Qtum (QTUM): Reading through Satoshi Nakamoto’s Bitcoin whitepaper, one gets the sense that blockchains were built to narrow or close completely the huge wealth gap between the rich and poor. The world currently faces a huge problem in wealth distribution as a study by Inequality.org showed that 0.7% of the richest individuals in the world own 45.9% of the total world wealth. On the other tail end, over 70% adults in the world own less than $10,000 USD, representing 2.7% of the total wealth in the world. The numbers get worse in Africa and other developing regions as corruption levels and poor governance ravage the funds meant for development.
The continent, especially in South Africa, Nigeria, Zimbabwe and Kenya, is showing an elevated interest in adopting blockchain technology as more citizens in these countries take up the technology. However, extensive marketing has to be carried out in these regions to pump up adoption and active development.
How many nodes are located in Africa from the top 20 blockchain projects? Less than 5% of the total nodes spread ‘across the world’. After almost a decade since the advent of blockchain technology, there isn’t a single blockchain from Africa ranking in the top 200 largest coins, more so no major cryptocurrency project has arisen from the continent yet with various tokens springing up and dying out in a flash.
The recent visit of Binance CEO, Changpeng Zhao to Uganda signaled a possible partnership showing the opportunities to come in the continent. Qtum (QTUM) has a huge opportunity to penetrate the vast untapped cryptocurrency market in Africa.
So what countries offer the best alternatives for Qtum Foundation in Africa?
- Zimbabwe’s socio political advantage
The political uncertainty in Zimbabwe in recent years (specifically in Mugabe’s era) has seen the country face huge hyperinflation interest rates. This had an enormous impact on their currency in particular, making it almost worthless since 2009. The country is currently in new leadership under Emmerson Mnanganwa, a proven visionary the country’s inflation rates stand at 2.68% in March 2018, comparatively stable since Mugabe’s exit. The country is one of the leading users of BTC per capita in the world giving a solid opportunity for Qtum (QTUM) to set base in the country.
- The potential Silicon Valley in Kenya
The East African nation is highly known for its thrilling safaris, white sandy beaches, Chai (Tea), coffee, wildebeest migration etc. The country however has a very different feel in the technological space as it emerging as the FinTech Hub of the continent. The first mobile payment system in the world, M-Pesa, developed is a strong success in the country and shows the huge possibility of cryptocurrencies flourishing in the country.
“There are risks associated with cryptocurrency particularly on consumer protection, fraud, hacking and loss of data and they are prone to be used as pyramid schemes.”- CBK governor, Patrick Njoroge
The parent company of M-Pesa, Safaricom PLC, could yet provide a solid partner for Qtum (QTUM), with the company having over 15 million subscribers and having a $10 billion USD valuation. The Central Bank has cautioned against investment in cryptocurrencies given the risky nature of the field.
However, this has not prevented the government from dwelling in blockchain technology, as the cabinet secretary of ICT, Joe Mucheru, appointed a team to investigate the field better. The country is also exploring ways to integrate blockchains into land ownership management. The ever growing adoption of cryptocurrencies in the country will also offer Qtum (QTUM) a solid market for the platform’s dApps.