Cryptocurrency Is really making waves globally; winning accolades and converts, despite the huge knowledge gap that exists. The knowledge gap can constitute a great risk, leading to the loss of huge sums in seconds. Only a good crypto knowledge can help in avoiding such loss. The resultant loss or gain in cryptocurrency is no doubt related to the fluctuation in the market capitalization; which stands at approximately, 302 billion USD. An increased integration of Fiats into cryptocurrencies will no doubt produce an increment in the market capitalization; enabling a stable market and a resultant gain to most skilled investors.
Crypto market stats
HOW TO ACHIEVE THIS INCREMENT?
Most blockchain related activities like investments, voting rights and payments; needs a crypto coin or a token to access. This presents an opportunity for the conversion of Fiats into cryptocurrency, and a resultant increment in the market capitalization.
Purchasing these coins and the tokens can be done through the following avenues;
CRYPTO TO CRYPTO SWAP: This involves the usual trading of a particular token or coin for another; through the many cryptocurrency based exchange platforms.
FIATS (Dollars, Euro, Yen) TO CRYPTO SWAP: Several exchanges also bear a platform that enables the purchase of cryptocurrencies using electronic based fiats or online payments
GRANTS/BOUNTIES/DONATIONS: This form of access to cryptocurrencies comes as an appreciation for services rendered or as a freewill donation/gifts transferred to the respective wallets via cryptocurrency based exchanges.
I call these avenues; the “three dimensional access to cryptocurrencies”; but they appear well limited to achieving the desired market capitalization; having been mostly tied to the digitally based Fiats, which has banks as the end point of their physical access. With this; the acquisition of cryptocurrency is expected to be an uphill task for the unbanked, owing to some challenges that have informed their decision to stick with their cash. These challenges include;
The documentation requirements
High transaction charges
Privacy violation of personal data, etc.
Error prone and time consuming processes, etc.
These challenges have succeeded in keeping a good number of prospects, away from improving the cryptocurrency capitalization.
If the cryptocurrency community is aimed at building a formidably capitalized financial market; no age group or social minority will be excluded from contributing to the cryptocurrency capitalization. This is believed to be the popular view at Konios; going by the corporate mission, which seeks for an improved crypto access.
THE KONION’s ACCESS MEDIATION
Taking a clue from the banking challenges concerning the unbanked; Konios has opted to own their blockchain for validating and registering activities within their platform. This will give them the needed advantage in battling the security and high fee challenges; that blockchain ownership will avail them, courtesy of the freedom from chain fees on cryptocurrency usage. This measure will no doubt bring about affordable cryptocurrency access to Fiat holders and an increased Fiat inflow into the market to boost the capitalization.
BRIEF CRYPTO / FIAT MARKET CAPITALIZATION ANALYSIS
We already mentioned the digital Fiats as a major part of cryptocurrency market capitalization when we hinted on the three dimensional access to cryptocurrencies, above.
Fiat/crypto market capitalization
From the existing impact contained in the tabular analysis above; digital Fiats contributes the most to cryptocurrency capitalization. Now; imagine the integration impact that a tenth of Fiat cash will have on the cryptocurrency market.
Critical question
That will be a triple positive impact, compared to what it is now. As if that won’t be enough; it will also create a meeting point between physical cash and cryptocurrencies, encouraging everyday usage and increased acceptance of cryptocurrencies in the payment of goods and services. To ensure this doesn’t end as a mere imagination, KONIOS has introduced a strategy I viewed as the “Fourth Dimensional Access to cryptocurrencies”. Let’s see what this strategy entails.
THE FOURTH DIMENSIONAL ACCESS TO CRYPTOCURRENCIES:
This initiative is aimed at wooing cash based Fiat holders into cryptocurrencies. The term, which was derived as the next step to the above three listed avenues will be made possible through a KONIOS innovation called; “Face to Face” (F2F) platform. The platform is targeted at enabling the direct exchange of cash for cryptocurrency through a secure and anonymous face to face transaction of cash to crypto currency.
To gain access to this platform; two things are basically needed;
A Konion software enabled Smartphones
Internet access.
Below is a brief depiction of F2F transactional work flow;
F2F TRANSACTIONAL WORK FLOW:
On the Konios platform; John and Jane were encouraged to sign up as users through their internet enabled smartphones.
John initiates transaction
Already; John is having a cash value of $5,000, and wants to buy one of the cryptocurrencies. He’s expected to register the cash value of what he has, the cryptocurrency he wants to exchange them for, his present location and his level of experience in the cryptocurrency community; on his mobile system.
John’s request gets filtered
After filling in the details; the platform will automatically filter all the entries it harbors and push those closest to John’s specifications, to his profile; automatically. He is then expected to choose from the available entries brought to him, on whom he wants to transact with and an alert will be sent to the both parties. The alert will contain anonymous transactional details like the specific currency, amount, date, time and approximate locations. They will then communicate a meeting point where the exchange will take place; with the committed cryptocurrency value already committed by the buyer and held on the platform; to be released to John when he parts with the cash.
On meeting at the designated center; both parties are meant to scan a predefined QR code to ascertain the needed identity of the transactional partners. When the transactions have been facilitated with John having parted with the cash and the buyer acknowledging via the mobile platform that he has collected the said sum; the smart contract will be triggered into crediting John’s wallet with the agreed crypto value.
POST - F2F TRANSACTIONS
Once the exchange has been executed, a transaction evaluation request will be sent to both parties, to access their professional conducts. Some KON tokens will be awarded for good conducts, while a penalty will be dished out accordingly, through the smartcontract. This is expected to boost confidence in the system and encourage professional conducts.
NOTE: for effective monitoring of the process; once the transaction gets initiated, it may not be cancelled until it’s completed. Again; the GPS signal is expected to remain active till the end of the transaction.
SPECIAL PROVISION FOR THE INEXPERIENCED BUYERS;
Konios has some verified set of individuals called Validators. These individuals are vastly experienced and can access the transactional situations. Their role is basically to participate in transactions where they are needed and serve as an interface for questions regarding any uncertainty. They are also important in highly valued transactions and their services attracts some token as fees, to be offset by the buyer. Their fees are dependent on the transaction amount and the country where such transactions will be carried out.
To avoid impersonation Konios transaction validators in this regard; they are provided with a unique identification code called a “Validator Pass”, for every transaction they’ll preside over. This validator pass will be scanned by both exchange partners to ensure, authenticity.
WHAT IF THE PROCESSES GETS INTERRUPTED?
In the case of non-conformity and missing confirmations; the entire smart contract for the transaction will be frozen, pending when the challenging situation will be settled; possibly through administrative proceedings by a competent authority and aided by Konios in the provision of data, records and other necessary details. The Validators will also prove to be an added asset as a witness, in this regard.
DOES KONIOS OFFER SIMILAR SERVICES TO ORGANIZATIONS?
Verified organizations can participate in the F2F platform exercise; through a member that doubles as an authorized signatory to the organizations. Such signatories will also be verified before representing the company In the event of exchanges on Konios platform. Such verified companies can aid the F2F transactions and receive KON-Tokens as a form of reimbursement.
WHAT NEXT?
Going by the importance of the Konio’s F2F platform in boosting the cryptocurrency market capitalization and making cryptocurrency easily accessible and usable in day to day transactions; it has proven to be a vital project that deserves the support of the community. Such support can come through an active participation in the ICO. To partake in the ongoing ICO; please do find below, a pictorial detail of the ICO for personal guide.
ICO details
Think you’ve heard it all on Konios? Watch out for a proper introduction on Konios, the Products, ICOs, Roadmap, and the team behind the project.
Kindly contact the reference section for more details.
