Connect with us

Features

Ghanaian Payments Company Mazzuma Aims to Fix Mobile Money Using the Blockchain

Published

on

Mazzuma

Ghanaian payments platform, Mazzuma, has launched the third phase of its initial coin offering (ICO) to fund the development of its new blockchain-based mobile payments solution that aims to tackle the challenges that mobile money users are facing in Africa.

Who is Mazzuma?

As the flagship product of CYST, Mazzuma is a Ghanaian-based mobile money payment platform that utilises a secure distributed infrastructure and a native digital token to allow for instant payments. Mazzuma combines the use of blockchain technology and artificial intelligence to boost the existing payment systems in Ghana.

MazzumaThe Mazzuma platform has over 26,000 accounts and has processed transactions worth over GHC 7.5 million (around $1.5 million). Currently, the platform registers over 100 new accounts daily and has been ranked as the third highest used payment platform based on transaction volume.

The Mazzuma token, known as MAZ, will be the main payment medium in the Mazzuma ecosystem. Transactions made on the platform will be instant and free of any transaction fees. This is in line with the Mazzuma philosophy, which seeks to create a strong and robust payment ecosystem that is available to the masses while providing them with the freedom to use their funds in a favorable and stress-free way.

In the long term, the Mazzuma platform’s intent is to ensure that digital currencies slowly replace existing mobile money as the main method of payment in Africa by blending both systems on existing platforms. By merging the systems together, the platform will hasten the growth of cryptocurrencies and further expose users to the benefits of blockchain-based payments that will help solve existing problems faced with mobile money payments.

Fixing Mobile Money Problems Using Blockchain Technology

Mobile money platforms charge high transaction fees coupled with cross-telecom and cross-border exchanges that are slow, expensive and cumbersome. Registering accepting retailers creates overhead costs that get passed on to the consumers while limiting utility.

Security is another issue faced by mobile money platforms. All data is stored in a central place which makes the platforms susceptible to hacking. Since the blockchain is decentralised and immutable in nature, it allows for the secure recording, storing and transfer of any type of data.

Mobile money systems also suffer from inferior proofs of identity that become barriers to entry due to badly-defined creditworthiness. Most citizens are faced with the challenge of proving who they are, what they do and what they own in traditional channels.

In addition, mobile money systems are in most cases interoperable and require users to make transactions with those who are on the same service hence limiting its reach. Mobile money platforms also have daily transaction limits which can be too small for the middle-class individual’s financial needs such as paying school fees or buying an international ticket.

The Mazzuma Token Ecosystem 

MazzumaAccording to the company, the new platform will have e-commerce plugins for online shops to integrate and accept Mazzuma tokens for payments by simply choosing the “Pay with Mazzuma” option.

Additionally, an Application Programming Interface (API) will be made available for developers which will support iOS, Android and Web applications. The API will make it possible to accept the Mazzuma tokens as payments in their applications.

The platform will combine the use of chatbots and Artificial Intelligence on both Facebook, Messenger, and Telegram to enable users to send Mazzuma tokens to other users on the Mazzuma platform.

Future Plans

As the adoption of the platform continues, Mazzuma plans to expand its service to major e-commerce outlets and avenues worldwide. Their goal is to “bridge the gap between the huge economic benefits of cryptocurrencies and the existing financial ecosystem”.

In order to position itself as the global payments leader in both the developed and emerging markets, Mazzuma intends to continue to make improvements to the system as well as research and implement artificial intelligence into payments while supporting payment-enabled IoT devices.

The Mazzuma token sale is expected to run till September 5, 2018. Interested investors can read the whitepaper for the Mazzuma tokens here and subscribe to the token sale here.

Disclaimer: Readers should do their own due diligence before taking any actions related to any company, product or service mentioned. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this article.

 

Features

Can Cryptocurrency Disrupt the Online Gaming Industry?

Published

on

online gaming industry

Cryptocurrencies have had a marked impact in various industries over the past few years, generating hype and controversy in equal measure.

When it comes to online gaming, there is ample opportunity for bitcoin and its contemporaries to cause disruption. But what shape will this shakeup take and how will this differ depending on the segment of the market that is affected?

Online Casino Sites

Bitcoin Gambling ICOsThe rise of digital gambling services has been fuelled in the recent past by the relaxing of regulations surrounding web-based wagering, as well as the streamlining of the transactions required to deposit and withdraw cash from casino sites.

