Read Satoshi Nakamoto’s bitcoin whitepaper and, while the cryptography terminology and technical references contained within might seem somewhat incomprehensible, it is possible to reduce everything down to its title as a pure explanation of what Bitcoin is.
Bitcoin: A Peer-to-Peer Electronic Cash System
Sure, there are nuances and details one can add to that description in order to do justice to the multi-faceted elements of the platform but, at its core, in terms of the end-user, it is simply a layer on the internet for sending and receiving money.
Both users and businesses often forget that this revolutionary solution to an age-old problem of how to achieve trustless currency transactions, in and of itself, adds an entirely new dimension to the range of functions and services which can now be developed and utilised. There are now many, many projects vying for our attention in this sphere, having grown out from the original incarnation of the technology. Most seeking to offer so very much more than mere currency.
Impressive ‘world computers’ and the like notwithstanding, the cryptocurrency ecosystem which grew out of Satoshi’s original p2p electronic cash vision now contain a multitude of value-added services and platforms which can potentially enhance your customer’s environment exponentially.
You need only offer a route by which your customers can get to them.
Traditionally, a value-added service describes a complimentary feature or function you offer your customer beyond the core service they are paying for. Traditionally, you, as the business operator, had to invest time and effort in creating and managing that free service. You made it, you’re responsible for it.
Cryptocurrency, eschewing tradition, offers a whole ‘nother world of opportunities for adding value, for free, to both you and your customer, without you needing to develop, manage or take responsibility for it. Think of it as being something akin to a restaurant offering baby-changing facilities for its patrons, only the cubicle doors happen to open into Disneyworld!
Be you, be your company, be your product, be centralised, be secure.
But give your customers a means by which they can choose to explore beyond your walled-garden. Again, there is plenty of space for creating additional services around this on-ramp you offer, ways you can retain customer engagement longer if you so wish. It isn’t, however, necessary to invest in developing an entire ecosystem, because one already exists and is chock-full of platforms and functions that you don’t have to maintain or manage. Week by week it is growing and improving and your userbase, on the whole, wants in.
Which leads me to us, MODN METL
A business model, a product, and a plan to capitalise on this new opportunity. Our mobile application will, indeed, provide our users with an environment which both utilises standard centrally managed service provision AND gives them a way to move beyond us and into the wider cryptosphere. If they so choose.
Because that is key. Choice. Our financial model does not require them to do anything other than be our customer and pay to use our centralised service, just like every other traditional business operation. Don’t make your users do anything they don’t want to. Don’t force decentralised irreversible functions onto them just so you can say you have blockchain tech in your platform.
Keep it functionally simple.
I will go into the details of what our app does and the paid services we offer on it through a later article but, first, let me explain our decision to not utilise bitcoin and, instead, to work with a small ‘altcoin’ cryptocurrency dev team and community.
While Bitcoin is the undisputed king-of-the-ring its transactions are confirmed and secured by Proof-of-Work ‘mining’ using an astonishing amount of electricity and, given that non power-hungry alternatives like Proof-of-Stake have subsequently been developed, it makes sense to opt for the more environmentally-friendly solution.
Proof-of-Stake (PoS) does have its own issues, though. It all depends on how you go about the creation of the coin.
So, rather than require an existing coin project to bend to our needs, we sought to work with a community and devs who could be encouraged to create what was needed and what would be best suited to the task at hand.
If you build it, we will come.
We didn’t need it to have anonymous transactions, coin-mixing, master nodes, lightning networks or TOR. Asides from the aforementioned requirements to be secured by Proof-of-Stake, there was only one thing this new blockchain token had to reliably behave as:
A Peer-to-Peer Electronic Cash System
Which led to the creation of a simple PoS-secured blockchain called Battlestar coin.