Two dApps developed on the EOS blockchain have been approved and authorized by the government of Venezuela, via Sunacrip.
After months of diligent work by many, the Hu-Fi movement, through its platforms EOS Micro Loan and EOS Market Place have attained the permit to operate as crypto financing entities in Venezuela. A nod to address the humanitarian crisis in that country. https://t.co/7F1iQqwFwz pic.twitter.com/lh0NmHUFBB
— EOS PGL.MLT BP (@EOSPGLMLT_BP) November 23, 2021
What is Sunacrip?
Before delving into the news, we need to take a step back and better understand the importance of it and to do so we need to start with SUNACRIP, which is none other than the national superintendence for crypto and related activities.
It is the first public institution whose function is to organize, plan, regulate and promote the adoption of crypto and digital assets in Venezuela.
In fact, it is a real framework in which the various companies and initiatives and platforms can operate without problems and which, as a result, by means of the relevant authorization, recorded in special registers, allows both the use of the platform and the crypto linked to it.
Venezuela’s dApps: EOS Micro Loan and EOS Market Place
EOS Micro Loan, as the name implies, deals with providing P2P loans aimed at building businesses that will be created or supported to expand the business already created.
The success of this dApp has been so great that it has enabled the creation of several businesses such as a supermarket and a farm that produces milk, cheese, yoghurt, and more. Thanks to the support obtained with EOS Micro Loan, products have been branded with the EOS logo:
EOS Market Place, is an amazing dApp: not only does it allow everyone to create their own marketplace where they can add products and get paid directly into EOS, but, as it is based on the EOS blockchain like the website, it also has the advantage of an unencrypted ecosystem that is safe from external problems and interference.
This allows, in particular in an economically challenged country like Venezuela, to give a chance to everyone to create their own store at a low price. To do so, an annual subscription is required, which costs about 1 EOS. This opportunity has been taken advantage of by several shops, both digital and physical, which give the possibility to book bus tickets, buy food from fast food restaurants and more. The dApp hosts 1000 shops in Venezuela alone:
Venezuela like El Salvador?
If in El Salvador the most used crypto is Bitcoin, in Venezuela this primacy belongs to EOS. The reasons are very simple:
- an incredible speed of the blockchain that allows instant payments even for small amounts,
- zero cost to make transactions.
This is no small thing, as even a dozen dollars saved can be diverted to the purchase of other goods, leading to a prosperous and flourishing economy. Buyers and sellers alike use a parallel and alternative system, without the problems of fiat currencies such as inflation, which raises the prices of goods and services.