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Blockchain Finance Financial Services

The Top 10 Best Crypto Blogs and Personalities to Follow for 2022

As blockchain technology percolates deeper into almost every sector of our economies — from finance to supply chain to real estate, there is more to this revolutionary technology than algorithms, regulation, and code. The more blockchain use cases transform our life financial markets, the more sources of information regarding this technology appear on the internet. In order to help you navigate the crypto industry, we have prepared a list of the top blockchain blogs out there.

If you are tired of the constant price speculation in sources, such as Reddit, Telegram groups, and the more mainstream crypto websites, here are some of the best sources for coverage of blockchain news and crypto markets authored by those with their fingers on the pulse of the decentralization movement.
 

The Top 10 Cryptocurrency Blogs and Crypto Influencers to Follow

Table of contents:

 

CoinDesk

CoinDesk is one of the most popular news platforms for such crypto currencies as Bitcoin, Ethereum, and altcoins today. In fact, other crypto websites cite it as a source of their information. However it is a very insightful content, so that Cryptocurrency newbies may encounter difficulties understanding some of the terminologies used in their blog posts.
It is run by CoinDesk Inc., which carries out one of the most popular events of the crypto space — the Consensus Summit, and daily publishes analytical content touching all blockchain uses cases. Generally, CoinDesk is one of the most popular and best crypto blog handling cryptocurrency news and anything affecting the blockchain industry.

Cointelegraph

Cointelegraph launched more than seven years ago and is entirely autonomous. The platform publishes a lot of insightful content regarding crypto markets, world blockchain events, collections of altcoins, and general information of mining activities. They cover four primary topics: cryptocurrency trading, blockchain, mining activities, and crypto and blockchain news.
Remarkably, they discuss digital currencies from all angles, comparing them to the standard for payment transactions, the value measure, and the medium of exchange. Cointelegraph looks for use cases of blockchain in the real-world and analyzes everything that happens in the crypto world. This includes a clear structure, a news feed, crypto rating, regulation, and information regarding upcoming coin offerings.

Vitalik Buterin’s Blog

It is hard to condense all of Vitalik Buterin’s contributions to the blockchain space into a single blog. He successfully managed to create the Ethereum blockchain, its native currency, and its native programming language. Because of the success of the Ethereum network, especially opening the way for the creation of decentralized applications, Vitalik is one of the crucial personalities in the evolution of blockchain.
In his crypto blog, Vitalik discusses everything from the history and challenges of the Ethereum blockchain to the development of theories on levels of fault-tolerant consensus and even how the blockchain industry should be regulated. If there is any crypto news website that you should consider reading as an investor looking for insightful content that will help you to gain a more technical understanding of blockchain technology, this should be among your priorities.

CCN

Launched in 2013 as Cryptonews.com, CCN provides not only news about cryptocurrencies and crypto markets, but also detailed analysis. The content is supported with clear graphs and figures, offering valuable information about trade volume, exchange rates, and changing market trends. Focused initially on Bitcoin, the blog has broadened its content offering to cover the current, expansive coin offerings in the crypto space.
The brand has established itself as a source of reliable cryptocurrency information. The crypto community likes their way of presenting information- structured, briefly, and mostly, not forgetting their provision of a broad selection of references to extra materials. Readers can subscribe to their newsletter to receive the latest news directly in their emails.

BitMEX Research

BitMEX is among the top crypto exchanges, but what many do not know is that their research blog is also one of the most in-depth in the crypto space. The BitMEX journalists flame their posts in a financial journal style, covering everything related to blockchain technology and crypto markets.
The BitMEX team strives to offer deep insights into why and how one or more current happenings are influencing the crypto world in a certain way. A good example of this would be their efforts in covering stablecoins, which ends with what current stablecoin projects are trustworthy and why, with the support of financial indicators. Because of these factors and many more, it is easy to group their blog among the top crypto blogs.

