Blockchain: The Greatest Invention of the 20th Century.

Blockchain technology: The technology behind cryptocurrencies has been lauded as the Most Significant Invention since the Internet and Electricity.

For those that don’t know what the blockchain is about. Blockchain technology is the technology of distributed decentralized ledgers that is validated and confirmed by its community of users.

In the bitcoin blockchain.

Transactions by the community are written line by line on a block. Once the block is filled. The combined hash of transaction values, its timestamp, Hash of previous block and its nonce is used to generate a cryptographic value for which the computers or miners battle to predict. Once a miner gets its exact value - Mind you, this cost a lot in power and computational hash to get it right, as at today. This is harder than finding a particular grain of sand from all the grains of sand on Earth (This is called Proof of work) - The transactions on the block are validated and become immutable, a new block is created and the miner is rewarded with 12.5bitcoin. This happens every 10minutes.  

This is a simple explanation of the blockchain and its present application in cryptocurrency cuts off the middle person or third party in its transaction. It is an open system and it gives anonymity to the users.

The good part is that it can be applied to both public and private use.

Blockchain applications:

The Blockchain technology has already been applied to different applications like Healthcare, Manufacturing and by Governments.

The Chinese and Indian Governments are seeking applications of the Blockchain technology as I write.

Industry leaders and IT firms are seeking applications of this to enhance seamlessness, openness and automation in their services. Some of these industry leaders have been talking about these changes coming.

Comments on the blockchain technology:

It allows people to exchange value without knowing the identity of each other necessarily, in a secure way on the back end. On the front end, it's simplicity, transparency and trust. Think of all the cost, time and often waste that happens in the exchange of value – blockchain rids that from the system.

Jason Kelley (IBM Global Manager for Blockchain Services).

With blockchain technology, we can create a version of Wall Street where no one can cheat and where all kinds of mischief cannot even occur. Crypto currency gives us a way to communicate value that's outside the control of any government mandarin, and I think that's good.

Patrick Byrne (CEO, Overstock.com)

It simply shows we are at a new paradigm. The earlier we accept it, the better. We need to start learning its use and seek applications of the Blockchain even as we move towards a world of Artificial Intelligent and Augumented Reality. 

Kurecoin: A Coin from Africa by Africans to the world

A Coin from Africa by Africans to the world

A brand new cryptocurrency coin is launching with the mainstream African user in mind. KureCoinHub, a self-service banking platform built into a decentralised system based on smart-contracts on the Ethereum blockchain. It has been described as the largest cryptocurrency project in Africa.

KureCoin was created as an investment solution to help Africans rise above the poverty line, by developing a unique access point for the mainstream user into the cryptoeconomy.

The KureCoinHub is a trifecta of a bank, an exchange platform called KUREX and the coin called KURECOIN. KureCoinHub runs on a highly secure system, built with the proof of stake algorithm based on Ethereum smart-contracts, which have been said to be perfectly suited to direct buyer-seller interaction.

According to the founder and CEO, Tega Abikure, KureCoin was created to function as a much easier way to buy and sell. His team identified an opportunity to use blockchain technologies to solve problems such as access to capital by creating a system of zero collateral loans using your crypto assets; leveraging on the ease of transaction and exchange of bitcoin, alt coin and Naira or other local fiat currency.

The KureCoinHub platform is poised to solve the problems of current payment systems, which involve too many intermediaries and impose many restrictions, especially when it comes to international payments.

KureCoinHub entered the marketplace with a Pre-ICO, soon to be followed by the ICO phase and plans to continue to gradually improve the hub which is the bank. Soon, the Hub will have enough functionality for people to start selling/buying coin. Then we have our exchange coming soon.

“As an investor, my primary need is to get my money to work for me. An ICO offers the public that opportunity. This is a revolutionary ICO aimed at solving the problem of liquidating your bitcoin in order to access cash denominated in local or fiat currencies. We wanted to solve real a world problem, not just try to reinvent finance away from the traditional banking system.”

Tega Abikure (MD/CEO Kurecoinhub)

The ICO is not aimed solely at crypto investors, but for the larger banking industry. Built with wealth creation for the African individual in mind, investors in KureCoinHub are set to receive competitive returns on their investments. KureCoinHub is poised to be the first blockchain bank, launching with a range of products and services, including lending against an individual’s crypto-based assets and KURECOIN.

KureCoinHub restricted the maximum number of subscribers at the Pre-ICO to a limited number of people in order to provide an individual approach and maximum security within the available resources. The hard cap for the ICO is 

60,000 ETH, which the team believes is what is needed to release a finished product backed by good marketing, legal organization and community management.

