AFROCHAIN - The First Decentralization Blockchain for Africa

wbasket (-1)(1)in #blockchain • 5 years ago (edited)

INTRODUCTION

Since the emergence of blockchain technology in 2008 when Satoshi Nakamoto introduced bitcoin, there have been rigorous efforts to apply the blockchain to several aspects of the global business process, Blockchain technology has been described as having the potential to disrupt many industries with a low-cost transaction, immutability, and enhanced security. In the years that have followed, many other blockchain implementations have been developed with each one exhibiting unique features tailored to specific use-cases.

Blockchain has made it possible to issue just about any asset via a distributed ledger framework. With the aid of cryptocurrency tokens, these assets can be given economic value in order to initiate and validate several transactional processes. Several on-chain protocols have been developed by a number of startups and established companies alike in order to create blockchain-based solutions.

ADVANTAGES OF BLOCKCHAIN IMPLEMENTATION

Decentralized Payment Processing

The payment processing framework for global commerce is based on a centralized system which requires the services of third-party authenticators. These third-party agents are responsible for ensuring the fidelity of the global payments system and they charge fees for their services. One of the fundamental philosophies behind the operation of the blockchain is the removal of these third-party agents and their associated cost of trust and replacing them with a robust, functioning distributed ledger payment framework.

Creating an Immutable System of Record

The blockchain is the first successful implementation of the distributed ledger framework. On public blockchains, the distributed ledger constitutes an immutable system of records that is available to all participants. The immutability of a blockchain ensures that it is tamper-proof.

Reducing Cost of Transaction

Payment processing remains the basic level of commerce but it is one that has not seen much in the way of evolution since the emergence of fintech protocols. Blockchain technology has the potential to disrupt commerce by causing a paradigm shift in the mechanism by which transactions are carried out. The fees charged by third-party actors and middlemen in the payment chain constitute a considerable portion of the cost of transactions. By eliminating the middlemen, the cost of transaction is materially diminished.

Enhanced Security

Operating on a multinational scale opens up any enterprise to the activities of hackers looking to breach the structural and functional integrity of the platform. Blockchain technology offers a robust security framework that makes it difficult for hackers to make an incursion into the platform. There is no central point of failure and hence no single point of entry for malicious digital attacks. This ensures the safety and security of the data collected by field agents and the payment processing network. that provides an accurate accounting for the entire platform.

ABOUT AFROCHAIN

AFROCHAIN is the first blockchain for Africa. It is the first step toward building a free economy for everyone, giving back the power in the hands of the people of Africa and Africa diaspora. An entire ecosystem is to be built on the AFROCHAIN blockchain.

Furthermore, AFROCHAIN native coin is called Afrochain Token (AFR), a Afrochain Token suitable for African-market usage in line with its vision to provide access to financial services for everyone. Users will be able to their own project on the Afrochain mainet. The Afrochain ecosystem will enable users to have access to education, payments, exchange, trading and investing, and lots more.

The Afrochain Token (AFR) system is designed in such a way that whenever a transaction is made, the system, that is, the blockchain, will record aspects of the transaction including time, receiving and sending wallet addresses, warranty

conditions, delivery time and such other required information to safeguard the integrity and trust of the system. To achieve this, confidential information will only be available to authorized users in a designed user interface.

Based on those facts, Customers and Merchants will be able to register, resolve claims and rate each other, etc. when a transaction occurs, claim recorded, resolved/unresolved based on the purchase details recorded when the purchase was made, review written, etc., the smart contracts will automatically change the trust level for each of the parties involved.

In addition, payment solutions through Mobile gateways - With the aid of the Ethereum Blockchain one can make payments with 1 step & 1 fee, which results in accepting payments at an economical fee. After integration with AFROCHAIN, merchants will be able to: - Use our Distributed trusted and reputable system. Accept Ethereum based tokens. Accept mobile payments. Exchange cryptocurrency to their locally acceptable fiat currency.

