Bancor: Trading the First Tomatoes on the Blockchainpoa-network kenya community-currency blockchain bancor
Written by Will Ruddick, Bancor’s Director of Community Currencies.
Thanks to Bancor, blockchain is finally becoming a tool we can use to fight poverty.
Yesterday we had an amazing day in Mombasa field-testing the Bancor Wallet on the POA Network to enable zero-transaction fees and fast payments for local transactions. As tomatoes and chapati changed hands, local shop owners and their customers marked the first-ever community currency transactions on the blockchain. More broadly, we are digitizing and tokenizing the Sarafu-Credit system of paper currencies that began with the Bangla-Pesa in 2013.
Now community members like Mama Evelin (in the photo above) can:
For Grassroots Economics and similar community currency creators, this means:
What makes these tokens special is their ability to connect to one another (i.e., convert back and forth without exchanges) — building a decentralized economy of currencies powered by the Bancor Protocol. These currencies can be designed using their smart contract to share assets, deploy a UBI and facilitate voting and community services.
Fundamentally, community currencies can empower women like Evelin to develop zero-interest credit that is usable among her network. The World Bank claims there is a 2+ trillion dollar deficit in the credit supply — this solution could pull communities out of poverty, increasing trade and local resilience.
There is still a lot to do and we need everyone’s support to really make this a tool that can be used around the world. We look forward to our first usability pilot in rural areas and Nairobi to give us all the use cases and success stories to help us make the case. Onward!
Feedback? Tips? Advice? Get in touch at [email protected]. We’d love to hear from you.
Original article was created by: Bancor at blog.bancor.networkDisclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.
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