Bitcoin Magazine

Bitcoin Magazine is the world’s first magazine and one of the most established sources of Bitcoin news,  information, market analysis and expert commentary on Bitcoin, its underlying technology, and the entire industry that has evolved around it. The magazine is owned by BTC Media LLC, the media and publishing subsidiary of BTC Inc. Since 2012, it has offered detailed analysis, research, education, and thought leadership at the intersection of finance and technology.
The publication strives to offer accurate, timely, and relevant content to the crypto community.
Specifically, Bitcoin Magazine is passionate about Bitcoin and is keen to share news about individuals, businesses, and technological advancements that are transforming the world. Whether you are blockchain newcomer, savvy developer, investor, or entrepreneur, the platform aims to inform and educate you with quality content that meets the international editorial and journalistic standards, featuring both the highs and the lows of the crypto industry.

BitcoinTechWeekly

BitcoinTechWeekly differs a lot from the rest of this pack of websites for one main reason. It is categorically geared toward those who are not only seeking Bitcoin news but already have a technical understanding of blockchain technology.
Most of their posts focus on the latest software development tools, technical analysis and network updates in the industry, making it the best choice for technically savvy blockchain individuals.
Since they purposely style themselves as covering “weekly bitcoin tech news,” it is likely that their opinions will be subject to the Bitcoin maximalist school of thought.

A16z Blog

Marc Andreessen is one of the founders of Mosaic and Netscape, which ended up being the world’s first widely adopted web browsers. Then, in 2009 together with Horowitz, he established the Andreessen Horowitz Venture Capital Company, which runs the A16z Blog.
While this venture capital firm invests in both early-stage start-ups and established companies, its cryptocurrency blog is unique in two main ways.
First, as one of the Bitcoin large scale investor pioneers, they speak well from the institutional angle of the crypto industry. Second, the A16z Blog does not shy to share market insights including critical information related to cryptocurrencies and blockchain, to truly offer one of the most balanced crypto blogs in existence.

Jimmy Song Blog

Like Vitalik Buterin, Jimmy Song was one of the pioneers of all things blockchain. Categorically, he was one of the first developers to work on the Bitcoin blockchain. In his Medium blog, he draws on his opinions and the knowledge gained from his involvement in blockchain projects, to provide a professional analysis on topics related to the blockchain space.
In some of the articles, his explanations are specifically meant for developers, to connect a blockchain idea to something related to programming. In other guides, he concentrates on explaining concepts, such as the real potential of Asset-Backed Tokens (ABTs) to the general audience. Generally, Song’s publications attain the right balance regarding the audience it caters to and the content they cover.

Multicoin Capital

For those who are searching for crypto hedge funds, then look no further. The Multicoin Capital blog regularly curates what it terms as the essential podcast about the blockchain industry crypto markets.
They mainly cover how to excel as a cryptocurrency investor using more traditional investing approaches, such as achieving the ideal alpha. In other words, they strive to inform both new and experienced cryptocurrency investors on how to beat the crypto waves. Due to this, it is considered as one of the best crypto blogs available.

Conclusion on the list of the best crypto blogs

By including these blogs in your bookmark, you will always be updated with blockchain, financial markets and cryptocurrency news from all over the world. These blogs and personalities were critically chosen since they have already established themselves as reliable and respected sources of information.
Remember, public sources can guide you only by analyzing data from different sources, questioning everything, and suspecting manipulation under every analysis of “unique” information and statistical facts.

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Blockchain Financial Services

Top 10 crypto exchanges for trading cryptocurrencies

Buying digital currencies begins with finding the right exchange that meets your needs. There are more than 2,500 exchanges to choose from, with varying charges, identity verification requirements, and user experience. In this guide, we will review the top ten crypto exchanges for buying and trading cryptocurrencies.

Before that, let us define what a crypto exchange is and what features you should consider when choosing a crypto exchange. For seasoned traders looking for an all-in-one dashboard to track their crypto earnings, CoinTracking is an excellent choice.
 

Top 10 crypto exchanges for trading cryptocurrencies

Table of contents:

 

What is a crypto exchange?

