Decred – which is described on its website as an “autonomous digital currency” – is suddenly gaining heavy momentum in Africa.
Decred Seeks to Give Africa Its Power Back
The continent of Africa has become something of a major bitcoin and cryptocurrency haven over the past few years. Recently, Twitter and Square CEO Jack Dorsey stated that he would be living abroad in Africa from anywhere between three and six months in the year 2020 to potentially drive bitcoin adoption within the continent’s borders and work to bring the power of digital currency and blockchain technology to its many peoples.
In a tweet, Dorsey stated:
Sad to be leaving the continent… for now. Africa will define the future (especially the bitcoin one!) Not sure where yet, but I’ll be living here for three to six months mid-2020.
In addition, several new crypto startups such as Bit Hub have sought to establish offices or headquarters within African nations, while the country of South Africa is one of the continent’s first regions to establish new crypto-based regulations.
Set to take effect in the first half of this year, the regulations are designed to focus primarily on stopping white-collar crime, such as money laundering. The regulations will also see to placing a limit on the amount of cryptocurrency leaving Africa’s borders.
Decred was launched in 2016 and seeks to bring a new level of decentralization to the crypto space. As we all know, cryptocurrencies were originally designed to be decentralized assets that gave financial power and independence back to the people who would use them.
Banks or traditional financial institutions tend to have more say regarding the tools that common users can gain access to. These establishments can prevent such persons from obtaining credit cards, savings accounts or other items designed to assist in one’s daily survival.
Sadly, cryptocurrencies are stepping further and further away from their decentralized roots and falling more into the structures of traditional banks. Recently, Live Bitcoin News discussed a new report that suggested bitcoin (BTC) – the world’s largest and most popular cryptocurrency – was becoming a far more centralized unit of finance, meaning less people are likely to experience its benefits.
Rebuilding What Was Lost
Through Decred, improvements and changes suggested to the network are voted on through a democratic system in which both miners and holders of the currency offer their say on whether the changes will better protect Decred users. This is the opposite of bitcoin, which often undergoes changes without the say-so of its many enthusiasts and traders.
Decred has been getting a popularity boost in several African countries over the past few weeks and was featured on several renowned platforms such as App Africa. In addition, the company’s community leader Akin Sawyerr has commented that the cryptocurrency can potentially help boost the economies and infrastructures of Africa’s many nations.
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