Project description:
OnSoko Africa is a business that started in Kenya in 2018 with a view to:
- Accelerating Africa’s Industrialization
- Building African Brands by marketing goods manufactured and Distributed in Africa through an E-Commerce that markets them, gives them visibility and avail them to the end users at an affordable prices
- Creates well paying online, manufacturing and logistics jobs for Africans, and
- Support African Governments efforts of wealth creation and eradication of poverty
Noting that times are changing fast and fiat currency is soon becoming obsolete, the company powers operations on Bluegate Business Solutions Crypto platforms with an own CryptoCurrency called PanAfricanCoin that currently is at the token stage.
Bluegate Business Solutions LTD join this exciting and huge project on December 2019 as Technology advisors and developres, helping Onsoko Team and PAC stakeholders in creating: Pan African Coin ICO/Strategy platform, PAC Exchange system on Blockchain, PAC Token creation on ERC20 smart contract, Loyalty plan and Marketing tools. A whole, complete E2E project.
What is an ERC20 token?
An ERC20 token is a blockchain-based asset with similar functionality to bitcoin, ether, and bitcoin cash: it can hold value and be sent and received.
The major difference between ERC20 tokens and other cryptocurrencies is that ERC20 tokens are created and hosted on the Ethereum blockchain, whereas bitcoin and bitcoin cash are the native currencies of their respective blockchains.
ERC20 tokens are stored and sent using ethereum addresses and transactions, and use gas to cover transaction fees.
What is Blockchain?
At its most basic level, blockchain is literally just a chain of blocks, but not in the traditional sense of those words. When we say the words “block” and “chain” in this context, we are actually talking about digital information (the “block”) stored in a public database (the “chain”).
“Blocks” on the blockchain are made up of digital pieces of information. Specifically, they have three parts:
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- Blocks store information about transactions like the date, time, and dollar amount of your most recent purchase from Amazon. (NOTE: This Amazon example is for illustrative purchases; Amazon retail does not work on a blockchain principle as of this writing)
- Blocks store information about who is participating in transactions. A block for your splurge purchase from Amazon would record your name along with Amazon.com, Inc. (AMZN). Instead of using your actual name, your purchase is recorded without any identifying information using a unique “digital signature,” sort of like a username.
- Blocks store information that distinguishes them from other blocks. Much like you and I have names to distinguish us from one another, each block stores a unique code called a “hash” that allows us to tell it apart from every other block. Hashes are cryptographic codes created by special algorithms. Let’s say you made your splurge purchase on Amazon, but while it’s in transit, you decide you just can’t resist and need a second one. Even though the details of your new transaction would look nearly identical to your earlier purchase, we can still tell the blocks apart because of their unique codes.
While the block in the example above is being used to store a single purchase from Amazon, the reality is a little different. A single block on the Bitcoin blockchain can actually store up to 1 MB of data. Depending on the size of the transactions, that means a single block can house a few thousand transactions under one roof.
What Is an Initial Coin Offering (ICO)?
An Initial Coin Offering (ICO) is the cryptocurrency industry’s equivalent to an Initial Public Offering (IPO). ICOs act as a way to raise funds, where a company looking to raise money to create a new coin, app, or service launches an ICO. Interested investors can buy into the offering and receive a new cryptocurrency token issued by the company. This token may have some utility in using the product or service the company is offering, or it may just represent a stake in the company or project.
Solutions PanAfricanCoin is providing to African Continent
Unity
The Afro-Made OnSoko Ltd, through The PanAfrican Coin hopes to enhance African Union’s efforts of building one economic block for the continent through the already ratified Free Trade Agenda for Africa.
Industrialization of Africa
The Afro-Made OnSoko Ltd’s PanAfrican Coin has positioned herself to accelerate Africa’s Industrialization by promoting starting and growing of African Industries.
Building African Brand
Through the Token/Coin, the company hopes to market and give visibility to goods manufactured and made in Africa through The OnSoko Africa E-Commerce platform.
Wealth Creation
The platform hopes to create wealth for the continent through her four pillars namely E-Commerce, The Finance Service Platform, The Crypto-Fiat – Mobile Exchange and The OnSoko’s Own Blockchain.
PAC DISTRIBUTION
PAC/Onsoko platform offers 1, 000, 000, 000 PAC Tokens: Meaning there is 1 Billion Of PAC as Supply. For more information visit PAC site:
More information on Pan African Coin – Investors – PanAfricanCoin Website