Crypto exchanges are platforms where you can buy, sell, or exchange cryptocurrencies for other digital assets or fiat currency, like the U.S. dollars. If you want to venture into professional crypto trading and have access to advanced trading tools, you will likely require a verified crypto exchange account.
If you simply want to make the occasional, straightforward trade, there are also websites you can use, which do not need an account.

Aspects to consider when choosing a cryptocurrency exchange

It is essential to carry out due diligence before you start trading. Here are some of the primary aspects you should consider when choosing a crypto exchange.

Reputation

The best way to learn about an exchange is to read reviews from individual users and well-known blockchain blogs. You can also inquire more about a particular exchange on forums such as BitcoinTalk, or Reddit.

Trading fees

Most crypto exchanges openly display their fees on their websites. Ensure you check on deposit, transaction, and withdrawal fees. Fees can differ substantially depending on the exchange you choose.

Payment methods

Does your preferred exchange accept credit card, debit card, wire transfer, or PayPal as a payment method? Does it allow trading with U.S. dollars or euros? It is advisable to choose an exchange with a wide variety of payment methods.

Verification requirements

Most crypto exchanges, especially in the U.S. and Europe, require users to verify their identities to make deposits and withdrawals, while others will let you remain anonymous. While verification, which can take up to a few days, might seem hectic, it protects the exchange against all sorts of scams and money laundering activities.

Geographical Restrictions

Some user functions provided by exchanges are only accessible from particular geographic locations. Ensure that your preferred exchange allows full access to all platform features and services in your country.

Track your success

If you’re trading on several different platforms or in many different cryptocurrencies, this can get complex very fast. Keeping track of all the profits and losses whether it’s for personal reasons, or tax reasons is easy with CoinTracking.

The top 10 crypto exchanges to trade cryptocurrencies

Coinbase

Coinbase was designed to be the most trusted name in the crypto market, and in this regard, it is more or less unrivaled in the marketplace. It is an American company and is FDIC insured for U.S. deposits up to $250,000. It’s also compliant with EU financial regulations.
Besides, Coinbase is backed by significant mainstream investors, like banks and investment funds.
This level of trust ensures that Coinbase is the exchange of choice for most cryptocurrency traders and investors. It has a simple user interface to accommodate both crypto professionals and newbies.
However, this emphasis on trust means that Coinbase has a limited number of listed coins, although it has listed all the major cryptocurrencies. Access is restricted to a relatively small number of countries.
Regarding security, Coinbase boasts of an excellent track record, with less than 5% of its customer’s funds stored in hot wallets. Coupled with its insure-policy, Coinbase is one of the safest exchanges for crypto investors.

Binance

Binance was founded by Changpeng Zhao (CZ), a professional Chinese software developer who previously designed systems for the Tokyo Stock Exchange and developed futures trading software for Bloomberg’s Tradebook.
It is the preferred exchange for coin-to-coin crypto trading with some of the biggest numbers of available coin pairs and trading volumes in the cryptocurrency market.
Nevertheless, the exchange is known for its low trading and withdrawal charges. Trading fees are discounted if the user is holding the Binance Coin (BNB).
In 2017, Binance emerged as the exchange with the largest trading volume, mainly due to its wide variety of digital assets. Early this year, to sustain its impressive growth, Binance started margin trading, which is now available for BTC, ETH, XRP, BNB, and TRX.

Kraken

Established nine years ago, Kraken is the biggest exchange in euro volume and liquidity and has partnered with the first crypto bank. The exchange allows users to buy and sell bitcoins and trade between bitcoins and euros, U.S. dollars, Canadian dollars, British Pounds, and Japanese Yen.
Kraken also allows users to trade altcoins, like ether, Monero, Augur REP tokens, Zcash, Litecoin, Stellar lumens, and many more. For experienced traders, Kraken provides margin trading and a variety of other trading tools. Generally, it is the right choice for experienced traders.
Kraken can be accessed by users from the U.S., Canada, Japan, other EU nations, and the rest of the world.

