VIBRA Uganda Meet-up Recap
On 18 March 2023, VIBRA held its first meet-up in Uganda. The event which lasted 8 hours, from 9 AM to 4 PM received about 98 attendees. In line with VIBRA's vision of aiding financial inclusion across all parts of Africa, we organised this meetup to create an avenue for crypto enthusiasts, investors, and innovators to come together, exchange ideas, and explore the limitless possibilities of the decentralized world.
The VIBRA event in Jinja was historic since it was the second VIBRA event to be staged in eastern Africa and it took place at the source of the magnificent River Nile (as it is fondly referred to). The attendees received a thorough introduction to cryptocurrency and blockchain technology.
The first speaker of the Meetup was Haza, who spoke on the topic, The Use Cases of VIBRA. In his speech, he emphasized the seamlessness of the VIBRA app and why it is the best platform for all newbies and seasoned crypto traders.
To emphasize the use cases of VIBRA, the speaker said, VIBRA is a one-stop-shop for everything crypto, it encompasses a P2P platform, a social media platform where traders interact, a savings account where users can save to earn, a VIBRA send where one can make cross border payments and a state-of-the-art crypto spot trading platform
Haza described VIBRA as a platform that uses Blockchain technology to address social and economic challenges in Africa. In his presentation, he explored some of the use cases of VIBRA by categorising them into two as it most affects the African populace.
1. Financial Inclusion: One of the key use cases of VIBRA is financial inclusion. VIBRA has developed a mobile app that enables people in rural areas across Africa to access financial services. The app allows users to save money, transfer money, and pay bills using their mobile phones. This will help to increase financial inclusion in Africa, where many people are excluded from the formal financial system.
2. Education: Another use case of VIBRA is education. VIBRA has developed an e-learning platform that provides educational content to both seasoned and newbie crypto enthusiasts in different locations across Africa. The platform includes video lessons, quizzes, and other interactive features that help users to learn.
In his conclusion, he said VIBRA is using technology to address some of the social and financial challenges facing Africa. The organization's use cases include financial inclusion, education etc. By leveraging Blockchain technology, VIBRA is making a positive impact on the lives of people in Africa and helping to build a better financial-inclusive future for the continent.
The second presentation was held by Mpalanyi, a Crypto Enthusiast. He gave us some insights about blockchain, Web3 and the many social implications of this innovation. In addition, he talked about how Blockchain has transitioned from P2P money to a hub that houses different use cases.
Mpalanyi asserts that many of the markets of today, despite appearing to be totally P2P, are controlled by central firms that sit in the middle of all transactions and store data to subsequently monetize it. Problems like this can be prevented by utilizing a decentralized marketplace built on the blockchain.
To buttress this point, he went further to give a detailed definition of what Blockchain and Web3 are and described them as cutting-edge technologies that are revolutionizing the digital world: blockchain and web3.
Blockchain technology is essentially a decentralized, digital ledger that records transactions securely and transparently. It is a tamper-proof way of recording and storing data that cannot be altered or deleted, making it ideal for applications such as cryptocurrency, supply chain management, and voting systems.
Web3, on the other hand, refers to the next generation of the internet, which is being built on top of blockchain technology. This decentralized web aims to give users greater control over their online identity, data, and privacy, while also providing a more open and interoperable web infrastructure.
Together, blockchain and web3 are paving the way for a more secure, transparent, and decentralized future.
The third and last speaker of the day Nemwe Derrick, a Web3 Advocate, talked about the various ways to earn on Blockchain. He talked about how Blockchain technology has become one of the most revolutionary technologies of our time, and how it is gradually changing the way we live, work, and even earn. To define Blockchain he said, Blockchain is a distributed ledger technology that allows transactions to be recorded and verified without the need for a central authority.
One of the significant benefits of blockchain technology is that it provides a platform for people to earn money in various ways. Below are some of the different ways he mentioned that one can earn on blockchain:
1. Mining: Mining is the process of verifying transactions on a blockchain network. Miners use powerful computers to solve complex mathematical problems that validate and confirm transactions on the network. In exchange for their computational power, miners receive rewards in the form of cryptocurrency.
2. Savings: Crypto savings refer to the act of holding and accumulating cryptocurrency assets over a while, with the expectation of earning interest or appreciation in value. This can be achieved through staking, lending, or other similar mechanisms, and can offer potentially higher returns than traditional savings accounts, albeit with higher risk.
3. Staking: Staking is a process that involves holding a particular cryptocurrency in a wallet to support the operations of the network. By staking, users can earn rewards in the form of new tokens, transaction fees, or other incentives provided by the blockchain network.
4. Trading: Trading cryptocurrencies on exchanges is one of the most popular ways to earn on the blockchain. By buying low and selling high, traders can earn profits from the volatility of cryptocurrency prices.
5. ICOs and STOs: Initial Coin Offerings (ICOs) and Security Token Offerings (STOs) are fundraising mechanisms used by blockchain startups to raise capital. By investing in these offerings, investors can earn returns on their investment if the startup succeeds.
6. Decentralized Applications: Decentralized applications, or DApps, are applications that run on a blockchain network. Some DApps offer rewards in the form of cryptocurrency for using their platform or performing specific tasks.
He concluded by saying, there are many ways to earn on the blockchain, and this list is by no means exhaustive. However, it is essential to note that the blockchain space is still relatively new, and it is critical to research and understands the risks associated with each method before investing.
We want to thank the speakers for their very interesting presentations on this, VIBRA's first meet-up in 2023! Also, our special thank you goes to the VIBRA Ambassador network in Uganda who worked diligently to provide the location, organized the catering as well as provide every other necessary support to make the gathering a successful one.
We also want to thank our audience in Uganda for attending. We hoped you enjoyed the Meetup. Feel free to give us your feedback.
Our next Meetup will take place on Saturday, 25th March on the topic ‘VIBRA Kenya Bitcoin Meetup’. We would be very happy to see our Kenyan audience there!