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Senegal Launches National Digital Currency On The Blockchain

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Senegal launches digital currency

African blockchain innovation is on the rise as Senegal plans to join Tunisia as the world’s second country to have a digital national currency. The eCFA, the name for the new currency, runs on the blockchain, just like bitcoin and Ethereum’s ether

The eCFA is a brainchild of a partnership between eCurrency Mint and the Banque Régionale de Marchés (BRM). The duo, in a public statement, defined the eCFA as “a high-security digital instrument that can be held in all mobile money and e-money wallets.”

The statement also stated that the new currency would be more secure than other conventional bills or coins. “It will secure universal liquidity, enable interoperability, and provide transparency to the entire digital ecosystem in WAEMU (West African Economic and Monetary Union),” read the statement.

The developers of the Senegalese digital currency say that it is protected through sophisticated cryptographic protocols to beat any form of imitation or counterfeiting. Pro-eCFA pundits also confirm the safety of the currency, adding that it is more transparent and easier to regulate through the central bank.

But the eCFA is not a “normal” cryptocurrency and it is entirely different from bitcoin as the new Senegalese e-currency has a Central Bank for regulation. 

Why Senegal Is a Fertile Ground for Digital Currency

Senegal embraced the idea for several reasons. For instance, the country is well positioned as far as the West Africa financial system is concerned. Their CFA franc is common in 14 nations on the continent, most of which are former colonies of France. Its value has a guarantee from the French government.

The Central Bank of West African States (BCEAO) is the official regulator for the CFA franc, and it has already set the rules of using e-currency in its member states. This makes the region more receptive to the idea of digital currency than any other place on the continent.

Proponents argue that it may take a shorter period to for Africa to bridge the gap between its economy and that of developed nations by bypassing some stages of technology. This way, the continent is likely to embrace the latest forms of technology without having to go back to the earlier methods, and this makes the ground even for them. That is why the Tunisian and Senegalese governments are ready to dare the implementation of a national digital currency.

Also, many people in the region are unbanked, which means they might be more flexible to use digital currency than official bank account holders in the world. Although the success of the idea is not a guarantee, the fact that many people rely on mobile money more than on bank accounts makes it more acceptable.

Universal Cryptocurrency for Africa?   

In the second phase of actualisation, the BCEAO, which regulates the distribution of the eCFA, aims at reaching out to Benin, Ivory Coast, Mali, Niger, Togo and Burkina Faso. Speaking to Business Wire, BRM’s CEO Aliune Camara said:

“We are committed to bringing digital financial services and true financial inclusion to West Africa. We can now facilitate full interoperability between all e-money payment systems. This is a great leap forward for Africa.”

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eCampus Integrates Blockchain Technology in Its Latest Update

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eCampus

The eCampus app has integrated blockchain technology in order to allow students across Ghana to ascertain how prepared they are before taking an examination.

This latest update is designed to honour the memory of the past United Nation Secretary Kofi Annan and his positive involvement in the educational sector.

What is eCampus

The eCampus app is an education-focused mobile app, making use of blockchain technology, artificial intelligence, and machine learning to help students learn and prepare for upcoming exams. This is done using a rewarding, fun and responsive interface.

The lasted updates to the 3.0 version of the app include:

  • Blockchain Integration
  • Test Prep
  • Course Suggestions
  • Lab

Blockchain Integration

blockchainAccording to a blog post by eCampus, the blockchain Integration on the app makes it possible for app user to gain points from the general usage and interaction on the app. These points are expected to be exchangeable for service or products offered on the app.

Furthermore, certification can be generated using the points received on the app. The certificate is usually in form of a digital badge. This badge, in turn, can be used to secure employment outside the app.

Test Prep

The app makes it possible for a student to prepare for various national exams by letting them know how well prepared they are to take on such an exam. This is made possible using the test prep feature on the app. All that is required by the student is to select the type of test that intend to take and the app provides them with a test matching the examination.

Course Suggestion

For a student struggling with the choice of courses to undertake. The latest version of eCampus also possesses AI features, making it possible for it to suggest courses which are relevant to the students based on the profile of such student.

Labs (Beta)

This feature incorporates the use of virtual reality technology to help students explore numerous laboratory tests connected to their field of study.

eCampus version 3.0 is available on Google Play Store, Apple App Store, and Windows App Store.

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Block Commodities and Pure Grow Africa to Launch First Crypto Project for Ugandan Farmers

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crypto project for Ugandan farmers

Block Commodities, a commodity trader operating in Africa, has announced a partnership with Uganda-based Pure Grow Africa to launch the first crypto project for Ugandan farmers. 

