ìBíLÈCOIN: An indigenous valued token on the Cardano Blockchain
Sustainable ADA | Feb 9, 2023
What is ìBíLÈCOIN?
ìBíLÈCOIN’s concept is an original Benin Bronze head that is part of a group of more than a thousand metal plaques and sculptures that decorated the royal palace of the Kingdom of Benin, what is now Nigeria, Africa. These objects form expressive examples of Benin’s Art. These sculptures were created by the Edo people in the thirtieth century.
“The beauty of the traditional artifacts cannot be overemphasized. Such is the Traditional Importance attached to these artworks they were believed to be more precious than Gold.”
IBILECOIN was created to rejuvenate the traditional and ethereal values of what the Benin Bronze head meant to the people centuries ago and what it can also mean today in the 21st century. Being a monumental development in the decades of a crypto revolution. The concept is derived from the Bitcoin architecture which was pioneered by Satoshi Nakamoto.
“IBILECOIN is built on the best blockchain in the Industry, Cardano” – by Charles Hoskinson.
IBILECOIN is working to make passive income earning easily accessible for everyone regardless of their geographical location. By enabling the transfer of value from one person to another via the $BLC token on the Cardano Blockchain.
IBILECOIN has partnered up with VyFinance to allow holders to stake their tokens. VyFi is a Cardano native token and DeFi platform for new and experienced users. They are bringing a new approach to user interfaces and profit-sharing mechanisms being managed by Auto-Harvesters.
Anyone can earn 6.57% compounding interest on their $BLC holdings and with the mining and staking of the ÌBÍLẸ̀GEMS NFTs.
White Paper: https://img1.wsimg.com/blobby/go/3edea174-bf69-44d9-b5a2-dcd64813a2f8/downloads/IBILECOIN%20(%24BLC)%20WHITEPAPER.%2C.%20(1)%20(2).pdf?ver=1672623927621
Akin Soyoye is the founder of ÌBÍLẸ̀FINANCE and the token is ÌBÍLẸ̀COIN.
“I got attracted to the Cardano blockchain as it primes itself as an Afro-centric blockchain, banking the unbanked. As an African, to be precise Nigerian myself it was a no-brainer for me to build on Cardano.” – Akin Soyoye
Why Create ìBíLÈCOIN
“In October 2021, I had some amount of money I intended to deposit in my savings bank account, to earn some Interest as Inflation keeps on eating away the value of our Fiat currency day by day.
However, I was gobsmacked when I learned that my bank was going to give me 0.10 P of interest if I save 10,000 GBP for a year.
And they would also charge me over 200 % for getting a loan with them in the same time frame.
Secondly, most people from my part of the world Africa were left out when the revolutionary Bitcoin journey began and recreated value without performing I.C.O, and or seed funding there-by making the true ownership of the project being the public.
That’s why we followed BTC tokenomics in our model. This made me decide that I should venture into a more decentralized technology which gives more power to the public and individuals instead of some banking systems that are enabled by our governments.
This is what mostly inspired me to lead the team that created ÌBÍLẸ̀FINANCE.” – Akin Soyoye
Problems Blockchain is helping solve
Some problems the ìBíLÈCOIN team thinks blockchain helps solve is that it brings true decentralization, anonymity, and there is no discrimination on the Blockchain.
An example from the ìBíLÈCOIN team is that “As a Nigerian in Nigeria, I couldn’t receive payment via Paypal, however with BLC our token, that has been solved. 24 Hrs up time on the Cardano Blockchain, robust security of funds, full custodian of assets, and Immutability.”
They decided to create IBILECOIN [$BLC] on the Cardano Blockchain because of its proof of stake mechanism the Ouroboros protocol. Because it is peer-reviewed, has a good energy efficiency, and is great for the planet compared to other current proof of work protocols.
Why bring a token like Bitcoin to Cardano?
Bitcoin uses the proof-of-work algorithm and makes mining of new blocks possible for transaction verification. This process is slow, consumes immense electricity, and is a timely process.
