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Blockchain-Based Mobile Banking App Humaniq is Now Active in 21 African Countries

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1 year ago

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Humaniq 21 African Countries

The blockchain-powered mobile banking platform Humaniq is now active in 21 African countries where it offers low-cost mobile banking to the underbanked and unbanked populations. Its app is currently available in Tanzania, Uganda, Rwanda, Ghana, Botswana, Zimbabwe, Cote d’Ivoire, South Africa, Kenya, Senegal, Zambia, Cameroon, Burkina Faso, Guinea, DR Congo, Sierra Leone, Burundi, Republic of the Congo, Sudan, Liberia and Equatorial Guinea.

An expansion into more markets is planned. However, expanding into new African markets is not that easy for Humaniq.

Africa’s Lack of Cryptocurrency Regulations Slows Down Humaniq’s Expansion

The main reason why Humaniq is not active in more markets yet is that the startup has to comply with the regulations in every country it operates in.

Humaniq

From a regulatory perspective, both the blockchain and cryptocurrencies operate in what Humaniq calls a “legal void”. Simply put, there are no laws or regulations that have been established to govern the use of the blockchain and cryptocurrencies in most countries in Africa. For most countries, digital currencies are neither legal nor illegal although there are certain governments that have issued warnings to their citizens about their use to with some countries like Namibia outrightly banning cryptocurrencies.

Another important factor that Humaniq has to put into consideration is being compliant to the privacy and user data protection laws. This is because the Humaniq app, just like any other app you use on your phone, deals with a lot of sensitive information such as biometric identities and phone numbers.

For this reason, Humaniq stated in a blog post that it “needs to be very careful to respect all existing standards for data safety. With that said, we are fully compliant with the recently enacted EU GDPR laws, which can be considered as the toughest user data protection legislation in the world”.

How Humaniq Adds New Launch Countries

Before Humaniq can allow users to use their wallet in a country, it must first whitelist that country. This means that the company has to be 100 percent sure that government of a given country will consider their activities fully legal.

Humaniq went on to explain: “Initially we created a list of 10 countries, chosen according to criteria such as large population size, low incomes, and low banking services penetration. Then, we began searching for local law firms that specialised in the financial sector, requesting a legal opinion on whether our services will be allowed in their country. As mentioned before, the most important factors were the regulations on user data protection and the legal status of cryptocurrency, taking into consideration our emission system as well.”

Unbanked

While this procedure was a set standard procedure for Humaniq, it meant that it had to wait for several months for each country request which slowed their launch operations in any new country. The team ended up adding more countries that they were interested in expanding in and the list grew to 40 countries. Even with more countries of interest, there were countries that the company could still not launch in because either there was no legal clarity or they faced immediate rejection.

Although the team remains hopeful and believes they will be able to solve the problem through additional work, they also acknowledge the fact that it will take more resources and time, especially in Africa. This is because, besides the legality surrounding blockchain technology and cryptocurrencies, Humaniq carried out research to get a better understanding of its users in different African markets and the results revealed that some of the issues facing these markets when it comes to financial inclusion include the lack of a common language, literacy level, no trust and people in emerging markets will generally not use cryptocurrencies for paying for paying for things like goods.

Besides legal issues, there are also other non-legal factors that have to be considered when a business wants to launch into any new market. While whitelisting a country is an easy matter and can take less than a day, getting the citizens to start using your services, however, does not take a day. People will not just use your product because it is available to them. There is a need to run marketing campaigns that combine the use of traditional and digital marketing for each new market separately.

Future Plans

HumaniqAlthough Humaniq has picked up the pace for whitelisting new countries and plans to continue the same way, their focus will not just be on the African continent. It is also targeting Asian and South American countries.

“It’s important to remember that Africa is not the only continent with large amounts of unbanked people, and we are excited to be making the jump soon! In fact, the expansion into Asia and America will be somewhat faster, as it’s much easier to find the required information by ourselves, compared to most African countries. We will, of course, keep developing our African presence through providing more use cases and more available countries as well: our eventual aim is to cover all of Sub-Saharan Africa,” the company stated in a blog post.

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Brave Rewards: How to Earn BAT Using the Brave Browser

Published

3 weeks ago

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January 31, 2020

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Brave Rewards

Chances are you are using an ad blocker on your browser because you find ads intrusive. But did you know there is a free browser that comes with built-in ad and tracking blockers? In this guide, you will learn about the Brave browser and how you can earn Brave Rewards.

