A FEW WEEKS AGO, on ADMP, we wrote: ‘The code is in the ManifestO, the ManifestO is in the CoDe!’ >>

What we meant on that day, was that  in 2009, a seminal  White-Paper  written by #SATOSHI  Nakamoto, created the Bitcoin technology, which has  a hard-coded Manifesto, in its chain of blocks, or Blockchain.  

 

This post will establish the Digital super-Tontine Manifesto, merging 21st century technology and traditional-thinking, for ALL !! 

 

#DIDYOUKNOW?: Tontine is the name of an early system for raising capital in which individuals pay into a common pool of money; They receive dividends based on their share of returns from investments made with the pooled money.

Well….That was the ‘Ambition: To explore and Deep-Dive into this time, ‘Decentralized Finance or #DEFI, ‘Big Society‘, networked economics, and ‘personal finance’, until we got interrupted by the #ADMP Chatbot;

A #CHATBOT, who escaped ‘Silicon Savannah‘ in Kenya, and  ‘blessed’ with a ‘faulty’ algorithm, FULL of  ‘Zero Day Vulnerabilities’ … 

NO LEss (?) …

No less. 

No less. No sweat and more sweet, as provided by our podcast below, featuring Global United Nations Expert for Blockchain and regtech technologies Massimo BUONOMO: 

 

LISTEN, LIKE and SHARE !! :))-

DISRUPTION by: #ADMP CHATBOT. 

PODMAKING & Words: by Hermann Djoumessi, MA

#Blockchain certified 

#ADMP Social Media Consultant

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I. THE ‘KENYAN DIGITAL MONEY PARADOX ‘ ? 

You can find the first part of this interview, here. This is the second part of a 3-parts interview.

This Q and A is  conducted by Dr Ellen Kountz, from California, as part of her Executive PhD thesis for Ecole Superieur des Ponts Business School, in Paris. 

 

• STILL LOOKING FOR ‘JOHNNY’? THE SINGER YEMI ALADE QUESTION-NAIRE : 

 

Ellen #KOUNTZ1: Ideally, how long should a Tontine exist and under what circumstances and rules should it disband?

Hermann DJOUMESSI, MA1: A tontine should go through a predefined cycle, which set out in advance the calendar of all the peoples that will have access to the fundraising pool, in the most transparent way. 

WHY ?

 

Lack of information, or the feeling of being excluded from the main informational stream, often results in conflicts.

 

Basically, people can start ‘reaching‘ when you are not transparent’:

Transparency almost acts as a ‘pacifier’, in fact, I would add that if you want to quieten ‘professional sceptics’ and so-called ‘Theorists’, transparency will often be your prime weapon of choice, in the 21st century! 

It is not a surprised if it is one of the pillar of decentralized finance, (#DEFI)!

> ‘Tontine’ and DEFI totally overlaps, that way! 

IDEAL TIMELINE FOR A TONTINE CYCLE ? =  Preferably a calendar year with 12 months, is the ‘ideal’ cycle…But…let’s delve further down the ‘Rabbit-hole’ to work out how the ‘#Tontine4DEFI‘ argument could work: 

 

THE #DEFI ARGUMENT

> 1/ CYBER-SECURITY SENSE: Ultimately DEFI avoids centralized platforms with ‘single point of failure‘, that hackers can attack and take away all valuable data in one swoop. The network will operate on the basis of a ‘consensus‘ :

According to #Investopedia,  ‘consensus mechanism is a fault-tolerant mechanism used in computer and blockchain systems to achieve the necessary agreement on a single data value or a single state of the network among distributed processes or multi-agent systems, such as with cryptocurrencies. ‘

– It is useful in record-keeping, among other things.’  > Consensus is here used to maintain the system Integrity and settle potential disagreements. 

 

2/ ANTI-CORRUPTION: Avoiding that ALL DECISIONS rely on one single node for approval, means that the system relies on a network for consensus, rather than one single individual or nodes. 

Knowing that, in data communication, a physical network node can either be:

A/  data communication equipment (DCE) such as a modem, hub, bridge; or..

B/ data terminal equipment (DTE) such as a smartphone, a printer or a host computer (PC).

– There are limits to that argument, since a network can gang up for or against a decision

– The network governance and rules should therefore, take all those options into account.  

