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Kesho Exchange Prediction Market – The Kenyan Challenges Wall Street in Predicting Stocks

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It began on their website as:

 

  • Works like real stock market.
  • Predictions are traded as shares. Max price is Ksh 100.00
  • Correct predictions are redeemed at 100/= per share
  • Alternatively you can sell your shares and profit instantly

 

It is called Kesho Exchange Prediction Market. And it was developed by a Kenyan. So, what is it?

 

Kesho exchange is Kenya’s 1st prediction stock market. It allows people to profit from there predictions by buying into outcomes they think are likely to occur. Outcomes are presented as shares and can be bought and sold for a profit. It works just like a real stock market except predictions are traded instead of stock.

 

A Prediction market works like a stock market except predictions are traded instead of  company stock. These Predictions are presented as shares and can be sold and bought by the public. The value of any share is fixed between ksh. 0 and Ksh. 100. Thus the value of a share at any one time can be seen as a percentage represention of the likelyhood of the prediction.

 

They even aggregate news on sports, economy, politics, etc just to give you a balance. And you can trade right now, here.

 

All Predictions are made in the context of a Market Event. An event maybe a soccer match, an election or even the likelyhood of a natural disaster. These events usually have several possible outcomes. It is these different outcomes which are converted to shares which are traded.

 

Example : Kenya vs Uganda soccer match

An example of a Market event would be a soccer match between Kenya and Uganda. In this case there are 3 possible outcomes in these event i.e

  1. Kenya wins
  2. Uganda Wins
  3. They Draw

These 3 outcomes are then converted to shares and given trading symbols i.e:

  1. Kenya wins  –  KENWIN
  2. Uganda wins – UGWIN
  3. Draw           – KEN=UG

Now you the trader can make a prediction by either buying or selling the presented shares

Preview Ovim Plus Tablet – The Engine of Work and Play.

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Ovim Plus will hit stores across Nigeria this June.

Cost: N59,900

Ovim Plus was unveiled few days ago by Microscale Embedded and Fasmicro.

Processor: Freescale iMX515 800MHz ARM Cortex A8

CPU: Dual core 800MHZ

O/S:Android 2.2 Support   Flash10.1

Memory/Hard disk:512M/4GB

Display:10.1 TFT resistive touch screen,1024*600

Camera:Support TF card.Battery:3800mAh

support word,Excel,Powerpoint and email function

Audio/Video:Support web video,music,chat,picture

Other function:Support HDMI  WIFI , built-in 3G

Box/Kg:30.5*21.5*8.5mm/0.9KG

Ovim Plus  is a joint product of Fasmicro and Microscale Embedded. You can pre-order here.

Ovim Plus will come loaded with many apps from the Apps Store. It will have access to Android Market.  Of course, you can easily go there and load them yourself.

Google Wallet Gives Your Phone Another Meaning – Turning It Into A Payment Device

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With the announcement that Google has rolled out Google Wallet,  lot of people are excited. The question is this: What is Google Wallet?

 

Google Wallet is a mobile payment system developed by Google that allows its users to store credit cards, loyalty cards, and gift cards among other things, as well as redeeming sales promotions on their mobile phone. Google Wallet uses near field communication to “make secure payments fast and convenient by simply tapping the phone on any PayPass-enabled terminal at checkout.” Google demonstrated the app at a press conference on May 26, 2011. The app will be available summer 2011. The app will only be available for the Nexus S although Google plans to develop the app for more phones. The service will work with over 300,000 MasterCard PayPass merchant locations. (wikipedia)

 

This is actually one great product Google could roll out if there could be partnership opportunities with local banks in Africa. A competing product, named Square, is also popular. However, they do not have the spread and brand recognition Google commands. With Google’s power and marketing process, they can even save fees for merchants.

 

We cannot wait to have Google deploy this product in Africa and possibly save many people from the problems of Western Union. If they enable people to operate on multiple currencies, this can be a change changer.

 

image credit/Google

 

Google – Paypal Failed Partnership: Some Lessons

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Who wants to do business with Google in Africa? Many of us.

