Another Major Step Forward By FreedomEx: STEEM With Fiat

2년 전

Yesterday, I wrote about how @steemhunt is really making headway and advancing the Steem cause. They are getting some major attention with their IEOs which can only help with the exposure of our ecosystem.

@freedomex is also hard at work trying to develop partnership with different entities. They announced they were able to secure an agreement that will help Steem.

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https://www.gonetcoins.com

Many of us remember Netcoins. At the end of last year, there was a push to get STEEM listed on their application. It was a successful bid which showed the power of the Steem community. We were able to secure to top spot in the voting which ended up listing our currency on there.

Now, they are back with an agreement put together by FreedomEx.

The FreedomEx platform, which uses STEEM as one of the primary base pairs, is going to have fiat conversion ability. This will be provided for by Netcoins. Any FreedomEx customer will be able to use the gateway to convert a number of different currencies to STEEM.

STEEM/USD, STEEM/CAD, and STEEM/EUR will be the pairs according to what they released.

https://steempeak.com/freedomex/@freedomex/ann-fiat-gateway-contract-negotiated-new-partnerships-add-value-to-our-ecosystem

This exemplifies the value of blockchain and what it can do. One of the problems with our world today is there are too many layers. Intermediaries are everywhere, each taking a piece of the action. This also adds more layers that one needs to sift through to reach the desired outcome.

With this move, one is able to quickly go from fiat to STEEM, something that is still a hassle in many instances. For the most part, people convert fiat into another token like BTC or LTC before doing a swap into STEEM.

The team from FreedomEx put together a nice image that shows the flow and the possibilities are going to be possible.

It starts with using either a credit card or Pay Pal account to doing the fiat-to-STEEM conversion through the gateway provided. From there, one moves to the FreedomEx which will offer all the tokens Steem has to offer. The project team announced in the past that it will also be compatible with all tokens created on Steem-Engine. Also, judging by this picture, SMTs, when released, will also be a part of the program.

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There is a lot of discussion on here what we need to do for STEEM to be listed on the exchanges. Certainly, that helps with the exposure of the token which, in turn, promotes the ecosystem.

That said, I feel it is a major step that we have exchanges being set up that are focused primarily on Steem. With that as the a central pair, we are not only seeing it listed, but being the primary token. This is a big shift. Instead of STEEM being another token in the abyss of many, it is putting the token out front as something of value. It is the focus.

Another interesting point from the image is we are seeing some of the possibilities of what can be done once a system like this is in place. We are just now starting to see the potential to create enormous benefits to the user community. This exchange is no different.

Those who get involved in FreedomEx will benefit in many other ways. This image lists a few of the ideas that team came up with.

We also get some insight into how far the tentacles reach. Suddenly, through this, all Steem-based tokens can access the entire crypto realm.

It is good to see the progress both FreedomEx and Steem-Engine are making. These are two exchanges that are centered around Steem and being used to add value to this ecosystem. Using other exchanges as a feeder system is all well and good but I do not think it compares to having these fundamental tools in-house.

Essentially, it is the mindset of being able to "service our own". As the ecosystem grows and we get more users, having close to home options can only help. These exchanges will enable both users and developers to expand their reach. It also puts STEEM at the forefront of all that is going on while enhancing the value of all application related tokens.

Finally, this will go a long way to helping us to reach the masses. One of the most common questions when we mention cryptocurrency to people is "what is the value of them"? People want to know what they are worth and what can be done with them.

We are now seeing a structure being established where all tokens will have a price established by the market. This will show people how much their incentivized activity is actually worth. In my mind, this overcomes a major stumbling block with acceptance.

Suddenly, they are not abstract ideas on a screen but digits that have real value.

The next few years will see a move where people will question the value of money. We are already starting to see it.


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You are killing it with your posts lately. Thank you for writing about all those projects that I had no idea exist.

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You are welcome @ew-and-patterns.

That is why I post what I do...to try and spread what is going on. It gets difficult to follow and I hope I help people to realize there is a lot taking place that is really going to feed into an explosion at some point.

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Yes, it is so much going on right now that it is really hard to keep up with all the developments.

I think the ability to easily move into and out of Fiat is one of the main things that will help this (or any) crypto in terms of adoption. It only makes sense. Non crypto people don't care about the principles like we do, they just want it to be easy and benefit them.

It is our duty to make that happen.

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Ease of use is certainly one of the things that are slowing progress. I even find it when I go onto a new wallet or platform. It takes time to search around to get the hang of things.

Converting from fiat is still vital since most do not have crypto. I believe, at some point, it will be secondary but not until there are 500M or 1B with crypto. Until then, people will still be operating mostly in fiat.

These are the projects that get us closer to the tokenization of many initiatives which also add interoperability into the mix. Very encouraging to see the Steem protocol at the forefront of this!

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Great post! And you are spot on.

  ·  2년 전

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