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Africa Blockchain Institute in partnership with Free TON Africa announces Campus Blockchain Hackathon

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The Campus Blockchain Hackathon is an initiative of Africa Blockchain Institute (ABI), to give students from institutions of higher learning in Africa, early exposure to the career and business opportunities being presented by the Blockchain/DLT Digital Innovations. The Hackathon creates a structured and sustainable community that nurtures and empowers awesome developers by providing and democratizing access to knowledge, capital and mentorship.

“The African continent has this year become the new hotbed for peer-to-peer cryptocurrencies trading, as shown by the Chainanalysis crypto adoption index that places, for the first time, Nigeria and Kenya featuring in the top second and eight of global nations, respectively. This presents not only an opportunity, but a call for immediate action in grooming indigenous Blockchain ideation, deploying needed solutions, and driving practical adoption.” – Kayode Babarinde, Executive Director, Africa Blockchain Institute.

This contest asks students from academic institutions of higher learning across Africa, to build Blockchain Applications on Free TON that will add value to both the continent, and the Free TON network.

FREE TON positions itself as a community of the Open Source (OS) project that was created by the developers of the Telegram Open Network (TON). TON OS is designed as a decentralized operating system to handle decentralized applications. One way to imagine it is that, it’s more full-featured than the Ethereum Virtual Machine which strictly only runs code. TON OS has a stack of components which can be used by developers to create powerful applications. By making these components Open Source, anyone or everyone can view and copy fragments of the code.

“The entry of FreeTON into the African continent is by no means an accident. Our governance model of a decentralized community driven initiative, resonates well with our African culture where community driven activities is a norm. Transfer of knowledge to the juniors is also a role of the senior members of the community.  For that reason, partnering with educational institutions, particularly ABI, in support of our University students is an honour.  As the African continent endeavors to be part of global innovators and solution providers, FreeTON Africa is committed to engaging and mentoring the continent’s blockchain community today and beyond”– John Kanyiri, FreeTON Africa Representative and the FreeTON Africa Team.

The Hackathon is planned to engage the academia on everything and anything they need to know about Blockchain Technology. Topics covered will not only give participants a good understanding of the Blockchain and how it works, but will also discuss current and future applications and how they are being implemented to change the world profitably.

Tracks

  • Fintech infrastructure/Digital Wallets (to help those who do not have access to banking)
  • Human rights protections.
  • Land ownership and registry
  • National voting platforms
  • High tech job creation

(Participants are allowed to specify any other applications that best serve the needs of Africa).

The contest is divided in to country competition, regional competition, then continental competition. While country, and regional competitions are virtual, winners of regional competitions will receive an all-expense paid trip to visit Rwanda for the finals.

Even if you are a newbie, don’t panic! Some of the best technical experts in the blockchain community will be there to help you build your project. Come as you are!

Rewards

1st prize 25,000 TONS

2nd prize 15,000 TONS

3rd prize 5,000 TONS

4th to 20th place 1,000 TONS

Plus other supporting prizes.

The grand finale will be hosted at the African Leadership University, Kigali-Rwanda.

The Hackathon Program is in partnership with the Rwanda Information Society authority (RISA); Ministry of ICT & Innovation, Republic of Rwanda; Government Blockchain Association – Africa; African Leadership University; and TON Labs.

Notable Dates

Applications open: December 21st, 2020.

Idea screening & award: January 4th – 21st, 2021.

Application Deadline: January 22nd, 2021.

Hackathon Dates: February 1st, 2021 – April 8th, 2021 

Begin your application here: https://africablockchain.institute/campus-hackathon/

Enquiries: info@africablockchain.institute

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Crypto Assets

Crypto prices drop as global market fear increases

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Top cryptocurrency prices have fallen amidst a drop in stocks and fears over China’s Evergrande debt crisis. In the last 24hour, Bitcoin dropped from $47,772 to $42,630 shedding about 8.58%. this is the lowest in price since another bull run began on Sept 5 after the April crash.

El- Salvador’s President, Nayib Bukele sees the fall as an opportunity to invest more. Recall that the country adopted Bitcoin as a legal tender on September 7. Despite the adoption, the price of Bitcoin has fallen by almost 14% since then.

Other coins have experienced dramatic crashes within the last 24hours. Solana, a coin that has experienced 355% growth within the last 3 months fell from $162 to $130 shedding about 11.39% within the last 24hours. Solana’s fall may be categorized by the 17-hour outage which the founder, Anatoly Yakovenko said was caused by bots “flooding the networks”

Ethereum fell by 9.37% while Dogecoin and Axie Infinity fell by 11.22% and 14.14% respectively within the last 24hrs hours. While crypto experiences dark Monday, El-Salvador keeps investing more money in Bitcoin.

A look at the global market

The global market is experiencing fear due to the Evergrande debt crisis. A report published by the University of Michigan shows that consumer’s sentiment is beginning to decline. This trend alone may impact the crypto market as well.

On the other hand, the global market downturn must have been spurred by the Evergrande debt crisis. The company grew to be one of China’s biggest companies by borrowing more than $300bn. Last year, Beijing made rules to control the debt owed by big real estate developers. This led Evergrande to offer its properties at major discounts to raise more money to keep the business afloat. Right now, the company is struggling to meet the interest on payment of debts.

Why would it matter if Evergrande fails?

