Zed Labs, specializing in developing Web3 software for mobile devices, leads the development of the Kolektivo Wallet. The Kolektivo Wallet is a unique, community-first wallet built with a mobile-first approach on Celo, and is a vital product of the Kolektivo Framework. In addition to this post, we recommend the Kolektivo Bluepaper or its summary to better understand the Framework.
By the end of this year, the first Kolektivo community economy will be launched in the Caribbean island of Curaçao. It leverages a set of institutional tools provided by the Kolektivo Framework, which aims to enable local communities to launch and coordinate their own regenerative economies.
Among the most crucial of the framework’s tools is the Kolektivo Wallet — a cryptocurrency wallet tailored to the specific needs of a local community. It’s built with lessons learned from years of testing the CuraDAI wallet — a pilot precursor to Kolektivo — and years of learnings from Zed Labs’ mobile consulting efforts. The CuraDAI wallet retains a community of users and merchants in Curaçao who now transition to the Kolektivo Wallet.
Guilder, euros, and dollars are the initial currencies accepted by this MVP Wallet.
To achieve adoption we need to overcome the lack of digital financial services available in Curaçao. To this end, the Kolektivo Wallet provides a service similar to Mobile Money — an electronic payments service widely used in many countries across Sub-Saharan Africa, South Asia, East Asia, and the Pacific. Mobile money is touted as a revolutionary tool for expanding financial access in low-resource environments. With it, users may store, send, and receive money using their mobile phones. This safe and easy method for electronic payments makes mobile money a popular alternative to bank accounts.
Mobile money has grown worldwide to be a trillion-dollar industry. It is helping to lift hundreds of thousands of people out of poverty and provides a similar number of employment opportunities. Mobile money is more convenient than current solutions: according to a recent study, there are 20x more cash-in and cash-out locations than bank branches, and seven times more than ATMs. African countries like Kenya have leapfrogged traditional banking systems by using mobile phones to store and spend money. Ultimately, mobile money is what financial inclusion looks like.
“If you can text, you can crypto”
The Kolektivo Framework leverages the latest Web3 innovations in support of its real-world constituents, such as ecological impact organizations or merchants in a community. This is a rapidly growing user base, yet many of them lack basic crypto understanding and have specific UX needs. As a starting point, the Kolektivo Wallet is a fork of the Celo ecosystem’s popular Valora wallet: an open-source, mobile-first product appropriate for local and non-crypto-savvy communities. Using Valora’s already-existing wallet infrastructure and the Celo blockchain we get a host of benefits, such as:
Although the Kolektivo Wallet sits on the shoulders of Valora, it also differs, providing a number of additional features we found crucial for the local economy detailed below.
Kolektivo Wallet’s key user interfaces
Zed Labs has carefully considered what wallets require to be real solutions for real-world user communities, evaluating and developing features that support their needs. Through research in the Curaçao field, we’ve strived to emphasize the active role of users by conducting interviews, observation, prototyping, and producing user scenarios. From these scenarios, Kolektivo’s Minimum Viable Wallet Product (MVP) has emerged, with benefits like:
A workshop focused on ReFi, Blockchain and Green Technology was held in Trinidad in September 2022, and was our first opportunity to test the wallet live. Participants were able to exchange tokens, test wallet features, and buy food and drinks. This first full-scale test was an undeniable success, and is leading to the full wallet launch at the
on October 22nd. Photo credit —
Moving past MVP, we plan to work on features that are required for real-world user communities, but not yet ubiquitous for wallets. They include:
Any economy needs a reliable way of payments to scale. Photo credit —
The Kolektivo Wallet’s north star is to connect Web3 with the real world. We believe our research and mobile development experience has produced an unrivaled experience for previously underserved communities, and hope to see Kolektivo’s blockchain primitives such as community currencies provide independence, prosperity, and resilience for local and indigenous communities. Zed is proud to team up with Kolektivo to offer Curaçao a wallet that suits their needs. Our 2022 wallet MVP is only the beginning of a crucial and audacious project, aiming to soon include dozens of other local bodies. Stay tuned…!