Zimbabwe’s newly-launched blockchain token, ZimboCash (ZASH), a project working on a national decentralized cryptocurrency network for Zimbabwe, has been listed on the Bithumb Global crypto exchange with a free-floating price in trade.
According to The Zimbabwe Independent news media outlet, ZimboCash token launch and listing will provide an innovative solution for fixed money supply, known as sound-money, as the Zimbabwean dollar collapses.
Currently, the Zimbabwean dollar is at 500% inflation and getting worse amidst the Covid-19 crisis.
SEE ALSO: The Reserve Bank of Zimbabwe Drafts a Policy Framework to Regulate Cryptocurrencies
According to Philip Haslam, Economist and Head of Communications, ZimboCash:
“The impact of the coronavirus pandemic has been catastrophic for the Zimbabwean financial system. The government has admitted that it is going to print money on a large scale to fund itself, which could push the country into hyperinflation.
The Zimbabwe dollar was already collapsing with 500% inflation, before this crisis dealt a debilitating blow. We believe that Zimbocash is perfectly positioned to solve this problem by fixing the amount of money in the country using blockchain technology. Our aim is to provide sound money.”
With the Zimbabwean government now insolvent and with little borrowing capacity, the government may have little choice now but offer an alternative as Zimbabweans desperate seek ‘a sound-money solution’ that would help keep the economy afloat.
There's blood on the floor. The Zimdollar is losing value at breakneck speed, plunging towards the 1:75 rate tonight, down from last night's 1:63. The Old Mutual Implied Rate is at 94.5. Ladies and gentlemen, fasten your seatbelts.
— Brezh Malaba (@BrezhMalaba) May 22, 2020
“We’ve created an initial network and with the launch of the token and the listing on Bithumb Global, we’re delivering on the second two pillars. With an online wallet and currency that people can access, we believe that the network is now going to grow substantially.” ~ Haslam
Known by its trading ticker ZASH, the Zimbocash token is developed using the TRON Network decentralised platform using a TRC-10 contract. The system, fast enough to handle up to 2 000 transactions per second with a 15-second block time, is uniquely designed to enable a national decentralised currency to facilitate trade for an entire nation.
We've created our blockchain system and are working on the final integrations. We only have 4.5 billion tokens issued. We've allocated 1 billion tokens so far. Once the supply has been allocated to everyone, that's it. No more allocations. It is fixed in supply
–#zimbocash #zash— ZIMBOCASH (@zimbocash) May 13, 2020
A total of 4.5 billion Zimbocash tokens have been created. The system uses a delegated proof of stake consensus algorithm to ensure that no single computer in the system can control the supply of money.
With a liquid market price that facilitates cross-border trade for Zimbabwe, the listing on Bithumb Global is a big step towards enabling the token gain access to international buyers through the US $4 billion of monthly transactions on the exchange.
Zimbabwean residents will get free ZimboCash tokens when they register, along with referral bonuses. The reward halves every three months, and currently stands at 3, 125 ZASH.
While the Bithumb listing will enable users cash-out, the listing is primarily mean’t to establish a market price and facilitate daily trade.
Follow us on Twitter for latest posts and updates
Open a Paxful Bitcoin Trading Account today!