What is Brave?

earn bat

Brave Software introduced the first version of Brave in 2016, a web browser that blocks ads and website tracking while allowing users to tip content creators with Brave Rewards.

Advertising websites target the data of users, therefore, infringing on their privacy. Brave is mitigating this issue by offering privacy protection. As a user of Brave, you have the power to choose whether you want to view ads or not. You can earn Brave Rewards by opting into ads that respect user privacy.

Content creators that publish on other browsers like Google Chrome depend on advertisements to make money. However, on Brave, you can tip content creators and support them for their contributions directly.

Here is how Brave stands out:

  • You can turn Brave Rewards and ads on or off
  • Brave ads do not retrieve your personal data
  • Brave picks ads that are suitable for you
  • When you view an ad on Brave, you get 70 percent of what the advertiser paid
  • Ads on Brave appear like system notifications and are, therefore, not intrusive
  • Since brave blocks harmful ads and trackers, you will experience faster browsing

At the end of November 2019, Brave hit more than ten million active monthly users after the release of Brave version 1.0. Like Google Chrome, Brave is based on Chromium, Google’s open-source software project.

How to Start Earning BAT

Basic Attention Token (BAT), the digital currency used on Brave, is based on the Ethereum blockchain. To start earning BAT, follow these steps:

  • Visit the Brave website and click “Download.”
  • Choose the download version that suits your operating system. Brave is compatible with Windows, macOS, and Linux. You can also access the Brave apps for Android or iOS on the same page.
  • Open the application and click “Run.”
  • After a second or two, the application will start downloading.
  • Once the download process is complete, the installation process will begin.
  • When your browser has installed, you can now launch it.
  • Go to the main menu and click “Brave Rewards” then the “Rewards Icon.” Next, click on “Rewards Settings” to enable Brave Rewards.
  • On this page, turn on Brave Rewards and ads.

You can now start surfing the internet and viewing ad notifications as they come. Note that you will receive BAT for viewing the ads not for clicking them. Brave sends an alert on or before the fifth of each month allowing you to claim the Brave Rewards you have earned from viewing ads.

Furthermore, you can choose to hold or tip content creators with your Brave Rewards. To view the BAT you have earned, go to the “Rewards Icon” on the main menu and then click the “Rewards Panel” which will appear on the right-hand side of the address bar.

Brave allows users to transfer their BAT to another wallet where they can convert it to other digital currencies or to fiat and have it transferred to their bank accounts. To do this, you have to link your Brave wallet to your Uphold account.

Besides using the Brave browser, you can also earn a small amount of BAT for participating in the Coinbase Earn Program. The program rewards you in BAT for learning about Brave and BAT.

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Scam Alert! Scammers in Kenya are Now Using Facebook’s Libra to Defraud Crypto Users

Published

4 months ago

on

October 23, 2019

By

Libra Kenya

Scammers in Kenya are now using Libra to make quick gains from unsuspecting victims through a company called Calibra Kenya.

According to its website, the “company” is promising to increase investors’ money three-fold within six months if they invest amounts from KES 20,000 to KES 950,000. The deadline for this “investment deal” (read scam) is November 31, 2019.

Facebook’s Libra is yet to Launch

Bitcoin Scam“Calibra Kenya” is cashing in on Facebook’s Libra, a cryptocurrency that is not yet rolled-out. Calibra Kenya told Gadgets Africa that they are waiting for the Libra launch in January 2020 for investment to begin. However, it is currently unclear when Libra will launch. Facebook had originally announced 2020 as the launch date but the company has said that it will only launch until it has sorted out regulators’ concerns.

Since Facebook announced the cryptocurrency in June, the embattled crypto project has lost a quarter of its members while Mark Zuckerberg is set to testify before the US House Committee on Financial Services today.

The Kenyan “company” has borrowed the name from Libra’s digital wallet, Calibra.

Scammers That Are Also Self-Proclaimed Philanthropists

“Sir John,” a Twitter account holder promoting Calibra Kenya, claims he is a philanthropist. This is similar to a scam story BitcoinAfrica.io recently covered where the alleged swindler was a self-proclaimed philanthropist on LinkedIn. The aforementioned Twitter account also belongs to the Libra Cryptocurrency Association Kenya.

While scamming and philanthropy have nothing in common, it appears that scammers could have found a way to entice their victims in the name of social good.

