- HesabPay digital paymenting solution of Afganistan shifted towards Algorand Blockchain.
On 21st September 2022, MIT professor Silvio Micali informed us that Afghanistan-based crypto payment solution HesabPay has successfully shifted towards Algorand Blockchain.
The shifting was funded through the foundation grant program and is expected to facilitate about 6,000 transactions daily and impact tens of thousands of Afghans, especially women in dire need of access to payments.
The blockchain of Algorand has added features of cross-chain communication and transaction speed improvement with the recent upgrade to their protocol.
Users of HesabPay will get the benefit of the Pure Proof-of-Stake(PPoS) mechanism, which allows near-zero cost transactions that fixes within 4.5 seconds. This is predicted to increase the ease and efficiency with which HesabPay links international aid organisations 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 constrained by a paralyzed 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 are using smartphones.
More than a dozen humanitarian organisations took support from Hesabpay to pay the amount to its users at the time of urgency across all 400 districts and 34 provinces of Afghanistan.
This includes an initiative to support around 5,000 female-headed households in some of the most remote areas of Badghis and Faryab.
Sanzar Kakar, the developer of Hesabpay, said, “With 98% of Afghanistan’s population under the poverty line and withdrawal of expenditures that accompanied international forces, starvation looms for many as drought and global food “prices spike,” said Sanzar Kakar, the creator of HesabPay.”
He added, “Algorand Foundation shares our passion and commitment for applying the power of blockchain technology to alleviate suffering by efficiently distributing financial aid with unsurpassed security.”
Algorand Foundation Latest Update
Algorand introduced State Proofs into the mainnet of the crypto. The upgrade will increase the 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 several blockchain protocols.
In his statement, Silvio Micali stated, “Algorand proves once again that decentralisation does not need to come at the cost of performance or security. Interoperability between blockchains is the future, and Algorand State Proofs are a critical security feature for communication between networks.”