SonicX Presents a Compelling Alternative to Facebook’s Libra Currency
The past few years have been a crazy period for cryptocurrencies. Crypto traders have experienced both the highs and lows. While most altcoins have yet to recover, Bitcoin seems to have found its groove again as it hovers around the 10,000 level. As excitement and enthusiasm enter the market once again, an important question must be asked this time. Can Bitcoin succeed where it failed a few years ago? In case you’re wondering how Bitcoin failed, it has to do with its scalability issue.
Scalability is an Impediment to Mass Adoption
Scalability in the world of blockchain refers to the ability to facilitate transactions within a given amount of storage space and network capacity. In order for mass adoption to take place, Bitcoin’s scalability needs to improve. This was a huge problem when Bitcoin soared to 20,000 in late 2017/early 2018. Transactions were constantly delayed which frustrated many users. The below chart shows cryptocurrency transaction speeds as compared to traditional payment methods like Visa and Paypal.
As one can clear see, Bitcoin lags behind the other options (even other cryptocurrencies) by a significant margin. Bitcoin is working on ways to improve that including its lightning network which will have the ability to process up to millions of transactions per second using a peer to peer network on top of the Bitcoin blockchain. But, while Bitcoin continues to work on that, several rivals are working on alternative payment methods that may help to usher in an era of mass adoption.
Facebook’s Newly Announced Libra Currency
Earlier this year in June, Facebook revealed the highly anticipated details of its Libra currency. The currency is expected to go live in the first half of 2020. As we all know, Facebook has built up an extremely large and loyal user base over the past few 15 years. The current estimate is that Facebook has approximately 2.4 billion monthly active users. Within Facebook, there are many apps, games, services, gifts, and products that users can purchase. Libra will certainly be used to purchase those items. In addition, consumers are expected to be able to use Libra to purchase products elsewhere on the web or at physically located stores like supermarkets, restaurants, etc.
Because of the user base, many of whom likely haven’t yet been introduced to cryptocurrency, Libra could have a massively positively impact on bringing about mass adoption. But, with the positive comes the negative. Facebook has been embroiled in several data breaches and hacks over the past several years that have even forced U.S. Congress to get involved.
As consumers become more sophisticated and experienced, privacy is becoming a huge deal. In fact, many public companies have revised their privacy policies and sent updated guidelines to their email subscribers. There are several privacy coins like Monero (XMR) and Zcash (ZEC) that are extremely popular, though not always for the best reasons. In addition to dedicated privacy coins, there are also communities that have been built for the sole purpose of protecting privacy rights. One that has been gaining quite a bit of popularity is Tide, which is a not-for-profit, community-driven foundation designed to help businesses comply with global regulations such as GDPR, e-privacy, and CDR while enabling consumers to control and monetize their data. Given Facebook’s inability to protect the sensitive data that consumers have entrusted them with, Tide (or something like it) is an area that Facebook should explore.
So, although Libra will certainly be popular, it remains to be seen if its usefulness will exceed its risk. Earlier, I mentioned TPS as being crucial to bringing about cryptocurrency mass adoption. While Bitcoin and others continue to work on that, SonicX has built a payments platform that will soon be capable of 5,000 transactions per second. This speed would even top Ripple which is currently #1 as far as cryptocurrencies go.
SonicX is a blockchain platform that purports to offer trust, security and efficiency based upon Tron’s (TRX) architecture. It will be a payment gateway that facilitates P2P transactions, a tokenized system for content storage and online gaming. The token (SOX) can also be used for making global payments. Just like Facebook with its global reach, SonicX could prove extremely useful and convenient in allowing global users to purchase products and services.
The advantages for using the SonicX payments platform include the following:
- Scalability and Efficiency through a mix of Dual-nodes system
- Token Verification Infrastructure
- Increased TPS
- Short Links Payment Addresses
- Proof-Of-Time Storage
- Self-Upgradeable Blockchain
This really is the golden age of cryptocurrency ingenuity and entrepreneurship. Many bright young minds are focused on utilizing blockchain technology and cryptocurrencies to bring about a radical change in the way business is done. Bitcoin certainly got the ball rolling but other promising companies like Facebook and SonicX have not accepted the status quo. It will be fascinating to see how this develops over the coming years.
Featured image courtesy of Shutterstock.