etherfuse and Mexico
Launching Web3 in Chihuahua Mexico
In partnership with the city of Chihuahua, we are launching the first validator in Mexico on Solana's blockchain. This launch is the first step in demonstrating hyper localization. Community is a better differentiator for building trust and attracting support for a validator than current paradigms. This approach will improve decentralization in crypto infrastructure and ultimately have more significant returns than yield alone. Before we go further, show your support for the forward-thinking nature of the state of Chihuahua and stake with the communities’ validator.
etherfuse's mission is to further decentralize blockchain infrastructure by lowering ownership barriers and empowering owners to leverage their assets to improve their lives and communities. We've decided to demonstrate the power of our products in Mexico.
Why Mexico?
A blockchain is only as decentralized as the infrastructure that powers the network. The current state of crypto infrastructure is relatively centralized due to the dependency on centralized Web2 rails. Mexico did not participate fully in the growth of Web2 — despite its citizens having added value through clicks, content, and payments. That will change that with Web3.
Launching a validator in Mexico will significantly improve decentralization on many of the subsystems we measure: regional, political, corporate, and ownership — A core value of our mission statement. This next year, we will develop trust and incentives in this validator. Releasing our products and services, we'll be able to demonstrate through hyper localization how an isolated system in a new region can compete and return greater rewards than those in the more centralized clusters in Europe and the US. A first step towards incentivizing network decentralization across all measured subsystems.
Crypto and Mexico
Mexico has much to gain by embracing crypto; Chihuahua is leading the effort. The current state of the unbanked with access to the internet, the volume of remittances, and high-interest rates make it the perfect launching pad to demonstrate to the world the future of ownership.
Mexico has had record-breaking growth, with remittances totaling 51.6B in 2021. A fast and inexpensive innovation in sending money would benefit the country tremendously. The world bank has determined that a government can increase its GDP by 16B by reducing remittance fees by 5%. The current cost to send money from the US to Mexico for the unbanked is 6 - 15 %. Solana would reduce this cost to a fraction of a penny. Many Mexicans transact informally with cash yet, have access to a mobile phone and the internet.
Crypto will be a natural evolution to transacting, given the reduction in current costs that crypto would provide. Finally, credit in Mexico is expensive, with interest rates ranging from an astronomical 40 - 150%, primarily due to the informal nature of the bankless in the country. Crypto will explode in Mexico. etherfuse will demonstrate in Mexico how to capture the value of this growth by providing the tools, legal infrastructure, software, contracts, and systems to enable the people of Mexico an opportunity to participate in Web3's future.
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