The Quest to Perfect Blockchain Experience with Product Ecosystems
Today, blockchain projects are continually expanding their offering lineup to better serve the wide range of market needs and tackle the challenges in the way of mass adoption in their own ways. The biggest example is from crypto giant Binance, who started out simply as a custodial exchange platform. As of now, Binance provides a wide range of subsidiary services including blockchain education, analytics, charity, news, project incubation, token launch platform, and, most recently, an official decentralized exchange along with its own blockchain network plus coin — Binance Chain and BNB. Chinese exchange platform Huobi, who now also operates a platform that helps users build digital asset exchanges, is another notable example. Typically, as seen with these two major examples, awareness, usability, and application development difficulties are identified as the main barriers to large-scale, real-world adoption.
Infinito Ecosystem’s Growth So Far
In many ways, Infinito is developing in this trajectory and working to solve the same issues. Started out with just the mobile crypto wallet app Infinito Wallet in 2017, we have built, today, a comprehensive Ecosystem of products that serve the needs of not only end users but also blockchain application developers and businesses. In January this year, we integrated into the wallet Infinito App Square, a multi-blockchain app store that allows for seamless, secure access to innovative blockchain applications. Through this platform, DApp builders can reach out to the global community of crypto users and effectively promote adoption of their creations. At that same time, we also made available IBP (Infinito Blockchain Platform), the full-stack blockchain development platform to help developers efficiently build and launch DApps.
So far, we have covered the bases from application creation to consumption and amassed a sizeable community of 400,000+ global wallet app downloads and 70,000 monthly active users. Throughout the whole journey, we have also built a strong, supportive network of global partners — from technology community leaders like IOHK, Ontology, BinanceDEX, JEDA, etc. to leading blockchain service providers like BTC Direct, Changelly, ETHFinex, and more — that help Infinito Wallet, Infinito App Square, and IBP better serve their respective user needs.
To some extent, capitalizing on these areas do indeed help improve adoption rates. However, the gap between blockchain and traditional products is still far too large. There are more than 2,500 DApps on the market right now, yet altogether they only accumulate a little more than 120,000 active users and almost 22 million transactions daily — pitiful numbers compared to the gigantic trading volumes of cryptocurrencies. And sadly, crypto users are still anxious to consume and pay using decentralized assets. With this, we can easily come to the conclusion that just helping applications reach the hands of users is not nearly enough. As the core use of cryptocurrency is being a means of payment, this is an unfortunate reality that makes the future of decentralization seem even more far away than ever.
Perfecting the Payment Experience & Beyond with InfinitoPAY
This is why our next innovation in line as well as important pillar for the Ecosystem, as we have announced, is the universal payment platform, InfinitoPAY. This will be the first platform that can manage and monetize all transactions on an ecosystem of DApps and lets users freely pay with their favourite currency, both fiat and crypto, while businesses receive the currency they desire. This platform will also feature industry breakthrough financial features such as scheduled, pull, escrow, instant, and shared payments for both buyers and merchants. Payments will be processed with instant speed and minimal-to-no fees by utilizing sidechain technology. For InfinitoPAY, our long-term vision, as the next phase of growth for Infinito Ecosystem, is to entirely decentralize crypto payment via a user-friendly financial space that offers an exceptional experience unavailable on any fiat platforms.
Combined with Infinito’s upcoming release of our official utility token, INFT, we will introduce a unique token economy to Infinito Ecosystem that will provide all user segments — consumers, developers, and businesses — a highly personalized, all-beneficial blockchain experience where all parties are rewarded for active contribution. On top of unlocking value-added utility and rewards, INFT will also serve to facilitate true community governance for Infinito Ecosystem by letting members vote for the development priorities of Infinito products, ensuring community consensus for the growth plus evolution of the Ecosystem they are a part of.
InfinitoPAY and INFT are major upgrades to Infinito Ecosystem and I cannot wait to introduce them, along with more of their great utilities, to the community very soon. Please look forward to more news and official announcements from Infinito, and as always, thank you for your continued support!
