The enthusiasm and uptake of cryptocurrencies across the globe in 2017 has been nothing short of amazing. The Blockchain technology is already being considered for use by various governments and some established companies have already put out products and services that leverage on this technology.
In light of all these developments, it is time that Africa got into the game as well. According to the CEO and Founder NuruCoin, Isaac Muthui, Africa needs its own currency that respects how we interact with technology.
Muthui is confident that an African currency will solve some of the biggest challenges the continent faces which he highlighted during my interview with him:
The Fluctuating Frustrations of African Currencies
One of the challenges of the Shilling, Pula, Naira, and many other African currencies is the fluctuations they experience in relation to the dollar and other Western currencies.
If you take a one hundred Kenyan Shilling and go round about 7 African countries, you will likely be left with nothing at the end, all because of the high exchange rates you incur. On the other hand, a dollar in California is exactly the same if you go with it to Dallas, Washington or New York. Even when you cross into Europe, the Dollar is not very much affected.
The solution? According to Muthui, Nurucoin seeks to solve this challenge by ensuring one means of trading that cuts across African borders. By not having a central repository, everyone benefits from this means of exchange.
The Nuru Block
African countries and companies are big on rewarding loyal customers. In Kenya alone, almost all major supermarkets and telecommunication companies have some form of loyalty program that ensures they reward returning customers.
Nurucoin seeks to introduce such loyalty programs through loyalty coins that run on the Nuru Block. The coins will run across their ecosystem and partners.
Despite the developments and growth in technology on the African continent the majority of people on the continent are still very green when it comes to such relatively new technologies like the Blockchain. As a result, Nurucoin seeks to approach adoption in a more realistic way that respects these limitations.
Rather than require users to purchase these coins using either Bitcoin or Ether, the company seeks to enable purchases using Fiat money. Rather than require users to install a Bitcoin or Ether wallet, Nurucoin wants to take a different approach and enable users to open accounts easily and seamlessly.
According to Muthui, Nurucoin is passionately looking at solving the African problems. With a billion coins slated to be sold out in order to raise money, the company is very futuristic and confident that this innovative initiative will be well received.