Moreover, the fact that Sir John claims he is a nature-lover and a passionate entrepreneur and investor in the fintech industry goes to show how far scammers will go to appear legit.

Spotting the Red Flags

It might be obvious to most that Calibra Kenya is a scam but to some, this might not be the case. Therefore, here is a list of what is wrong with this “investment opportunity”:

  • Libra has not yet launched. Anyone asking you to invest in a currency that does not exist is a fraud.
  • Any individual or company that is promising a 50 percent return every month on investments is a scammer. Such high returns are unrealistic. Additionally, in a volatile market, returns cannot remain constant and are bound to fluctuate from month to month.
  • Facebook’s Libra only has one association, the Libra Association, which currently has 21 members. These members are well-known international companies like Uber, Spotify, Vodafone, Mercy Corps, Xapo Holdings, PayU, and Coinbase. Libra Cryptocurrency Association Kenya and Calibra Kenya, therefore, have nothing to do with the real Libra Association.
  • Should you consider a website with grammatical errors suspicious? Yes, you should! Calibra Kenya’s website is guilty in this regard.
  • According to Calibra Kenya, investors will get their money back at the end of the contract. This is a cause for alarm as any legit investment platform should allow investors to withdraw their investment plus returns at any time.
  • On their website, Calibra Kenya throws around crypto and blockchain-related terminologies to confuse and mislead their readers. For instance, they claim that they create smart contracts, that they are the official Libra cryptocurrency exchange in Kenya, and that they are a tier two member of the Libra Association. This does not make any sense and is only meant to confuse readers.
  • The website contains a lot of payment information which is another red flag. It indicates they are only focused on making money.
  • Their website is too “salesy.” Words like “investment opportunity,” “invest now,” and “we make your dreams a reality” are obvious red flags.
  • Calibra Kenya does not provide a platform for investors to track their investments. That means that once you send them money, you have no way of finding out how your investment is performing. The only mode of contact is a phone number that they could easily disconnect.

Unfortunately, reports of crypto-related scams are increasing as major developments take place in the industry. Similar fraudulent websites also appeared during Telegram’s token sale, for example.

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Particl Launches Decentralised Marketplace With Zero Commission Fees

Published

6 months ago

on

August 13, 2019

By

decentralised marketplace

Privacy-focused cryptocurrency project Particl has launched a decentralised marketplace with zero commission fees. The new e-commerce platform is leveraging blockchain technology to compete with the likes of Amazon and OpenBazaar.

Privacy and Zero Commission Fees

ParticlCryptocurrencies can be difficult to spend on a day-to-day basis and Particl wants to solve this through its private coin, PART. On the Particl marketplace, users can put the digital currency to use.

The new decentralised marketplace respects user privacy and does not require personal information from its users. The platform only requires a shipping address. Moreover, the decentralised nature of the Particl marketplace ensures that no commissions are added to sales as is the case on Amazon.

According to an article on Big Commerce, fees for sellers can be as much as 45 percent of a product’s cost on Amazon. Particl’s zero-free model, therefore, enables sellers to significantly increase their revenue and lower their prices to stay ahead of the competition while still making a profit.

“Using a combination of P2P and blockchain technologies, Particl Open Marketplace can provide a verifiable private shopping experience that ensures no user data can be created or collected by any party other than the one you are transacting with. The Particl protocol also brings the cost of buying and selling online to the bare minimum as no central entity can charge fees,” said Particl’s Project Marketing and Strategy Manager Paul Schmitzer.

How Particl’s Decentralised Marketplace Works

Particl is uniquely approaching fraud and trade insurance through the use of a double deposit escrow system without intermediaries and with zero fees. This system is based on MAD game theory where two parties deposit PART coins as collateral into a smart contract. Once the transaction between them is complete, the coins are released back to the parties and no fees are charged. This system allows users to be in control of their transactions and to eliminate fraud.

 

Since the marketplace is decentralised, the protocol generates all listing fees and redistributes them to the global network of users.

Particl is made up of three components: an untraceable multi-purpose privacy coin, a private decentralised marketplace where users can shop with cryptocurrencies, and a platform where developers can build decentralised applications.

Particl allows a wide range of cryptocurrencies and uses atomic swaps and third-party integrations to convert these coins to PART during transactions. The company will soon add more payment options to its marketplace.

In 2018, Bitcoin Africa talked to Particl’s spokesperson Desi-Rae about the project. Read the full interview here.

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