ZIMBOCASH Next Steps to Launch
It’s been over a month since our last fireside chat. Our ambassador program has grown to over 200 ambassadors. Our sign-ups have grown markedly with approximately 100 to 200 new sign-ups every day. The conversations are expanding, and we have had many questions from interested people.
Current Zimbabwean Outlook
The Zimbabwean currency environment is unstable at the moment. The government has outlawed the multicurrency regime and then has subsequently reintroduced the US dollar for certain transactions. Inflation rates continue to rise and electricity cuts have become severe. The government has increased interest rates substantially to try to limit the growth in the money supply – this is a good thing but whether it is enough to stop inflation expectations is unclear.
As you will know, our goal with ZIMBOCASH is to establish a decentralised currency that is fixed in supply – where you can rely on the fact that no-one will be able to print money for themselves more than what the system has allocated.
We initially began as a small grouping of people and it has been building in momentum. What started as an interesting idea has grown in substance. From our side, the workload has increased substantially.
One of the questions we get the most is, “When will ZIMBOCASH be tradable”. We wanted to bring you into the loop on our IT development and the process we have taken so far – hopefully you’ll understand why it is difficult to answer that question right now.
We had initially wanted to build a decentralised volunteer IT community along the lines of the Bitcoin, Monero and Ethereum development teams. We launched our Core Developers application and had 32 applications in six weeks. We interviewed the more qualified applicants (apologies to the others who didn’t make the interview cut) but began to realise in the process that the quality of planning and coding we needed required an experienced development team who were paid to design, develop and test the system properly.
ZIMBOCASH needs experts in the field of IT generally, but it also needs experts in the field of blockchain technology, a highly specialised field where developers are very much in demand and charge a premium fee. Of course, we also want the right people – developers who understand the heart of what we are doing.
We have interviewed many development agencies and explored the market for skilled developers in this category. The more we look, the more we come to terms with the fact that the development of the code must be world-class.
To do this, we have had to look at introducing a strategic investor. We have had several interested parties and continue our discussions with them. However, for now we are settling on a pre-seed round of investment for the purpose of funding the IT infrastructure needed.
We have had to take the time to do this right. No-one sets out to redesign a national currency and payments system from scratch without solving serious system development issues.
We’re on the right track though.
We have three firm goals that we need to target.
- The first is to develop the appropriate IT solution.
- The second, is to launch ZIMBOCASH on an exchange. There are some exciting developments with regards to the exchange launch which we will keep you posted on as we progress.
- The third is your role – we need to continue to grow the network, to have conversations about what this movement could become, and each look to accumulate as much as we can do.
Suffice to say, we are hard at work. Please be patient with us. We are especially grateful to our ambassadors who have been doing an amazing job. Our lead ambassadors have done particularly well.
And mostly, we want to thank you – our ZIMBOCASH family across the board. You add value to the network just by being a part of the community. That’s how the network effect works.
You have an important role in this – something that we cannot replace. You are foundational to the development of this network. Your role is important and without you, ZIMBOCASH cannot grow.
Other great links:
Dear ZIMBOCASH Family We have had so much positive feedback since our presentation at the inaugural Anti-Money Laundering conference in Harare last week. Good news, we have uploaded the videos to YouTube — you can watch them here. The main talk from the ZIMBOCASH...
To our faithful ZIMBOCASH Family Big presentation coming this weekWe are excited to announce — we have been invited by the Financial Intelligence Unit (“FIU”) of Zimbabwe to present at the inaugural anti-money laundering conference on the 13th and 14th October 2022....
Dear ZIMBOCASH Family Greetings from us here at ZIMBOCASH. We stand at a moment in history where the central banks of the world are working together to create one globally integrated cashless banking system that will record all of the world’s transactions on a single...
Dear ZIMBOCASH family About a month ago, the US dollar became legal tender in Zimbabwe, as part of the adoption of a multi-currency regime. But the US dollar is not the solution to Zimbabwe’s problems. Here is why. Brace yourself, this is a longer article. We need to...
Dear ZIMBOCASH family Zimbabwe is in a state of major economic turmoil right now. It dovetails with an important announcement from us for our community. The state of ZimbabweThe Zimbabwe dollar is depreciating rapidly as a medium of exchange and the government is...
Dear ZIMBOCASH family, As we write this, Zimbabwe is entering hyperinflation again. When we went live with our ZASH vendor program the price of bread was Z$ 115, today the price is over Z$ 900. That is almost nine times the price it was two months ago. It is not just...
Dear ZIMBOCASH Family Just over a month ago, we announced an exciting collaboration with ZiTenga to provide stores with a cash-out facility for ZASH purchases. Supermarket accepting ZASH As part of this, on the 11th of April, PW Trading, a supermarket in Njube in...
Buy a bag of mielie meal using ZASH! Dear ZIMBOCASH FamilyThe most popular questions we get from people is, where can I use my ZASH? Which vendors use ZASH in trade? This is the crucial question of our network. Without vendors, there can be no buyers. Without...
Hi Family We wanted to let you know of changes happening in our team. One of the pioneers of our movement, Laswet Savadye, will be leaving. We're tremendously sad to see him go. He has been a pillar in our community and we will miss him. We are still...