CEX.io

CEX.io is a fiat-to-crypto platform that provides some advanced trading tools while still being very friendly for newbies to use. Again, experienced traders who are new to digital currencies often use CEX.io for the kind of trading they are used to with traditional securities and platforms.
CEX.io permits free bank transfers for verified users and charges a small fee for unverified users using a credit card. The exchange is also known for low trading fees. Most CEX.io customers are drawn to the advanced trading tools that traditional crypto exchanges lack.
CEX.io has a limited offering of listed cryptocurrencies, although it has listed all the major coins. It offers a wide range of coin-to-fiat pairs, including euro, pounds and rubles, which most crypto exchanges do not provide.

LocalBitcoin

LocalBitcoin is a Peer-to-Peer (P2P) crypto exchange with buyers and sellers from different parts of the world. With LocalBitcoin, you can connect with people from your locality and buy or sell bitcoins for fiat, pay via PayPal, Skrill, or mobile money, or even arrange to deposit cash at a bank branch.
LocalBitcoin only charges a trading fee of 1% from sellers who set their exchange rates. To ensure safe trading, LocalBitcoin has put up multiple measures. First, the platform rates each trader with a reputation rank and publicly displays past trades. Secondly, once a deal is requested, the funds are held on LocalBitcoin’s escrow system. They are only released after the seller marks the trade as complete.
Further, if anything goes wrong, LocalBitcoin has a support and conflict resolution team that resolves conflicts between buyers and sellers. It is advisable to check the LocalBitcoin terms and conditions before making any trade.

Coinmama

Coinmama is a reputable exchange with a simple user interface. It offers a quick way to purchase digital assets using fiat money without storing them on a third-party exchange. The platform is suitable for users who just want to buy crypto using fiat quickly and safely.
Often, people make an initial crypto acquisition using Coinmama, and then deposit the acquired coins from their wallets into a crypto-to-crypto platform. The exchange charges relatives high fees for its services; hence, it is ideal for those willing to pay premium charges for speed, discretion, and simplicity.

Changelly

Changelly provides a rare service in the crypto industry: fast and anonymous crypto-to-crypto transfers with no third party holding. The exchange is not meant for investing or trading, but instead as a quick, discrete, and efficient means for exchanging coins in your private wallets.
It works by providing competitive exchange rates for a wide selection of coins and then transfers them directly to your private wallet. For such services, Changelly imposes a higher fee compared to other exchanges, but not so high. The premium charges are for anonymity and simplicity compared to traditional crypto-to-crypto exchanges.

Phemex

Phemex is a newly launched crypto trading exchange that has generated a lot of interest among the crypto community. The exchange posts an average daily trading volume of over $350 million in less than eight months of operation, which is a great achievement for a startup.
Phemex differs much from other exchanges, and it strives to bring professionalism, trust, and efficiency to the crypto market. Currently, Phemex supports trades in perpetual swaps of major coins and plans to list traditional financial products, like S&P 500 stocks, indices, commodities, energy, and many others.
Since it is a new exchange, Phemex supports trading in six crypto pairs, including BTC/USD, ETH/USD, XRP/USD, LINK/USD, XTZ/USD, and LTC/USD, all quoted in BTC and settled in U.S. dollars. It has a simple and intuitive trading platform and is available in both web-based and mobile trading platforms.

Bitfinex

Bitfinex is one of the most advanced fiat-to-crypto and crypto-to-crypto trading platforms, boasting some of the highest liquidity and trading volumes among exchanges. It has fewer competitors regarding crypto traders who aim to embrace advanced trading techniques and trade volumes.
The exchange offers a full range of tools that traders expect from a platform, like advanced order types, margin trading, and a wide range of coins and fiat currency pairs. Bitfinex has experienced two major hacks in the past, but they have paid back all losses to customers and greatly enhanced their security set-up.

