Doxa Dollar, A Decentralised Digital Dollar for the Unbanked

The problem we are working to solve is the lack of access to affordable financial services, coupled  with high inflation for billions of people who are financially excluded  which leaves them unable to pursue economic opportunities, vulnerable to shocks, and at risk of permanent debt or even modern slavery.

According to the World Bank, there are still over 1.4 Billion adults who are unbanked or poorly served by existing financial products and services. 

200m+ accounts are still inactive despite the number  reducing .

This problem is particularly acute for women, ethnic minorities, people of color, persons with disabilities, displaced communities, and low-income populations who face discrimination and limited access to formal identification.

In addition to lack of access to financial services, there are other factors contributing to this problem, such as unclear explanations of product offerings, high transaction fees, and predatory lending practices. All of these factors contribute to a lack of trust in financial institutions and prevent financially excluded individuals and MSMEs from building wealth and accessing economic opportunities.

The Doxa Dollar aims to address this problem by providing a decentralized digital currency that is affordable and accessible to everyone, regardless of their geographic location or financial status. By leveraging blockchain technology, the Doxa Dollar can provide a secure, transparent, and efficient platform for financial transactions, enabling individuals and MSMEs to make investments, transfer payments, and manage risks with insurance.

The scale of this problem is significant, affecting over 1.8 billion individuals globally who are currently excluded from the formal financial system.

Our solution is the Doxa Dollar, a decentralized digital dollar that enables financial inclusion for billions of people who are unbanked while giving them the power and freedom to own and create wealth. 

The Doxa Dollar simplifies transaction and transfer of money from one individual  to  another and in between MSMEs  despite of the  geographical region eleminating any hinderance such as KYCs, IDs etc that would be a barrier to financial inclusion.

We enables easy access to the  dollar  and its advantages such as reduced inflation to people living in developing countries such as Uganda, Zimbabwe

Decentralization means that people have co-ownership over the coin and can vote on decision on the network and the coin giving them power to own their money. Decentralization also means that no one singe can hold more than 51% of the network not even us. By this Doxa foundation becomes a decentralized organisation (DAO) which only handles technical implementations and updates voted on by Doxa holders. We are a currency for the people by the people themselves.

 The Doxa will be an alternative to national currencies  and will run along national currencies but with more advantages to its holders such as earning or getting rewarded for holding it

The Doxa Dollar is a stable coin that has the same as the US Dollar because of it being pegged to the dollar.

             1 Doxa Dollar = 1 $

This means that the Doxa dollar can be directly  exchanged for the US Dollar or  other currencies

The Doxa Dollar is  built on block chain technology and all our underlying are stored and coded in smart contracts meaning that our solution is fully decentralised and any changes on the contract are made the community. This makes user to be co-owners of the coin and to have more power over their currency than traditional money where it belongs to the government.

Wealth creation.

Decentralised Finance (DeFi) features like Staking the coin to produce more coins is the major way of how will ensure that underserved create wealth out of unconventional ways by earning passively on coins they hold.

Accessibility.

The Doxa Dollar is designed to be accessible to anyone with a smartphone, even in areas with limited internet connectivity. 

Superdapp.

Users can easily download a wallet app called the superdapp to their phone, which allows them to securely store and transfer their Doxa Dollars.

 The app also provides access to other financial services such as insurace,savings, lending and DeFi. 

Hardware wallets:

Doxa CryptoCards. These are card based hardware wallets that store the Doxa dollar. These are for people  who live in areas with limited access to the internet, remote areas and they eliminate the need of having a smart phones in order to transact.

Paper based wallets. These store Doxa coins on QR codes which can be printed on piece of paper. 

Other wallets.

You can access the Doxa dollar using both decentralized and centralized exchanges such as infinity swap, binance,  local ones such as binusu e.t.c

To ensure that the Doxa Dollar is inclusive and serves the needs of all users, we are developing a human-centered design process that incorporates input from local communities and stakeholders. This will help us identify and address any potential barriers to adoption, such as language or cultural differences.

The target market for the Doxa Dollar includes financially excluded individuals and small enterprises who lack access to traditional banking services or are poorly served by existing financial products and services. This includes people who may not have a formal ID, live in remote or underserved areas, or face discrimination based on their gender, ethnicity, race, or socioeconomic status.These are unable to safely transfer and save funds, borrow money, or manage risks with insurance.

The Doxa Dollar aims to provide these individuals and businesses with a decentralized, digital currency that is secure, transparent, and affordable. By using blockchain technology, the Doxa Dollar can offer fast, low-cost transactions without the need for intermediaries like banks or financial institutions. This can enable greater financial inclusion and empowerment for individuals and businesses who may otherwise be excluded from the formal financial system.

