Lekan Network’s proof of stake blockchain is Africa’s first Decentralized network that aims to digitalize the continent’s informal sector through the use of various decentralized ecommerce and digital payment applications.
The Informal Sector
According to the World Economic Forum of 2015, Africa has the highest number of self-employed individuals in the informal sector.
The informal sector is made up of a variety of businesses and self-employed services ranging from domestic work to farming and street trading. Lekan network service can promote savings, business expansion, and survival for the majority of these informal sector workers.
Considering that 86% of Africans involved in self-employed trades and micro-entrepreneurial activities are limited to cash-only trades, growing a business becomes hard, risky, and unsatisfactory.
African countries constantly suffer from an immense rate of unequal wealth distribution and low remuneration. People in a number of informal sectors sometimes earn as little as $1 or less a day, while the majority of their trades are considered black market or illegal.
Governments and most formal sectors pay little or no mind to the activities taking place in the informal sector and as such, have a plethora of misgivings about the sector. So, while the government only offers support to the formal sector, the relations between the formal and informal sectors are based on mistrust and minimal compensation.
Lekan Decentralized Application
The Lekan Network proffers a solution for this malaise and is made up of 5 major applications:
This is derived from the word Okusinga meaning pay in the Ugandan Bantu language.
Kisonga makes it possible for small and large firms to have an online presence. It is a vendor ecommerce application that provides an easy means for individuals doing business in the informal sector to launch their businesses online.
At a cheap subscription, Kisonga offers space sharing on its platform where multiple informal vendors share a single platform with individual domains. For ease of launching and developing the business, Kisonga provides in-built templates and store builders. Kisopay
This is a payment system that accepts both fiat and LRK (Lekan Cryptocurrency) used in Lekan Network.
This is a Ghanaian word meaning ‘the price has been reduced’. It is used by the Lekan network to represent an environment for business-to-business interactions and transactions.
A crypto Venture Capital Firm to fund the informal startup eco-system.
This is a Ghanaian word meaning ‘Clothes or Dress’. This is a business to consumer ecommerce platform catering to African fashion brands and fashion.
LRK Coin is a cryptocurrency created by Lekan Network. It is used for powering all Lekan services and is provided on the Lekan Network. Using LRK Coin, individuals in the informal sector gain access to.
- Cryptocurrency trade in the open market.
- Cryptocurrency trade in the informal market.
- Payment for Lekan services.
- Compensation for patronage.
1 LRK Coin is available for 0.09USD at the time of writing.
Lekan ICO page had 800 million coins offered at a $25m soft cap and a $72m hard cap.
LRK coins are set to be distributed 30 days after the sale of the coins.
LRK Coin Sales
ICO Coin sales started on May 1st and will end on June 15th.
Solving the Problems of the Informal Sector
Through these decentralized applications created by Lekan Network, a number of issues like the following are solved.
- The inability to provide documents for bank loans is fixed. For many individuals in the informal sector, this could be rather difficult. Documents like proof of an employer, utility bills, address, and others are often required, and these individuals may not have them available.
- Lekan network aims to provide an access for network providers to include the informal sector without monetary perception.
How will this affect the continent?
The unemployment rate in Africa is constantly rising and this is a major cause for concern. Even having a University education doesn’t really improve your chances of employment. This is why graduates and the uneducated all fall back on the informal sector to make a living.
However, with the help of Lekan Network, these seemingly disenfranchised individuals can create a network and enhance productivity.
Lekan decentralized application aims to solve problems faced by the informal sector. The innovative tools on the network create a means through which banks and mobile networks can include individuals of the informal sector.
They provide tools and platforms through their innovative technology and ensure that these solutions are adopted into all the various sectors of the economy.
Company Name: Lekan Network
Address: Lekan Network Inc ,Boston MA 02126