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Differences Between a Digital Currency and Cryptocurrency

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Differences Between a Digital Currency and Cryptocurrency

We have all seen the craze behind cryptocurrencies and the astronomical gains some of the coins have posted this year. Millions of individuals around the world are buying, investing or trading in cryptos on a daily basis showing that this ‘speculative’ asset class has come to stay.

Recently, we have seen the central bank of some countries big up the idea of creating their own digital currency. For example the Chinese government have actually made plans to launch its own currency and proceeded to even ban bitcoin mining in china to achieve its aim.

READ ALSO: What’s The Big Deal About Cryptocurrency?

In similar fashion the central bank of Nigeria governor, Godwin Emefiele also talked about the need for floating a Nigerian digital currency. The moves by the central banks have raised eyebrows from crypto enthusiasts and questions and concerns have followed on what a digital currency might pose on the future of cryptos. “Are they the same”? “Can they co-exist with one another”?

Although Cryptocurrency is a type of digital currency, this article will attempt to explain the differences between a digital currency and a crypto currency.

 

READ ALSO: Elon Musk: Will Bitcoin, Other Cryptos Become More Acceptable

 

  1. Digital currencies are centralized, which means that transactions within the network is regulated in a centralized location, like a bank. Cryptocurrencies are mostly decentralized, and the regulations inside the network are governed by the majority of the community.
  2. Digital currencies require user identification. You’ll need to upload a photo of yourself and some documents issued by the authorities before transactions can take place. Buying and investing in cryptocurrencies do not require you to upload documents of yourself. However, note that cryptos are not fully anonymous. Though the addresses do not contain any confidential information such as name, residential address etc, each transaction is registered, the senders and the receivers are publicly known. Thus, all transactions are tracked.
  3. Digital currencies are not transparent. With a digital currency, you cannot choose the address of the wallet and see all money transfers since inception. This transaction is kept confidential and private. Most Cryptocurrencies are transactions are transparent and anyone/everyone can see any and all transactions made and received by any user as all revenue streams are placed in a public chain called the Blockchain.
  4. Digital currencies have a central authority that can deal with any problems or issues. This central authority can, for example, freeze or cancel transactions on the request of the participant or authority. Cryptocurrencies are regulated by their respective communities.

 

 

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Dangote’s $2 billion Urea Fertilizer Plant Pushes Out 120 Trucks Everyday

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Dangote's $2 billion Urea Fertilizer Plant Pushes Out 120 Trucks Everyday

After months of speculations, Dangote Urea fertilizer is now finally on sales nationwide and it currently pushes out a minimum of 120 trucks per day across the country.

 

Group Executive Director, (Strategy, Capital Projects & Portfolio Development) · Dangote Industries Limited,  Devakumar  Edwin, revealed to the press over the weekend that the Plant which has the capacity to turn out more than 4,500 tonnes of urea per day will conveniently meet the local demand and even produce for exports.

 

According to him: “…We have the capacity to turn out 4,500 tonnes of Urea everyday…this is a bulk application fertilizer…each crop in Nigeria or globally will require Nitrogen and this is a rich fertilizer, having 46 per cent nitrogen…The company has the capacity to meet local demand and also export to African countries… Currently the demand is less than 1 million tonnes and we alone can  produce 3 million tonnes, so we can easily meet local demand and also produce for export to other west African countries.”

READ ALSO: Dangote Fertiliser Commences Production Of Urea

Aside fertilizer production, the company, according to Edwin is already working to support the farmers with training on application of the fertilizer and even establish laboratories across the country for proper soil examination.

 

“The uniqueness of this plant, apart from the fact that we are producing is the focus on farmers’ support, on training, education, development as we are now establishing laboratories across the country and even mobile laboratories where we can go drive around and take soil samples for proper examination to effectively grow the agricultural outputs across the country”

 

The Urea Fertilizer plant was built to tap into Nigeria’s demand for fertilizer, a critical component of achieving food sufficiency for Africa’s most populous country.

The Fertilizer plant is expected to manufacture 3 million metric tonnes of urea per annum, with a view to reducing the nation’s fertilizer imports, and generating $400m annual foreign exchange from export to Africa countries.

 READ ALSO: Nigeria on The Way to Becoming Regional Fertilizer Capital – Buhari

Meanwhile, marketers and farmers in Kano have described the newly introduced Dangote Fertilizer as a game-changer and a forecast for the expected agricultural revolution in the country.