The collapse of the multi-million dollars company would affect the global market; including the crypto market. Many people bought properties from Evergrande and they expect to make gains. If Evergrande falls, crypto investors will be forced to withdraw more money to keep their business running without the means to invest more. When one business fails, the other gets affected indirectly. This also applies to other firms that do businesses with Evergrande.

The potential impact on China’s financial system is another effect of Evergrande’s fall. In his statement to BBC, Mattie Berkink, the Economist Intelligence Unit (EIU), said that “the financial fallout would be far-reaching. Evergrande reportedly owes money to around 171 domestic banks 121 other financial firms” if the company fails, other lenders or businesses may be forced to lend less. Thereby leading to a credit crunch- a situation where companies struggle to borrow money.

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Bitcoin in Africa

The rise of CBDC in African economies

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Many nations have taken cues from the world of crypto and its resounding successes over the last decade. In order to avoid getting left behind, governments worldwide are increasingly turning their attention towards implementing some form of digital currency, a CBDC which in full is Central Bank Digital Currency. Although inspired by cryptocurrencies, CBDC’s are quite different from traditional crypto platforms. The main differences are that CBDC’s are unlikely to be decentralized, the supply of this currency regulated by the host’s country’s central bank as the CBDC is designed to operate as a sovereign legal tender, the digitized form of the host country’s fiat currency. Thus, a central bank may issue digitized tokens of its currency of which their value is pegged to the fiat currency of the nation in question, making CBDC’s stablecoins.

Africa has seen a rise in the use of cryptocurrencies and it’s still pushing frontiers in this sector. Although the use of crypto in many African nations is becoming more and more pervasive by the day, the tone of governments in many of these countries toward the sector is cautious at best and threatening at worst. However, a few nations have voiced interests in creating digitized versions of their legal tender to function as a CBDC. Amongst these are Ghana, Nigeria, Morocco, Kenya and Tunisia.

Many of these projects are still in the research phase or developmental phase however. A good example is Ghana’s proposed CBDC, the E-cedi being developed in partnership with German company, Giesecke + Devrient. Nigeria’s CBDC project, the eNaira has been announced and according to Nigeria’s central bank, this CBDC will be launched sometime in 2021. To that end, the CBN has partnered with fintech company, Bitt Inc. to serve as the technical partner in the eNaira’s development. Reportedly, the CBN had made the decision to digitize the Nigerian Naira in 2017.

While the pursuance of digital currencies in African nations is a welcome development, implementation of these schemes isn’t without challenges. Chief among the issues countries in Africa face would be the already existing financial service inequality and poor penetration of internet access in the continent. These challenges must be tackled in order to allow for mainstream adoption of CBDCs and the subsequent provision of financial inclusion. The benefits largely depend on the peculiarities of the nation deploying them. For instance, a digital currency is thought to help Nigeria increase foreign remittances, it’s second largest source of forex after oil. Whatever the outcome of these projects, it is becoming apparent that CBDC’s have come to stay.

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Bitcoin trades above $51k ahead of El Salvador’s adoption

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Bitcoin growth

Bitcoin price has rallied above $51,000 ahead of El Salvador’s adoption. The immediate surge in price may be due to the social media campaign that everyone should buy sats of Bitcoin to support El Salvador’s plan to make the coin a legal tender or it may be due to the news of El Salvador’s adoption of the coin as a legal tender on September 7. Users of social media platforms like Twitter and Reddit are discussing how they will buy Bitcoin of $30 each to mark the new El Salvador Bitcoin law.

The surge in Bitcoin’s price began in the last 24hrs with the price rallying around $51,955 with a 3.37% increase. This is an all-time high after the April crash that brought the price of Bitcoin from $64k down to $28k. The move by El Salvador to be the first country that accepts Bitcoin as a legal tender and the social media campaign that leads to a surge in price ahead September 7 are a repetition of events that occurred late last year and early this year with regards to institutional investors and how the price of Bitcoin skyrocketed.

El Salvador, a country in Central America, has been preparing heavily to adopt Bitcoin by installing ATMs to allow citizens to convert the token into US dollars. Last week, the country’s Legislative Assembly passed a law to allow for the creation of a $150m Trust to support the conversion of Bitcoins to US dollars.

To promote the use of Bitcoin, the government states that it will give the adult population of El Salvador $30 in Bitcoin once they download “Chivo” the wallet issued by the government. This was confirmed by the Finance Minister, Alejandro Zelaya.

What this means for Bitcoin investors

Apart from the adoption by Salvadorians, on-chain analytics show that Bitcoin is in high demand. The fourth halving that occurred will make Bitcoin become a scarce token in the nearest future. Thereby increasing the price sporadically.

With El Salvador’s interest in Bitcoin, other countries are likely to follow suit- Panama is considering following El Salvador’s lead. History will repeat itself as this development will serve as another crypto rout that occurred early this year when Tesla and MicroStrategy announced their support for Bitcoin.

El Salvador’s new law allows the use of Bitcoin as a legal tender it can be used to buy goods, pay for taxes and bank loans. This means more demand for Bitcoin, with the fourth halving that occurred, it means less supply. A common rule of economics for demand and supply will apply. Prices are projected to keep rising. At the time of writing this report, Bitcoin is trading at $51,839 with a projection of $52k before the end of today and higher tomorrow when Salvadorians begin to use the token.

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