Primal Overview: vision, strategy and platform components

our peak desires and reasons

Primal is a decentralised blockchain-powered platform and technology stack whose goal is to enable genuine mass adoption of crypto payments and decentralised finance (DeFi).

The project was launched in 2021 by a team of Nigerians involved in various professional projects, who aim at delegating transactions, payments and all finanial related activities to the blockchain, thereby easing the dependence on fiat/traditional currencies.

The Problem

The currently existing financial system falls way short of the objective of providing the people globally with access to fast, frictionless payments, attractive financial services and passive income opportunities.

This is especially relevant for the developing countries. Hundreds of millions of people there lack access even to the basic banking services, let alone access to more advanced financial opportunities. They also often have to transact using highly unstable fiat currencies, prone to episodes of sudden profound devaluation.

At the same time, even in the poorest countries, the pace of mobile phone adoption has been staggering. In sub-Saharan Africa, more people have access to mobile phones than to clean drinking water.

The overreliance on local currencies that never seem to alleviate the common people from poverty let alone solve lastingly financial challenges; also, the overdependence on international currencies for international transactions and trades with lots of restrictions, embargo and limitations have hindered free-flow global economy as should be.

In addition to this, the rise of blockchain technology and cryptocurrencies has finally created the possibility for potentially anyone on the planet to send and receive funds without the permission of any entity, using currencies that cannot be manipulated.

What the crypto industry still lacks

However, while we are observing a lot of activity in the crypto space (especially in the crypto asset markets, and the DeFi and NFT sectors), genuine mass adoption of crypto as a financial channel and DeFi is still not there.

The currently available products and tools, with their complicated and disparate UX, are mostly geared towards sophisticated crypto users with significant financial means.

How we go about it

Our approach to bringing crypto finance and DeFi to the masses primarily consists in empowering other projects, businesses, organisations, institutes and communities to adopt crypto finance and decentralised finance (DeFi).

This is achieved by providing people with convenient, plug-and-play, mobile-first tools for accessing, creating, innovating and managing crypto-powered environments, as well as for onboarding users to those and enabling them to interact.

Platform Components

The Primal platform has three main components:

1) The Primal SmartChain. The EVM-compatible public blockchain is the decentralised, permissionless backbone of the Primal platform and ecosystem.

2) The mobile-centric open-source technology stack designed to help individuals, businesses and developers plug cryptocurrency into real-world use cases. This toolkit has subsumed into the new Primal Charge API platform.

3) A set of reference decentralised finance (DeFi) products and tools. The goal of these is to pave the way for the initial adoption of the platform. \

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