HomeNewsNEAR Protocol Powers 'Mi Arepa' Wallet, Revolutionizing Economic Engagement for Venezuelans

NEAR Protocol Powers ‘Mi Arepa’ Wallet, Revolutionizing Economic Engagement for Venezuelans

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  • “Mi Arepa” digital wallet launches on NEAR Protocol, offering Venezuelans decentralized financial services and simplified KYC processes.
  • Daniel Ceballos introduces “Arepa” token, a stablecoin tied to the dollar, designed to empower and ensure Venezuelan economic freedom.

In Caracas, at the “Venezuela del siglo XXI” event, a new blockchain-based project was unveiled, aimed at transforming Venezuelan society through technological empowerment. The project introduced three decentralized applications built on the NEAR Protocol: the Venezuelan digital wallet “Mi Arepa,” the “Arepa” token, and the “Metademocracia” launchpad.

Ana Leonor Acosta, Fritz Warner, and presidential candidate Daniel Ceballos, who are the founders of this initiative, propose to provide decentralized financial services to Venezuelans. These services include the ability to send and receive remittances, save money, and experience enhanced verification processes. 

“The most significant aspect is that we possess a database of Venezuelans, which simplifies the KYC process. Thus, users won’t face the usual hurdles during verification, thanks to our P2P system using bolivars,” Warner asserted.

Developed by Venezuelans, for Venezuelans

Warner explained:

“Over three years, we’ve developed the code for these decentralized applications. They integrate with NEAR’s P2P blockchain technology to offer users arbitration services through a DAO and secure transaction verification via Smart Contracts.”

Additionally, Warner mentioned the utilization of NEAR’s data explorers and the integration with liquidity pools from Ref.Finance DEX, which operates on the same protocol.

Arepa: A Venezuelan-flavored Stablecoin

At the event, Daniel Ceballos introduced the “Arepa” token, designed as a stablecoin pegged to the dollar, aiming to empower Venezuelans to become “owners, free, and active participants in democracy,” as described by the founders. 

Ceballos emphasized that these initiatives are developed with Venezuelan talent and funding, ensuring that generated wealth remains within the country.

 “This will promote a virtuous economic cycle where dollars generated here will finance various local projects. Venezuela is effectively a multi-currency country,” he elaborated.

Democracy with Genuine Citizen Participation

The “Metademocracia” launchpad envisions a future driven by innovation, technology, and active citizen participation through a decentralized autonomous organization (DAO). This platform will allow Venezuelans to digitally participate in decision-making and public administration. 

“Web3 offers real citizen participation, ensuring a transparent political and state model that facilitates engagement for all citizens,” Ceballos stated. “This model suits Venezuela as it promotes freedom, ownership, and democracy, potentially ushering in a new era for our society.”

As a final note, Ceballos encouraged the public to learn more about Web3 and participate in building a more digital, participatory, and prosperous Venezuela. 

“We need to bring Web3 to all of Venezuela. It represents a freer internet, enabling remittances, savings, inflation defense, and essentially putting a bank in everyone’s pocket,” he concluded.

“Mi Arepa” for Every Venezuelan

The wallet is designed with features similar to those Venezuelans are accustomed to in existing banking and daily-use applications. However, it includes distinct elements like seed phrases typical of all wallets within the Web3 ecosystem.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628