Connect with us

Blockchain Technology

South African Blockchain Startup Ekasi Bucks Aims To Provide Financial Services to Townships

Published

on

Ekasi-bucks

South African-based blockchain startup Ekasi Bucks aims to offer financial systems to township-based enterprises operating in an economy worth 50 billion Rands ($4.7Bn).

Ekasi Bucks notes that the unbanked population has been disadvantaged and has had problems of controlling their money. Thus, the start-up wants to redistribute wealth to give them back the control over their money.

“We are […] bringing mobile banking over the blockchain to more than 300,000 unbanked clients on our database,” the company’s press release says.

Ekasi Bucks provides cryptocurrency wallets and money exchange services. The company is tapping into these services to enable local merchants to receive point of sale systems with loyalty programs. Furthermore, Ekasi Bucks’ cryptocurrency is not governed by the South African Reserve Monetary System, which means that its value shall not get affected by local economic situations or political atmosphere.

Ekasi BucksEkasi Bucks also provides a mobile wallet that is linked to the company’s Prepaid MasterCard. The transactions involved in their network are cheaper than conventional money transfer methods. With this in place, the company states that it will provide “Township P2P & B2B instant money transfer at a fractional cost currently being charged.”

The start-up is planning to raise capital through an Initial Coin Offering (ICO) where it will issue a 100 million Ekasi-Bucks out of the available 200 million, at less than R7 ($0.5) per Ekasi Bucks coin. The ICO is set to begin on Friday the 7th and run for three weeks to 31st July 2017. During the ICO, the company also intends to give out bonuses for early backers. Those who make the purchase in the first 24 hours will get a 50% discount. Those who buy in the second week will get 20% and the last week buyers will have a 5% offer.

Bringing financial services to low-income areas is a not an easy feat, which is why Ekasi Bucks is reaching out to the cryptocurrency community to raise funds using an initial coin offering.

Ekasi Bucks president and co-founder Lucky Kgwadi told BitcoinAfrica.io:

“We are aiming to raise at least R50 million, which will be used to purchase POS equipment for our township clients and [any] further funds will be utilised for building container-based cashless malls for our clients.”

“We already have pre-lease agreements signed up for those interested in renting the space in four townships, Soweto, Soshanguve, Umlazi and Gugulethu. This is due to increasing number of shopping malls being built in the Townships and small businesses cannot afford rental space to operate and gain more fleet,” Khgwadi added.

* The article previously incorrectly stated that Ekasi Bucks has entered into a partnership with Lykke. Instead, Ekasi Bucks has joined the Lykke Streams programme to use the Lykke Platform to provide services to South African Businesses but there is no official partnership between the two startups. 

*Disclaimer: Readers should do their own due diligence before taking any actions related to the promoted company, product or service. Bitcoin Africa Ltd. is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this article.*

Blockchain Technology

Bancor Set to Launch Blockchain-Based Community Cryptocurrencies in Kenya

Published

on

Bancor in Kenya

The Bancor Network has announced plans to launch a network of blockchain-based community currencies in Kenya. The launch of community cryptocurrencies is meant to help curb poverty through the stimulation of both local and regional commerce as well as increased peer-to-peer collaboration.

This new project will enable communities within the East African nation to create and manage their own digital tokens, through the utilisation of blockchain technology, thereby, closing the barriers that have historically existed to prevent the use of community currencies.

Will Ruddick, Bancor’s new Director of Community Currencies, will manage the project from Nairobi where he has lived for over a decade. He also runs a non-profit foundation known as Grassroots Economics, which oversees community currency programs in six different locations in Kenya that serves more than 1,000 local businesses and 20 schools. Ruddick, together with his team, will make use of the Bancor Protocol to expand Grassroots’ existing paper currency system into a blockchain-based network that intends to decrease poverty and build stable markets through the use of local currencies. Ruddick said:

“When communities have the same right as nations to create and manage currencies, they will unlock their full potential.”

Co-founder of Bancor, Galia Benartzi, said in a press release: “We have seen the crypto world generate roughly $400 billion for new currencies, and we believe the same mechanics can be applied to help communities create wealth on a local level through the use of blockchain-based community currencies that fill regional trade gaps, enable basic income and food security, and promote thriving local and interconnected global markets.”

Bancor’s Project Plans

Bancor in KenyaBancor will be seeding its first currencies by donating some of the capital it raised during its $153 million token sale in June 2017. The Bancor Network enables anyone to create digital currencies that contain one or more balances in a connected currency. This allows integrated currencies to be replaced with one another without the need for a counterparty. The currencies also have built-in mechanisms that are built to algorithmically calculate prices based on the supply of the currency and adjusts effectively to its use.

The Bancor Network is already being utilised daily to process more than $20 million conversions in digital currencies and is now set to be rolled out to disadvantaged communities across Kenya.