Bittrex

Bittrex is a crypto-to-crypto exchange that was built with one priority in mind above all else: security. It holds most of its client funds in cold wallets and has a stable verification system. Apart from safety, it focuses on supporting a wide range of crypto-to-crypto trading pairs, with some of the best trading volumes in the crypto market.
Though Bittrex may not be the number one choice for experienced crypto traders looking to trade major cryptocurrencies, it is undeniably one of the best exchanges for trading less popular tokens.

Conclusion

Leveraging the above crypto exchanges will enable you to invest and trade in almost all cryptocurrencies. However, there are still several other exchanges for trading digital currencies. Therefore, do not limit yourself to the list provided in this article.
In terms of reputation, security, trading fees, payment methods, geographical restrictions, and verification requirements, it is advisable to consider the above crypto exchanges as your trading partners. Remember not to use crypto exchanges as a wallet to HODL your digital assets.
 
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Blockchain Supply Chain

Fighting food fraud: Blockchain in logistics and supply chain management

As I browse through the supermarket, I often notice how much more retailers charge for sustainable products. But after spending time in the blockchain space, I have to question everything. How can I know that that wild salmon came from pristine waters? Is the ground beef as fresh as the label says? Is it beef at all?

Trust issues aside, logistics and supply chain management is notoriously complex — some argue opaque. Retailers are starting to test blockchain to track products and quickly react to outbreaks of food-borne illness. Consumers, as well as retailers, will benefit from greater transparency and trust blockchain logistics brings to the industry.

Fighting food fraud: Blockchain in logistics and supply chain management

Table of contents:

Blockchain logistics

Food fraud is a persistent problem in our globalized food supply. Unscrupulous suppliers sometimes pass off cheaper fish for more expensive varieties. Occasionally it’s a different species altogether. Meat adulteration can offend religious sensibilities, or worse, threaten public health. Despite heavy-handed labeling laws in places such as the European Union, food scandals, recalls, waste and fraudulent labeling still plague the food supply.

All this compliance and waste only drives up the cost for producers and consumers. Just as blockchain technology can establish a trail of transactions in real estate or in art provenance, it can also aid logistics and supply chain management companies in tracking items on their journies to the shelves.

Fishy business

Nowhere in the food supply is fraud more prevalent than in the fishing industry. A 2016 report from the Oceana Foundation claims that one in five of over 25,000 samples of fish tested were mislabeled. Passing cheaper fish off for more expensive ones is a particularly common practice. “Laundering” protected species from restricted waters is another prevalent industry abuse cited in the report.

These abuses hurt consumers and the industry as a whole. “It harms everyone in the supply chain who is playing by the rules,” wrote Kimberly Warner, author of the study and senior scientist with Oceana. “The person going through the effort to catch fish legally and label correctly is undercut by the fraudulent practices.” Distributed ledger technology could make it more difficult to cheat on labeling, adding more trust into the supply chain.

Cost of misbehavior

Blockchain logistics, of course, is unlikely to stop the illegal activity altogether. However, it might put pressure on companies involved to play by the rules. Marcin Rzetecki head of blockchain at Espeo admits that blockchain technology is not a magic bullet, but that it would be a better tool to keep all the actors honest. “When you have many companies in a supply chain,” he said, “and one of them tries to cheat, other members can check on their competitors.” Consequences for misbehaving could be a loss of access to lucrative markets. 

Retailers targeting a tech-savvy niche could charge premiums for blockchain-verified fish, for example. Rzetecki imagines QR codes on packaging that allow shoppers to see every step of the way. “Digital signatures of each company in the supply chain can provide a tamper-proof history. It’s much clearer from an end-user perspective. They have all the information in one place.”

Verifiably sustainable products could command a higher price just as wild-caught, free-range, fair trade, and similar premium products do today. In fact, an application with a blockchain back end may do more to infuse trust in these labels than murky industry groups and government bodies do already. Economic pressure from an informed public may force companies to clean up their acts.

