CROWN COIN FOR AFRICA’S UNBANKED
WAYS TO FINANCIAL FREEDOM THROUGH CRYPTOCURRENCY
Africa is one of the biggest market for cryptocurrency projects due to a huge amount of people that are “unbanked”. In 2014, a staggering 66% of Sub-Saharan Africans did not have a bank account. Traditional banks are still struggling to reach the “unbanked” across Africa. With the fast rise of mobile devices across the region, African MNOs (Mobile Network Operators) took the advantage of creating mobile payment options a possibility.
WHAT IS CROWN?
Crown is much more than a leading digital token and application platform, it represents an opportunity to create new ideas and services that add meaningful value to the world in a more decentralized way thus making it 100% open source code for everyone. Crown enables transparent and anonymous transactions, and a secure way to transfer funds. Using a distributed public ledger, the sender and receiver are kept anonymous in Crown blockchain, a key concern in a post Snowden world. Also, all transactions are public and can be traced but personal identity is harder to establish when sent across public networks.
With a lot of cryptocurrency projects now springing up, there is large potential for Crown to tackle the African continent as it has a lot of use cases for cryptocurrency such as the NFT digital asset registry. World Bank research shows that 17% percent of the global unbanked population is in Africa.
“As cryptocurrency and blockchain technology mature, and transaction costs are reduced, using cryptocurrency as a means of remittance may become a reality for many in Sub-Saharan Africa. Further, cryptocurrency and blockchain technology are gaining acceptance among African millennials who desire to not only use the technology but find ways to learn and innovate upon it. With the demand for cryptocurrency on the rise universally, and a growing base of millennials understanding the underpinnings of the technology, it is foreseeable that in the near future, cryptocurrency could very well be a solution for the unbanked in Sub-Saharan Africa” (Baker McKenzie).
Global money transfer is costly and it’s draining a lot of money that could come to Africa. World Bank posits that it is more expensive sending money to Africa, the world’s poorest region than anywhere else in the world thus making cryptocurrency an avenue for Africa to adopt. Africans are tied to the traditional banking system and are now looking for new ways and solution to bank themselves. From the above, the unbanked Africans can leverage on Crown as a cryptocurrency to redefine their finances freedom.
THE FEATURES OF CROWN
Crown has no central authority to control it. It could be viewed as secure digital cash operated by networks of users. Transactions are confirmed by distributed consensus, and then recorded on a blockchain immutably. Third parties do not need to be trusted to keep your money safe unlike the banking system which involves third party in confirming your transactions. Also, Crown’s self-regulated economy empowers the community with stake in the network to vote on prospective network changes, projects and community practices. Every member running a Masternode has a say in every decision the platform takes. This means that there is no central authority to dictate rules for owners of Crown.
· Fostering Innovation
A small portion of each Crown block is added to the Crown Proposal System, a pool of Crown that community members can use to fund new businesses, applications, or projects to further the platform by submitting a proposal and convincing enough community members to approve it.
The Crown blockchain acts as both a payment service and through the forthcoming NFT framework allows easy tokenisation of external information stored off-chain. This provides maximal security for any private data, keeping key internal assets safe and accessible.
· Simple and Easy to use
The procedure for opening a simple bank account is very tedious in Africa as they ask you to provide several documents. If there are any mistakes in the documents they refuse to open an account for you. Also, accessing your funds in different geographical location is a little bit difficult. In the case of Crown, you just need a device that is able to access the internet. With the help of the device you can create your wallet and use it wherever and whenever you want thus making you your own bank.
· Border-free nature of Crown
There are no limits in doing transactions with Crown. Whether you are in the same or different geographical area, there are no problems in transferring Crown across borders. The inter-country transaction is extremely easy with Crown, because its function is not under the control of any central bank or government. With this unique feature, individuals can use it to receive remittances without going through the traditional process which is tedious and sometimes very time-consuming. Also, transferring money by using any other online forum or bank gateway is very expensive in Africa as they levy considerable fees for the transaction. But with Crown there are very small fees when doing transactions.
· Financial Benefits
Crown utilises incentivised nodes to validate CRW transactions and host applications. By setting up and operating one of these servers, you will receive a portion of the block rewards for helping maintain the network.
· Great way of growing the community
Crown is a community driven cryptocurrency that allows anyone to contribute into the ecosystem no matter whom you are or where you are. The Crown ecosystem is more than just an open-source development. Developers, content creators, marketers and volunteers are equally important when talking about decentralised digital currency in the 21st century.
Written by baako, a community volunteer
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