HesabPay e-payment solution for Afghanistan was successfully migrated towards Algorand Blockchain
- HesabPay digital payment solution from Afganistan switched to Algorand Blockchain.
On September 21, 2022, MIT Professor Silvio Micali informed us that the Afghanistan-based crypto payment solution HesabPay has switched to the Algorand Blockchain.
The shift was funded through the foundation grant program and is expected to facilitate around 6,000 transactions daily and impact tens of thousands of Afghans, particularly women, who are in dire need of access to payments.
Algorand’s blockchain has added features for cross-chain communication and improving transaction speed with the recent upgrade to their protocol.
Users of HesabPay will benefit from the Pure Proof-of-Stake (PPoS) mechanism, which allows transactions with almost zero costs to be fixed within 4.5 seconds. This is predicted to increase the ease and efficiency with which HesabPay connects international aid organizations to the citizens of Afghanistan.
Matt Keller, Director of Impact and Inclusion at the Algorand Foundation, highlighted in his statement that “Afghanistan’s liquidity has been drastically limited by a crippled banking sector, frozen assets and an acute shortage of physical currency notes.”
He added: “Equipping HesabPay with a fast, reliable and cost-effective settlement layer is critical to moving international aid into the hands of those who need it most.”
According to reliable reports, only six percent of Afghanistan’s population has active bank accounts and 27 million mobile phone users are in Afghanistan, and around nine million use smartphones.
More than a dozen humanitarian organizations received support from Hesabpay to pay the amount to the users at the urgent time in all 400 districts and 34 provinces of Afghanistan.
This includes an initiative to support around 5,000 women leaders in some of the most remote areas of Badghis and Faryab.
Sanzar Kakar, the developer of Hesabpay, said: “With 98% of Afghanistan’s population below the poverty line and the withdrawal of spending that accompanied international forces, hunger is lurking for many as drought and global food prices rise,” said Sanzar Kakar, the creator. by HesabPay.”
He added, “The Algorand Foundation shares our passion and commitment to use the power of blockchain technology to alleviate suffering by efficiently distributing financial aid with unparalleled security.”
Algorand Foundation latest update
Algorand introduced State Proofs into the crypto mainnet. The upgrade will increase transaction speed on the Algorand network.
The upgrade mainly introduced State Proofs into the mainnet of the crypto, which means the introduction of trustless communication between multiple blockchain protocols.
In his statement, Silvio Micali stated: “Algorand proves once again that decentralization does not have to come at the expense of performance or security. Interoperability between blockchains is the future, and Algorand State Proofs are a critical security feature for communication between networks.”
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by the blockchain technology and its function.