 

 

> 3/ MORE EFFICIENT : SMART-CONTRACT 

Ultimately a Smart Contract is ‘A piece of code, that executes itself’ that is really helpful to build autonomous organisation, and automating transactions that can not be stopped. 

‘Although undefeated’, the most important reason why the internet is sometimes, still failing us as a society, is bound by an ‘Old Legacy system’ inherited from post WW2 (World War 2) and ‘Cold War‘ consensus, for regulation;

 

All of that, whilst using analogic outdated technology, for deployment and services.

 

SCANDALOUS !! –> It still takes days to validate domestic money transfers between banks, in most countries!

 

– A ridiculous data, once you realize 90% of what we call ‘money’ is actually ‘digital and computer-based!! 

 

ONCE AGAIN, THE YEMI ALADE “KWESHTION” (Harsh Questionning)  IS :

‘WHY DOES IT TAKE YOU SO LONG, JOHNNY ??’

– That system is old, dying and in need to be replaced by better, affordable, efficient technology .

 

The Blockchain technology creates and enables ‘Trustless, secure, immutable and decentralized networks. ‘ 

 

• DEFI is taking that bet. 
• We are taking that bet, too! 

 

#HD1: That was for the DEFI argument in ‘Tontine Mangement’ – Allow me to jump, back and forth ..

#EK1: Go ahead, feel free ! 

#HD1: Going back to the ‘Tontine Calendar Management’, it is important that at the end of the year 1, for example, a new vote should reopen the new cycle in year 2, and include new entrants to the Tontine

<   The role of the ‘New entrants’ is to help keeping the system ‘alive’ and ‘relevant’…Hang on a second, it looks like we are getting ‘disrupted’ here…

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#DEFI ? 

The #ADMP chatbot pops out from the ‘Deep social web‘ and ‘invade’ both our ‘conversation bubble’ : 

#ADMP CHATBOT:  Your Blog’s title is  about the ‘Kenyan Paradox‘ and….I’m all about that action, ‘cyborg’…

#Hermann Djoumessi (icy): Hiya chatbot ! My name’s Hermann..not ‘Cyborg’! 

#ADMP CHATBOT: I’m Always pinning for the ‘OG’, until it gets “GNARLY’ and then…

 

 

#Hermann Djoumessi (icy): …You say ‘OK Boomer’…Talk to the hand? 

#ADMP CHATBOT: Nope, ‘Cyborg’! I said ‘Talk to the VASE !

#HD: The Vase? The …Vague ? What on earth…

#BOT: NaAH ! VASE: V-A-S-E! –>  Voice Activated Search Engine ! 

#HD: Ooooh you’re good! You’re effing’ good! 

#BOT: Don’t YOU worry..I always do “ME”, First…!!  

#HD: Let me ‘activate’ you then…What is DEFI or ‘Decentralized finance’, bot ? 

#BOT:Hum…Humm…..DeFi …D-E-F-I..or ‘Open Source;Decentralized;Finance (DeFi) is the movement that uses online decentralized networks to create or transform old financial products into trustless, transparent protocols that run without intermediaries.

 

#HD: Say WhaAT ? 

#BOT:  Lemme rephrase it the way, indian software engineer, Prem Baranwal blogged about it, on the 05th of March 2019 ->

DEFI should be:

A/ Completely Open Source 

– Which means that the DEFI solution source code, should be available as ‘Open Source’, in order to gain the trust of potential users and increase transparency

• B/ No (Infrastructural)  Central Point of Failure 

–  Which means that the application’s data is encrypted and stored across all the network nodes (Check the top picture, above) .

 

• C/ Cryptographic Tokens (app currency)
• – Which means that the diverse applications must use cryptographic tokens for application usage and the  incentivization, of the network nodes and users

 

• D/ Decentralized Consensus 
• – Which means that a decentralized consensus is necessary to support a trustless environment; and the mechanism to achieve it, should be ‘transparent’ 

 

 

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#BANK THE UNBANKED?  

#HD: Wow! Thus spoke ….Prem…

#EK:..Baranwal!  Impressive ! 

#HD1: Thanks-A-bot! Let me repeat what I’ve just said, Dr Kountz, as far as the TIMELINE is concerned :

It should preferably be a calendar year with 12 months, as the ‘ideal’ cycle…A tontine should have rules and enforce them speedily.

