Cryptocurrencies, along with the broader implications of blockchain technology, are poised to disrupt core pillars of our modern economy. By scaling adoption of these digital assets, we can sustain levels of accessibility, liquidity, and security that society has never before seen in a fiscal system.
SparkleCOIN, a hot blockchain startup, is on a mission to accelerate this shift by developing a platform to support and foster the rise of cryptocurrencies into mainstream business and consumer markets. At a high level, they do this through the creation of the SparkleCOIN ecosphere, a collection of companies that leverage the blockchain to solve for three of the biggest problems in crypto today: accessibility, consumer demand, and convenience.
One systemic problem plaguing the “crypto-economy” is the inaccessible nature of most popular exchanges. Without access to consumer insights, most new coin offerings never reach “true levels of liquidity” because they do not have sufficient market exposure. And even those lucky enough to time and negotiate the exchange correctly, are often unable to transact with fiat currency. These are both limiting factors that will delay, and in the worst case, prevent adoption of a decentralized monetary network.
Thus, the SparkleCOIN team has created the VCoin Exchange, a component of the Ecosphere, which resolves many of these issues by providing an “instantaneous trading platform for SparkleCOIN to be traded with US Dollars, as well as Bitcoin and Ether.” This lowers the barrier to entry for new blockchain projects and makes it easier for different parties to participate in this growing matrix.
Another big technical obstacle, stagnating growth, is that the mass market consumer cannot easily and conveniently acquire and spend cryptocurrencies. They are bounded by the supply of potential outlets to transact their capital, and therefore, are less incentivized to acquire the coins in the first place.
VCoinMall, another piece of the SparkleCOIN ecosphere of companies, enables customers to shop (and spend cryptocurrency) with a number of the biggest and most trusted online brands and websites. Massive players, like Walmart, Amazon, Bed Bath & Beyond, and Staples, are all bought into the network, effectively making it so any consumer can spend their currency wherever and whenever they like, without facing extremely high fees, security risk, and long delays. This “peer-to-peer e-tailer” is the first universal marketplace for customers to find retailers who accept cryptocurrency.
The final, and perhaps most critical element of SparkleCOIN’s ecosystem, is the VCoin Exchange’s payment gateway which has the potential to become the Paypal/Stripe of the blockchain generation.
Currently, there are no convenient and inexpensive services which empower startups with the ability to accept cryptocurrency transactions. The modern, yet still friction-ful answer is to build out a cumbersome engineering organization that can, after thousands of lines of code, provide a work-around solution. This is inefficient, non-standardized practice is not seamless enough to scale and support a global economy. And, as startups are all about moving quickly, has prevented many companies from offering a cryptocurrency payment service to their customers.
With the VCoin Exchange integration, partner retailers can, in just a few taps, open their stores to begin accepting payments via cryptocurrencies. It hinges on their payment gateway, which automatically integrates with most, if not all, of the existing ecommerce platforms and networks. Rather than provide a bulky solution, SparkleCOIN focused on pillars of convenience and simplicity, which prioritize ease of integration to ensure all retailers will be able to quickly integrate. Over time, as major players begin to endorse this system, the VCoin Exchange plug-in will become the standard means of accepting payments due to network effects.
In today’s world, the benefits of technology are far outpacing the ability for society to keep up. There are tangible, solvable answers to many of the world’s biggest problems, yet we are lagging behind due to our inability to focus on what is really important.
SparkleCOIN, with the support of their growing community, is effectively bridging the gap between the benefits of frontier blockchain technologies, mainstream businesses (who run on legacy systems) and the general consumer public by “enabling secure B2B and B2C transactions.” This is an important step towards a fairer future.
Though SparkleCOIN’s efforts to introduce a blockchain monetary ecosystem may be just one, of the many necessary steps needed for society to begin embracing the benefits of blockchain (as well as other popular cryptocurrencies), it is important to recognize the inevitable effects of the first mover advantage. If executed efficiently, and at scale, SparkleCOIN could be able to secure key partnerships in the industry, thereby building a moat around their technology and solution for years to come.
This article was originally published on The Huffington Post on December 4, 2017.