BOSTON, Massachusetts — Golden Globe Award-winning movie star Idris Elba is taking a leading role in promoting financial freedom in his ancestral homeland of West Africa. He has partnered with the Stellar Development Foundation, a nonprofit organization dedicated to creating equitable access to the global financial system through blockchain technology. Together, Elba and the Stellar Development Foundation have assembled a strategic team aiming to integrate millions of West Africans, who currently lack any personal finance tools, into the global economy. Their primary strategy is promoting and expanding cryptocurrency exchange to achieve financial freedom in West Africa.

The Banking Challenge in West Africa

Less than half of the adults in West Africa have access to banking services. Even in Nigeria and Ghana, the region’s two largest economic powerhouses, fewer than half of the people have formal bank accounts. In other Sub-Saharan African countries, such as South Africa, citizens often avoid traditional financial services due to mistrust of banks’ motives, ATM fraud and oppressive bureaucracy within financial institutions. Many view cryptocurrency, powered by blockchain technology, as a solution to counteract these ongoing issues.

Cryptocurrency serves as a hedge against currency manipulation, which many governments of developing countries engage in to boost international trade efforts or reduce debt interest burdens. Such practices, which involve deliberate currency devaluation, are morally wrong as they reduce the buying power of ordinary working-class citizens by driving up inflation. Cryptocurrencies also help curb monetary inflation.

The Unbanked Majority

Many of the world’s poor, amounting to 75%, lack bank accounts, highlighting the challenge of building wealth without any savings or reserves. Villagers in developing nations point out that excessive travel distances to banks and high fees associated with account setup, maintenance, transaction costs and minimum balance penalties make traditional personal finance inaccessible. Historically, not having a bank account also meant no access to credit, as credit card payments typically require withdrawals from a checking or savings account.

Transport and Banking Accessibility

Transportation in Africa presents a significant challenge, with the continent having the highest transport costs in the world. These high costs make it particularly difficult for West Africans to access banks, rendering the task nearly impractical. Additionally, West Africa has only 7.8 ATMs per 100,000 residents, which is the second lowest rate in the continent, just above East Africa.

The African Development Bank Group (AfDB) states, “To open a savings account at Ecobank, one of Africa’s largest Pan African Banks, an individual has to fulfill the following requirements: complete account opening form, a valid piece of ID of each signatory (current driver’s license, national ID, international passport, student ID card for students or a registered association), proof of address (utility bills for preceding three months, site visitation, certificate of residence, tenancy agreement), two passport pictures among others. While such requirements may be routine, the majority of the population in low-income countries may not meet more than one of these requirements.” The fact only 13.7% of West Africans have access to financial institutions is reflective of those hassles. 

The Role of Cryptocurrency

Coinbase Wallet and Exodus, two of the largest digital crypto wallets, charge no fees for account opening or minimum balances. Exodus does charge fees for selling or trading digital assets on its app. Both of these apps, along with many others, are available for free download on the iOS App Store and Google Play Store. Online desktop versions are also available.

To open accounts on these platforms, consumers need only one valid ID, which is much simpler than the multiple forms required by many traditional banks in Africa. With 60% of West Africans having internet access and only 13.7% having a bank account, cryptocurrency could significantly close the financial accessibility gap in West Africa from a market penetration standpoint. It enables full-scale financial coverage from the comfort of one’s home, eliminating the need to travel to brick-and-mortar banks.

Contrary to the views of crypto detractors, cryptocurrency can serve as an independent alternative to traditional banking because individuals can buy crypto coins without needing a credit card or bank account. Local shops in villages can easily act as intermediary sellers of various cryptocurrencies, allowing customers to purchase crypto coins directly with cash.

International Trade Impact

American trade relationships with many West African nations have indeed injected money into their economies through investment, but they also bring their share of negative effects. The strength of the American dollar, the world’s reserve currency, often hinders emerging markets by limiting the growth potential of local currencies. If organizations like the Organisation of African Trade Unity were to unite in using a default cryptocurrency for transcontinental trade, it could weaken foreign currencies and boost the African economy.

