• bits.africa is a kenya-based company that offers Cryptocurrency-related solutions to both institutions and individuals.
  • Nara protocol is an intra-Africa decentralized payment & settlement
    protocol that solves the biggest issue facing the cryptocurrency community
    and the general public.
  • Nara is basically a fast, efficient, transparent and automated settlement
    layer that powers Bits.Africa deposits and withdrawals.

Introduction to the Nara Protocol

It is a Decentralized Payment and Settlement Protocol (DPSP) that makes
payments across various African countries using cryptocurrencies via a
Makers channel. The Makers are responsible for processing the deposit
and withdrawal transactions on Nara network, thus converting
cryptocurrencies to local currency fiat and vice versa, while earning fees for
each successful transaction.

Makers are P2P fiat deposits and withdrawal issuers. These are merchants
who have completed the KYC verification procedures and are trusted to
collect and transact on the Nara protocol.
Makers are to always hold and stake a certain number of bits.africa tokens
as collateral to get access to the Nara platform. From the platform they can:
● “Deposit”: Generate electronic currencies
● “Withdraw”: Burn electronic currencies

The Nara Protocol automatically keeps track of the makers’ cash position.
The Makers are Nara Agents and for every action the maker performs on
the network, they earn a percentage of the fees charged on the customers’
deposits and withdrawals.
For Institutions, just like Makers, depending on the institution’s type, they
have access to Maker functions. Institutions have full access to the Nara
protocol with virtually no limits.
Makers can have access to the protocol via the bits.africa wallet application
or the web portal. Institutions on the other hand can have access via an
Application Programming Interface (API).

For Deposits:
i. An API request is sent to the protocol
ii. Nara automatically matches the request to a Maker
iii. Deposit instructions are issued to the exchange/institution
iv. Fiat deposit instructions are issued to the customer
v. The Maker confirms the deposit
vi. The Institutions/Exchange Bits Wallet is credited
vii. Corresponding e-currency is minted
viii. A confirmation message is forwarded to the exchange/institution

For Withdrawals:
i. An API request is sent
ii. Nara automatically matches the request to a Maker
iii. Withdrawal instructions are issued to the exchange/institution
iv. Withdrawal instructions are issued to the customer
v. The Maker confirms processing the withdrawal
vi. The Institutions/Exchange Bits Wallet is debited
vii. Corresponding e-currency is burned
viii. Fiat is distributed to the customer less the fees

For Settlements:
i. Every 24 hours Nara protocol reconciles its books
ii. Nara treasury determines who owes between the exchange and
the protocol
iii. The difference is settled in USDT between various institutions and
countries

The Nara Protocol will be operational from the 4th of October 2021. Operations will start in Kenya, followed by another 12 African countries.

What is your opinion about the Nara Protocol? Would you like to learn more about it and how it can improve your life? join the bits.africa community to share your views and learn what other traders think about various cryptos’ directional bias.