Ofentse Motumi & the UBU project.
Even though cryptocurrency & blockchains have been around since 2009, they weren’t household terms until 2017’s bitcoin price run, during which they exploded in popularity. People who had never even heard of cryptocurrency were suddenly purchasing and trading Bitcoin.
Now, they’re buzzwords heard in the halls of venture capitalists, startup incubators, tech companies, and others.
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So while the long-term implications of that 2017 run are unknown, cryptocurrency and blockchain technology are already making an impact in affiliate & performance marketing.
And if you’re anywhere in Africa, then there’s one you need to keep your eye on, it’s called the UBU [Universal Basic Unit].
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At first I didn’t understand how money could/can be made out of all this. But the more I read, studied & contemplated the concept, the more I became convinced that this, as a matter of fact, could be the best chance at eliminating poverty in Africa. I know that’s a bold statement, but it is my conviction.
So just to answer the Two most basic questions before I delve into the UBU:
1. What Is Cryptocurrency?
A cryptocurrency is a decentralized digital currency not regulated by any national government, as with the rand, dollar or euro. It’s designed to be more secure than cash because it’s impossible to physically lose. Presumably, it’s also impossible to be stolen or faked due to its strong encryption, or the way it’s verified through cryptography, and its public history, or its distributed record in a blockchain.
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2. How Is Cryptocurrency Used?
When you purchase or receive cryptocurrency, you are given a digital key with the address of that currency, which you can use to validate or approve transactions. Buyers can purchase bitcoin and store them in cryptographic wallets [usually free to create]. Similar to the stock market, the value of cryptocurrency fluctuates as people purchase and sell it.
As the digital world continues to conquer parts of the physical, some experts predict coins and paper money will become history. That would leave the market primed for digital (and virtual) forms of currency.
Now comes the part where you have to fully understand the Power of UBU, how it works, and how it is indeed a punch in the face of poverty in Africa.
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