With the advent of digitalization and technology overall, we are about to experience the upcoming era, which will mainly benefit and provide human living prospects.
One revolution that occurred in the last decade or two is Bitcoin. There is no single person on Earth who never heard of the first cryptocurrency established in 2008 by the imaginary group of people known by the pseudonym of Satoshi Nakamoto. In fact, many are still asking themselves how the whole cryptocurrency system works.
The technology needed for Bitcoin to impact the entire economic system is blockchain — an online ledger database of every transaction that has ever occurred during the usage of a particular cryptocurrency.
Blockchain benefits in the marketplace and payments
Blockchain technology, as an innovative concept, unequivocally opens a new digital space for improving the financial operations and, more broadly, the functioning of business systems. The robustness of distributed record technology has sparked financial interest institutions, regulators, central banks, and governments to increasingly explorе the potentials for financial advancement.
The main benefit of blockchain technology is decentralization. Other crucial benefits are security, transparency, and immutability.
Key advantages of blockchain:
- It allows users to easily verify transaction without the need for third-party confirmation.
- A data structure in the blockchain cannot be changed, altered, or deleted.
- Time-stamping of blocks which means all participants in the ledger activity will adhere to what to be recorded in the block.
- To validate the entry, many protocols are required for verification and this is why there is no risk of any fraud nor duplication of a transaction.
- Businesses across the globe can preconfigure blockchain’s conditions with the help of smart contracts.
A stable coin invasion is on the way. How will it disrupt the crypto space?
Stablecoins bring many pros of being a cryptocurrency in secure, private, and transparent purposes. Stablecoins can be classified into 4 main categories:
- Fiat-collateralized stablecoins — which means that these stablecoins are backed by currencies like USD, GBP, EUR, etc.
- Commodity-collateralized stablecoins — are backed by precious metals (gold, silver, platinum, etc.)
- Crypto-collateralized stablecoins — as the name says by itself, these stablecoins are backed by other cryptocurrencies
- Non-collateralized stablecoins — these stablecoins are not backed by anything
The most famous stablecoin is Tether (USDT) as a fiat-collateralized stablecoin. And as a first stablecoin has experienced many issues regarding their format of evaluating a collateralized IOU. In order to provide investors with trust and to guarantee its reliability, Tether has been noted as a controversial approach due to the suspicions that Tether has granted more USDT that can be sustained by its USD reserves. It was the first lesson that the upcoming stablecoin applications should take into consideration in the first place.
The later stablecoins in the likes of Synthetix and MakerDAO endeavoured to resolve and correct this particular problem by altering the traditional backing resources with the application of Bitcoin, Litecoin, Etherium, etc.
At last, the latest stablecoin launchings are already denoting these issues, and with the help of price regulations, they utilize algorithms that broaden the volume of coins. It already reaps the benefits. However, many improvements have to be made because many stablecoins are still centralized or have not achieved scalability elevations.
Overall, stablecoins must overcome these challenges in order to dive into the streamline:
- To maintain consistent liquidity, stability, and scalability when the market crashes.
- To become easily accessible by user-friendly technology.
The first can be easily overcome by simply implementing strategies that will boost liquidity, stability, and scalability. In regards to the second challenge, it’s obvious that regulators at the end will have to accept stablecoins by manifesting a regulatory model to fit into the economy sector.
Why do we need stablecoins and what is the ultimate solution?
Since cryptocurrencies tend to have high volatility of prices, the marketplace is desperate for a compact solution — and that solution is investing in stablecoins with more stable prices alongside the robust attraction. Many cases around the world paid lunches or dinners with Bitcoins, like the man from Florida in 2010 who “burned in the air” 10,000 Bitcoins just to please himself with two pizzas. In today’s time, those pizzas would cost over $100m.
Are you going to pay $100m for two pizzas??? Surely not, and for that sake, you need to consider stablecoins so that you won’t lose additional money, let’s say tens or hundreds of millions of dollars like in the case with the man from Florida.
