 |
April 03, 2014, 05:33:26 PM |
|
The concept is to address major issues we see with crypto coins. Here is generally what Transcoin aims to do:
Provide more stability in price. With wild fluctuations in price, crypto coins are not a safe store of value as some claim to be. This also means that businesses that accept crypto coins have to rely on 3rd party companies to convert them to fiat immediately, or risk losing money if the price drops suddenly. And as we all know, $20 - $50 price swings can happen in a very short period of time with Bitoin, for instance. We will not divulge how we will accomplish this at this time, as it is a major change from the way most cryto currencies / exchanges work. More on that will come later as we get everything in place to make this happen.
Provide transparency and safeguards to prevent fraud and illegal use, and to build trust with businesses who want to accept Transcoin as a means of payment. Also to build a community who want to see the legitimate use of cryto currency, and will not support any uses that will discourage widespread acceptance.
Work within the laws of respective countries to ensure that Transcoin is not used as an end around existing laws. We are not looking to build an alternate / underground currency to replace the existing currencies controlled by governments. But rather to create a means so that people can legally benefit from the strengths of crypto currency, one of which is lower transaction fees. Right now, lower transaction fees do not always offset the cost of converting fiat to crypto coins and back. We aim to change this.
These are just some highlights, but the main thing to note is that we have what we think is a more realistic approach to crypto currency, instead of letting philosophical or political views drive our goals. Not that we don't agree with a lot of those beliefs widely held in the crypto community, but because we want to take an approach that will make a crypto currency work in a way that makes it beneficial to all as a means of sending or receiving payments, as a store of value, and as a means to limit fees inherit in most economies. We believe that a successful crypto currency will eventually give fruit to a lot of the philosophical and politcal goals that inspired the creation of crypto currency.
I realize that what I have said above doesn't go into a lot of details about "how", and will probably beg more questions than answer. The answers will come in time ...
Regards,
Transcoin Development Team
|
