The Blockchain Rumble

1999

Today the term Bitcoin is pretty much synonymous with the Blockchain. But the Bitcoin is just one application that sits on top of the Blockchain. The Blockchain is the underlying fundamental technology. Many cryptocurrencies sit on top of that Blockchain. The Bitcoin is not alone.

But perception is not irrelevant. It is like, around 2012, for a ton of people, Facebook and the Internet were the same things. Everything they experienced on the Internet they experienced through Facebook. Facebook was their gateway. Facebook was their browser, their operating system. So when they clicked on a link they saw on Facebook, to them it was still Facebook.

Bitcoin is that.

And right now is 1999 for the Blockchain. And by right now I don’t mean this very month or even this very year. I could have said this a year ago. I will say this a year from now. And I am not claiming we are precisely two years from some kind of course correction.

When cars first showed up, thousands of car companies popped up. Most of them failed. It is in the nature of new technology to spring forth tons of new ventures. It is not even unfair. Who is to say someone can not take the plunge? A lot of people decide to take the risk, to solve the big puzzle, make the big bucks. That risk-taking is essential to big innovation. That froth is necessary.

Froth is not fraudulence, but the industry does need to watch out for fraudulence.

B100

There are innovation issues and there are governance issues. Internet protocol is governance, and there even competing companies can come together to create common ground.

You just have to go watch what happened on Capitol Hill when the Google and Facebook CEOs showed up to testify. Some of the questions that were asked came across as so foreign. Ordinary netizens were perplexed by the gulf between them and their political leaders. It is perhaps not fair to expect the governments of the world to lead the governance of the Blockchain. And it would not make sense for individual companies to do the same.

I propose the creation of a B100, or Blockchain 100, along the lines of G20 for nations, a coming together of the top 100 Blockchain companies by market value that meet once a year and hold their discussions in a transparent fashion to decide on governance issues. This has to be a global grouping.

Your bank might fail, but your money to a certain extent is secure because your government guarantees that. The cryptocurrencies need that umbrella. The company through which you bought your Bitcoin might fail, but your Bitcoins are safe because they reside on the Blockchain. People need to know that. And it is not enough that your Bitcoins are safely sitting on the Blockchain. If you can’t access it, it is as good as lost.

The Blockchain people need to tackle ID issues as something even more fundamental than finance. In the hierarchy of things, ID is most fundamental. Access to finance might be the next step up the ladder. Then come things like electricity and access to the Internet. In a few years when thousands of satellites bring the Internet to every point on earth, land or ocean, we will be in a good position to solve the ID problem for everybody. Give people ID and finance and Latin America will feel no need to pour into the United States. Africa will feel no need to shift to Europe.

The Blockchain is supposed to be empowering. There is a reason the Blockchain is hottest in Africa, the most disempowered continent. Ordinary people instinctively see the promise.

The Blockchain Rumble https://t.co/N2OCC3Ol8n @paxful @raypaxful @skyzer4ever

— Paramendra Kumar Bhagat (@paramendra) July 11, 2019

The Blockchain Rumble https://t.co/387hLusxfl @paxful @raypaxful @ChrisConeyInt @skyzer4ever

— Paramendra Kumar Bhagat (@paramendra) July 12, 2019

bitSIM, BitPesa, Africa

PIKETTY AND THE SITTING TRILLLIONS

The M-Pesa Concept Applied To Voting
Africa Deserves To Manufacture
Africa Can Save The World

