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HOW ZCASH WILL RESTRUCTURE THE NIGERIAN ECONOMY


The emergency of blockchain technology has made a remarkable impact on the world's finance which has affected almost every sector of the world economy including education, health, real estate, banking, agriculture, etc. I’m sure you might have heard a lot about cryptocurrencies and how it's going to change the world. In this article, I will be talking about Zcash, a cryptocurrency that is already making the mark and how it can restructure the Nigerian economy.

However, for reference purposes, and ease of assimilation, we shall be taking it in bits

  • “Bitcoin”,  the father of all Cryptocurrencies 
  • A look at the Bitcoin Flaw
  • Introducing the privacy coin, Zcash
  • A holistic view of the Nigerian population and its economy
  • The place of Zcash in the Nigerian economy.

“Bitcoin” the father of all Cryptocurrencies 

Bitcoin as we already know is the very first successful cryptocurrency, which has propelled the journey of digital products. The emergence of all other cryptocurrencies was inspired and conjured by the success of bitcoin hence the reason why we tag bitcoin as the father of all cryptocurrencies. 

The major purpose of bitcoin was to  create an opportunity where we can transfer money from one person to another without the use of any third party like banks, government or any other third party whatsoever, this innovation was run on the blockchain and among the core properties of the blockchain includes: Decentralization, Security, and Scalability, (also known as the blockchain trilemma). 

This innovation has been a very useful and inviting technology however, it has a very evident flaw which Satoshi Nakamoto in an article shared with other developers. There he talked about his concerns as to how the entire blockchain transactions were public. This discovery was tagged the bitcoin flaw. 

http://satoshinakamoto.me/2010/08/11/re-not-a-suggestion/

A look at the Bitcoin Flaw

In the course of transparency, the bitcoin flaw has exposed every bit of address on the blockchain, including its past transactions, the amount in the address, and in most cases, making it easy to track the identity of the users, etc. This can be done once you copy and paste the wallet address on the blockchain explorer. It was with the emergence of this flaw that some groups of scientists decided to create a new cryptocurrency that was gonna solve the bitcoin flaw thereby keeping all transactions private while utilizing decentralization. And so, they introduced Zcash. 

Introducing the Privacy Coin, “Zcash”

 Zcash is a privacy coin that ensures all your transactions on the blockchain are not just secured but private as well. By private, we mean, security of funds, where no one truly knows who you are or the amount in your address, etc. and all these are possible by a consensus which the Zcash system employs and that is the zero-knowledge proof (ZK proof).

According to Wikipedia, the zero-knowledge proof is a method by which one party can prove to another party that a piece of information is true without conveying any additional information apart from the fact that the statement is indeed true. Here is a simplified illustration of the ZK-proof. Let's for instance say that a particular e-commerce site that employs the use of ZK-proof and only accepts payments from people at and over the age of 18. Ordinarily, this is impossible as there is a need for the individual to add valid societal documents like birth certificates from a recognized institution or an age declaration affidavit from the court, etc that could prove his or her age. However, ZK-proof employs the use of Zero-knowledge Scalable Transparent Arguments of Knowledge (ZK-Starks) to ensure that this action is possible, thereby allowing only people of that age to proceed with their payments. Click here to learn more about ZK-proof.  

Now, let's take a look at the nation Nigeria, its population and economy.

A holistic view of the Nigerian population and its economy

According to wikipedia, the total population of Nigeria consists total of 224.3 million people, with the youths accruing to about  211,400,708 in 2021. This means there is a high tendency for technological advancement in the nation. Unfortunately, according to the recent report from the United States Agency for International Development (USAID).

Nigeria’s economic potential is constrained by many structural issues, including inadequate infrastructure, tariff and non-tariff barriers to trade, obstacles to investment, lack of confidence in currency valuation, and limited foreign exchange capacityand these have led to many economic pitfalls such as unstable policies and initiatives, lack of economic diversification, insecurity, etc.