Idris Elba’s Vision

In a 2023 interview with CoinDesk, Idris Elba drew a relevant comparison between his field of video production and his newfound interest in promoting financial freedom in West Africa. He recounted how growing up, he had only four TV channels to choose from, but now there are countless options available on cable, the internet and subscription streaming platforms. This expansion has allowed directors, screenwriters and actors to choose from a vast array of mediums to showcase their creative work.

Looking Forward

Looking forward, the expansion of cryptocurrency in West Africa holds immense promise for bridging the financial divide for millions. By simplifying banking processes and making financial services more accessible, Idris Elba and the Stellar Development Foundation are setting the stage for a new era of economic empowerment. As these technologies gain traction, they could radically transform the financial landscape, promoting greater inclusivity and prosperity across the region.

– Danial Osmani

Danial is based in Boston, MA, USA and focuses on Business and Celebs for The Borgen Project.

Photo: Flickr

In the current upward trend of the cryptocurrency market, Shiba Inu and Immutable X are showing promising growth. However, BlockDAG, a first-layer project, has quickly become the go-to for investment due to its significant long-term growth potential. With the launch of the X series miners and a presale amassing over $51.1 million, BlockDAG is making its mark.

As a beacon in the crypto market, BlockDAG sets its sights on widespread adoption, with an ambitious price target of $30 by 2030. While Shiba Inu maintains robust trading volumes and the Immutable ecosystem expands, BlockDAG offers something exceptional with its novel features.

Shiba Inu’s Market Vigor and Trading Volume

Shiba Inu has taken the lead in trading volume on WazirX, India’s premier crypto exchange, outstripping Bitcoin, Floki, and Pepe for May 2024. Maintaining its dominance since April and notable trading activity from December 2023, Shiba Inu showcases enduring community support and investor interest.

Recently, Shiba Inu’s price jumped over 8% in just 24 hours, peaking at $0.00002592. Pundits like Jason Williams anticipate a rally that could elevate SHIB to $0.05. A spike in engagement on Shibarium, with new accounts soaring by 3,436% in a single day, highlights the vibrant activity and growing interest in Shiba Inu.

Growth and Innovations within the Immutable Ecosystem

The Immutable X platform has recently been enriched by the migration of The Mystery Society, which now allows players to move their NFTs using the innovative Passport wallet, taking advantage of Immutable’s zkEVM rollup for improved cost efficiency and speed. Earlier this year, The Mystery Society garnered $3 million to enhance its developments on Polygon, and it has transitioned to Immutable X for superior performance.

The Immutable ecosystem is on a path of steady growth as more projects leverage its advanced technology. With The Mystery Society’s seamless transition, players retain their NFTs and assets effortlessly, illustrating Immutable X’s ability to support significant migrations while preserving asset fidelity and user experience. The synergy of zk technology with Polygon support is poised to drive further adoption and growth.

BlockDAG’s Mining Innovation and Unprecedented ROI Prospects

BlockDAG is stirring the crypto waters with its X series miners, pivotal to its strategy for expansive growth to $51.1 million in presale. The X10 miner, resembling a compact Wi-Fi extender, offers a quiet 100 MH/s hash rate and can mine up to 200 BDAG daily. Its user-friendly, plug-and-play setup is ideal for home use, aligning with BlockDAG’s broader adoption ambitions.

For those aiming for higher efficiency, the X30 miner upgrades the experience with a 280 GH/s hash rate, tripling the performance of previous models. It combines compactness with powerful ASIC technology, catering to both novices and seasoned miners by offering a scalable and potent mining solution.

The X100 miner is the powerhouse among them, boasting a 2 TH/s hash rate capable of mining up to 2,000 BDAG daily. Consuming 1800W, this miner utilizes top-tier ASIC technology to optimize mining efficiency and is designed for extensive mining operations, reinforcing BlockDAG’s vision for extensive network integration. Analysts forecast a staggering 30,000x ROI for BDAG investors, driven by these sophisticated mining solutions and strategic positioning in the market, establishing BlockDAG as a dominant force in the crypto realm.

Key Takeaways

While Shiba Inu and Immutable X thrive with their respective advancements and positive outlooks, BlockDAG captures the spotlight with its exceptional presale achievements and substantial potential for growth. Having raised over $51.1 million, BlockDAG’s innovative features and transparent practices make it an attractive investment choice.

