Blockchain technology has changed the way things are done around the world and Africa has not been left behind in the quest to make the most of this novel technology.
TingoCoin is enough proof that the continent has fully embraced this new tech. It is a token in the Waves cryptocurrency.
Unlike most other crypto-currencies, TingoCoin will be used primarily to access services in the TingoConnect Agricultural value added service (VAS) ecosystem. The company, which is headed by Dozy Mmobuosi, is headquartered in Nigeria. It is a giant tech company in the country, given that it has produced various phone models that go by the name Tingo mobile.
Why Was TingoCoin Needed?
TingoCoin was created primarily as the main payment method for TingoConnect services. This agricultural VAS was made to help boost small scale farmers in Africa, particularly in Nigeria. Services offered in this agricultural eco-system include weather forecasts, financial information, and market information, among others.
Most small scale farmers in Africa depend on the weather to determine their farming seasons. Where there are inaccuracies in weather forecasting, or where information regarding weather and season changes is not relayed early enough, most such farmers suffer significant losses. Through the TingoConnect service however, these farmers will have information relating to weather early in advance to help them adjust their farming calendars accordingly.
Another challenge that dogs most small scale farmers is the lack of market information. Many are content to sell their products at throwaway prices to unscrupulous businessmen out to take advantage of powerless and ignorant farmers. With TingoConnect however, farmers will be empowered with knowledge regarding market prices, which should improve their bargaining power significantly.
Another problem that TingoConnect seeks to address is the lack of information on efficient farming techniques. Some farming techniques that African farmers employ are inefficient and outdated, to say the least. It is hoped that by enlightening them about better and more productive farming techniques, these farmers will be able to get better harvests.
The good thing about TingoCoin is that there are solid mechanisms that have been put in place to ensure that it does not decrease in value. These include the fact that:
- Paying for TingoConnect services will be done using only TingoCoin. The only exception is the use of Naira, but even then those who opt to use Naira will receive TingoCoins to pay for the services with. This will create demand for the coins, which in turn ensures that they will never lose their market value.
- Ads and promotions within TingoConnect will only be paid for using TingoCoin.
- TingoCoin hopes to expand to nearby countries and incorporate their currencies into the system.
There are no drawbacks that come with using or investing in TingoCoin. In fact, it appears to be quite a promising venture that could change the lives of countless small scale farmers in unexpected ways.
TingoCoin is without doubt a great product. If used well, it will prove to be immensely beneficial. Do not hesitate to start using this cryptocurrency. It will certainly not disappoint.