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South Africa’s First Ever Blockchain-based Property Register Pilot

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Property Register Pilot

The Centre for Affordable Housing Finance in Africa (CAHF) (HousingFinanceAfrica.org), research consultancy 71point4 and Seso Global have partnered to develop South Africa’s first blockchain-based property register. The pilot study area consists of almost 1 000 properties located in four sites in Makhaza, Khayelitsha. All the properties are Government-subsidised properties that have not yet been registered on Deeds Registry.

CAHFAccording to Daniel Bloch, the CEO of Seso Global, a blockchain property registry company, this will be the first working example of a blockchain-based property registry in South Africa. Aside from creating an immutable record of who owns which house, the Seso platform facilitates and records transactions such as sales and transfers out of deceased estates and integrates with third parties who facilitate transactions, including mortgage lenders. “For the time being, property owners will record these transactions at the Transaction Support Centre, a walk-in housing advice office created by CAHF and 71point4 located in the area. But over time, we will record transactions through the Seso app” says Bloch.

The benefit of the blockchain solution is that it allows the data to be stored in a decentralised, secure database that can be updated without any loss of historic data. This means there is a secure, back-to-back record of all transactions that is completely tamper-poof. Eventually, the vision would be to integrate this record into the Deeds Registry when other impediments to transfer have been removed.

South Africa has a serious titling problem. According to Kecia Rust, the CEO of CAHF, the government has built over three million RDP houses since democracy. But CAHF’s analysis of deeds office data indicates that only 1.9 million of these properties have been registered. The National Department of Human Settlements, Water and Sanitation (NDHSWS) estimates that the title deed backlog for RDP properties built prior to 2014 currently stands at 511 752. These properties were given to beneficiaries, but no title deeds were registered and handed over. At the same time, there is a backlog of 351 470 title deeds on newer properties.

Registering these properties so long after they were built and handed over to subsidy beneficiaries is an administratively complex task. In some cases, original subsidy beneficiaries are no longer living in the properties. Some beneficiaries might have passed away, some might have tenants in their properties while others have sold their houses informally.

“To create a register of property owners we first had to go door to door to find out who lives in each property and to establish how they came to be there,” says Melzer, founder and lead consultant at 71point4. “We hired a team of 17 enumerators and trained them to collect information and capture supporting documents. Thankfully we can leverage smartphone to collect the data, but it still requires a significant effort. It took us two months to cover these areas.”

But the effort is well worth it. Properties in the area sell for over R200 000 informally – and would sell for more if they were listed on a trusted registry and were ‘bankable’. This would enable buyers to obtain mortgage finance and create affordability. Without access to mortgages, buyers have to pay cash for a house or use an expensive unsecured loan. There are also significant benefits to the City of Cape Town of being able to access an accurate and up-to-date record of property ownership. Without it, the City cannot collect revenue from households in the area who are not indigent nor can City departments facilitate building plan approvals.

Next steps

cape townIn many cases in the pilot areas, the original beneficiary is still living in the property. “We hope that these properties can be registered in the deeds registry within a few months, and we are working closely with the City of Cape Town to facilitate that,” says Melzer. “Where the beneficiary no longer lives in the property, we are in the process of tracing the beneficiary to confirm information we have gathered on who owns the property. We will also be working closely with the City on a resolution process where ownership is disputed.”

It will take some time before all the required information has been collected and validated. It will also take time for validated properties to be registered on the deeds registry.  In the meantime, we will enable property owners and occupants to keep those records up to date.

“We will also be using Seso’s platform to manage other client service requests that come to the Transaction Support Centre from all over Cape Town,” says Rust. “These include helping clients to regularise informal sales and wind up deceased estates. Going forward, as the country moves towards an electronic deeds registry, we hope the lessons we have learned will provide valuable evidence to inform the development of accessible, secure, affordable and efficient mechanisms to facilitate property market transactions. This is important across the market, but particularly in entry-level segments of the market where existing mechanisms are simply too costly”.

CAHF, Seso Global and 71point4 have a working agreement to extend this pilot into other areas and use cases. There are hundreds of thousands of RDP properties around the country where no primary transfer has taken place. In addition, in many areas where title deeds were issued, property owners have transacted informally, which means there is no longer an accurate record of ownership at the deeds registry. Blockchain-based solutions can help there too. Blockchain can also enable households who live in informal settlements and rural areas to record and maintain land records and secure their rights. “We are very pleased with the pilot results. We think the solution we have developed is scalable and replicable,” says Bloch. That does not mean it is easy but “blockchain technology together with the potential value we can unlock makes it worthwhile,” says Melzer.

