It’s another meeting day headed by BRO.INK FAISAL MAARUF KANO STATE DIRECTOR GENERAL.
Now to his words.
A crypto-currency is a medium of exchange that is digital, encrypted and
decentralized. Unlike the Nigerian Naira, U. S. Dollar or the Euro, there is no central
authority like Central Bank that manages and maintains the value of a crypto
currency. Instead, these tasks are broadly distributed among a crypto currency’s
users, through the internet. Whereas a blockchain is an open, distributed ledger that records transactions in code.
In practice, it’s a little like a checkbook that is distributed across countless computers around the world.
Transactions are recorded in blocks that are then linked together on a chain of blocks.
It is like a book, where one writes down everything he/she spend money on each day.
Each page is similar to a block, and this is called blockchain.
With a blockchain, everyone who uses a crypto currency has their own copy of this
book to create a unified transaction record.
The Software logs each new transaction as it happens, and every copy of the blockchain is updated simultaneously with the new information, keeping all records identical and accurate. To prevent fraud.
Each transaction is checked using one of two main validation techniques proof of work or proof of stake.
Proof of work versus Proof of stake
They are two different validation techniques used to verify transactions before they are added to a blockchain, which reward verifiers with more crypto currency. Crypto currencies typically use either proof of work or proof of stake to verify transactions.
PROOF OF WORK: proof of work is a method of verifying transactions on a blockchain in which an algorithm provides a mathematical problem that computers race to solve.
Each participating computer often refers to as a miner solves a mathematical puzzle that helps verify a group of transactions – referred to as a block – then adds them to the blockchain ledger. The first computer to do so successfully is rewarded with a small amount of crypto-currency for its efforts.
Market based crypto-currencies: These are crypto currencies that depend on the
market forces (i.e. demand and supply) to determine their prices. This is why their
value fluctuates (i.e. rise and fall). Under this category, there are thousands of cryptocurrencies; most popular among them are Bitcoin, Etehereum, litcoin, Ripples, Tron e.t.c.
One way or the other, there are some people controlling our wealth in the world, we call them the elites. Despite the fact that these elites are just 1% of the world’s
population, they are the people that own central banks, world banks and the likes.
They are the set of people that introduce currency (paper based or fiat money).
So, they are using this authority to control our finance. This implies that they pump money into the financial system, as soon as value goes up, they withdraw the money and the value comes down.
We need crypto-currency to replace our current monetary system in order to have
The first product of crypto-currency came out through the same manipulation. So
these elites are no more using the power of demand and supply, they are now using.
User-based crypto currencies: It was because of the problems associated with
market base crypto-currency that brought the invention of user-based crypto
currency. For user-base crypto-currency domain, there are only three of them in the
whole world, they are: Kringle, Pinkoin and Ton (telegram coin).
Pinkoin is a cryptocurrency under user-based crypto-currency category.
User-based crypto-currency has nothing to do with the market forces. It relies only
on the number of users that have embraced it in the world (living nodes) because it recognize humanity as assets. The implication is that when humanities come together, they give value to whatever they want, this is the reason why user-based blockchain is built on the multitude of its registered living nodes.
There are 180 different currencies in the world. Thus the value of Pinkoin is tied to this figure. When 180 living nodes (people) comes under Inksnation the value of their coin appreciate by $1 and no power or policy can devalue it. That is how it will continue to grow every
One other thing that makes Pinkoin to be different is because Inksnation come with
different innovations. One of which is that Inksnation has reserves. This implies that as the value of its Pinkoin appreciates, the money goes into their reserve. That is why Inksnation can afford to pay all their citizens a minimum of $300 per month.
That is why there is need to make provision for Universal Child Basic Allowance for every of its citizens to be earning per day as the coin appreciates.
Another innovation is that they have digital card just like ATM card and the ATM machine respectively.