It’s been said again and again that one of blockchain’s strongest applications will be decentralized finance. Simply put, banks, lawyers, record-keeping, and scores of middlemen have not kept pace with the digital transformation of the last 30 years. Although mobile banking has leapfrogged traditional banking in developing countries, there are still billions of unbanked that crypto will be able to bring into the fold. Additionally, mobile banking is still built on the 500 year-old institution on centralized finance- customers still need ID, credit, and banks can still reject who they like. Enter cryptocurrency. Crypto doesn’t give a s*** who you are- it doesn’t require a birth certificate or passport and its transactions don’t live on a server somewhere- they live across millions of computers.
One up and coming coin is Kobo Coin. While Kobo borrows a few concepts from larger cap cryptos like Stellar, the project is Africa-based and focused on that population. In the US and the developed world, we often don’t see the need for blockchain tech for day to day transactions- but in places like Sub-Saharan Africa where there are institutional voids it’s an absolute game changer.
What is Kobo Coin?
Kobo Coin is a proof of stake network that uses x15 hashing for its transaction security. The coin is meant to be used on mobile devices, which is the main technology infrastructure used in developing nations. Simply put, Kobo aims to bypass all the bulls*** that comes with mobile payments in Africa and elsewhere today- credit checks, lengthy registration processes, heavy remittance fees, and data abuses by financial institutions. Keep in mind that banks can heavily under serve their markets and still be very profitable. Additionally banks simply will not venture into markets where the can’t be profitable.
How to get Kobo Coin
In most European countries, Kobo coin is available on Binance and has trading pairs with both Ethereum and Bitcoin. Other exchanges that offer ETH and BTC pairs with Kobo are Cryptopia, YoBit, and Coin Exchange. For now you’ll have to keep your coins on an exchange, but in the future Kobo will have a mobile application where you can hold your coins on a mobile wallet. Keep in mind that due to a smaller volume liquidity will be minimal with Kobo coin for the time being.
Kobo is a micro-cap coin
Currently Kobo’s market capitalization is south of $500k and the project (although it is backed by Satoshi Centre, a crypto incubator) has yet to see much adoption. As such, it always pays to be extremely careful as you always should be in the crypto space and only invest what you’re willing to lose. Projects like this are really exciting but the chances of failure are much higher than they are with large cap coins like Bitcoin, Ethereum, or Cardano.
Kobo Coin resources:
Activity on the Kobo blockchain
Kobo Coin’s website
For a look at the raw codebase, check out the project’s Github page.