Bancor, on June 18th, tweeted the launch of a new blockchain service in Kenya to design a decentralized financial system that promotes fair wealth distribution among the people.
Bancor’s recent tweet:
The working of this system involves the creation of “community currencies”; this will elevate peer-to-peer trade and therefore strengthen the local economy. The community currency can only be used for trade in a particular location to push local goods and services into the system.
Since the system is backed by digitized tokens, the community will use tokens on the blockchain, instead of physical money, for trading locally. Will Ruddick, who has lived in Kenya for 8 long years supporting and building the community, in a documentary by Canvas TV Belgium explained:
“There is a huge amount of 18 – 35 year olds, sitting around and doing nothing, constantly. Alcoholism is a huge problem. But essentially, there’s no one there to pay them to do any of these jobs. The ‘aha’ moment was, can we get these two to meet? There’s all this supply, there’s all this demand. There’s nothing in the middle, there’s no medium of exchange. So, the idea is to allow communities to back their own medium of exchange, their own currency. Wield their own goods and services.”
Bancor is a decentralized liquidity network that enables people to convert their tokens directly from the wallet though simple, low-cost process. The company is based in Zug, Switzerland and was co-founded by Galia Benartzi.
According to Venture Beat, the Co-Founder stated:
“We have seen the crypto world generate roughly $400 billion for new currencies, and we believe the same mechanics can be applied to help communities create wealth on a local level through the use of blockchain-based community currencies that fill regional trade gaps, enable basic income and food security, and promote thriving local and interconnected global markets”
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