Isaac Muthui is defying odds by being one of the few Africans to introduce a cryptocurrency that targets Africans. The computer science graduate has invested Sh15 million in developing Nuru Incorporated, which has introduced the first African cryptocurrency, Nuru coin.
VCapital FM interviewed Mr Muthui about Nuru Coin, blockchain technologies and the future of digital currency.
What exactly is Nuru Coin?
Nuru Coin is a token developed over the ethereum (open source computing platform for blockchain), which seeks to solve problems of payment in intra-Africa trade and cross-border and business to customer marketplace. Simply, it is the use of blockchain technology.
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The world is currently gravitating towards block chain technology. We have come a long way from internet of information where we exchanged information, and then we went to internet of things where people could use the internet to exchange things, ‘artificial intelligence’. Now we are currently in the internet of finding, which is characterized by block chains – storing information in a decentralized format.
What was the motivation behind starting Nuru Coin?
Our goal with Nuru Coin is to handle transparent intra-Africa trade. It is also meant to encourage Africans to trade among themselves instead of over-relying trading with other regions. Currently, Africa trades with the rest of the world at 66 percent but only trades with itself at 11 percent. This needs to change.
How different is what you are doing from what everyone else is doing?
We are more focused on building block chains and not just cryptocurrencies. Cryptocurrencies, which are digital assets, begin as a way of giving people incentives. On the other hand, blockchain are storing records on chronological order. As such, cryptocurrencies cannot survive without blockchains, but block chains can. Using blockchain technology, you can solve a lot of problems. On the other hand, cryptocurrencies are used either as a store of value, or as a medium of exchange.
How much is a Nuru Coin?
We are currently selling one Nuru coin at Sh10 on presale, which is targeting global joint ventures, but the price for the cloud sale will begin later in February with price to be announced then.
How do I purchase Nuru Coin?
By simply logging into our site, register, participate by indicating how many coins you get and then follow the instructions. (Source: Capital FM)
LISTEN TO ISAAC MUTHUI