Disclaimer: This is a press release. Readers should do their own due diligence before taking any actions related to the company, product or service. 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 press release.

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Announcing the Whive Protocol Launch Happening on February 2, 2020

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Whive Protocol

NAIROBI, JAN 02 2020/BITHUB AFRICA/ — BitHub Africa, the leading Pan-African blockchain Accelerator, is announcing a launch for the Whive blockchain protocol happening on February 2, 2020.

Whive IO is a peer-to-peer blockchain protocol that is incentivizing the building of sustainable energy solutions through Trustless Rewards.

WhiveThe protocol achieves this through a hybrid Proof-of-Work (POW) and Proof-Of-Stake (POS) consensus algorithm that favors devices with CPU(small) processors and are located in regions with a higher Solar capture reliability index. The protocol enables the adoption of solar energy use especially in under-served regions of the world like Africa.

BitHub Africa has previously open-sourced its curriculum for blockchain engineering which is based on classes curated from the two-year experience of researching and developing the protocol.

This engineering course will ensure our community of African developers, entrepreneurs, and key institutions will be able to understand and adopt blockchain technology sustainably.

There shall be no Initial Coin Offering (ICO) or Pre-mine for the Whive protocol, which is now available on public test-net. If you would like to contribute to the adoption of blockchain technology across Africa, download the latest software release by following the links below:

Whive Protocol Website: https://whive.io and Telegram Chat: https://www.t.me/whiveio

Disclaimer: This is a press release. Readers should do their own due diligence before taking any actions related to the company, product or service. 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 press release.

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Promoting Saving Habits in Nigeria with the BitMinutes Super Saver Program

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BitMinutes

BitMinutes, a blockchain and token technology company active in expanding financial inclusion in African countries, has announced the creation of a Super Saver program for Nigerians as a way to incentivize residents to embrace BitMinutes as a savings vehicle.

“The interest rate on entry-level savings accounts at financial institutions in Nigeria is notoriously low, hovering at around 4 percent” notes Tom Meredith, CEO of BitMinutes. “Meanwhile, inflation rages at 12 percent. We offer the citizens a better return in hopes that this will encourage people to try the BitMinutes app and our growing suite of financial services.”

BitMinutesBitMinutes will kick 2020 off with an introductory promotion in which Nigerians have the ability to buy BMTs and earn 1 percent monthly by holding them in the account, just as certificates of deposit (CDs) work in traditional banks. Account openers will have the choice of 30, 60, 90, 120 and 180-day terms for their special super savings accounts, with penalties for early withdrawal.

Nigerians can participate in this program by downloading the BitMinutes app to their Android mobile phone, or by visiting a member of the Trusted Agent Network (“TAN Agents”).

“The point is to encourage people to adopt the habit of accumulating savings and letting it earn compounded interest, as well as introduce people to the BitMinutes program, where the BMT token can be exchanged for airtime top-up, buy goods at participating merchants, and pay debts.”

BMT holders may also benefit from a rise in the naira/BMT exchange rate, as demand grows for the token. The price has risen to 8 naira per BMT since the program started early in 2019.

“There’s a planned price increase to 10 naira per BMT by March, in monthly half-naira steps,” said Meredith. “This is a one-time benefit for people who buy and hold BMTs prior to March.”

Participation in this promotion will be limited to the first 1,000 people who sign up via their BitMinutes mobile app after the program launches.

“This is a great way to induce trial of BitMinutes services and reward citizens for embracing the future as well as growing the business of TAN agents, who receive a commission from selling BitMinutes,” added Meredith. “This also supports our mission of serving the billions of unbanked people around the world by expanding affordable financial services into under-served communities.”

The national media has reported on BitMinutes’ growing potential in Africa and specifically with its TAN concept. More recently, Hackernoon, highlighted BitMinutes’ technology in relation to its partnership with the cryptocurrency Akoin.

Disclaimer: This is a paid press release. Readers should do their own due diligence before taking any actions related to the company, product or service. 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 press release.

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The Best Cryptocurrency Investment of 2019 – Expect 1000% Returns by the End of 2020

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Terra Credit

Rational or irrational, either way, CREDIT project by Terra Foundation is for sure taking the world by storm this upcoming year. My job is to manage hundreds of projects and to scout promising projects to be listed at Catex Exchange, one of the largest Cryptocurrency exchanges in the world according to CoinMarketCap. Since the beginning, we have developed the grading criteria that we use to measure the profitability of new projects. I will explain these grading criteria to you in four different areas and how it tells me that CREDIT will easily be the most profitable Cryptocurrency that you hold for the next year.

