The African continent has been a great region since its ancient times. Recently, African Diaspora invented a new currency. The African Union called upon the Diaspora to come back to Africa to participate in the continent’s economic development. Indeed, I believe that the African continent gives one peace of mind and, in some ways, help detoxify the mind of an individual from emotions such as anxiety from foreign places. In the previous article, we discussed the African currency, Lumi currency, and African debt elimination. The Lumi currency originated from western Jamaica. The Accompong Maroons of Jamaica are the ones responsible for the Lumi rollout. The African descendants in the New World, the Maroons, rolled out the new currency to support the African continent.
Several regions such as South America, Europe, and North America are supporting the Lumi currency. However, there is some skepticism and damaging rumors about the currency. The bank of Jamaica has still not yet bought into the currency, and some people are asking whether the rest of the world will buy into the Lumi currency when people back at home, Jamaica, have not fully embraced the invention. The antagonists for the Lumi currency say that it is from the Illuminati secret society.
One crucial thing the previous article either forgot to mention or did not cover pretty well is the difference between Cryptocurrencies and the Lumi currency. The Lumi currency is a digital currency and not one of the cryptocurrencies such as Bitcoin. Digital currencies have had a debate on issues with safety, value, and fluctuation. The main difference between the Bitcoin and the Lumi currency is that no one is aware of who issues or regulates the Bitcoin. For the Lumi currency, the Central Bank of the Accompong Maroons issues it. Moreover, there is a double backing of solar energy and gold on the currency.
On the issue of elimination of foreign debt, I believe that according to African history, the foreigners or colonialists are the ones who owe us. They took our resources and subjected our African people to slavery. The sad thing is that our continent is still associating with the white man. Our leaders engage in corrupt deals through foreign ways such as international and global banks that encourage or fuel corruption. As corruption increases, it results in money loss forcing our governments to borrow more money outside to finance the deficit. This gives the colonialists or foreigners a chance to control our governments. We can see that through foreign influence, our African leaders get to access corrupt deals that make them corrupt and, in the long run, force the country to borrow and suffer bad debts. If we can get rid of the debts, then we can get rid of the colonialists.
The colonial system, ways, or deals are bad for the African continent as a whole. For example, take a look at Nigeria’s currency, the naira. The naira is worthless to other powerful currencies because they are in association or connection to a colonial monetary system. However, through the Lumi currency, the African continent will be whole again, and our system will be back to default.
Without wasting time, let us discuss Queen Sheba the 3rd on the African currency. Queen Sheba and other Diasporas are planning to assist African countries in eliminating their debts by using the currency. Through an interview, Queen Sheba, the head of the African Royal Kingdoms, talked about a couple of things. One of them was what the benefitting countries or states have to do in Return. The other one was the international community’s engagement beyond Africa on the Lumi currency’s acceptance and value. The DP of African Union Nations for the World Peace Committee also revolved around the 4th Industrial Revolution and Technology development.
What are Cryptocurrencies?
It is essential to discuss what the term cryptocurrencies, as mentioned above, means briefly. A cryptocurrency, crypto for short form, or cryptocurrency is a digital asset designed to operate as a medium of exchange wherein an individual stores coin ownership records in a ledger existing in the form of a computerized database using better cryptography to protect transaction records and verify the transfer of coin possession. It does not exist in physical forms, such as paper money, and a central authority does not issue it.
Cryptocurrencies use decentralized controls as opposed to central banking systems and digital currencies. When an individual mints a cryptocurrency or creates it before issuance, people consider or regard it centralized. When an individual implements the crypto with decentralized control, each cryptocurrency works via a distributed ledger tech, a blockchain, that serves as a public financial transaction record. Bitcoin, 1st launched as open-source software in 2009, is the 1st decentralized crypto. Since the launch or release of Bitcoin, other cryptocurrencies have existed.
What do the Benefitting States have to do in Return?
As Queen Sheba was talking to the reporter in the interview, she emphasized that the Diaspora will pay the over $400 billion debt that Africa has using the currency. She said that countries would not repay the favor, but instead, they should come together and work as a collective Africa to build the continent in unity.
The Engagement of International Community Beyond Africa on Currency Acceptance and Value
Queen Sheba says that the participants of this initiative have attempted to engage the international community. An example is the banking community in Germany, African export and import banks, and several other banking communities. The Queen also mentioned in the interview that the Lumi is working with the Swifin Platform. Concerning value, Queen Sheba compared the Lumi currency with the fiat currency. She said that the fiat currency has no underlying value and gave an example of an individual who has a dollar and takes it to the bank to look for its value only to realize that there is no currency value coming back. For the Lumi case, it has value, and one can exchange the Lumi within international markets.
The Fiat Money
Fiat money is a currency established as money that does not have intrinsic value. Fiat money or currency doesn’t have a use-value. It only has value because an authority or a government maintains its value or because some parties participating in exchange agree on its value. The fiat money came to existence as an alternative to commodity money and representative money. Commodity money is a medium with its intrinsic value, whereas representative money is the money that represents something with intrinsic value. Representative money is similar to fiat currency or fiat money, but it symbolizes or represents a good or commodity claim.
People 1st used government-issued banknotes during the 11th century in China. Since then, several countries or states have used them, usually alongside commodity money or currencies. Fiat money began to dominate during the 20th century. Since President Nixon decided to dissociate the US dollar from gold in the late 20th century (1971), individuals have globally used a system of national fiat currencies.
What is the 4th Industrial Revolution?
The Fourth Industrial Revolution is also known as Industry 4.0. The Fourth Industrial Revolution is the ongoing mechanization of traditional industrial and manufacturing practices using present-day or modern smart tech. People integrate large-scale machine-to-machine communication, M2M, and the Internet of Things, IoT, improved mechanization, enhanced communication and self-monitoring, and manufacture of smart machines that can diagnose and analyze matters issues without the need for human involvement.
There are several challenges in implementing Industry 4.0. The challenges are categorized into economic challenges, social challenges, political and organizational challenges. Some of the financial difficulties include high economic costs, business model adaptation, and unclear economic benefits or excessive investment. Social challenges include privacy concerns, surveillance, distrust, the threat of the corporate IT department’s joblessness, and job loss to automatic and IT-controlled processes. Political challenges are lack of standards, regulation, and forms of certifications and unclear legal matters or issues and data security.
Queen Sheba on Technology Development
As the interview was closing down, the Queen expressed her joy for tech development. She imagined the development of high-tech African cities in the future that have useful transport links to transport or move solar energy from one corner of a city to another. The energy then converts and translates into alternative energy that builds up the Africans’ bank accounts. Queen Sheba, the 3rd, said that the Lumi currency would help develop African technology. Advanced technology has several benefits. These benefits include ease of access to Information, saving on time, ease of mobility or movement, better communication, and cost-efficiency. Other merits that advanced technology can bring to Africans’ lives include innovation in several fields, improved banking methods, and better learning techniques.
Timothy McPherson, the Prime Minister of the African Kingdom’s Federation, Queen Sheba the 3rd, and other African Diasporas, requests the blacks to help roll out the Lumi currency. The Queen says that the Lumi will give the African continent a unique and significant identity. It will also enable Africans to get a hold of their lives and control their future.