A local startup called Phykraun has launched a cryptocurrency called Dystater. The launch comes in the midst of Bitcoin’s meteoric rise in the early months of this year. Bitcoin recently broke the US$50K mark and has a market cap of over a trillion Unites States Dollars. Zimbabwe for the most part has been left out of the crypto craze because of the dearth of local alt-coins. This looks like it might be changing with the launch of Dystater.
Background
Phykraun is a software development company based out of Masvingo that is behind applications like Zim Waves (a radio streaming app) and Code Dialer. The company was founded in 2019 and aims to give Zimbabweans the best array of tech solutions.
Dystater
The alt-coin is the newest entry into the Zim crypto scene. It follows coins like Zimbocash’s ZASH and Vic Falls Coin. The inspiration behind Dystater was to give Zimbabweans an alternative from the fiat currencies that are in short supply.
The team at Phykraun actually started work on it when they were looking for ways to compensate their employees. Phykraun wanted the option of fiat and digital currencies as well as offering their employees a stock option.
Dystater at the moment comes with a client for both Ubuntu and Windows which users can use to send a recieve coins. The crypto is also available on through the Phykraun’s website.
Crypto miners can also use the client to mine and the Phykraun team says it’s relatively easy to start.
“At the current difficulty of 1, a person with an average computer (core i3 processor) and reliable internet access, can mine a block in about 50 minutes, after the mining process there is a reward of 39 Dystaters that will be credited to the miner responsible.”
Stanley Makazhe Phykraun CEO
Exciting but the streets haven’t forgotten ZASH
This is a timely development and is one that many in the crypto scene I am sure would take an interest in. The only problem is that many Zimbabweans haven’t forgotten what happened with Zimbocash and with the relaunch of the currency still announced there might be some trust issues in the community.
On the other hand, there might be those who are still interested in local alt-coins and would want to give Dystater a try. If you are one of those curious ones you can check out the coin with the links below: