by Marvin Dumont
Africa has been left off the map as Web 3.0 ventures focus on capturing market share in North America, Europe, the Middle East, and Asia. Therefore, blockchain companies tend to congregate around New York, Silicon Valley, London, Berlin, Tokyo, Seoul, Singapore, and Hong Kong.
But the African continent, with its 1.2 billion people, offers many use-cases for wider adoption of cryptocurrencies and blockchain-powered transactions.
About 750 million Africans own a cellphone, and one-third of these are smartphones. Two-thirds (66%) of sub-Saharan Africans (350 million adults) are unbanked. This creates an environment that’s ripe for peer-to-peer, direct settlements without involvement of private and central banks, as well as, government institutions. Entities that have largely failed to provide financial infrastructure and stable monetary systems for its people.
Apollo (APL) all-in-one privacy currency can therefore make a significant penetration in the region, and be an early entrant among other crypto projects.
The inflation rate in sub-Saharan region has ranged from 8–11% since 2017. That’s actually high, as consumers lose that much in their purchasing power each year — which compounds into a fortune over a five-year period and longer.
Zimbabwe (75%), Sudan (44%), Liberia (23%), Sierra Leone (17%), and Angola (17%) have hyper-inflationary economies. Many producers simply stop manufacturing goods (including essential items) because they won’t get paid in a currency that has economic value. Therefore, these and other African countries get stuck in a vicious cycle of poverty, exploitation, and non-development.
People in these regions need relief from constantly-diminishing fiat that inept and corrupt regimes force millions to use. While cryptos have volatile prices, at least consumers get a chance to increase their net worth via asset appreciation.
For Africans to improve their future, they must venture into new solutions that give their hopes and dreams a chance. Rather than repeating the same practices that have impoverished them for generations.
You can read more about ADF Group’s endorsement of Apollo below.
Apollo (APL) all-in-one privacy currency combines features of mainstream cryptocurrencies in a truly private and unregulatable platform. With two-second block speed, APL is one of the fastest cryptos on Earth. The privacy platform lets “Apollonauts” transact and send data anonymously via Encrypted Messaging, Private Ledger, Decentralized Exchange, IP Masking 2.0 and Coin Mixing. Learn more at www.apollocurrency.com