of money as well as raising of money using ChamaCoin. The app will go beyond the Kenyan market and can be accessible by any agent network, which allows for borrowing of money hence having the ICO aspect. All chamas will be on the blockchain and anyone can be able to check the amount of money their chama has.”

Regulatory Framework and Risks in ICOs

For some people, the summit was a way for them to learn about what the regulatory framework for cryptocurrencies and ICOs looks like in Kenya. To answer this, George Maina from Oseko & Ouma Advocates LLP helped define what the regulatory landscape in Kenya is when it comes to digital currencies and ICOs.

Maina said: “As much as ICOs are not regulated in Kenya, it is not illegal to invest in bitcoin or any other digital currency and one can’t get arrested for it.” In the same breath, he added that bitcoin is not legal tender in Kenya. He also advised those seeking to invest in ICOs to do so at their own risk as there are currently “no laws on how disputes on the blockchain are solved.”

Apollo spoke about the risks that those investing in ICOs should be aware of. As there is no legal framework for ICOs currently in Kenya, one can raise money from anyone for their blockchain startup, terrorists included. At the same time, some startups do not divulge the amount of money they raise form the ICOs while others are just ideas that have no clear roadmap on the length of the project.

According to Apollo, more than 50 percent of companies that raised capital using the ICOs in the past one year were scams. Apollo also touched on the security issue relating to ICOs saying, “around 10 percent of startups seeking to raise funds through ICOs have been hacked and keys to where people can send them money changed simply because the companies seeking to crowdfund focused on getting money and forget about security.”

He advised those considering investing in ICOs to have “a high risk of tolerance as there is a chance that one could lose all their investment.” He went on to say that there is no insurance when it comes to investing in ICOs and it is important for people to do due diligence and ensure the startups they are investing in are legitimate.

“I hope that we get to a place where everyone can be able to raise money using ICOs,” he concluded.

Upcoming Startups Using ICOs to Crowdfund

The event also several Kenyan startups pitch their solutions in order to raise money for their startups through tokenisation, which refers to the digitising of business assets. Some of the startups that pitched include HAIL-A-HUSTLE, an e-commerce platform that seeks to develop business potential through its diverse products, and Usafi Sanitation, a startup that wants to improve sanitation and improve human dignity by providing schools and communities with proper sanitation by installing eco-friendly toilets and eliminating pit latrines. Other startups included Nairobi Cloakroom, Farm Books, and Mazingira Safi.

ICOs present an interesting and exciting way for startups and other established companies in Kenya and Africa at large to raise money to either start or expand their businesses. As the ICO market continues to grow, it is only a matter of time until more African startups will jump on this new opportunity to receive funding, which is often hard to come for local startups on the continent.

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Kenya’s First ICO Summit to be Held in Nairobi on March 17, 2018



kenya's first ico summit

This coming Saturday, Kenya’s first ICO Summit will be held in the country’s capital Nairobi.

The ICO Summit 2018, which will be held at Nairobi Garage, PineTree Plaza on Ngong Road, will include the following discussion points:

1. How blockchain technology has revolutionised startup fundraising through ICOs. 

2. How ICOs can make it easier for projects to attract investors by issuing digital tokens.

3. Why tokenisation (digitising of business assets) is touted as a future model that will be adopted en mass. 

4. How Bitsoko, with its key partners, is taking the initiative of enabling local businesses to tokenise their assets by pitching their businesses to investors. 

Initial coin offerings provide an amazing new funding opportunity for Kenyan startups that should not be missed. Kenyan businesses that are interested in submitting applications for funding can fill out the following form

To register for the event, you can purchase your tickets using MPESA or bitcoin on Eventbrite. Attendance will cost 1,000 KES and the event will run from 10 am to 1 pm.

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