In building a based platform, Velic first studied the financial market conditions that occurred in the community. Some of the phenomena faced by people who use -based platform services are explained as follows.
Fragmentation
The current scope of digital assets is fragmented. This can be seen from the many -based platforms that offer the best solutions but are not comprehensive and fully integrated. Until now there has not been found a platform that serves in digital finance that is considered to be truly appropriate and suitable for use. This causes users to make the transition between different service providers. This process is certainly not simple and takes a very long time and costs little to get basic facilities in financial services, such as loans and storage of digital assets. In addition, another problem that is often accepted by users of this service is when transferring digital data and assets. Users tend to feel doubtful about the security protocol provided because of the potential risk of data leakage and costs.
Lack of sophisticated products
The many types of platforms that appear today are dominated by serving users in and other types of transactions involving digital currencies. But often these platforms do not produce products that are unique in nature and the technology used is also not yet included in the sophisticated category. This makes the platform seem not to have its own characteristics. Several types of trade that take place in the community today tend to bring fierce competition with other exchanges that produce similar products. As a result, the market becomes fragmented because of the large number of products offered but with the same type, which indirectly inhibits market liquidity. The price offered is not transparent and varies for 1 type of product. In addition, professional investors who come from institutional circles need sophisticated products to support their company’s needs. If a product like this does not come up, users cannot fulfill their needs properly and digital assets have no room to show their potential.
Reducing Connections with Real World Financial Services
The world of digital currency is still dominated by users who come from prospectors and technology developers compared to professional and institutional investors. This is because the process of converting digital assets into fiat currencies is still difficult to do and requires complicated procedures. As a result, some people freely trade digital and get paid using fiat currencies. The emergence of new platforms in the world of became a challenge for the founders. They offer of their own creation with various advantages and benefits to users. This intense competition causes these not to be fully sold to the maximum in accordance with the number of they provide due to constraints in terms of recognition. Communities are given a large selection of from various platforms and indirectly some types of platforms are unable to face this competition.
Price Volatility
Digital assets must have the appropriate value to be used and utilized properly by users in the real world. This will support the mass of digital assets into fiat money words. However, the existence of price volatility has caused most users from professional businesses to only use their digital assets limited to product and service offerings. Because of this limitation, the development of digital currencies more broadly is hampered because of the significant price volatility that causes changes in the needs of those who use expenditure.
Looking at these problems, Velic argues that the digital financial movement is currently experiencing obstacles to entering the mainstream of trade, both in the form of digital assets that are stored and in the form of digital money that should be used to spend on everyday products. Velic was established to provide an accurate solution to the problems described above. Many digital platforms today have not maximized their performance in responding to the challenges of digital finance. Velic has a security protocol called “Secret Sharing”. This protocol helps users of the integrated platform to avoid the risk of loss and theft, if they entrust their assets to be stored on this platform. This will certainly make it easier for Velic to gain the trust of the community with the various features they provide.
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Published at Thu, 14 Feb 2019 06:56:54 +0000
