The three basic needs of man which are clothing, food, and housing, rest on the foundation which adequately supplies all. Money is this foundation as anyone who has it will be able to get all these three without hassle. Having money is a thing as many people have it but not so many are capable of using the money to adequately answer or provide the three basic needs of life. Many of them lack proper financial literacy. That is the reason why so many have it, yet are named ‘poor’. Having money or financial source is the same as having nothing or being poor without an adequate financial literacy. So it is pertinent that people are educated financially. Education is not just a thing to be jumped at and become a master of it in a short while especially when it comes to financial education. One has to be gradually educated to become a master. This is why financial education is important at all levels especially from childhood.
One of the best financial education tools from the ages past has been the traditional piggy bank. But it is to be noted that the fiat currencies are becoming outdated as the world is turning to the digital currencies. Digital piggy banks could have been the best solution but it has some disadvantages: high fee, geographical location limitations, security, etc.
The best solution is Pigzbe:
Pigzbe is a part physical, part digital piggy-wallet for children, powered by Wollo, a family-friendly cryptocurrency.
Pigzbe gives the necessary financial literacy to children at their tender age (age 6 and up), thus giving a solid foundation to help them in making wise financial decisions through discipline when they grow. Pigze is a part physical part digital wallet for children. Pigzbe gives friendly tangible physical assistance to teach children the principle of modern money. It uses an exciting and safe system to boost children’s natural desire to learn. Through the tasks and game module on the Pigzbe Dapp, parents can easily train their children how to save and manage money. This not only helps to teach and train children, it also provides an entry point into the cryptocurrency universe for the children.
Pigzbe is supported by Wollo, a decentralized cryptocurrency for families and children aged 6 and up. This is to adequately replace the traditional piggy banks and digital piggy banks. Because Pigzbe is built on the blockchain, there will be low fee (1/100000xlm), there will be no geographical restrictions as everyone is able to use the piggy wallet no matter their location, there will be maximum security as the system is not centralized but works on a distributed ledger system which is not susceptible to fraud or cyber hacks. On the Pigzbe platform, the transactions take up to three to five seconds to complete.
Pigzbe Wallet and D’App
There is the Pigzbe physical device which works as a cold storage for the tokens and a game controller for the mobile app. The game is interactive and allows children to learn through excitement. There is a card through which the tokens can be spent. The card is designed with active parental control as it cannot be used to buy adult items like alcohol, tobacco etc.
How it works
Pigzbe allows parents and family members to reward children and help them practice good financial habits. Children earn WLO (Wollo Token) through their parent and family network. The Pigzbe network utilizes the theory of discipline through continuously repeated action to help children save and earn from their parents or family microfinancing.
The parent creates a primary account which directs or manages the network. Other family members or children can join the network via the authorization of the primary account. Funds or tokens cannot be sent to the children’s account without the authorization of the primary or parent account. The primary account can set tasks to be completed within a time frame for the child and a reward is attached for the completion of each task. The primary account can also schedule a recurring allowance for the children on a regular basis.