A Nairobi based entrepreneur has invested $150, 000 to develop first African Bitcoin. Isaac Muthui is leading the way in developing a cryptocurrency that is specifically to be used by Africans.
The computer science graduate has invested $150, 000 to develop Nuru Incorporated which has introduced Nuru Coin, the first African cryptocurrency.
Speaking to Capital Business, Isaac dives into Nuru Coin, blockchain technologies and the future of digital currency.
When asked what exactly is Nuru Coin, he says;
“Nuru Coin is a token developed over the ethereum platform which seeks to solve problems of payment in intra-Africa trade, cross-border and business to customer marketplace. Simply, it is the use of blockchain technology.
He adds, “The world is currently gravitating towards blockchain technology. We have come a long way from the internet of information where we exchanged information, and then we went to the internet of things where people could use the internet to exchange things, ‘artificial intelligence’. Now we are currently on the internet of finding which is characterized by block chains – storing information in a decentralized format.”
When asked what motivated him to develop first African Bitcoin (Nuru Coin) he says;
“Our goal with Nuru Coin is to handle transparent intra-Africa trade. It is also meant to encourage Africans to trade among themselves instead of over-relying trading with other regions. Currently, Africa trades with the rest of the world at 66 percent but only trades with itself at 11 percent. This needs to change.”
When asked what the difference is between what he is doing form what others are doing he says;
“We are more focused on building block chains and not just cryptocurrencies. Cryptocurrencies, which are digital assets, begin as a way of giving people incentives. On the other hand, blockchains are storing records in chronological order. As such, cryptocurrencies cannot survive without blockchains, but block chains can. Using blockchain technology, you can solve a lot of problems. On the other hand, cryptocurrencies are used either as a store of value or as a medium of exchange.”
On the value of Nuru Coin he says;
“We are currently selling a Nuru Coin at $0.10 on presale which is targeting global joint ventures, but the price for the cloud sale will begin later in February with the price to be announced then.”
On how to purchase Nuru Coin he says;
“By simply logging into our site, register, participate by indicating how many coins you get and then follow the instructions.”
In the comment section below, let us know what you think of Nuru Coin? And could it transform how Africa does business?