Afroin [XFR] is a digital asset and blockchain network for local and international commodity (natural resources) networks with zero transaction fees.
The Afroin project was inspired by the African continent, which brought about its birth and name Afroin. The reason for this is because Africa has the largest but most disorganized, in-effective and corrupt natural resource market in the world. Today, commodity trading in developing nations is heavily reliant on foreign trading firms due to rigid financial structures and inefficient trading methods. Over 60% of the world’s commodities/natural resources come from developing nations with rigid financial systems. A decentralized import and export commodity market will reduce friction in international commerce, broaden the distribution of the gains from trade, and encourage higher economic growth.
EXAMPLES OF COMMODITIES
The Afroin Coin (XFR)
The Afroin crowd sale will begin in the fall of 2018. You will be able to buy Afroin (XFR) at at a discounted rate here in 3 intervals that we will decide a week before the countdown ends.
Here are the plans that Afroin plans to get done over the next 2 years. We have a solid team and allocating the resources to make this a reality. View our team to learn more about us, the people who want change the way the world views commodity trading.
Initial Coin Offering
The initial coin offering of Afroin will hold from August 2018 to October 2018. Our white paper will be released in June 2018 for all our potential investors to see in detail all the problems we aim to improve with imports and exports of natural resources and manufactured products all over the world. The goal of the Afroin is to be most used cryptocurrency by improving a trillion dollar annual market.
Afroin Checker Platform
The Afroin checker Platform is a decentralized identity ecosystem that will enable people (Afroin checkers) verify and confirm trades on the Afroin blockchain. The platform will use geolocation technology to get the nearest checker to sign off a transaction for confirmation to the buyer in order to keep the Afroin ecosystem safe and secure from fraud. Afroin checkers will consist of verified industry experts, truckers, custom officials and verified personnel from shipping companies
July 2018 - April 2019
The Afroin mineral network is a decentralized network that will enable import, export and trading of natural resources to allow manufacturers get the best raw materials for the best possible price on the market. According to the world trade organization, the world trades over $3 trillion of natural resources annually. Decentralizing this market will allow for free and fair trade, supply chain efficiency, and quality of materials used for manufacturing. The internal testing stage will also include the Afroin checker validation program set up.
Internal Testing: July 2018 || Testnet Exodus: January 2019
Mainnet: April 2019
Afroin Smart Futures
The Afroin smart futures will enable contract agreements between manufacturers and producers to buy or sell a predetermined amount of a commodity at a specific price on a specific date in the future. All smart futures will be registered publicly on the blockchain as a binding agreement between both parties. This feature of Afroin will help decentralize the effect of speculators that make directional price bets on raw materials.
We will like all our investors and enthusiast to track the progress of the Afroin commodity blockchain platform on this page.
Present Stage: Internal Testing
Test Scenario (use case):
Using a real life scenario where the Afroin network helps Apple buy cobalt directly from miners with no middle man/traders present. An example of a developing nation with Cobalt reserves is DR. Congo. So let's picture a trade between the port terminal at Matadi D.R.C. and New York City.
How will the transaction above be executed on Afroin?
Stage 1: The Buyer
The buyer in the above case (Apple) will securely login to the Apple Afroin company account and search for "Cobalt". The guys at Apple will then pick the COB/AFR pair in order to get a decentralized price list of Cobalt on the Afroin blockchain.
Stage 2: The Transaction
The second stage of the trade will require the guys at Apple to pick from the list of sell orders for COB AFR/lb which will be simultaneously received by the Cobalt miner. Depending on price variations, Apple will have the freedom to pick at whatever price they are willing to pay. In this case, we assume that they picked a sell order from the D.R.C. This process removes/reduces the effect of speculation in the commodity market, which will lead to fair trade.
