Our spotlight on Viewpoint Nigeria today is on Engr. F. S. Damang, an Information Technology Expert and expert in Blockchain technology.
He spoke on wide range of issues relating to his business, technology and digital currency popularly called crypto-currency.
Below is the excerpt of Viewpoint Nigeria engagement with the young leader, entrepreneur and technocrat:
Viewpoint Nigeria: Can we meet with you Sir?
I am Fwangmun Sule Damang, the Chief Executive Officer of Splenor Multi-Resources Ltd, a Private Limited Liability Company registered by the Corporate Affairs Commission of Nigeria; our Services cuts across Technology, Construction, Real Estate, Agriculture and lots more.
Our key focus for now is on Technology-Software Development, V-SAT Installations, Networking, Crypto-currency Trading and Contracts.
Our office address is shown below should you want to contact us:
No. 2 Lomay Int’l Hotel Road, adjacent National Open University of Nigeria Jos.
Technology is the driving force at Splenor Multi-Resources Ltd; this is because virtually everything in the society today is moving towards Technology.
I came from an Information Technology (IT) background; studied Computer Science and Information Technology at my first and second degree levels respectively. The passion is not only about driving into technology application, but bringing up concepts that relates to networking, concepts that relates to software development and concepts that relates to block chain which is the crypto-currency aspect.
Splenor Multi-resources Ltdprovides wide range of cutting-age Web and Mobile Application development services; we have developed a lot of applications. Our clients are spread across Nigeria and other Countries of the world.
Our passion is not just to be solutions provider but looking forward to being one of the major key players in software development in Nigeria. Being a Jos Based company with most conducive weather, we are going to surprise the public soon as we are bringing to bear a lot of innovations.
CYPTO-CURRENCY AND BLOCKCHAIN TECHNOLOGY:
Blockchain is a game changer; a new Technology not understood by many; even Government is yet to comprehend what Blockchain technology is all about.
A Blockchain is the structure of data that represents a financial ledger entry, or a record of transaction. Each transaction is digitally signed to ensure its authenticity and that no one tampers with it, so the ledger itself and the existing transactions within it are assumed to be of high integrity. Bitcoin BlockChain is a digitized, decentralized, Public Ledger of all crypto-currency transactions, originally developed as the accounting method for the virtual currency call Bitcoin.
Today we have a lot of decentralized applications that cut across Education, Health, Finance, Real Estate, Trading etc.
The idea of Blockchain is to be able to make an application work independent of a central point of control like talking about finances especially the Bitcoin Blockchain technology which is that technology that allows people to transfer funds across the world regardless of boarder difference. Through the Bitcoin Network because there is no form of control or interference by the Government or Central Banks that regulates the activities of Money exchange.
The benefits are enormous, as voluminous transactions are being carried out instantly. There is no limit to volume of funds one can send.
OUR SERVICE OF BITCOIN EXCHANGE:
As a company, we buy, sell, lend and trade crypto-currency like Bitcoin and Ethereum.
I am pleased to tell you that Splenor Multi-Resources Ltd is the first company in Northern Nigeria to commence Digital Exchange. All others picked up after us. We started operation of Exchange in 2015 through ourhttp://trustcoin.biz platform and have so far processed thousands of transactions both locally and internationally. This is so, because it is more easier for people who live abroad to send money to this part of the world simply because there is no boarder difference, no transactions limit and time delay in terms of speed and how much funds you can send across the globe.
We are not looking at being just a software providing company, but also looking forward to being one of the first companies in Africa to first provide a Decentralized Exchange Service platform, and very soon we are going to launch a fundraising campaign that would enable us to develop our own Decentralized Currency (Trustcoin) Blockchain Exchange and Trading platform modeled on Ethereum ERC 20 before the end of 2018.
AWARENESS AND CONSCIOUSNESS OF THE PEOPLE TO BLOCKCHAIN TECHNOLOGY, MOST ESPECIALLY IN PLATEAU STATE AND NIGERIA AT LARGE:
Concerning the technology of Blockchain, Government has always killed people’s desire to learn technologies, because anything that is not in line with their regulations is being seen and treated as illegal or scam no matter how good it may be. If people are not opened to these forms of technologies, they will not develop the passion or willingness to learn about these technologies.
