Ofcan healthy person
Fiat currency saves you from excessive volatility in the real economy, to which they are attached. If you want an illustration of their relationship — look at Venezuela with its epic inflation. The history of the last decades of the country confirms two points. First — if you’re turning into Santa Claus, don’t care about the economy, nationalities her and pay the funds received and grants and subsidies to their citizens, then your Fitna currency to depreciate worse than the latest sidoine. The second point — once built the real economy can survive many years of abuse before showing signs of illness, and even more will fall together with the national currency.
With cryptocurrencies, the story is similar, except they are under ten years old (will be celebrating in January 2019). Private real economy for their digital range will only grow. When that happens, then we’ll go unpredictable volatility, giving way to a projected dynamics.
And there are bad, closed on itself problem. The process of growth “the economy” could and would have to go faster. I expected that by this time we will have at least a dozen rather large indicative of a business that provide “real” services (i.e., not exchange and not traded cryptocurrency cryptocotyle), but built around the blockchain, or rely heavily on the blockchain, using cryptotoken in such a way that without them the working mechanism is completely stalled or ineffective.
The largest fish of the existing market, however, is the crypto currency exchange, pools, miners and whales-investors. In their interest the growth rate of the tokens and their turnover. But the market mostly serves the interests of the miners and investors. For startups that are not involved in cryptographic Finance, he is not quite ready, here it is and the lack of infrastructure, and — surprise! — existing volatility. Which new startups are “real” cryptoeconomy and would have to be reduced. It’s a recursive problem. The market is homogenous and its focus on investors makes it vulnerable to artificial panic and speculation. In the traditional Forex will not work alone to play in a bull or a bear. Whatever assets are in a single player or capable of conspiracy, still it will be a measly penny compared to the existing “real” commodity-money turnover. Even the most well-fed and motivated speculators can count on inside or decisive action in a period when the market itself goes through a period of change.
So, the stock market for stability and growth not enough new, “real” cryptobytes that produce goods or provide services outside of the crypto community. Such businesses are not at risk to join kryptomere due to its instability and lack of guarantees sustainable growth. From this vicious circle are the outputs, and one of them is to go to the other side, push off from the real business and it needs, to try to find a solution to his problems by means of technology. Let’s call it “ofcanon healthy person”. The term for last year a little bit jammed and started to be perceived as a mechanism that allows to cope with the limitations of the cryptocurrency. To bring transactions to a third party service to not overload units or faster to carry out operations by sending to the registry only the final hash. But this ofcan smoker, because it does not solve the problem, but only allows you to patch a few holes. Ofcan healthy person is to make an existing or created in the blockchain with the working processes of the real economy so that they blend for enhanced effectiveness.
If it is not very specific, I have an example. It appeared a month ago, and just in the area where I expected: among the social networks and messengers. Service LINE, the largest in Japan, and popular in some Asian countries, in mid-August, was informed a major investment in a blockchain, a week announced the launch of cryptocurrency, and a week shared plans to integrate tokens into its own messenger as a medium for cash payments. This is an absolute hit, a perfect example of the penetration of the blockchain in the real economy, and I’ll explain why.
In the summer of 2013 Chinese instant messenger WeChat of Tencent has offered production service payments within their networks, WeChat Pay. Users had the opportunity to send each other money as easily as a text message or emoticon. And this opportunity appeared almost 300 million people — the readers of the messenger at the time. The function was in demand. Just three years later, the translations were moved about half the users of the messenger. For comparison, a competing e-payment service AliPay from giant Alibaba has existed since the mid-2000s, but did not get that audience. For a few subsequent years, Tencent added service many commercial and Finance functions — a reference to Bank accounts and cards, scheduled and bulk payments, gifts and shops inside the messenger. But it is available only in China. Theoretically, WeChat Pay works in several countries, including Russia, but for Chinese citizens, who abide there. That, of course, leaves some room for non-citizens, desperately wanting to get the account, with the possibility of transfer.
Easy payments — a gold mine for social networking and instant messengers, especially those who have already gained an audience of hundreds of millions or billions of users. This instantly realized competitors WeChat, and their counterparts immediately appeared in Google and Facebook, not counting the smaller players. But each time it was a stripped-down feature available only for part of the audience in the borders of a single country or region, which of course completely destroys the idea of the ease of transfers, transparency, global accessibility and single audience. All because the traditional FIATA financial system these days is very picky about cash payments, especially those that are easily send a smile and is available for a gigantic audience. That is, again, traditional Economics is the only, but, it seems, an insurmountable obstacle for the potential demand and highly profitable services with global coverage.
Imagine now our perfect payment system based on technology. Its internal mechanisms do not depend on the traditional economy, because all its transactions are recorded in the unbreakable cryptobeast. She doesn’t need to count the rate between hundreds of the world’s Fiat money, because the records are kept in the tokens. She doesn’t need to invent a clumsy add-ons for a little extend the functionality (stores WeChat Pay assume incremental blocks of code that run on top of application messenger) because it is open architecture. It can somehow be scaled to make payments for a fraction of a second to serve billions of requests per day — and implement it ofcanon even existing blockchains like bitcoin, sending back hashes of the final balance. All that is currently known about the cryptographic initiative LINE, suggests that this scheme has developed in the minds of its leadership and developers. In this case, it remains to wish them all the best and expect the pilot project a beautiful new cryptoeconomy. Which needs to reach others who wish to improve their real business, and ofcanon healthy person to fasten it to the opportunities provided by cryptographic technologies.