Cajutel to provide West Africa with high speed solar powered internet
Cajutel launches Africa's first blockchain investment fund to build the infrastructure for solar-powered high speed internet
Cajutel has announced its plans to build infrastructure to enable 1.7 million west Africans access to afford high speed internet.
By building the infrastructure from scratch the company hopes to provide a long term solution to the connectivity problem. It is also using cryptocurrency as the means of raising investment for the project creating what the company has said is the ‘first solar DOA in Africa’, which is a blockchain based investment fund.
The lack of internet connectivity has resulted in decreased gross domestic product per person, literacy and human development index in the region. It is hoped that this project will bring education and business to the residents, through the wealth of knowledge that exists online.
There are currently two mobile operators in Guinea Bissau, the west African country where Cajutel has its headquarters, both only provide voice communication not 3G or 4G, meaning connections are very slow, expensive and unreliable. There are no incentives to make these connections faster or cheaper for the end user. Cajutel says that these systems are beyond the point of saving or improving, which is why it is building from scratch. Also, as the new infrastructure is solar powered it is both sustainable and economical to turn in the long term.
As part of its fundraising initiative Cajutel has launched the crowdsale of its CAJ (Cajutel) tokens, a cryptocurrency and each token will represent a share in the platform. The company has now authorised the creation of 780,000 shares, 720,000 of which will be to the ICO (initial coin offering) participants and the remaining 60,000 will be allocated to bounties and to cover advertisement costs.