AFRICUNIA
INTRODUCTION TO AFRICUNIA (OUR VISION)
AFRICUNIA is registered in the United Kingdom as AFRICUNIA LIMITED, providing Global Banking and Financial Services. The “CUNIA” in “AFRICUNIA’ comes from the Latin word “PERCUNIA” meaning “money” or “cash.” whereas “AFRI” is the abbreviated version of AFRICA. Therefore translated - AFRICUNIA means African Money or African Cash. AFRICUNIA intends to bring investment globalization, transparency, and decentralization to the next level by leveraging the ubiquitous Blockchain Technology. AFRICUNIA offers a vision for the new standard of tokenized investment platforms that will help to bridge the gap between the fiat and the crypto universes. At its core, AFRICUNIA will focus on all aspects of tokenized investment vehicles ranging from technology and infrastructure to legal compliance and the corporate structuring.
In a nutshell, here is how AFRICUNIA intends to revolutionize aspects of tokenized investments:
• Providing instant, low-cost international payments by allowing conventional banks adopt the proposed Blockchain Technology just like SWIFT BIC.
• Assisting financial institutions to transfer money to international banks in real-time across diverse multi-layer networks.
• Ensuring a technology that complies with regulatory and security requirements.
• Implementing Digital Pass Technology that will serve as automation and digitalization system which integrates several industries to access financial and industrial services at a click.
• Developing the first Crypto-based POS (Point of Sale) System • Developing a cost effective, seamless and easy to mine non browser-based and browser-based coin mining for simplicity.
• Projecting and enabling Internet of Value across global ecommerce
• Developing a Hybrid Technology that combines two systems in one, that is Proof-of-Work (POW) and Proof-of- Stake (POS) with proven high speed performance and intensified/elevated security
• Developing SECURE WALLETS Systems (Offline Wallets, Online Wallets, Ultra Thin Smart Wallets) with high security and safe storage.
• It's very essential to emphasize that our Blockchain Technology is a multisystem Blockchain that combines bank to bank paper money transfer like the current SWIFT/BIC system but instant, peer-2-peer cryptocurrency transfer, Fiat/Forex/Coin Trading/Exchange/Lending MarketPlace, Smart Contracts, Open APIs, Artificial Intelligence (AI), Crypto-based Point of Sale (PoS), Digital Pass Technology ALL IN ONE PLACE.
Furthermore, AFRICUNIA BLOCKCHAIN TECHNOLOGY will give users the choice to choose to mine AFCASH in any modern web browser and or none web browser (hardware) in a hybrid combination of Proof of Work + Proof of Stake algorithm. We think this sums up the massive “machine” we are developing.
• Assisting financial institutions to transfer money to international banks in real-time across diverse multi-layer networks.
• Ensuring a technology that complies with regulatory and security requirements.
• Implementing Digital Pass Technology that will serve as automation and digitalization system which integrates several industries to access financial and industrial services at a click.
• Developing the first Crypto-based POS (Point of Sale) System • Developing a cost effective, seamless and easy to mine non browser-based and browser-based coin mining for simplicity.
• Projecting and enabling Internet of Value across global ecommerce
• Developing a Hybrid Technology that combines two systems in one, that is Proof-of-Work (POW) and Proof-of- Stake (POS) with proven high speed performance and intensified/elevated security
• Developing SECURE WALLETS Systems (Offline Wallets, Online Wallets, Ultra Thin Smart Wallets) with high security and safe storage.
• It's very essential to emphasize that our Blockchain Technology is a multisystem Blockchain that combines bank to bank paper money transfer like the current SWIFT/BIC system but instant, peer-2-peer cryptocurrency transfer, Fiat/Forex/Coin Trading/Exchange/Lending MarketPlace, Smart Contracts, Open APIs, Artificial Intelligence (AI), Crypto-based Point of Sale (PoS), Digital Pass Technology ALL IN ONE PLACE.
Furthermore, AFRICUNIA BLOCKCHAIN TECHNOLOGY will give users the choice to choose to mine AFCASH in any modern web browser and or none web browser (hardware) in a hybrid combination of Proof of Work + Proof of Stake algorithm. We think this sums up the massive “machine” we are developing.
Here are the primary value propositions of AFRICUNIA
#1: Offering best of both Fiat and Cryptocurrency world The majority of tokenized investment platforms are either fully cryptooriented or are pegged to some tradable assets such as gold or fiat currency. This siloed approach hinders diversification. AFRICUNIA intends to create a platform that allows users to gain from both including decentralization, transparency, and exchangeability.
