Africa seems to be at the forefront of cryptocurrency revolution and blockchain applications. The oldest continent can now boast a revolutionary digital coin that serves to protect a precious animal specious.
As cited by CryptoGlobe, Africa houses almost 80% of all existing rhinos in the world. However, the biggest issue is the aggressive poaching that claims nearly 1,000 rhinos each and every year since 2013 up until now.
To deal with the issue, Saffers launched the so-called Rhino Coin, RNC, which aims to protect rhinos across Africa. The founders of the coin are Jacques du Randt and Alexander Wilcocks.
CryptoGlobe reported:
“The coin aims to give value to legal rhino horn on a 1 coin to 1gram (of rhino horn) basis, thereby allowing conservationists to unlock value from a stored asset that currently does not have a legal market value.”
The value of the coin comes from the fact that a rhino horn costs around $125 per 1 gram, whereas the digital coin Rhino Coin is much less than that amount. While global trade has been illegal since the late 1970s, the Rhino Coin serves as a hedge against any future trading, since if global trade is allowed, then investors holding 1:1 ratio (1 Rhino Coin for 1 gram of rhino horn) can profit tremendously by selling their coin internationally. Also, the proceeds from the coin help the short-term conservation of rhinos.
The Coin will be traded on the Cornu Exchange. Investors who purchase the coin will help preserve the rhino population, while benefiting from trading on the Cornu Exchange.