Community Currencies in Kenya launched by Bancor

Bancor is collaborating with Grassroots Economics in order to tap into local Kenyan economies
22 June 2018   914

Cryptocurrency network Bancor has declared on June 18 about the run of “blockchain-based community currencies” in Kenya. As an official statement from the company claims, the currencies have been deployed to “[combat] poverty through the stimulation of local and regional commerce and peer-to-peer economic collaboration.” 

The currencies will be supported with money grew during Bancor $153 million ICO in June of last year. The initiative will be controlled by Will Ruddick, Bancor’s Nairobi-based Director of Community Currencies. Before this position, Ruddick constructed Grassroots Economics, a nonprofit that creates community currencies. Presently the nonprofit is serving more than 20 schools and 1,000 local businesses and works in partnership with the Kenyan government.

Communities should be afforded the same privileges as nations to develop their own prospering economies with the stability of their own currencies.
Will Ruddick
Director of Community Currencies, Bancor

Ruddick and the team at Grassroots will apply Bancor’s protocol in order to expand Grassroot’s existing paper currency system into a blockchain-built network. Firms from around the world who boost this initiative will be able to acquire and sell local currencies using major cryptocurrencies or credit, making it possible to rise the value of the community currencies from afar. The project will be initially piloted in Kibera and Kawangware, characterized by Bancor as “the two largest underserved neighborhoods in Kenya.”

Binance to Change Launchpad IEO Rules

Binance is going to implement the lottery format for the next tokensale campaign
25 March 2019   13

Binance announced a change in the format of the next tokensale on the Launchpad platform to a lottery. At the same time, the number of lottery tickets per account will depend on the size of the steak in the BNB for 20 days before IEO.

Note that one account can get up to 5 lottery tickets. Winners will be selected by randomizer.

BNB Balance to Lottery Tickets Ratio
BNB Balance to Lottery Tickets Ratio

It is noteworthy that within 20 days before the lottery, the BNB-deposit snapshot will be carried out daily at 0:00 UTC to monitor the fulfillment of the conditions.

Each winning ticket will grant the right to purchase tokens for a fixed amount in BNB equivalent. As soon as the user informs the exchange that he is ready to use a certain number of tickets in case of their winnings, this obliges him to purchase tokens and the money will be debited automatically.

Binance acknowledged that the price of BNB may fluctuate due to daily snapshots, and its potential decline may not be covered by the benefit from the new token, and encouraged users to make informed decisions.

In addition, Changpeng Zhao urged the community to comment on the new format in a separate Twitter thread in order to make the necessary feedback-based changes, if needed.

During the Celer Network tokensale on the Launchpad platform again had bandwidth problems; many people did not manage to purchase tokens.