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Cryptocurrency is basically digital form cash. It is purely online based. It is not printed neither a card. It is actually entries into a database that are created with the help of cryptography. The databases are shared over a network, and the latter prevents errors. There is no central authority or a central server that governs the cryptocurrency. The cryptocurrency is created by the network. The way it is developed is mostly particular to each network and cryptocurrency type. Different types of cryptocurrency are not equal and not interchangeable.

Bitcoin is the pioneer of cryptocurrency and it was created in 2009 by Satoshi Nakamoto. It is still the most priceless on the market today. No middleman is required when transactions are made. A form of digital currency, no one controls it. It is not printed like euro or dollar. It is produced by people and a greater extent by businesses. It has significant value and has a reputation worldwide. Amazon has begun to accept bitcoin by allowing consumers to buy gift cards with the cryptocurrency.

 

Ethereum

Ethereum is viewed as a sort of token, used to pay for computation. It is an open software platform based upon blockchain technology that enables developers to build and deploy decentralized applications. Ethereum differs from Bitcoin in the sense that it is programmable. The platform allows developers to build and activate applications within the blockchain technology.

 

Ripple

Ripple known as XRP, is a digital currency and a back-end infrastructure. It is an open-source, a global exchange. Ripple take a similar approach to bitcoin and want to allow money to flow freely, removing fees and waiting times. They function using peer to peer network and have numerous similarities to Bitcoin. Yet, ripple is not a rival to bitcoin. It complements bitcoin service.

 

Litecoin

Litecoin was issued in 2011. Its aim was to being “silver” to bitcoin’s “gold”. Litecoin has the highest market cap after bitcoin. It functions on a peer to peer network that allows instant, near zero cost payments to anyone in the world. It is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. The currency functions on a blockchain and mining take place to verify transactions and to provide security.

 

Ethereum Classic

Ethereum Classic is not a new cryptocurrency. It is a continuation of the initial Ethereum Classic. It still offers the same features as Ethereum, like the creation and deployment of smart contract and decentralized applications, and has all the same specifications, like the average block time, size and reward. The classic version preserves untampered history, free from external interference and subjective tampering of transactions.

 


In the sphere of cryptocurrencies, initial coins offerings or simply ICO are used to raise money for business purposes. It is mostly used by all businesses in order to bypass the raising of capital that is regulated as well as a meticulous process required by the banks and the venture capitalists.

Numerous Blockchain technology is now using ICO. In this system, the business sets up digital tokens, that is, cryptocurrencies. These tokens are issued based upon the amount the business wants to raise and they have a fixed value. They are then sold in an initial offer. ICO is very much alike to an Initial Public Offer. In an IPO, the business sells its shares for the first time in the market. A price band is set whereby the investors can bid.

Whereas an ICO, tokens are generated and a price is decided upon these tokens. These tokens are on a blockchain concept and determine their value based upon demand. The idea conceives on the philosophy that on blockchain, you can carry out without the need of a central authority, for example a central bank.

Everybody can invest in an ICO development. You can purchase it online on cryptocurrency exchanges that support it. The newly created tokens can be altered with existing famous cryptocurrencies like Bitcoin, Ethereum, or with a fiat currency such as rupee or dollar. Besides, they can be traded on cryptocurrencies exchanges. ICO is not standardized. This is why, businesses that issue it do not need to inform an exchange, or conform to any designated rules as they do have for IPO.

 

Benefits of ICO

Every business to start-up requires money. Initial Coin Offering is the best option to raise funds in order to give an advance to these developments. Developers look forward to digital currencies to settle new projects. They communicate far-reaching communities about the project and use white papers that have thorough information, thus people can make investments.

Since the creation of ICO in 2014, it has gained an immense popularity, and it has been very much successful. Ethereal was the first to start it, and numerous people were drawn to this technology. After this new concept was born, more ICO was created and its number boosted every year. Digital currency was the new star, and its popularity is turning it into a bright future. ICO can finance numerous projects at one time. There is a humongous demand of ICO. It is the newest and freshest way to raise money for a project.


