The United States of Africa: An Idea Whose Time Has Come (Part VIII)
The Solution: The African Uhuru
THE SOLUTION: THE AFRICAN UHURU
If there’s any hope for Africa to untangle itself from the shackles of economic disparity, the dizzying labyrinth of its 42 currencies cannot be ignored. There’s an urgency to confront and resolve this issue head-on.
The Nile River has been, and continues to be, a lifeline for millions of people in Africa. Its historical, cultural, economic, and geopolitical significance makes it one of the most important rivers in the world. Similarly, the African Uhuru cryptocurrency shall be an instrument of economic freedom providing a financial lifeline for millions of people in Africa.
The Competition
The creation of a single fiat currency necessitates the alignment of monetary and fiscal policies, financial systems, and economic structures. Institutions such as a central bank, regulatory entities, and mechanisms for managing monetary policy and exchange rate stability need to be put in place and properly governed. The success of a single fiat currency is heavily dependent on the political will and commitment of the participating nations. Factors such as political stability, trust, and cooperation are fundamental for enacting the required reforms and surmounting potential challenges. Given the complexities presented by these challenges, the probability of the establishment of a single fiat currency for Africa is highly unlikely.
Bitcoin is no longer a viable single currency solution for Africa. A meager 15,870 addresses, dubbed as “whales,” are found to be in possession of an astounding 59.2% of the total Bitcoin supply. This degree of concentration challenges the very ethos of Bitcoin - its decentralization. Many believe that the market could be at the mercy of coordinated whale movements, leading to unpredictable price surges or dips, threatening the integrity of the market at large. There are concerns that this disproportionate hold on Bitcoin might pave the way for market manipulations, undermining Bitcoin’s value as both a consistent medium of exchange and a reliable store of value.
Similarly, Ethereum is no longer a viable single currency solution for Africa. The top ten Ethereum wallets now collectively hold nearly 35% of the cryptocurrency’s total supply.
As a result, the actions and decisions of merely ten Ethereum holders will likely dictate the overall market direction of Ethereum.
Advantages of the African Uhuru
The African Uhuru is the most viable single currency solution for Africa. The Uhuru is not an altcoin forked from either Bitcoin or Ethereum. The Uhuru is not a stablecoin. The Uhuru is a crypto coin, a form of digital currency, that is native to its own blockchain. The Uhuru is designed to store value and work as a medium of exchange, similar to traditional currencies. This is why it is referred to as a cryptocurrency. It is a replacement for traditional fiat currencies. It is designed to work in the same ways as paper money and metal coins, meaning it can be used for many of the things normally used with U.S. dollars or euros, including: storing value, exchanging for other currencies, paying for goods and services, and transferring to others.
In sum, we’ve developed a digital coin system that doesn’t rely on traditional trust. To prevent the same coin from being spent twice, we use a decentralized network with a “proof-of-work” consensus mechanism. This creates a consistent, near-unalterable record of transactions. Nodes in the network operate anonymously, simultaneously, and without strict coordination. They validate transactions based on computational contributions, ensuring the system’s integrity and security.
Summary of the Advantages of the African Uhuru
(1) The challenges facing the creation of a single fiat currency for Africa do not apply to the Uhuru. The 54 African nations do not have to trust one another. They merely have to trust the Uhuru blockchain code.
(2) The unparalleled security and dedication to decentralization of the Uhuru blockchain code.
(3) Unlike Ethereum and its progeny, the Uhuru is unhackable.
(4) Unlike Bitcoin, there is no cap on the complete supply of Uhuru coins which will be minted. The coin supply will gradually increase over time as new blocks are added to the blockchain. As a result, the ownership of the Uhuru will not be concentrated in the wallets of a handful of whales.
(5) The Uhuru will ensure that the egregious disregard for the integrity of the financial system by U.S. plutocrats will not be replicated in Africa.
(6) The stability of the Uhuru will be further increased by requiring:
(a) Non-African purchasers of any African commodity or natural resource to make payment in Uhuru coin.; and
(b) Non-African corporations to pay a corporate tax and export tax, if applicable, in Uhuru coin.
(7) The purpose of the creation of the Uhuru cryptocurrency is to replace the current 42 separate African currencies. This could be accomplished in a relatively short period of time.
(8) The Uhuru cryptocurrency will also address the African population’s enormous lack of access to electricity by co-locating small-scale African Uhuru data centers with mini-grids powered by solar PV or modular thorium molten salt reactors.
Further Reading: