The last 18 months has been a defining one for the blockchain and crypto space, the multi-year bear market has arguably gone a long way to strip the space of many overhyped “air promise” projects and unfortunately many underfunded quality projects bringing real use cases to help evolve the industry. Volatility among even the strongest cryptos and the resulting loss of “investment “ has had people embracing the not so new stable coin paradigm more and more.
Stable coins if well-architected developed, audited and implemented help give “wings” to regular fiat currencies and literally put them on steroids. Someone once quipped “stable coins are fiat that went to Harvard”, cheesy as this may sound, technically it’s not so far from the truth. Stable coins help make fiat currencies even more portable, convertible and usable across borders and depending on the blockchain protocol they’re built on, they can be much faster for settlements and allow for micropayments with inherently ridiculously low fees.
There have been quite a number of “Western” stable coins in the space for a while now, some with a lot of controversy and most with no utility other than hedging or trading speculative cryptos. But stable coins should not be confined to that narrow scope of utility, they can be integrated into the normal day to day life of people who do not even necessarily even need to know how they work. Most people use the internet without having how it all works, all that matters to them is that “it just works”. To bring Blockchain technology (and cryptographic digital currencies in this case) down-home to the regular end-user and help it find adoption and scale, it needs to move beyond being the hobby of cypherpunks and geeks into the mainstream where the market woman in Ariaria market can use it to make micropayments, obtain microloans and offer micro discounts without the costs attributed to doing these on more traditional platforms.
It is for this reason that KuBitX has built a Wallet app (KBX Wallet) that enables the regular petty trader to fund her account via multiple payment channels including USSD and mobile money (e.g. MPESA) in order to be able to take advantage of the nimbleness of stable coins. These Stablecoins are interchangeable at the speed of thought. On the KBX wallet, anyone will be able to pay over 2000 billers across Africa using any of the African Stablecoins or other digital assets listed on the app. In addition to the Africa billers, there is also an avenue for Africans to access gift cards and vouchers from all over the world from the convenience of their wallet while avoiding the exorbitant premiums that come with buying these products on online or physical stores. There are many other benefits that users will discover once they get onboarded on the platform as it continues to evolve into an everyday companion for people making payments, transferring value and doing remittances of different volumes and scale.
With the KBX Wallet, KuBitX hopes to make the blockchain more relatable to people without boring them with the inner workings of the underlying technology. This is how mainstream adoption is attained, and this is the model that will be used in 2020 to solve more socioeconomic problems plaguing the beautiful continent of Africa.
The KBX wallet is available for download on the PlayStore for early users and plans are in motion to make it available on other platforms in 2020.
Happy Holidays, Happy Shopping.
The year 2019 ended on a good note and we are very grateful that you have been part of it
Here is an update of the KuBitX 2019 Journey So Far – https://www.youtube.com/watch?v=7Ov0JXBtzzQ&feature=youtu.be
Happy New Year KuBitans