The X series miners, including the X10, X30, and X100, underscore its robust ecosystem and contribute to the anticipated 30,000x ROIs. As BlockDAG targets a $30 valuation by 2030, its presale success and comprehensive strategic plan position it as a leading figure in the crypto universe, outshining both the high Shiba Inu trading volumes and the expanding Immutable ecosystem, with a future that shines even brighter.

Join BlockDAG Presale Now:

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

In the fast-paced world of digital finance, a new way to earn passive income has come to the forefront: staking. This process, which has rapidly become a key part of numerous proof-of-stake (PoS) blockchains like Ethereum, Solana, and Cardano, allows those in the crypto-sphere to essentially lock away their cryptocurrency, thus earning themselves rewards in return.

Staking is nothing more than a simple byproduct of the initiatives of the DeFi or decentralized finance world that aims to offer a more lucrative alternative to the old ways of investing. Its enchanting promise of high yields has led to a sharp spike in the number of investors joining the crypto community.

For our readers who are uninitiated, staking is a rather straightforward process. Individuals lock in their cryptocurrency or “stake” to aid the operation and security of a blockchain network. In doing so, these people become validators, helping to validate transactions and ensure the safety and integrity of the network. The rewards they obtain in return are quite enticing.

This system contrasts sharply with proof-of-work systems or PoW systems like Bitcoin, which are highly dependent on extensive, energy-intensive mining. Within the construct of the PoS systems, validators are handpicked to construct new blocks. The selection is determined based on a mix of factors, one of which is the volume of cryptocurrency they have decided to stake. As such, the PoS system not only eliminates the need for extravagant application-specific hardware but is also far more environmentally benign.

What fuels the spirit of staking is perhaps the incentives that come with it. Validators earn their rewards through transaction fees. In some cases, they are even given additional cryptocurrency, which bolsters participation and fortifies network security.

However, it’s not all sunshine and rose-tinted glasses. Much like any other investment, staking does come with a certain set of risks: the volatility of cryptocurrency prices, penalties for validators who breache network rules, and the technical risks that come with maintaining validator nodes. Moreover, once staked, coins are generally locked up for a specific duration, and this could restrict liquidity and flexibility.

Staking takes many forms, each catering to different preferences. Some may prefer the direct technique from a private wallet, which craves a bit of technical know-how. Others may opt for staking through a service provider like Allnodes that essentially does all the heavy lifting. There’s also liquid staking that allows investors to stake their assets while retaining liquidity. Platforms like EigenLayer enable users to re-stake their Ethereum, thereby enhancing network security and capital efficiency within the Ethereum ecosystem.

The mechanics of staking are as follows: each PoS blockchain has its own staking currency, required to participate in staking. Users have different paths to stake their coins, from managing their validator node to third-party staking-as-a-service platforms. To start staking, users need to acquire enough crypto assets to run a validator node on their chosen network.

The reward mechanism is quite enticing. Validators earn their rewards through the network’s native cryptocurrency, the amount of which depends on the stake and the length of time the tokens are locked in for.

Of course, like any other investment, it’s important to keep an eye on market conditions and to diversify. But one of the more useful strategies to maximize rewards is called ‘compounding’. This involves re-investing earned rewards by staking them again and leveraging the power of exponential growth to increase the total staking rewards over time.

Choosing a staking platform that meets your specific requirements is equally crucial. Essential factors to consider are security, reputation of the platform, ease of use, and uptime.

Take Allnodes, for example, a widely acclaimed staking service provider whose praises are sung loudly on Trustpilot. Allnodes has emphasized a user-friendly interface, robust security, high uptime, a transparent fee structure, and support for multiple cryptocurrencies, over 76 PoS blockchains to be exact.

A partnership between Allnodes and EigenLayer offers a harmonious blend of security and innovation for maximum returns. Staking on this platform not only simplifies the process but provides creative ways to increase earnings.

In conclusion, staking stands out as an exciting opportunity for earning passive income in the ever-changing world of cryptocurrency. By understanding the mechanics of staking and strategizing to maximize rewards, investors can make informed decisions and significantly enhance their returns. Staking is all set to maintain its position as a key player in the DeFi landscape, offering exhilarating opportunities for those willing to tap into and engage with this dynamic sector.