At a minimum, every currency must meet the following benchmarks in order to maintain its status, i.e, function as store of value, a medium of exchange and be backed by a government. Well, in the world of today, we can both agree that the foregoing conditions are mostly applicable for fiat, paper monies like JPN, EUROS, etc.
In retrospect to the early banking era, we now live in a space where mobile banking is soon become the order of the day. As such, digital currencies have been consistently created. Cryptocurrencies being a prominent example of the former, are still emerging. As far as crypto-enthusiasts go, the economy appears to be doing remarkably well. But in the real world, it's obvious that the gap is still very wide. Virtual currencies do not even measure up to a quarter of the real life applications of paper monies.
In the last one year, the cryptocurrency sphere has seen quite an avalanche of blockchain projects come with high hopes that they would rewrite the script, all to no avail. Quite frankly, many have done well in their respective ways, but the fact still remains that cryptocurrencies are still a far-cry from actual practical utility. Perhaps it is not completely out of place to then assume that there are inherent barriers responsible for this occurence.
The rest of this article embodies an extensive review of quantocoin; a revolutionary cryptocurrency project that is rightly positioned to solve the challenges of both the real and digital worlds of banking & finance.
Let's dive in!
Quantocoin; A Viable Option
Most blockchain brands today, especially fintechs, have become so overwhelmed by the multi- possibilities that blockchain has to offer that they fail to appraise the indispensable aspects of our traditional financial/banking system. The result of this is noticeable from the manner and dimension of solution that they eventually approach the sphere with. While the architecture may vary, the goal appears to be common- to replace existing systems. Figuratively, to do away with the baby and the bathe water.
Quantocoin is proposing a reasonable and practical alternative. Rather than, outrightly doing away with the entire existing system, the team is suggesting a hybrid system, I.e, a mix of both traditional and modern technologies. This way mainstream adoption would be much easier to attain.
Quantocoin, otherwise known as QTC is a token built upon the waves blockchain network. Likewise, the QTC platform is supported by blockchain.
QTC Platform- Serving The World of Finance and Banking
QTC is unique from its myriad of competitors, in the sense that it can be used to buy, sell, pay for goods and services, amongst others. QTC platform is focused on strengthening the financial system through introduction of cryptocurrencies. Aside this, it intends to make banking an ubiquitous phenomenona, and with minimal need for technical know-how.
As of today, an estimated 2 billion adults do not have access to modern banking infrastructures and this can mostly be attributed to their geographical displacement (i.e there are no banks closeby) or access to internet. Source: Quantocoin's Whitepaper
QTC's team recognises this as a significant challenge, which is why some of the major architectural designs that the platform hinges on, is designed to tackle this. QTC platform will have mobile application support, thereby empowering any and everyone that owns a mobile phone to easily bank, even from the comfort of his closet. All it takes is that the proposed user proceed to download the app from google playstore by clicking this to download the app
If you think that's really cool, wait till you see these:
QTC's platform offers a legal, verifiable bio-identification system for investors, traders and all users alike. Its imperative to satisfy the 'know-your-client' and 'anti-money laundering' conditions that are usually demanded at the onset of joining the platform, so as to reap the maximum benefits. One very important benefit is that it instills confidence in the minds of investors and users, thereby promoting growth and scalability.
Interconversion Of Cryptocurrencies
Another remarkable feature of Quantocoin's platform is the fact that it supports conversion from QTC to other currencies like ETH and BTC. And, can easily be used to make mobile payments, purchase goods, services, do international transfers and remittances, even at low fee, amongst many others.
It would interest you to also know that QTC is uniquely built in such a matter that portents many benefits for both crypto-users and the world at large.
Quantocoin: An All Encompassing User-Friendly Interface
Amongst other reasons, the fact that the cryptocurrency sphere is a disjointed ecosystem, full of separate entities including exchange platforms, payment processing platforms, mobile wallets, and portfolio management interfaces, complexes the entire thing for the ordinary man. These altogether, dissuades the latter from ever really using cryptocurrency.
Interestingly, QTC can however be likened to a one pot-fit-for-all platform that is capable of serving the entire crypto-community from one front. As a mobile agnostic interface, the possibilities that it offers are nearly endless.
Lending Option: QTC provides microfinancing options for its users. Interested users will are obligated to remit their portfolios as collateral. During the lending period, QTC platform will assume management of the portfolios, in such a way that reaps profit and hedges the actual owner from risks associated with price volatility.
Seamless Mobile Payments: The platform also affords users to make quick mobile payments, even without being connected to the internet. And, the utility of this is endless. Just like conventional debit cards, it can be used to service micro payments at supermarket and grocery stores. Likewise, it can be swapped in exchange fiat or a service and all of these, in real time.
Quantocoin's Hybrid Technology
Here, NFC, BLE's Beacon and QR Codes are employed to make all operations very smooth and better the user's experience. Again, it rebuffs security of users' funds on the platform, especially the QR codes.
What Can Near-Field Communication (NFC) Do?
With NFC, QTC users are empowered to swiftly make payments in real time. All that he/she has to do is to first turn on the NFC widget on the mobile phone already hosting the QTC app, then bring it within 4cm of a POS terminal. And, both the merchant and user stand to gain a lot from these.
For the past three weeks, Mark, the only child of his parent, has been working tirelessly to source for funds to treat his mother. She only recently developed a kidney failure and he was adviced to deposit a sum of 2.5million naira in order to do a transplant.
Mark had visited many friends and family in a bid to raise something, but nothing was forthcoming. Soon, he started to approach banks for loans but, they just were not ready to give out that much to a young graduate with nothing to serve as collateral.
Meanwhile, Mark had been busying with content writing for blockchain brands, so while he considered that as a likely solution, it didn't take time before he dispelled the thought. The complexities of trading off each of the coins/tokens he had accumulated over time, was something else, he knew. To make matters worse, he didn't even know how he would go about it, because he barely understood the basics of trading and swapping coins.
Luckily, one of the friends that he reached out to, soon called and suggested quantocoin to him. Through QTC, he was able to get some loan, with which he used to take care of his mother.
If there is that blockchain project that truly holds great future for the crypto-finance sector, p2p and b2bs, it would appear that it is quantocoin. The incentives and measures that are being adopted to encourage merchants and the mobile users respectively, are quite innovative and revolutionary, no doubt. Hopefully, this project will attain such heights like Bitcoin and prominent altcoins like ETH and XRP, whilst catering for the needs of the dynamic crypto community.
Author: Michael Adesanya
Bitcointalk username: michades97
Bitcointalk profile URL: https://bitcointalk.org/index.php?action=profile;u=2321458;sa=summary