                                     

This means that there is a drastic limitation to the growth and development of technological and infrastructural advancements on the Nigerian horizon. However, with the emergence of cryptocurrency like Zcash, there is an ambience revolution for growth. So, how can Zcash restructure the Nigerian economy? 

The Place of Zcash in the Nigerian economy

Zcash offers a lot of strategic solutions to the problems rooted in the Nigerian economy. And we shall be considering but a few, thus:

Security through increased privacy: Security of funds, lives and properties of the Nigerian citizen is something that should be taken seriously. Statistics have proven that aside from the little done by the government, a lot of the technological and infrastructural growth in Nigeria was sponsored by the public and in most cases, specified individuals. 

We have cases where these individuals have been attacked for the assumption that they have too much wealth thereby making it difficult for people to easily support or publicly donate funds. This issue has easily been rectified by Zcash as people can easily make such transactions without disclosing their identity. Zcash offers the opportunity of switching either to a private address that starts with a (z) or a transparent address that starts with a (T).  This means you have the option of revealing your transaction details to anyone of your choice, thereby securing your funds and your identity. 

 Promoting partnerships through Multisignature transactions: Now, imagine the scenario where people can easily loot public funds for their own personal use. Zcash solves this problem by implementing multi-signature transactions. This means that every transaction or withdrawal of funds requires the signatures of two or more people to validate the transaction. This way, one person cannot launder the cooperations funds. 

 Poverty alleviation and proper positioning for a better career: the Zcash foundation has designed strategies that will alleviate poverty from the economy and also position individuals for better career opportunities and this is done through the launching of their   Scholarships program, which has been scheduled for 2022. 

Even though there is little information about how to access this scholarship, it is no doubt going to skyrocket the growth of the Nigerian economy. So, to keep track of this scholarship, all you need do is to fill out this form, to get all the necessary updates once it is live!

 Creating sanctionable structure for failed promises and opportunity to belong: It is no longer news that the voices of the Nigerian people are no longer heard by its government and not just that, even the government cannot be held responsible for any act or promises made prior to their elections due to the lack of a sustainable and sanctionable governance structure. Zcash brings all these to ransom with its governance structure, which causes maintenance of the official Zcash discussion forums and pooling systems to recognize stakeholders within the Zcash ecosystem and ensure that the entire Zcash community’s voice is heard. 

Imagine a scenario where the presidential debate and election campaigns are held in such a place as the Zcash discussion forum. To begin with, they have to become stakeholders of the Zcash community, and then you and I have the privilege of asking a direct question regarding how these candidates are going to build the nation. Furthermore, the Zcash protocol governance can ensure an agreement of decision before action is taken.

 Better employment opportunities through Grants: Blockchain technology understands the power of community and the Nigerian youths population of over 211m is a very big investment plan, especially with the series of grants offered by Zcash for people who can in one way or the other advance the usability, security, and privacy or Zcash. All you need do is to apply for a Zcash Grant pitching what you aim to do and how best you can do that. 

 Better networking opportunities through participation in Zcon3: Zcon is an annual conference organized by the Zcash Foundation, with a core focus on Zcash and privacy-preserving technologies. For the Nigerian economy, this is an opportunity to network with people of like minds or varied skills, show what you can do and stand better opportunities of being hired by top blockchain companies. Zcon has both physical and virtual conferences which means you can participate from any part of the world. 

These and many more are some of the problems which the Nigerian economy stands to eradicate with the adoption of Zcash.

In conclusion, the place of cryptocurrency cannot be overemphasised in the revolution of the world's financial system. It started with bitcoin and has gotten a lot better with Zcash. Also, remember that health is wealth and the health of the Nigerian economy determines the wealth of its nation. Zcash can be a yardstick to measure the wealth of the Nigerian nation. Check it out NOW!

                                                                                                                     

                                                                                                               

 

 

 

 

 

 

 

                                                                                                                     



 

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chidi
chidi

i am a blockchain evengelist, a networker and a smart worker going around the world and working towards mass adoption of decentralization


CRYPTOCURRENCY OUTLOOKS AND INFORMATION
CRYPTOCURRENCY OUTLOOKS AND INFORMATION

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