We've got your covered! Read our Frequently Asked Questions below.
What is ZIMBOCASH?
ZIMBOCASH is a cryptocurrency – it is an attempt to solve Zimbabwe's money problems using blockchain technology. Our goal is to establish sound money and a payments wallet you can trust. ZIMBOCASH has a fixed amount of tokens – there are only 4.5 billion tokens in total. These are allocated to Zimbabweans.
How do I join?
Does it cost anything?
How do I get ZIMBOCASH?
Who is ZIMBOCASH?
We’re a broader community of people in Zimbabwe and around the world who have a passion for the country and for sound money and banking. ZIMBOCASH isn’t a corporation and neither is it one person. Rather, it is a collective of volunteers who have a vision for this simple idea – Zimbabwe is one of the few countries in the world where a decentralised fixed currency and banking system could be implemented by people living on the ground. You can read more about this on our first Fireside Chat letter
Is this a scam?
Is this a pyramid scheme?
Is my information secure?
The information you give us is secure – passwords are encrypted, the database has appropriate information security including two-factor authentication for our data engineers and appropriate fire-walls.
How will it benefit me?
Zimbabweans will be able to use their ZIMBOCASH to make payments, transfer offshore with ease and convert into international cryptocurrencies. ZIMBOCASH will be tradable on an international Bitcoin exchange. International buyers can only get their ZIMBOCASH by buying them from Zimbabweans. The current price of ZIMBOCASH is approximately US$ 0.03 each.
When will I get ZIMBOCASH?
Your will get your ZIMBOCASH once you have activated your account.
How will I get ZIMBOCASH?
Your online wallet will be created where you can log in to your account and see your ZIMBOCASH balance. You will have a ZIMBOCASH account number (member ID). People will be able to send ZIMBOCASH to your account. You will be able to send ZIMBOCASH to others.
Are there international buyers?
ZIMBOCASH will be tradable on international Exchanges so you will easily be able to make international payments. It is currently listed on Bithumb Global.
What is a cryptocurrency?
A cryptocurrency is a digital currency that is operated on a decentralized server. Cryptocurrencies rely upon mathematics and the network effect in order to be generated, used and to create value.
How is the supply of ZIMBOCASH fixed?
The ZASH token is designed in such a way that it is impossible for anyone to create more ZIMBOCASH than is established by the system. This is done using blockchain technology.
Can I trade ZIMBOCASH outside of Zimbabwe?
ZIMBOCASH is tradable on international Bitcoin exchanges so you will be able to make international payments, transfers between parties both locally and internationally, and remit funds without hassle. However, note that our goal is to establish a transactional currency first. We will be implementing various restrictions on selling on the exchange until the network is appropriately developed.
What is the ZIMBOCASH White Paper?
It is a document that contains the detailed roll-out plan of ZIMBOCASH in Zimbabwe. You can read it here: www.zimbo.cash/whitepaper
What does decentralisation mean to you?
1. Decentralised blockchain to create sound money
Our goal is to first establish a token that uses blockchain technology to fix the money supply. We want to ensure that nobody – not even us – can change the supply of money as has been created on the blockchain or take people’s money without them providing their private keys to authorise a transaction.
Our current project uses the TRON.Network ecosystem to fix the money supply. The system uses a delegated proof of stake (“DPOS”) consensus mechanism to ensure that no centralised party has the ability to change the money supply.
2. Decentralise the value creation process
We believe that the value for everyone is in us, together, developing a network of people using ZIMBOCASH. Each additional person who joins the network adds value to everyone else in the network. That means each participant is responsible for building the community.
What that ultimately means is that when you hold ZASH, you can encourage people to be selling their goods to you denominated in ZASH. Encourage people to create accounts and validate themselves on the network. This viral process – a decentralised community – is what will grow the network.
However, relative to the size of the network, the first few participants add the most in terms of building the movement and should be rewarded appropriately.
Accordingly, our entire token distribution model is centred around creating value in the hands of our participants and rewarding those who join early or who build the network with more tokens.
3. Decentralise team
All crypto projects start off centralised and can only become decentralised as the network grows.
However, we are not crypto anarchists. We want to walk the fine line between engaging with authorities, building a team and working with decentralised technologies. We try as best as we can to push down the responsibilities of our community to local ambassadors.
Zimbabwe is one of few countries that could implement a decentralised currency system on the ground. With the weaknesses in the money and banking system in the past 20 years, people in the country are desperate for a sound money solution.
What are Private Keys?
Private keys are the engine of a user’s wallet. A ZASH payment in a wallet can only be released with a private key.
Private keys give you control on what to do with your funds.
How do I get Private Keys?
With ZIMBOCASH, you have two options to access ZASH:
1 You can choose to buy ZASH on the exchange, or
2 Signup on our system and get ZASH for free, or
1) Buy ZASH on the exchange
If you buy ZASH from the exchange, you can create a separate wallet where you hold the private key and transfer your ZASH to that wallet. You can also keep your ZASH on the exchange anytime when you want, or convert to BTC or USDT.
We do not control these exchanges or have any input with their management, so we recommend that you don't keep your ZASH on an exchange wallet.
2) Receive your free ZASH allocation by signing up at ZIMBOCASH
For users who sign up at ZIMBOCASH and receive a free allocation, the private keys of the wallets are kept by the ZIMBOCASH system. That means you do not have access to those private keys.
People receive ZASH for free by virtue of being verified Zimbabweans. Each person has the ability to pay others on the system.
Some people may wish to transfer their ZASH to the exchange. However, this is not how our model works. Airdrops of this nature have been done in the past where users who receive their tokens for free go and dump on the exchange, crashing the price and cancelling the project.
The model works by enabling people to extract their value of their ZASH by transacting with others in a peer to peer network. The ZASH is free for people to acquire when they sign up. But they can only use that value in transactions in day to day trade.
Critical to this model is an understanding of exchange liquidity. We need to ensure that there is sufficient liquidity on the exchange before opening up the doors to appropriate users.
At ZIMBOCASH our job is not to give people US dollars, but to give people a sound-money token that can be used in a ZASH network. We want to see people pay for goods and services on the ground without the need to cash out to USD or ZWL. The growth in the size and quality of our network will see us achieve this objective.
As the payments network grows, we believe that this will attract exchange liquidity.
Our goal is to eventually allow people to transfer ZASH off the ZIMBOCASH wallet and onto other wallets such as the exchange wallet. However, this needs to be done slowly, over time and only on the basis of a large payments network of the ZASH network.