Marketers and farmers who were apparently excited, over the weekend welcomed the more than ten trucks that entered Kano markets at the weekend.

Speaking at the event organized by Dan Hydro Company in Kano to mark the introduction of the fertilizer into the northern market, chairman of the Kano state Agro Dealers Association Alhaji Shuaibu Akarami said agro-dealers have confidence in Dangote fertilizer as they have in all his products, adding that as a dealer who spent decades in the business he has discovered that Dangote fertilizer will have no problem penetrating the market in the North.

“I have checked the product and have found out that it will have no problem penetrating the market. With my experience in agro products, I can authoritatively say the product has met our expectations and that has confirmed the confidence we have in Dangote fertilizer and other sister products of the Dangote Group,” he said.

The Dan-Hydro fertilizer Company in Kano which took delivery of the first batch of trucks in Kano said the timing and strategy for the introduction are rife.

Head of operations, Dan- Hydro operations Mr. Hamadi Sekou Drammeh said the Dangote fertilizer conforms to all set standard required by the regulatory agencies.

He said the phenomenon of perennial shortage of the fertilizer product will be over in the country.

He said as part of its public enlightenment plan, the company was going to work with all stakeholders in the agricultural sectors.

In the same vein, Sales Manager of Dan Hydro Mr. Sulaiman Tanko assured that the product will be sold at a reasonable price that will enable fair competition in the market. 

 

 

 

 

 

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NGX Limited Launches Enhanced Brokers Performance Ranking Report

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NGX Limited Launches Enhanced Brokers Performance Ranking Report

Nigerian Exchange Limited (NGX) has launched an enhanced broker performance ranking report designed to provide detailed insight into the performance of Trading License Holders across asset classes and improve participation in other exchange products. The new ranking report was launched on Thursday, 10 June 2021, via a webinar themed, “The New Broker Performance Ranking: An Analytics Approach”.

The new Broker Performance Report, which shows the performance of Brokers ranked by the weighted calculated points in deals, volume, and value across all asset classes, comes in three different levels, distinguished by fields to be displayed.

READ ALSO: NGX Group launches new brand identity and website

In his opening remarks, the Divisional Head, Trading Business, NGX, Mr. Jude Chiemeka, noted that;

Today’s traditional asset managers and stockbrokers find themselves increasingly pressured by demands to monitor and measure their activities in all asset classes (Equity, Debt, ETFs), as the regulator and operating environment require better tracking, monitoring, and reporting of market activities. At NGX, we came up with the new Broker Performance Ranking report as one of the solutions to this challenge”. 

“The new Broker Performance Ranking adopts an analytical approach in determining the total ranking of the brokers. It shows the performance of brokers (Volume, Value and Deals) in different asset classes (Equity, Bond and ETPs) and ranks brokers by weighted average performance across all asset class. Thereby providing a level playing field and fair recognition for active market participants”, Mr. Chiemeka added.

Through frequent communications across its touchpoints and engagements such as this webinar, NGX is working tirelessly to ensure that Trading License Holders and other stakeholders are empowered with information to deliver more values

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TotalEnergies: 50% Gas Energy Mix To Be Achieved By 2030

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TotalEnergies: 50% Gas Energy Mix To Be Achieved By 2030

Mr. George Oguachuba, Executive Director  Commercial, and Strategy, TotalEnergies says the company targets a 50 percent gas energy mix by 2030.

Oguachuba made this known at a panel discussion at the 4th Nigeria International Petroleum Summit in Abuja on Thursday.

READ ALSO: The African Energy Chamber’s Investment Committee commits to facilitate investments worth

”As a company and a business,  the strategy is to become more and more as a company and our target is that by 2030 we should have about 50 percent gas energy mix in TotalEnergies.

”And this coincides with Nigeria government as it announced Decade of gas, saying that gas will play a significant role in the country’s economy,” he said

He said that the company had started monetization of gas resources to put in infrastructure for the delivery of gas to end-users.

He added that they are also putting up pipelines for the delivery of gas to the domestic action.

“We have another option which is 300 million gas pipeline dedicated for supply for domestic gas obligations with government and we have signed three contracts on it.

He noted that the company was faced with challenges of appropriate price, how to make sure that gas gets to end-users,  among others

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