In Rideshare Disruption, Here Is How Cryptocurrency Payments Can Boost Local Economies And Make The Greater Good Possible

Rideshare is becoming the norm in many parts of the globe. It is a chance to promote the greater good in local communities. Here is how this can happen with crypto payments

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When blockchain appeared nascent, not many people gave it a chance to make a difference. However, keen tech watchers knew that like the Internet, it was sure to stand the test of time. Cryptocurrencies have emerged as a major face of what blockchain tech can do.

Utilizing the idea of crypto payments for rideshare is basic. One great side to crypto adoption is the inevitability of decentralization. To couple the benefits of breaking down centralized systems in transportation and payments for services can be a game-changer.

How Rideshare tech works

Open the application and press the find button to locate a driver. Drivers in the zone will get a notification, and when a driver acknowledges, the rider and the driver can be linked up using the Geo-find feature.

The success of a rideshare innovation is such that municipal governments, businesses and individuals can leverage it for the betterment of the local economy. Employment opportunities for the people in the locality can be boosted and productivity will be on the upswing.

Be that as it may, paying with cash could sometimes be a limitation., as it does not offer the sort of recognizable proof confirmation that other methods offer. Also carrying cash around might be dangerous due to the crime rate in the area. Due to this factor, the rideshare can get integrated into the blockchain innovation.

Read Also:Here Is How Cryptocurrencies Have Become The Norm For Money Transfer

Why an outright prescription in payment method could be a limiting factor in some areas, the open customizable nature of blockchain tech allows for preferences.

The developments along these lines shows that forerunners in the rideshare business are losing out in market share for far-flung areas by centralizing operations in cities. Therefore, local organizations and companies can explore options so that ride share be accepted globally beyond (beyond city centers.)

The above is a win-win situation for everybody such that the rideshare companies make more money, and it helps in the ease of transportation within those areas, also providing employment opportunities to people of the region.

Business and Social Boost

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Utilization of blockchain innovation is for all intents and purposes necessary in the use of rideshare apps, and it is extremely positive to see a few organizations attempting to induce this idea into their various plans of action. Some of these have already started seeing the positive side of this blockchain invention in their ride-sharing application. The ride-sharing economy is increasing rapidly and consolidating intense types of innovation which will prompt future advancement.

With regards to understanding the idea of ridesharing, the essential objective is to reduce the number of vehicles on the road. As opposed to including new vehicles on the streets. Some of these organizations hope to benefit as much as possible from the operating system of ridesharing and are also looking at how they can benefit from blockchain-based rideshare apps. 

Rideshare organizations like Uber and Lyft are handling this issue also, although they are in full control of the clients. But for clarity, it is necessary to understand that an open-source innovation is viable. This will help to increase their appeal to the public and give people an edge with the many possibilities of blockchain technology.

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Better Credibility

Decentralizing transportation is not an amazingly easy task, but the presentation of blockchain innovation makes a lot of difference. The consideration is beyond the ease of settling cost by individuals, and as credibility is boosted considerably.

An area of benefit is that this development would encourage record keeping in transactions that are being made, thus encouraging transparency among the drivers. Furthermore, the appropriated record innovation would enable the organization to take correct payment percentages from their drivers.

It is sure that these ridesharing companies would make more money wherever they choose to operate. Also, companies can avoid claims of driver exploitation as both parties would have relevant records and receipts to fall back to in the case that this leads to a legal issue.

Better Employment Numbers

Another advantage of this in all regions of the country is that most drivers are scared to work in regions that are dangerous and known for the high crime rate. But once the rideshare app is being incorporated into the blockchain, it would limit the amount of cash that a driver would have in hand, hence it would discourage criminals from trying to rob the car.

Last Words

The basic idea behind crypto payments for rideshare is that non-cash payments is less prone to theft. On the flipside, once ridesharing is decentralized, the regions of high crime rate may experience a reduction in crime rate. This basis for this optimism is that some criminal activities are caused by lack of adequate employment in the area.

With the decentralizing of rideshare, this would give employment opportunities to the people that stay in these regions. This is an especially important advantage of the global acceptation of ridesharing.

Must-Read: Why Supporting a Local Economy is a Boost For Entrepreneurial Efforts

3 High Performing Cryptocurrencies To Look Out For in 2020 Q4

The crypto market is in a spring right now, and here are three high-performing tokens to watch.

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So far, 2020 has been a year of ups and downs in the financial market, especially since the advent of the coronavirus, with stocks jumping all over the place. Cryptos have also had their fair share and are in no way left out. Regardless, the financial market ecosystem has continued to seek out alternative liquidity investment plans and are rapidly turning to high performing cryptos and stocks.