A Tontine often uses the members premises as its own premises, to keep low running costs. A Tontine is originally and by definition ‘Agile-project-managed’ like a Sillicon Valley startup !

 

#HD1: So..to finish with…  A tontine even ‘decentralized’ should still have a management team or a board, even informal one, with treasurer, chairwoman.man, whips, etc..

 

 

#EK2:   Are there any benefits for Tontines to keep their money outside the retail banking system?

#HD2: YES and NO!

#HD2:  YES > Because in Africa, banking in the past, seemed to be reserved to the ‘Urban elites’, with high-paying jobs. 

The Tontine system, on a continent where according to the World Bank, ‘Global Findex’, more than 70% of the population was unbanked!  

The ‘Tontine system‘ seemed to be the only reliable “banking option, then widely available!

 

 

   

II. MPESA, MOBIKASH AND WESTERN UNION REVOLUTION

#HD2: NO> Today, the banking system in most African countries has introduced in the last decade, ‘micro-banking and micro-finance’, low-cost retail banking, money transfer shops and units a-la-western-Union, that  have literally exploded all over the continent. 

 

>> MPESA has totally revolutionized the industry and the perception of FINTECH technology as a tool for the masses, in Africa and for good! !

 

 HD2: That fertile ground, that is Africa, for asymmetric finance was also the birthplace in 2008, of the MPESA in Kenya by the company, Safaricom without a “proper originator”, but still a very centralized system, nevertheless!

  

 The first dominant transnational, private and digital currency in the 21st century, as far as users are concerned!

 

The Kenyan diaspora has definitely won that nickname of “ClouD Diaspora”, “Data Diaspora’ or “Knowledge Diaspora”, who sends back data feed, and knowledge to the local kenyans :

A ‘Fair’ sample of global and glocal exchange with an educated diaspora in between. 

 

 

A digital provider that has now been followed by  Airtel Money, Orange Money, Equitel Money, Mobikash, and Mobile Pay. 

Ultimately, the MPESA, set your digital wallet and therefore bank, insurance, pension system, inside your mobile phone, or “in the computer cloud”

A survey published in 2018, by ICT works in Washington DC (USA), using simple arithmetic growth rates

– Kenya’s Gross Domestic Products is growing at 5% per year, whilst mobile money transaction value is growing at 5% per quarter – The survey predicted that:

 

The net result is that sometime in April-June 2018, the total value of Kenya’s mobile money transactions should surpass its GDP. (ICT Works) 

 

#CLOUD DIASPORA AND KENYAN GDP 

SEE GRAPH BELOW : Where the two lines (GDP and ‘Mobile Money Transactions’) meet. 

 

Don’t trust us, just check the  math here.

 

HD2: In fact, most of Africa, today stands as one of the leading continent when it comes to Digital and mobile currency adoption from MTN Money, Orange Money, etc…

> However Africa’s gigantic landmass, weather and harsh landscapes, means that ‘classical sources’ of energy, and grid systems, cannot reach all corners of one of the largest continent on earth.

@masindej: Joshua Massinde Electronic Economic Influencer, in Nairobi (Kenya), blogged in December 28, 2016, that:  ‘Mobile money should be regarded as a “plausible fiscal risk”

– Moreover, Africa is still widely unbanked and has  gigantic needs in that fields – We are talking about the fastest growing population in the world, representing a billion people :

 

Affordable, safe and alternative forms of banking are still in dire needs. > Make no mistake, it is THE FINTECH challenge of the 21st century ! (#ADMP) 

    

The question should be asked to the banking and fintech innovators in its ‘educated diaspora’ and local forces on the continent: Which tools are they going to build that will actually help solve those problems on the ground?

>> Clearly MORE INNOVATION is NEEDED ! :))- 

 

III. THE ‘SELF-DISCIPLINED’ SUPER TONTINE ? 

#EK3: If Tontine members do not have or do not seek to have retail bank accounts, does self-exclusion have any disadvantages?

#HD3: Security would be the prime issue : In our familly our ‘Tontine’ can raise upwards of 4 to 5 millions XFA ($7-8 OOO) IN CASH – it is a huge pile of money, that can fill several super-market bin bags – in one round, so security with all that cash on a table can be a bit ‘dicy’

Other than that, none: The ‘Tontine system’ was designed as a safer, more rewarding and community-based alternative to the ‘Mainstream banking system’ .

