Kobocoin is an African cryptocurrency and micro payment system. The start-up is a promising initiative that aims to facilitate payments for African co
Kobocoin is an African cryptocurrency and micro payment system. The start-up is a promising initiative that aims to facilitate payments for African consumers. Kobocoin’s main goal is to make transfers within and outside the continent as cheap and as easy as possible. The cryptocurrency is fully decentralized since it uses a peer-to-peer network which cannot be controlled by one body. Kobocoin is designed especially for African customers: it is mobile friendly and involves only minimal transaction fees. The cryptocurrency allows for fast, anonymous and secure worldwide payments that can be executed by virtually anyone who is in possession of a connected to the internet device.
Kobocoin’s founder and lead developer is Felix Onyemechi Ugoji who is a Nigerian entrepreneur currently living in the United Kingdom. The creator quickly realised the need for an alternative form of payment in Africa, a place where not so many people have a bank account and credit card. Felix developed a cryptocurrency that facilitates international money transactions with and within the continent. This means that African people who live abroad can send money back to their families fast and cheap. In addition, Kobocoin is user-friendly and even more importantly, mobile optimised. This is especially convenient for Africans whose main access to the internet are the mobile devices.
Kobocoin is simple to use and only some basic info is required for anyone to be able to execute transactions with it. Kobocoin’ mobile wallets are available on large online shopping websites such as Amazon and Google Play. The cryptocurrency’s desktop wallets run on Windows and Mac OS operating systems. Wallets are encrypted with a password which protects users’ money and prevents unauthorised persons from withdrawing money without permission. Moreover, Kobocoin can easily be traded on large online exchange markets such as Cryptopia, Coinexchange, Novaexchange and Yobit.
Kobocoin comprises four denominations – Kobo, Manilla, Cowrie and Mansa. The latter three are smaller units of Kobocoin that work as a change when an exact sum of money has to be transferred. As a result, trade can be executed on four distinct levels using only one cryptocurrency. Moreover, Kobocoin runs on a Proof of Stake algorithm which means that there is no need of special computing power in order to mine the coin. In comparison with Bitcoin which uses a Proof of Work blockchain, Kobocoin is much more energy efficient and thus environmentally friendly. Kobocoin utilises the latest developments of contemporary technology in order to create a platform on which African people can send and receive money in the most efficient way.