MOVE OVER M-PESA, BITCOIN’S ZSIM IS THE NEW KID ON THE BLOCK

Globally, close to 2.5 billion adults remain unbanked. The vast majority of them live in Africa, Asia, Latin America and the Middle East. However, the bitSIM would enable this huge market to be brought into the formal financial sector literally overnight ..... The emerging global financial stage will see increasing competition between telcos and banks for control of the market share. bitSIM being able to compete against one of them promises to become a third force that will eventually muscle out the first two. bitSIM might even go further. Since the technology is built on the block chain, it effectively eliminates the middleman that exists both in banking and in the telcos and potentially promises much, much lower fees for transactions. ..... For many developing countries, bitSIM could enable many other industries to really take off including mCommerce and mRemittance, or even mRebittance. Remittance has become one of the main sources of income in many developing countries ....... bitSIM would enable the reforms undertaken in Nigerian agriculture to be spread overnight to other countries around the world. ...... a dedicated agro-blockchain could be created that could be used to manage all aspects of the value chain including smart contracts, and even the development of a viable continental commodity trading for African regions or even the continent itself. Trade on this agro-blockchain would be enabled across borders via the bitSIM without the usual bottlenecks that are inherent in traditional banking. ....... Many of the applications that could be powered on top of the bitSIM may be unimaginable as at now. For example, what role would bitSIM have in powering an internet of blockchains or even an internet of things?

Kenya’s million dollar bitcoin startup BitPesa expands to Tanzania

“We’re the first company on the planet to link mobile money with bitcoin,” company CEO Elizabeth Rossiello boasted. “About 97% of the people in Kenya use mobile money. In Tanzania it’s even better.” ..... We call it mobile money 2.0, where they have three key operators using it instead of one company. ..... “Instead of sending bitcoin to another bank account or bitcoin wallet, you can actually send bitcoin to someone’s mobile wallet using their contact number in real-time” ....... “Banking infrastructure has fallen behind and money transfer services like Western Union have filled the void,” Rossiello said. “The bitcoin technology is in the cloud, which means that everyone has access to world-class infrastructures. For us it’s a very convenient, cheap, scalable, robust piece of software.” ...BitPesa’s CEO added that other countries like Ghana, Senegal, Burkina Faso, Romania, and Turkey all have very advanced mobile money systems and are potential markets for the company’s remittance services.

Reimagining Africa as innovator

He travels to Kenya this July for a “summit” on entrepreneurship and hopes to show what the United States can do for the continent...... When he gets there, however, Mr. Obama may be surprised to discover what Africa is already doing for itself. In recent years, its young inventors and entrepreneurs – two-thirds of Africans are under age 35 – have begun to reverse the narrative that the continent is mainly a recipient of foreign technology and a backwater for ideas. ...... Kenya, for example, which is the birthplace of Obama’s father, has become a world leader in mobile money systems – far ahead of Apple Pay. Across Africa, software such as M-PESA is revolutionizing daily financial life for people with little access to banks or credit. About 1 in 7 Africans now uses a phone for banking, a ratio higher than anywhere in the world. Kenya is also home to an IBM research lab and has plans to become a “Silicon Savanna.” ....... Africa has more mobile-phone users than the US or Europe. This pool of 635 million devices provides a giant digital platform for innovation that fits Africa’s culture and its unique needs. Technology is lightly regulated, which gives innovators more freedom to try new products. ..... The continent’s big tech hubs – Nigeria, South Africa, Ghana, Uganda, and Senegal – are starting to draw global attention as potential exporters of new technology. One Ghanaian start-up, for example, has done well in California with an online tool, Dropifi, that helps businesses manage customer feedback. ...... Last year, the African Union drew up a 10-year strategy to drive technological innovation as a way for the continent to move beyond exports of raw materials. ..... An innovation expert in South Africa, Mammo Muchie of the Tshwane University of Technology, says Africans must destroy the “false narrative” that other races are better at innovation. Africa can build on its special strengths – its large population of young people, its ancient cultural traditions, and its large market for inexpensive solutions to poverty. Innovation, after all, first requires imagination. Reimagining Africa seems to have already begun.

Barack Obama Africa Foundation
Barack Obama And Africa

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Sahara And Amazon And Solar

A few days back I came across this video. And it is fascinating. It is showing that the Amazon forest (full of life) is totally dependent on the Sahara (lifeless) for its very survival. This is mind blowing. Mother Nature.

Another thing I see is, the Sahara could also meet all of Africa's energy needs. Used to be solar was expensive and complex. Not any more.

The coming era of unlimited — and free — clean energy
Why Obama should stop pushing nuclear energy on India
Unlimited Free Solar Power?

Solar Energy Revolution: A Massive Opportunity http://t.co/bblDqsqC53 by @peterdiamandis -- 100% solar energy within 20 years amazing
— Vivek Wadhwa (@wadhwa) September 3, 2014

The Sahara alone could meet all of Africa's energy needs. The Sahara probably is the best place on earth to harness solar energy. And, guess what, the Sun is not going anywhere. The oil fields of Saudi Arabia will run dry, but the earth will evaporate before the sun will disappear. I think the Sahara could generate 1,000 GW easy. Imagine a solar panel - one panel - the size of Texas.

Africa could become the leading continent on earth based just on Sahara's solar energy. It truly is the central continent. It is closer to every other continent than any other. Which means, it could end up the manufacturing hub of the world.

Africa so deserves a political union. It only makes sense that Africa should become one country. Because political leadership is what has been in the way. Or rather, lack of it. The continent that deserves to be the richest is the poorest.

The Sahara is in need of a serious image makeover. It is not lifeless. It is the opposite. It is life-sustaining.

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Energy Is The Missing Link

English: Citizens for Clean Energy Logo (Photo credit: Wikipedia)

Clean Energy is the missing link to the world getting rid of poverty. China has showed the way. And now India is on a war path to double digit growth rates. That is bigger news than China getting there because, well, India is the largest democracy, and democracy is supposed to be the superior political system. Think of it, the problem in India has been not enough democracy. Corruption and democracy don't go hand in hand.

The political roadmap is clear. The economic roadmap is clear. The policy roadmap is clear. But you can't have India and Africa eat up the blue sky like China did. And neither are going to wait. They will pollute their way out of poverty if they have to. So the scientists of the world really have their work cut out for them. I don't care where they are. America, China, India. Does not matter. Clean energy has to happen.

The thing about clean energy is, not only will it give economic growth without pollution, it will give economic growth itself. In their rush to clean energy that makes economic sense, all countries from America to India to China will add a percentage point or two to their growth rates. So bring it on, scientists.

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Microfinance Is A Huge Business

English: ESAF Microfinance Geographical Coverage in India (Photo credit: Wikipedia)

I don't think of microfinance as charity. I think of it as big business, like a hundred billion dollar business. How many companies in the world are past $100 billion in market value? Exactly. 

China grew at double digit rates for close to three decades, no recession, nothing. That is magical. Well, America could not do that because, when you are America, you grow by inventing the industries of tomorrow. And that is hard to do. But when you are China in 1980, you are not having to do that. You grow at double digit rates because all you are having to do is catch-up. And India is about to realize that. I hope Africa is next after India. As in, Africa also starts growing at double digit rates by 2020. Political leadership is key. 

People who avail of microfinance are like China in 1980. Only these are individuals and families, not countries. They can do well as business entities. Investing in them is smart. 

I am super interested in this sector. Entrepreneurs are my favorite people. I'd like to service a ton of them. Entrepreneurs at the low end stand to transform this world like few others. 

Done right this is about getting the Aam Aadmi (the common "man") in the rich countries to contribute a few hundred to a few thousand dollars as investments and touching lives a few hundred dollars at a time at the other end. 

A for profit company is not a bad idea. A for profit company with strong social boundaries. The goal has to be to keep the interest rate as low as possible. But the for profit part is it has to have the efficiency of a well run corporation. 

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Gates, The Most Famous Self Made Billionaire Of His Time, And Global Poverty

Bill and Melinda Gates during their visit to the Oslo Opera House in June 2009. (Photo credit: Wikipedia)

Gates has shamelessly cashed on his status as the most famous self made billionaire of his time to shove his hat in the laps of other billionaires and ask for money, not just some money, but most of their money. The ROI of the Gates Foundation is astounding, to put it mildly.

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