13 Sep 2019 #Ethereum
The development of blockchain technology in the last several years has already started impacting the financial sector in a major way. Services that are based on this technology have slowly, but surely, started infiltrating banking markets, attracting new customers, and promising greater security, faster and cheaper transactions, as well as the ability to reach unbanked areas.
In fact, this ability of blockchain to provide its services to unbanked and underbanked users — such as those living in Africa — is proof to the whole world that blockchain technology is the solution that is needed right now. One startup that stands out in this area, in particular, is Panerora.com.
Panerora is a blockchain-based payment solution that can allow its users to make near-instant payments from anywhere and to anywhere in the world. The service is extremely efficient, as well as significantly cheaper than any traditional bank when it comes to transaction fees.
As most similar projects, Penerora also has its own, native cryptocurrency known as the Penerora token (PNR). The token allows Penerora's network participants to perform instant money transfers, and avoid the high cost of sending money — whether locally or internationally.
The project was developed with the needs of the unbanked in mind. Specifically, it targets the unbanked people from Africa, who struggle economically simply because they have no alternative. They cannot access the world's markets in any way, and are left to fend for themselves. Panerora's goal is to change that by providing an efficient international money transfer system that can easily be accessed by anyone, with no delays or other issues.
Panerora is also highly aware of the need for high security. This is why it provides its users with their own web wallet. By using this wallet, the service's users can send, receive, or store their tokens. Naturally, the user is the owner of the wallet's public and private keys, meaning that they are the only ones in control of their funds.
While the main goal of the project is to provide service to unbanked and underbanked areas, Panerora also understands that it is equally important to provide fast service. The speed of international transactions has been a problem for a long time, as the banks still use technology that is considered to be outdated and slow. It often takes days, and in extreme cases even weeks, for payments to get processed and for the money to reach its destination.
Panerora offers a solution by significantly increasing processing times, resulting in near-instant transactions. Anyone can start their own Panerora wallet, send funds into it, and have them instantly exchanged into PNR tokens. The tokens can then be kept there, sent to an exchange, or exchanged back into the fiat currency that the user needs.
The project also aims to use its funds to create partnerships, offices, and many different branches throughout Africa.
Next, the service also provides extremely low fees. Bank fees can be quite high, and even more so when it comes to international transfers. On the other hand, token transfers on Ethereum's network are almost negligible. This fee is commonly known as 'gas,' and it needs to be paid in order for PNR tokens to be sent from one address to another.
However, the gas fee is significantly reduced when users buy or send PNR tokens, which makes the project's protocol very convenient and functional.
As far as it is known so far, Panerora plans to create around twenty branches throughout Africa. Its first office is expected to be opened in Tanzania, but offices in other countries — such as Malawi, Botswana, Lesotho, Congo, and alike — expected to follow after that.
All that is left now is for Penerora to host the ICO fundraising, which will be capped at $250 million in Ethereum coins. With this move, the project will be on its way of becoming one of the main payment solutions for the unbanked people of Africa, and it is expected to forever change Africa's emittance state by doing this.
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