Blockchain is rightly considered as revolutionary technology for the modern economy. But how does this solution apply to developing countries?
Not so long ago, we mentioned Akon’s initiative to bring blockchain to Africa and use it to help the continent in technological development. Today, we take a closer look at the possibilities that blockchain might bring to developing countries. How can it help with various issues – both social and economical – which those nations face?
The first usage in which blockchain technology can improve the situation of developing countries is the overall performance of the state. Blockchain might be useful for governing many areas of the country’s economy. Using a distributed ledger may cut off the number of intermediaries in various processes crucial for functioning. And for a country that still has a few catching up to do, such support might be an essential factor in shortening the process of development.
An example of the field where blockchain might be successfully utilized is the voting system. Nationwide elections are the foundations of a democratic system, and a primary tool allowing citizens to influence the state policy. But for this to happen, the country need to avoid potential manipulations, corruption, and bribery which may occur during the voting.
Implementing the blockchain technology in the voting system helps to prevent abuses during elections, like forging or double-spending votes. Moreover, this idea may also facilitate voting for people who would have problems with taking part in this process. Such a project is already under development in India, where the main reason for it was to give people the opportunity to vote away from their place of residence.
Of course, one of the most noticeable implementations of blockchain technology in developing countries is related to its most popular utilization around the world: decentralized money. The idea of the currency free from manipulation of any third parties suits well for any modern society – and those from less developed countries will especially benefit from it.
The example of why cryptocurrencies might be needed in such places is clearly visible in Zimbabwe. This African country is currently facing hyperinflation, which makes the functioning of an ordinary citizen very complicated. In a situation where the value of the national currency can drop at any minute, people have turned to Bitcoin. In such cases, worldwide money free from national borders may significantly help to survive the economic crisis.
But the idea of utilizing cryptocurrencies in developing countries isn’t coming only from the citizens’ initiative. Decentralized currencies are seen as a functional alternative to those without a bank account, which is still common in African countries such as Nigeria, especially for women. It is an excellent opportunity for cryptocurrency companies to give them them a reliable solution based on blockchain technology that would help them to use decentralized finances in their everyday lives.
Toss a coin for a charity
We also shouldn’t forget about the potential of charity when it comes to providing support for developing countries. In a situation when the state is unable to provide help for its citizens, the acts of altruism are the only thing they can count on. And the blockchain technology may improve it significantly. The transparency of distributed ledger is important when it comes to donating money for noble goals because it ensures us that our funds will reach designated people.
Moreover, because of the tokenization of the cryptocurrency industry, charity actions are more likely to reach more people who could support the initiative. In the blockchain world, we are used to the existence of various coins. This makes us more eager to get involved in new blockchain projects and acquire new tokens. And in case of charity tokens, we have a full picture of how our funds will be used to help achieve a set goal.
The example of successful implementation in that field is Binance Charity. This charitable initiative of the well-known cryptocurrency exchange has initiated many charity auctions around the world. A notable example of their actions is the Pink Care Token issued to fight so-called period poverty – a lack of basic sanitary supplies for women, which is especially common in developing countries.
However, we should remember that blockchain and cryptocurrencies aren’t always the best solution. Lack of a thoughtful idea for their implementation of new technologies may as well lead to the worsening of the situation. The most notable example of such failure is Petro – a Venezuelan currency, which was meant to help the national economy in the time of crisis. Unfortunately, instead of reliable money, it turned out to be a centralized currency dependent on the government, without any particular value.
Failures similar to petro may discourage both governments and citizens to the idea of blockchain. And no wonder, since any technology, when it is poorly implemented, may turn out to be a fiasco, bringing even greater chaos. That’s why the importance of blockchain utilization in developing countries should rely on people who are already acquainted with this idea. Only then a satisfactory solution may be introduced.
Robinhood App Supports Screen Widgets on iOS 14
Robinhood widgets can be pinned to the home screen in various spots and sizes, allowing for many different layouts.
Robinhood’s application for iPhone has received a notable update today after Apple introduced the concept of Home Screen widgets in iOS 14, which provide information from apps at a glance.
As announced on the free-commission app’s blog, Robinhood widgets now allows users to check on their portfolio, holdings, and more, without having to tap into the app.
Robinhood widgets can be pinned to the home screen in various spots and sizes, allowing for many different layouts. Users can also place their investment app next to other everyday apps or create an entire screen with their favorite Robinhood destinations.
Updates bring many exciting features to the app users on iPhone, iPad, and Apple Watch devices. Specifically, Robinhood’s new widgets enables users to track their investments, gain additional insight into their investing habits and view the information about portfolio, holdings, specific stock symbols, among many others.
Swissquote Joins oneZero EcoSystem to Bolster Liquidity OfferingGo to article >>
Apple users around the world have been busy customizing their screens and sharing screenshots for the “widget gallery” where they can easily add and customize favorite apps. Prior to the latest OS version, users were only allowed to have their apps in a grid of boxes.
