Most African sovereign currencies restrict access to global trade and equitable remittance. Cross-Border payment settlement within the continent has been mind boggling due to numerous non fungible currencies within the 54 Sovereign states. Moreover, you can take the Euro or Dollar to Africa and spend but you can’t take African currencies out of the continent. When you leave Africa your money dies with you.
Bitcoin was developed as a Fintech solution to eliminate human interference due to currency manipulation. Bitcoin has been very successful as a solution for payment settlements but as for Africa, it is very costly for transactions and not eco-friendly for minting.
This is the reason why Mr. Enabulele the CEO of Oduwa Blockchain Solutions got inspired to develop a fintech solution that will resolve Africa’s Cross-Border payment settlement issues without as much fees as Bitcoin.
OduwaCoin is a genuinely decentralized cryptocurrency software released under MIT license. Africans can use Oduwacoin as a payment solution, store of value, and ownership on the blockchain. Oduwacoin is money. Own it and spend it.
It is the cryptocurrency that will integrate Africa into the global digital economy on blockchain.
The future of transactions is digital. How can Africa survive without an African Blockchain cryptocurrency?
Many other cryptocurrencies have been joining the market over the past five years as a result of the increased popularity of Bitcoin from its early days and the quick uptake of digital tokens. Global citizens concur that digital currencies—from Ethereum to Dogecoin—are the way of the future and that decentralized finance is the new economic reality.
Mr. Enabulele launched OduwaCoin on its own blockchain after seeing this possibility to make a difference in Africa, giving native people a new democratic and open system for money or trade. Since its creation, OduwaCoin has grown in popularity with a limited supply of 21 million coins. Due to its limited supply, this digital currency is likely to maintain and grow in value over time, enabling investors and early adopters to profit.
Even though OduwaCoin is still young, there is already a strong demand for the platform. Its framework also gives users the ability to store and exchange OduwaCoins with other exchanges. Those looking to experience transactions with a digital currency for the first time can do so on the blockchain network with no fees. The platform is unique in that it allows users to freely trade and exchange their tokens. Money should be free to send and receive on the blockchain, according to Bright.
The requirement for an African-wide cryptocurrency
A pan-African currency that crosses national boundaries and is usable by everyone within the continent’s 54 nations is required in light of the growing popularity of cryptocurrencies. This is one of the major outcomes from the US/Africa Summit in 2022 that took place in Washington DC. The benefit of introducing such a digital currency is manyfold.
The economy of each country can be better integrated and strengthened if there is less resistance on trade between African nations. One single electronic currency would also maximize chances for effective international trade and increase financial inclusion for people whose access to traditional banking is restricted. As a result of the project’s early success, online merchants like DollarStore in the US have begun to accept Oduwacoin, a brand-new cryptocurrency designed particularly for usage by African consumers. Although it is yet too early to tell how effective this ambitious plan will prove to be in the end, it is certain that it will revolutionize many people’s lives throughout Africa and provide them with more payment settlement convenience.
OduwaCoin has a network of node operators supporting its continued operations through its digital platform, ensuring data transparency and making it accessible from anywhere in the world. Together with solid infrastructure underpinnings and extremely secure blockchain technology, this strategy has increased in popularity.
The technology for purchasing and selling digital currencies has advanced significantly in 2021 alone due to the increased adoption of decentralized finance. There is a growing trend toward online trading and making purchases digitally, with 140 million people owning digital wallets with different cryptocurrencies. Our paradigm has changed. It is now more obvious since large businesses and organizations are vying to provide payment choices for users of digital currencies as the market experiences an extended period of expansion.
When it comes to remittances and cross-border payments, Africa has long been at a disadvantage in the global financial system. With bitcoin, however, people will soon be able to establish new wealth opportunities and global economies of scale. Through bitcoin crowdfunding, new initiatives could be started with the help of like-minded individuals. Oduwacoin offers the same opportunity for Africans only without fees, so long as you are moving your currency on the blockchain.
People who have joined the blockchain will soon be able to conduct transactions with additional shops, eCommerce retailers, and a variety of other establishments as OduwaCoin develops new integrations such as its mobile wallet OduwaPay, and other alternative solutions for merchants. With the use of this technology, more choices for making purchases using digital wallets will be made available to those who do not currently have access to financial services. Many people in underdeveloped nations lack access to conventional financing and find it difficult to get bank accounts. People in Africa can start taking advantage of OduwaCoin and join the digital currency revolution.
Have you given OduwaCoin a look? Create your initial wallet to store and use Oduwacoin. Oduwacoin e-Wallet called Oduwapay is available on the AppStore and PlayStore.
Oduwacoin is the new cryptocurrency that will change how Africans use and spend money. It is a secure, fast, affordable, easy way to make transactions without having to worry about bank fees or exchange rates. With Oduwacoin, people in Africa will be able to participate in the global economy and have access to all the same opportunities as people in other parts of the world. African entrepreneurs will also benefit from oduwacoin because it provides a way for them to start businesses and accept payments without having to go through traditional banking channels. This is a major step forward for Africa, and we are excited to see how Oduwacoin changes the way people do business on the continent. Thanks to Nana Obudadzie Oduwa I for developing a cryptocurrency with Africa in mind.
What do you think about Oduwacoin?
Public source; documentary Ecrypted