- The first African cryptocurrency that utilizes the Proof-of-Work concept was launched in 2018
- Neil and Michela Ferreira, together with Tony Ferreira, founded the Safcoin project
- The South African altcoin can be purchased or traded on their exchange platform at low fees and incorporates Peer-to-peer transactions between its users
- Over the years since its debut, the South African altcoin has made considerable strides to showcase its determination to achieve a unified African crypto ecosystem
Africa has made headlines over the years as it moves to revolutionize its economy with cryptocurrency. The African crypto ecosystem has vastly grown because of its countries’ strides. Nigeria, which dominated the African crypto market, still has sites on improving cryptocurrency to stabilize its economy.
Cameroon, a new member in the field, has also established several policies that will contribute to expanding cryptocurrency in Africa. These are but a few examples that showcase Africa’s zeal to keep up with the evolution of the world and Web3.
South Africa is among the top pioneers within the African crypto market by creating its Proof-of-Work cryptocurrency, the Safcoin. One of the first African cryptocurrencies to be completed and launched.
Background check on Safcoin
In 2018, the first African cryptocurrency that utilizes the Proof-of-Work concept was launched. Neil and Michela Ferreira, together with Tony Ferreira, were the founders of the Safcoin project. The main inspiration behind this venture was to improve the African crypto ecosystem.
Safcoin is considered more than just a South African altcoin. Instead, it takes pride in its extensive network functionalities that are an added feature, all thanks to its blockchain network. Neil, CEO of FKM Ltd, launched the Initial Coin Offering for Safcoin to enable small businesses to profit and invest in the African crypto market.Also, Read Polygon Network: A hub for promoting decentralized finance
Due to the lack of cryptocurrency knowledge in Africa, many Africans missed critical milestones in the crypto ecosystem, like the gold rush of crypto in 2010. Ferreira stated that back then if an African could have invested at least $100, they would now enjoy dividends of $75 million.
But since we cannot rewind time, the best we can do now is to expand the African crypto ecosystems by presenting the means and support an African requires. This Vision and want bore fruit in the South African altcoin Safcoin. The African cryptocurrency has a total coin supply of 10,000,000
The Vision of having a single African cryptocurrency
“Safcoin is Africa’s pride. It’s the first African cryptocurrency to incorporate a Proof-of-Work mechanism. Its network aims to expand and interconnect each business and individual to the African crypto market,” a statement made by Neil Ferreira.
The Safcoin network has tapped into Africa’s multiple crypto and blockchain ecosystem. This initiative is backed with great determination to support the African crypto market and educate individuals about the crypto space’s potential.
The South African altcoin can be purchased or traded on their exchange platform at low fees and incorporates Peer-to-peer transactions between its users. Its platform has established several KYC(Know your Customer) control procedures to make its tools as user-friendly as possible.
It has also partnered with Bitcoin to create a Safcoin Mobile Wallet since most Africans own smartphones rather than computers. This enables individuals to tap into the African crypto market right from the palm of their hand.
Also, Read Chipper Cash: An African fintech grayling to boost cryptocurrency adoption in Africa.
Acquiring the application is relatively easy since it simply involves downloading it from Google play and Apple store or directly from the Safcoin website.
Cryptocurrency has placed its roots in Africa. Safcoin is interested in pioneering this move as the first exclusive African cryptocurrency. It has already laid its foundations and has successfully created an ecosystem to streamline payment processes between local and global users, encouraging economic growth.
Road Map of Safcoin
Over the years since its debut, the South African altcoin has made considerable strides to showcase its determination to achieve a unified African crypto ecosystem. Despite the constant burden of cryptocurrency volatility, Ferreira stated that Safcoin would push beyond its turmoils, continue storing wealth, and become a revolutionary payment processing system providing accessible, affordable cross-order payments.
Below are a categorized list of altcoin’s achievements till 2021.
- After Safcoin’s launch and ICO release to South Africa, it launched bespoke. A decentralized blockchain mainnet built using a Scrypt algorithm, the centralized Safcoin Exchange, and Safcoin Wallets on Android and iOS. The Proof-of-Work altcoin was made accessible to its local users right in the palm of their hands.
- Safcoin went online on 12 December of the same year.
- Launches SA’s first plug-and-play Safcoin mining opportunity. It allowed new, small, start-up miners to earn a passive monthly income by mining Safcoin. The initiative empowers anyone to start a mining business — without previous experience or expensive hardware.
- Launches SAFPay, a secure payment gateway that facilitates transactions with low — or no — transaction fees and no intermediary.
- Western Cape government invites Safcoin to discuss the regulatory framework for cryptocurrency and exchanges in SA.
- Expanded its reach into Nigeria and Uganda.
- Launches MobiJobs, Africa’s first blockchain-powered micro-jobs platform that connects businesses and gig economy workers across Africa.
- Launches Safcoin pool mining programme.
- Launches Cryptovalley, an e-commerce platform powered by Safcoin and Safpay that allows small businesses to sell and pay for products with crypto.
- First locally founded digital currency to list internationally with HotBot debut.
Final Remarks on Safcoin
It is a fact that the African crypto ecosystem is expanding rapidly, but there have been a few mishaps along the way. As a continent, there is still so much we can do, but we cannot do it individually. The efforts of a few countries can only do so much. Safin’s developers and creators have the right mindset.
They believe if we are to expand the African crypto market, we should consider joining forces rather than competing. By embracing the blockchain-based projects of various countries, we can create a frontier that can shake the Crypto space.
Even though some speculate that the Proof-of-Work mechanism is slowly becoming a legacy consensus mechanism, it has still proven helpful to South African altcoin. Safin indeed has the correct determination, which might push it to greater heights.