This post represents my personal views, which are derived from the information that I have collected. As Chief Scientist for UmojaCoin project, I am obliged by the law in the US to disclose to readers that this post is not meant to be financial advice under any circumstances.
“Always do your own research and commission your own advice. Thank you!” Brian Michira.
For #UmojaCoin, the Integration of Africa and the diaspora communities onto public blockchain is just the start of “blockchain singularity”.
The #UmojaCoin Protocol provides a trading platform where Africans and people in the diaspora can TRADE goods & services on Web3 without need for traditional IT, such as cloud services, server computers, databases, web servers and firewalls.
#UmojaCoin runs on the INTERNET COMPUTER; which PROVIDES cryptography, distributed computing, smart contract execution frameworks, and much more.
The ICmakes it possible for #UmojaCoin to run at web speed, with incredible efficiency, host code that serves web to users across Africa and the diaspora . In the development and engineering of UMOJACOIN users are able to learn on how to build products and businesses that scale infinitely on the Internet Computer.
People participate in the #UmojaCoin protocol by staking their UC tokens inside the NNS to create “voting neurons”. They can direct these to vote on proposals manually, or configure them to vote automatically, by following the voting of other neurons, in a system of “liquid democracy” where trust and expertise can be delegated on the fly. As a reward for participating in governance, the network allows neuron holders to earn “voting rewards”.
The proposal that #UmojaCoin plans to submit to the Network Nervous System will change the way Africa trades. #UmojaCoin brings together the African and African American communities by having a consensus vote that aims to bridge the cultural and economic differences by allowing users to participate in governance by voting on how to grow business in Africa and the diaspora which naturally would improve the network’s tokenomics.
TIP: remember that governance staking on the UmojaCoin protocol is very different to proof-of-stake staking that allows “validator nodes” to be joined to a network and help host a blockchain. Be careful not to get confused.
At any time, anyone can stake UC tokens inside the Network Nervous System to create a new voting neuron, which provides them with voting power that allows them to participate in the governance of UmojaCoin and earn voting rewards over time.
To ensure participants in governance are committed to the long-term success of the network, and will therefore vote in ways that promote its success, voting neurons lock-up the UC that is staked inside. In order to retrieve the UC inside a neuron, its owner must first “dissolve” the neuron.
The time this will take depends upon a configurable attribute of the neuron called the “dissolve delay”. A neuron owner can increase its dissolve delay at any time, but they can only reduce the dissolve delay by placing the neuron into “dissolve mode”, which will cause the dissolve delay to count down, day-by-day, until it reaches zero, at which point the UC can be retrieved. When a neuron owner decides to sell UC staked inside a neuron, the longer its dissolve delay, the longer the delay before the sale can occur, and thus the greater the probability they care about the long-term success of the network. For this reason, the longer a neuron’s dissolve delay, the greater its voting power.
Coming soon Across ALL AFRICAN NATIONS and In the DIASPORA