Horsemeat Scandal

Switching out species on the label is not limited to fish, though. The 2013 horsemeat scandal in the European Union is one high-profile example. Despite strict labeling requirements in the bloc, dishonest producers snuck horsemeat and pork into products labeled as beef. Unsurprisingly, this sent shockwaves through the logistics and supply chain management industry as government regulators cracked down driving costs up for the entire industry.

Adulteration poses several risks to consumers, and retailers alike. In the horsemeat scandal, large retailers bore the brunt of the outrage that unfolded as the first point of consumer contact. Alienating consumers is just one of the many risks the adulteration scandal poses. Those with dietary restrictions, especially religious ones, may move to competitors who can verify the source of meat to trusted suppliers.

As with the fish example, blockchain technology may not end industry abuse, but it would provide a competitive advantage to attract conscious consumers.  It would also make the stakes much worse for actors who break the rules.

Blockchain could aid stakeholders in tracking the origin of products to find culprits much more quickly than they do currently. Part of what made the horsemeat scandal so scandalous was the time it took for regulators to track down the source. A blockchain logistics platform could have allowed health officials, retailers, and suppliers to find adulterated sources quickly, reducing costs and preventing massive waste.

Innovation in logistics and supply chain management

While blockchain logistics apps have yet to emerge for consumers, logistics and supply chain management tools for enterprises have. In mid-2018, American retail giant Walmart unveiled a blockchain-based platform designed to track the source of their fresh produce from farm to shelves. Food Trust, the company’s private blockchain logistics system aims to help the company and health officials pinpoint farms during an outbreak of food-borne illness. Instead of tracking individual databases of all the stakeholders involved, stakeholders already have all the distributed tracking data. This greatly reduces the turn around time for containing a crisis.

Food Trust cuts the time to trace the source of food from a week down to a little over two seconds. Food recalls, they hope, will be much smoother and targeted. This will save time and resources, reduce food waste, and drive competitive advantage. Walmart’s sheer size enables it to compel suppliers to join the program, or else. The company’s suppliers have until September 2019 to implement the Food Trust platform in its logistics and supply chain management. Other influential market players could also develop blockchain logistics systems to help them maintain market share.

Conclusion

Logistics and supply chain management is due for an overhaul. As globalization increases the complexity of the food supply chain, innovative technologies can help retailers keep track of suppliers, minimize crises, and remain competitive. Consumers also stand to benefit from a safer, more transparent food supply.
Gaining more accurate source information could attract conscious consumers, and keep the industry honest. Retail giants are already implementing blockchain technology in their logistics and supply chain management strategies. Market trends will only continue to drive innovation in blockchain logistics.
For more on designing and developing a blockchain application for supply chain tracking, call us for a free 15-minute consultation.

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Blockchain Finance Financial Services

Grow your cashflow with blockchain micropayments

Blockchain micropayments are opening up new revenue streams for industries you wouldn’t normally expect. Advertisers, web browsers, and automotive companies are finding new ways to motivate, reward, and ultimately empower consumers. Blockchain technology reviving small payments. 

 

Grow your cashflow with blockchain micropayments

Table of contents:

  1. Early Micropayments
  2. Blockchain micropayments rise
  3. How will it work?
  4. Blockchain micropayments optimism
  5. User path
  6. Conclusion
 

Early Micropayments

Micropayment as a term is maddeningly hard to pin down. How small a payment has to be to qualify depends on who you ask. For some payments providers it’s under $1 for others it’s under $10. This threshold hinges on the fees the provider charges which make these small sums less worth it.

Interestingly, micropayments are nothing new. The idea emerged in the 1960s and offered an alternative to advertising-based revenue. By the 1990s, this idea extended to the early internet as a way to fund pages. In theory, people could pay fractions of cents for individual content rather than buy a subscription or look at ads. However, none of the proposals really took off. It was too expensive to use traditional payment processors.

Some existing micropayments providers such as Swedish firm Swish don’t charge fees for individuals, but still charge stiff fees for organizations. Others have been absorbed into larger payments giants. EBay acquired Zong in 2011, for example, which was later merged with PayPal.  

