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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is extremely popular in most parts of the world as it helps friends and family to communicate with one another at no additional cost.  And, it is through WhatsApp that the Libra currency should perform especially well.

Privacy Concerns

Although the excitement is palpable, Libra doesn’t come without its fair share of critics.  The critics point to a series of failings at the corporate level regarding the protection of sensitive consumer data.  Facebook has been involved in quite a few incidents starting with the 2015-2016 period in which nefarious groups were able to exploit Facebook for political gain.  There have also been a few hacks and data breaches which resulted in the theft of personal data.

Given those concerns, it certainly isn’t a guarantee that Libra will succeed.  Facebook will have to prove that it is once again worthy of the public’s trust.  And it will also face stiff competition as the race heats up to become the king of cross border payments.

Competitors to Libra Currency

Dash currency has already proven itself useful in economically plagued Venezuela.  More than 17% of Venezuelans have fled the country since the economic collapse that began several years ago.  The World Bank currently estimates that the country’s inflation rate will reach 10 million percent in 2019.  That sort of inflation essentially renders the sovereign currency useless.  And it makes it nearly impossible pay for goods as consumers would have to drag bags and bags of cash with them to buy a loaf of bread, or a pair of shoes.

Dash is a private digital currency designed to help consumers make payments for purchases made online or in-store anywhere in the world.  Payment confirmations are done in less than three seconds while cryptographic security is guaranteed through a payment verification process that makes use of the mining power.  Dash recognized that the citizens of Venezuela needed an alternative to the quickly sinking Bolivar.  It has made significant inroads with brokers and merchants in order to allow citizens to use it for payment.  Not only does it eliminate the need to carry bags of cash, it also helps Venezuelans maintain their wealth by minimizing inflation.  And although cryptocurrency prices have been volatile over the past 18 months, it pales in comparison to the volatility in Bolivar.

In addition to Dash, SonicX (SOX) is another promising cryptocurrency global payments solution.  SonicX created a blockchain platform that is based on Tron’s (TRX) architecture.  In addition to all the great features that Tron has, SonicX boosted the number of transactions that the platform can handle and introduced a community structure that will give users a say in how things work.  One of Bitcoin’s major failings is its lack of scalability.  This became especially evident in late 2017/early 2018 when the network was constantly bogged down because of volume.  Currently, Bitcoin is only capable of processing 7 transactions per second.  Compare that to the Visa which is capable of 25,000 transactions per second.  It’s not feasible.

The SonicX Consensus Mechanism (SXCM) digital governance system allows the Tron network to increase the number of transactions that are possible in a given period, and it adds an architecture that allows for Supernodes.  Supernodes on SXCM are selected to generate new blocks, while regular nodes validate transactions.  The end result is a network that is capable of processing approximately 5,000 transactions per second which would far surpass the capability of any other cryptocurrency.

July is an extremely busy month for SonicX.  On July 15th, TRX holders received a SOX airdrop.  Additionally, on July 30th, SonicEX (exchange) will launch.  The company’s IEO (Initial Exchange Offering) will also begin on that same day.  Details of the company’s IEO are as follows:

  • 1st batch will be 500 million coins which is scheduled to begin on July 30th at 7am UTC
  • 2nd batch will be 1.5 billion coins which is scheduled to begin on August 1st at 7am UTC
  • The 3rd and final batch will be 2 billion coins which is scheduled to begin on August 3rd at 7am UTC

Final Thoughts

There is an incredible amount of excitement regarding the Libra announcement.  Because of Facebook’s global reach and its brand name, there is a really strong chance that the Libra launch could spark the beginning of cryptocurrency mass adoption.  But, while Facebook certainly has the brand name, it isn’t the only game in town when it comes to global payments.  Dash and SonicX are just a few examples of smart, entrepreneurial companies aiming to do their part.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

Encrypgen’s New HODLING Incentive Program May Send DNA Token Soaring

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Cryptocurrency traders have enjoyed a Bitcoin moon shot during the past few months.  Those gains have created a much more enjoyable environment for crypto bulls.  Whether it’s a temporary or permanent increase remains to be seen but hitting the 10,000 level has put everyone in a better mood.  Unfortunately, altcoins have not had experienced the same type of gains and are lagging significantly behind Bitcoin.

I’ve written articles in the past year that there is at least a decent chance that many altcoins won’t survive the current environment.  The ones that do will do so because they created a platform that has real world usage.  After spending countless hours researching many of the existing altcoins, I’ve yet to see a company that is more promising than Encrypgen (DNA).

Encrypgen Background Information

Encrypgen is a genomic blockchain network that provides customers and partners with best-in-class, next generation, blockchain security for protecting, sharing and re-marketing genomic data. This creates a fair marketplace for a person’s DNA that can be stored privately and sold (if a person wishes to do that). A person’s DNA can also be shared privately and securely with their physician for their personalized care.

Typically, people can send their DNA off to a lab to find out who they are and where they come from. As fun as that might sound, there is a significant security problem…

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