Kobocoin is one of the best African cryptocurrencies which comes in with solutions to several financial issues being faced in Africa. Although Bitcoin remains the world’s leading cryptocurrency, we cannot neglect the innovative impacts of Kobocoin within the African countries.
What is Kobocoin?
It is one of the best cryptocurrencies which has an African heritage. Kobocoin is also a blockchain which brings in innovative financial strategies within the African market. In order words, we can perceive Kobocoin as a fully decentralized peer-to-peer digital currency and micro payment innovative system.
Kobocoin’s main objective and focus is to provide a superfast and low cost way through which Africans in the diaspora can freely and easily send back money to their home land. Even more interesting is the fact that Kobocoin apart from seeking to be the cheapest is also striving to be the best reliable alternative to the different existing mobile money services in Africa.
Since 2015, the number of Kobocoin users has greatly increased to a remarkable level due to its efficiency and security. This platform did announce one of their best innovative features being the Bitcointalk in August 2018 which turned out to be the largest online community for cryptocurrency users. The listing was designed to allow users to easily purchase KOBO by directly using crypto, South African Rand, Nigeria Naira, and the Kenya Shilling.
How does Kobocoin work?
Kobocoin was fully designed to run a special proof of stake consensus mechanism. You might probably be asking yourself what we mean by proof stake consensus. It refers to the situation whereby users who stake their coins to verify transactions on the kobocoin blockchain by eventually using a highly secured Kobocoin wallet are liable to obtain new Kobocoins every time that they are minted.
The use of mobile financial services in Africa has greatly increased thereby leaving so many banks on the go. Hence, Kobocoin approaches this issue from a different innovative and efficient manner by using blockchain technology to its advantage. It makes the process of paying for services and goods around the different African countries very easy and at the reach of everyone. In this light, the company turns out to be one of the best solutions for the unbanked Africans. In addition, it also allows everyone to easily cash out their local currencies without experiencing any issues.
This digital currency also steps in with a main objective of focusing on the African remittance market. Africans living in the diaspora are sending sums of over $80 billion on yearly basis to their home land. And Kobocoin is working towards intensifying this process, making it more secured, cutting down on conversion rates, and making the process more cost efficient.
Like Bitcoin Kobo coins has more of satoshi.
The kobocoin currency structure comprises of four denominations:
- – Kobocoin
- – Manilla
- – Cowrie
- – Mansa
The relationship between the denominations is as follows:
- 100 Mansa = 1 Cowrie
- 1000 Cowrie = 1 Manilla
- 1000 Manilla = 1 Kobocoin
Why is Kobocoin different from existing mobile financial services?
Unlike existing mobile financial services which are highly centralized, and require both registration and subscriptions before partaking in them, Kobocoin uses the latest blockchain technology through which it allows full access to everyone regardless of their credit or bank history. Hence with Kobocoin, there is just no required registration or subscription neither is there anyone sitting behind the curtain and monitoring your progress.