Grading Criteria #1 — Team Strength and Work Ethic

Terra CreditThis is the very first characteristic of a potential successful project that I look for. It is easy for me to grade this criterion because CREDIT has been listed on Catex Exchange for almost a year now and they have been one of the projects that have stood out among the others. Dan Ronchese is the CEO of the company and he has done an outstanding job so far.

CREDIT did not have any IEO or ICO, however, they did manage to acquire thousands of holders around the world. Without raising funds, their team was able to develop a fully functioning ecosystem of MVPs that focuses on the emerging markets of Africa. In the short time since CREDIT project being launched, about 1 year ago, they have accomplished 100x more than other projects would have that raised millions of dollars in public/private funding.

All of the team members seem to be working in stride and for the reason, I will give this criterion A+.

Grading Criteria #2 — Current Products Developed by the Team

best cryptocurrency investmentSpeaking of MVPs, Minimum Viable Product, CREDIT team has created many, and I mean many, working products which all use CREDIT Cryptocurrency as the main focus.

Terra-mart: This product is an online store that users will buy and sell items using CREDIT

Tellus-pay: A mobile payment app where users in Africa can deposit and withdraw fiat money in exchange for CREDIT

Terra-hub: Social media application where users complete task for rewards

TerraceX: Cryptocurrency exchange with 0.01% trading fees and 100% referral commission on trades. The exchange is heavily focused on the use of CREDIT

MiniPOS: 100% staking feature for CREDIT holders

Desktop Wallets: Windows, Mac, Linux, and Raspberry Pi supported

Note: Remember they developed all of the features without even using a single penny of raised funds. Also, it took less than a year. I am giving CREDIT team A+ for this grading criteria.

My portfolio percentage has already risen up to over 2,000% returns for investing in CREDIT

Grading Criteria #3 — How Good is the Idea?

Most Cryptocurrency projects consist of a whitepaper that have a plethora of promises and no actual working product yet. We already know with CREDIT that there is both many working products and that they keep promises according to their roadmap. This grading criterion is the most important method of judging whether a project will be successful or not. I will tell you exactly why CREDIT project has one of the best concepts;

  • CREDIT in a sense is the Bitcoin of Africa. It is meant for mass adoption in every industry. Their current products will become more popular as time goes on because there is simply NO COMPETITION
  • Connecting people in Africa with their phones and Cryptocurrency is something unique for the emerging markets. Both Tellus-Pay and TerraceX accept cash fiat deposits
  • CREDIT works on a faster blockchain than Bitcoin and is instantly transferred between accounts with minimal or zero fees
  • Staking rewards and passive income are the new trends in the Cryptocurrency industry because of the bear market
  • Major Exchanges are chomping at the bits to list premium staking projects such as CREDIT for free
  • Africa is the number one growing continent for blockchain technology

For the reasons above, CREDIT earns another A+.

Grading Criteria #4 — Price Point to Buy in

If you are just looking to maximize profits, you are probably more interested in the current price of CREDIT and what expected returns could look like if you were to buy in today. There are many factors to consider whether the current price is okay to buy in;

Current price of CREDIT: 0.000011 USD or 6 GWEI

Current circulating supply: 31 Billion

Total supply: 74.8 Billion

Price history of CREDIT: 1 GWEI-17 GWEI (1 GWEI was the all-time low because no price was established in ICO/IEO, 17 GWEI was all-time high after listing on Bitforex Exchange)

Other Cryptocurrency who have similar coin supplies: TRON (100 Billion supply at current price of 0.017 USD), Stellar (50 Billion supply at current price of 0.064 USD), Crypto.com Coin (100 Billion supply at current price of 0.033 USD), Holo (177 Billion supply at the current price of 0.00089 USD), Siacoin (41.8 Billion supply at the current price of 0.001 USD)

Risk/Reward ratio of the current price of CREDIT: After taking in all factors above, the rewards are much greater than the risk at buying in at the current price levels of 6 GWEI. The major trading market for CREDIT is Ethereum. The minimal price level to trade here is 1 GWEI. Therefore, I am concluding the worst-case scenario price for CREDIT is 1 GWEI. The upside potential of CREDIT is much greater than then downside since the current price is almost near the bottom level already. As an investor, this is quite an opportunity and I will give them A+ for this grading criteria.

Important Update

Credit card payments for Nigeria are live as well as automatic bank transfer. Withdrawals are processed as well using Paystack. So, it’s all automated and instant on TerraceX!

Important Links

Buy CREDIT at Catex Exchange and Bitforex Exchange

Sign up at TerraceX exchange and start staking 100% annually with MiniPOS Feature

Learn to stake CREDIT with the best staking reward system here

Disclaimer: This is a paid press release. Readers should do their own due diligence before taking any actions related to the company, product or service. 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 press release.

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