#2: Promoting sustainable investment of funds All the tokenized funds will be reviewed and approved by our legal advisors to make sure they are fully compliant with the existing laws and regulations. By sorting out these risks from the beginning, AFRICUNIA will improve the investor confidence and offer necessary sustainability of the investment process.
#3: Developing a standardized platform Setting up a proper investment structure is a difficult and costly endeavor. Not all the tokenized funds set up have an appropriate structure thereby increasing the regulatory risk to investors. AFRICUNIA believes that this is the right time to launch industry standards for setting up the tokenized investment platforms.
#4: Enhanced transparency The tokenization of interests in funds—or shares in profits—provides accountability and transparency to the investment process. This much- Page | 13 AFRICUNIA BANK needed transparency will significantly improve the accountability of the investment managers.
#5: Scalable fund development By using the AFRICUNIA platform, any approved investment manager will set up and run a tokenized investment fund without going through the pain and effort of developing the necessary IT and legal infrastructure.
#6: Market leading compliance All the tokenized funds will be constantly reviewed by our legal advisors to make sure they are fully compliant with the existing laws and regulations. By sorting out these risks from inception, AFRICUNIA will improve the investor confidence and offer necessary sustainability of the investment process.
#7: Development of a standard platform Our development team is creating a scalable low latency standardized platform that will allow different user categories to have access to different features. Both those in the investment market and those privately investing will benefit from a user friendly custom made platform.
#2: Promoting sustainable investment of funds All the tokenized funds will be reviewed and approved by our legal advisors to make sure they are fully compliant with the existing laws and regulations. By sorting out these risks from the beginning, AFRICUNIA will improve the investor confidence and offer necessary sustainability of the investment process.
#3: Developing a standardized platform Setting up a proper investment structure is a difficult and costly endeavor. Not all the tokenized funds set up have an appropriate structure thereby increasing the regulatory risk to investors. AFRICUNIA believes that this is the right time to launch industry standards for setting up the tokenized investment platforms.
#4: Enhanced transparency The tokenization of interests in funds—or shares in profits—provides accountability and transparency to the investment process. This much- Page | 13 AFRICUNIA BANK needed transparency will significantly improve the accountability of the investment managers.
#5: Scalable fund development By using the AFRICUNIA platform, any approved investment manager will set up and run a tokenized investment fund without going through the pain and effort of developing the necessary IT and legal infrastructure.
#6: Market leading compliance All the tokenized funds will be constantly reviewed by our legal advisors to make sure they are fully compliant with the existing laws and regulations. By sorting out these risks from inception, AFRICUNIA will improve the investor confidence and offer necessary sustainability of the investment process.
#7: Development of a standard platform Our development team is creating a scalable low latency standardized platform that will allow different user categories to have access to different features. Both those in the investment market and those privately investing will benefit from a user friendly custom made platform.
ADVANTAGES FOR THE INVESTORS
AFRICUNIA platform will benefit both the crypto investors and fiat investors.
Here are some of the benefits for the crypto investors:
• New opportunities to access the assets from the fiat universe without leaving the comfort of the crypto universe.
• Unprecedented diversification opportunities because of the low correlation between the fiat and crypto assets.
• Access to a broad range of investment opportunities that have a lower risk profile to complement and balance the existing speculative exposures.
• New opportunities to access the assets from the fiat universe without leaving the comfort of the crypto universe.
• Unprecedented diversification opportunities because of the low correlation between the fiat and crypto assets.
• Access to a broad range of investment opportunities that have a lower risk profile to complement and balance the existing speculative exposures.
Here are some advantages for the fiat-investors:
• Provision of higher net returns, thanks to cost-efficient structure of the tokenized funds
• Access to new classes of assets because of lower barriers for a fund set up and administration on the AFRICUNIA platform
• Provision of higher net returns, thanks to cost-efficient structure of the tokenized funds
• Access to new classes of assets because of lower barriers for a fund set up and administration on the AFRICUNIA platform
THE CRYPTOCURRENCY INFRASTRUCTURE
It is a fact that the Blockchain Technology facilitates fast and low-cost transactions that are not controlled by any centralized source. While the economic gains of the current Blockchain Technology are without doubt indisputable, there are still challenges that must be addressed. At best, these hurdles can be looked at from three perspectives: correctness, consensus, and utility.
a) Correctness
The distributed system should be able to differentiate between a valid and a fraudulent transaction. In the conventional fiduciary settings, this work should be done by institutions and cryptographic signatures that guarantee that a transaction is indeed coming from the institution that it is claiming to be coming from. However, in the decentralized systems, there is no such trust, as the identity of all the members in the network are anonymous.
