Cameroon Government Implements Centralized Altcoin Trest (Op-Ed)
The government of Cameroon has implemented a centralized, insecure and potentially dangerous blockchain protocol and currency Trest in their project to enable the unbanked to transfer money quickly without transaction fees. Unlike Bitcoin, transactions on the Trest blockchain are not verified by miners or any entity incentivized by the network. The developer of Trestor, Kunal Dixit, has said: “The Trestor Network (T-Net) is not powered by miners but volunteers, because T-Net is not hostage to miners, all transactions are free and always will be.” As reported by CNN, 90% of the country’s....
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Cameroon Government has reportedly experimented with Bitcoin technology in a pilot project, a move that could transform its ominous payment ecosystem. According to the available details, the highly unbanked West African nation enrolled around 500 people to use an alternative digital currency "Trest" as their default payment method for about a month. The decision was taken to address the growing undercapitalization of Cameroon's local banks and their inability to address a 90% of the unbanked population. Therefore with the said experiment, the government wanted to illustrate the feasibility....
Moving towards its mission to create an efficient money, payment, and market system for the unbanked, Indian startup Trestor has partnered with the Cameroon government. With this partnership, Trestor aims to deliver last mile services in the southwest African country. Trests — Trestor’s digital tokens — are decentralized, private, freeze-proof, faster to transfer, and don’t need any transfer fees. The government of Cameroon selected Trests for this project after the success of Trestor’s previous partnership with Socapssi, a Cameroon organization that works to bridge the gap between the....
The government in Cameroon, which is reportedly keen on regulating cryptocurrencies, is set to hold a workshop that will look at the challenges and risks of using such digital currencies in the country. Proliferation of Scams According to a report by Business in Cameroon, the workshop, which is set to be held on November 15 in Yaounde, is being organized by the Ministry of Posts and Telecommunications. At this meeting, participants are expected to review mechanisms that will help the government to regulate the cryptocurrency sector. The ministry said the country’s lack of a....
Three African countries — namely Cameroon, the Democratic Republic of Congo (DRC), and the Republic of Congo — are reportedly planning to adopt cryptocurrency and blockchain solutions powered by The Open Network (TON). Separately, Cameroon is considering issuing a national stablecoin that is based on the same blockchain network.
Phased Adoption of the Solutions
The Democratic Republic of Congo (DRC) is reportedly considering issuing a national stablecoin that is built on blockchain, a statement released by The Open Network (TON) has said. In addition, the DRC,....
The first decentralized smart contracts protocol built on top of an altcoin block chain is now live. ClearingHouse, a descendent of Counterparty, was created by the team behind viacoin and has been in active development since the alt first launched last month. The team has attracted top talent in the bitcoin space, most notably Bitcoin Core developer and Coinkite advisor Peter Todd who has been hired to work on his Tree Chains concept. On 11th August, the viacoin development team announced new details regarding ClearingHouse's internal currency, XCH, and information on how users can....