For a Country like Nigeria which is a consuming Nation, we prefer to come after the whole game (after the blues) when other countries have adopted various technologies that is when Nigeria will try to implement. If you look at our technology space, virtually everything we do is a copyright.
Individuals, Corporate organizations and even Government is supposed to make provisions of a level ground for people to learn what Blockchain is all about because it doesn’t just stop at money exchange. The Blockchain has the ability to control the game industry, real estate industry, education industry and other forms of industries we have. One of the largest industries we have as far as Nigeria is concerned is the Finance Industry; with Blockchain it would become very easy and cheaper if implemented in Nigeria.
You can send money using such platforms in Russia, USA, Germany, England etc but a Nigerian will tell you it is not true and possibly because of his ignorance, level of exposure and maybe because government has not supported such technologies.
Government must provide a level play ground for well-spirited individuals to begin to take advantage of the opportunities available.
Talking about how it works the development of blockchain application. As it is today, there are no developers of Blockchain Applications in Jos-Nigeria. We are ready to take advantage of that level of ignorance to bring in a new form of knowledge to the Plateau people. If people know this, it will be awareness to themselves, awareness to their society and will also be a benefit to government because when you understand the benefit of any technology, it becomes an advantage to even people around you as it doesn’t stop with you alone.
THE FINANCIAL REGULATORY AGENCIES IN NIGERIA – THE MONEY LAUNDERING ACT AND PERSPECTIVE:
I want to say this without fear or favor that there is no system that is more corrupt than government. Looking at the history of money exchange, it all started with trade by barter where someone who wants to exchange corn meets someone who wants to exchange cow then they try to exchange value and there is no how you can compare a bag of corn and one cow. Somebody is cheated at some point in time. It then revolves to the use of cowries, coins, gold and then the paper currency and other means of payment for goods and services.
We are in an era where the whole world has become a Global Village. A trade between Nigeria, USA and other Countries in the world should not be limited by boarder if Blockchain Technology is implemented in our Financial System. The Bank stands as a trusted third-party to two exchange parties.
Today, technology has made it possible for us to send emails and to make phone calls regardless of boarder difference. We must stop seeing only the negative side of a technology.
We must accept the fact that the world today has become more simpler than it was yesterday regardless of whatever form of regulations. What we have to do is to develop our technology that would serve people and devoid of crime, scam and untruthfulness in whatever form.
As far as the world is concerned, many countries across the world are accepting the concept of decentralized payment system and Nigeria should not be an exception because we are one of the World’s major Economies.
Therefore, people in authority need to sit down and study this technology because that is the only way out and the integrity of the process is credible as we are in a new century and new innovations are coming up which we must accept.
OUR COMPANY PROPOSED PLAN FOR A BLOCKCHAIN EXCHANGE SERVICE:
Splenor Multi-Resources Ltd is a very innovative Company and we are looking at various system of technology which we are going to take advantage of to explore in our field of practice. We have an emerging technology which has to do with lending and borrowing.
The Trustcoin Exchange is part of the services we offer as a company. The term Trust Coin is from the word “Trust” which is an exchange that has to do with an establishment of trust between a buyer and seller. Just like a form of an online Bureau De’change . For these crypto-currency mentioned to be converted to your local currencies, you need somebody who can give you Naira in Exchange for the Bitcoin or Ethereum and Vice-Versa.
Part of what we do as a Company is standing in as an exchange platform, between someone who want to buy crypto-currency like Bitcoin and somebody who also want to sell.
Therefore, if you have Bitcoin that you intend to sell, you send your Bitcoin to us through the http://trustcoin.biz and if you look at our new website design, it is so amazing.
Apart from buying and selling of crypto-currency through our platform, we are also giving people a new service known as lending. Our lending service is very simple, instead of you going to a financial issuing house like the bank to get loan which you pay interest of 20-30%, we have developed a platform where you can take a soft loan to finance your business or project at a single repayment fee of 3%.
By God’s grace, Jos is going to be the “Silicon Valley” in Nigeria because a lot of technology innovations are emerging from this part of the world and we must tell ourselves the truth and appreciate that we are capable of delivering to the world.
Thanks you so very much for the time.
B.Sc. Computer Science
M.Sc. Information Technology
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