Author: Koladele Olaitan

The eNaira is a digital currency issued by the Central bank of Nigeria to ease the making of transactions among Nigerians. The eNaira is basically the Nigerian Naira but cashless and with more possibilities. It was even launched with the motto “Same Naira, More Possibilities”. The eNaira was launched on October 25, 2021, by His excellency, President Muhammad Buhari (Executive President of the Federal Republic of Nigeria). Flutterwave adds eNaira as a payment option Flutterwave is one of Africa’s fintech giants popular for processing online payments. It recently announced its addition of the eNaira as a payment…

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If you have been active in the crypto space lately, you probably would have heard people talking about the Pi coin and the Pi network. The Pi coin was introduced in 2019 by Nicolas Kokkalis and Chengdiao Fan. Nicolas Kokkalis holds a doctorate degree in Computer Science from Stanford University. His major work, the Pi Network, is definitely a hit as it has over 50 million downloads on Google Play Store. What is the Pi coin? Generally, when new users come into the crypto space, they’re lured by several sites and platforms asking them to mine Bitcoin and other big…

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A token is fungible if it can be replaced or interchanged with an identical token without losing its value. Non-fungible tokens (NFTs) are special kinds of tokens deployed on a Blockchain that are unique and can’t be replaced by an identical one. No two NFTs on a Blockchain are the same no matter how identical they look because each and every NFT has an ID that makes it unique; this has therefore made it easy to be used as proof of ownership of different items or properties. Brief History of NFTs There are varying records of the very…

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Nigerians have not been left out in the massive adoption of these digital currencies as it is ranked among the top 10 countries that trade Bitcoin most – according to Statista. Making borderless or international payments can be expensive and slow depending on the means employed. It is even more difficult when you’re in Nigeria. This is what has contributed to the popularity of digital currencies among Nigerians. Over the years, Nigerians have enjoyed the ease and speed of making borderless payments using Bitcoin and other cryptocurrencies. A digital currency exists on a decentralized network known as a Blockchain used…

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Arthur Hayes, former CEO and co-founder of BitMEX has stated in a recent blog post that he expects the price of ETH to rise if the forthcoming merge is successful. The Ethereum Blockchain currently runs the Proof of Work (PoW) consensus model which is pretty much energy consuming, less decentralized (considering the ease of the majority participating in mining and securing the Blockchain), and less secured relative to the Proof of Stake (PoS) consensus model. Read more about the difference between PoS and PoW. The Ethereum Blockchain created a testnet called Beacon chain to experiment with the PoS model and…

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Ethereum has always used the PoW consensus mechanism until Dec 1, 2020, when it introduced the Beacon Chain testnet to experiment with the PoS consensus mechanism. The Beacon Chain introduced staking to Ethereum. Although, the testnet is still quite different from the mainnet as all transactions and interactions with smart contracts still remain on the mainnet; the Beacon chain consensus layer will soon be swapped with the current execution layer and the Ethereum Blockchain will fully transition into PoS. This swapping process is known as “the merge” and is currently estimated to happen around September 15-26, 2022 according to Watcher.guru…

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TL;DR Axie Infinity ($4,075,146,165)CryptoPunks ($2,287,715,152)Bored Ape Yatch Club ($2,245,871,008)Mutant Ape Yatch Club ($1,572,608,507)Art Blocks ($1,267,820,258)NBA Top Shot ($1,012,202,807)Otherdeed ($975,091,552) Non-fungible tokens (NFTs) are tokens deployed on a blockchain with a unique ID that can’t be replicated. A non-fungible token is any token that can’t be replaced by an identical one. $1 bills are fungible as every $1 bill is the same and can be interchanged. Since NFTs are non-fungible, each has a unique ID and can’t be interchanged with an identical token. Ethereum NFTs are ERC-721 while its fungible tokens are ERC-20. They can be stored in supported wallets such…

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‘Fork’ in the tech world basically means to duplicate or clone. So, a Blockchain fork is a copy of the code that runs a Blockchain in order to perform several tweaks, changes, or upgrades. When a Blockchain’s code is forked, two versions of the same code are created and changes are made on the new one. If the change is backwards compatible, it is a soft fork, otherwise, it is a hard fork. A hard fork forces everyone on the network to upgrade to the latest version (some may not). If those existing on the previous network are enough, two…

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Once upon a time, around 1972-1983, the Nigerian Naira was worth more than the dollar as $1 (1 USD) then traded below #1 (1 Naira). This didn’t last for more than that initial ten years as the Naira began to fall gradually since then. Usually, currencies aren’t stable, their values fluctuate due to several economic conditions thereby causing them to rise and fall. But the Nigerian Naira has a long history of falling. The few times it managed to appreciate, it went down lower after. See Full History of Exchange Rates (Naira to Dollar). What is inflation? Inflation is the…

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   Blockchains are digital records of transactions duplicated and publicly available to anyone interested in taking a look. Transactions are only added to a Blockchain only after they have been verified using a consensus mechanism.  Read more about consensus mechanisms here. Different Blockchains employ different consensus mechanisms. Cardano is a Blockchain that uses Proof of Stake (PoS) to verify transactions. Cardano was founded in 2015 by Ethereum’s co-founder Charles Hoskinson, supervised by The Cardano Foundation. “Cardano aims to achieve the scalability, interoperability, and sustainability needed for real-world applications. Cardano is designed to be the platform of choice for the…

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