Cardano is much more efficient: Mining of new blocks are impossible. Instead, the Ouroboros protocol chooses a few nodes to mine the next blocks based on the Proof of Stake [P.O.S] consensus. In addition, some verified reports suggest that the entire Cardano network is 1.57 million times more efficient than Bitcoin.
While this new ecosystem opens up the horizon of Defi applications for the businesses and users that choose to operate on the Cardano Blockchain, it continues to offer more security than other blockchains like Ethereum. Where billions of dollars have “gone up in smoke” as a result of the hacks on the Ethereum blockchain.
The biggest advantage IBILECOIN sees with Cardano is that it offers a highly secured network that is even more robust than Bitcoin and has all the Defi features that the Ethereum blockchain has to offer.
IBILECOIN believes that Cardano’s the “Most secured, peer-reviewed, Afro-centric, and scientifically proven blockchain in the world.”
IBILECOIN Comparison of Coins
More about the token
Graphic of Token:
Connection to the Sustainable Development Goals
The United Nations’s 17 Sustainable Development Goals (SDGs) are an urgent call for action by all countries. This enables countries to create global partnerships that work towards achieving these goals. The goal is to achieve the SDGs, which are built upon decades of work by countries and the UN.
Blockchain technology is a key technology for the SDGs because it enables stakeholders globally to have the ability to track, record, and share data that is immutable, timestamped, and verifiable. The traceability of data can only be proven from data that is added to a chain.
IBILECOIN and the ÌBÍLẸ̀FOUNDATION are robustly connected to the SDGs and represent a connection to the goals, SDG 1 – No Poverty, SDG 4 – Quality Education, SDG 5 – Gender Equality, and SDG 6 – Clean Water and Sanitation.
SDG 1 – No Poverty by providing a way to earn passive income by holding the BLC and providing a new form of value to be transacted 24/7.
SDG 4 – Quality Education through their articles and platform educational materials. Helping provide resources and support to people with financial issues throughout Nigeria.
SDG 5 – Gender Equality by helping promote the BLC token and services to females in the Nigeria areas and spread throughout the continent of Africa.
SDG 6 – Clean Water and Sanitation through their charity department where they are working on initiatives that help provide community members in Nigeria with water and sanitation solutions.
Challenges in the Blockchain Space
The main challenges IBILECOIN noticed are bad actors giving blockchain and cryptocurrency “negative images”.
An example from ìBíLÈCOIN is “projects that have rug-pulled , have collapsed and taken people’s hard-earned funds with them without giving any tangible reason. Which also gives the government negative perceptions.
Ease of access and education to the general public on how blockchain technology can become a paramount day to day solution to the issue humanity currently faces in Inflation, the rigidity of value transfer, financial Identity, and governance, in today’s world.
Hence the services we provide via the Blockchain technology aims to mitigate these hindrances and make more people enjoy the benefit of the Blockchain Technology through awareness and education .” – Akin Soyoye
News to Share
- The charity department at the ÌBÍLẸ̀FOUNDATION helps people in Africa, starting with the region, Nigeria on personal development and financial issues.
More info here: https://ibilecoin.com/ìbílẹ̀-foundation.
- The token $BLC is now accepted by a 4-star hotel in Barcelona, Spain for room booking, food and drinks, taxi services, and all hotel services.
Learn more here: https://ibilecoin.com/business-accepting-%24blc
- The ìbílẹ̀finance team also met the Cardano founder and Ethereum co-founder Charles Hoskinson at the Cardano Summit 2022 in Switzerland.
See post here: https://twitter.com/IBILECOIN1/status/1595104686763380745?s=20&t=66X5nLQKvIEgPyzTKMjPEg
Suggestions from IBILECOIN:
IBILECOIN wants Sustainable ADA readers to do their own research and understand the wonder of Bitcoin`s tokenomics and how they have successfully recreated it on the Cardano Blockchain. Going a step further by allowing people to earn 6.57% compounding interest on their $BLC holdings with their own staking, mechanisms, and mining ÌBÍLẸ̀GEMS NFTs.
*Please note this is not financial advice and please trade at your own risk*