Lesotho Signs MoU with Crypto Platform Apollo to Develop Financial Infrastructure in Africa

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Kseniia Klichova
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Developed as an alternative means for monetary value transfer, Bitcoin was designed by its founder, Satoshi Nakamoto, to have blockchain technology as its backbone. Extremely efficient and economical, blockchain’s basic characteristics have allowed it to penetrate nearly every industrial and economic sector in the world.

It is with these aspects of blockchain technology that Apollo brings its holistic cryptocurrency project and mission to the world.

Apollo: All Encompassing

Like the Greek deity, the Apollo platform is designed to be a leader in providing efficient and smart systems for a wide variety of fields. Apollo is more than just a cryptocurrency. It is a complete holistic decentralized ecosystem that caters to a wide variety of needs of a community. Here are just some of the features of the network:

• 3rd Generation Blockchain: After carefully studying the most famous blockchains, Apollo was designed to incorporate mainstream cryptocurrency features into one ecosystem.
• Privacy: Leveraging a wide variety of methods to protect one’s ID and assets, such as IP masking, coin shuffling, and mixing, Apollo completely disconnects the user’s traceability.
• Financial Systems: From a cryptocurrency to building unique tokens that represent real-life assets, coupled with smart contract and Decentralized Autonomous Organization (DAO) capabilities, users can shift their entire financial systems to the blockchain.
• Democracy: Voting, decentralized data cloud storage, a real-life marketplace, and other services mean that Apollo can offer everything under the sun, and leave the control in users’ hands.

Everything Under Lesotho’s Sun

Photo: Apollo Foundation / Medium

Apollo has signed a Memorandum of Understanding (MoU) with the African nation of Lesotho to develop and shift the country’s infrastructure on blockchain. The MoU was signed with the Ministry of Communications, Science and Technology of Lesotho. Under the agreement, Apollo will help the country develop:

• Profit maximization and friction reduction in the mineral and exports industry.
• The use of blockchain technology to create a financial crime-free environment.
• The use of Apollo’s fintech solutions to create opportunities for resource exploitation.
• Different governance and control systems.
• Support and development for other sectors such as education and helping in eliminating poverty and unemployment.

The landlocked nation in South Africa is home to an indigenous population of 2.2 million with vast untapped resources of human skills, minerals, and a diamond industry. The nation also has a huge overseas population that sends money back home through traditional banking remittance. Adoption of blockchain would see Lesotho developing efficient systems in different areas of the country’s infrastructure, from finances to administration. This will help the tiny nation to rapidly develop itself, especially since it has a small resource pool and at the same time, a huge untapped potential that can put the country at the forefront of developed nations.

Director of Business Development for Apollo, Steve McCullah, shared the same sentiment and is convinced that his platform will deliver, saying:

“Lesotho is working to become a leader in technology… We are confident Apollo can help accomplish this mission.”

Apollo’s holistic approach to using blockchain in addressing every conceivable issue and application is the perfect solution to what Lesotho, as a nation, seeks in order to bring about a change in the society and its people.

Author: Kseniia Klichova

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