NairaX (NIRX) X Coinstore AMA Recap 💬

Welcome Back Coin Collectors,

Coinstore had recently listed NairaX (NIRX), thus in order to introduce this token to everyone in our community, we are happy to share that we held an AMA together with NairaX on Coinstore’s official telegram group. During this AMA we had the co-founder and CEO of NairaX, Stanley Abor, as the guest speaker of this AMA. He is a Geologist, by first profession, and a blockchain expert. The host of this AMA is Una of Coinstore!

P.S. Do head over to Coinstore to trade NairaX today!

Hence, today we are back with another AMA recap with NairaX. To start off this AMA, Stanley introduced himself and NairaX to the Coinstore community.

Now moving on to the exciting part! Here was how the AMA went!

Segment 1:

Stanley’s Introduction of himself & NairaX:
I am the Elected CEO and also a co-founder of NairaX. I am also a geologist by first profession and a blockchain expert. I have a masters in GIS and got into blockchain in 2017. NairaX is a daughter subsidiary of NIRX BLOCK PAYMENT SYSTEMS registered in Nigeria (RC2903759). For over 2 years now, the value of our sustainable utility asset NIRX has been maintained by triennial buybacks and hype in a proposed organic utility where we will generate within our already established e-commerce (crypto-commerce) platform.

NairaX began researching into blockchain in 2017 after observing the deplorable states of third-world economies, like Nigeria, suffering the after-effects of conventional failing economic models. What we have done is simply to create a unique niche for ourselves, by considering a stable model our ecosystem has adopted an exclusive utility that is being served in commerce. Research shows that the African e-commerce sector is still currently very much uncompetitive at the moment in comparison to other continents. Additionally, Africa poses as the most fertile niche for cryptocurrency adoption and applications due to the unbanked nature of our various economies which we still battle with. These laid factors fuel the high demand for stable crypto in fintech in this part of the world.

For fast tracking of crypto adoption, our company NairaX has been engaged in providing free cryptocurrency education/ seminars to dish our knowledge of crypto in Nigeria and the African continent at large. By doing this, project NairaX blocks all potholes that might lead to its future success. The hype we have garnered on a consideration that NairaX is the first African Stablecoin project in the world as well as its integration into a currently less competitive commerce sector has so far blossomed in the past year and this is only the beginning.

NairaX’s Utility in Realtime Applications, Future Plans & Where They’re Headed to?:
NairaX developed NIRX as the first African Stablecoin directly pegged to the Nigerian Naira Fiat on 1:1. Today, based on Coinbase Data (https://www.coinbase.com/price/nairax), NIRX has so far surpassed the 1:1 mark due to the inflationary disadvantages posed by fiat & corrupt centralised practices of our government. Thus, this means that our asset NIRX is currently valued over our country’s official legal tender “Nigerian Naira” by over +25%.

Essentially, our ecosystem plans to leverage blockchain to decentralise payment solutions that will be powered by NIRX tokens to generate organic cross-interactions between millions of e-commerce entrepreneurs on our MVP base. In essence, NIRX’s utility is to act as the default stable operational payment currency on our MVP e-commerce platform called MerchanirX.

Our company is currently headed towards officially unveiling a mobile app that is an integration of our e-commerce ecosystem & an in-app BSC wallet that enables users to store and complete online purchases with NIRX tokens. Additionally, other app implementations will include several profitable activities ranging from a Quickswap & staking. In summary, our mobile app/wallet will enable a swift exchange of NIRX to other assets like USDT, BNB and BTC which can be withdrawn to any wallet address of choice.

NairaX’s Roadmap Record & Achievements:
It has been a great 2½ years since we launched in June 2019. We can proudly acclaim that we have covered over 80% of developmental tasks shown on our Road map — please refer to page24 of our whitepaper (https://www.nirxblock.com/NIRX_Whitepaper1.0.pdf).

However, there are a few final items on our roadmap that are actually being delayed due to the Covid19 pandemic. During this period of the fallout, our company is still able to deploy our priced MVP eCommerce ecosystem called MerchanirX (https://market.nirxblock.com). On MerchanirX, regionally permissive holders are able to buy/sell commodities while completing payment for offered services using NIRX. As the saying goes, demand is commensurate with supply. Upon full launch of MerchanirX, the demand for our tokens skyrockets in an exceptional manner for its organic liquidity. MerchanirX is currently on BETA testing levels & hopes to be fully unveiled in October — November 2021.

Our mobile app will follow suit sometime in April 2022 to give appreciable spacing for viral marketing of MerchanirX and extending our services to other surrounding African continents before going on a global scale.

On to segment 2, where the host will be asking Stanley some questions!

Host: Why Should You Invest in NIRX?
Stanley: Great question. Africa with its vast unbanked economy is a vast playground for decentralised finance and true utility/demand for crypto-based initiatives.

