PayProtocol has established itself as a leader of payment trends in the ever-expanding blockchain market. Pay Protocol provides an innovative decentralized payment platform, tackling the loopholes in the centralized payment system and attracting the industry’s attention.
It was suggested by the Federal Reserve (Fed) that central banking system could adversely affect the expansion of money supply and artificially cut interest rates causing a problematic issue instead of being a solution. In addition, hacking scandals have occurred in major corporations around the world, including Yahoo, Uber, JP Morgan Chase, and Adobe, uncovering the loopholes in centralized systems. Centralized payment systems are more likely to be hacked and have their data stolen, hold the risk of making mistakes under human control, and susceptible to overcharged fees. As the anxiety toward such system becomes evident day by day, a solution is being sought by many.
As a potential solution to this issue, blockchain projects are emerging. Pay Protocol, in particular, is expected to reverse the market landscape by providing the best solution in the following blockchain industry trends. Blockchain is quickly gaining popularity as companies across the globe have started focusing on the technology. First, companies around the world are not just analyzing the blockchain; they are applying it to the industry. Up until recently only the blockchain’s potential has been studied, but practical use is now a major trend. Second, the practical application of blockchain is increasing over time. Financial companies are applying blockchain solutions to their current business models. Third, blockchain fatigue is a problem. This does not mean that the blockchain does not have amazing potential. Rather, the gap between blockchain and its application is becoming a problem. Instead of exploring only the potential of blockchain, its application should be the main focus. Fourth, start-up companies are applying blockchain far more easily than existing companies. An example of this is the WalletInvestor, an AI-based cryptocurrency price prediction start-up. Fifth, blockchain has a good promotional effect. Companies can use blockchain for a distributed PR. Lastly, blockchain plays a critical role in security. It should be noted that the blockchain was originally invented as a means of ensuring transaction security.
It is also noteworthy that there are already many projects that use blockchain-based decentralized payment platforms. OmiseGO is a standard example, being designed for decentralized payment platforms. It is not owned by any central authority, and is managed by users and authenticators on the network. Through the act called staking, token holders validate transactions and receive their commission. As the value of the network rises, the token price also rises. Origami coin is another one of the projects built on decentralized protocol. Origami Payment is a decentralized payment system driven by Ethereum blockchain and ORI, an ERC-20 compatible token. These payment systems improve the purchase and sales process with secure payments, third party dispute resolutions and low transaction fees. The Logos Network, a decentralized payment platform, was reported to have successfully raised $3 million as seed funds.
Furthermore, as the value of the cryptocurrency market continues to rise, the market’s outlook is expected to be bright. The total market capitalization of the cryptocurrency market has increased by 427% over the last 12 months. In addition, daily trading volume is reported to be about 16 trillion Korean won, which is equivalent to 31% of the daily average trading volume in the first quarter of 2018. Although it was not as dramatic as Bitcoin at the end of last year, over the course of the year, the cumulative value and market capitalization of the overall cryptocurrency market has increased. According to ointelegraph, the cryptocurrency market cap reached approximately $220 billion last September. In light of these precise data, we can see that the market value of the cryptocurrency market is showing a steady upward trend.
In this positive cryptocurrency and blockchain trend, Pay Protocol is spreading its influence as the best decentralized payment platform. As the centralized payment platform and existing payment processes are continuing to face various problems, Pay Protocol is expected to play a big role in providing solutions. It is anticipated that Pay Protocol will lead the payment trend of the blockchain market.
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