Stage 3: Checker Verification & Fraud Protection
This is the missing piece of the Afroin platform because of the lack of man power/users and partners that will enable the blockchain work effectively. We are in the process of collecting personal information from individuals and companies that are willing to work with us (please use the link below). The Afroin checker Platform is a decentralized identity ecosystem that will enable people (Afroin checkers) verify and confirm trades on the Afroin blockchain. The platform will use geolocation technology to get the nearest checker to sign off a transaction for confirmation to the buyer in order to keep the Afroin ecosystem safe and secure from fraud. Afroin checkers will consist of verified industry experts, truckers, custom officials and verified personnel from shipping companies. All Afroin checkers receive a percentage of a trade at the buyers discretion.
A technical overview for Afroin. Our white paper will in depth into all the problems we are trying to fix in the natural resource market and will explain how we can solve each and everyone with Afroin. Our Whitepaper will be available June 2018.
Real World Benefits of Afroin:
Specific use cases for Afroin.
Improve Mineral Trade
Speed trade and make it easier for economic growth and trade between and within countries all over the world. A decentralize system will allow for healthy competition and less manipulation. The natural resources market is one of the most volatile markets because of the presence of heavy speculation
The Forex market in a continent like Africa for instance has been manipulated by both commercial and government central banks for personal gains and interest. Afroin plans to redefine the forex market in continents like Africa by decentralizing by standing as an intermediary form of exchange between the USD and local currencies.
Peer to Peer
Quickly pay friends and family locally and internationally with Afroin. Sending money to anyone overseas with Afroin will take seconds to get to the receivers account. Also with the Afroin decentralized exchange system, foreign exchange values will be much lower than the secondary market values in developing countries.
Transparency & Corruption
All trades on the blockchain will be displayed publicly to allow for governments to track all trades leaving their countries. This will allow for accountability, transparency and proper taxation. This will be hard to manipulate because of the decentralized Afroin network.
The Afroin network will verify all transactions of different metals and minerals to ensure fair trade all over the world. The price of every mineral/natural resource bought and sold will be posted on a public ledger to allow for transparency and fair trade .
Large Money Transfers
Organizations like Western Union have been accused severally of artificially inflating its fees for money transfers, charging what has been called an “Africa charge” of 8% consistently “applied across countries regardless of the size of the market, regulatory costs or market risk.” However, the fees can be as high as 10% or more, depending on the region. Africa’s remittance market remains the most expensive in the world, and the region is estimated to incur excess costs of $1.4 billion to $2.3 billion per year as a result of these high remittance fees.
International purchasing power over the past few years have decreased with most African currencies Over the course of 2 years, the local currencies of Nigeria, Egypt, South Africa, Algeria and Angola depreciated by 47%, 33%, 101%, 37% and 38%. Afroin is here to reduce the volatility of local currencies in developing nations. Most physical currencies in developing countries that rely on mineral resources are very volatile Afroin as an intermediary store of value between local currencies and the US dollar will change this drastically.
The Afroin blockchain will provide numerous employment opportunities in developing nations. We hope to cause a butterfly effect that will disrupt the norm of unemployment and create several opportunities on the blockchain such as the Afroin Validator program.
Supply Chain Efficiency
Supply chain is one of the biggest issues in commodity trading. The Afroin network aims at helping collaborations between entities responsible for production, transportation and storage if necessary. Collaboration will help speed transaction processes and make sure the buyer/manufacturer gets the product. Building a global supply chain in a world of seven billion people is a complex and uncertain endeavor, especially since an increasing percentage of the world’s population is demanding industrial products.
Fraud & Quality
The quality of rare mineral resources have always been an issue from time. Every sale on the Afroin network will be powered by industry experts to verify the quality of the product for a set tip of Afroins. This helps verify every transaction on the network to avoid fraud
Matching Demand with Supply
The ability to maintain a balance between supply and demand in supply chains is dependent on natural resources. The location, quantity, and quality of these resources significantly impact a supply chain’s capabilities and logistics costs.
Local industries on the Afroin network will be put first. Most developing industries do not manufacture or process their raw materials. The Afroin network will prioritize local industries over international industries to promote economic growth and double trade earnings.