Crypterium: The Next Big Thing?
One of the biggest question marks facing the cryptocurrency community is whether mass adoption of decentralized payment systems is feasible. For a project like Crypterium, global adoption of cryptocurrency is only a matter of time.
What is Crypterium?
Crypterium is a digital cryptobank that allows users to pay with cryptocurrency in 42 million stores worldwide. It operates without a physical card, limits or even commission. The underlying goal of this project is to provide an accessible blockchain-based payment system worldwide.
Although Crypterium appears to be similar to other cryptobanks, it has invested heavily in contactless mobile payment technologies. Clearly, the organization believes that plastic cards have no place in the future. Rather than wait for a plastic card to arrive in the mail, users can begin transacting on the platform immediately after installation.
The company’s business model is focused on transactions whereby every merchant pays Crypterium a portion of its settlement. Therefore, users are not required to pay to use the platform.
The underlying mandate of the project is outlined succinctly in an Oct. 6 blog post via Medium:
“We are focused not only on working with the existing crypto community, which now consists of just a few million people, but also with an audience that is still only curious about the crypto-world and is afraid to buy crypto-currencies. We created a system, which will motivate millions of new users to connect with crypto-payments.”
Anyone who is familiar with the ongoing debate over bitcoin forks knows that creating a more transaction-friendly cryptocurrency is top of mind for developers. The key, however, is doing it without jeopardizing the system’s most prized possession: decentralization.
An Introduction to the Cryptoeconomy
Crypterium speaks at great length about the cryptoeconomy in its whitepaper. Citing IDC research, the company says the mobile payments market is expected to reach $3.8 trillion by 2020.
Mobile payments have been expanding rapidly since the introduction of the smartphone. Their proliferation will only accelerate as cryptocurrencies attract more capital and use cases.
The global cryptocurrency market is valued at roughly $210 billion, having gained more than 1,000% this year. Hundreds of initial coin offerings (ICOs) are being launched every week as more startups look to create value for their ecosystem.
At last check, there were roughly 1,200 cryptocurrencies in existence. The growth and widespread adoption of digital tokens is setting the stage for another cashless revolution, only this time in digital payments. Crypterium is betting that this ecosystem will spur instantaneous transfers between cryptocurrency and local fiat currency anywhere in the world via contactless payments. Much of the infrastructure is already in place. The only thing left unanswered is how the crypto market will evolve to facilitate ease of payments.
Crypterium launched its token sale for CRPT ownership Oct. 31. The sale will remain open until Jan. 12 with an option for early termination upon the successful raise of $47 million.
The price of CRPT has been set at 0.0001 BTC with a technical limit of 300 million tokens. Unsold tokens will be destroyed.
Token holders will be able to use their CRPT units as gas to obtain monthly rewards from all user transactions.
TechCrunch co-founder Keith Teare has described Crypterium as “the next big thing.” We may have more insight into this bold proclamation once the crowdraise ends early next year.
Disclaimer: The writer owns bitcoin and other cryptocurrency. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.