(first published October 21, 2018)
The year was 1983. ARPANET adopted the TCP/IP protocol and soon thereafter the modern internet was born. It’s one of those key moments in history that represents a pivotal moment sitting right at the epicentre of the resultant digital seismic shift and advancements that manifested decades later. Recognising these landmark moments in the very moment it is happening takes extraordinary foresight. Many could not have predicted how much the internet was going to blow up. But think of the few who recognized the internet in its ‘diamond in the rough’ state and knew what to build with the technology. The likes of Jerry Yang and David Filo (Yahoo); Marc Seriff, Steve Case, Jim Kimsey and William Vonmeister (AOL); Theodore Papes (Prodigy Online Service); Louis Monier, Michael Burrows (Alta Vista); David Bohnett and John Rezner (GeoCities); Marc Andreessen, Jim Clark and William Foss (Netscape). Google them if you are not quite familiar with these names. The common denominator is that they all made millions during the early days of the internet. They saw the huge potential the internet represented early enough and built on it even in a world where many were still understandably ambivalent or myopic.
These success stories are not unique. The same holds true for all areas of human endeavour. Seeing what others cannot see ‘yet’, pays.
When the eternally anonymous Satoshi Nakamoto presented the phenomenon that is the blockchain technology in 2008 and later introduced the first blockchain based cryptocurrency in the marquee Bitcoin whitepaper published in 2009, it went unnoticed by everyone. Well almost everyone. Some who knew probably dismissed it as an idealistic gibberish of a rich nerd with copious amount of free time at his (or her?) disposal. But for a select few, who knew they had found their ‘diamond in the rough’ and saw the revolutionary potential embodied by the technology, playing the long game was a no-brainer. They knew their investments might not pan out in the next 5 or 10 years but believed in it so much that they knew adoption was only a matter of when, not if. And Boy, were they right! 1 BTC in 2009 was valued at 0.0001 USD. Today the value is north of 6000 USD. The earth is not flat nor is bitcoin a mere fad.
The emergence of blockchain technology is reminiscent of the internet early days. So how did the internet become so pervasive? One word — Adoption.
For all the talk of a bearish market today and the noise being propagated by certain parts of the media about a crypto-apocalypse, it’s unthinkable to imagine that anyone could have predicted a world where BTC Market capitalization (in the third quarter of 2018) would be approximately 114 billion USD not to mention the existence of other blockchain based cryptocurrencies.
But it happened. More adoption made it happen. There is a need for even more adoption if blockchain technology is to reach the stratospheric heights that it can. In the spirit of adoption, many companies are now employing blockchain technology and have tokenised their services allowing the public to take part in the success of their companies by raising money via ICOs (Initial Coin Offerings). Still other companies have established crypto exchange platforms where these tokens can be exchanged. In 2017 a whopping $7 billion was raised via ICOs but surprisingly by the first five months of this year the figure has nearly doubled with $13.7 billion raised from January to May alone. Yes the crypto-space is booming and more alive than ever. This has led many to join the gold-rush hoping to get quick investments for their projects. Sadly, as is the case with ground breaking technology (cue the internet) blockchain technology which is largely a force for good can also be bastardized and exploited by unscrupulous folks. According to Carbon Black, a cybersecurity company, at least a billion worth of cryptocurrencies have been stolen through various scams and hacks.
What about ICOs? ICOs which were originally meant to raise money for legitimate tech startups have now been hijacked by fraudulent ventures looking to make a quick buck. For example just this year NVO ICO took off with 8 000 000 USD raised during the ICO. Cases like this are starting to be common place in the ICO world. Expectedly people are becoming wary of ICOs and will not invest anymore.
But this should take nothing away from the technology or other legitimate projects. After all, the existence of internet fraudsters doesn’t make you stop using the internet. You just learn to identify missile attacks and duck. It will be unreasonable to live without the internet in this age just because of a few bad apples. The internet is not at fault. Neither is blockchain technology. And so it will defy logic to abandon an amazing technology that is capable of transforming the world just because of a few bad experiences. Blockchain is the key to the future. And we should all invest in it because without mass adoption it will never reach its peak potential. It needs adoption to thrive and we are all responsible.
But there is no mass crypto adoption without mass crypto education. That is why KuBitX was founded with the aim of offering trailblazing crypto exchange services while educating and driving massive cryptocurrency adoption on a global scale. KuBitX is saying ‘YES let’s teach everyone to invest in the crypto space because of its power to unlock a financially fair future for all’.
But let’s be clear: You need to be smart as an investor. Know the difference between a fake and a real ICO. Today every Tom, Dick and Harry can start an ICO. Hire someone on fiverr to design a wishy-washy whitepaper. Design your ICO website and slap the pictures of some so called expert advisors (who by the way contribute nothing) on your website. Next pay some social media influencers to shill your projects. And you’re on your way to ICO jackpot.
