Problems with the Existing Crypto Payment Solutions and How to Overcome Them
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Launched in 2009, the Bitcoin and its decentralized Blockchain Ledger started a blockchain revolution while back then; Bitcoin’s blockchain settlement was extremely fast and highly cheap. A technology that knew no global boundaries and was adopted mainstream as a medium of logging fund transfers globally in an economical way, it’s almost impractical to use Bitcoin’s payment methods in today’s world.
Barring Bitcoin, 2017 was a year where many ICO’s floated (over 1500 to be exact) and things started moving mainstream. Somewhere in mid-2017, there was never a day that might have gone by without people hearing news about cryptocurrencies. A millionaire was created every day, but while blockchain proved to be a revolutionary technology, cryptocurrencies could not live up to the hype. While people had the mainstream knowledge of cryptocurrencies, we never saw the use of day-to-day cryptocurrency-based transactions, primarily due to its core feature of volatility.
Crypto-payments were never adopted due to slow processing timings that could even take days before a merchant could see the credit of funds logged. This made it hard to convince retailers to adopt cryptocurrencies as the volatile nature led them to concerns over losses in the dollar value of their sales proceeds. Additionally, the market is highly scattered with multiple cryptocurrencies that require different wallets to deposit and store and there is no one-step solution that centralizes the entire cryptoeconomy.
The Agate Coin – A Complete Cryptoeconomy Solution:
Gathering some of the brilliant minds within the payments industry, Agate Blockchain launched a comprehensive set of decentralized applications in 12 different modules that offered complete solutions for the problems present in the existing micro-payment solutions.
Speaking on the payments architecture, Hamed Taghvaei, Co-Founder and CEO, Agatechain said “Our sophisticated architecture will allow users to store up to 17 different cryptocurrencies, making it a centralized platform and a store of value. With the iFiat Ecosystem, merchants on our multi-pronged platform will no longer have volatility concerns and with 30 million online/offline retailers already onboard globally, things are moving pretty quickly and our crypto-users can expect some significant developments over the next two quarters.”
Agate’s Multi-Pronged Approach, Providing an Innovative Solution to the Traditional Cryptoeconomy:
With multiple payment platforms, Agate will bring onboard multiple online/offline stores onboard that will accept cryptocurrencies as a preferred payment option. Agate’s iFiat ecosystem enables this solution and being a Fiat-pegged highly stable cryptocurrency, the blockchain eliminates the crypto-volatility entirely out of the system. With the present USD support, every crypto-payments are instantly transferred to iFiat tokens and settled in real-time with near-instant speeds and such tokens become instantly available for merchants on the platform to spend or to redeem. Pegged presently at a ratio of 1:1 with the USD Fiat currency, iFiat tokens are highly liquid assets and easily redeemable at any point in time.
Agate offers multiple payment solutions that include the following:
– Agate Payment Gateway API:
An open-source API that allows users on the platform to develop their own payment gateway within the iFiat ecosystem.
– Agate Payment Gateway App/Plug-Ins:
Agate’s free and easy-to-install app/plug-in that allows e-Commerce stores to accept over 17 different cryptocurrencies with a smooth experience.
– Agate POS Terminal:
Targeting the traditional brick-and-mortar store, Agate’s cloud-based PoS terminals enables retailers to accept crypto-payments without the volatility risk or geographical limitation as the system automatically logs iFiat tokens into a merchant’s iBucket wallet. With smooth user experience, NFC support and error-free payment settlements, merchants will have the power to adopt crypto-payments with zero risk and non-existent transaction charges.
– iFiat-Based Transactions:
With an instant three-second settlement time, Agate’s iFiat platform is one of the core modules of Agate’s Blockchain that allows easy payment modes for users to execute transactions.
– Spend via Debit Card:
Merchants can instantly transfer their iFiat credits into a business debit card for instant redemption while making such tokens available and spendable.
– Deposit to Bank Account:
With a support of over 25 different currencies in over 50 different countries, merchants can transfer their iFiats into a local bank directly, one of the most economical payment solutions.
With such solutions, Agate will make cryptocurrencies more accessible globally while presenting a rapid pace of mass-cryptocurrency adoption.
To find out more, visit https://www.agatechain.org/
Read the white paper here.
Name: Hamed Taghvaei
Email: [email protected]
TG Group: https://t.me/AgateChain_Group