Zimbocash is the first-ever homegrown cryptocurrency in Zimbabwe. You could say it is our very own Bitcoin. Zimbocash is a decentralized digital currency for Zimbabwe. For a while, people have been signing up and still are. The long-awaited time for actual transactions came not too long ago. By transactions, I am referring to sending or receiving ZASH (the cryptocurrency code or name for Zimbocash). Recently the payments system went down – so people thought, but it was deliberate on the part of Zimbocash. In this article, I will share with you a recent update from Zimbocash regarding that matter plus more.
The Latest Update From Zimbocash
The following is part of what Zimbocash had to say about the recent developments:
“We wanted to let you know that we have had to take our payments gateway down while we work on our identity validation processes.
We have grown amazingly fast in the last few days with total gross subscribers sitting at 131 000 people. It is very exciting. Payments were live for a week and we had 93 000 transactions in the seven days. For the first several days, we were doubling our number of transactions every day.
However, we, unfortunately, have had to put the payments gateway in maintenance mode – you won’t be able to make transactions for the time being. We have had some challenges with respect to identity validation of our users – some users were creating multiple accounts.
We had originally been relying on cellphone numbers as a proxy for identity – but a few subscribers were creating scam accounts. Unfortunately, it always is just a few individuals who spoil it for the others.
We highlight that you will not lose your ZASH. Your ZASH balance is safe.
We have interviewed almost 20 different providers in the identity space and will continue to look for solutions. There are effectively two alternatives available to us – we can tweak the cellphone as a proxy for identity model using certain APIs into the existing cellphone/ mobile money infrastructure, or we can develop/acquire our KYC process which would include an uploaded ID and a “liveness” test.
The first option is easier for us to do if we can get those API’s, so we are investigating our alternatives (and we are open to discussions with any third party who can provide us with that access). The second option is difficult and will take a great deal of additional development.
Whatever the case may be, we need a solution that provides us with confidence that users are valid and unique Zimbabweans. We note that many people have asked us to give a specific date for us to resolve this. It may take a few days, or it may take us a few weeks.
Our goal is to create a payments network between people on the ground for an entire nation. This has never been done before on the scale that we are attempting it. It is audacious and it is creating history in the process. But it is a lot of work for us. Please bear with us as we develop an identity validation process so that we can enable the payments gateway.
We’re honoured by all the feedback and goodwill. Thank you for the faith that you have had in the system. And thanks for your continued patience. With everything that we are doing, we are working hard to make a solution that is something that Zimbabweans broadly can use.
New to the community and want to know a bit more about what we do?
Our goal has been to develop a decentralized currency for Zimbabwe where the money supply is fixed. This is ZASH. There are a total of 4.5 billion ZASH tokens that have been created. This is fixed in supply and more cannot be created.
ZASH has been listed on a global cryptocurrency exchange called Bithumb Global, and there is a daily market price which you can see on the https://t.me/bithumbglobal_en group (if you go there and type ZASH in capital letters, the various statistics will come up).
We’re allocating 70% of the ZASH tokens to Zimbabweans. All you have to do is sign-up and confirm your details thereafter.”
There have been widespread misinterpretations of what Zimbocash is all about. Many people think it is a Ponzi scheme – sadly most people have believed a lie. Ideally, when you sign-up for Zimbocash you pay nothing and you get free ZASH tokens. Nowhere along the way will you be asked to pay anything, absolutely nothing.
There are so many cryptocurrencies in the world. Zimbocash happens to be the only cryptocurrency locally that has managed to facilitate peer to peer trade or transactions. As the network effect continues to gain momentum we are most definitely going to see the value of Zimbocash surging. On average, 1 ZASH has been averaging US$0.003. Bitcoin started more or less like this but nowadays we have seen 1 Bitcoin exceeding US$10 000 in value.
An interesting phenomenon has been that many people have been eager to sell off their ZASH. Some have been selling ZASH in exchange for RTGS$ whilst some have using it to buy goods and services from those accepting ZASH. It seems most people are still to realize that holding onto to your ZASH may pay off more later as it appreciates value. I believe people will gradually get the gist of cryptocurrency dynamics. Zimbocash wields tremendous power to be a game-changer in the Zimbabwean economy. A lot is still unclear and the latest developments deal a blow to the confidence of the general public. Their positive response in the face of challenges is surely a plus for them.