The best solution is crypto, but they are not mainstream yet because of the fact that they are not easy to use. On the other hand, Psyche is extremely easy to use and it is expected to accumulate the public’s attention as a huge challenge for USDT. Named by the famous asteroid Psyche 16, it triggers the idea of supporting the upcoming future with the identical target to be achieved — valuation. The future of payments alongside creating a truthful technique are the two main objectives for Psyche to be achieved. Psyche will endorse and initiate the vision to provide us with a better world in the digital realm of currencies. It is because of the fact that it’s easy to understand and it doesn’t involve any complicated science behind the whole scheme. They are driven by the idea of easing the process of disintermediation and financial integration.
Psyche is the only solution because it is set to revolutionize the crypto world by providing the fusion of cryptocurrency and technology, which is user-friendly to establish an unbreakable bond between people only.
Psyche will design and conduct a platform for numerous stable coins with more than 3.000 transactions in just a second with no additional fees, zero charges, no variety in prices, no exchange rate variations, no difference at any time of the day. It is very easy to use just like PayPal and, above all, no commission. Sounds interesting, right?
The crucial stimulus for the innovation of cryptocurrency was to initiate a secure and anonymous currency transfer method. This is where Psyche Coin stands for. Since it understands the concept, it made a difference with the usage of the ERC20 utility token that is synchronized to give cryptocurrency accessibility so that an average human being would understand the process in a straightforward manner. The identities of the users remain anonymous, even the wallet balance. The sender and the receiver are identified with a unique number that is generated by the system and it is not recorded any other personal info about the user, that’s why it remains anonymous.
Psyche Coin is well-aware of the repercussions we encounter in our daily life. One of the most common irritating errors that could happen is sending money to the wrong address. But with Psyche, this won’t be the case at all due to the implementation of a six-digital unique code for submission in order to complete the transaction. The encrypted code is only visible to the sender that can be shared with the recipient.
User-friendly technology — speed and security
It provides the easiest wallet ID in the crypto world. This refers to the time needed for a transaction verification — in less than 3 seconds! And as a receiver, you have to option to accept or reject the incoming transactions. Each transaction is safe and secured. The wallet is fully encrypted and the user is the only one who has access to Private KEY, PIN and backup.
The biggest problem with today’s wallet technology, if one forgets the wallet’s private key. There is no way to recover and one can lose millions. This is why Psyche provides the benefit of resetting the Private Key if one forgets. The user is enabled to set his own private key and a transaction authentication pin. The user is enabled to set a private key and a transaction authentication pin. Certain information can never be cracked due to the fact that Psyche uses cryptography to keep account information safe. Account information is encrypted, remains stored, and only users are able to reset the password. Additionally, users are able to add another form of security, utilizing 2FA with Google Authentication.
Psyche is highly concerned about the environment. They are into improving people’s health, which is a great initiative. Psyche is also creating a better future by broadening the cryptocurrency vision and the whole network does not need to be involved in every transaction. Through MasterNode, the P2P transactions take place directly.
By utilizing Psyche Coin, you can benefit from its cost minimization policy if you want to transfer Psyche from one to another wallet without any charge until five transactions per day. If you go over the five free transactions, you will only be charged 0.25 percent per transaction. No additional or hidden costs are required.
Due to the possession of an innovative algorithm and process, Psyche adheres to strong scalability, which can attend millions of users per day. Users have the ability to pair with the smartphone worldwide in order to enjoy the smart transaction system.
One more impressive benefit that comes with Psyche is that you can purchase from their community and earn from their referral program. Selling rates are $0.98 while buying rates are $1. The respiratory component includes key features in the likes of transparency, accuracy, authentication, and capacity.
Do you think that crypto is the forthcoming payment solution? Although it has to provide price and prompt solution stability, do you want to use stable coins in everyday usage without leaving a trace, then the link below gives you the right answer.
Rather than asking yourself, “am I ready to get started?” well, in this case, you should question yourself, “when should I start”? This is why it is my great pleasure to inform you that Psyche will be released on the 1st of November 2020, and you simply shouldn’t hesitate much.
What’s most important is that Psyche will be the first stablecoin that can be easily accessible and tradeable in everyday utilization. It will be very easy for people to connect with Psyche for the reason that it is an environmentally-friendly cryptocurrency.
How the market of Digital Cash is evolving
Additionally, it’s not that cryptocurrency is changing the world; the world is already changed and improved. To fulfill the promising future of Psyche, you have to start today! Join now, and be the part of the future!