Plans for the launch of the project include:

  • First pilots in the two largest slums in Kenya: Kibera and Kawangware.
  • Grassroots will leverage its network of local businesses network to circulate the currency by giving discounts and additional benefits to customers who use it in their transactions.
  • As more people buy and hold the local currency, its market cap is expected to increase, hence create wealth and purchasing power for its holders.
  • Anyone will be able to buy and sell the community currencies (including community members) using other digital currencies or major credit cards with transactions processed via the open source Bancor Protocol, enabling users worldwide to support the communities from afar.
  • A balance in a stabilised “parent” cryptocurrency still under development will – at the start – be pegged to the Kenyan Shilling (KES) and allow for exchanges between the network of local currencies at algorithmically calculated prices.

Impact Investing Tools

In an attempt to build an alternative Grassroots Economics community currency network in Kenya about eight years ago known as “Bangla-Pesa”, Ruddick, an American-born physicist, was jailed by the Kenyan authorities. He would later relaunch the community currency network in partnership with the government of Kenya. Both he and the Bancor team have been vocal on the potential of community currencies to curb global poverty using a bottom-up approach for sustainable economic development.

This project is part of growing efforts from a wave of blockchain startups to use blockchain technology, smart contracts, and cryptocurrencies to build the next generation of aid and impact investing tools.

Continue Reading

Blockchain Technology

Tanzanian Blockchain Community to Hold First Blockchain Event on June 30

Published

on

Tanzanian Blockchain Community

The Blockchain Tanzania Community has organised the first blockchain event in the country to be held on June 30, 2018, at the University of Dar es Salaam from 10 am to 1 pm.

The event will be a commencement seminar where Blockchain Tanzania will share its objectives, vision, and mission with the public and other stakeholders.

The Blockchain Tanzania Community brings together professionals, companies, academicians, and regulators such as the Tanzania Revenue Authority (TRA) and the Tanzania Communications Regulatory Authority (TCRA).

The organising chairman Rutazaa told BitcoinKe:

“As a community, we aspire to create an environment where youths will be inspired to engage and learn, investors favoured to invest, and regulators encouraged to fairly regulate, so blockchain, for what it is, can revolutionise our country.”

Tanzania is joining the ranks of other East African countries such as Uganda and Kenya that are embracing blockchain technology. For instance, Uganda is set to establish a blockchain taskforce while Kenya already has a functioning taskforce.

Continue Reading

Blockchain Technology

Non-Profit Partnership Harnesses Blockchain to Assess Impact of Conservation in Madagascar

Published

on

Conservation in Madagascar

Two non-profit organisations, the ixo foundation and Seneca Park Zoo Society, have partnered to measure the impact of global conservation initiatives using blockchain technology.

The ixo foundation has developed an open-source protocol using blockchain technology, which enables anyone around the world to create an impact claim. The claim is then assessed by a human evaluator or dataset to become a verified impact claim which can be used as proof to access funding.

South Africa-based ixo foundation is a software development organisation founded by Dr. Shaun Conway while New York-based Seneca Park Zoo Society is the non-profit partner of Seneca Park Zoo.

The First Collaboration

The partnership’s first project will involve recording animal and insect regeneration in Madagascar’s regenerated forests using sensors and the blockchain. The sensors will be linked to ixo’s blockchain to collect data and verify it. Impact tokens, which can be used to get funding with verified proof of impact, will then be created.

Seneca Park Zoo Society and Stony Brook University have been using the sensors to test their effectiveness in assessing ecosystem well-being in reforested areas on the island.

Dr. Conway, founder and president of the ixo foundation, said: “Our partnership with Seneca Park Zoo Society is a proof of concept, showing how all manner of conservation projects can record the impact they are having. By utilising the ixo Blockchain for Impact, they will be able to record evidence of change as verified impact data, which demonstrates what counts for sustainable social, environmental and economic development.”

“We will use this data to grow the fundraising and public education potential of zoos and aquariums, reinforcing the value of zoos to our communities. We look forward to our first collaboration in Madagascar, which will allow us to measure the positive impact of renewed forests through biodiversity measurements and increased human health using the ixo Blockchain for Impact,” said Tom Snyder, director of programming and conservation action, Seneca Park Zoo Society.

The two organisations will collaborate further to assess the effect of global conservation initiatives and boost funding for zoos and aquariums.

Creating an Extensive Database & the Amply Project

Conservation in MadagascarDr. Conway established the ixo foundation after he acknowledged the difficulty of finding sufficient data when planning a project. The non-profit organisation, therefore, aims to develop a verified database, in the next 13 years, covering all the targets set out to attain the UN’s sustainable development goals.

Ixo’s protocol has already been used in a project, dubbed Amply, that aims to track student attendance in rural South African schools. Rather than using a paper attendance sheet, teachers use a mobile app to record students’ turnout. The records are essential to schools because they can be used to access government subsidies.

Continue Reading

Popular Posts