NairaCoin Progress Update

Apr 29 · 2 min read

We are happy to announce that the NairaCoin contract has been created on the Ethereum blockchain as indicated in our whitepaper. The NairaCoin is ERC20 standard token on the second most popular blockchain with smart contract capability. NairaCoin smart contract has been created since three months ago but we needed to wait for etherscan support to update NairaCoin information on etherscan before making an official announcement. We are glad that NairaCoin information including Token ticker, logo and website has been updated on etherscan as well.

The smart contract creation and token minting functionality ensures that we are able to mint tokens based on the fiat held in our reserve. As a result, there shall be no maximum supply of NairaCoin tokens but all NairaCoin in circulation must be equal to or less than the fiat held in our reserve. There is also the burn tokens functionality that ensures all NairaCoins requested for withdrawal are sent to our burn address and destroyed from circulation to keep our records intact.

What Next?

Our Next step is to release the registration portal on web for user’s registration and listing of NairaCoin on local exchange. There shall be 5 categories of registration. However, three would be unveiled on first release while the other two categories will be released with updates.

The first shall be for individual registration where users can register with a whitelisted NairaCoin address. This means that every NairaCoin wallet can be identified with a specific user and no funds can be withdrawn from circulation without being untraceable. We are legally complaint with Anti-money laundering laws and as such we have strict measures to protect against fraud and unauthorized use.

The second category of registrations would be for Small and Medium Scale Businesses. These are businesses that have no form of government registrations but contribute largely to the economy. There are more than 20 million SMEs and still counting. These categories of businesses are allowed on the NairaCoin platform to have whitelisted NairaCoin wallet addresses to receive funds from customers. Funds can be accumulated and withdrawn daily, weekly or monthly as deemed fit for the business entity. This is very import for SMEs as their transaction records would be evaluated as part of criteria for SME support ZERO interest loans to be unveiled in due time.

The third category of registrations would be for enterprise businesses that have some sort of registration with the Corporate Affairs Commission of Nigeria. These businesses are also welcomed to the NairaCoin platform to have a whitelisted business wallet with NairaCoin. This will ensure more accurate business monetary records as transactions cannot be feigned or erased on the Ethereum blockchain. Businesses with CAC registration also stands a better chance to get loans when the loan program becomes active.

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