A new pan-African digital currency is aiming to empower people of African descent as an alternative to Bitcoin.
With the rise in cryptocurrency adoption and a push for decentralized finance, OduwaCoin is the first Pan-African digital currency powered by its native blockchain. Officially launched in 2018, the digital currency has garnered increasing interest from investors across Africa keen to help the cryptocurrency become a world leader.
Created by Bright Enabulele, OduwaCoin is setting itself a goal of helping underserved communities across the African continent while empowering its citizens with a new kind of democratic and transparent currency.
Quest for Alternative
Many newly launched cryptocurrencies from Ethereum to Safemoon have given people a viable alternative to fiat money in recent years. Traditional money is controlled by central banks and financial institutions that do not always have the best interest of the people they serve. In recent times, there have been considerable currency fluctuations with large-scale quantitative easing carried out by governments, leading to our own money becoming less valuable over time.
For Africa, the digital currency revolution is just beginning, and cryptocurrencies provide a medium for people to transfer their money without transaction costs and banking fees.
OduwaCoin has set itself apart as the alternative currency by launching its blockchain network with no transaction or exchange fees for currency transfers. OduwaCoin ecosystem enables anyone to transfer and exchange tokens without having to worry about unexpected hidden costs. The Oduwa Network has also designed its blockchain with security in mind and is a POS cryptocurrency. A Proof of Stake cryptocurrency enables miners to validate specific blockchain transactions with the number of coins acting as nodes on the network. This new way of confirming transactions has proven to be popular since the previous Proof of Work (POW) cryptocurrency format was introduced.
At the heart of OduwaCoin’s network is a decentralized ledger that is cryptographically signed, storing each individual’s coin ownership records. In total, there are currently 21 million Oduwa coins globally. This finite supply means that cryptocurrency holders could see the values of their Oduwa Coins increase over time while using their digital currency for various legal activities, such as buying products or services through the web or investing in crowdfunding projects.
For indigenous people, OduwaCoin has become the most popular viable alternative to Ethereum and Bitcoin. And Thanks to its creators’ diligent approach, it has been designed as a fungible token that can be traded through other exchanges. This development has led to new opportunities for coin owners in the market to not only invest but trade their portfolios with other international buyers and sellers of cryptocurrency assets.
With the first Pan-African blockchain putting people first before profits, there is a growing movement for digital currency adoption, and companies worldwide are already taking note. Recently, PayPal enabled its users to buy, hold and sell Bitcoin, while Tesla and MasterCard have also delved into cryptocurrencies. With Bitcoin going through its maturing phase, more institutional investors and brands are incorporating cryptocurrency payments into their ecosystems with additional development forecasts in the coming years.
For Africa, businesses large and small could soon be enabling digital currency payments to help further strengthen the continent’s autonomy and bring real change to people that no longer want to be at the mercy of global currency fluctuations. The hope is that Oduwacoin will lead to a transformational shift in society, allowing everyone to participate.
Have you explored OduwaCoin to take part in this new digital currency revolution?