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What is Particl and Why Should You Know About It? – An Interview with “Crypto Ramble”

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Particl
Images by Particl.io

BitcoinAfrica.io reached out to Particl spokesperson Desi-Rae, who hosts a YouTube channel called Crypto Ramble, which focuses on cryptocurrencies, privacy, and the Particl Project to find out more about the highly innovative privacy-focused cryptocurrency project and how Africans can benefit from it.

Desi-Rae is a native Jamaican turned New Yorker who first learned about cryptocurrencies in 2013. She started to become actively involved in the cryptocurrency community in early 2018 when an advisor at Particl asked her if she would like to create digital content to spread the word about the project.

What is Particl and how does it differ from other privacy-focused cryptocurrency projects?

Particl is a privacy coin that is currently building its first decentralised application (DApp): an online marketplace. The project is unique because of how its privacy technology is built, and the impact it will have on the world.

Particl uses RINGCT, initially developed by Monero, which allows transaction amounts and sender information to be hidden. Particl also provides recipient anonymity. RINGCT provides one of the highest levels of anonymity among privacy coins, compared to Dash’s CoinJoin for example, and without some of the disadvantages of other privacy technologies, such as a trusted setup.

ParticlFurthermore, because it is built on the Bitcoin codebase, this gives a stable and well-understood environment for the development of DApps and inclusion of new developers in the future. There are other achievements of the project, such as it being the first to implement hardware cold-staking, that highlight the innovation and talent of the development team.

In terms of its impact, the privacy and selling features it offers with e-commerce are unique. The marketplace is the first of its kind, due to the privacy offered by RINGCT, and additional governance and escrow services. It means that users can transact with each other without the power imbalance and subsequent threats that come from using the platforms of private companies. It solves current e-commerce and finance issues such as higher barriers to entry for sellers, exploitation of sellers’ sales data, global payment infrastructures being exclusive, and needing middlemen to provide escrow services.

Particl is also, conspicuously, one of a few cryptocurrency projects that are well beyond its idea stage. The coin’s privacy features were recently audited, and the marketplace has a testnet build already available with a usable product coming soon. It is a stellar project, building secure technology, and with a pragmatic product on the horizon.

What is your role at the Particl project?

Desi-Rae CryptoRamble

I’m a Particl spokesperson and community member. I help bring awareness to the project by creating visual and written content that others can watch and read in order to discover what the project is about, how it works, and why they should get involved. I also introduce the project to as many people and contacts as I can.

I make content for Particl within the context of Crypto Ramble, a web series that focuses on cryptocurrencies, privacy, and Particl.

Why did you choose YouTube for your channel as opposed to some of the new video streaming alternatives out of the crypto sector?

I chose YouTube because I was already familiar with using YouTube as a platform to share my content. I also post Crypto Ramble videos on other platforms but have not done any live streaming in a solo capacity.

There will also be an audio podcast as an alternative to video content, coming soon.

How important is privacy for you and for cryptocurrency users, in general?

PrivacyPrivacy is very important to me. We are slowly allowing ourselves and future generations to be ensconced in an age of rapid technological change that is shedding basic tenets of self-sovereignty, such as privacy, due to the lure of convenience. I can’t speak for anyone but myself, but I would think that privacy is important for cryptocurrency users in general.

The spirit of cryptocurrency is to create a new form of institution, a decentralised one, that is not beholden to the corporate interests that dominate the status quo. Bitcoin was not just made to create a new form of money, but a trust-less form of money.

A lack of privacy equates to the same institutional powers being able to maintain that status quo. It is important to realise that privacy is not just desired by bad actors. It is a fundamental human right that is also identified by reputable institutions where these standards are established.

Particl is currently ranked 237th on CoinMarketCap and is not in the top ten largest privacy coins measured by market capitalisation. Why do you think that Particl has not managed to get more traction from investors?

Particl has an amazing development team, amazing being an appropriate word. This does not necessarily translate to the desire to generate hype while focusing on development. The project garnered a lot of attention at its start and there has been a proliferation of cryptocurrencies during and after that time. Investors and enthusiasts may not fully understand the space or may be looking for projects that they can quickly find promoted information on.

