For Bright Enabulele, the creator of Oduwacoin, the assertion that cryptocurrency will phase out fiat money is grounded in the potential of digital currencies to transcend borders, reduce transaction costs and time, and provide financial autonomy to individuals worldwide.
In this interview, the highly-revered pan-Africanist discussed his inspiration and vision for the continent’s financial system.
BrandSpurNG: What inspired the creation of Oduwacoin?
Enabulele — Following the recession in the United states in 2008, there were requests for payment settlement and around that time Bitcoin came. We knew it was going to make a difference in the world. At that time, we didn’t see a lot of Africans participating in it even though we had the most financial challenges compared to other continents. Our currencies were weak, and you couldn’t take anywhere with you.
I understand Africa used to be very efficient when it comes to exchange of value. In the 14th century, trade by barter was done between the Benin Kingdom, and the Portuguese. Everything just got washed away, such that we no longer have remembrance of the trade by barter.
So, I wanted to bring back what was lost through blockchain, where no one can forcefully take anything from you. I was convinced it’s a type of technology that could easily identify with us. It was a global equaliser I felt we could leverage, and that’s where Oduwacoin comes in. Africa can’t boast of having the most powerful military, or robust economy. We don’t even have the media. But what could give us that opportunity to equalise? It was Oduwacoin. Since the crypto market was new at the time, I felt Africa could take centre stage, and that’s why we created our native cryptocurrency.
BrandSpurNG: What are the key milestones and achievements that have been achieved with Oduwacoin in the past years?
Enabulele — It has been a rough ride since we started, especially with people believing that greatness couldn’t come from Africa. In fact, a lot of people thought it wasn’t a smart idea how we branded Oduwacoin, saying it is easily understood to be Africa’s pride. But that was what I wanted all along. Now, we’ve significantly changed the narrative, and we are proud that the first pan-African cryptocurrency stands shoulder-to-shoulder with other cryptos, especially in terms of features and adoption.
We’ve been able to achieve floating a cryptocurrency that is even faster than Bitcoin, and best of all, it is eco-friendly and gas-free. Not only these, we have our own blockchain, which makes us independent. We take pride in creating one of the digital financial structures for Africans, and a true identity for the continent.
BrandSpurNG: What role do you see Oduwacoin playing in the future of Africa’s financial landscape, especially in comparison to Bitcoin?
Enabulele — It will integrate Africa to the global market, serving as a frontier for any financial revolution in Africa. Oduwacoin will help us take foreign currencies out of our treasuries and give us the hedge we need against inflation.
BrandSpurNG: Why do you think African government should consider adopting Oduwacoin?
Enabulele — If it works, why not? Interestingly, it works. Africans cannot deal with burdens right now. For instance, it will cost you a minimum of $10 USD to send $1,000 USD worth of Bitcoin.
Oduwacoin has all the features you can think of when talking about Bitcoin. In fact, unlike the latter, it is eco-friendly, and gas-free, which makes it a preferred choice for crypto users. So, I don’t see why Africans shouldn’t accept their own. If Africa has to grow, we need to start supporting our innovations, and other things that bring value to the continent.
Bitcoin won’t bring value to Africa, but Oduwacoin will because even the name of the asset alone resonates with our continent. We have to start establishing trust within ourselves and I think Oduwacoin will bring the trust back to us.
BrandSpurNG: Do you think Oduwacoin and other cryptocurrencies will phase out fiat money?
Enabulele — From the history of finance, you see that the world has been progressive. From commodity exchange to gold, and now paper money, we’ve experienced revolution in different phases of life. So, in at least 10 years from now, fiat money will not be able to maintain its value. Data is the new money, and cryptocurrency is here to stay.
People should prepare their mind because change is the only thing that is constant, and we have never seen change go backward because human beings build fast on a progressive mode. Data is the new value.
BrandSpurNG: What will be the fate of traditional banks when that happens?
Enabulele — Let me ask you, what was their fate when gold used to be our currency? We adjusted, and I’m sure we will adjust again. It’s all about human behaviour. Change is the only thing that keeps us alive, even things that are non-human changes sometimes.
BrandSpurNG: Is there anything you would like to add to this?
Enabulele —The solution to the age-long challenges associated with Africa, is Blockchain. It will help us increase our revenue and lower inflation. I will also encourage Africans to hold Oduwacoin for unprecedented wealth.