What is Kobocoin (KOBO) Crypto Beginner’s Guide
The Kobocoin offers a micropayment system to its users while serving as a peer-to-peer currency on a decentralized network. Running a proof of stake (POS) consensus mechanism, which provides newly minted Kobocoin as a reward to users on the platform who use the kobo coin wallet in staking their coins for the verification of transactions.
The development of the Kobocoin is the work of a UK-based Nigerian entrepreneur. Mobile banking services in Africa is already more popular than the regular banking services. Although this is true, Kobocoin still remains unique through its use of the blockchain technology. This method will make it possible for the users of the coins to pay for any transaction while still having the opportunity to get their local currency anytime they decide to cash out.
The African remittance market is another area where the coin hopes to make an impact. The coin hopes to offer an alternative which will not only be cost effective but also much faster for Africans living in the diaspora.
What is Kobocoin?
The most unique aspect of the Kobocoin is the focus on the African market with an African background. MANSA, COWRIE, MANILLA, and KOBO are the four currency denominations which the Kobocoin makes use of on the platform. Through the availability of these denominations, members of the community have the opportunity to use this cryptocurrency in trading on four levels.
Unlike in Proof of Work (PoW) blockchains, the currency does not depend on computing power in mining the coin but on ownership. In comparison to the amount of energy required to run the Bitcoin ecosystem, the Kobocoin uses less than a fraction of what the Bitcoin requires.
The Kobocoin platform supports the Raspberry Pi technology. This makes it possible for any individual or institution with the Raspberry Pi to download the Kobocoin wallet as well as the blockchain. Once this is complete, they can go on the blockchain to create various apps.
What does Kobocoin hope to achieve?
A negative aspect common to the various mobile financial services currently in existence is the subscription or registration requirement and also the centralized method of operation. This is where Kobocoin makes its own improvements. The Kobocoin doesn’t consider the banking history or the credit status of individuals before they are allowed to utilize its implementation of the blockchain technology.
The Kobocoin comes with a lot of advantages which make it significantly much better than the traditional currencies available. One of such is that unlike traditional currency, it is highly unlikely that there will be any counterfeits getting into the market.
The services on the Kobocoin blockchain will also cost less than what users will pay when they make use of any mobile financial service currently available.
On the Kobocoin platform, there are lots of opportunities, especially for developers. The platform also offers encouragement for such activities. As market demand grows for an app, any developer with the right skill for the job can create the app without requesting any permission. Rewards will also be available to the developers.
Trading of Kobocoin (KOBO) against other cryptocurrencies like the Bitcoin is also available.