The Nigerian government has teamed up with Developing Africa Group for three years to work on Intellectual Property Rights (IPR) and launch a country-wide wallet and an IP exchange marketplace.
According to reports, the wallet would make it possible for all IP forms created and registered in Nigeria to be sold internationally. With this agreement, the Nigerian government will give the Developing Africa Group a grant to build an official IP rights platform.
Nigerians would be able to upload any kind of intellectual property rights and trade, sell, or exchange them in other countries. By doing this, they will get royalties and other money from their operations.
The deal covers intellectual property rights like trademarks, patents, and copyrights for songs, lyrics, videos, shows, lectures, podcasts, and content that can be streamed.
Koibanx Is The Tokenization, Payments Engine
Developing Africa Group chose Koibanx as the tokenization and payments engine for the project, a software company that focuses on smart contracts and blockchain technology. The government of Nigeria agreed with this choice.
Koibanx will also be in charge of making the wallet, the token for the IP that is for sale, and a stable token that will be worth the same as the Naira.
In addition, the company will be responsible for connecting the system to different vendors. There is a top card-issuing company, a top platform for streaming content, and top legal and data-mining firms.
Before the project goes live, the names of the above people will be made public.
The Project Will Run On Algorand blockchain
The platform will run on top of the Algorand blockchain and use a consensus method called “proof-of-stake.” On Algorand, all tokens will also work.
Leo Elduayen, the CEO of Koibanx, said that the Developing Africa Group had done a very impressive thing. Elduayen said that the Nigerian IPR Wallet project is more important than El Salvador’s Chivo wallet, which was managed by Koibanx.
Ben Oguntala, the CEO of Developing Africa Group
“Algorand’s protocol not only provides the performance, scalability, security and functionality required to implement such a large scale project but is also environment-friendly which is important for the Government and has a huge philosophical match with the `creators economy industry´ we’re targeting here”
Ben Oguntala, CEO Of Developing Africa Group
He said this project could easily make a difference in the lives of more than 50 million people.
This project is still in its early stages of making plans. But executives from the above companies have confirmed that it will come out before January 2023.
In the meantime, Nigeria keeps showing that it is a leader in the crypto world.
Before, in October of last year, the country started using eNaira, which was issued by its central bank. Nigeria was the first country in Africa to release a digital version of its currency.