 

You must have read the story about how a Paypal executive who was negotiating a partnership with Google ended up working for Google to develop the same product Paypal was supposed to deliver to Google.

 

Nevertheless, it is such an easy thing with a behemoth that Page and Brin built to buy off the chief negotiator of Paypal while the deal was in progress. And Paypal is such a sorry company. They seem not to have anyone running the old ebay empire. How can you allow such to happen. If Osama Bieder was paid $10m by Google and with him you can lose a business that runs in hundreds of millions, why not buy him back – we mean offer a better deal to him. Google did the same thing when one of its executives was poked by Twitter or Facebook  few months ago. They gave the guy restricted shares and locked him up with $50m or thereabout.

 

Nothing serious, but it calls for concern that a company you want to partner can buy your staff.  Google Africa must not do this in Africa, otherwise no one will have a chance. Imagine if you come up with a technology Google wants to partner with or buy. Instead of buying that, they just decide to buy over the team that built it and they will go and do exactly the same thing. They can do it because they have the money, but it does not make it right.

 

Tekedia will be waiting to read what Google has to say in court.  While Osama has the right to look for jobs anywhere, Google has a responsibility to at least wait for that deal to fail or go through before offering him a job.

 

Their present Vice President of Payments, Osama Bedier, was PayPal’s Vice President of Product Development.

What Is Biometrics? Technologies, Issues, Opportunities And Challenges

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What is Biometrics?

Biometrics refers to the automatic identification or identity verification of living persons using their enduring physical or behavioral characteristics. Many body parts, personal characteristics and imaging methods have been suggested and used for biometric systems: fingers, hands, feet, faces, eyes, ears, teeth, veins, voices, signatures, typing styles, gaits and odors. This means that biometrics is the automated approach to authenticate the identity of a person using individual’s unique physiological or behavioral characteristics. Since it is based on a unique trait which is part of you, you do not have to worry about forgetting it, losing it or leaving it at some place. Since it is unique to you, it is more difficult for others to copy, duplicate or steal it. Thus in general, biometrics offers a more secure and friendly way of identity authentication

 

There are several Biometric Technologies in use today, with many more being  developed and investigated  as many challenges on Biometric emerges  regularly all over the world. There are three common features of the biometric that are very important namely:

  • Acquiring Biometric Data,
  • Processing :-Registration Extract   features and  generate template
  • Matching: Registration of allowed users and allowed users.

 

In acquiring a biometric data a sensor is used to achieve this and the data will then be processed by a processor which could be part of an embedded system or a PC. The data acquired is transformed into different domain with different digital techniques to introduce complex features to ensure that the data is unique and also to introduce security elements.

 

The processing involves enhancing the data, removing noise and segmenting out the crucial data. From such conditioned data, the unique features are then extracted and a template is then generated to represent the biometric data. This template will be the basis from which the uniqueness of the data is associated with the identity of the user. If it is the first time the user is using the biometric system, the template will be stored for future references. Other information associated with the user may be included as well to increase security and for easy identification.

 

The final process and execution is in the matching which involves comparing the generated template against the Reference of allowed user(s). If the matching is made against a claimed identity, the matching process will be a one to one comparison between the generated template and the stored reference template. Such a matching process is called a verification process.

 

There are many ways the user can claim an identity, such as by entering date of birth, mother’s maiden name,   name, telephone number, PIN or password and using token such as smart card or contactless card. Other possible mode of matching is to compare the generated template against a list of reference templates of legitimate users. Such a process involves one to many comparisons and the matching process is called an identification process. The type of matching process used in a biometric system will depend on the nature of application and the owners choice where the biometric system is used and the biometric technology involved.,

 

 

Common and conventional Biometric Technology.

 

1. Face

 

In a face Biometric Technology, an image can be acquired using a normal camera such as an off-the-shelf desktop camera or any Digital camera. The face is the most natural biometric for identity authentication. Users can be identified by this solution in using facial recognition techniques which may be global approach or feature based. Feature based means using the unique features of several users which is only peculiar to them to identify and recognize each individual when the matching process is applied.

