Abstract
The study of cryptocurrencies doesn’t clearly propose different approaches that provide cryptocurrency development. The purpose of this paper is to determine approaches to cryptocurrency development, in which we select one to develop a national cryptocurrency that will be able to bring out Cameroun from CFA Franc. Developing a national cryptocurrency or bringing out Cameroun from CFA Franc is a monetary issue which is generalized in the problem of commodity exchange. This problem focuses on how to exchange goods and services while ensuring stakeholder satisfaction. To this end, after a brief literature review on the commodity exchange system, money and Bitcoin, we first explored possible approaches to the development of cryptocurrencies. The study in these approaches has enabled us to determine four different solutions: firstly by token development, secondly by hard fork development, thirdly by fork of source code development, and at last by fork of software development. For each approach, we make a summary presentation which lists its stages of development. The comparison of these approaches in terms of development time, development cost dependence on a blockchain platform and solution to exit from the CFA Franc led us to choose fork of software approach. The fork of software approach of cryptocurrencies development best solves our problem, since it offers us a cryptocurrency development solution, but also proprietary currency which is independent of blockchain platforms. Fork of software is a fork approach that observes behavior of existing software, in view to implementing it again and/or customizing it. We proposed an explorative development method which combines: the iterative and incremental method with evolutionary prototype, for application of the development approach retained above.
Highlights
Since its creation in 1945, the CFA Franc has long been in controversy in the fifteen African countries engaged in a monetary union with France namely the CFA Zone
Can cryptocurrency free Cameroon from the CFA Franc? If so, how can we develop cryptocurrency? This manuscript deals with a study in view of the development of a national cryptocurrency
Frees to CFA Franc Does the product resulting from this approach liberate from the CFA Franc, is the question answered by this element of comparison? the ambition of this study is to develop a cryptocurrency, but a national cryptocurrency able to removeCameroon from the CFA Franc
Summary
Since its creation in 1945, the CFA Franc has long been in controversy in the fifteen African countries engaged in a monetary union with France namely the CFA Zone. The new agreement transforms the CFA to Eco, excludes France from sitting in technical governing body of the monetary area; and makes optional the deposit by BCEAO of at least 50% of its foreign exchange reserves in French treasury operations accounts This agreement renews the fixed parity of the Eco with the Euro and the guarantee of convertibility ensured by France [2]. Proposed a solution to exit Cameroon from the CFA Franc currency refers to offer a means of exchange to economic agents. This problem is generalized as the problem of commodities exchanges. Different commodity exchange models are used to solve that problem, which we have classified into three exchange system: direct system, indirect system and semi-direct system
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