The Doxa Dollar team has a strong background in economics, finance, and technology, which are crucial for developing and implementing a stablecoin solution that addresses inflation and economic instability. 

Moreover, we have a deep understanding of the  unbanked because we stay  with them, eat with them or even live with them. Our team is based uganda a developing country were people having bank accounts are the minority and even those having them are always complaining of the hefty fees. The 60% of the population don't have formal financial services, such as bank accounts, credit, and insurance.

I one time met with Mr.Elizabeth to having questions on inequality perataining wealth. Why some nations were strong economically and other weaks. The same for question for I for individuals and the answer was embeded in the value of the currency and how people access it.  Its from this we mobilised a team to work on solving this issue.

The team is engaging with the excluded communities through various channels, such as  word of mouth, social media, community forums, and local events, to understand their needs and feedback. This input is being used to shape the design and implementation of the solution to ensure it meets the needs of the unbanked.

The team is committed to ensuring that the solution is inclusive and equitable, and that it reflects the values and agendas of the excluded. We are partnering with local organizations and experts to ensure that their solution is culturally appropriate and meets the needs of diverse populations.

We have already developed and built a preliminary version of the Doxa dollar that can be tested and evaluated.

While Doxa Dollar is still in the prototype stage, the ultimate goal is to serve millions of people in Africa and other developing regions who are affected by financial exclusion and economic instability. The exact number of people that Doxa Dollar will serve will depend on the adoption rate of the currency and the specific communities where it is introduced.

We would want to learn and get knowledge on how to grow faster.

We would like to access resources, networks, and partnerships that can help them overcome the different barriers in scaling our solution for example regulation.

Solve could help us access opportunities for mentorship, coaching, and exposure to investors who are interested in supporting innovative solutions.

We would like to get legal support on how to patent our product since its an open source solution.

We would like to be exposed to the global startup ecosystem and meet other enterprenuers.

The doxa dollar is an innovative solution because it leverages blockchain technology to provide financial inclusion to the unbanked population in a decentralized manner. Unlike traditional banking systems, the Doxa dollar does not require users to have a physical bank account or rely on a central authority to hold and transfer funds. Instead, the doxa dollar is based on a decentralized ledger, which enables peer-to-peer transactions and eliminates the need for intermediaries.

The doxa dollar also incorporates features such as smart contracts and programmable money, which allow for more flexible and customizable financial transactions. This can enable users to access financial services that were previously unavailable or inaccessible, such as DeFi, Crypto loans, Staking, and remittances.

Furthermore, the Doxa dollar is designed with a focus on user empowerment and ownership. By using a decentralized ledger and smart contracts, users have greater control over their funds and can participate in decision-making processes related to the network's governance.

User can also create wealth by staking the coins they hold hence creating a form of wealth.

The Doxa dollar's innovative approach to financial inclusion has the potential to catalyze positive impacts in the blockchain and fintech space, by demonstrating the potential for decentralized systems to provide financial services to underbanked populations. It could also change the market by creating a new ecosystem for financial services that is more open, transparent, and inclusive.

Next year:

• Reach 100,000 unbanked individuals in Uganda with the Doxa Dollar digital currency through targeted marketing campaigns and partnerships with local community organizations.
• Train 1000 local merchants on accepting the Doxa Dollar as payment for goods and services by conducting workshops and providing technical support.

In five years:

• Achieve financial inclusion for 10 million unbanked individuals in Uganda by expanding the adoption of the Doxa Dollar digital currency and establishing partnerships with financial institutions and mobile network operators.
• Contribute to the reduction of poverty in Uganda by enabling access to financial services, increasing economic activity, and improving financial literacy through educational programs and community engagement initiatives.

Decent Work and Economic Growth: The number of individuals who have gained access to financial services and credit through the use of Doxa Dollar, the increase in small business growth and job creation in areas where Doxa Dollar is used, and the increase in the number of financial transactions made through Doxa Dollar.

Industry, Innovation, and Infrastructure: The number of merchants accepting Doxa Dollar as a form of payment, the number of developers building on the Doxa Dollar platform, the increase in the number of Doxa Dollar wallets and transactions, and the number of partnerships formed with other organizations to promote the use of Doxa Dollar.

Reduced Inequalities: The number of individuals from marginalized communities who have gained access to financial services and credit through the use of Doxa Dollar, the increase in economic opportunities for women and other underrepresented groups, and the decrease in income inequality in areas where Doxa Dollar is used.

Gender Equality: The number of women who have gained access to financial services and credit through the use of Doxa Dollar, the increase in economic opportunities for women, and the decrease in gender-based income inequality in areas where Doxa Dollar is used.

