Wala startup from South Africa in collaboration with the Ugandan government and CleanPath Emerging Markets Uganda (CPEM) offers a comprehensive solution to the pressing problems of a developing country in the form of the blockchain-enabled clean energy economy.
Kudra Kalema, Prince of Buganda (an autonomous kingdom in Uganda), the founder of CPEM, concerned about creating a cheap and renewable source of electricity, started cooperation with the cryptocurrency start-up Wala. Noting the inadequacy of traditional financial structures in relation to the needs of an actively developing market, the prince decided to introduce $DALA cryptocurrency into the company’s work, which will create more than 200,000 new jobs and provide electricity to 25% of the country’s population. Consumers will buy electricity for $DALA tokens, wages will also be paid in cryptocurrency. The project cost is estimated at 1.5 billion dollars.
The first project of Wala was an application for smartphones that allows you to make transactions based on the existing banking infrastructure. However, due to high bank charges, the company had to find an alternative solution, and it became the $DALA cryptocurrency, based on Ethereum. During the ICO in December last year, the company managed to raise $1.2 million and now more than $100,000 DALA wallets are now registered in the system.