The Central African Republic takes this one step further. In addition to a Self Sovereign Identity , it will offer an ‘e-residency’ (inspired by Estonia ). This identity works with privacy-friendly techniques such as ‘ Zero-Knowledge Proofs ‘. This allows you to verify confidential data without showing the confidential data. An example is checking whether you have enough money in your bank account to follow a course, without seeing the balance.
A new financial system
After El Salvador made Bitcoin legal tender, many studies have been Founder Email Lists conducted into its use and effect in the country, with sometimes very conflicting outcomes.
Africa is the content with the highest number of peer-to-peer transactions in Bitcoin and other cryptocurrencies. That is why we are currently working on setting up a payment system via the lightning network . A major upgrade of Bitcoin, as it can only handle 7 transactions per second, compared to 24,000 of the VISA network.
By using lightning, transactions are fast and very cheap. It can cost 25 million transactions per second at that 4 cents per transaction. Compared to the previously described costs charged by parties such as Western Union (10-20% per transaction in African countries), this is a relief for countries with little economic strength.
The base is very secure, because of the cryptographic encryption and decentralized way of working. This prevents hacking, DDOS attacks and the like. But when it comes to tokenization, it is important to monitor the entire process very carefully, because we now see, for example, how many scams are floating up in the tokenization of digital content and art (NFTs). Bitcoin’s volatility is of course also something that needs to be looked at closely. Of course you don’t want the poor population to be unnecessarily affect by large price drops. That is why you can already see in El Salvador that extensive use is made of the Bitcoin system, but after the transaction has been performed, everything is immediately converted into fiat money: dollars.