HARARE – The newly launched blockchain token for ZIMBOCASH, a project developing a national decentralised currency network in Zimbabwe, has been listed on major international cryptocurrency exchange Bithumb Global with a free-floating price in trade. As the Zimbabwe dollar collapses amidst mass money printing schemes, the token launch and listing propels ZIMBOCASH forward in providing an innovative solution for a fixed money supply, known as sound-money.
Zimbabweans who register, including 30 000 pre-launch subscribers, can access their tokens via the www.zimbo.cash website. The exchange listing provides a reference price for people to access when they transact. The token project now functions like an online currency wallet, providing the platform for Zimbabweans to log-in and access their tokens in order to transact with others. Registration is still open, with Zimbabweans receiving a set allocation of ZIMBOCASH which they can use to pay for goods and services in day-to-day trade.
Zimbabwe’s currency collapse
According to economist Philip Haslam, Head of Communications at ZIMBOCASH, all the elements of a powerful currency alternative for Zimbabwe are now in place, and it couldn’t have come soon enough.
Haslam believes the Zimbabwean government is now insolvent with little borrowing capacity left. “The impact of the Coronavirus pandemic has been catastrophic for the Zimbabwean financial system. The Government has admitted that it is going to print money on a large scale to fund itself, which could push the country into hyperinflation. The Zimbabwe dollar was already collapsing with 500% inflation, before this crisis dealt a debilitating blow. We believe that ZIMBOCASH is perfectly positioned to solve this problem by fixing the amount of money in the country using blockchain technology. Our aim is to provide sound-money.”
While creating an alternative currency for an entire nation in crisis is an ambitious goal, Haslam says blockchain technology has been the game-changer to enable this kind of project. “In our view, ZIMBOCASH is easily the most exciting new cryptocurrency project in the world right now. We are fulfilling the dream of bitcoin – we’re developing a peer-to-peer payments platform and facilitating on-the-ground trade in a country.”
Haslam says three basic pillars are essential to succeed. “We need to build a network of scale, we need to deliver on the technology and we need a liquid market price that people can use as a reference in day-to-day trade. We’ve created an initial network and with the launch of the token and the listing on Bithumb Global, we’re delivering on the second two pillars. With an online wallet and currency that people can access, we believe that the network is now going to grow substantially.”
ZIMBOCASH subscriber network growth
Head of the ZIMBOCASH Subscriber Network, Laswet Savadye, says that interest in the project in Zimbabwe is skyrocketing. “Zimbabwe is perhaps the only country where you would be able to establish a decentralised currency network of scale. Zimbabweans are desperate for a sound-money solution and there is no other alternative like ZIMBOCASH.”
Over the last year, viral growth in registrations has been enough to enable ZIMBOCASH to be listed on an offshore exchange and be tradeable with bitcoin and other recognised currencies. “We’re incredibly proud that Bithumb Global has chosen to list us. They are regarded as one of the largest exchanges in the world with $4 billion of transaction volume every month,” says Savadye. “We’ve always felt that a liquid market price would get us substantially closer towards the dream of facilitating cross-border trade for Zimbabwe. With a giant like Bithumb Global choosing to list our ZIMBOCASH token, that dream is now being realised.”
Originally from Korea, the Bithumb Global exchange offers USDT and Bitcoin trading pairs with crypto investors from around the world. The exchange will market ZIMBOCASH to their networks of international buyers.
Known by its trading ticker ZASH, the ZIMBOCASH token is developed using the TRON Network decentralised platform using a TRC-10 contract. The system, fast enough to handle up to 2000 transactions per second with a 15 second block time, is uniquely designed to enable a national decentralised currency to facilitate trade for an entire nation.
A total of 4.5 billion ZIMBOCASH tokens have been created. The system uses a Delegated Proof of Stake consensus algorithm to ensure that no single computer in the system can control the supply of money. Haslam explains, “This established technology makes it practically unworkable for anyone to shut down, seize people’s money or stop cross-border flows. No-one is able to print more money than has been created by the system.”
In a country that has seen two bouts of hyperinflation in the last twenty years and several instances where people have had their money taken from them, sound-money is a powerful enabler. “We are spurred on by a belief that if we work together, Zimbabwe can become the nation that leads the world with sound-money,” Haslam concludes. “In a world where many countries are printing money on a massive scale, we could see Zimbabwe become a global pioneer in sound-money.”