Solana’s Blockchain Will Revolutionize Africa!
Solana and other crypto projects are being used in Africa in real time trials. Are you ready for the results!
Executive Summary: We are seeing rapid change occuring in the African continent. Historically a liability, the existince of larger youth and young adult population is fueling the growing adoption of cryptocurrencies and changing the economic landscape not only locally but much more importantly, globally!
Solana, a relatively new cryptocurrency, especially focused on mobile payments, has grown exceedingly quickly lately. Because of its speedy transaction times and reasonable charges, it has gained popularity among customers all around the world, but especially in Africa. Countries on the African continent have skipped past using landlines and have fast-forwarded well into the cellular era. Previously marginalized nations are now some of the younger population centers leading and changing the world in the digital era. In this article, we'll look more closely at Solana and speculate on how it might impact the technologically inspirational, diverse, and growingly technologically capable African continent.
The blockchain platform Solana offers a high-performance, scalable, and secure foundation for decentralized applications (dApps). These applications themselves hold immense potential for example some look to alter the way that records are maintained. A crucial important government responsibility that has been traditionally poorly done by resource-strapped African national governments. The Solana network is based on a proof-of-stake (PoS) consensus process, which enables it to execute transactions significantly quicker than traditional proof-of-work (PoW) blockchains like those used by Bitcoin and Ethereum.
Blazing speed is definitely a strong point in furthering the adoption of Solana. It, however, is not the only metric of adaptation that we should focus on. One of the main advantages of Solana is the low transaction fees that it imposes on its users. This is in clear contrast to other blockchains. This is because as fees for utilizing other well-known cryptocurrencies like Bitcoin and Ethereum have sharply increased lately, Solana's costs have mainly remained stable. This makes it an appealing option for Africans who might not have access to normal banking systems or who might have to pay astronomical remittance fees. The growing access to decentralized, affordable, and non-predatory remittance systems allows for the movement of funds both domestically and internationally bypassing oppressive regimes. A good read on the growing power of remittances in the digital cryptocurrency era is Folch and Wright’s: Migration and Democracy: How Remittances Undermine Dictatorships.
Okay, so the speed of transaction and low cost per transaction are both powerful characteristics driving Solana’s African adoption. There, however, is another advantage of Solana: its scalability. The platform's ability to handle a large volume of transactions allows it to handle the needs of increasingly large user bases. The adoption of cryptocurrency and the underlying projects will not occur in an organized and linear fashion. It will be a massive set of upheavals. Think of the massive population reaction that Zimbabwean Africans could have modeled for us as they detached their money from fiat currency. This is assuming that they had been able to access Bitcoin as an inflationary hedge back during the record-setting Mugabe high inflationary period. This economic disaster must not be the accepted status quo for the economically vulnerable and politically marginalized. Africa needs decentralized digital financial services now more than ever!
In addition to some of its sensational technological advantages, Solana has been drawing attention throughout Africa as a result of its partnerships and regional activities. In 2021, Solana launched the Solana Africa project to support entrepreneurs and developers across the continent who are building decentralized applications on the platform. The project helps these aspirational leaders bring their ideas to life by providing ongoing resources, mentorship, and funding. Solana has also partnered with a number of African Charities to help further promote the adoption of its cryptocurrency. For instance, it has worked with the Nigerian National Identity Management Commission to develop a blockchain-based identification verification system. The nation of Nigeria has a serious problem with identity fraud, which might be solved with the help of this technology. Putting a damper on Nigerian identity crimes could help loosen lending requirements that Nigerians looking to leverage traditional loans would face. We here at Promover Crypo recommend that people traveling on the continent for a considerable amount of time should use secure modern phones as a means to protect themselves from any potential digital hackers. One of our favorites is the Samsung Note 20.
Another significant partnership is between the Central Bank of Nigeria and the Massachusetts Institute of Technology's (MIT) Digital Currency Initiative (DCI), which aims to develop a digital currency for the country. For the initiative, the DCI is considering a number of blockchain systems, including Solana.
We are particularly excited as The Digital Currency Initiative (DCI), is a research group at MIT, that is seeking to further the development and adoption of blockchain technology and cryptocurrencies. The innovative globally focused effort was founded in 2015 with the goal of uniting experts from a variety of areas, including computer science, economics, and law, to examine the possibilities of digital currencies.
The DCI takes part in a range of projects, including governmental lobbying, study, and instruction. The program conducts studies on issues including the scalability, security, and privacy of blockchain technology while striving to develop solutions for some of the concerns that the internationally growing cryptocurrency and its related industries are now facing. The DCI conducts research, offers training programs—including a blockchain boot camp for students—and engages with legislators and regulators in order to promote responsible innovation in the field of digital currency. The DCI is a well-known voice in the field of cryptocurrencies and blockchain technology and has a big influence on how this rapidly growing industry will develop in the future. The Digital Currency Initiative is combining efforts with African governments using Solana’s blockchain serves as an important test bed that will Identify real-world use cases, challenges, and strengths inherent in the technology underpinning Solana and competing blockchains.
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African countries are serving as the test bed for real-world trial runs of many of our blockchain use cases. This is a mutually beneficial relationship, as cryptocurrency projects, and especially Solana might have a significant effect on every major facet of life on the entire African continent.
Due to its aforementioned speedy transaction times, reasonable pricing, and scalability, Solana will be a desirable option for anyone looking to use alternative financial services. Additionally, the platform's partnerships and neighborhood initiatives show how committed it is to helping foster the expansion of the African blockchain ecosystem. As more individuals in Africa begin to utilize Solana, we should expect to see its impact grow in the upcoming years. Investors, entrepreneurs, and developers around the world should take note.
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Conclusion: The growth of African remittances, commerce and the adoption of cryptocurrencies are changing life for African's throughout the continent. Are you on board as an investor? Might be the catalyst you have been waiting for.
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