By; PATRICK TITUS, Uyo
A new digital payment platform known as “Nairacoin-NRC”, powered by the latest blockchain technology, a record breaking initiative of an Akwa Ibom born Michael Nsikak John, has been launched.
Described as the pride of Africa, the breakthrough came barely one week after an Akwa Ibom female chef, Hilda Baci broke international cooking record of 100 hours long continuous cooking.
John, who performed the official launch of the currency in Uyo on Saturday, said the coin, a completely decentralised crypto currency, came out of the desire to create a new form of payment system away from the fiat currency in Nigeria and Africa at large.
According to him, the coin is hosted on five different delegated services around the world, with completely Nigerian outlook with the name Nairacoin and can be accessed on www.nairacoin.africa
He said the new digital payment platform, “Nairacoin-NRC is a crypto currency powered by the latest blockchain technology, and will create fractionalized ownership of real money to make available to everyone, opportunities that have previously been limited to institutional and private high-net worth investors.
“With us, you are fully decentralised and in custody of your funds. Your money is in your wallet, as it should be and cannot be accessed except with login details.
“NRC is a digital currency (Crypto currency) powered by the latest Blockchain technology, and the first ever native coin/Blockchain in Nigeria/Africa.
“Nairacoin-NRC is a form of Bitcoin Blockchain, with proof of stake and Mastercode, an alternative form of payment created for the Nigerian community, using encryption algorithms.
“The use of encryption technologies means that NRC as a cryptocurrency, function both as a currency and as a virtual accounting system.
“To use NRC you need a NRC wallet. These wallets can be installed on your computer or on your mobile device.
“The wallets are the tool through which you store your encryption keys that confirm your identity and link to your NRC cryptocurrency,” he said.
John, a mathematics teacher at Command Secondary School, Efa in Etinan local government area of Akwa Ibom state, recounted challenges occasioned by slow and low participation in the Initial Coin Offering (ICO) stage but thanked God that it turned out successful.
He called for patronage, saying that the project is the pride of Africa but need investors, supporters and partnership which guarantee huge returns.
“Nairacoin-NRC might be a Nigerian project, but it’s not made in Nigeria, Nairacoin-NRC is not build in Nigeria. No Nigerian/Africa developer can build and maintain a Blockchain.
“We are gradually moving into web3 and Blockchain. Even Banks are failing,” he said.
Mr Michael Nsikak John holds a National Certificate in Education from the College of Education, Afaha Nsit, Akwa Ibom State, first degree in Mathematics from the University of Nigeria, Masters of Science in Mathematics, from Ignatius Ejuru University, Rivers State and presently pursuing his Doctorate degree in Akwa Ibom State University.
