The Afri Development Fund identifies and allocates a pilot grant, loan or investment to a project that is building capacity on the African Continent.
Priority is given to “leapfrog” projects that build skills and capacity related to technology in the 4th industrial revolution. (e.g. Artificial intelligence, biotech, block chain, etc.)
These Afri will then enter the market and the recipient can use them to sponsor or purchase other goods and services.
This is done in a very low cost, fast and secure transaction environment using the advanced block chain technology that the Afri project is built on.
Unlike money the flow of these Afri will be able to be tracked and the impact they have will enable the Afri Development Fund to assess any multiplier effect from a specific intervention.
Further funds will then be made available based on the impact as assessed by the “Afri Track For Good” algorithm. The recipient is incentivised to invest in projects with a similar objective and “pay it forward”
Connecting high tech startups across the continent to donors, incubators, VC funds, investors, and our own funding with a mix of local and crypto currency.
Informing funders, responsible corporates and concerned citizens of the actual downstream impact of their spend.
Because the block chain technology that the Afri Project is using has the ability to be tracked, carry extra information and interact with its environment it opens up a world of possibilities to track and report on the impact that a specific investment or intervention is having.
The Track For Good algorithm has been developed for the Afri Project and is dynamically adjusted to ensure reliable reporting on the impact Afri have as they travel through the market.
In its simplest form each wallet or user will have a rating, these are impacted by assessment from the Afri Development Fund, inputs from other wallets, assessment of senior community members and an AI engine.
For example an institution that provides free training in skills that can bring African participants into the 4th industrial revolution will have a high score and an exchange in Dubai suspected of money laundering will have a negative score.
The value of the wallets that receive Afri downstream from an intervention as well as other inputs will credit that intervention with an impact factor.
This impact factor can be further broken down into skills development, environment, governance and other categories as the need to measure specific aspects arises.
Afri are only ever issued in return for development value delivered in Africa. Once someone has earned Afri you will be able to buy from them but there will be no initial coin offering (ICO)
You will be able to buy and sell Afri on exchanges. The first exchange is available at www.afrix.africa
There is a growing list of suppliers that are willing to take Afri as payment. For example the multi vendor platform www.weasyafrica.com is accepting Afri as a medium of exchange.
So far there are only two wallet providers, you can either register at afri.
There will be third party wallet suppliers like the exchanges and Azar Bank. These may have extra functionality like the ability to trade between Afri and your local currency or transact with online suppliers.
The reporting of the Track for Good algorithm is limited to a score based on the criteria selected by the user, it does not disclose actual transactions or users.
Yes, you will. You can keep it private or quote it to encourage people to spend with you and improve their rating.
Track for Good ratings will be calculated and smoothed over time. To avoid too much volitilty in the early stages these rating may not be made available to the wallet holder immediately.
There are some pilots approved and the application process for more of these has closed. Once the early bugs are ironed out, new funding will start from September 2018.
Online applications will restart in September 2018, to pre-register please add your contact details here