No Poverty: The number of individuals who have gained access to financial services and credit through the use of Doxa Dollar, the decrease in poverty rates in areas where Doxa Dollar is used, and the increase in financial stability for individuals and families.

The use of the Doxa Dollar, a digital decentralized currency built on smart contracts on the Internet Computer will enable financial inclusion for the unbanked population in Uganda, Africa and the World, providing them with access to financial services and products they were previously excluded from. By giving the unbanked population the power to own and create wealth, the Doxa Dollar will promote financial autonomy and self-sufficiency, leading to greater economic empowerment and improved livelihoods. This, in turn, will contribute to poverty reduction and increased economic growth, creating a positive cycle of impact for both individuals and communities. Through partnerships and collaborations with stakeholders in the financial and tech sectors, the adoption and use of the Doxa Dollar will expand, ultimately leading to a significant reduction in the number of unbanked individuals in Uganda and beyond.

The Doxa dollar is powered by blockchain technology, specifically the Internet Computer blockchain on top of smartcontract canisters.  Internet Computer is a decentralized, open-source blockchain that allows for the creation of smart contracts and decentralized applications (dApps). Our solution leverages this technology to create a decentralized stablecoin that is backed by  the dollar and other stable assets, ensuring its value stability. The smart contract governing the Doxa Dollar allows for transparency, immutability, and traceability of all transactions, ensuring security and reducing the potential for fraud. Additionally, the Doxa Dollar can be easily transferred through digital wallets and accessed by anyone with a mobile phone, providing a convenient and accessible means of financial inclusion for the unbanked. Overall, our solution uses innovative blockchain technology to create a digital currency that is stable, secure, and accessible to all, which has the potential to transform the way financial services are provided to the unbanked.

We recognize that diversity, equity, and inclusivity are critical components of creating a solution that truly serves the needs of all members of the community. We are committed to incorporating these values into all aspects of our work, from the development of our solution to its implementation and ongoing support.

To ensure that our team is representative of the communities we serve, we have made intentional efforts to recruit individuals from diverse backgrounds and experiences. We also prioritize engaging with community members throughout the design and development process, soliciting feedback and input from a broad range of stakeholders.

In terms of equity, we have built our solution to ensure that it is accessible to all members of the community, regardless of socioeconomic status or other factors that may limit access to traditional financial services. Our solution is designed to be low-cost and easy to use, with minimal barriers to entry.

Finally, we prioritize inclusivity by building our solution with a user-centric approach. We aim to create a platform that is intuitive and user-friendly for all members of the community, regardless of their level of technical expertise or familiarity with financial systems. We also prioritize building partnerships and collaborations with community organizations to ensure that our solution is reaching those who may be most in need.

As a nonprofit organization, our primary focus is on creating social impact and serving our target population.

 The Doxa Dollar is not a for-profit venture, but rather a decentralized currency designed to promote financial inclusion and economic empowerment for the unbanked population. Our goal is to make the Doxa Dollar accessible and affordable to all individuals, regardless of their socioeconomic status or geographic location.

We do not charge any fees for using our wallet We charge an affordable and minimal network charge inorder to sustain ourselve.   We aslo rely on donations and grants from individuals, organizations, and foundations that share our mission and vision. We also plan to explore partnerships with financial institutions, businesses, and governments to promote the use of the Doxa Dollar and expand its reach.

Our ultimate goal is to create a sustainable ecosystem that supports the growth and adoption of the Doxa Dollar as a viable alternative to traditional fiat currencies, thereby promoting financial inclusion and economic empowerment for millions of unbanked individuals around the world.

As a nonprofit organization, our goal is not to generate profits but rather to sustainably finance our activities and ensure long-term impact. We plan to achieve financial sustainability through a combination of strategies, including:

1. Diversifying our funding sources: We aim to secure funding from a variety of sources, including grants, donations, and partnerships with private sector companies and government agencies.

2. Developing fee-for-service offerings: We plan to develop fee-for-service offerings to generate revenue while also providing value to our target populations. For example, we may offer consulting services to organizations looking to implement similar solutions or charge a small transaction fee for the use of our platform.

3. Building a sustainable cost structure: We aim to build a cost structure that is sustainable over the long term, including developing efficient processes and systems, minimizing overhead costs, and leveraging technology to automate tasks and reduce labor costs.

4. Continuously measuring and improving our impact: By measuring our impact and continuously improving our programs and services, we aim to ensure that we are creating real value for our target populations, which in turn will help us secure funding and support over the long term.

We have minimised costs by doing most of the development work ourselves.

We have gotten free space in patnership with hivecolab and the youth startup academy.

We have patnered with dfinity to build on top of their plartform.

We have registered a company to attract  more funding and resource.

We have designed a strategy on how to enter the markets.

We have a completed busness model canvas.