What does the term #DEFI mean? Do you know?

#Sikoba #IOU #Crypto_Glossary #wordoftheday #Decentralized #Finance #blockchain #technology

What is the main purpose of #Sikoba? Do you know?

Sikoba allows #payments to be made without having #money (whether #fiat, #crypto or any other #assets) to begin with.

#SKO #IOUeconomy #SME #financialinclusion #SocEnt

Who can use #Sikoba? Do you know?

Sikoba can be used by individuals, #SMEs & local #communities setting up and managing their own micro-credit systems, similar to #local currencies that are in use globally.

#money #localcurrency #communitycurrency #sustainability #IOUeconomy #SocEnt #financialinclusion #fintech

Will #Sikoba replace the banking system?

Sikoba is not a bank replacement, it is designed to bring #credit trading back to people alongside bank money.

In Germany, until a few decades ago, promissory notes (“Wechsel”) were routinely used by #SMEs - until bank credit became easily accessible.

#SocEnt #financialinclusion #sustainability #IOUeconomy

Do I need to have a bank account or cash to get started?

No, you do not need a bank account or cash. You can simply download #SikobaPay, find other users whom you know or already do #business with, and start accepting their #credit.

#Sikoba #IOUeconomy #financialinclusion #SocEnt

How does the #SikobaPay determine user’s #creditworthiness?

Our users are strongly encouraged to grant #credit lines only to users (individuals & companies) they know and trust personally.

#Sikoba #IOUeconomy #financialinclusion #SMEs #sustainability #SocEnt

#Sikoba is targeted at small #business owners, traders & artisans who do not necessarily know about #crypto. Our users will be interested in the functionalities rather than in the #blockchain aspect.

#IOUeconomy #financialinclusion #sustainability #SMEs #SocEnt

What #technology stands behind #Sikoba?

Our approach focuses on usability, meaning that users do not necessarily need to know about private key management, as practical account recovery methods are available.

#Finance #blockchain #IOUeconomy #financialinclusion #sustainability

Here is our latest #update!

We are now focusing entirely on the launch of the #Sikoba mainnet. Updates will be published ad hoc, instead of on a monthly basis.

#sikobaPay #SKO #IOUeconomy #Financial_App #FinTech #blockchain

https://link.medium.com/p2vAyAJXEfb

What does the term #InformalEconomy mean? Do you know?

The informal economy also referred to as #GreyEconomy, is that part of the economy which is not governed by the state or any authority.

#Sikoba #Finance #blockchain #IOUeconomy #financialinclusion #sustainability #SocEnt

What does the term #informalcredit mean? Do you know?

Informal credit means #transacting using promises of a future #payment or of a future offsetting transaction. This method has been used in #business for thousands of years, and remains an important means of financing and transacting for a large part of the world.

#sikoba #Finance #blockchain #IOUeconomy #financialinclusion #sustainability #SocEnt

What does the term local currency mean? Do you know?

#LocalCurrencies are currencies that circulate in a specific geographical area (e.g. a town, a city, an agglomeration). They work as complementary to an official, legal #currency. Accepted by local traders of all kinds, they give residents an incentive to shop locally and aim to promote #sustainabledevelopment.
#sikoba #financialinclusion

What are the advantages of introducing a #communitycurrency? Do you know?

#Sikoba #Finance #blockchain #IOUeconomy #financialinclusion #sustainability #SocEnt #LocalCurrency #ComplementaryCurrency

Can #blockchain and #DLT play a role in Community Currencies? What do you think?

#Sikoba #Finance #FinTech #IOUeconomy #financialinclusion #sustainability #SocEnt #LocalCurrency #ComplementaryCurrency

Is your community's access to #cash and #banking limited? #sikobaPay can help you do more #business together!

#reduceMoneyDependency #iouEconomy #unbanked #boostLocalEcomonies #financialInclusion #socent #tech4good #socialenterprise

https://youtu.be/ZvkGNWAUu84

#SikobaPay IOUs can help #entrepreneurs start their #business and make sales, especially in underbanked and #unbanked #communities.

#reduceMoneyDependency #iouEconomy #boostLocalEcomonies #financialInclusion #socent #tech4good

https://youtu.be/a6U0YeNJfJU

Credit conversion allows #SikobaPay users who do not know or trust each other to transact using #IOUs through trusted intermediaries. The most important rule is that users will only ever have credit exposure to those they have expressly chosen to #trust.

https://youtu.be/AQkar143isw

#socent #reduceMoneyDependency #iouEconomy #tech4good

Sikoba’s fuzzy clearing  mechanism enables tallying & offsetting of debts and credits on a rapid and ongoing basis. As a result, #money is only needed to repay residual balances rather than the full financial value of all trade. Therefore, much less money is needed for the same volume of trade.

https://youtu.be/DR8NyJl1Sjg

#reduceMoneyDependency #iouEconomy #unbanked #boostLocalEcomonies #financialInclusion #socent #tech4good #socialenterprise

SikobaPay app enables #savings groups to safely manage financial records, automate complex financial calculations and build a credit history. Developed with flexibility in mind, it can model various types of credit and saving mechanisms.
#savingsgroups #financialinclusion #Socent

In developing countries, individuals with limited access to formal financial services join #savings & credit groups in order to have a safety net in times of uncertainty. In this article, you’ll discover how these groups are operating in different parts of the world.

https://bit.ly/2W02zsr

#savingsgroups #financialinclusion #Socent

Since April, the #Sikoba project has faced several challenges which have impacted our planned timeline. Nevertheless, we have completed the development of #BekiPay, established cooperation with “Proyecto Banco Mujer” in Peru & prepared the ground to make #SikobaPay #decentralised.
http://tiny.cc/h6ljuz