ELI5: Who is Xank for? Everyone.
With thousands of cryptocurrencies filling up the pages of Coinmarketcap, we can’t help but wonder, “Who are all these cryptocurrencies for?” The sad truth is only a handful of people will actually find a use case for the majority of these coins and tokens. Oftentimes, it is unclear as to how a certain project and its native coin derives its utility. If you browse Reddit’s cryptocurrency subreddits, you’ll be surprised by the number of people asking the question that we raise today: “Who is this cryptocurrency for?”
Today, we’re here to tell you who Xank is for.
Xank is a game-changer for cryptocurrency exchanges. In the current state of affairs, exchanges have a tough time interfacing with traditional financial institutions to provide fiat-to-crypto services for users. We as users may not be exposed to all that happens behind the scenes, but working with banks and other financial institutions to connect fiat-to-crypto is migraine-inducing, to say the least.
Xank, with its Stable Pay function, renders fiat unnecessary when it comes to operating an exchange. As a fiat-denominated cryptocurrency with a stabilizing mechanism, Xank is not only a replacement for fiat, but it also removes all of the complex processes involving financial institutions that were formerly required for compliance, security, and trust. Exchanges can focus on dealing exclusively with cryptocurrencies now that Xank is available for use as a base currency, and users enjoy enhanced security and faster deposits and withdrawals thanks to Xank and its blockchain.
Xank is also for us as individuals. Let me give you a few examples of individuals who will be happy to use Xank.
1. Someone who wants to invest in an asset with potential upside.
2. Someone who wants to send money across borders without paying fees or waiting for a ridiculous number of hours.
3. Someone who wants to store wealth without opening a bank account.
4. Someone who wants to be in complete command of their money without having an intermediary.
I think all of us can agree that we are at least one of the above individuals. If you found yourself nodding while you scanned the list, then Xank is for you!
Merchants are at the mercy of fickle governments that impose fees and regulations for payment systems. They also remain attached to the legacy financial system when they deserve a less expensive, instant, and ubiquitous payment system. Cryptocurrencies have promised to recreate the payments system, but all have come short. Until Xank.
Xank’s Stable Pay feature allows merchants to use the fiat-denominated Xank as money for the exchange of goods and services without having them calculate for price fluctuations common in many cryptocurrencies. Why would they choose Xank over fiat currencies? Here are a few reasons why. There are no chargebacks, there are lower fees, and there is greater privacy, cold storage, escrow accounts, and multisignature private keys — novel services made possible with blockchain.
With the mass adoption of Xank, there may be no need for merchants to convert Xank into fiat. Xank will be the de facto money for merchants and consumers.
4. Businesses and Start-Ups
New businesses with ideas for positive environmental change are killed before they have the opportunity to sprout. The main reason for this is the lack of funding. Xank wants to help these businesses and start-ups whose visions are consistent with the principles of the Xank Constitution achieve their funding goals. What kind of business scenarios are we talking about?
- A business that wants to develop septic systems for reducing ocean pollution
- An aquaponics farm startup that aims to reduce soil pollution
- A business that develops natural drugs for improving human health
- A clean energy startup whose mission is to install solar powered energy generators to reduce air pollution
In a broken world, activists are desperately trying to unite individuals, groups, and nations as one. However, like businesses and start-ups, activists need money to organize activities, events, and centers for better human relationships. Activists, both individuals and organizations, can reach funding goals if their ideas are in alignment with the Xank Constitution.
Some examples are:
- Fostering cultural exchange
- Advocating for LGBTQ equality, women’s rights, race equality
- Installing equipment, roads, and infrastructure for the disabled
- Raising awareness for love through non-violent rallies and gatherings
If you’ve read through the entire story (and I’m sure you have), then you can probably relate with at least one of the five groups for whom Xank was created. Xank is for exchanges, individuals, merchants, businesses and start-ups, and activists. Xank is for all of us.