Cryptocurrencies are around for almost a decade now. What Satoshi Nakamoto (the creator of Bitcoin) mentioned in the paper as “chain of blocks” has now become “Blockchain”, a term that has created its own space in every industry in less than five years. In this duration, we’ve seen the biggest and fastest fundraises in the history of Internet companies, the fastest unicorn, the gold rush, and worst bear market, hacks, and mainstream brands launching their own cryptocurrency. All in all, it has been fairly confusing to talk about the future of cryptocurrency with certainty, even for those who are in this space.
A lot of people from around the world are skeptical about the next wave of cryptocurrency adoption and how is it going to happen. We figured that a lack of transparency between the development going on in the industry and the end-users waiting for the ‘mass adoption’ to happen is the reason for skepticism. So here is an insider perspective on the growth, adoption, and utility of cryptocurrency in the long term.
The people and companies operating and building new solutions are sure that this new, highly technical, and hard to understand currency is the next big thing. But many outsiders are looking for reasons around ‘why?’ and ‘how?’ this form of currency will be adopted by the masses.
In the last couple of years, hundreds of online companies started accepting payment in Bitcoins — some popular brands are Namecheap, KFC Canada, Microsoft, Subway, Wikipedia, Zynga (mobile gaming), Bloomberg, and Shopify. This year, on February 14, JP Morgan launched their own cryptocurrency named JPM Coin. They are the first U.S. Bank to launch and support crypto openly. Each JPM coin will carry value equal to one USD and it will be utilized to instantaneously settle transactions using the underlying Blockchain.
Traditional Money vs. Cryptocurrency
The adoption by businesses and excitement among the developers, tech evangelists, and crypto experts is not a hollow game. Assuredly, it is not a bubble or a Ponzi scheme either that will die even before it starts to breathe. The existing centralized currency (fiat), the banking system, and political-economic forces that govern the creation, circulation, and valuation of money have prematurely optimized the systems. They have also prematurely optimized the technology to give a signal to the end-users that it is secure, fast, seamless, and fool-proof, while it is none of that. Optimizing a product to meet the needs without working on technology leads us to a system that is broken but seems functional.
Here are some of the challenges that are making traditional money look weaker in comparison with cryptocurrency.
Lower Transaction Cost
At present, the banks charge a hefty fee for sending money overseas. The same transaction costs less than 10% if done using cryptocurrencies such as LALA, Ripple, TRON’s TRX, EOS, Litecoin etc. That is negligible.
Seamless cross border transactions
The cryptocurrency works on a decentralized ledger that we call Blockchain. Just like the Internet, Blockchain knows no boundaries. The transactions are instantly settled peer-to-peer. The traditional banking system still takes around a week to make international transactions involving two different currencies.
Security
Cryptocurrency theft, fraud, and hacks are mostly reported as a claim to show that technology is not secure. All those incidents were not a Blockchain hack, but a case of scam and theft to get access to private keys. Privacy keys are passwords that are used to access wallets and accounts on Blockchains and exchanges. The Blockchains are unhackable by design. To alter the older transactions or to make fraudulent transactions, one needs to hack more than half of the computing power that is running the infrastructure. On top of that, the SHA encryptions are the industry standards of cryptography.
Reliable conversion of currency
Cryptocurrencies are the most liquid asset class we’ve invented to date. All the assets can be converted into each other with just one additional transaction. Also, technological advances like Atomic Swap are making it faster and easier.
Reaching the unbanked and underbanked
To get access to digital currency, all we need is the Internet and a mobile phone. In a country like Dubai, where you need to earn a minimum salary to open a bank account or like in all the banks worldwide you need to keep a minimum deposit to keep the account functioning, there is no such barrier for cryptocurrency. While the traditional banks need physical infrastructure and ATMs, digital cash has taken a route that it’ll never end up in a disconnected infrastructure that the banks are currently in.
What is Agenor?
Agenor aims to drive the long-awaited mass adoption of cryptocurrencies by bringing efficiency, security, transparency, and reliability to every business operating in the cryptocurrency ecosystem
Vision
Agenor will be the platform to drive cryptocurrency mass adoption powered by our projects to ensure everybody across the world interacts and uses crypto in their day-to-day life.
How Does It work?
Agenor is a blockchain platform combining both the Proof of Work (PoW) and Proof of Stake (PoS) consensus algorithms. Adopting the hybrid PoW and PoS consensus algorithm allows Agenor to drive mass adoption as it helps us maximize user engagement, and each user in our network will benefit.
PoW phase will end at the 100.000th block. Starting from the 100.001st block Agenor will continue its journey as a PoS coin. We allow Agenor users to participate in decision-making, essential to determining our platform and technology's future.
We understand mass adoption and usage of cryptocurrencies are hindered by technical complexities. Our goal is to lift these technical barriers and grow the usage of cryptocurrencies in a non-technical audience. We are currently building:
• Marketplaces that combine online store and services around the world
• A payment gateway with low fees and easy to use for the non-technical audience.
• Cryptocurrency ATMs where you can buy/sell your crypto assets easily.
Road to Mass Adoption
Agenor introduces the following products and services to the cryptocurrency ecosystem:
• A Marketplace - An international marketplace that combines online stores and services around the world. Buy/Sell any goods or services with crypto.
• Payment Gateway - A payment gateway with minimum fees and will be easy to use for the non-technical audience.
• A Cryptocurrency ATM - Increasing the usage of Cryptocurrency ATMs. You can buy and sell your crypto assets easily with the lowest fees possible.
• Education and Awareness about AGE and cryptocurrencies
Tokonomic:
Algorithm: Quark
Block Time: 2 Minutes
Difficulty Retargeting: Every Block
Max Coin Supply (PoW Phase): 5,000,000 AGE
Max Coin Supply (PoS Phase): 90,000,000 AGE
Premine: 5,000,000 AGE (See Budget Breakdown)
Total Supply: 100,000,000 AGE
Roadmap:
Conclusion:
As both B2B and B2C payments become digitized, the market will open up to more opportunities for innovation to larger pools of consumers. Leading payments platforms such as Wirex are already taking advantage of this using state-of-the-art technology to allow customers to buy, hold, exchange, and spend multiple traditional and crypto at 61 million locations around the world.
Read More Here
- http://agenorcoin.com/ https://agenorcoin.com/Agenor-Twopager.pdf https://bitcointalk.org/index.php?
- topic=5330220 http://twitter.com/AgenorCoin http://agenor.chat/ https://t.me/AgenorCommunity
Tidak ada komentar:
Posting Komentar