Ontology, Blockchain Venezuela to Launch Economic Initiatives

Ontology, Blockchain Venezuela to Launch Economic Initiatives

Venezuela Blockchain has entered into partnership with Ontology (ONT), to develop economic initiatives aimed at improving the lives of Latin Americans, according to Blocktribune website.

Improving lives with blockchain

Although Venezuela has several natural resources including crude oil and precious metals, economic sanctions and mismanagement have pushed citizens to extreme poverty.

To alleviate the suffering of Latin Americans, Venezuela Blockchain has partnered with Ontology to develop innovative money-making ways for residents.

In addition, the collaboration will enable Venezuela Blockchain to use the Ontology’s technology to create economic initiatives for residents, sources close to the deal said.

Microworkers, an online marketplace for jobs, has used the ONT altcoin to facilitate payments on the network, BTCManager earlier reported.

The team is now planning to capitalize on this partnership to help Latinos find task-based work on the Microworkers platform and receive their payments in ONT.

For his part, Alberto Montilla of Venezuela Blockchain said:

“Venezuela’s continued growth largely depends on the creation of innovative projects that will guarantee business and social expansion of our community, coupled with the sustained adoption of new technologies. The reputable and proven performance of the Ontology network has all it takes to facilitate the development of new decentralized systems that will ultimately empower citizens and foster prosperity in our community.”

At the time of writing, ONT rose 0.82 percent to $0.4286. It ranks 31st with a market cap of $273.20 million.

Venezuelan team develops decentralized Bitcoin network

A Venezuelan team is working on the development of a decentralized Bitcoin network that ensures access even when users are offline.

The idea of developing Locha Mesh, a system based on radio waves, is to overcome the severe economic challenges in Venezuela which suffers frequent internet and electricity outages.

The project is led by Randy Brito, founder of Bitcoin Venezuela.

“We are making something for the situations where you don’t have Internet at all, either due to lack of infrastructure, targeted censorship or in case you want to be completed anonymous so you don’t want to expose your home/phone IP address that is linked to your identity,” Brito said.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.