The global economy is being battered by inflation, and a global recession is forecast in the coming quarters. As a result, central banks are increasing interest rates to tame inflation.
The Federal Reserve raised the interest rate, making it the highest in over two decades and is considering two additional half-point increases in June and July. As the signs of inflation become evident, consumers are the first to be hit as daily purchases become expensive and the value of their money reduces over time.
Financial inclusion with blockchain
The rising prices, economic uncertainty and the lurking fear of unemployment are likely to cause inflation inequality, which refers to the widening rich-poor inflation gap. This extreme inequality came to the fore during the pandemic when the world’s ten wealthiest men more than doubled their fortunes from $700 billion to $1.5 trillion, making more than the poorest 3.1 billion people.
It is even more challenging for the 1.7 billion unbanked adults, as estimated by the World Bank, with no access to loans, credit cards or bank accounts to avail of financial services. Blockchain technology offers the opportunity of financial inclusion to the unbanked through alternative, decentralised financial services.
DeFi – the gateway to financial freedom
DeFi, which stands for Decentralised Finance, uses blockchain and cryptocurrency to manage financial transactions. The purpose of DeFi platforms is to democratise finance and create open, trustless, and decentralised systems. It has the power to provide access to permissionless financial services through a smartphone.
During inflationary times, DeFi has the potential to be a hedge through offerings like staking, yield farming or lending. But it is not easy for the unbanked to access it.
Fortunately, blockchain projects like our partner, Kampay, allow consumers to become their banks and earn money through decentralised solutions in Africa. As an estimated 95 million on the continent are unbanked, they seek an alternative to traditional banking. We partnered with Kampay to take our monetisation application to millions of users, initiating earning opportunities for any consumer with an underutilised device.
Generating passive income
Rising inflation has led to an increase in the price of goods and services, making it difficult for some to cover their daily expenses.
An additional source of income comes as a relief to these consumers during inflationary times. Our monetisation application offers an effortless way to earn passive income from existing, underutilised hardware by utilising our highly efficient and sustainable blockchain. We believe in a shared economy, and users earn revenue by harnessing the wasted potential on their idle hardware.
Our partnership with Tingo allowed us to offer nearly 10 million Nigerians the chance to earn CUDOS by utilising spare capabilities on their devices through the Cudos monetisation app. We intend to unleash the potential of blockchain to create a positive social impact in the lives of millions of Nigerians. Leaving a mobile phone to charge for eight hours at night plugged into wifi could allow these vulnerable communities to earn passive income.
Start earning today
Did you know that mobiles, PCs, and other hardware are idle on average 60% of the time? You could monetise this wasted potential and generate additional income through mining.
Cudo Miner is an advanced crypto mining software. It includes a desktop application and a dedicated web console for monitoring and remote management. Download the app and start mining!
Cudos is powering the metaverse bringing together DeFi, NFTs, and gaming experiences to realise the vision of a decentralised Web3, enabling all users to benefit from the growth of the network. We’re an interoperable, open platform launchpad that will provide the infrastructure required to meet the 1000x higher computing needs for the creation of fully immersive, gamified digital realities. Cudos is a Layer 1 blockchain and Layer 2 community-governed compute network designed to ensure decentralised, permissionless access to high-performance computing at scale. Our native utility token CUDOS is the lifeblood of our network and offers an attractive annual yield and liquidity for stakers and holders.