In spite of ongoing efforts to address claims that some countries are too liberal in terms of online gambling regulation, continued growth is anticipated and the industry could generate $100 billion annually within the next half-decade.

Unfortunately, most mainstream casino sites do not offer direct deposits and withdrawals using cryptocurrency. If you want to snap up bonus deals at Casumo or any other popular site, you will most likely have to rely on a credit or debit card transaction.

Indirect use of cryptocurrency can be achieved in this context through certain payment platforms. Skrill, for example, offers a crypto-oriented aspect of its service that can then allow for conversion into a classic fiat currency.

The reason that online casino sites are anxious about embracing cryptocurrency is that it is still subject to a significant degree of volatility, with signs that this state of affairs will persist indefinitely. This is something that players are also considering from a practical perspective, with the investment opportunities presented by cryptos being seen as enough of a gamble in their own right, without bringing the likelihood of losing money at a casino into the equation.

Esports

esportsOnline gaming used to be casually competitive, but it did not take long for professional players to emerge and tournaments focused on showcasing their skills to be developed.

Prize money for major events based on titles like Counter-Strike: Global Offensive and Starcraft can spiral into the tens of millions of dollars, while huge audiences from around the world tune in to see their favourite players and teams do battle.

The influence of cryptocurrency in this area of the market is similarly nascent and in the process of evolving, rather than being a truly disruptive force that is impossible to ignore. What is more relevant to esports is the way that blockchain technology is leaving its mark at the moment.

Blockchain provides the backbone of cryptos and ensures that security is optimal. This is being adopted by certain emerging online gaming service providers in order to reduce the chances of cheating and prevent unwanted outside intervention in both high profile esports events and everyday face-offs between amateurs in their own homes.

As with online casinos, gambling is also being factored into the esports scene at the moment, with both cryptocurrency and blockchain technology facilitating the emergence of new solutions to make this a possibility.

Being able to place a wager on the outcome of a digital competition in the game of your choice is not a new concept. What is gaining traction at the moment is the ability to bet on how well you will perform in a match that you actively participate in.

Platforms which let players host their own mini-tournaments, gamble on the result and make money while they play the games they love can use crypto services to make this happen. This is a dramatic shift from the traditional approach to online gaming and will continue to cause changes as the industry matures.

Continue Reading

Features

3 Reasons Why Africa Is Set For A Cryptocurrency Explosion

Published

on

Cryptocurrency Explosion

Bitcoin and other forms of cryptocurrency have irrevocably changed the way we think about money from a fundamental standpoint. Where most forms of hard currency are subject to government oversight and regulations, cryptocurrencies are typically free from such restrictions. Hence, it is easy to see why bitcoin was a favorite amongst dark web users and criminals. Controversy aside, cryptocurrencies are considered the way of the future and have the potential to bring about a revolution.

With a massive population and its wealth of natural resources, the continent of Africa has been described by Forbes as being the last frontier of investment. Now, in the face of changing times and an increasingly connected world, cryptocurrency is making its way to Africa.

Join us as we take a look at why Africa may be the next big thing for cryptocurrency.

1. The Lack of an Organised Financial System

With its bloody history of colonisation, political instability, and civil wars, Africa’s growth in the banking and finance sector has been lacking. Despite initiatives undertaken by the IMF and World Bank, financial inclusion in Africa remains low.

A lack of political will and resources has made the task of developing a banking infrastructure a daunting one. As a result, this has left a sizable amount of the population with little to no access to financial services.

Fortunately, because cryptocurrencies can be transferred and received by anyone with an Internet connection, the need for middlemen or banks is eliminated. Throw in the fact that Internet connectivity in Africa has been on the rise and we have all the elements required to see an increase in cryptocurrency uptake.

The trend can be witnessed by the number of cryptocurrency exchanges appearing across Africa. From Golix in Zimbabwe to the Naira Exchange in Nigeria, one can expect to see an increase in uptake in the years to come as Africans move beyond banks and their legacy services.

2. The Youth Factor

African tech startupsWith an entrepreneurial community and a high rate of tech-literacy, it should come as no surprise that a rising number of youths in Nigeria have turned to freelancing in lieu of traditional employment. Working with members of the international community, these freelancers offer a variety of services that range from copywriting to programming.