The distributed system should be able to differentiate between a valid and a fraudulent transaction. In the conventional fiduciary settings, this work should be done by institutions and cryptographic signatures that guarantee that a transaction is indeed coming from the institution that it is claiming to be coming from. However, in the decentralized systems, there is no such trust, as the identity of all the members in the network are anonymous.
b) Consensus
Consensus helps to achieve a single global truth in the face of a distributed accounting system. For instance, a malicious user can make two concurrent transactions with only enough funds in their account to cover each transaction individually, but not both together. In such a case, the transaction will be valid, but the whole network is not aware of both transactions.
Consensus helps to achieve a single global truth in the face of a distributed accounting system. For instance, a malicious user can make two concurrent transactions with only enough funds in their account to cover each transaction individually, but not both together. In such a case, the transaction will be valid, but the whole network is not aware of both transactions.
c) Utility
By utility, we mean the usefulness of the distributed payment system, which in most cases, simplifies to the latency of the network. For instance, a decentralized system that is both correct and in consensus but which takes one year to process the transaction is of course not useful. At best, a high utility system that incorporates levels of computing power to offer correctness and consensus.
By utility, we mean the usefulness of the distributed payment system, which in most cases, simplifies to the latency of the network. For instance, a decentralized system that is both correct and in consensus but which takes one year to process the transaction is of course not useful. At best, a high utility system that incorporates levels of computing power to offer correctness and consensus.
AFRICUNIA PROTOCOL CONSENSUS ALGORITHM (APCA) To address the problems of correctness, consensus, and utility, our proposed algorithm will apply the “Byzantine Generals Problem” that has already been explored to solve a myriad of computing problems. Much research has been done on protocols that achieve consensus in the face of the Byzantine errors. But much of the protocols have not fully addressed the problems of correctness, consensus, and utility. Our technology will be based on the AFRICUNIA PROTOCOL CONSENSUS ALGORITHM (APCA).
The APCA will incorporate the following components:
• Server. The server will be an entity that is running the AFRICUNIA Server software that facilitates the consensus process.
• Ledger. The ledger will contain records of the amount of AFCASH in each user’s account and will be regularly updated on the network.
• Last-Closed Ledger: The last-closed ledger will be the most recent ledger that has been confirmed by the consensus process and represents the current status of the network.
• Open Ledger: The open ledger will be the current operating status of the node.
• Ledger. The ledger will contain records of the amount of AFCASH in each user’s account and will be regularly updated on the network.
• Last-Closed Ledger: The last-closed ledger will be the most recent ledger that has been confirmed by the consensus process and represents the current status of the network.
• Open Ledger: The open ledger will be the current operating status of the node.
We envision AFCASH to be:
#1: A Global Community
AFCASH will be used by a diverse group of people and skill sets such as governments and government agencies, financial organizations, ministries, banks, venture capitalists, individuals, celebrities and bloggers uniting to realize the vision of a borderless financial system.
AFCASH will be used by a diverse group of people and skill sets such as governments and government agencies, financial organizations, ministries, banks, venture capitalists, individuals, celebrities and bloggers uniting to realize the vision of a borderless financial system.
#2: A full Token based system
AFCASH will be supported by a cryptographic Blockchain network akin to ETHEREUM and Ripple Protocol Consensus Algorithm (RPCA), but running on an APCA (Africunia Protocol Consensus Algorithm). The AFCASH’s APCA will ensure correctness, consensus, and utility of Blockchain transactions.
AFCASH will be supported by a cryptographic Blockchain network akin to ETHEREUM and Ripple Protocol Consensus Algorithm (RPCA), but running on an APCA (Africunia Protocol Consensus Algorithm). The AFCASH’s APCA will ensure correctness, consensus, and utility of Blockchain transactions.
#3: A champion of Privacy
User’s privacy will top of our priority when designing and implementing AFCASH. We do understand that anonymity has been one of the major reasons why the mainstream financial institutions can not adopt cryptos. Therefore, our system will be implemented based on KYC/AML protocols that financial institutions can trust. Using the KYC/AML protocols, AFRICUNIA will verify users before allowing them to access their accounts on the AFCASH platform. For instance, registering a new account by a user will involve filling in the email address and full personal details—elements that are not present in cryptos. The App will then send a confirmation through e-mail where the user will be required to verify the link before he/she can access the account.
