When it comes to leveraging emerging technologies in the African continent, there are just a plethora of opportunities to bootstrap the blockchain to national economies; considering that many of the African nations reportedly have great numbers of unbanked and underbanked individuals. Terra Foundation’s decentralized payment platform Terra Credit (CREDIT), aiming to disrupt the global payment system, is carving up its way into the emerging markets in Africa with a suite of fintech solutions to bolster economies.
Credit is a hybrid PoW/PoS blockchain platform with thousands of miners who support the network and have contributed immensely to the development of the network. With its fintech products, it is set to disrupt the digital payment systems in developing nations in Africa, such as Nigeria, which according to a report has only 6% of its adults leveraging mobile money systems.
Dan Ronchese, founder of the Terra Foundation made a compelling statement, suggesting:
“The only way a cryptocurrency can become a global payment system is if everyone who makes payments has access to it.”
In the mission to tap into a $50 trillion-dollar global payment market, Credit’s eight products which include MiniPOS, Terra.Credit, Terra Hub, The Tellus Ecosystem, Terra Mart, Terra Wallet, TerraceX, and Terra Dax are poised to address the fundamental problems of financial inclusion for the unbanked.
MiniPOS: With MiniPOS, the Terra team has extended the POS feature of their blockchain platform to mobile users, enabling them to earn block rewards by participating in POS consensus and staking of the CREDIT token. This way, POS ‘mobile miners’ won’t need to worry about the overhead hardware cost that constantly plagues POW miners, or in the case of POS blockchain, the complex node set up. In this regard, CREDIT token holders are guaranteed to earn passive income hourly from their mobile smartphones.
Terra.Credit: Arguably, the lack of transparency plagues many African continents and slows down economic growth. With the Terra.Credit blockchain explorer, the decentralized public ledger makes it easier for anyone in the CREDIT ecosystem to view and trace transaction impropriety due to the transparency it provides. Moreover, being immutable, blockchain data is impossible to falsify and continues to garner trust on this premise alone.
Terra Hub: The global village continues to shrink as connectedness increases through IoT devices, services, and networks. Terra-hub is described as an incentivized social network that allows members of its ecosystem to leverage the social media campaign to earn CREDITS.
The Tellus Ecosystem: While still focused on the unbanked populace, Tellus-pay and Tellus-merchant constitute the Tellus Ecosystem – that will enable fiat and crypto transactions to allow merchants and their customers leverage crypto-focused payment services. More so, these merchants can access the MiniPOS through the ecosystem and stake Credit. Both the Nigerian and South Africa’s native currencies (Naira and Rand) have been integrated into the ecosystem.
Terra Mart: Bootstrapping the Tellus Ecosystem is the Terra Mart – a zero fee shopping marketplace that allows merchants to offer their goods and services to their customers. Vendors have their own unique digital store with a custom URL. With the CREDIT token, users are given the exclusive privilege of transacting with zero fees.
Terra Wallet: Since most of the unbanked individuals are widely exposed to smartphones, this presents an opportunity to drive mobile finance. With the Terra Wallet, which is both available in the web and app versions, Terra users can easily conduct basic financial obligations, such as peer-to-peer payment services, as well as store and manage their CREDIT on their mobile.
TerraceX: One of the most thriving aspects in the cryptocurrency industry is the cryptocurrency exchange, with volumes of trade in the upper north of a hundred billion dollars taking place globally each day across all exchanges. With the Terra-cex – a south African cryptocurrency exchange, users of the Terra products can easily exchange between CREDIT and other cryptocurrencies within the industry. The exchange features spot and stop/loss trading operations allowing traders to leverage some of the optimal trading opportunities available on analogs. More so, the trading platform offers a 100% fee rebate in the form of a referral program.
Terra DAX: Cryptocurrency users continue to explore variable opportunities within the industry, and this comes with the responsibility of managing assets across many different exchange platforms. Terra Dax is a native trading application that solves the problem of having to traverse numerous trades on different exchange applications. With a single multi-api platform, users can connect all their top exchanges and trade via API in one dashboard.
The Terra Foundation is currently doing a global giveaway of 30 billion of its CREDIT to 10 million users to ensure that the cryptocurrency is widely adopted and in use. CREDIT can be purchased on Bitforex, Catex, and TerraceX.
To learn more about the Terra Credit platform, visit the website: https://terra-credit.com
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Last modified: June 12, 2020 6:53 PM UTC