Economic Digitization of the African Continent
Tokenize agricultural products, minerals, and commodities from African countries and list them on an international crypto exchange and digital banking platform.
Project Idea
1
Token Supply
The token supply will be adjusted according to the verifiable reserves held by the African Union member countries.
2
Ownership
Ownership of the platform will be proportional to the investments made by these member countries. The share ratios for global organizations not part of the African Union will be determined by the African Union's decisions.
3
Example
Ivory Coast, for instance, can issue 100,000 cocoa tokens for 100 tons of cocoa beans stored under international standards. If their stock increases, more tokens will be minted to their national multisignature crypto wallet; if it decreases, tokens will be burned in the same proportion.
4
Auditing
Independent organizations will audit the existence and quality of these products with international certifications and SKR (safekeeping receipt) documents.
Platform Currency
JUSD
The platform will use a stable token called JUSD, pegged to the US dollar, as its base currency.
Global Trade
JUSD will be used for global trade of tokenized commodities.
Operation
1
Deposit
Buyers worldwide can deposit JUSD on the platform, convert it into the desired commodity token, and pay sellers to receive the products.
2
Payment
Payments will be reflected in the seller's platform account but cannot be withdrawn until the buyer confirms receipt of the product in the promised quality.
3
Staking
However, sellers can use these funds for staking within the platform, earning additional income during the waiting period without the risk of funds being cashed out before successful delivery.
Price Stability
Token Prices
While token prices will be determined by supply and demand, they will not fall below the minimum prices set by the respective governments.
Financial Instruments
To ensure the token prices do not diverge significantly from international market prices, proactive financial instruments will be utilized. For instance, derivative trading options with funding rate mechanisms will be introduced in later stages.
Project Steps
1
Research and Analysis
Market Research: Conduct thorough market research on African agricultural products, minerals, and commodities. Technology and Legal Review: Analyze tokenization technologies and relevant legal regulations.
2
Strategic Planning
Business Model: Develop a detailed business model for the tokenization and crypto exchange platform. Partnerships: Form strategic partnerships with African Union member countries and international organizations.
3
Technical Development
Platform Development: Develop the crypto exchange and digital banking platform. Tokenization Protocol: Create protocols for tokenizing agricultural products, minerals, and other commodities. JUSD Integration: Integrate the JUSD stable token into the platform.
4
Legal and Regulatory Requirements
Certification and Audit: Establish international certification and audit mechanisms. Legal Compliance: Ensure legal compliance with African Union and global regulatory bodies.
5
Pilot Implementation
Pilot Countries: Launch pilot programs in selected African Union member countries. Feedback: Collect feedback to optimize the platform and processes.
6
Launch and Marketing
Global Launch: Officially launch the platform globally. Marketing Strategy: Develop an effective marketing strategy to reach the target audience.
7
Operation and Scaling
Operational Management: Manage the platform's daily operations. Scaling: Expand the platform across Africa and globally.
8
Continuous Improvement
Feedback and Innovation: Continuously improve the platform and add new features based on user feedback. Research and Development: Pursue ongoing R&D to stay updated with technological advancements.
Current Progress in Ivory Coast Pilot
Platform Launch and Testing
The global platform has been launched, and active testing phases have begun. Market research and feasibility reports are being developed in collaboration with relevant government ministers.
Tokenization of Key Products
Tokens have been created for Ivory Coast's most famous agricultural products, cashew nuts, and cocoa. Price regulations for these tokens are currently being finalized.
Banking Integration
Agreements have been made with major banks operating in the country for accounts to be integrated into the platform. This allows users to transfer funds from their standard bank accounts to their platform accounts and convert them into crypto tokens.
User Testing
Various user groups are currently testing the platform, with a focus on the KYC system and other functionalities, undergoing intensive testing.
Future Plans
Before introducing a base cryptocurrency to be used across the African Union, which consists of 55 countries, the project is technically planning the tokenization of the CFA currency used by the West African Union, which has 7 countries.