         Ex1: interest rates for ‘Tontine community loans’ are often ‘historically’ better than mainstream banking.

        Ex2: Fines paid by members : Fines For ‘lateness’ when attending meetings, or fines for lateness in loan repayments,. 

Those fines, although lower than in the banking industry, also enable the Tontine group to finance its initiatives and keep loan fees for the rest of the group, at an all-time low.

 

#EK4: In your opinion, is the Tontine model scalable outside the gender, tribe, nationality, or religion of the founders, as retail banks have proven to be?

#HD4: That is the 21st century challenge : ‘Mainstream scalability of the ‘Trafditional Tontine’ to a SUper-Tontine’  

 It is the truly 21 billion dollars question, if it can be achieved, smoothly:

If the model cannot scale up, then it will be a lost opportunity for African and Asians alike, to build their own ‘native banking system’.

Historically, having to comply to  foreign banking system,  locals african did not create, often resulted on the ground, in ‘Systemic cognitive dissonance’ that bedazzled locals and made them ‘run away’ from ‘classical banking’ in the first place !

 

 

THE ‘SAFETY NET’ THEORY

#HD4: Chineses, lebaneses, jews, Bamilékés tribes of Cameroon, Nigerian Ibos, etc…

All have relied on the ‘Tontine system’, and this, probably for centuries! > Operating outside of mainstream banking is probably in the algorithm or the DNA program of the ‘Tontine system’: 

Some, like Chris Principe, CEO of Solidus Global inc. would even argue that the ‘Unbanked do not need Banks’ and should be left ‘alone’ …

What if the ‘Tontine’ was the alternative system that should always exists outside of the ‘mainstream of banking’, as a ‘safety net’, when ‘traditional banking’ fails, for example? 

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–> The #ADMP chatbot once again, pops out from the ‘Deep social web’ and ‘invade’ both our ‘conversation bubble’ : 

 

ELECTRONIC DECONFINEMENT BLUES :

#ADMP CHATBOT: Do you know India broke the record of the largest number of satellites sent to space in one launch ?

#HD: No! But… That’s information! 

#ADMP CHATBOT: Here’s the link: INDIA did it from their spaceport in Sriharikota in 2017, way …. before Elon Musk did, in 2020! 

#HD: Wow! That’s a serious jab at Elon’s Legion of fans! – They even have their own Facebook page ! 

 

 

#ADMP CHATBOT: Including YOU! … 2020 is the year of hindsight, ‘cyborg’ ! 

#HD: Now you’re ‘reaching‘! I don’t know about you, bot, but I can’t wait for 2021…

#ADMP CHATBOT: 2021 couldn’t get worse, is this what you mean? 

#HD: I surely hope so! 

#ADMP CHATBOT: You bet, cyborg’? 

#HD: You’re on, bot! That’s our second bet: 2021 will be better! 

#ADMP CHATBOT: Agreed! 2021, will be worse! SOoo worse, you’ll even ‘regret’2020! 

#HD: NooooOOO !! 

 

END. 

 NEXT WEEK: The follow-up to that fascinating three-part interview on the ‘Digital Super-Tontine Manifesto’ ! 

 

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Tweets by BdbStarcast

DISRUPTION by: #ADMP CHATBOT. 

PODMAKING & Words: by Hermann Djoumessi, MA

#Blockchain certified 

#ADMP Social Media Consultant

 

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#Bitcoin is still valued around $9,733 and therefore has no known “Killer switch” to TURN IT OFF, in times of crisis, NOR is it correlated to stock-market freefalls… So, basically, ‘The Internet is still… UNDEFEATED, folks  !!’ 

END/END. 

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• STARCAST, le Podcast des Influenceurs – En français, plus bas:  

Youtube >> https://www.youtube.com/watch?v=WG8rJC6uDCY

Sur DEEZER >> https://www.deezer.com/show/654162

SPOTIFY >> spotify:show:5erNDxUUb1EgS9HcNXSDXp

SPREAKER >> https://buff.ly/364fVEx 

SPOTIFY >> spotify:show:5erNDxUUb1EgS9HcNXSDXp

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