Nairacoin

Digital Naira crypto currency for Nigeria : The currency of the Free People.

Nairacoin is an experimental digital currency for Nigeria that enables instant payments to anyone, anywhere in the world.

Nairacoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network.

Nairacoin is not a Token. It is to replace physical naira cash, ease buying and selling and ease international naira transactions.

No transaction fees, no maintenance fees

Revolutionizing Nigeria Financial Economy

Nairacoin will allow people in Nigeria to buy things at local stores or transfer money to others with zero fees. Those without goverment Identity cards who can not get bank accounts can now buy, sell, trade and send money within and outside Nigeria without issues.

Nairacoin will eliminate transaction fees associated with credit cards.

Nairacoin is built on what exactly?

Nairacoin is built on blockchain Technoogy. A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol.

A full copy of a currency's block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.

Nairacoin is simpler to set up, more efficient, long-lasting with decentralization, more flexible and accessible to unbanked individuals.

Nairacoin will be running a permissionless blockchain. Access is provided to anyone who meets the technical requirements to run a validator node in the blockchain. Nairacoin lockchain has the ability to scale to billions of accounts that require low latency, high-capacity storage system and high transaction throughput.

The value of I Nairacoin is the same value with 1 physical Naira.

The reward for mining 1 block is NCN1,000,000 (Nairacoin) which is the same value with 1,000,000 Nigerian Naira

There is no fixed amount of Nairacoin that will ever exist. There is no fixed amount of physical Naira that can exist in the first place.

The more miners that join the blockchain, the more secure it becomes, the more difficult it will be to get Nairacoin

What is Nairacoin Mission / projects it will power

Feed the poor Foundation

Free Computer Science education

Free Cross border funds Transfer

Accelerator program for startup founders like Y combiantor and Techstars

Crypto Venture capital firm for Nigerians

Support Orphans in Orphange

Free wifi network across Nigeria

Affordable housing for internally displaced persons and refugees.

Free Online University

Online Marketplace for businesses in Nigeria

Real time housing ownership database for Nigerians

Real Time Hospital patients record database for Nigerians

Raise new crypto millionaires

How to exchange Nairacoin with other currencies like Dollars, Pounds, Bitcoin, Ethereum, Euros, Swiss Franc, Ripple, Binance coin, Tron and the rest.

We are bulding a Decentralized exchange platform where you can buy, sell, trade and swipe Nairacoin with other currencies. Will be launched in December 2021

How to run it

First, install requirements.txt.

pip install -r requirements.txt

Then you have 2 options:

• Run miner.py to become a node and start mining
• Run wallet.py to become a user and send transactions (to send transactions you must run a node, in other words, you must run miner.py too)

Important: DO NOT run it in the python IDLE, run it in your console. The miner.py uses parallel processing that doesn't work in the python IDLE.

How this code work?

There are 2 main scripts:

• miner.py
• wallet.py

Miner.py

This file is the most important. Running it will create a node (like a server). From here you can connect to the blockchain and process transactions (that other users send) by mining. As a reward for this work, you recieve some Nairacoins. The more nodes exist, the more secure the blockchain gets.

miner.py has 2 processes running in parallel:

1. The first process takes care of mining, updating new blockchains and finding the proof of work.

2. The second process runs the flask server where peer nodes and users can connect to ask for the entire blockchain or sumbmit new transactions.

Parallel processes don't run in python IDLE, so make sure you are running it from the console.

Wallet.py

This file is for those who don't want to be nodes but simple users. Running this file allows you to generate a new address, send coins and check your transaction history (keep in mind that if you are running this in a local server, you will need a "miner" to process your transaction). When creating a wallet address, a new file will be generated with all your security credentials. You are supposed to keep it safe.

Contribution

Anybody is welcome to collaborate in this project. Feel free to push any pull request (even if you are new to coding).