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Cryptocurrency may be all the rage, with a market cap headed for the heavens, but spending it in real places and situations is still tough.
The number of cybercurrencies has exploded with the amount of money invested in them. And it’s not just the market cap for cryptocurrencies themselves that has gone stratospheric. Despite extreme volatility in the market since the end of 2017, the combined total value of all publicly traded cryptos was still around $366 billion in early February.
That trend is not expected to diminish in the near future. Many new ICO’s are already on the list to launch just this quarter. The total market cap for cryptocurrency may even hit $1 trillion this year.
And that means just one thing. Even more coins.
There were also over 56 million cybercoin transactions last year, double that of just 2014. And the number of digital wallets in existence has also exploded. There were about 20 million cryptocurrency wallets in existence at the end of Q’4 2017, according to
Statista. That is up from just over 5 million at the end of 2015.
But for all this activity and enthusiasm, spending cryptocurrency in the non-digital world remains hard. And that is still a big issue. What is the point of money if you cannot use it?
E-commerce and crypto-coin remunerated services are two of the hottest areas for blockchain platform development — especially as cryptocurrency usage at both ends of the transaction becomes as mainstreamed as using a credit card or even Paypal.
The ability to link merchants and suppliers with the supply chain, customers and even retail point of sale, all with an immutable ledger technology that also addresses security, fraud and payment issues is too good to pass up. Even for the little guys. Not to mention the average consumer.
However creating the right mix of goods and services plus of course, a sustainable, growing community of committed, incentivized users, is where e-commerce focussed platforms will be made or broken.
Introducing Akaiito: Spend your cryptocurrency in the real world
Akaiito is actually a network of platforms, united by a single token. This creates the opportunity to buy goods, rent cars and apartments and pay for different kinds of specialist services (from lawyers to nannies), all with a wide variety of crypto money.
Sellers can present their own merchandise or service, along with a price in whatever currency they choose. Buyers who agree to purchase the same, also agree to pay with cryptocurrency. Sellers can also choose to designate fixed or floating prices. The token rate is fixed at the moment of sale when the smart contract executes. Taxes are automatically applied on a country by country basis.
Akaiito is not planning on offering anything but legal goods that do not violate sovereign laws or damage the public health. This is not Silk Road 3.x, in other words, but rather a legal, crypto-enabled marketplace for goods and services. Even better, it works across a wide range of cryptocurrencies.
How Does Akaiito Work?
The biggest problem facing crypto holders in the real world is figuring out which establishments support them. The second problem is making sure that you can spend the coins you have, rather than having to exchange them.
Akaiito solves both problems.
The Akaiito platform will feature an online map. Locations, where cryptocurrency can be used to pay for goods or services (from haircuts to hotel bookings and auto rental), will be shown on a localized layout for every place you visit, along with the kind of crypto you can use at each of them.
Smart contracts control the conditions between buyers and sellers and QR scan code capability allows confirmation upon delivery of goods.
The platform collects a 3% commission, of which 1% is returned to the buyer in a cash-back reward.
The ecosystem is also highly social. Every user can influence the reputation of another by leaving a review or score after every transaction. This also ensures that every review is real and based on a real experience. To encourage a strong social environment and ecosystem, the company is launching incentives even now.