Despite the relative lack of 3rd party widgets at iOS 14 initial launch, some of top brands and tech giants have already released widget support. Investment apps, however, were notably absent from the early supporting apps on day one though, over time, widget support will be a standard feature for a large number of apps.
Just yesterday, Robinhood has reportedly closed a new round of capital, having raised an additional $460 million in an extension of its Series G round. In August, the quickly growing stock-trading app announced a $200 million Series G funding led by D1 Capital Partners and putting its valuation at $11.2 billion.
Robinhood has also made multiple changes to its options trading products, part of the improvements the app promised to do after one of its customers died by suicide thinking he incurred losses of over $700,000.
Visa-backed Anchorage Loads Up on Uniswap, DeFi Tokens
Anchorage, a digital asset custody provider, has added five new DeFi tokens, including Uniswap’s UNI, to its secure storage product.
- Anchorage now supports custody of five new DeFi tokens: Uniswap’s UNI token, AAVE, BAL, NXM, and YFI.
- The five DeFi protocol tokens are used as votes to control governance of their respective projects.
- By adding DeFi tokens, Anchorage makes it easier for institutions and investment advisors to gain exposure to the DeFi ecosystem.
Visa-backed crypto custody service Anchorage has added a set of leading DeFi protocols to its service. The idea is to make it easier for institutions and financial advisors to gain exposure to the emerging alternative financial ecosystem.
Anchorage added support for five DeFi governance tokens, including the recently released UNI token connected to the Uniswap decentralized exchange. It also added tokens from decentralized exchange and indexing protocol Balancer, lending platform Aave, yield optimization protocol Yearn Finance, and DeFi insurance provider Nexus Mutual.
These five tokens each represent a tradable stake in governance of the DeFi protocols themselves. Collectively, they have garnered billions in user funds, allowing holders to facilitate token swaps, generate loans, and/or earn interest on deposited assets.
Anchorage holds keys to digital assets in highly secure settings on behalf of its customers. The new additions should make it easier for institutional clients and new entrants to confidently invest in the rapidly growing DeFi products. According to DeFi Pulse, value locked in DeFi has increased from less than $2 billion at the end of June to more than $9 billion today, and Uniswap’s UNI token is up more than 60% since launching on September 16.
DeFi protocols operate using automated code contained in smart contracts. They make it possible, for instance, to deposit one set of crypto assets as collateral for a loan in a different crypto asset without going through a centralized institution, like a bank. But while the protocols operate automatically, decisions like setting interest rates on deposits or creating partnerships still require human intervention.
Governance tokens like UNI represent voting rights for those decisions. By committing, or “staking,” a certain number of tokens, users can bring a proposal for a vote or cast ballots for a particular outcome. Governance tokens are also tradable among users, making them potentially lucrative investments; as the value of the underlying protocols increase, so too should the value of voting rights to control them.
Anchorage has previously added support for other DeFi protocols, among them lending services Compound and Maker, in addition to more established digital assets like Bitcoin and Ethereum. The recent additions, however, signal a broader shift taking hold in the crypto landscape, as the utility and earnings generated by DeFi push the assets into investors’ portfolios.
Coinbase wallet users targeted by new Android malware
A newly discovered trojan, known as Alien, is attacking crypto apps on Android phones, including Coinbase, Blockchain.com, and Luno. This new malware strain is based on the notorious Cerberus trojan, which wreaked havoc in the Google Play store until the team responsible became complacent. Lack of continued distribution allowed Google Play Protect to almost completely eradicate Cerberus by August 2020.
Alien targets 226 Android apps, mostly geared toward the banking industry. In addition to stealing user credentials, the malware can install and remove applications from the infected device, and even intercept notifications:
“Most importantly, it offers a notifications sniffer, allowing it to get the content of all notifications on the infected device, and a RAT (Remote Access Trojan) feature (by abusing the TeamViewer application), meaning that the threat actors can perform the fraud from the victim’s device.”
The choice of Coinbase and Blockchain.com is understandable as these are two of the most popular crypto apps. It is less clear why the hackers targeted the much smaller Luno exchange (which was recently acquired by the Digital Currency Group), yet omitted (so far as we know) other industry giants like Binance.
Blockchain4 weeks ago
Market Wrap: Bitcoin’s Powell-Induced Price Swing; Ethereum Still High on Gas
Blockchain1 month ago
The US Post Office Files a Patent for a Blockchain-Based Voting System
Blockchain4 months ago
How to Identify the ‘Third Wave’ of Cannabis Investments
Blockchain2 months ago
Wealthfront Lures Millenials With Crypto Memes and Tactics
Blockchain2 months ago
Top Five Most Advanced Cryptocurrencies
Blockchain2 weeks ago
Blockchain Bites: Is DeFi an Inside Deal?
Blockchain4 months ago
5 Tips to Interest the Press in Your Cannabis Business
Blockchain3 months ago
Top 5 Most Effective Cannabis Marketing Strategies