What is the future of cryptocurrency?Mavatar CEO discusses with ClearCut’s Michelle Makori on i24News
While at ICSC New York Deal Making this Wednesday, Mavatar co-founder and CEO Susan Akbarpour appeared on i24News’ ClearCut to discuss the future of cryptocurrency and blockchain.
ClearCut anchor Michelle Makori and Susan discussed the hot crypto-topic of the moment, Bitcoin’s steep decline, and where we can expect cryptocurrencies and blockchain to go from here.
BitCoin is down — but what’s next?
Just yesterday Bitcoin was down 5%, bringing it to $3,567.28, a dramatic decline from the mid $6,000s-range where it had been hovering for most of 2018. As Makori pointed out, it was only a year ago that Bitcoin hit an all-time high of nearly $20,000. Other cryptocurrencies have been similarly down this quarter.
This has made many commentators question where cryptocurrencies will go from here, and how this will affect blockchain technologies.
Consolidating cryptocurrencies and blockchain technologies
Many commentators are under the impression that too many tokens can exist, and this is likely true, Susan noted. The reality is any token that isn’t serving a demand for an application’s ecosystem will be weeded out.
While cryptocurrencies that don’t have utility are on their way out, the crypto-boom has led to some genuinely useful innovation. Susan explained, “Bitcoin really opened the door for other cryptocurrencies that fuel solid applications, like [mCart].”
Even though Bitcoin prices have been seen as the barometer of the entire crypto-space, there are lots of other applications for cryptocurrencies and blockchain that are independent of BitCoin.
Bitcoin pricing holds little relevance for the advancement of other cryptocurrencies that are utilized in platforms to remove bottlenecks and to bring efficiency and transparency to networks and their underlying platforms. The blockchain ledger system underlying cryptocurrencies can also create transparent, automatic procedures for accounting and supply management.
Makori noted this is exactly what Walmart just implemented by using blockchain to track lettuce suppliers following the recent E. coli outbreak.
Automated payments are another realm where cryptocurrency and blockchain can create value at scale by dramatically reducing the cost of processing transactions.
This is especially true for micropayments, where payments can be mere cents, but the logistical cost of sending the check is still $15 to $20. “Are we going to send a check to all these people?” Susan asked. The answer is a clear no. Making the payments using cryptocurrencies automatically on a blockchain allows these potentially millions of micropayments to become possible.
It’s the technologies using cryptocurrencies and blockchain technology like this that will weather the storm we are currently seeing in cryptocurrency markets.
The mCart Token: monetizing content and solving the micropayment issue
The mCart blockchain-based technology creates clear value by making micropayments feasible and content monetizable.
Using the mCart PaaS, consumers can shop directly from films, TV shows, live events, and anywhere else a QR code or link to an mCart smart shopping cart can be posted. All sources of influence on sales—from Hollywood blockbusters, to Red Carpet shows, to your aunt who likes to post on Facebook — can create mCarts to go along with content, and be paid for their influence on sales with mCart Tokens that can be converted to fiat currency at any time.
Since these payments are occurring on the blockchain, all the payments are automated using smart contracts. This eliminates the need for outdated affiliate marketing models and drives down back-office costs. The mCart blockchain replaces these costly, inefficient, and opaque processes with a fast, reliable and transparent system that is constantly producing data for smarter marketing.
Learn more about mCart PaaS here.
