Oropocket has decided to launch on the Tezos blockchain protocol. This development will make it the first ever gold or silver-based token in India. The launching will go a long way to drive the adoption of decentralized financing globally.
Currently, OroPocket is amongst the DeFi forerunners that are trying to pierce into the Indian market. It is doing so by merging both intriguing tech functionalities to the cultural significance that gold currently has in India.
OroPocket is so excited about the deployment on Tezos, and this is what the CEO of OroPocket, Mohit Madan had to say, “We aim to provide the highest security possible for our users and we recognized this strength in Tezos after conducting several trials with various blockchain protocols. Furthermore, its on-chain governance feature reduces the likelihood of forking. Forking happens when there is a disagreement on improvements to a blockchain protocol, resulting in a split of the blockchain, which produces two versions of digital representations of your assets in the network. Users would then have to go through a troublesome process of having to clarify which version is valid. On-chain governance on Tezos avoids this problem altogether and allows sustainable scalability and consistency in upgradability in a constantly evolving technology landscape.”
He went on to add that, "Tezos’ comparatively low transaction fees are another key factor that aligns with OroPocket’s goal of ensuring financial inclusivity through the removal of the hefty fees commonly imposed by traditional banks. OroPocket allows users to send gold or silver to anyone across the globe within seconds at only a charge of 0.25% fee on all transactions, without any storage, insurance, or hidden fees.'
It's not news that the gas fees on Ethereum was recently increased, and orbits at 2.46 USD. Its counterpart, Tezos still has dirt cheap gas fees of under 0.01 USD. What this translates to is that it is more expensive to carry out transactions in Ethereum than on Tezos. This is one reason OroPocket is launching on Tezos. It means that Tezos gas fees are at least 380 times more affordable than what you will come across on Ethereum. The aforementioned will go a long way to ensure that the decentralized applications or solutions that are deployed on Tezos are cost effective.
OroPocket consulted TZ APAC to find out if it would make operational and financial sense to launch their platform on Tezos. TZ APAC, after thorough research, gave them the green light.
TZ APAC found out that India is a great blockchain market for decentralized platforms that are looking for adoption. The Head of Asia at TZ APAC, David Shin, made it known that if OroPocket offers their gold and silver-backed digital assets on Tezos, they will be the first one to do so, and this means they will have access to a large number of prospects in the Indian ecosystem.
Tezos India has made it known that it is ready to make the deployment a successful and seamless one, as it will offer its development tools, technical support, and community outreach activities to that effect. Under its watch, it will help OroPocket to garner sustainable growth.
