Wethio Project

Jul 27, 2020

5 min read


Zynecoin: Unleashing the Immense Potential of the African Economy

The world is experiencing a time like never. We are in the grip of a pandemic and nation-states have no playbook for facing this situation. However, humankind is resilient, it is only a matter of time before the world gets back on its feet, though it may stagger along the way. Another thing is for sure too. In the economic upheaval, paradigms shall shift and force the world’s country to a similar starting point — giving a chance for emerging markets to rise.

There is no doubt once the global economic lockdown is lifted, the primary driver of the new economic engine will be Africa’s emerging markets.

The African economy has been hailed as a potential site for investment for decades. Several prestigious organizations have indicated the huge potential for growth that the African economies have. It is funny that continent that birthed our human civilization is going to birth a new world economy.

Experts Point to an African Era

Organizations like McKinsey have pointed out the large portions of the fast-growing African population entering the African market. The International Monetary Fund also notes that by 2035, Sub-Saharan Africa is destined to add more people to its working population than all other regions of the world combined. While the rapid population growth is presented as an impediment for the African economy, business analysts see this as an opportunity.

A 2019 report by Brookings notes that there are more than 400 companies across Africa earning annual revenues of more than 1 billion dollars who are growing at rates much greater than their global peers. The Brookings report goes on to state that, following the global oil crashes in 2014 after the Arab Spring in 2011 the GDP growth rate had fallen to some extent. In 2018 the world’s economies managed to bounce back. Of the top 10 fastest growing economies in the world, 6 were African and 5 of the 10 most business-friendly countries in terms of Ease of Doing Business were also in Africa. All these go on to prove the potential for the African economy to prosper.

With an urbanizing population, there is going to be great demand for infrastructure and energy. Most importantly, the report notes that the data traffic across the continent is going to increase seven-fold between 2017 and 2022, showing digital technologies and fintech have immense promise for growth and scaling in Africa.

Fundamental Problems of the African Economy

While experts are unanimous about Africa’s enormous potential to power a new global economic engine, the continent suffers from key fundamental issues and challenges. One of the most disturbing points noted in a Brookings Institute report from 2018 is that a majority of household consumption growth had come from the huge informal market, which makes up most of the consumer goods sector in the continent.

There are also significant deficiencies in human capital development. Poor education, healthcare and physical infrastructures like roads and other public amenities are a major problem across Africa. There is very little technological innovation that goes into reworking these spheres. Cross-border trade and credit potential for companies are also reduced because of regulatory uncertainties, disparities and unstable national currencies.

Africa Ready for a Blockchain Revolution ?

The role of cryptocurrencies as a model of alternative finance has been tested successfully in many parts of the world, and Africa is no stranger to the immensely positive aspects Bitcoin brings to its people in the wake of unstable economies in many African nations.

With lockdown lifting, digital currencies are being recognized as a more stable and smoother medium for global business. That in mind, a digital currency focused on Africa can really help integrate the large and potent African economy with the newly emerging digital global economy in a revolutionary manner. It is without a doubt that a cryptocurrency, and an entire ecosystem powered by one, will surely play a crucial role in strengthening the economies of many African nations.

Zynecoin has risen to this opportunity to fill the gap and is looking to help fix bigger, and more fundamental problems in the African economies. The project also has several innovative models to turn these problems into opportunities.

Rising to the Opportunity: Zynecoin’s Innovative Business Model

Zynecoin is seeking to make the financial market more transparent by introducing an entire decentralized ecosystem — a digital currency powered on and by its own blockchain, and a knowledge academy to assist the entrepreneurial spirit of Africa.

This will play a huge role in enabling smoother transactions across borders, integrating and creating greater collaboration within the African economy.

The company seeks to provide technological support to the infrastructure development sector. The Wethio blockchain of Zynecoin allows the development of dApps for the use of other companies.

The Zynecoin Academy aims to be a holistic business incubation center for tech innovations, promoting entrepreneurship and job creation among young Africans. Leading to greater efficiency in the primary and secondary sectors through technology. Moreover, our platform being on a decentralized blockchain creates the conditions to necessitate the rise of a community of users who can engage in business transactions and trade across borders.

The Proof of Stake system of collaborative mining on the blockchain creates a robust business ecosystem that not only reward miners but also gives part of the proceeds from commissions to national treasuries. Adding to this an environmentally sustainable way of mining, Zynecoin has got all bases covered. Zynecoin’s unique solutions will go a long way in unleashing the business potential that Africa has and bring the continent to the fore of the new global economy.