According to statistics, Nigeria is one of the fastest adopters of Blockchain technology but what the future holds is unknown in Nigeria.
CEO Kusuconsults, Stephen Sunday talked about the future of blockchain and cryptocurrency in Nigeria.
Stephen is a stakeholder in the Blockchain ecosystem and a Blockchain evangelist. He has been involved in blockchain evangelism in different institution and talks mainly about Blockchain integration and adoption. He has also been involved in Blockchain innovations.
STAND AND FUTURE OF NIGERIA IN
The regulator bodies determine how things are run in the blockchain space. Stephen said,
“Lately, SEC has been on the news with a lot of regulations to guide the activities in the Blockchain space which if not in full implementation might affect the activities that are presently going on in the country or space in Nigeria.”
“SEC is trying to protect people from been swindled and falling victim of Ponzi schemes. SEC is trying to protect the citizens and in another way, it is going to affect a lot of start-ups in the country
“For regulation, there is a need for more consultation, more open discussion with start-up and SEC to see how compromise can be reached.”
“Regulators are coming in really late in Nigeria. Regulators need to work together with start-ups for effectiveness.”
What is the adoption rate in Nigeria?
Stephen said: “It is quite slow and the reason why it is slow is that the education has not been very effective.”
People might know about bitcoin or cryptocurrency but when it comes to usage and understanding this technology they know little or nothing
In Nigeria, we still have a long way to go. We need to invest more in educating people and of course, adoption can come alongside
“Nigeria, the country with the fastest adoption rate of blockchain in Africa has little blockchain developer. This fact can be traced to education,” Stephen added.
People get to adopt technology very fast when they understand what the technology is and what it does.
Innovation is going on in all sector of the economy. “It is very impressing. I have seen innovation around education, agriculture, medicine and election,” said Sunday. “Nigeria is coming very fast in terms of innovation. Nigeria is a virgin land for innovation because people are thinking about blockchain solutions.”
Algorand is a technology company that built and developed the world’s first open, permissionless, pure proof-of-stake blockchain protocol that, without forking, provides the necessary security, scalability, and decentralization needed for today’s economy
Algorand is the first to implement the approach called coaching – it allows other private blockchain platforms to use Algorand network to roll out.
The effectiveness of Algorand is what is making. A lot of big tech guys to run to Algorand to use their solutions. The common Blockchain wallet – blockchain.com and tether are running on Algorand.
Algorand has proved the trilemma theorem (it states that in blockchain system it is impossible to achieve all three properties – decentralized, secure and scalable at the same time) to be false by having a decentralized, secure and scalable platform.