Thursday, 23rd March 2023
Breaking News:

Empowering Entrepreneurs: How blockchain-based PLC Ultima can help Nigerians launch their business ideas

By Guardian Nigeria
16 March 2023   |   1:56 am
Nigerians are known for their entrepreneurial spirit and have a vibrant small business sector. New technological platforms

Nigerians are known for their entrepreneurial spirit and have a vibrant small business sector. New technological platforms based on decentralized solutions will make small business more available for Nigerians and help them bring their products and services to new markets.

According to the International Finance Corporation, small and medium-sized enterprises (SMEs) in Nigeria make up around 90% of all businesses, contributing to over 50% of Nigeria’s GDP and employing over 80% of the country’s workforce. Nigerians are known to be innovative and creative in their business ventures, and there is a growing interest in technology-driven businesses. However, SMEs in Nigeria often face challenges such as limited access to finance, inadequate infrastructure, and poor regulatory environment, which can make it difficult for them to grow and scale their businesses.

The PLC Ultima ecosystem uses new technologies such as blockchain and smart contracts to effectively counter these challenges, reducing online trading fraud and helping small businesses to expand their sales geography by entering new markets.
The blockchain-powered PLC Ultima ecosystem is a platform for a handful of decentralized services for daily use. These services are aimed at both B2B and B2C sectors. Thus, there are two platforms launched in PLC Ultima that can help small businesses develop. This is the PlatinDeal marketplace, where users can buy or sell goods and services, accepting cryptocurrencies as payment, thereby expanding their geography of sales.

Nigeria has a large and growing population with a high rate of smartphone adoption, and many Nigerians are already familiar with e-commerce platforms such as Jumia and Konga. However, these platforms often face challenges with fraud, counterfeit products, and limited cross-border trade due to currency exchange restrictions. The decentralized marketplace within the PLC Ultima ecosystem could offer a solution to these problems by allowing buyers and sellers to transact directly with each other, using cryptocurrencies as a means of exchange. This could help to reduce fraud and increase cross-border trade, as well as provide a more affordable and accessible platform for small businesses and entrepreneurs to sell their products.

There is also the crowdfunding platform called PlatinHero, where everyone can find like-minded people and attract their support to realize the most ultimate business idea. Both platforms are aimed at strengthening horizontal ties in society in a cross-border format and improving living standards in developing economies. Nigeria has a large diaspora community around the world, and the decentralized crowdfunding platform could provide a convenient way for Nigerians living abroad to support talented entrepreneurs in Nigeria and strengthen ties between the diaspora community and their home country, as well as provide an economic boost to local businesses.

PLC Ultima is based on its own blockchain which has similar features to the blockchains of Bitcoin, Ethereum and Monero, but it also has a number of significant differences. Thus, the PLC Ultima blockchain allows to mint new coins using smartphones and does not require expensive equipment, GPU or ASICs. This innovation is also designed to make mining more accessible to residents of developing countries.

There are two tokens supporting the workflow of the PLC Ultima blockchain, one is used to mine the other. Users who want to benefit from their stance in the PLC Ultima ecosystem install two applications on their smartphones, Ultima Wallet and Ultima Farm App or pass the registration on the web of the project. Then they freeze a certain amount of PLCUX coins in the wallet, and the system based on a mathematical algorithm rewards them with PLCU coins on a monthly basis in accordance with the number of frozen ones. The coins obtained this way can be spent within the ecosystem to pay for goods or services, or exchanged for other cryptocurrencies on third-party crypto exchanges. PLCU is easily traded on the largest crypto exchanges in the world, including and others.

Users can also deposit minted coins on the accounts of PLC cards. It’s another payment product of PLC Ultima. PLC cards serve just like ordinary banking cards allowing their holders to pay in online and offline stores. The difference is that PLC cards can be topped up with cryptocurrencies, including BTC and PLCU. Thus, those users who mint coins in the PLC Ultima ecosystem, can replenish their cards with received PLCU and spend them in a nearby shop.

Overall, PLC Ultima provides a powerful and flexible platform helping developing countries to grow and prosper and enabling users to participate in the emerging world of blockchain technology with ease and confidence.