Unfortunately, the notoriety of Nigerian Internet fraudsters has resulted in some complications for burgeoning freelancers. For example, payment companies like Paypal do not allow the transfer of funds into Nigeria in order to discourage Internet fraud. On the other hand, payment companies who do offer such services to Nigerians often do so at an exorbitant cost.

To work around this, freelancers in Nigeria have turned to accepting cryptocurrency as a form of payment in lieu of cash transferred online. Among the crypto-literate in Nigeria, bitcoin is seen as being on par with the US dollar.

3. Cryptocurrency As a Stable Form of Currency

The African continent is no stranger to civil wars and unstable governments. From Venezuela to Zimbabwe, we’ve seen how hyperinflation can decimate the value of a nation’s currency.

Bitcoin creator Satoshi Nakamoto has often cited that bitcoin was intended to be immune to economic turmoil due to its decentralised nature. Suffering from crippling hyperinflation, citizens of Zimbabwe have turned to Bitcoin and other cryptocurrencies despite being banned by the Reserve Bank of Zimbabwe.

Kenyan Shilling

Tech-savvy Zimbabweans have often cited that utilising bitcoin as a medium of exchange allows them to hedge the value of their cash against hyperinflation. In a nation where financial services are sketchy at best and foreign investment is minimal, bitcoin provides Zimbabweans with a measure of much-needed stability.

Further proof of this can be seen by how Venezuelans have turned to bitcoin and other cryptocurrencies in lieu of the now defacto useless Bolivar. Being free from bank and government intervention, cryptocurrencies allow citizens to freely transfer funds into or out of the country with minimal fuss.

Cryptocurrencies have the potential to democratise financial services due to their independence. With adoption rates of Bitcoin and cryptocurrency set to explode in Africa, you just need to hold your horses and wait for the value growth.

This guest post was contributed by cryptocurrency writer Benjamin Lee. 

Continue Reading

Features

eatBCH – Bitcoin Cash Community Has Raised Over $10,000 to Feed Vulnerable South Sudanese

Published

on

eatBCH

eatBCH is a charitable cause launched with the aim to help feed individuals who live in Venezuela’s struggling economy through donations in Bitcoin Cash (BCH). After initially launching in Venezuela, eatBCH was also launched in South Sudan to bring the “peer-to-peer electronic cash-to-food system” to the central African nation.

To find out more about the eatBCH initiative in South Sudan, BitcoinAfrica.io spoke to one of the organisation’s volunteers, Garang Deng.

eatBCH in South Sudan

EatBCH South SudanIn a conversation over Telegram, Garang Deng told BitcoinAfrica.io that the eatBCH South Sudan team, which works on a volunteer basis, was inspired by the initiative’s impact in Venezuela after which a team member got in touch with eatBCH Venezuela to find out more how the charitable cause was run in the South American country.

After several of today’s team members attended the Africa Blockchain Conference in Kampala in May 2018, the group decided to launch an eatBCH initiative in South Sudan.

“We launched it there and got our first donation, and we bought some food items on our way back home,” Deng explained.

Since there are no businesses or vendors that accept bitcoin cash and no local cryptocurrency exchanges in South Sudan, the eatBCH team uses Ugandan exchange Coinpesa to convert the BCH to mobile money, which it then uses to make its food purchases.

“We started the charity part-time on weekends in the capital, Juba, in our neighbourhood and then expanded to some of the most affected areas by the conflict, such as the town of Yei or Bor. There, we were able to feed over 500 internally displaced people, mostly elderly and children. We were able to do that through our colleagues whom we trained after coming back from the blockchain conference,” Deng elaborated.

Since May 2018, the eatBCH South Sudan initiative has managed to raise over $10,000 said Deng.

More to Come

Future plans of eatBCH in South Sudan are “to teach people to use this money to improve their lives not only for feeding but to trade with it. Also, we are planning to send these kids who work on the streets to school if we are able to get the support we need.”

Anyone that is interested in contributing to the charitable cause on a voluntary basis is welcome to do so. Currently, the broader team includes students from high schools and colleges who help to distribute the food to children and the elderly.

Moreover, anyone wishing to contribute financially to the cause can donate to eatBCH’s Bitcoin Cash (BCH) wallet found on the initiative’s Twitter and website.

Continue Reading

Bitcoin Price

Popular Posts