The origin and history of Smart Contracts are much older than Bitcoin, and dates back to the Smart contracts. Smart Contract was first coined in 1993 by one of the bitcoin’s supposed creators, Nick Szabo. It points out the self-automated computer programs that can carry out the terms of any contract.

Smart Contracts, also known as self-executing contracts, blockchain contracts and digital contracts, are integral part of the blockchain concept. It facilitates, executes and enforces negotiation and performance of an agreement (contract). The complete process is mechanized, it can act as a complement or a substitute for legal contracts whereby the terms of the smart contract are recorded in a computer language as a set of instructions.

In simple term, smart contracts main goal is for you to exchange money, property, shares or anything of value in a clear, conflict-free manner while the services of a middleman are not required. The ideal way to understand its idea is to examine and analyse the technology to a vending machine. You’ll go normally to a lawyer or a notary, pay them and wait till you obtain the document. But with smart contracts, you just drop a bitcoin into the vending machine (ledger) and your agreement, enters your account.In addition, smart contracts not only designate the rules but also penalties over an agreement in the same manner that a traditional contract does, but automatically administer those obligations.

 

Advantages of Smart Contracts

1. Autonomy

It’s you who make the agreement. No need to depend on a broker, lawyer or other intermediaries to confirm. It saves from any manipulation by a third party as automatically as the execution is managed by the network. No bias neither mistake is possible.

 

2. Trust

The documents are coded on a shared ledger. No one can say they lost it.

 

3 Back-up

On the blockchain concept, every single document is duplicated numerous times.

 

4. Safety

There is no hacking with the coding (cryptography) websites that keep your documents secure.

 

5. Speed

Smart contracts enable you to use software code to automate tasks, thus save hours of the business process.

 

6. Savings

It enables to save your money as there’s no need for an intermediary, hence no need to pay a notary to witness your transactions.

 

7. Accuracy

Along with faster and cheaper, smart contracts are precise. There are no errors that can happen from manually filling numerous forms.

 


Blockchain, a grooving technology have been booming on the international platform. Mauritius, our little paradise, over the years have been on the go for innovative concepts to boost our economy. The island has deep-rooted financial services, information and communications technologies. New ideas means new opportunities, henceforth Mauritius is putting forward Blockchain Technology as it will help and boost our economy on another level.

For those who know little or no idea about the concept of Blockchain, here is a simple definition. Blockchain is a shared and unchangeable ledger for recording the history of transactions. It promotes a new generation of transactional applications that establish trust, accountability and transparency from contracts to deeds to payments.

Atma Narasiah, the head of technology, innovation and services at the Board of Investment (BOI), explains that “we are working to take our economy to another level, and these kinds of technologies are very important in our strategy.” He points out that “Blockchain is an area where we will be focusing, building competencies and ensuring that it permeates other sectors of the economy and government.” Likewise, he explains that “Blockchain is one of these technologies we want to drive. We see a window of opportunity here to be able to leapfrog others.”

Internationally recognized as the powerful in sub-Saharan Africa, Mauritius has a strong business presence and governance environment. As a matter of fact, the Mauritius is ranked 49 out of 190 countries worldwide and offers the ideal business climate of any country in the region. The World Bank’s ranking measures factors like facilitate and ease a business start-up, enforce contracts, get credit, protect and secure investors, and last but not least pay taxes.

The World Economic Forum states in its annual competitive rankings that Mauritius enjoys Africa’s most resourceful, vibrant and competitive economy, finest and best infrastructure along with a highly educated bilingual workforce. Similarly, the little paradise savours stability and geographic location. And that’s why Mauritius is a well-known platform for financial services companies, another reason to take a plunge into new markets on the African continent, where numerous of the world’s largest unbanked people exist.

Additionally, Consensys which is one of the leaders of the Blockchain concept was on an investment prospection visit lately in Mauritius. The principal idea of this visit was to enlighten and educate local stakeholders of Mauritius being a Blockchain hub. The delegates of Consensys further analyse the opportunity to create operations in the country. As a matter of fact, the government is keen and is committed to developing the Blockchain Technology. The Blockchain era will create new opportunities, new ideas and growth in developing the country.