Dreamcoin: Africa’s New Hope

By September 29, 2014Bitcoin Business
Click here to view original web page at bitcoinmagazine.com

The continent of Africa, in particularly Ghana, is set to open doors of opportunity to a land perceived as hopeless in the eyes of many.

The internet has provided decentralized information that allows some of these marginalized populations to educate themselves, and the development of the blockchain represents decentralized wealth controllable by the people.

Africa will be getting Dreamcoins.

Dreamcoin is a community cryptocurrency being designed for merchants and consumers in sub-Saharan Africa.

DreamCoin creator Phillip Agyei Asare explains it:

“Dreamcoin is a purely African initiative, unlike Kipochi which was backed by Danes, and BitPesa that is backed by Americans and Britons. Dreamcoin partners are in Ghana, my home country, as well as members from Botswana, Uganda, and most recently Sierra Leone. This is a powerful and meaningful achievement, given that Dreamcoin, therefore—even in its early stages—represents broader ethnic and linguistic diversity within its core Dreamcoin community, than that of Western Europe or the Americas.”

Dreamcoin is backed by the commitments from participating merchants to accept Dreamcoins at an assigned fixed value, such as 1 US Dollar, 1 Euro, etc.  The assigned value will be a function of initially expressed and identified interests.

DreamCoin is an implementation of non-profit organization Conscious Entrepreneurship Foundation (CEF)’s Coins For Causes initiative.

Charles Evans, founder of the CEF, explains the idea for Dreamcoins:

“The idea is to use something like Counterparty to issue vouchers that can be redeemed for, e.g., $1 worth of goods and services from participating merchants. A supporter could raise an endowment fund and stand ready to buy the vouchers, in order to put a floor under their value. For example, if you knew that someone would buy the things from you at $1 each, you might be more inclined to hold them, and you more or less would be able to predict their value in the near future. DreamCoin is slightly different in that the initial supporters do not have thousands of dollars in cash sitting around, but each member of the core group of supporters is willing to give away some goods and services in exchange for the vouchers, in the hope that this will make them attractive to prospective users and enable them to bootstrap a market in them.”

The Dreamcoin operation started out relatively small, and if the initial experiment succeeds, then it could be enough to prime the pump.

Philip Nana Asare has been busy developing a non-profit organization called The Dream-Bitcoin Foundation (DBF), which was officially registered in Ghana on September 9, 2014.

“The Dream-Bitcoin Foundation will help empower and unite the youth in Ghana, and Africa in general, to successfully enter entrepreneurship through acquiring an education in Bitcoin and the Blockchain and cryptocurrencies and creating their adoption throughout the country. Together with partners from other African nations, the adoption of Bitcoin will be made easier via SMS.”

Philip is also working on a website that will offer Bitcoin payment processing that will be used in selling African products online to the international market.

“Africa will become a pioneer in the adoption of cryptocurrencies, and benefit accordingly in this new, emerging economy,” says Philip.

Philip is a graduate of Central University College in Ghana, where he studied Bsc. Administration (HRM).   He is the Founder and CEO of Pak Universal Services, which offers quality service including bulk messaging solutions; Internet/information, marketing consultancy and training; domain registration and hosting; fashion and design, web design; and general printing.

“PAKSMSGH is an arm of Pak Universal Services and is one of the leading Short Message Service (SMS) gateway providers in Africa, and is No.1 in Ghana for customized bulk SMS text messaging, delivering to over 600 networks in over 200 countries all around the world. PAKSMSGH is a web-based mobile communication platform that allows you to send text messages from your computer or internet-enabled devices, to literally thousands of mobile phones at once. PAKSMSGH offers you the least expensive and yet most effective SMS solutions, and is known for delivering quality service,” says Philip.

Philip and his partners are working closely with different members of the Bitcoin community and inviting willing participants to come to his land to explore the great potential that is Africa.

Dream-Bitcoin Foundation is currently raising funds in bitcoin for projects that will enable young entrepreneurs in Africa to establish their various bitcoin businesses online, in effect giving them access to a new international market.

Dreamcoin is currently working closely with individuals in the West/North, including Dr. Charles Evans of the Conscious Entrepreneurship Foundation in South Florida; Song E. Lee and Johann Barbie of 37Coins in Sunnyvale, California; Bitcoin Bear in Rescue, California; Tim Tayshun of http://www.ezcoinaccess.com/; and Rob Agnew of Coinapult in Panama. They are interested in working with any other interested cryptocurrency organizations.

“One problem with Bitcoin is its short-run volatility,” says Charles Evans. “The hope is that DreamCoin will be useless as a speculative game, because of its stable value, and useful as a cash-like asset for small-scale entrepreneurs in the Emerging Middle-Income Countries (EMICs).”

Cryptocurrency is proving to be a stronger binding tie among nations of the world than legacy colonial borders.

Ghana Dream Bitcoin Foundation is proud to present the first Regional Bitcoin Seminar at the Kumasi Polythenic.  Join DBF from the 5th of December until the 7th of December. The event will include inspiring lectures, insightful knowledge and endless networking with students and young professionals in Ghana.

“Information will be disseminated about Bitcoin and other Cryptocurrencies,” says Phillip. “This event will feature tremendous speakers and panels on the ideas behind a free society and the actions necessary to implement them. In addition, free meals and drinks and an evening social event will be included for your FREE registration. Don’t miss out on your chance to be a part of this great event.”

The use of Cryptocurrency technology can cause an evolution in human relations. Since tribal ties in Rwanda and Kenya are so much stronger than national ties, most interactions between the two often end in violence. When two groups are enabled to work more closely with each other by utilizing a stable method of exchange, the prospect of prosperity for both parties will encourage further cooperation.

“This will allow us to work with neighbors whose doors are literally within walking distance of our own, and with brothers and sisters who are foreign to Africa.”concludes Philip. “This will, in turn, enable Ghana, and then Africa in general, to fulfill her dreams and potential in the global community.”

Ultimately, blockchain technology will help in bringing wealth to a land plagued by poverty.  A decentralized system like bitcoin will spur interconnected hubs of prosperity that function beyond national boundaries.

Visit the new Foundation website here.

The internet has provided decentralized information that allows some of these marginalized populations to educate themselves, and the development of the blockchain represents decentralized wealth controllable by the people.

Africa will be getting Dreamcoins.Dreamcoin is a community cryptocurrency being designed for merchants and consumers in sub-Saharan Africa.DreamCoin creator Phillip Agyei Asare […]

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