On the 18th of June, Bancor launched a new service; a blockchain-based system for the Kenyan market, with such a decentralized design of financial system capable of promoting a fair distribution of wealth. The system is able to create community currency that will enable trade between people of the same age group and in so doing be able to strengthen the community.
Announcing the launch of Bancor's new #blockchain based community currencies in #Kenya. It's time we put the power of money creation in the hands of the people who need it most. More in @VentureBeat https://t.co/zvLoHutb5j @grassEcon pic.twitter.com/uPG9dzsRXt
— Bancor (@Bancor) June 18, 2018
The system is backed by a token digitized system that is in a blockchain in place of physical money which will be used to trade by the locals. Will Ruddick has a great number of years living in Kenya by so doing being able to support and build the community, this is according to a documentary by Canvas TV Belgium.
“There is a big number of 18-35yr old around doing nothing. This leads to alcoholism which is a big problem; this essentially means that they are no jobs for them to get payment. This led to a moment of realisation of how to get the opportunities to meet.
There is a great supply and a great demand with no middle ground – a form of exchange. Therefore getting communities together, to have their own form of exchange (currency) was born, being able to trade in their own good and services.”
A decentralized network of liquidity such as Bancor will help people to change the digital tokens directly from their wallets in a simple and low cost manner. The Switzerland based company has Galia Bernatzi as a co-founder.
Venture beat, quoted the co-founder stating;
“The world of crypto-currency has generated an estimated $400 billion and so we do believe that the same system can be used to create wealth for communities especially using a blockchain based currency. This will fill the gaps in regional trade and security for food and income by promoting thriving market interconnected to the global market.”