KureCoinHub is also trying to tackle the global perception that Africans are fraudulent with this move. “We want Africans to know they can trust Africans; we want the world to know that there are African men who can be trusted. Our company is based in Lagos, Nigeria. We are always on all media platforms speaking to people about the need to do the right thing. ICO scam is not exclusive to Africa, it happens on every continent”, said Abikure.

For more information and a chance to be part of this click https://kurecoinhub.io/app/register?id=JoinNow

Bitcoin Miners Face Dilemma as Only Strongest Survive at $6,000

By Justina Lee (Bloomberg)

Bitcoin Miners face dilemma.

Bitcoin miners face a reckoning as the cryptocurrency’s tumble wipes out profits for all but the industry’s most efficient operators, according to Bloomberg New Energy Finance.

Only miners with access to “very cheap” electricity of about 6 cents per kilowatt hour or less can stay profitable after Bitcoin slumped to $6,000 on Tuesday, said Sophie Lu, an analyst at Bloomberg New Energy Finance in Beijing. 

If Bitcoin stays this low for more than a couple of weeks, miners with high operating costs will leave the market, she said.

“There are definitely some miners who are already out of the money,” Lu said, adding that the industry’s most efficient players can keep going until $3,000.

Bitcoin’s meteoric rise to nearly $20,000 last year prompted hordes of new miners to enter the fray -- everyone from individuals with a single machine plugged into their bedroom wall to companies with giant server farms powered by hydroelectric dams. With prices in the stratosphere, the Bitcoin-denominated rewards that miners received for verifying transactions more than covered the cost of electricity and computing power.

But the economics are much less compelling now that prices have tumbled and the difficulty of mining Bitcoins has increased. The industry’s daily revenue plunged to $16 million on Monday from a record $53 million on Dec. 17, according to Blockchain.info.

“If you buy mining equipment now, it’s no longer profitable,” said Zhou Shuoji, a founding partner at FBG Capital, a Singapore-based cryptocurrency investment company.

In theory, Bitcoin should find support as its price approaches the cost of mining a new coin, 

Zhou said: The cryptocurrency’s value is also a function of its demand, and right now that’s looking shaky as worries over tighter regulation around the world send investors for the exits.

Uncertainty! As Cryptocurrencies struggle to stay affloat...

Cryptocurrency news this week: By Solomon Esor.

Cryptocurrency markets fell this week as a string of bad news pummeled markets fresh off of new highs.

Let’s break down what happened, and why it shouldn’t impact the long-term trajectory for cryptos.

It began on Monday, when news circulated that China is reportedly looking to reign-in domestic mining operations. Chinese mining operations currently account for nearly 79% of all bitcoin mining globally.

As reported by the Financial Times, a multi-agency task force issued a statement in early January directing local governments to pressure mining firms to reduce operations.

In response to the directive, Chinese miners have reportedly begun looking to relocate operations abroad — in locations with cheap energy and cool climates, which is beneficial for cooling electronic components.

China has a history of attempting to intervene in cryptocurrency markets...

In late 2017, the government moved to ban fundraising via initial coin offerings and subsequently ordered cryptocurrency exchanges to cease domestic operations.

Separately, in a release on Thursday, Reuters reported that South Korean officials plan to ban cryptocurrency trading.

Of course, South Korean enthusiasm for cryptocurrency investments has exploded in recent months. The east Asian country currently accounts for nearly 20% of all bitcoin trading globally.

So the report rattled cryptocurrency markets, sending prices of ethereum and bitcoin down by more than 10%.

Now, the report was later discredited. Officials from other branches of the government clarified that no immediate ban was being considered.

And markets responded positively to the clarification. But the uncertainty continued to weigh on markets by late Thursday afternoon.

A Dilemma for Regulators

This won’t be the last time regulators will attempt to step in and police this market.

As this market continues to grow, the potential risk to the real economy grows more likely.

Regulators will increasingly be tempted to protect their own interests and safeguard their citizens.

However, regulators have a dilemma…

They can try to ban cryptocurrencies completely, or they can work to develop solutions to accept the changing market landscape. I expect them to try both.

But as we’ve seen with alcohol prohibition, the war on drugs, and digital music piracy the government has a terrible track record enforcing bans on goods and services which people want.

Ultimately, China’s approach allows the government to signal their intention to influence markets without strict regulation. But this will likely embolden the anti-government ideology which already pervades these products.

So while many believe that unfriendly regulatory actions are a risk to cryptocurrencies, it appears that regulators may be adopting a more tactful approach.

Takeaway: All of this uncertainty represents tremendous opportunity. As we saw with this week's selloff, regulators are likely exploring ways to gradually take the air out of this market. However, if these attempts prove unsuccessful, we could see more oppressive policy decisions in the future.

I continue to remain bullish on the long-term potential of cryptocurrency and continue to advise my readers to buy dips in Cryptocurrency ICOs

Happy New Year