Cameroon Government Implements Centralized Altcoin Trest (Op-Ed)

The government of Cameroon has implemented a centralized, insecure and potentially dangerous blockchain protocol and currency Trest in their project to enable the unbanked to transfer money quickly without transaction fees.

Unlike Bitcoin, transactions on the Trest blockchain are not verified by miners or any entity incentivized by the network. The developer of Trestor, Kunal Dixit, has said:

“The Trestor Network (T-Net) is not powered by miners but volunteers, because T-Net is not hostage to miners, all transactions are free and always will be.”

The developer of Trestor, Kunal Dixit

Trest-based ‘micro-economy’

As reported by CNN, 90% of the country’s population is unbanked, and the country has more mobile money accounts registered than bank accounts. Through its active support for the implementation of Trestor’s payment network and digital currency Trest, the government says it hopes to help the unbanked transfer money nationally.

Antoine De Padoue, founder of Socapssi and president of RDPF KUMZE, Cameroon’s minority opposition party, said:

“In short, we artificially created a Trest-based micro-economy. People were able to comprehend and understand this very new method of payment. They were excited and started

Read more ... source: Cointelegraph