My personal assessment is that there is a lot of noise in the cryptocurrency space and that the project will make its mark again when it is ready to, with the right deliverables.

How can Africans benefit from what Particl has to offer?

Africans can benefit from what Particl has to offer by using the technology in ways that are useful to them. Cryptocurrencies allow users to take control of their personal finances and send money directly to others without the barrier of distance, and without the need to trust in companies. They can get their money across in a timely fashion and to the right people, without the stress of inefficiency or overcurious assistance.

Moreover, at this stage where cryptocurrency or blockchain as cryptocurrency is finding its feet as a new form of technology, the opportunity is there to learn how to use it and leverage the technology to deliver solutions to people in the untapped niches that make up their environment.

Particl is not just a privacy coin but a platform, with a software development kit (SDK) in the works. In a similar fashion to using a decentralised currency, Africans can use a decentralised marketplace that offers privacy, useful transaction features, and ownership of their data. They can use it in ways that are useful to themselves and their communities.

Does Particl have plans to move into the African market? Are there any existing initiatives in this regard?

Africa

As Africa is a big continent with many people self-identifying with different parts, this is an interesting question to answer. A central hub for Particl is South Africa, so Particl already has its feet firmly planted in Africa. Particl is more than open to bringing in new community members.

Particl is currently focused on the development of the project but will be focused on marketing and new projects in the future. We are open to making any new contacts. Perhaps your readers could even start thinking about potential products they would like to sell on the marketplace!

Where can people find out more about yourself and the Particl project?

People can find out more about me at http://cryptoramble.com and find out more about Particl at http://particl.io. There are links on the Particl website to various communication channels. Finally, you can follow @cryptoramble on YouTube, Twitter, and Steemit to stay up to date.

Features

What Happened to “Bitconnect Guy” Carlos Matos?

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Carlos Matos

You might recognise Carlos Matos from the famous meme in which he screams “Bitconneeeeecct” with plenty of gusto. Matos was an “investor” in the now-defunct Bitconnect Coin.

Bitconnect was a cryptocurrency scam that went from obscure in 2016 at about US$ 0.17 to a high of $436 in 2017. It screamed of potential, becoming a top 20 cryptocurrency token. This couldn’t last, as the price came crashing to $0.40. Regulators came cracking down on the project, forcing its cessation in 2018.

Investor Frenzy in Bitconnect

If you logged in to the website, you’d find no whitepaper or clear team identification, but a promise of unusual profit. Through four phases of the project’s rollout, investors got a guarantee unlike any other in traditional investments such as stocks.

Phase one was the giveaway of 4.8 million Bitconnect coins to investors and the community. The second phase (first quarter of 2017) entailed the launch of BCC wallet and the desktop client to enable staking and mining BCC (Bitconnect coins). Phase three (second quarter of 2017) would be the launch of staking and mining. This meant 120% returns for investors per year! The fourth phase targeted introduction of the “Smart Card” and wider merchant adoption.

A Massive Cryptocurrency Scam

Bitconnect

Bitconnect is an excellent use case for newcomers to learn how crypto scams can operate.

  • Firstly, BitConnect had no traction until the lending platform was announced. For a profitable business, it’s mandatory to have a working product, a product-market fit and a clear revenue model, among other fundamental aspects of valuation. BitConnect had a new product with a supposed market (since adoption had to be pushed) and a complicated revenue model. It simply didn’t make business sense.
  • Secondly, BitConnect guaranteed profits of over 91% and promised returns of over 480% per year. No basis for the guarantee came out clearly from the promises of this once-in-a-lifetime deal with no financial risk. All investors needed to trust was an “undefeatable” trading bot – it couldn’t lose! Assumptions cemented in the flow of money from all over the world – US$2.6 billion – at the peak! For many, the profits were irresistible.
  • The third red flag was an extended capital holding period. This was explained away as a preference/ incentivisation toward staking. After all, it made more sense to profit more as you held your money longer in the system – but even traditional finance allows for clear/rapid cash out should you need your money. It’s yours, right?

