Through the use of blockchain technology, Bitsoko has managed to emerge as one of the companies that has been able to successfully create products and services that help traders and buyers bridge the economic gap by coming up with new and innovative solutions to problems in the trade industry.
The Nairobi Garage held a MEET session on the 12th of February, 2018, that saw the company’s COO, Frank Deya, expound on why Bitsoko is the next company to watch out for when it comes to blockchain technology.
Bitsoko is a company that’s designed around money transfer wallet and a POS service that brings together the versatility of blockchain based technology and the good attributes of mobile money.
Through this event, Mr. Deya explained the new developer program that the company has come up with as a way for startups to use blockchain to crowd fund. Read about how the company is encouraging its customers to use digital currency through its secure blockchain wallet.
The crowd funding concept is nothing new in the Kenyan set up. It is part and parcel of our everyday lives and this is what Bitsoko is using as their train of thought when pioneering for crowd funding for startups that don’t deal in blockchain though ICOs.
What are ICOs you might ask? The initial coin offering (ICO) model is a means that’s used to raise funds for a new form of cryptocurrency. This model is one that is used by startups and companies that are involved in blockchain technology.
However, here is where the twist comes in, Bitsoko intends to have companies that are non-blockchain based as well as startups sell or tokenize their businesses and raise cash through ICOs. The company is planning on holding an ICO summit scheduled for the 17th of March, 2018 at the Nairobi Garage with the goal of getting non blockchain startups embrace the ICO model and have them raise money through this.
The ICO summit will see around 10 to 15 startups partake in it and all the tokens of these will be listed on the Bitsoko platform for purposes of transparency.
This model will be solidified through the use of tokens which will be used by these startups to help them digitize their assets. There will also be the use of smart contracts which will see to it that credible, irreversible and trackable transactions are carried out without interference of a third party.
Bitsoko aims to have people adopt the use of digital currency hence their recent invention, the Bits model. This model will serve as a pusher to cryptocurrency adoption in startups as well as small businesses. As of now, 1 bit is equivalent to Shs.10.
Want to learn more about cryptocurrency and blockchain? Book your seat to our Workshop on designing a workable Identity Model for a blockchain powered World Wide Web taking place on the 21st of February.