A new blockchain project is set to take the world by storm after noticing trend of inequality and under-representation of lower economies in the blockchain arena. Flourish Blockchain describes itself as the blockchain for personal finance targeted mostly towards regions of the world that have prior to this time been excluded or restricted from accessing the opportunities availed by blockchain and decentralized finance. According to the project’s whitepaper, it noticed that stable coin landscape is dominated by USDT and USDC, which are pegged to the US Dollar and are not entirely decentralized. The USDC has a market cap of over 44.2 billion and USDT over 78.4 billion respectively and together they strengthen the US economy despite the fact that high trade volumes and transactions comes from many other countries around the world mostly third world countries like Kenya, Nigeria, Philippines, India, and Pakistan just to mention a few.
In May 2021, Nigeria accounted for a trade volume of about 2.4 billion US Dollars in the crypto space. On the other hand, Kenya, which happens to be one of the early adopters of peer-to-peer cryptocurrency transactions ranks No.1 for the total value of peer-to-peer transaction. In 2021. WazirX, the India-based affiliate of the Binance Cryptocurrency Exchange registered an annual trade volume of $43 billion US Dollars. Despite their contributions, the fiat currencies of these countries are not receiving equal representation in the stable coin landscape, nor is their economy benefiting from their respective fiat currencies being held as reserves, which is very much the case with the US Dollar.
Furthermore, people from these regions face the complexity of having to do conversions between their local currency and USD each time they need to interact with a DeFi product which often causes confusion. Sometimes miscalculating outcomes and at other times leading to loss of funds in the process. Exchanges also dominated in these regions are forced to trade whatever tokens they list against the USDT or other USD stablecoins because that is most dominated stablecoin available to create pairings.
This is what the Flourish blockchain seeks to change by creating basket of stablecoins for underserved and excluded regions where crypto is used extensively for daily survival. Users will have personal vaults where they can mint and burn these stablecoins which will be backed by Flourish native tokens and established stablecoins such as Statis EUR and USDT. With Flourish blockchain, more than 150 countries around the world stand the chance to mint their own native fiat currency at will, list them on global exchanges, trade them against other cryptocurrencies and make some fortune for themselves. Local developers can domesticate their solutions by creating DeFi-products that are country specific and explore various other opportunities the flourish blockchain has made possible. The project therefore call on developers around the world to explore and build on flourish protocol and make it theirs to liberate their people from every form of hardship. It also call on cryptocurrency fans around the world to embrace this opportunity to make the world a better place for all.
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