While not often talked about, the Sarafu Network, a community inclusion currency, is supporting a growing number of users, now numbering 40, 000 users and counting.
Sarafu, a blockchain-based network token that is issued to users and given as a reward for community support, has found a real use case, especially in rural Kenya.
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Roughly 50% of the network is rural and has so far traded over 100 million Sarafu tokens in 2020 alone, which is roughly equivalent to $1 million of goods and services. In October 2020 alone, rural users traded over 8 million Sarafu among each other for food stuff alone.
As less and less Kenyan Shillings reach the rural areas of Kenya, markets have began to collapse and community currencies like Sarafu are finding a real need as they help keep markets moving and communities together.
The above video experiences is a testament and provide case studies on what’s possible with blockchain-based tokens that solve a real need across Africa, especially among communities affected by the Covid-19 economic fallout.
About Sarafu Network
The Sarafu Network is system that lets communities digitally create their own community currencies and allow them to exchange on regional economic markets . The Sarafu token is the main network token that is used on the network.
No Sarafu or any other created community currency on the network is exchanged for local currencies. Instead, Sarafu is backed by the local goods and services of the chama (informal social savings groups in Kenya) it is based on..
A chama community currency can be converted into other community currencies via the Sarafu reserve.
RECOMMMENDED READING: Practical Use Cases of Sarafu Blockchain-based Currencies in Kenya During the Covid-19 Economic Crisis
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