AmbaCoin is the name of the crypto currency that is supposed to help the separatist state of Ambazonia achieve financial independence. With this push the separatists try to free themselves from the African state of Cameroon. Another “state” ICO after Venezuela. The public sale is to start on time for Christmas.
One may be reminded of Venezuela. A crisis-ridden country is trying to gain independence through a state-owned crypto currency. The AmbaCoin case shows once again both the geopolitical and economic potential of crypto currencies.
Bitcoin secret: In the fight against Cameroon
Ambazonia or Amba Land is a region in the south of Cameroon that was declared independent of Cameroon by the Southern Cameroons Ambazonia Consortium United Front in 2017. For some time now, civil war-like conditions have prevailed there: the government does not recognise Amba Land, but the separatists are trying to enforce their independence by force. The country splits up without making any social or economic Bitcoin secret progress. But now there is a solution for the Bitcoin secret.
AmbaCoin to promote cryptosoft
In order to enforce the spin-off of Amba Land and Ambazonia at the cryptosoft currency level, some of the separatists now want to create their own cryptosoft currency. According to the white paper, the AmbaCoin has two main goals. On the one hand, the initiators want to raise the capital to push through their application for separation at the United Nations. On the other hand, the AmbaCoin should help to “build up the country’s economy”. Furthermore, it should be possible for inhabitants of Africa to act cross-border without restrictions.
Ethereum-based token available at Christmas
As you can see from the white paper, the token should be based on the Ethereum blockchain. By means of Smart Contracts the publishers want to control the token distribution. The consensus procedure is Proof of Stake, which the publishers consider to be more efficient than the proof-of-work mechanism at Bitcoin. As an incentive for Amba-Coin-Hodlers, the publishers offer an annual bonus of five percent. The ERC20 token will ultimately receive its own wallet, but will be storable on traditional wallets.