The low daily return rate hooked on the old and young. Unsecured lending among traditional financial sector players had after all paved the way for the daily return concept not to seem too foreign. These numbers made far more sense if you put in more than US$ 10,000. You can see why Matos’ profit of $140,000 from an initial principal of $25,000 had many addicted to “the future of investing”. 2017’s cryptocurrency boom of bitcoin and other tokens further served to cement this thought with all manner of possibilities.

If the returns weren’t sufficient or attractive for you, Bitconnect provided a lucrative referral program with seven levels of earning commissions. It was an extra assurance of the profit structure. The bot would have to work overtime and compound profits to ensure everybody won. Put these together, and you have a catastrophe – a true castle in the clouds!

The Tragic Ending

The charade collapsed when the law came calling. 2018 saw victims of the scam lose 30%, then 90% of their value to the insider cashouts with the closure of the Bitconnect exchange.

The Ponzi scheme came full circle with its promoters and their aggressive propaganda disappearing from any reasonable trace. Other exchanges delisted BCC, but the damage had been done. Bitconnect cited excuses on bad press, the Texas State Securities Board Cease and Desist order and DDos (distributed denial of service) attacks, yet the truth was out in the open: scammers won.

Matos disappeared, only to resurface recently taking a lot about weight loss through intermittent fasting. He’s trying to build repute in a different field, which is definitely better than the scam that made him famous.

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What is Crypto Advocate John McAfee’s Net Worth?

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John McAfee

John McAfee has emerged as one of the most influential individuals in the cryptoverse. Learn about this one-of-a-kind crypto advocate, including how much his net worth is estimated to be.  

Who is John McAfee?

You’ve likely used or at least heard about the McAfee antivirus software. It ranks among the top cybersecurity tools to use in ensuring protection from attacks. 

John McAfee is the British-American entrepreneur and computer programmer who founded McAfee Associates in 1987. Prior, he worked at NASA (National Aeronautics and Space Administration) and Lockheed. McAfee Associates produces enterprise security software, even though John resigned in 1994. He has founded other companies such as QuorumEx, Tribal Voice, Luxcore, and Everykey, among others.

A known political activist, his interests also stretch into cryptocurrency, smartphone apps, and yoga. 

Timely Cryptocurrency Boom

In 2017, the ICO (Initial Coin Offering) boom saw hundreds of companies release projects for funding from investors globally without limits on international securities regulations. Riding on the price boom of bitcoin and Ethereum, it was as though a separate economy was spurring overnight. Token prices went from zero to one in hours, with profits surging exponentially in hours or days.

One would call it a craze, but McAfee positioned his profile to benefit from the boom. 

Initially, those who opened up their projects for funding this way simply followed the promise of Bitcoin (financial system independence) and built on Ethereum. Legitimate companies and scammers alike put their proposals for the world to decide, therefore, the battle for legitimacy created high stakes. It wasn’t enough to have a good project; the team /company needed to show who endorsed them or their project.

This is the space in which McAfee could thrive as an industry titan trusted globally.

The Crypto Advocate

John McAfee Net Worth

Gage Skidmore from Surprise, AZ, United States of America, CC BY-SA 2.0 via Wikimedia Commons

Imagine taking in about 8 BTC per tweet in a boom; that’s exactly what he did.

The highest prediction he made about the price of bitcoin was between $ 500,000 and 1 million per bitcoin. The admission he made later was that these predictions were to excite and draw new users on board.

An estimated 50 ICOs were promoted on his public Twitter profile. Each promotion cost $100,000. This would bring the number of bitcoin he owns to about 400 if we take an average number of 8 bitcoin according to the price fluctuations in 2017, but the total amount, along with the ownership of other cryptocurrencies remains undisclosed. Assuming a holding of 400 bitcoin at today’s price of US$ 32,478, McAfee’s 400 bitcoins would be worth 12.9 million dollars. 

John McAfee Net Worth: So, How Much Is It Now?

John McAfee lost a significant portion of his net worth due to the 2008 financial crisis that crippled economies around the world. From a valuation of $100 million, his assets hit a low of $4 million in 2009, according to the New York Times.

He certainly worked his way back into profitability through his subsequent ventures in QuorumEx, Future Tense Central, and his tenure at MGT Capital Investments.

