Press release
PRICE RELEASE TòròNet recently announced the launch of the network’s mainnet, following nearly six months of operating a testnet. To launch the blockchain, stablecoins were also launched in four African currencies. Although the blockchain was designed to target the poor and unbanked, it is based on the assumption that decentralized finance will be accepted by the targeted communities if initially converted into familiar accounting units. TòròNet is organized as a digital autonomous organization (DAO), initially operated by a an Association incorporated in Switzerland. It also hosts the Club of Rome’s Digital for Life Initiative, which aims to improve financial well-being through the use of technology.
Utilizing technological innovations including a layer one blockchain, IOT devices and technology, and artificial intelligence, TòròNet aims to provide solutions that bridge some of the issues that have hampered prior solutions from reaching many in these communities.
Validator nodes are decentralized entities or organizations. These include entrepreneurs, individuals, corporates, state-run institutions and local business owners who are accepted by the DAO. The blockchain has its native token (Tòrò), a USD-pegged stablecoin. The consensus system is both a proof of authority hybrid and proof of stake. To collateralize tokens, nodes must also deposit stakes in order to receive DAO or association vetting. This creates trust and discourages speculation. It also ensures that the System is kept in good standing.
TòròNet’s Solutions
This platform was created with the belief that technology must be accessible and easy-to-use in order to encourage economic and financial inclusion. This is the focus of TòròNet which is about unleashing the power of decentralized finance for empowerment rather than disillusionment. We designed the Tòrònet protocol to address the following problems that under-banked and unbanked communities are facing:
- The digital economy is accessible to all participants by giving them access to their smartphones, which are their portal to financial and economic inclusion.
- Shelter economy: by providing access to affordable & sustainable housing which is their starting point in building generational wealth.
- Financial economy: by providing access to low-cost capital including remittances which is their tool for building a credit history that supports their financial inclusion & access to capital.
- The Energy Economy: By allowing access to non-fossil-fuel-based, cost-effective energy that is affordable for them. It’s their way of creating value out of their time and contributing towards a world without any emissions.
- Token-based incentive for nature economy, which includes plastics recycling, carbon sequestration, and other regenerative economies. The creation of carbon sinks by nature preservation/tree plant/reforestation programs, which are a means of reducing pollution levels in the environment.
- Agriculture economy: By allowing farmers + processors + their value chain/ supply chains + consumers to access functional markets close to home. It is the way to end hunger, poverty and create new jobs.
Technical Design of TòròNet’s Blockchain
The innovations that TòròNet brings are:
- InteroperabilityFinancial inclusion is all about freedom. Users are not more free if they have assets that can be used to lock them into networks. TòròNet is building for a future where users have choices which will include traditional financial institutions, CBDCs, and other blockchains, and may move their assets easily across network depending on the services they seek. With the recent launch, the level 1 and level 2 tokens built on TòròNet can be bridged to and from the Ethereum network, and they are not wrapped Tòròs on other networks but the same token and value. BSC, Avax, and other networks like Bitcoin will also be available. This bridge will be dual, not just a bridge that allows assets to flow from one network to the other.
- Multiplatform: A key element of TòròNet technology is the core separation of tokens and assets from the network. On TòròNet, by design, tokens and assets are considered separate from the network and can be bridged to other networks.
- Speed: Firstly, TòròNet is both decentralized and efficient with a blockchain secured by independent nodes. Decentralized doesn’t mean everything is possible. The admission of nodes depends on the approval of trusted entities and votes by the DAO. Each node will need to stake resources to the network in order to make transactions on blockchain. Because nodes have a reputation and stake, consensus takes less than 5 seconds and doesn’t require the use of any electrical resources. Subsequently, TòròNet transaction costs are cheap and less than 5c per transaction.
- Freedom: TòròNet values the freedom to choose. The majority of addresses and wallets in the network will be custodial with KYC. This allows users to recover assets lost or stolen keys. There are many projects that address financial issues in communities. These projects are decentralized and have a common architecture. However, they may each be centralized, custodial or require KYC from customers in order to be compliant with local laws. Addresses on TòròNet have a flag that indicates if the address is opted into KYC and enables a project or node with custodial access to assist the user with resolution and asset retrieval utilizing the consensus method of the network. However, like the older layer 1 blockchains, on TòròNet users can also still choose to set up non-custodial addresses if they wish for safekeeping higher value balances, to gain censorship resistance separate from any project, or on less frequently used accounts. They may create accounts (accounts), with project and service providers that offer the services they desire to use. Many people in these communities have multiple bank accounts at different banks. They may also use the account to receive micro-loans and agricultural production subsidies.
- TrustTrust is an important aspect for targeted communities. In some parts of the globe, consumer regulations and protections may not be as strong as they are elsewhere. Rural communities aren’t attracted to the types of blockchain projects currently available. This has led to a dearth of utility for these groups.
TòròNet – The Community
TòròNet leverages technology as a tool but not an end goal. This team includes top technology talent, including experts from traditional financial institutions, as well as people who have a track record in delivering rural projects.
The core vision of this team is to see the communities served by the network bridge the development gap compared to communities covered by more financial services, by utilizing the solutions TòròNet offer. This team can help these communities, which have suffered from lack of access and low trust in financial institutions as well as a lack of agreements and contracts, to accelerate their development. As the rest of world experiences rapid financial technology development, this is vital. It also drives development in other economic areas.
While the average interest rate in advanced countries is 1%-5% on mortgages, rates in rural areas can be as high as 30%. For business and developmental loans, there are similar limitations. These limitations hinder development, innovation, entrepreneurship. This should not be acceptable to anyone. There is so much human creativity and innovation that could be used to solve this problem. This is costly for communities around the world. Recent developments have shown that borders cannot separate economic and geographic communities. This is because of the effects and outcomes of social and economic factors.
The use of blockchain technology to increase trust can benefit all entities. It provides transparency and immutability through decentralized blockchains. Self-enforcing smart contracts can also be used. Real-world use-case is what TòròNet is built for. Although we anticipate the challenges ahead, we are looking forward to the opportunities to work with developers, users and anyone else who joins us in improving the ToroNet community.
For more information about the project and to visit TòròNet’s social media platforms, please visit the website at: https://toronet.org/
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