 

2. Fingerprint

 

The use of Fingerprint is the oldest method of identity authentication and has been in used for criminal identification. The fingertips have corrugated skin with line like ridges flowing from one side of the finger to another. The flow of the ridges is non-continuous and forms a pattern. The discontinuity in the ridge flow gives rise to feature points, called minutiae, while the pattern of flow give rise to classification pattern such as arch or curves or hollow and  spiral and other features of the finger. These are the basis of fingerprint recognition due to mainly the differences in Individual’s minutia matching and pattern matching.

 

 

3.Iris

The Iris is another Biometric feature that is very unique to an individual, it is the coloured part of the eye, is composed of a type of tissue called trabecular meshwork which gives the appearance of layered radial lines or mesh when the iris is examined closely.

The visible mesh consists of characteristics such as striations, rings, crypts, furrows etc. giving the iris a unique pattern. The iris pattern is stable throughout the lifespan of an individual and is different for twins as well since the pattern is independent of genetic makeup. With this feature of the Iris there are no two individual that have the same characteristics even “Identical twins!”

 

5. Hand Geometry

 

The hand image is obtained using a digital camera looking from the top when the user placed his or her hand at a specified surface. This specified surface is very essential when applying the recognition and matching technique.  The hand can be aligned using pegs or reference marks. Two views are usually taken in a single image, the top view and the side view. The side view is usually taken by the top camera as well using a side mirror. From the hand image, the fingers are located and the length, width, thickness, curvatures and their relative geometry measured.

 

 

6. Voice

 

Voice authentication or speaker recognition uses a microphone to record the voice of a person. The recorded voice is digitized and then used for authentication. The speech can be acquired from the user enunciating a known text (text dependent) or speaking (text independent). Age, illness and environment may affect the effectiveness of voice recognition, these features or conditions are put into consideration when proffering Biometric Technology solution using Voice.

 

However, not all biometric Technology is suitable for identification.

 

There are other Biometric Technologies including Signature, Retinal Scan, DNA, Typing, Vein Pattern (such as within the Wrist, Palm or Dorsal surfaces of the hand), Thermal pattern of the Face  keystroke Dynamics, Gait (Walk, Step, Pace) Pattern, Body Odour and Ear shape.

 

In proffering a Biometric Technology, we recommend adopting more than one solution, a multi-modal system which combines several Biometric Technologies to increase the likelihood of finding a match will be increasingly feasible as hardware and system cost decreases to an attractive level. Each solution is designed and implemented according to the clients need and challenge.

 

Factors to consider before deployment

These factors are considered- The Issues, Potential and Challenges faced by Biometric Technology. In selecting a specific biometric technology and solution to clients the following must be considered:-

 

1. Size and type of user group.

2. Place of use and the nature of use (such as needs for mobility and location)

3. Ease of use, and user training required and transfer of knowledge where necessary

4. Error incidence such as due to age, environment and health condition.

5. Security and accuracy requirement needed.

6. User acceptance level, privacy and anonymity.

7. Long term stability including technology maturity, standard, interoperability and technical support.

8. Cost.

 

There are numerous applications for Biometric systems. Most applications currently concentrate on Security related, physical and logical Access Control and many more enhancements are underway. These include the following areas:

 

  • Immigration such as border control, frequent travelers, air ports,

 

  • Banking/Financial Services such as ATMs, Payment Terminals, Cashless Payment, Automated Cheque Cashing, etc.

 

  • Computer & IT Security such as Internet Transactions, PC login etc.

 

  • Healthcare such as privacy concern, patient information control, drug control etc.

 

  • Law and Order such as public ID card, voting, gun control, prison, parole etc.

 

  • Gatekeeper/Door Access Control such as secure installations, military, hotel building management etc.

 

  • Telecommunication such as telephony, mobile phone, subscription fraud, call center, games etc.

 

  • Time and Attendance such as school and company attendance

 

  • Welfare, including health care services

 

  • Consumer Products such as automated service machines, vault, lock-set, PDA, etc.