The Vision

To use Blockchain Technology to improve the lives of people of Africa and friends of Africa. To bank the unbanked by giving them access to financial services through Education and equipping individuals and merchants with tools and access to the Afrochain ecosystem.

About The Platform

The Afrochain platform has features that users who join will have their own mainet on the Afrochain Platform. By developing the Ecosystem from Afrochain, users can easily access payments, exchanges, investments, and other things that users need. Afrochain's distributed system is more efficient than others, with trust in the blockchain system Etherium Smart contracts can also be owned by the Afrochain platform. Afrochain Tokens (AFR) allows traders and customers to participate in Afrochain's more competitive global distributed trading. Blockchain technology can be developed by Afrochain to improve conditions in Africa through the Afrochain ecosystem of users getting services and access to the benefits of Afrochain.

The Features

These features include:

Security

Afrochain (AFR) is protected by next-generation cryptography - beyond existing military standards. This ensures that no one, including government entities, can unilaterally transfer your money.

Transparent

Anyone can view the Blockchain AFROCHAIN transaction history here in Etherscan Block Explorer.

Decentralization

Servers are hierarchical and distributed on different servers connected to the same network.

Anonymous

With Afrochain (AFR) you do not need to provide your personal information or credit card information. This protects your privacy from future government legal ideas and makes theft of personal data almost impossible.

About Blockchain Technology and AFROCHAIN

The Blockchain technology to improve the lives of human beings of Africa and pals of Africa.To Bank the unbanked by means of giving them access to financial offerings through schooling and equipping individuals and merchants with gear and get entry to to the Afrochain environment. With the help of Ethereum Blockchain you can make one step and one payment, resulting in a fee for an economic fee. After integrating with AFROCHAIN, sellers will be able to: - Use our reliable and reputable delivery system. Accept Ethereum based token. Accept mobile payments. Exchange electronic money with their local currency. Thanks to the growing demand for blockchain technology, the Afrochain Token (AFR) will become the launching pad for an easy technological chain that can be easily integrated into both the private and public economies in Africa.

The Ecosystem

AfroPay

Afro-DEX

AfroStaking

AfroBank

AfroMarketPlace

AfroNetwork

AfroEducation

AfroEntertainment

AfroSmart Land

AfroPay

AfroPay is a unique payment solution for without difficulty getting access to and transferring budget electronically.Accessible from any area inside the world, the world-wide charge community,proprietary payment platform and global charge answer ensures payees that they get hold of their funds in a timely and price-effective manner.

AfroPay is a trusted payments technology and a carrier issuer to top-tier companies across multiple industries.Payees enjoy the advantages of quick receiving their funds and the capability to pick fee methods which can be maximum handy for them, which include neighborhood bank direct deposit, branded pay as you go cards and greater.Zero Transaction Fees,Decentralized blockchain technology makes zero price transactions possible with an option for together with a mining charge to finish your transaction at a prioritized pace.

AfroDEX

AfroDEX is a Decentralized Exchange. AfroDEX Using decentralized "0X-Protocol " You can Exchange any ERC20 Token with AfroDEX Decentralized Exchange.

The Advantages

Mobile Payments

Pay with the comfort and convenience of a dedicated mobile wallet, the AfroWallet.

Borderless Payments

Afrochain (AFR) uses decentralized technology, meaning that there is no difference in fees or limits. Whether you are supplying to the distributor next door or on another continent, your transactions cannot be censored and will complete near instantaneously.

No Compliance Required

Receiving credit card payments online, especially in evolving legal environment like the marijuana industry, can be an insurmountable hurdle for small local businesses. With Afrocoin (AFR), there are no PCI standard or any other compliance requirements.

Zero Transaction Fees

Decentralized blockchain technology makes zero cost transactions possible, with an option for including a "mining fee" to complete your transaction at a prioritized speed.

Protection Against Fraud and Chargebacks

Unlike PayPal or other popular methods of online payment, Afrochain (AFR) is immutable by design and transactions are final and irreversible. By eliminating the business cost of chargeback fraud, your lean operation can focus on being more competitive.

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