May 23, 2024

A’Ibom son breaks African record in Cryptocurrency

A'Ibom son breaks African record in Cryptocurrency

Akpan Umoh, Uyo

Barely one week after an Akwa Ibom female chef, Hilda Baci broke the international cooking record of 100 hours long continuous cooking, another son of the state, Michael John has broken another record of launching the first native coin on a Blockchain.

John, who performed the official launch of the currency in Uyo on Saturday said the coin is a completely decentralised cryptocurrency that was born 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 a completely Nigerian outlook with the name Nairacoin and can be accessed on

He said the new digital payment platform, “Nairacoin-NRC is a cryptocurrency 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 the 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 (Cryptocurrency) 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 master node, 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 an 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.

The mathematics teacher of the command secondary school, Efa, in Etinan LGA, 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 built in Nigeria. No Nigerian/African 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 Nigeria Certificate in Education from the College of Education, Afaha Nsit, Akwa Ibom State, a 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.

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