Ayetu Whitepaper Unveiled: Enabling Economic Innovation for Africa
September 24, 2024 Today, Ayetu released the Ayetu Whitepaper, outlining the vision and strategy behind the Ayetu Network. Ayetu is a value and data network specifically designed for the continent of Africa. The whitepaper author, GoodBlock Founder & CEO, Douglas Horn, created the Ayetu vision over the past 18 months. He previously led the 2018 bootstrapped launch of the Telos Network and played a crucial role in establishing the Antelope coalition, driving innovation and collaboration within the blockchain space. In this latest work, Douglas Horn emphasizes the transformative potential of Ayetu, stating, “For too long, African nations have lagged behind the rest of the world in terms of general access to modern computer networks and platforms, universal financial access, and the myriad opportunities created from their synergistic combination…[Ayetu] will provide immediate and expansive improvements for its users and economies.” For those eager to dive deeper, you can read the full Ayetu whitepaper here.
The Mission of Ayetu: Unlocking Africa’s Economic Potential
Ayetu is on a mission to unlock the vast economic potential of Africa by addressing the systemic barriers that have hindered financial access and digital participation for those living in the continent. Despite possessing a wealth of natural and human resources, the continent has failed to fully capitalize on its opportunities, often falling prey to external exploitation. With a rapidly growing young population—approximately 60% of Africans are under 25—coupled with an increasing adoption of digital technology, there is a unique opportunity to introduce new financial and data infrastructure that can have a massive impact on the communities that utilize it. Ayetu aims to empower people across Africa to seize this opportunity through self-directed growth by providing the tools needed for entrepreneurship, business development, and personal advancement.
Core Features of Ayetu: A Robust Blockchain Solution Enabled by EASE
Focusing on easy adoption and solving current, pressing problems in Africa, the Ayetu blockchain is equipped with a comprehensive suite of features designed to enhance usability, security, and accessibility for users. These features aim to address specific challenges faced by individuals and businesses across Africa, making financial tools more approachable. The Ayetu blockchain makes use of the recently announced EASE Protocol, designed by GoodBlock. EASE, which stands for Easy Adoption, Sequestered Encryption, presents a new paradigm in blockchain technology that aims to address the friction points that have limited mass adoption over the past fifteen years. There’s far too many features to dive into in this article, but the graphic below provides a high-level look at all of them and the areas they affect. Notable features include: ● Super App Interface: To maximize user convenience and security, the primary Ayetu interface will be a super app with a common codebase and unified experience for web app and mobile apps. ● Universal Basic Transactions: Enabled so that all users can participate in the system with a small number of free transactions per day. ● No-Code Smart Contracts: Eliminates this usage impediment by making customized smart contracts instantly available to any user simply by paying the small deployment fee and filling in a simple “wizard” questionnaire used to configure pre-compiled, audited smart contracts.. ● ISO 20022-Compliant Smart Contracts: The first blockchain project to incorporate at the smart contract level, the incoming international standards for inter-bank messaging (replacing SWIFT)
Economics of Ayetu: A BaaS Powered by ATU
A unique economic model distinguishes Ayetu from other blockchain projects by avoiding reliance on a system token for transaction fees. Instead, Ayetu will take a Blockchain As A Service (BaaS) approach, accepting fiat stablecoins as part of its subscription fee schedules. This will enhance its appeal to a broader user base while ensuring stability and accessibility. Ayetu includes a revolutionary atomic intermediate transfer token to increase the efficiency of liquidity by orders of magnitude. This internal atomic exchange system is powered by the ATU token (Atomic Transaction Unit), an internal liquidity token to allow highly efficient exchange systems to operate. ATU tokens have a fixed supply of 1 billion created at the genesis of the blockchain and distributed as follows: ● 5% of the ATU tokens will be granted to founders and early contributors. ● 15% will be available for sale, offered through a DEX or exchange listing with no restrictions once purchased. ● 50% will be held in a Rewards Reserve to pay staking rewards to early users through the early phases of system growth and nascent usage, phasing out over 15 years on a modified linear emission-reduction schedule. ● 30% will be held as an ongoing liquidity reserve for major exchanges, centralized and decentralized. Next Steps for Ayetu Ayetu is currently preparing for its official launch, with a strong focus on Nigeria and West Africa as its initial market. The growing community and ecosystem contributors in Africa have provided crucial feedback at every step, shaping the development of the Ayetu platform. Following this launch, Ayetu aims to expand its reach to other jurisdictions across Africa. The blockchain is currently operated on nodes in seven African countries in addition to one each in North America and Europe. For a more in-depth look at the intricacies of what makes Ayetu so powerful, be sure to check out the entire Ayetu Whitepaper. To learn more about the Ayetu network, visit the Ayetu website at Ayetu.net and follow Ayetu on X for updates. Additionally, be sure to follow GoodBlock on X to stay in the loop on future updates for this and other products