dua token is the token that will connect, reconnect and empower fragmented communities.
Our token is designed to serve as a reward and payment instrument within the dua ecosystem. This token is created to cater to the needs of globally fragmented communities who require a secure and reliable payment system that is not tied to traditional financial infrastructure.
Despite the growth of cryptocurrencies, only a tiny percentage of the world’s population currently use them. The DuaToken seeks to address this issue by providing a user-friendly payment system that is accessible to everyone.
The DuaToken is backed by the Dua Foundation, a non-profit organization that aims to promote the use of blockchain technology for social good. The foundation provides technical support and guidance to the Dua ecosystem, ensuring that it operates securely and efficiently. This ecosystem, with its internal economy, ensures that the DuaToken remains a valuable asset for users.
To gain a better understanding of its utility, let’s have a look at the issues and challenges faced by these communities worldwide.
Challenges faced by fragmented communities
Fragmentation through Migration
Migration is a major component of societal change. Socio-political and economic factors have led to migration throughout centuries, resulting in fragmented communities and enlarged diasporas worldwide. This fragmentation leads to significant psychological, social, and political problems for migrants.
For host countries, migration is a great stimulant that grows and diversifies the economy. Migrants continuously search for better job opportunities that provide economic support for themselves and their families. The number of people living outside their originating country has reached over 281 million.
Expensive Remittances
A remittance transfer describes the sending of money or products from an immigrant to a friend or family member back home. Remittances are a very important source of foreign funding for underdeveloped nations. This year, low and middle-income countries projected to experience nearly $630 billion in remittance inflows. This is a historic high for global transfers of money.
Regardless of the growth, the infrastructure that supports remittance payments remains inefficient. The average cost of sending a $200 remittance was 6% in 2021.
Lack of accessibility
Over the past 100 years, technological advancement has made it possible to access information and communicate digitally. Yet while many have benefited from this transformation of modern life, 1.4 billion people around the world remain unbanked due to poverty or unstable income sources. This lack of economic mobility further drives inequality in societies worldwide.
A lack of banking and payment solutions hinders unbanked individuals and businesses from realizing their economic growth potential. This means that innovators, entrepreneurs, and creatives may miss out on opportunities without access to the right financial services.
Lack of Identity
Lack of identity is a major factor that prevents access to financial systems for the unbanked. Identity is essential to the integration of the individual into the financial system. For fragmented communities facing limited mobility due to poverty, this is a major problem.
Over 1 billion people worldwide cannot prove or verify their identity. They cannot vote, own property, or search for jobs.
The Marketplace for Relationships, Financial Services, and Identity
Having laid out the problems that come with the fragmentation of communities, we provide these solutions:
dua – A democratized ecosystem for all kinds of relationships
Dua.com and Spotted.de are the next-gen matchmaking platforms for users, creators, and businesses.
They connect people in love, business, and friendship.
dua token – A unit of value exchange that powers the ecosystem
dua token is the utility token of the ecosystem, acting as a value exchange unit for in-app services.
The token powers an inclusive in-app economy that rewards its users and businesses for in-app activities.
duaƒ token is a gateway to decentralized financial instruments for underserved communities.
Dua ID – A self-sovereign identity solution
Dua ID is a sovereign identity solution that enables the community to be digitally verified and identified.
It gathers users’ reputations from web2 companies and web3 protocols to create a reputation bundle based on smart contracts.
Dua ID enables fair participation in both the ecosystem and the Defi services.
Why $DUA Token?
Current economies are not built around inclusivity. They’re exclusive, therefore, inefficient for fragmented communities.
Aiming to empower fragmented communities based on their social and financial needs, we have identified three key areas that lay the foundation for dua token.
Incentives and Rewards – Tokens are a smart way to build an innovative, incentivized economy for users, leading to a healthy and inclusive economy.
Financial services – Decentralized finance can offer financial inclusion for the unbanked with only a smart device and internet connectivity.
Digital Identity – Institutions inhibit access to digital and financial services without an identity. Billions of internet users have no way to mark their online reputations. Smart contracts can serve these communities.
