Imagine a decentralized version of Airbnb, Uber, and UpWork can provide the same performance and quality except where users are getting paid with tokens. Can they achieve the same success and spreading?
Let’s take a sample for a taxi driver that gets paid with UToken, what can he do with these tokens? Pay rent, pay bills, buy food, buy clothes, pay for hospital and medicine! The answer is NO, he can’t do that in the majority of cities around the world, not until the cryptocurrencies are being used everywhere and there are enough exchanges to provide cash liquidity when required.
The mentioned example is the same for all current tokenized Apps/dApps. So, how current users can use these tokens? They are forced to use the tokens within the App or exchange the tokens to cash through the following flow:
- A user converts his XTokens to a stronger coin like ETH/BTC.
- Transfer ETH/BTC to a local exchange that can convert the ETH/BTC to a fiat $$.
- Then, transfer the $$ to the user bank account. That’s if the user is lucky enough to have such exchanges in his city/country.
In areas like the Middle East, Africa, parts of Europe, Asia and America and many others they don’t have such exchanges or even the knowledge about cryptocurrencies or tokens.
Back to our question, will such tokenized apps achieve same success? Not at least in the short-mid term.
We know that there is a big gap between the crypto world and normal users, such a gap is the main stumbling block for current and upcoming apps, unless we — fellow developers — do something.
At Air Transfer, we’ve taken the first step towards a worldwide infrastructure that will bridge the gap between the crypto and normal users across the globe.
Air Transfer Protocol (ATP) is the world’s first open-source P2P protocol powering decentralized remittances.
In plain words, ATP is a set of rules and flows to be followed with the support of smart contracts and stable coins to form a multi-million retailers network across the globe from individuals or entities who can operate a remittance business in minutes with zero costs.
How is that useful? recall our main problem of finding a useful robust case for the tokens aside from their use within their apps, now with ATP, Apps will be able to give their users the ability to cash-out their tokens into cash fiat in minutes from the nearest retailer (shop, post office, remittance…etc).
The usage for ATP is not limited to token-to-cash payments but it extends beyond that and it’s left to the developers’ imagination. A basic use case is the ability to do cash-to-cash transfers just like any remittance such as Western Union.
ATP is an open-source protocol; a collaborative work between developers from all over the world.
Different Apps can build on top of the ATP and communicate with each other seamlessly. At Air Transfer, we had the pleasure to come up with the initial designs and architecture. Also, we’re working on the first audited version of the air transfer protocol before handing it over to the community to take it to the next level.
This is Ahmad Elsokkary, founder of Air Transfer and I’d love to hear your thoughts! Please, stay tuned for more to come about ATP and ATS.