User’s privacy will top of our priority when designing and implementing AFCASH. We do understand that anonymity has been one of the major reasons why the mainstream financial institutions can not adopt cryptos. Therefore, our system will be implemented based on KYC/AML protocols that financial institutions can trust. Using the KYC/AML protocols, AFRICUNIA will verify users before allowing them to access their accounts on the AFCASH platform. For instance, registering a new account by a user will involve filling in the email address and full personal details—elements that are not present in cryptos. The App will then send a confirmation through e-mail where the user will be required to verify the link before he/she can access the account.
#4: A leader of Security
We understand that security is a major concern for all users. Therefore we will incorporate cryptographic and security protocols throughout the development of AFCASH to guarantee that user expectations are met.
The acceptable levels of security in AFCASH platform will ensure the following:
• Consensus mechanisms
• Encryption of data
• Network configuration
• Component configurations for scalability.
We understand that security is a major concern for all users. Therefore we will incorporate cryptographic and security protocols throughout the development of AFCASH to guarantee that user expectations are met.
The acceptable levels of security in AFCASH platform will ensure the following:
• Consensus mechanisms
• Encryption of data
• Network configuration
• Component configurations for scalability.
HOW AFCASH WILL WORK
The AFCASH platform will incorporate the following components:
• APIs
• EMIs
• Commercial Banks
• Digital Pass Technology
• APIs
• EMIs
• Commercial Banks
• Digital Pass Technology
#1: APIs Conformity to specific rules, laws, and regulations is the cornerstone of conventional banking. Banking institutions are compelled to set out
AFRICUNIA BANK and follow high standards of rules and regulations to protect their shareholders’ interests. In fact, the reputation of a banking institution can be severely damaged if adequate KYC and AML protocols are not in place. We will use the existing tested technologies for APIs (Authorized Payment Institutions) to comply with the rules and requirements of conventional banking. AFRICUNIA has already been legally registered in the United Kingdom and authorized by UK Companies House to provide bank and banking related financial services. We will also seek for licenses for our APIs to promote the confidence of users in using on our platform. We will also seek to join the SWIFT network to allow our Virtual Bank receive a Business Identifier Code (BIC) for communication with other financial institutions using SWIFT messages for EFTs.
#2: EMIs AFRICUNIA will apply for EMI (Electronic Money Institutions) license to allow us to start issuing electronic money. After being granted the license, we will implement the currency exchange services that will allow corporate client keep a variety of money in their bank accounts and exchange them as the need arises. Being the heart of online financial transactions, we expect to collect valuable insights into consumer's behavioral patterns and their financial risks profile to offer loans. We expect loans to be extended largely to finance purchases from the online merchants that we will be working with. This will drive the value of the Africunia membership of Digital Pass Ecosystem by enhancing the sales for our merchants and providing differentiated services for our clients.
#3: Commercial Bank
The second full phase of this project sees us evolving into a fully regulated bank. Besides the classical banking services, Africunia will provide Banking as a Service (BaaS) that will augment the existing gaps between the cryptocurrencies and fiat currencies. Before the deployment of APIs, Africunia will apply for a license from two card schemes: Visa and MasterCard. If all goes well, no BIN sponsors will be required during the process of card issuing and simplifying the card payment processing.
The second full phase of this project sees us evolving into a fully regulated bank. Besides the classical banking services, Africunia will provide Banking as a Service (BaaS) that will augment the existing gaps between the cryptocurrencies and fiat currencies. Before the deployment of APIs, Africunia will apply for a license from two card schemes: Visa and MasterCard. If all goes well, no BIN sponsors will be required during the process of card issuing and simplifying the card payment processing.
#4: Digital Pass Technology For any banking institution to augment the existing technologies and digitize its operations, a solid core infrastructure is required. At Africunia, we intend to implement a digital pass as a standalone system that standardizes system-system communication while ensuring trust and integrity of bank records. In particular, our digital pass will be implemented along the lines of facilitating users and businesses get access to and to keep their encrypted personal and corporate data in the Blockchain. The data stored on the Blockchain can later be used in an open, secure, and nondiscriminatory manner to drive the scope of AFRICUNIA BANK and other ecosystems in strict compliance with the banking regulations
Important Links about Africunia
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ANN THREAD
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Telegram
Github
MailSlack
Medium
Whitepaper
ANN THREAD
Bounty Thread
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