Sunday, June 16, 2019

Luno’s CEO Says “Cryptocurrency Will Lead the Way of the African Revival”

Marcus Swanepoel, the co-founder and CEO of Luno, a cryptocurrency exchange was one of the speakers at the Blockchain Africa 2019 Conference. The CEO stated that “Cryptocurrency will lead the way of the African Renaissance”, according to a media outlet’s report on March 12.

The Absence of Massive Adoption of Blockchain in Governance

Per the report, a major point of focus at the Blockchain Africa 2019 Conference is the absence of political trust and the massive adoption of blockchain in governance. It was, however, noted that the economy is gradually shifting from being private and centralized to public, decentralized, and anonymous.

Marcus Swanepoel, on the other hand, stated that money is usually lost in the system. Nonetheless, when it comes to the banking system, some of the lost funds are untraceable. The latter is not the case with Bitcoin transactions which are carried out over the internet and are always traceable on the blockchain. Therefore, these funds are not lost entirely since they still go back to the consumer, he noted.

Bitcoin is Open, Natural, Auditable, Trustless

In the area of Bitcoin, Swanepoel outlined that the virtual asset is “open, neutral, auditable, trustless, secure, versatile.” He was also quick to note that while all these are its perks, there are also downsides to it. Some of these are its price volatility, scaling, nefarious, regulation, education etc.

The CEO also outlined said:

There is transparency, data and tools; stablecoins; Segwit, lightning; self-regulation, visibility; consumer information and press. These mitigations have only been five years in the making.

Skype and Other Social Media Enable Messages to be Sent

Another instance of evolution with modern technology which the CEO pointed out is the case of the postal service. The latter, according to him was required to transport messages to people across the world. Of recent, people have come to rely on Skype and other social networks to send messages.

These are companies whose services are either free or a stipend is charged. In the case of the latter, the company gets rewarded for it but what they receive is smaller in comparison to the asset that is held by the society. That being the case,
Swanepoel is of the opinion that political systems should adopt the same ideology where blockchain is used instead.

Asides from Swanepoel, the chief economist in the Western Cape Government, Nezaam Joseph also made comments. According to the economist, the value of blockchain outweighs its risks. He also added that there is no assurance that the big banks will succeed and if they fail, there will be no one to bail them out.

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