MGT is supposedly his gateway into crypto because in 2016 its focus was shifted first from social gaming to cybersecurity. MGT also moved into mining bitcoin and other cryptocurrencies to make money and increase its blockchain expertise. McAfee deemed this strategy vital for cybersecurity, holding it even into his subsequent resignation in 2018.

According to publicly available data, John McAfee’s net worth could range from US$ 7.2 to 20 million.

His run-ins with the law have had him living as a fugitive; for in 2019 he lived on his boat, running from U.S. authorities. He was arrested in October 2020 in Spain at the request of the U.S. Department of Justice for tax evasion charges. 

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Weekly Roundup: Swahili Blockchain Book Now Available, Binance P2P Volumes Hit $280 Million in Africa

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blockchain book

After experiencing raging swings this year, Bitcoin hit a new all-time high this week. On Monday, bitcoin recorded a price of $19,850, breaking the 2017 record. In other news, the Swahili blockchain book is now available for purchase, and Binance P2P trading in Africa is flourishing.

Read these and other stories in our news roundup this week.

Swahili Blockchain Book Now Available

Swahili Blockchain BookThe Swahili blockchain book is now available for purchase. The goal of this book, Jielimishe Kuhusu Blockchain, is to educate Swahili readers about blockchain technology. As a result, readers can contribute to regulatory conversations in their countries to help policymakers make the best decisions.

The Governor of the Central Bank of Tanzania (BoT), Professor Florens Luoga, is one of the first people to read the book. Sandra Chogo, the author, handed him the blockchain book during a conference held in the country.

According to Chogo, the Governor’s interest in the book could indicate that the regulator is warming up to the blockchain and cryptocurrencies. The book has already received a positive reception from the Tanzanian government.

Binance P2P Volumes Hit $280 Million in Africa

Binance P2P trading in Africa has grown significantly because the exchange is supporting six local currencies. So far, the exchange has processed a total volume of $280 million P2P trades in Africa.

In March 2020, Binance started supporting the Nigerian naira. Currently, African users can use Binance P2P to buy and sell BTC, USDT, DAI, BNB, ETH, and BUSD using the Kenyan shilling, the South African rand, the Nigerian naira, the Moroccan dirham, the Ghanaian cedi, and the Egyptian pound.

According to Binance, P2P traders on the platform are making an income between $30 and $350 each day.

“I solely rely on P2P trading as the main source of my income. With P2P trading, I can sufficiently meet my needs and bills. The best thing is that I can trade at my own time and any place,” said Robacoin, a P2P merchant.

P2P trading on the continent could continue the upward trend as more and more Africans turn to crypto to make an income and to remit money.

Nigeria Could Develop a Crypto and Blockchain Framework

Nigerian SEC to Regulate CryptoThe Securities and Exchange Commission in Nigeria classified digital assets as securities a few months ago. Now, the regulator and the Ministry of Finance are discussing the creation of a crypto and blockchain framework.

According to recent news, the two bodies want to create a regulatory environment for blockchain. Also, the Nigeria SEC is keen to facilitate the adoption of the technology.

“The general objective of regulation is not to hinder technology or stifle innovation, but to create standards that encourage ethical practices that ultimately make for a fair and efficient market,” the SEC Nigeria stated.

Furthermore, the country is hoping to obtain $10 billion in revenue from blockchain technology by 2030.

Sarafu Network Beneficiaries Soar 40,000

One of Africa’s community currencies project, Sarafu Network, now has 40,000 beneficiaries. The Grassroots Economics initiative is helping communities in rural Kenya to access basic needs like food. To date, users have traded more than 100 million community tokens. In October 2020, for instance, the beneficiaries traded more than 8 million Sarafu tokens for food. During a global pandemic and a declining economy, the Sarafu Network is helping the needy to stay afloat.

Grassroots Economics uses the power of the blockchain to create community inclusion currencies (CICs).

“In a typical community dependent on injections of the national currency – trade will often slow to a crawl and stop due to lack of a national currency as commodity prices increase. As we have seen in Kenya where Sarafu has been distributed to over 40,000 people, in communities with a Community Inclusion Currency trade can continue,” Grassroots Economics Founder Will Ruddick says.

To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.

Bitcoin Beginner's Handbook

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