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

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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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Nairobi Securities Exchange May List Africa’s First Cryptocurrency ETF

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Africa's First Cryptocurrency ETF

Kenya-based Badoer Group ADK ETF is gearing up to launch a crypto-based exchange traded fund (ETF) on the Nairobi Securities Exchange in the first quarter of 2019. If their application is successful, it would become Africa’s first cryptocurrency-backed ETF.

Africa’s First Cryptocurrency ETF

Badoer GroupBadoer Group ADK ETF, a private company incorporated in October, is reportedly finalising an ETF listing arrangement on the Nairobi Securities Exchange (NSE), according to a report by Business Today.

If approved, the NSE would regulate Badoer Group ADK ETF, giving ordinary investors regulatory protection to invest in the asset. About 50 percent of the total ADK in supply, which is 12.5 million ADK, would be available for the ETF.

The founder of ADK, Ricardo Badoer, has reportedly met with the NSE’s commercial director, Ms. Bahati Morara, and the head of Innovation and Project Management, Mr. Irungu Wagema to finalise the ETF listing arrangement.

The NSE is one of the leading securities exchange in East Africa with 66 listed companies and over $20 billion (KES 2.10 trillion) in market capitalisation.

Road to the First ETF

In 2018, there have been debates about whether or when a Bitcoin ETF will get launched. Many believe it will allow investors to diversify their investments without actually owning the assets tracked by an ETF. While others think it is just a distraction to the development of the technology.

Last month, the U.S. Securities and Exchange Commission (SEC) had stopped accepting public feedback on their Bitcoin ETFs policy review. The market regulator postponed decisions or denied applications to list various ETFs. The SEC cited issues like the volatility of bitcoin and rumoured manipulation of prices as obstacles.

However, in Sweden, XBT Providers already provide bitcoin and ether as exchange-traded products (ETP) on Nasdaq Stockholm, a major Swedish exchange. ETFs are one of the investment vehicles under ETPs.

Having crypto-based fund will make sense to many investors who were cautious of putting their money in an unregulated cryptocurrency market. ADK’s anticipated move with an African-based ETF could open the market to a lot more African investors and institutions.

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Egypt’s Central Bank is Considering Issuing a Digital Currency

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Egypt central bank digital currency

Egypt has reportedly joined the list of countries that have started studying the issuance of digital currency as an option or alternative for their fiat currencies. That makes Egypt one of the few sovereign countries in Africa to consider a national digital currency option, which is somewhat surprising given the country’s negative stance towards cryptocurrencies.

The “Egypt Coin”

egypt bitcoin exchangeThe Cairo-based news outlet, Amwal Al Ghad, reported that the sub-governor of the Central Bank of Egypt (CBE), Ayman Hussein, confirmed the prospect of government-issued virtual currency in a conference in Abu Dhabi. He said the bank is conducting a study in collaboration with some international financial institutions.

However, he did not disclose details about the proposed currency and did not address whether it would be traded between banks only or issued to the general public.

Amwal Al Ghad says the bank believes the digital currency could “lower the cost of banknote issuance and use of cash.”

State-Issued Digital Currencies

Many central banks all over the world have considered issuing their own digital fiat money, rather than support cryptocurrencies like bitcoin.

In July 2016, the Bank of England became one of the first institutions to analyse the possibility of state-issued virtual currency. Followed by central banks in Canada, Russia, China and Sweden among others, as well as the European Central Bank.

However, Tunisia was the first country in the world to put their national currency on a blockchain in a trial in 2015. The eDinar initiative did not receive enough backing to go beyond proof of concept but highlighted the interest of central banks in testing a blockchain-based currency system.

The following year, various news media wrongly reported that the Senegalese government issued a digital currency on the blockchain. It had issued an e-currency, the eCFA, but it was not created on a blockchain.

Making State-Issued Digital Currencies Work

The use of this progressive financial technology is a positive step forward to help unbanked people in Africa. Also, it could aid electronic payments and support a cashless society.

Still, some people have questioned the approach of these countries. Centralised blockchains with power concentrated with the central banks could impose limitations on general adoption. The allure of the blockchain technology in the first place is decentralisation, giving people freedom from the traditional centralised banking system.

The impact of a central bank issuing its own cryptocurrency is potentially disruptive, even on the business model of commercial banks. The most practical approach for most central banks, it seems, is to restrict the use of cryptocurrency within an inter-bank context.

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Cashaa Announces Launch of Global Crypto Accounts for Businesses and Individuals

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Cashaa
Images by Cashaa

Cashaa, a London-based blockchain startup, has announced the launch of its global multi-currency crypto-friendly accounts for businesses and individuals, which will take place on November 28, 2018.

What is Cashaa?

CashaaCashaa was launched in 2016 to ease the challenges that were being faced by bitcoin remittance companies such as country-specific regulations, KYC/AML requirements, illiquidity of exchanges among others, will be able to bank all kinds of individuals and businesses from startups based in garages to large businesses or exchanges with revenues in the millions.

Unlike most bitcoin remittance businesses in operation today, Cashaa uses a peer-to-peer model that lets local traders manage fiat currency exchanges with the cryptocurrency feature of the whole transaction occurring in the background.

Talking about the planned launch of its gobal accounts, Cashaa stated in a press release: “The Crypto community has continuously been denied support from high street banks who like to talk and sponsor blockchain events but in reality do not want the blockchain revolution to happen. To speed up our mission to “Bank the Unbanked”, starting from the Crypto community, we have merged our wallet release with the account plans – this first version of Cashaa will be launched on November 28, 2018.”

Cashaa’s Business Products and Fund Security

Cashaa has five business products with different tiers for both businesses and individuals. The five different products are Blue, Basic, Smart Value, Premier and Advance. Each product membership is different for both individuals and businesses in terms of monthly limit.

Cashaa

All the accounts will require CAS tokens to function apart from the free account. CAS is also listed on several exchanges such as Idex and HitBTC, among others. The first release will see Cashaa users get:

  1. Multisig crypto wallet for Bitcoin, Ether and CAS tokens
  2. Accounting and auditing features
  3. Banking product details with different membership plans
  4. Pre-registration for the membership plans
  5. Onboarding business users for the banking services
  6. Deposit CAS token holding period to activate the accounts

Since Cashaa will have business and individual accounts that will potentially have millions of dollars in them, the startup has opted to go with a 100 percent fund protection scheme with European Central Institutions. This means that all deposits made through Cashaa will be kept in a segregated account with the Bank of England to ensure that Cashaa does not risk or invest their users’ money in any way.

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