Most of the services we use today on the internet rely on advertising and the user data they collect to operate. Blockchain technology has brought the idea of micropayments back from the dead and offers a new way to make these tiny payments work.

Centralized payment processors such as Visa charge 0.05% plus $0.21 per transaction. PayPal charges 2.9% plus $0.30. These are too high for a micropayment revenue model. Blockchain tech, though, drives the price of transactions down. Some, such as IOTA Foundation charge nothing. 

 

Blockchain micropayments rise

Part of what might make blockchain micropayments work is that it’s much cheaper to send funds — especially across borders. Fewer middlemen involved in settlement means lower transaction costs across the board. Pair that with smart contracts, and you could have a fully automated and much cheaper payment system. Or so the theory goes.

Such low-fee or no-fee transactions enable users to send and receive tiny fractions of cents. This has revived micropayments as a revenue model and could change the way we consume and interact with one another. Blockchain micropayments are the missing link.    

 

 

How will it work? 

Many people wonder where micropayments will appear and for what, exactly. Currently, there are a few proof-of-concept projects in the world exploring blockchain micropayments. 

German carmaker Volkswagen, for example, has partnered with IOTA and has launched a pilot where their vehicles act as IoT devices. Where micropayments come in is that drivers could automatically pay for parking after crossing a barrier, or pay more accurate tolls.

Extend this a bit further and you could have a system that rewards drivers with IOTA tokens for good behavior and even shares this data with insurance companies.  

Privacy-minded web browser Brave aims to let users choose to view advertisements, or not, and pays them their fair share of the revenue. These tokens act as a rewards program and such low blockchain micropayments make this model possible.

 

Blockchain micropayments optimism

We’re optimistic about the micropayments and the opportunities in a new monetary system. As a blockchain development company, we are involved in many blockchain projects using token transfer or swap the funds.  

Recently we explored a very similar solution based on the Stellar blockchain. Our solution brings the most benefits to unbanked users. It’s helpful, especially in the regions where there is a lack of banks or some other remote locations. Low fees can enable blockchain micropayments in places without sufficient banking.

Let’s imagine a mobile app where we can pay everywhere each amount fast, safety and cheap than others.

From a technical standpoint, this is how the application will work.

  • Central Bank — this is a virtual place to communicate with others. It’s also the entity that controls the supply of coins in the ecosystem
  • Issuer — this is a point of sale where users can swap cash to coin
  • User — this is the end-user, which uses the mobile app, central bank technology, and Stellar blockchain to manage his wallet and execute payments

User path

In the first step, a user can request an issuer to swap fiat currency to coins. Each transaction accepted by the issuer sends the request to the Central Bank.

Next, the issuer and user receive a response with a status of the transaction from the Central Bank. Each transaction on the blockchain will start when the Central Bank verifies the request

The Central Bank can transfer coins from the wallet to other wallets in the ecosystem at any time. The same process is available for users and issuers. 

Our solution is based on traditional IT architecture using blockchain technology that enables us to achieve high scalability, data dispersion and customer ownership to the accumulated good on your own portfolio.

The Stellar protocol in combination with blockchain micropayments eliminates third parties from transactions making them faster, cheaper, and safer. This solution is suitable for everyone in the ecosystem who has active wallets (has coins). We can transfer coins or payments to others fast and easily. 

All information about transactions is saved on Stellar blockchain and visible for Central Bank. Each user can view the status of his transaction in our Payments Explorer’s user interface. This solution gives each user the possibility of low-value transactions and with the lack of access to banks or some other remote locations.

Conclusion

Distributed ledger technology is driving down the cost to send a receive money. As a result, this is opening up new revenue models for enterprises. As more and more people seek better payment methods than traditional, expensive card payments, the growth of this industry will continue to adapt.

For sure new technologies are particularly valuable for new payments method nowadays so that we should ensure the conditions for development.

Contact us for a free 15-minute consultation on blockchain micropayments and find out how put blockchain to work for you. 

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