The Pilot Ecosystem

Block Commodities Limited, a London NEX exchange-listed company whose objective is maximising value through the blockchain ecosystem, has announced a partnership with Pure Grow Africa Limited (Pure Grow), a leading supplier of high-quality agricultural products based in Uganda. Block Commodities and Pure Grow are working together to bring the first pilot of a food project commodity cycle ecosystem.  

UnbankedPure Grow Africa, started in 2015 and focuses on promoting communities to sustainable agri-business and agro-value chain development. It supports farms in Africa by embracing modern technologies and applications to promote economic growth as well as creating community awareness and shared values. Farmers who are with the company strive to keep to the highest standards of food safety, environmental and sustainable policies. To start, Pure Grow will introduce 1,000 farmers and buyers to the Pilot Ecosystem.

Block Commodities will implement and support the ecosystem by providing finance and fertiliser products, as well as supplying the technology.

It will also coordinate loans in cryptocurrency – in the form of Dala tokens – for the already selected team of farmers, according to a company press release. This loan will provide the farmers with cash to purchase fertilisers cheaply and with better repayment plans, which will then enable the farmers to increase the production as well as to scale up and become commercial.

The Food and Agribusiness

Pure Grow’s Director Bobby Juuko Kimbugwe, said: “We are placing smallholder farmers at the centre of our work; they are at the core of what we do. We want them to understand that they do not need to have money in their hands to be able to grow production. Block Commodities is the ideal partner to support growth in African farming.”

Chris Cleverly, Executive Chairman at Block Commodities added that he was delighted about the partnership and hopes to support small-scale farmers and advance the ecosystem.

According to the African Development Bank, the food and agribusiness market is estimated to reach a value of one trillion dollars by 2030. Therefore, highlighting the great opportunity for African agriculture to become a leading player in this market. 

If the pilot phase succeeds, Block Commodities and Pure Grow will introduce the scheme to 50,000 more Pure Grow farmers. Further plans for the project are to expand and cover other countries in sub-Saharan Africa in due time.

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Top Five EOS DApps

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EOS Dapps

Since the EOS blockchain went live in June 2018, a number of EOS DApps (decentralised applications) have been released.

A decentralised application (DApp) is an application that runs on a peer-to-peer network of nodes that confirm transactions and support the network without a central party exerting control over the application. In this article, we will look at five promising DApps that have already been launched or will launch on the EOS blockchain soon.

EOS is a third-generation high-performance blockchain, supporting over 4,000 transactions per second. This high throughput makes the EOS blockchain scalable and enables it to support millions of transactions with zero transaction fees.

Everpedia

EOS DApps

Everpedia – based on Wikipedia – is as an encyclopedia on the EOS blockchain. Already, it is the largest English encyclopedia in the world. The applications incentivises people to appreciate and share knowledge, just as easily as they would on Facebook through the EOS blockchain. 

To learn more about Everipedia, have a look at https://everipedia.org/

ONO

ONO is a decentralised social media application that rewards users for quality content. The platform also ensures through its ecosystem that its users have a secure space to share insights and highlights of their personal lives. The most important feature is that users own their data and ads are optional for viewing on the platform.

Read more about the ecosystem on https://www.ono.chat/en/

Unico

Unico will allow its users to digitise items in a bid to make them collectable and tradeable. This will be possible through the creation of a digital certificate and using “licensing-as-a-service”. To every item with a digital certificate, a set number of tokens will be issued to ensure the item’s rarity and value, and also to enable users to buy, sell and trade their collectables.

Find out more on https://www.unico.global/

Scatter

Scatter aggregates your logins so that as a user, you do not have to use multiple logins to the various EOS dApps. This is an offer of security, personal data ownership, and convenience, as no user has to keep track of the passwords they are using and they will be able to interact with different applications as per their consent.

Scatter will support various blockchain protocols for a robust ecosystem and best of all, all these features are available for free on https://get-scatter.com/

Carmel

Do you want to learn to develop applications on a blockchain, but do not have a background in Computer Science? Do you feel that you need more technical skill for your future career? Carmel is an ecosystem built to empower people with skills in coding without requiring them to have previous academic experience in Computer Science.

The platform will enable learners to build websites, mobile apps, and other applications essential to users in the blockchain ecosystem. https://carmel.io/

It will be exciting to see the change in reach and impact of some of these projects in the coming year as the EOS blockchain ecosystem continues to grow and more users adopt the network and its applications. 

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