The African Blockchain Series Series has so far lived up to its expectations literally being an eye opener to blockchain projects in Africa. The deal is to follow this series closely as a Cryptocurrency enthusiast in Africa, you have a lot to learn. Recently a new Nigerian Cryptocurrency project just got listed on Coinmarketcap. This project is our next project on review in the African Blockchain Series.
We present to you NairaX (NIRX), our third African project under review. NairaX is an ERC-20 stablecoin which is created by NIRX-Block Payment Systems Nigeria Limited (“NIRX” or “NAIRAX”). NIRX-Block Payment Systems Nigeria Limited is a limited company incorporated under RC-2903759 with the Corporate Affairs Commission (CAC) of Nigeria.
What is unique about this project, what is the use case of the token, what problems does this project provide solutions to, who are the people behind this project? Lets take a look.
The NairaX Token (NIRX)
The NairaX Token (NIRX) is an ERC-20 based stablecoin, legally backed by fiat currency, specifically the “Naira”. The Nigerian Naira is the currency of Nigeria with currency code represented as “NGN”. NIRX is backed in a 1:1 ratio with the Nigerian Naira, relevant audit sequences have been documented to prove that all issued coins are fully backed, while reserved coins are kept in trust. Where at any given point in time, NIRX will either remain equal in this ratio or surpass the FIAT equivalent in real time value. NIRX will be the traditional mode of payment on the NairaX platform. While other forms of payment will be made available, reasonable incentives and special off prices will be provided for users who prefer to complete transactions with NIRX coin.
Coin Contract Address: 0xf0ccca32cd300356629216eb301ec6649c7c6adb
Total Supply: 10,000,000,000
The eCommerce platform
The NairaX eCommerce platform is a cryptocurrency based eCommerce marketplace. The platform is still under development with a Beta platform planned to be rolled out in the first quarter of 2020 and the MVP planned for August 2020. In the marketplace verified merchants will be able to create personalized virtual storefronts to sell their goods and services in a safe and secure environment. The NairaX platform will operate transparently while powered by blockchain technology, open and as safe as possible for both transacting parties, reducing transaction costs, and simplifying purchasing processes.
The NairaX eCommerce platform is not limited to the marketplace, but also in development is a payment processor for eCommerce platforms. New and already existing eCommerce platforms will be able to integrate the payment processor to their online stores in order to accept cryptocurrencies for payments of goods and services. Millions of start-ups wish to have an easy payment option via crypto while maintaining “value” in relation to the products or services being sold for cryptocurrency, NairaX will provide a viable solution to this problem. NairaX transactions are 100% of any fees or taxes, the only requirement is payment for gas on the Ethereum Blockchain which is needed to complete a transaction.
In order to seamlessly penetrate the eCommerce market-base, smaller online merchants and startups who make up a huge percentage of the total population within the market, would be the first to integrate NairaX payment modules into their websites. The expectation amongst advanced users of conventional web eCommerce platforms is that crypto should have been included as a payment gateway by now within most popular eCommerce models like Amazon, Jumia and Konga. NairaX as a payment gateway for eCommerce models will solve the problem of using cryptocurrencies for payments on these platforms and scale up adoption of Cryptocurrency in Nigeria and Africa at large. This use-case in current global markets will be a major driver for general cryptocurrency adoption in both conventional and advanced eCommerce models.
Problems with Conventional eCommerce
Currently, one of the most predominant issues experienced within both traditional commerce and eCommerce is the fall of a currency’s value over time. This is more predominant in the third world countries. Consumers can barely purchase anything tangible for the value of a dollar. FIAT in the past was a currency that had valuable purchasing power with a limited amount to go around. Fast forward to this current century, we see many individuals unable to get tangible value for physical money, making it difficult saving FIAT. Firstly, this is caused by current global inflationary models, which is unintentionally designed to cause a loss of value for FIAT over time. Secondly, this is caused by the steadily increasing money supply to a selected few, who mostly are at the helm of affairs involving the management of national reserves.
Solution Offered by NairaX
While considering that the primary intention of NairaX is not to replace the utility of FIAT in the trillion dollar eCommerce Industry. NairaX aims to provide a unique model which creates an ecosystem that will preserve currency value and not encourage inflation. NairaX (NIRX) hopes to provide a stable and reliable backed cryptocurrency to enable seamless transactions, whether locally or globally. This in inclusion to an availed opportunity to gain both physical and digital value for amount of NIRX coins held.
Secondly, NairaX aims to keep customer information confidential at all times. Information collected on the NairaX Marketplace will not be shared. The only information publicly visible are transaction hashes via the Ethereum blockchain, which is the parent chain NairaX operates on.
The NairaX Model
Unique features of NairaX eCommerce platform
1. An online verification system for all users of the NairaX platform. This applies especially to sellers; both for themselves and the validity of product offered on the platform.
2. Availability of robust customer care channels to effectively listen and attend to our user base, handling complaints appropriately.
3. State-of-the-art purchase cart and checkout designs, which will be mainly based on user data retrieved from surveys.
4. Monthly rewards for customer loyalty.
5. Advanced user-friendly return-refund systems guided by well-articulated escrow systems, which ensures that both sellers and buyers have a free advisory effectively guiding in dispute resolutions as any case may be.
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