The implementation of Blockchain technologies since Bitcoin’s inception in 2009 has largely remained in the European, Asian, and North American continents. While the other areas have had exposure, the adoption rate of the Blockchain and cryptocurrencies are much lower. This is why the Bolenum Project is looking to jumpstart the cryptocurrency revolution on the African Continent.
The Opportunity at Hand
Taking advantage of unutilized areas of the market usually is a rather lucrative opportunity, and Bolenum sees this potential. They have aptly noticed that almost all cryptocurrency projects and blockchain initiatives are taking place in the Western World and Asia.
There are a few reasons that they have identified in their White Paper that may have prevented the African continent from adopting Blockchain solutions. Firstly, very few -if any- exchanges deal in the various currencies that nations across the African continent use. They mostly only use CNY, USD, or EUR. Difficult verification processes have also impeded exchanges’ addition of African currencies.
A lack of readily translated information on cryptocurrencies and the Blockchain may also contribute to lower participation levels. It is very difficult to be a part of something or use something if you have no idea what it even is or how it works.
Solving These Problems
Bolenum envisions responding directly to these problems to help bring crypto adoption to Africa. They plan on opening local exchanges, the first four being in Egypt, Ghana, South Africa, and Nigeria. Being located in these countries means they will accept local currencies, which are much easier for even neighboring nations to acquire than USD, EUR, and CNY.
The platforms will also provide trading services, wallet services, and secure payment methods on a peer to peer level. The local nature of these exchanges mean that local business custom, cultural considerations, and community will aid any verification processes and educational needs of its users.
The Bolenum Token (BLN) will allow for platform users to exchange and withdraw their accounts in the local currency as well. This is a huge step for encouraging adoption. But it will not only be an asset to trade in and out of fiat currencies, as Bolenum plans to have utility companies accept it and other businesses. They want people to be able to pay for their electricity and their groceries with BLN.
In the future they also hope to provide a BLN debit card which would be usable on the Mastercard/Visa network when shops and businesses do not already accept cryptocurrencies. The concept is not unlike BitPay’s card.
Mani Robson: Founder, Leader,CEO
Mani has more than 18 years in business covering sectors from IT, finance, asset management, real estate and hospitality. He has worked internationally with HSBC and with Standard Chartered Bank in Nigeria. You can find Mani on LinkedIn.
Nour Haridy: Technical Director
Nour Haridy is a full stack java engineer with experience in the Ethereum ecosystem. He has been involved with similar project in the past and he is also on LinkedIn with same name. His profile also can be found on Github.
Their Pre-Sale and ICO
The Bolenum Project Pre-sale is ongoing, and would last till 14th of July. Immediately thereafter, the ICO will commence for a period of 30 days. So far they have raised 34 ETH.
More on the project: http://bolenum.com/
Their White Paper: http://bolenum.com/whitepaper.pdf
Their ICO: http://bolenum.com/ico.html
Disclaimer:This is a sponsored article and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment or trading advice, always do your own independent research. If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.