Its a new dawn and a new era of technological advancement. As we introduce NairaCoin to our citizens we have received many emails and questions asking us what NairaCoin is . NairaCoin is your local currency encoded on the blockchain. To remind you of the brief history of money when Gold was used as a medium of exchange for goods and services before the advent of paper money. It quickly became risky for people to move around with too much quantity of Gold for safety reasons let alone keep them at home. The US government came up with a solution to issue dollar bills againsted all weighted Gold submitted to the bank.Hence, the Fiat currency was a representation of the amout of asset (Gold) held in custody until the irresitible corrupt nature of human minds conspire to keep minting fiats that are no longer backed by Gold. The issued bill which was supposed to be a representation of the real money (Gold) now became what we today identify as money.
Nevertheless, much hasn’t changed since our society is heavily dependent on cash transactions and it becomes even riskier to move along with too much cash. Many developed countries have moved past these stages by developing high technological solutions in financial technology to drive a cashless society. Few of these high-tech solutions have been explored by African banks, and fin-tech start-ups with little success rate. The advent of Blockchain have made things much easier and provided a level ground for financial inclusion of unbanked and a truly cashless society we desire in Africa. This is the solution Nairacoin has brought to the Nigerian people. Like the dollar bill was issued for Gold; Your Naira which today is your notable asset is issued on blockchain following your submission or transfer of the physical cash to NairaCoin custody. Nairacoin will also provide inventory and accounting tools for SMEs such that every merchant no matter their location can connect with NairaCoin to start accepting it for their businesses. This Blockchain is open and public meaning every transaction carried out with NairaCoin is publicly traceable and cannot be faked. All transactions are very fast, secure and cheaper. We encourage you to read more on our whitepaper before asking us your questions. Join our communities below to learn more.