Zimbabwe Blockchain Entrepreneur Uses Celo/DeFi For Community Development Activities.
Tendayi, a Zimbabwean crypto enthusiast, is on a mission to redefine cryptocurrency by building blockchain infrastructure through Celo to improve the lives of many Zimbabweans.
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“We support ten vulnerable women through crypto every day with a dollar a day, and we also support five kids through school for the next two years. And this is all through crypto.” he said.
Tendayi’s started coming up with ideas. He could see blockchain and crypto solving problems unique to Zimbabwe, so he built BitFlex as a layer two blockchain on Celo, and his journey building with blockchain began.
BitFlex is a fintech platform that bridges the gap between crypto and fiat, making crypto simple enough to use, a solution that was important in Tendayi’s mission to build a blockchain for vulnerable communities.
“Celo is a mobile-first blockchain, meaning anyone with a cell phone can access the blockchain, and this nullifies the need for a computer. So we started looking into the speed of Celo; it is faster than Ethereum, Bitcoin, and Litecoin, so we began thinking of how to utilise Celo for daily use cases.”
Blockchain as an alternative to other financial systems is essential, especially in Zimbabwe. Tendayi pointed out that the country suffered sanctions and restrictions that made legacy economic systems unreliable.
He explained that DeFi is a way to generate funds continuously when BitFlex or GooDollar receives a donation. BitFlex uses Celo’s layer one tech, which means beneficiaries can easily use phone numbers as crypto wallets.
“So if someone gives us like $10,000, it will always remain $10,000. But, we use the proceeds to finance and fund our beneficiaries and communities.”
Smart contracts automate the process that ensures the proceeds reach the beneficiaries. Smart contracts, like regular contracts, are an agreement between parties; however, they can carry out the terms of a deal without the help of the parties involved.
If a contract says 20 beneficiaries will get 2% of the DeFi proceeds, the smart contract automatically sends 2% to the beneficiaries.
Tendayi’s solution has so far been able to provide a dollar a day to ten women every day and pay the yearly tuition of five Zimbabwean kids.