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.
Interested in Cryptocurrencies and ICO's?
Follow our telegram channel for daily cryptomarket reports!Join @cointrends
|1 hour ago||blockchain|
|1 hour ago||blockchain|
|2 days ago||bancor|
|2 weeks ago||kenya|
Stay on top of Altcoins and ICO trends.
Subscribe to our free Weekly Cryptomarket report
Delivered once a week, strongly to your inbox.Subscribe to our mailing list
August 09, 2018
July 23, 2018
Bancor entered recovery mode earlier this month in the aftermath of a $12.5 million theft from the network. The team worked tirelessly to repair the damage and reinforce our defenses before bringing the network back online. In its first full week since reactivating, Bancor came roaring back,...From: Bancor
July 20, 2018
Last week, following the theft of roughly $23.5 million worth of cryptocurrency from the Bancor Network, Bancor used its publicly disclosed Anti-Theft Override to freeze stolen BNT in order to immediately recover $10 million of stolen BNT before it was liquidated. Some have claimed that the use...From: Eyal Hertzog
July 12, 2018
Dear Community,Earlier this week, Bancor experienced a security breach that resulted in the theft of roughly $23.5 million worth of crypto, after which $10m worth of BNT was immediately recovered. As a decentralized liquidity network, Bancor neither holds nor has access to user funds and no...From: Guy Benartzi
June 21, 2018
Our team recently took a moment to recognize a series of milestones all landing seemingly at once — Bancor’s 1-year anniversary, the network’s 100th live token, the election of our LiquidEOS block producer upon activation of EOS Mainnet, and the launch of the world’s first natively...From: Bancor
June 17, 2018
The EOS blockchain is officially live! More than 15% of the total EOS tokens in supply have been used to validate the chain, activate its functions, and elect the first 21 block producers to serve and support the EOS blockchain. We are thrilled and honored that Bancor’s BP, LiquidEOS, was one...From: Bancor