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ZIMBOCASH activates payment platform with over 13,000 transactions in the first 2 days

by Staff reporter
25 Jun 2020 at 07:53hrs | Views
ZIMBOCASH has enabled payments of its native token ZASH for Zimbabwean users. In the first two days following the launch, the platform has had 13 000 transactions and over 2 400 account activations on the platform.

Several ZASH marketplaces have already opened up with goods such as food and personal services being sold peer-to-peer using ZASH. Business all over Zimbabwe may soon be pricing their goods and services, and even paying their staff in ZASH.

The online currency wallet is enabling individuals all over Zimbabwe to transact using ZASH in a way that is similar to an online banking profile. The launch of the sleek, easy to use online wallet is an important step in developing a decentralised currency for Zimbabwe.

Head of Communications at ZIMBOCASH, Philip Haslam, says "We initially launched the payments gateway quietly on Monday afternoon.The groups suddenly exploded and transactions have gone viral from there with people now making several transactions every minute. It's great having a solution that solves genuine problems for ordinary Zimbabweans."

ZIMBOCASH has three primary goals in bringing their idea of developing a decentralised currency for Zimbabwe – they are building a network of people using ZASH across Zimbabwe, having already obtained a listed market price for their ZASH token on an international cryptocurrency exchange. The final puzzle piece has been to build the right technology for people to access their ZASH tokens and make payments to one another.

Haslam says, "It works just like an online bank account. When people first log in, they can view their ZASH tokens that were allocated when they signed up. Then once they confirm basic details, they can make payments to others simply and easily. The system is protected using dual authentication – you can only make payments when you confirm your payments with a one time pin that is sent to your cellphone."

Head of the ZIMBOCASH Subscriber Network, Laswet Savadye, says ZIMBOCASH has come just in time as the Zimbabwe dollar collapses amidst money-printing schemes. "Zimbabweans are desperate for a sound-money solution and we have received an overwhelming response.  Over 54 000 Zimbabweans have registered with ZIMBOCASH to date, with the number continuing to grow exponentially."

Savadye says network growth is the key to success as more and more people adopt ZASH as a transactional currency. "We'd like to see people choose to use it as a payment option. We have had businesses from all over springing up and will facilitate trade in goods and services from clothing to consumer electronics, software, groceries and takeaways.  Businesses from hair salons to website developers are giving people the option to pay in ZASH."

According to Savadye,  blockchain technology has been the game-changer to enable this kind of project. A total of 4.5 billion ZIMBOCASH tokens have been created using the TRON Network and the ZASH token is listed on Bithumb Global. Savadye explains, "Blockchain is an established technology that allows us to fix the supply of money and makes it practically unworkable for anyone to shut down, seize people's money or stop cross-border flows. You can't create more money than what has already been created."

The project is groundbreaking in that it seeks to solve basic currency problems for an entire nation. And as people begin making transactions in ZASH across the country, ZIMBOCASH is fulfilling the dream of bitcoin – that of facilitating peer to peer payments between people living on the ground.

Haslam says, "There have been many crypto projects that have attempted to do what we are trying to do – but none of them has been in the position where their country or network hasn't had basic currency alternatives. ZASH is stepping into a space where people are experiencing hyperinflation – prices are rising on a daily basis, stores are emptying and fuel supplies have run dry. People are desperate for a transactional currency solution and ZASH is the only solid alternative avaliable."

To watch the transactions live, in real-time, you can go to the ZASH block explorer

Source - online