This is the blueprint of the fake ICO. Do not be fooled. Never invest in anyone’s pipe dream. Here are the 5 red flags to look out for before investing in an ICO
v Shallow Whitepaper: If the founders don’t care enough to explain the project exhaustively in several pages of real content, it’s most likely a fake ICO.
v No working prototype: Without a working prototype, all the project (ICO) has is an idea on paper (whitepaper). Even if it’s not a scam, it might not be a worthwhile investment in the long run.
v Excessive Hype: Adverts are necessary to get the word out about the ICO but if all an ICO ever puts out is a lot of buzzwords and excessive social media hype without at any point rolling out a concrete blueprint complete with all the boring technical and architectural details, you better run and take your money with you.
v Active core team: Investigate if the big-name advisors and team members featured on the whitepaper are actually connected to the project or are just ‘space-fillers’. Even worse, their identities might have been stolen.
v Unnecessary Blockchain Deployment: It’s often said in crypto circles, ‘blockchain is not hot sauce’. And it is true. You can’t take a little bit of blockchain and sprinkle it on a problem and make it better. So before investing in a blockchain-based project ask yourself if the projects really needs blockchain or the founders are just looking for a quick pay-day.
“A recent report from Ernst and Young found that nearly a third of all cryptocurrencies that have been financed through online fundraisers, like initial coin offerings have lost almost all their value, while the vast majority of them are currently trading below their listing price”.
KuBitX is leading by example. With our centraliszed exchange platform we will take steps to ensure price stability of our tokens to the benefit of all our token holders.
The numbers have been crunched and the vision is clear and attainable as concisely expressed in our comprehensive whitepaper. Far from having phony advisors, the team comprises of technological experts from leading industry giants from around the world like AWS, Microsoft, Dell, EMC, British Petroleum, Huawei, PwC, MTN. The working prototype of the hybrid Exchange platform is ready and its features are jaw-dropping. The platform in its complete form will feature an ultrafast trading engine starting with transaction speeds of 12M+ (million) per second; KuBitX wallets with advanced security measures that incorporates Cryptocurrency Security Standard (CCSS), up to 3-factor authentication and constantly subjected to extensive intrusion and penetration testing; and a super user-friendly interface that will enable you make informed trading decisions, process payments and withdrawals easily.
We have also partnered with top companies like Modulus Global, Interswitch, NEM, and many more. To further build our presence and authority, we have participated in major blockchain and entrepreneurial conferences all over the world especially in our focus markets in Nigeria, Kenya, Ghana and Zimbabwe.
KuBitX is more than just an exchange platform, it is a movement geared towards global cryptocurrency adoption. Through our Global Channel Ambassador Initiative (GCAI), we are breaking new grounds and reaching new audiences by engaging and training people in their local communities using KuBitX local influencers who understand the political, financial and cultural climate operative in these communities. While KuBitX platform will be available on a global scale, our commitment towards cryptocurrency adoption is signposted by the location of our target market — Emerging Markets. We have decided on the African Continent as our primary market.
It’s well known that Africa battles with problems ranging from low GDP rates to high inflation and generally poor economic growth and all of these driven by corruption. Millions have also remained unbanked.
Experts believe that cryptocurrency is a sure way for small business owners and entrepreneurs to thrive even in the unstable economic environment endured in these regions. The use of digital currency will allow entrepreneurs unrestricted access to their money without the risk of inflation or political unrest jeopardizing their investment portfolios. Indeed, the concept of cryptocurrency can prevent corporate corruption.
This is the real power of blockchain technology which is essentially a system that puts you in control of your own finance — A trustless system that aids the transference of wealth. Away from the divide and conquer regimes, cryptocurrency can help Africa unite and prosper.
Africa especially needs to harness this power to better herself and the stats reveal that Africa is ready. According to Citibank report, South Africa took the sixth place globally for the highest amount of bitcoin holders per capita, Kenya came in the fifth and Nigeria came in third. More is expected. With the global adoption rate of cryptocurrency still below 3%, Blockchain is in dire need of adoption. Africa has the population. In fact by 2050, the continent is projected to have the largest number of young people in the world. It is only logical that KuBitX campaign to drive adoption through education starts in Africa.
But adoption is a long term game so what are the benefits for investors in the short term?
Our intuitively designed platform will enable token holders to make profit while trading currency pairs. We will have lots of easy to use training tools to transform you into a trading grandmaster in a short time. We will also partner with banks and our platform will support traditional banking services that will include funds transfer, payment processing, remittances and bill payment all available at competitive rates. What’s more, we will create employment as our company becomes operational in more countries.
As the rate of adoption increases, the long term benefits of investing in KuBitX are endless. And we will continue to expand the use cases of our native utility token — KBX token.
Many have seen the potential for greatness embodied by KuBitX. We are yet to begin the public phase of our token generation event but we can confidently announce that we have already surpassed the softcap for this project. The rarity of this cannot be overemphasized considering the recent plunge in the cryptomarket.
We want to include you in our trailblazing success story. Announcements will soon be made about the public phase of our token generation event where you too can invest and be a part of cryptocurrency history and reap huge benefits. Do not miss out. See you inside.
Whether you want to admit it or not the revolution has started. When you look back 5 years from now, when 2018 is being remembered — the year of the social justice hashtag, the year of the woman, let it also be known that Africa took a giant leap towards financial freedom.
The journey has begun. Join us today
KuBitX — know it, have it, secure it.