Firm to launch data currency in Nigeria
A global innovation network, Fintech Worldwide Limited, in conjunction with Eka Consult, is set to test run an innovation, Census, a revolutionary programme in Nigeria, before a worldwide launch.
The Chief Executive Officer, Fintech Worldwide, Lius Carranza, disclosed this recently at the inaugural blockchain conference in Africa held in Lagos.
Speaking on how it works, Carranza said Census aims to unlock the value of data by converting it to a data currency, and giving users control of when and how they are compensated for it.
He revealed plans to do private sales in July, and also offer 2,000 CEN tokens to the first 10,000 users that download the App and complete the on-boarding process.
He said: “For most, earning value from data is an afterthought, but data is a big deal to larger firms that exploit user data for large profits. We would like to change that. We would like to give people control of when and how they are compensated for data.”
He also assured that the company would help users take control of their data by creating a curated data marketplace, noting that soon, users would be able to earn CEN tokens by leveraging data that they already own.
The CEN utility token will allow token holders to access some data sets that they are a part of.
Explaining the rationale behind the move to launch the project first in the country, Carranza said Nigeria is a vibrant economy with deep mobile penetration, adding that abundant opportunities exist for people with mobile phones.
According to him, there is greater chance of getting faster and accurate feedback on the project to improve on it before a worldwide launch slated for January next year.
He said: “Earning five dollars a week from the project might be considered ok here than somewhere like London, where it might take three months before they might think it is good.”
He added that subscribers would be able to opt-in to share via mobile app, browser plug-in, IoT device, Smart TV or upload directly to the marketplace.
He noted that with large volume data, people in the nearest future could make a difference and improve on communication, products, and services.
He also disclosed of plans to make Census the data company on blockchain, adding that they are going to bring in developers to add more values to the platform, in which and Nigerian youths would be involved.
Founder and Chief Executive Officer, Eka Consult, Steph Mekwuye, said as Africa’s largest mobile market with more than 150 million subscribers, Nigeria has a big stake in blockchain.
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