Latest News Editor's Choice

News / Local

ZIMBOCASH achieves breakthrough in Zimbabwe

by Staff reporter
01 Sep 2021 at 18:30hrs | Views
ZIMBOCASH, the ground-breaking decentralised currency system for Zimbabwe, has launched its updated payment system, where all its users are fully verified.

Head of Communications at ZIMBOCASH, Philip Haslam, says it's a massive step. "We are now able to verify the identity of our subscribers while enabling a payments system that can handle the transactions of a nation.  It has been a lot of work for our team, but we have done it. The system is working well, having facilitated over 134 000 transactions on the blockchain. We are building a network of verified subscribers and providing payment services to them using the ZASH token, which can be used in day-to-day trade."

Haslam says ZIMBOCASH took the phased approach to the launch of its ID verification system, which started in April 2021. "We have closely monitored feedback and adjusted where necessary. We're able to catch scammers quickly, with the comfort that each user is a unique Zimbabwean."

The ZIMBOCASH wallet enables individuals all over Zimbabwe to pay with ZASH. "It works just like an online bank account. When people first log in, they can receive and make a few transactions before they need to verify themselves. Once a subscriber confirms their ID, passport or drivers' licence, they receive a ZASH allocation and can continue making payments," says Haslam.

"The Zimbabwe dollar is collapsing again in hyperinflation, and people are desperate for a viable currency alternative. There are practically no other sound money networks in the country.  We are uniquely positioned with the right team to make it work."

The launch has coincided with a sharp rise in the ZASH market price with over 100% growth in August and a new all-time high. Haslam says, "while we have seen the growth in the token price, our focus is on developing a real payments network between users on-the-ground. This is where the real value lies. We are less interested in day-to-day market movements. Peer-to-peer payments have been the ultimate goal in cryptocurrency circles since the beginning and we are achieving this in Zimbabwe."

In 2020, the supply of ZASH was fixed at 4.5 billion using the TRON Network and listed on the international cryptocurrency exchange Bithumb Global. After the initial launch of the ZIMBOCASH payment gateway, there was a flood of transactions in June 2020 – however, the success attracted scammers. The ZIMBOCASH team took the system offline to increase its user security and added a robust ID verification process, which has now been completed.

ZIMBOCASH offers a variety of incentives for subscribers, including 400 ZASH for those who sign up and confirm their IDs for the first time, and 40 ZASH for every subscriber referred. Subscribers will be rewarded with 100 ZASH for every user that they pay and it's their first time to receive payment.

Head of the ZIMBOCASH Subscriber Network, Laswet Savadye says, "Our goal has been from the beginning to build a network of subscribers who use ZASH in day-to-day trade in Zimbabwe. Key to this goal is a network of subscribers who transact. We're particularly looking to recognise those who grow the network in our Ambassador program, where we're raising decentralised leaders in every community. There is no other cryptocurrency in the world that has a local payments network to this degree. We are pioneering something really special."

Developing a sound money system for Zimbabwe using blockchain technology is an audacious goal. "Audacious, but absolutely possible," according to Haslam.  "We're on the cusp of what we've been dreaming of for the past few years."

In a bizarre twist, Zimbabwe is becoming a sound money nation with ZASH as its underpin. As countries around the world resort to huge money printing schemes, Haslam firmly believes that, country-tokens are becoming the next DeFi (decentralised finance).

"We believe ZIMBOCASH is the solution to Zimbabwe's collapsing monetary and banking system and we're excited to have the working technology to enable this dream. In short, Zimbabwe can become the sound money centre of the world."

Source - online