In a nutshell, the majority of traditional payment players are rigid. From different demonstrations, it has been satisfactory shown that it will take a lot of convincing before they decide to incorporate new—and better technologies—in their legacy—and often times inferior but time-tested– systems.
We have seen that with banks and even SWIFT. It was only until recently and in the face of increasing competitor that a global payment network that powers transaction messages of more than 10,000 banks decided to upgrade.
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All the same, payment processors as well as these centralized firms charge a ton for their services and despite tech rapidity status quo dominates.
Introducing BlockEQ—an Anchor in the Stellar Network
It is this laxity that Jon Lister, the founder of , sees big opportunity and ready to capitalize on. The based platform has bases in Toronto and builds on the premise of —that of speed, efficiency and cost savings.
What’s more, they are based on the Network and have big ambitions of creating a parallel global payment network that is above all fast in settling and super cheap spurring which is desperately needed for crypto to go mainstream. And to drive their point, —whose can be downloaded at PlayStore and App Store—accepts from customer accounts before tokenizing them to .
These can be traded on the fast and reliable DEX or redeemed for in customer accounts. They also have plans of increasing their offering as well as expanding into fiat currency tokenization.
“So currently, BlockEQ has a digital that’s available on desktop or mobile, it’s available on the App Store and [Google Play], and those wallets allow any to be sent, received and traded on top of ’s decentralized exchange. We’ll soon be releasing a service that allow users to deposit their and convert it into on the network, [and] we’ll support a wide range of which will allow them to be usable and tradable in a much faster and cheaper format”
Stellar Network is Sharia Compliant
It is BlockEQ visions that lead to CoinSquare the start-up in a $12 million in Q4 2018. Network is ’s main competitor and like it is meaning they can be advance their use cases in Muslim countries as they push towards micro-payment and curve out market share from SWIFT.
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Besides, is built for value transfer as “ protocol can handle the concept of value being transferred and traded at a much faster and cheaper rate.” Because speed is crucial, BlockEQ is an Anchor in the Network. Jon Lister says:
“Anchors essentially take deposits, whether they’re , or other fiat currencies and issue a that represents that deposit. Once these assets are tokenized, they can be traded on top of ’s . The settlement times are significantly faster than [typically 2 or 3 seconds] and the fees are very stable at less than 1/10,000th of a penny.”
Complements bitcoin Lightning Network?
The move by BlockEQ is precisely what the community needs and as the Lightning network gain traction, it is only a matter of time before advantages as a superior tokenizing platform especially for financial firms permeate. It is through anchors like BlockEQ that micro-payments (via redeemable ) can be made in a faster and cheaper way.
Published at Sat, 23 Feb 2019 19:46:57 +0000
