Pigzbe: The Cryptocurrency Wallet for Kids
Filippo Yacob and Jon Marshall are launching a cryptocurrency hardware wallet to get kids interested in cryptocurrency. Yacob, a Forbes 30 Under 30 honoree, previously designed the Cubetto toy aimed at teaching young kids how to code. Marshall for his part, recently developed the Kano Computer, a DIY kit that teaches people how to build their own computers. Together, the pair has created Pigzbe, a cryptocurrency piggybank to help kids learn some useful lessons about cryptocurrency and the emerging virtual financial landscape.
The Pigzbe Hardware Wallet
Pigzbe is designed to be a ‘piggy-bank cryptocurrency wallet. It functions by combining a physical wallet device and a companion smartphone app, thus turning the cryptocurrency market into an interactive game for the family. According to the Pigzbe white paper, the project serves as “a frictionless gateway for the sale purchase, and transfer of Wollo tokens.”
The Pigzbe device comes with a certain number of tokens upon purchase. The family can earn more tokens by referring others to the project or purchasing Wollo tokens from cryptocurrency exchange platforms.
The Pigzbe ecosystem also contains a spending card which families can apply for to use Wollo tokens in selected retail shops.
Wollo tokens are the native cryptocurrency of the Pigzbe project. According to Yacob, it was necessary to create a cryptocurrency token for Pigzbe rather than use an already established crypto like bitcoin or ether.
This need comes from the high transaction fees involved in using these two cryptocurrencies of which would be counterproductive to a project where parents are trying to reward their kids with a few cents.
The maximum total supply of Wollo tokens is capped at 675 million tokens, with 30 percent being held in trust by the project and another 14 percent earmarked for the founders and team members.
Aims and Objectives of the Project
The Pigzbe project allows parents to create a cryptocurrency network around their kids, teaching them how the system works in a fun-filled learning environment. Speaking on the project, Yacob said that Pigzbe is a cost-effective way of using digital “piggy-banking” to teach kids useful habits to help them succeed in future.
Parents have a responsibility to prepare their children for the future adequately. As such, the handling of money and finances is an important part of a child’s education.
Parents have been known even to enlist their children when preparing tax filings to show them how it is done. With cryptocurrency being a hot topic in the world today, there are serious considerations about whether kids ought to be taught how digital currencies work.
Many adults struggle to understand how cryptocurrencies like bitcoin work and may not be able to offer accurate explanations to their children. There is also the issue of price volatility and the fact that the nascent crypto market feels a lot like gambling.<
Kids might be considered to be too immature to handle the pressure-cooker situation that the cryptocurrency market tends to be. It might be a harrowing experience telling a prepubescent kid that his crypto savings that were worth $100 yesterday are now worth less than pennies because the market has crashed.
While the debate rages on, some kids are actively participating in the industry. In March 2018, BTC Manager reported about Andrew Courey, the 11-year old Massachusetts sixth grader who wrote a book on bitcoin.