Koy Network's Is Building Africa's First Super App: Here Is What To Know

Despite having the smallest share of any continent, cryptocurrency adoption and the development of the blockchain ecosystem in Africa over the past decade has been nothing short of extraordinary. With Bitcoin being the most popular cryptocurrency, locals have embraced cryptocurrency as an opportunity to participate in the global financial market, send/receive remittances, and protect their wealth amid economic uncertainty. Now, the cradle of civilization is about to get its first super app thanks to the Koy Network.

Founded by Kenya-born entrepreneur Richard Erikodi and Telos Network’s architect Douglas Horn earlier this year, Koy Network is a blockchain company aimed at revolutionizing the financial sector in Africa. The project seeks to rebuild African infrastructure by harvesting the potential of Web3 technology to offer highly accessible financial, identity management, communication, social media, and transportation services, all from one app.”

KOY's interface will be familiar to these users and make blockchain easy while eliminating concerns about lost keys, hacked software, and phishing. KOY Network’s ease of use is essential to the success of the project, as not only will it ensure adoption by millions of users in the region but it will also be fundamental in attracting new developers. To drive mass adoption, the KOY team also launched its “Fair Sale” earlier this week. From September 18th to October 7th, those interested will be able to acquire Koy Network’s digital currency (KOYN) not only at a discounted price but also while enjoying referral rewards.

“Where most crypto projects fail is that they have no revenue model that brings in outside money beyond the token itself and the token’s only real purpose is to raise startup funds, and any other utility is notional,” explains Horn, referring to the role the digital currency serves in the KOY ecosystem. “The only reason we created the KOYN token is that it solves a clear and present problem about liquidity inefficiency that plagues systems with more than three or four currencies. The KOYN token has a real and necessary use case that nothing else can address.”

While other projects have struggled to materialize their vision in the continent, KOY Network’s vision is already materializing. Only days prior to the announcement of the “Fair Sale”, the KOY team shared network's mainnet had gone live. This, in addition to the collaboration with local regulators, has ensured the rapid development of the KOY Network, which has already caught the attention of blockchain and cryptocurrency enthusiasts all over the world.

“Where many blockchain projects fear regulation by governments or grudgingly accept it as inevitable, KOY Networks is actively partnering with African governments at state and national levels to deliver systems that solve their pressing, hard-to-address problems,” adds Horn. “We have already received partial licenses in some countries using a repeatable process that we expect to yield many more.“

By addressing the challenges that regulatory uncertainty represents for cryptocurrency projects all over the world, KOY Network has already paved the way for itself, investors, and users to operate safely in the region. For now, the main challenge remains to successfully attract users who have been intimidated by cryptocurrency’s highly technical nature, something that KOY Network’s super app seems well prepared to do.

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