Another major country has adopted Algorand’s Layer-1 to assist with a number of different industries.
- Nigeria Adopts Algorand
- National Blockchain Wallet Will Revolutionize IP
Nigeria Adopts Algorand
Last summer, El-Salvador adopted Algorand’s Layer-1 technology for the purposes of record-keeping and, in general to develop the government’s entire blockchain infrastructure. This was done through Koibanx, which is a Latin-American Fintech firm that is built on Algorand. The company is focused on building blockchain payment rails to scale.
Today, the announcement for Nigeria’s government was also announced by Koibanx in a Twitter Spaces. It appears this company will be behind Nigeria’s blockchain infrastructure, too. Specifically for the commercialization of IP (intellectual property).
BREAKING: @koibanx and @developingafro
to develop #Nigeria’s official platform for commercialization of all IP in the country, on #Algorand.
As announced by @leoelduayen and @developingafro earlier today on a #TwitterSpace. Replay 👉 https://t.co/pGqAc2vp0s
— Algorand (@Algorand) May 23, 2022
As opposed to the El-Salvador agreement, this announcement appears to be even more robust and powerful. First of all, Nigeria is a massive country. With over 200 million citizens, the country is 5x larger than our neighbor to the North, Canada.
Nigeria is a highly advanced and developed country. Certainly one of the most developed countries on the continent. As mentioned above, the thrust of the deal will revolve around the simplification of deploying intellectual property rights via blockchain.
Koibanx + @Algorand + Nigeria = THE FUTURE 🚀TrendingGithub Shows Algorand the Next Chain to Integrate with Wormhole
Can you imagine a country that launches a crypto wallet which enables citizens to register any form of IP and earn worldwide royalties on them?
Well Nigeria is doing it and it is probably the biggest crypto project in the world.
— Koibanx (@koibanx) May 23, 2022
National Blockchain Wallet Will Revolutionize IP
As noted by Koibanx in their announcement, “The Nigerian government has granted Developing Africa the exclusivity to build the national wallet running on Blockchain, which will be promoted as the official channel for the Nigerian population to register and commercialize their different IP rights.”
Everything from trademarks, patents, music, videos, copyrights, and streamable content in general will all be encompassed in the ability of this blockchain wallet. “The project is going to serve as a virtual market where IP assets can be exhibited, sold, and royalty payments are initiated. Therefore, proffering the solution to the market friction facing the entertainment industry.”
.@Algorand + @koibanx + #Nigeria 🇳🇬
Game Set Match ♟
All digital IP music, movies, trademarks™️ + more as #NFTs working w/ the Nigerian Goverment on #Algorand with on chain payments❗️200M + people Africas Largest Economy 🚀🏦#eNaira $Algo #Algo @AlgoFoundation @IOHK_Charles
— Jeff Malko 👊🏽 (@Jeff_Malko) May 23, 2022
Nigeria’s population is one of the crypto-focused countries in the world. The country’s young, tech-savvy population has eagerly adopted cryptocurrencies, for example, using peer-to-peer trading offered by crypto exchanges to avoid a financial sector ban which was imposed the country.
In light of this, the financial authorities in Nigeria have proposed legislation last week to try and find a middle ground for to embrace the emerging technology. “The 54-page document lays out registration requirements for digital assets offerings and custodians, and classifies the assets as securities regulated by the SEC.”
With the most populous country in Africa embracing Algorand and blockchain to make financial access easier, cheaper, and faster, it is only a matter of time before the rest of the world gets onboard.
Recommended: Martin Shkreli Prefers Algorand To Bitcoin