AmbaCoin: New Cryptocurrency from Self-Declared African Nation

Nuno Teodoro

A group of anonymous scholars and developers from Southern Cameroon have created a new cryptocurrency, AmbaCoin.

The group is part of the separatist movement that is fighting for the independence of Southern Cameroon, a region that was formerly under the United Kingdom administration. They are seeking recognition for their new country, the Federal Republic of Ambazonia

According to information gathered on the whitepaper and official website, AmbaCoin is a decentralized public blockchain and cryptocurrency for the new nation of Ambazonia. 

AmbaCoin is backed by the rich natural resources of Ambazonia and a buyback policy is guaranteed by the future Ambazonian Treasury. 

The state-backed cryptocurrency has two main purposes. First, it will provide funding for the ongoing building of “Amba Land”, as it is sometimes referred to. Half of the proceeds of the ICO will be used to appeal the United Nations, European Union, and African Union to recognize Ambazonia as a sovereign nation. Secondly, the cryptocurrency will be used to kick start the Ambazonian economy and provide an income for the Ambazonian citizens:

“All sales of the AmbaCoin will be directed to fund the Ambazonian Cause, to assist Refugees & Internally Displaced Persons, to rebuild homes destroyed by occupying military forces, and to defend communities from the repressive regime of La Republique Du Cameroun.”

Currently undergoing presale, 1 AmbaCoin (ERC20) can be purchased for $0.25. It is also possible to purchase Ambazonian crypto bonds that are backed by AmbaCoins. The whitepaper promises “guaranteed profits” for early investors, as AmbaCoins will be listed at $4. So far, funding has been scarce. Only 20082 bonds have been bought, out of 100 million, and the online presale received a total of $6800. 

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AmbaCoin is based on proof-of-stake architecture. The whitepaper claims that the cryptocurrency will be fast, transparent, and secure. With plans for mobile integration, “AmbaCoin will create a platform through which Ambazonians can freely trade with the international market without unfair restrictions”.

Ambazonia’s Independence

The quest for the independence of Southern Cameroons began in October 2016, when lawyers and teachers manifested on the streets against economic injustice as well as cultural and linguistic discrimination. 

In September 2017, separatists in the Anglophone territories of Southern Cameroons declared the independence of Ambazonia. This marked the beginning of the Anglophone Crisis, also known as Ambazonia war. 

AmbaCoin is the latest effort by the separatists to cement the symbolic declaration of independence created last year in October. They also plan to issue a fiat currency backed by AmbaCoin.

Creating a new currency as a means to achieve independence is nothing new, as many unrecognized nations of the past have created their own currencies. One example was Biafran, a legal tender created by the self-declared Republic of Biafra during the Nigerian civil war (1967-1970).

Regardless of how the situation unfolds in Ambazonia, this is just one more example among an already long list of countries with plans to issue their own cryptocurrencies.

Token Listing Guidelines for Binance DEX

On Thursday (April 25), Binance unveiled guidelines for listing tokens on Binance DEX, its new decentralized exchange, and said that these guidelines would enable Binance DEX "to facilitate a larger number of crowd-vetted projects, hopefully listing 10x more tokens than currently listed on Binance.com."

Despite what some people think, issuing a token on Binance Chain does not mean that the new token will automatically get listed on Binance DEX. Binance, which has been criticized like most other centralized exchanges for having an opaque listing process, is hoping that the new "transparent and community-driven" listing process for Binance DEX will finally satisfy most if not all of its detractors.

The Binance DEX listing process consists of the following steps:

  • 1. Proposal
    • "It is recommended that Token Issuers first create a thread under the “Token Issuance & Listings” category in the Binance Chain Community Forum."
    • "It is recommended that this public thread contain full answers to the Binance DEX Token Listing Submission Criteria..."
    • "Token Issuers must initiate an on-chain Proposal Request (fee of 10 BNB) to list a trading pair for a token."
    • "Token Issuers must request BNB as the quote asset for their first trading pair. For example, ABC/BNB."
    • "Once the proposal request is submitted, Token Issuers must post the Proposal ID to their proposal thread in the forum as a ‘reply’."
  • 2. Deposit
    • "Once the proposal request is sent, Token Issuers will need to deposit at least 1,000 BNB within 2 days."
    • "Proposals that do not receive sufficient deposits within this timeframe will not be able to move on to the voting stage and their deposit will not be refunded."
    • "If the Vote passes in Step 3 (majority 'Yes'), the 1,000 BNB deposit will be refunded."
  • 3. Vote
    • "At least half of the voting power is required to vote 'Yes' for the proposal to be accepted."
    • "Binance Chain Validators can vote for either 'Yes', 'No', 'NoWithVeto', or 'Abstain' within the time period specified in the proposal request."
    • "The 1,000 BNB deposit will be refunded if the majority of Validators vote for 'Abstain'."
    • "Proposals are denied if one third of the Validators vote 'NoWithVeto' or if half of the Validators vote 'No'."
    • "Denied proposals will lose all the funds deposited, however this result will only occur in rare circumstances when there is relatively clear fraud, scam or spam."
  • 4. List
    • "If the vote is passed, the Token Issuer will need to initiate a 'List' transaction on-chain (2,000 BNB fee) within the timeframe specified in the proposal, while the previous 1,000 BNB deposit will be refunded back to the proposing user."
    • "The trading pairs will be live immediately after this request is completed."

Binance DEX Listing Process Workflow Screenshot.png

Binance says that the "listing application, project information, vote results and all community interaction will be public on the Binance Chain Community Forum," that the decisions of the Binance Chain Validators (who are the only ones with the power to vote) are "purely based on public information in the forum," and that there is no other way "for projects to contact Binance Chain Validators."

One interesting thing to point out is that although the Binance DEX listing fee has been set to 2,000 BNB (currently, according to CryptoCompare, worth around $45,580), originally Binance CEO Changpeng Zhao (aka "CZ") was thinking of making the listing fee on Binance DEX be around $100,000, as he mentioned in his first Ask Me Anything (AMA) session on February 7:

"There will be a listing fee on the DEX. I actually deliberately want to set that a little bit high, just so we reduce the number of spam or scam projects. And there’s also a voting process by the validators to be listed on the DEX. So there’s a fee, I think the fee will be probably close to $100K US, so we’ll see. But the fee is adjustable over time, it’s quite easy to change."

Earlier today, Mithril, the first crypto project to migrate its token (MITH) to Binance Chain, got listed on Binance DEX:

 

All Images Courtesy of Binance