The Problems with Cryptocurrency: Our Solutions, Explained
By Venkat Nallapati, founder and CEO, KryptoPal
In spite of the widespread adoption of blockchain and various cryptocurrencies, there remains significant barriers for individuals to use this technology. Numerous software implementations or integrations are required to use well known cryptocurrencies and to track these various blockchain transactions. Even well-regarded cryptocurrencies generally are not accepted widely by merchants or compatible with mobile applications.
Currently, there are 6.5 million apps being used by over 4 billion people worldwide; however, most of these apps lack the capability to connect with each other and provide a seamless experience for users. For example, a consumer of a popular wallet (such as Paytm) may want to engage in cryptocurrency transactions with a friend who does not have that app, and mitigates this by using another app. Doing so doesn’t permit a seamless experience for consumers, nor does it allow the ability for users to maintain additional accounts.
Every day, mobile apps are used for daily banking, money transfers, commerce and bill payments. The money transfer marketing is currently $600 billion dollars, and cross-border transfers total more than $155 trillion. Additionally, the worldwide mobile wallet market will reach 3,142 billion users by the year 2022, and more than 3 million people are actively using cryptocurrencies.
KryptoPal solves these major problems by offering a software platform that can be integrated with any app, browser, device (IoT or POS) or additional platforms to perform blockchain related transactions with ease. This SDK is able to integrate with any of the 6.5 million apps available in the world today.
This solution allows consumers to do the following:
· Send, receive, exchange, transfer, buy and sell various cryptocurrency instantly
· Buy products or services globally using cryptocurrency
· Exchange cryptocurrencies for local fiat currency
· Implement rewards programs
· Get physical cards to use globally
· Create decentralized and localized exchanges
· Place orders or exchanges from an app
KryptoPal also provides guidance for app developers to issue and distribute their own tokens throughout their ecosystem, allowing them to create and administer their own loyalty rewards networks and programs. App providers are able to begin thinking about cross application and cross device cryptocurrency payment integrations. As of now, many traditional Wallet apps use Fiat currency transfers to friends, family, merchants and service providers. However, most of these apps are local and constrained to that country.
By integrating KryptoPal’s SDK with these kind of apps, it gives instant ability to those app consumers to receive cryptocurrency from worldwide users, convert that money into local fiat currency and use that money to pay local friends or merchants. Even though machines in the background carry out exchange in a complex network of commerce and services based on a multitude of tokens, the user will still have a flawless experience with KryptoPal.
