Algorand is a pure PoS blockchain protocol Founded by Silvio Micali.  Algorand helps build Technology that creates a convergence between decentralized and traditional finance by making possible the simple creation of next-generation financial products, protocols, and exchange of value.

Algorand has more to it than just finance. Recently, Victor Mapunga, A Serial Entrepreneur from Africa, spoke about leveraging the Algorand blockchain to rebuild identity for millions in Africa.

He points to how more than 1.3 billion inhabitants in Africa account for more than 16% of the world’s population.  Despite this, not all the residents have legitimate or government-issued identification documents.  Reportedly, 400 million Africans do not have appropriate identification documents. KYC is very complex and risky. Manual verifications are time-consuming.

Digital IDs like— Flex ID — unlike traditional, are entirely decentralized, and the user is in complete control of their data. Therefore, the use of this ID brings down the cost of verification to negligible sums. Also, the digital identity wallet like Flex ID can store multiple credentials from e-KYC credentials, healthcare records, prescriptions, and academic transcripts in just one application that is interoperable and completely self-sovereign. Thus, the user can perform multiple verifications with different organizations without having to submit voluminous paperwork. Therefore, the Layer 2 network built on top of the Algorand blockchain called the Flex Network (FN) is the node that acts as a trustless way to create, update, and fetch information about digital identifiers (DIDs) from the blockchain. This makes building self-sovereign identity a reality.

Victor Papunga expresses:  It’s nonsensical to convince anyone that the facility below is more destructive & yields no economic value than the first. Below is Electricity (something that the people above still don’t have), Technology (which requires complex skills & education to develop).

There’s a complex invisible value chain leading to crypto that many people take for granted. That value chain from Electricity to internet access is where the economic value of crypto resides; it is a manifestation & coordination of monetary units of production.

My home town in Mutare, Zimbabwe, is facing an inevitable water crisis owing to gold panning. I WILL turn gold panners into crypto traders! The reason I’m into crypto is far different from a lot of tech bros in the Valley; this affects real lives!

I’m long crypto in Africa because it’s economic emancipation for the youngest population in the world! A smartphone is better than a shovel! Crypto encourages the development of power grids, fiber, and internet infrastructure, amongst others.

Crypto is a Black Swan moment for Africa, as asemota would put it. We will only see the significant change in Africa, perhaps in a decade or more, because it’s altering what was to be to what shall be due to its existence. So let’s not sleep on this.

To realize this mission, we need to invest more in people and startups on the ground. Billions of dollars have gone into companies that essentially have no context & understanding of the problem and markets that require this; more work needs to be done.