Even though Bitcoin may not conquer the world as a form of payment, the underlying technology clearly shows it can be adapted to fit any need we can imagine. And while several banks are exploring the options of Bitcoin technology, the country of Cameroon may very well use it to create their new currency ecosystem.
Trestor – Creating Financial Ecosystems for Unbanked Regions
In the world of Bitcoin and digital currency, several companies are working hard to bring a financial ecosystem to the unbanked and underbanked nations of the world. One of those companies is called Trestor, an Indian Bitcoin startup looking to create an effective and efficient financial ecosystem using blockchain technology.
In order to achieve that goal, Trestor will not be using Bitcoin as currency, but rather, will issue their own digital tokens called “Trests.” These self-created digital tokens bear lots of similarities to Bitcoin itself, as they are equally decentralized, private, freeze-proof and faster to transfer compared to traditional money. Last but not least, Trests will not be subject to any transaction fees, allowing users to freely transfer them around without any additional cost.
It does not happen often that an unbanked country’s government – Cameroon, in this case – reaches out to a digital currency company to establish such a massive project. However, the Cameroon government felt Trestor was the appropriate choice, given their recent success with Cameroon organization Socapssi.
Both the Cameroon government and Trestor officials are confident this project will result in a positive outcome for all parties involved. After the partnership between Socapssi and Trestor, it became apparent that people picked up on the idea of using Trests rather quickly, generating quite an exciting interest for the project. The end result was overall positive: quantifiable efficiency gains were achieved, and the benefits greatly outweighed the drawbacks.
Over the next 12 months, no less than 500 Trestor retail partners will be established across Cameroon, spanning ten regions and 54 divisions. As a direct result, between 1,200 and 1,800 new jobs will be available on the market, which is a part of the Cameroon government’s goal in running this “digital asset experiment”.
Trests Are Not Bitcoin, And Here’s Why
Even though there are quite a few similarities to be drawn between Trests and Bitcoin, there are major differences to take note of as well. At the time of publication, Trest is equal to 0.015% of gold’s market cap. Comparing this to the capital value of Bitcoin – sitting at roughly US$3.5 billion – there is still a long way to go.
Trestor founder Kunal Dixit has big plans for the company and its associated digital tokens. If all goes to plan, Trest will be equal to 1% of gold’s market cap within five years from today. To put that outlook into perspective: every US$1 invested today would be worth US$76 in five years from today. Quite an ambitious goal to say the least, but if the project in Cameroon is successful, other unbanked countries may follow suit in short order.
And it has to be said, Trests offer a certain advantage compared to Bitcoin at this stage. In countries where there is next to no banking or telecom infrastructure, Trests are still a viable peer-to-peer payment method, whereas Bitcoin will be fighting an uphill battle. Being able to deliver such a service at zero cost to unbanked regions such as Cameroon are a major step forward for blockchain technology in general.
Source: Press Release via Email
Images courtesy of Trestor, Shutterstock