Host: Why did you choose Smart Chain? Why Not other Chain Like Matic, Sol?
The BSC Smart Chain is a vastly developed blockchain with lower fees compared to other blockchains. The BSC Smart Chain is a vastly developed blockchain with lower fees compared to other blockchains, it is more stable.

Host: Why are you building your project and what is your future plan?
Basically, our ecosystem is basically planning to leverage blockchain technology to decentralise payment solutions which are to be powered by NIRX tokens on MerchanirX (market.nirxblock.com).

Host: Who first thought about the NairaX project? Why?
Great question. With an appreciable understanding of the economics of e-commerce amassed from many years of experience in business management in which our CTO was well versed in, we collaborated to come up with this idea of launching an e-commerce platform that should be powered basically by a decentralised Stablecoin: which is NIRX.

Host: What is the most ambitious goal of your project? Could you share with us any upcoming updates?
Taking over African e-commerce is our most ambitious goal. And this specific e-commerce sector is worth over $1.2 trillion. With the momentum we have gathered so far in NairaX for over 2 years, we are headed for that pinnacle soonest! So far, we have generated true value for our token NIRX, which is prized as one of the most stable crypto assets in Africa currently. Our next line of action is putting our tokens to have MVP utility.

Host: We have noticed that NairaX is planning to release its own wallet. Can you share some details on the NairaX wallet?
Yes indeed, we are planning a release soon. Our app/wallet will be an integration of the e-commerce ecosystem & an in-app BSC wallet that enables users both in-store and complete online purchases with NIRX tokens. Additionally, implementations in our app will come with several profitable activities ranging from a Quickswap & staking. Also, our mobile app/wallet will enable a swift exchange of NIRX to other assets with supported wallet integrations. These assets can be withdrawn to their wallet address of choice if the holder does not wish to complete a purchase with converted assets.

Segment 3, is where our community will be asking any questions they have for NairaX:

1. Do you have Whitepaper? If yes please share it with us and secondly do you have plans for pre-sale? Where can we join it?
   Yes sure. Please see https://www.nirxblock.com/NIRX_Whitepaper1.0.pdf
   Our presale was over in 2019. But soon you can buy it on Coinstore.
2. What is your strategy for building a strong community? Do you agree that the power of the community will lead your project to develop globally? What services do you provide to the community?
   We built a strong community through the true utility we are delivering. Along with further possibilities in creating various profitable schemes ranging for our real-time giveaways & airdrops which are usually fun to participate in.
3. Do you have AUDIT credentials or are you working to AUDIT your project, to make it more secure and reliable?
   At the moment, we have not done any audits. We are hoping to release an audit report by the end of 2022 as it's a pretty complicated process in our country due to the many bans on crypto-centric activities which are thriving better than ever.
4. Southeast Asia is a very vibrant market and there are many new platforms under development. So what do you think about Southeast Asia and do you have plans to grow there?
   Yes, we have plans. We came in to find out about this listing through the WBF exchange team. Hopefully, we are planning towards growing a great community in Asia as a whole. It will be a symbolic collaboration I believe.
5. Where can the community buy your tokens? What are the benefits of buying this token?
   The benefit is the utility we will bring. Although we haven’t delivered it fully yet, we are more than halfway through. By these, I am referring to market.nirxblock.com. That has contributed to increasing the value of our token over the months. NairaX is currently valued above our Nigerian FIAT.
6. What are your targets in 2022? Will you enter the NFT industry in the future? Are you also thinking about adding an NFT to your portfolio?
   Haha, this is such a thoughtful question. Well yes. NFTs are gold you know. The smart chain industry is gradually looking trendy towards that angle. Very soon you will hear about what we are building. I am not at liberty to reveal the specs yet.
7. Is your Platform Secure?
   To a great extent yes. We are secure. But then the only way to ascertain this is after we have released the report I spoke about in question 3 above!
8. What are the competitive advantages of $NairaX?
   Utilising crypto in e-commerce would really really deliver adoption for crypto. When people chose to accept NIRX on MerchanirX, a natural demand is created, our token value increases.
9. As we know many new projects make a good impression at first but are suddenly abandoned. How will you manage projects and tokens to gain a place in the market and become the best token in the cryptocurrency world?
   Hi Hafsa. Specifically picked this for last because it's a great question. Your assertions are true. Well so far for the past “almost” 3 years we have been able to maintain true liquidity though with a stable asset price when compared to our fiat. This is a first-time innovation that has no current competitors. What we are delivering is a first of its kind.

Hope you had a better idea and understanding of the NairaX project and you can head over to Coinstore’s website now to start trading!

To conclude

These are the questions we managed to answer during the AMA amongst the many other questions that were asked because there were simply too many questions from you guys (do keep them coming in!!). We will be happy to answer any other questions you guys have in our telegram channel, so do head over and join our community today! 🤗

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