xZAR is a digital token developed out of the need for financial inclusion in communities with limited exchange barriers. According to its whitepaper, the internet has become a global village, enabling people from across the world to share information instantly and securely. The ecosystem requires a common need to exchange value and transact with each other in a secure, cost-effective way. Because of the financial inclusion constraints, communities and ecosystems cannot efficiently function.

Further, xZar seeks to overcome the challenges faced by the traditional financial systems in South Africa that fail to extend services to a large segment of the population. The traditional system has fees and costs to open and maintain traditional banking accounts and adds to unauthorized expenses. Thus, the token supports businesses and unbanked people or those seeking to use a cost-effective, autonomous, and inclusive medium to trade. xZAR enables the unbanked or underbanked population in the country to accept secure payments for goods and services, eliminating the hassle and security risks of carrying cash.

The token operates on the Ethereum Blockchain and allows a smooth interaction with other smart contracts and decentralized applications(dapps) on the blockchain. 

The token is pegged in the ratio of 1:1 with South Africa’s traditional currency. xZAR is a stable coin and adheres to ERC20 with various uses on the network. Thus, the coin can circulate between any browser, desktop, or mobile wallet that supports ERC20 standards. One of the primary uses of the token is to use it as a payment system. Thus, the token enables a frictionless method of sending value.  

The token also enables efficient transactions and conducting business without third-party permission or interference. The currency can be utilized by many businesses, from large e-commerce and retail shops to end users who need to transfer small amounts of currency amongst each other. 

The token was created in May 2018.

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