Most developing countries have several common social, economic, and financial problems. And Dash might help soothe the situation.
Inflation is one of the most common problems that result in other social distortions in a concatenated way. One such issue is the devaluation of local currencies, resulting in the loss of the purchasing power of the ordinary citizen of each of these nations.
The sad thing about this situation is that the poorest citizens always receive the hardest impact and pay the consequences of the bad decisions that (in most cases) their rulers or dictators adopt.
On the other hand, as incredible as it may seem in developing countries, many people are unbanked, completely segregated, and outside the financial system. Majorly because most banks frequently request a series of documents as proof of formal jobs with high income, or a home of their own, among other documents to qualify for a bank account.
Under this complex scenario, a cryptocurrency with an ideal profile has reached many developing nations to become a great decentralized financial solution. It is the world-renowned Dash.
Check out this article that details Bitcoin as an opportunity in oppressed countries and doubtful democracy.
The first cryptocurrency is based on the Bitcoin code, whose central idea is based on privacy in its transactions. It also has a secondary P2P network (powered by masternodes) dedicated to providing special services for the Dash network. This one endows unique characteristics:
All these characteristics provide Dash with the ideal conditions to solve many of the daily financial problems in developing countries, such as those we have mentioned above. This cryptocurrency has not only come to protect the purchasing power of citizens motivated to the devaluation of the local currency in developing nations but also is managing to solve other problems such as:
Here are the main examples of how Dash is becoming a decentralized financial solution for various developing countries:
The main example is in this South American country. Venezuela is a nation motivated by a political regime that has taken damaging economic measures, which has caused this nation to have the highest hyperinflation on the planet. This is a situation that affects the purchasing power and, therefore, the quality of life of Venezuelan citizens.
In addition to this fact, the country has strong exchange control, a shortage of cash in the local currency called "Bolivar Soberano (Bs)," and international currency. Followed by difficulties for the banking of the poorest people, unemployment motivated by difficult policies against the employer and poor political decisions on the economy only strengthen the control by the political regime that "governs" this tropical country.
At this point, Dash enters the scene, since this platform and cryptocurrency has become an alternative-solution that solves the daily difficulty of the Venezuelan.
Although Bitcoin has also functioned as an alternative to protect the capital of an important sector of the population from the inflation of the local currency (Bs), Dash goes a step further, since it solves other problems and the loss of purchasing power.
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Through its treasury directed by its Decentralized Self-Sustainable Governance System by Blockchain (DGBB), Dash has allowed the creation of the Dash Venezuela foundation. The foundation has generated a technological and cultural infrastructure promoting important positive changes in the Latin American nation:
"I think Dash can solve many problems that affect Venezuelans, not only the issue of the devaluation of the bolivar but the cash crisis or the collapse of the points of sale."
Eugenia Alcalá, director of the Dash Venezuela foundation.
Nigeria's social problems have different nuances from the Venezuelan case but are essentially the same:
Nigeria suffers from up to 32 monthly power outages resulting in 10% of its sales losses. Likewise, this technological deterioration involves the connectivity deficiencies of the Internet service provider operators, a fact that causes transactions through conventional financial mechanisms such as payment through credit and debit cards to present serious problems. All these push Nigerian citizens to keep their capital in fiat currency, and this is how they end up exposed to the country's inflation that has been increasing steadily since 2017.
According to the Lagos Business School (LBS) in its 2018 report entitled Client Segmentation Framework, it identified that only 49% of Nigerian adults have bank accounts. This fact shows some discrimination towards a large part of the population by the sector conventional financial, an unfair situation that directly hits national and international eCommerce.
The African country also suffers from fraud primarily due to its technological infrastructure weakness. A situation that results in the loss of confidence of the Nigerian citizen in eCommerce. Stigmatizing it and driving it back to fiat currency, exposes it directly to inflation.
In addition, the costs of fees for international purchases are up to 10% of the total amount that is transferred. While with Dash, it costs less than one cent. Also, transaction times for international purchases can delay in up to 5 days. In contrast, with Dash, you can make this transaction instantly.
This is how Dash enters the scene and becomes a proposal for a decentralized financial solution for Nigeria.
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These phenomena show us how well-applied blockchain technology can vindicate human values and rights anywhere in the world.
Venezuela is currently the most successful case and an example of how a country with so many difficulties and deficiencies. It has achieved a decentralized financial tool and solution to face economic, financial, and social crises.
The success in the Venezuelan case goes along with the union of the virtues offered by the Dash platform. And the human effort led by the Dash Venezuela foundation to expand an entire decentralized technological. Aside from the social infrastructure throughout its National territory.
This unification and cohesion of forces have led to Dash being a financial solution for Venezuela today. Although there is still a long way to go in the South American nation, this model has inspired the same libertarian and financial phenomenon in Nigeria, Colombia, and other African nations.
A case of Venezuelan and Nigerian success shows that in the face of political and economic adversity. Cryptocurrencies and their technologies can transfer the decentralized philosophy of blockchain to social practice. Making us more autonomous from governments, as we once assumed Satoshi Nakamoto dreamed