In this guide, we’ll examine three (3) high performing cryptocurrencies, their market value and activity, historical performance, and what to expect in the remainder of 2020. Without much ado, let’s get started.

Read Also: 2020 Has Been The Year of DeFi. Here’s How It Has Given Cryptocurrencies A New Lease of Life

Cosmos

Cosmos (ATOM) is simply a double-layer network that comprises of a lot of independent, yet interoperable blockchains referred to “Zones” which operate based on the Byzantine Fault Tolerance (BFT) consensus algorithm. It facilitates the exchange of assets, tokens and data between blockchains.

  • Historical Performance

At the start of 2020, Cosmos had a market cap of $802.5 million and an average market price of $4.3. At the time of writing (August 31 2020), it’s now ranked 19th with a market cap of about $1.18 billion, a market price of $5.7, and a 24-hour trading volume of about $321 million. That’s a 47% growth in market cap and a 32.6% increase in market price over 8 months.

  • Core Area of Usefulness

Cosmos partners with OmiseGo, IRIS, Loom Network, FOAM, Theta Toe, etc. to provide solutions to blockchain scalability, sovereignty and complexity.

   

  • What to Expect

Cosmos has an average market cap of about $1.2 billion, and a surge is expected in the nearest future. Based on trends, crypto enthusiasts can expect Cosmos attain a market price of $10 by December 2020.                                                                                                                                                                                                                                                                                          

VeChain

VeChain is a blockchain-based crypto platform specifically designed to enhance business models and supply chain management with the aid of DLT. It aims to champion a distributed and trusted business ecosystem that ensures greater transparency in the flow of information, an ultra-swift transfer of value and efficient business collaborations. This project has numerous practical examples and is highly appreciated and recognised by Deloitte, BMW, PICC, PwC, H&M and lots more.

At the turn of the year 2020, VeChain was ranked 30th with a market cap of about $332.4 million and traded at $0.005643. Fast forward to today, it ranks 21st with a market cap of over $1.1 billion, and trading at an average $0.018553. That’s a bullish 258% growth in market cap and 228% surge in market price.

  • Core Area of Usefulness
  • Automobile data tamper-proof – Renault and BMW are currently partnering with VeChain. Data such as driver’s habit, repair history, registration, and insurance are made immutable.
  • Product Anti-duplication: this is executed with the aid of smart chips which ensures that products are not adulterated. Certain luxury brands have already signed up for this.
  • Cold-chain logistics via IoT sensors that automatically interface with the blockchain.
  • Carbon Credits: carbon emission tracking and rewards schemes for friends of the earth.
  • Provide solutions to the traceability of digitalized clinical trials.
  • What to Expect

The surge in the market activity and demand for VeChain is driven by its integration of IoT into supply chain management models. According to cryptoground, VeChain is expected to attain $2.58 by December 2020, although a little unrealistic.

To attain the $2 mark, VeChain would have to match Bitcoin’s market capitalization – that’s a difficult one. However, a more realistic prediction would peg VeChain at about $1 by the end of the year.

Chainlink 

Just like the two cryptos mentioned earlier, Chainlink is also doing exploits, and it has achieved new market prices multiple times already in 2020 – its token is LINK.  A Chainlink solution, Oracles, make it possible to aggregate real-world data, payments and events into the blockchain as smart contracts. Plus, this project finds application on DeFi platforms and is gradually making waves in the pharma space.

  • Historical Performance

As the time of writing, Chainlink is ranked 5th with a market cap of over $6 billion, and a 24-hour trading volume of over $1.8 billion, according to coingecko. Chainlink started at $1.8 in January 2020, with a market cap of $642 million, but today, it’s trading at $16.7 – that’s a bullish 828% rise in market price.

  • Core Area of Usefulness
  • Retrieval and verification of external data on smart contracts and blockchain network.
  • Decentralized Finance (DeFi) platforms
  • What to Expect

Price predictions are becoming a bit more difficult, especially with the look of the financial market. This might be different for Chainlink as it’s already outperformed several predictions this year on many occasions, and is currently trading above the $5-10 mark forecast.

According to an AI-enabled algorithm from Crypto-Rating, Chainlink is predicted to trade at about $20 by the end of 2020, towards the turn of 2021. This is pretty much realistic and it an only get better with this project.

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Disclaimer: This is clearly the opinion of the author and not a piece of financial advice. Endeavour to dig deep before you make any investment in cryptocurrencies.

As The Crypto Spring Becomes Evident,Here Are The Top 3 DeFi Leaders In H2 2020

The reign of DeFi has translated to more money in the hands of crypto hodlers. Here is how you too can join the rave.

The decentralized finance (DeFi) market has experienced a massive growth over the last several months. Anyone following blockchain trends will likely know that ICOs are a thing of the past. Now, it is all about DeFi projects.

DeFi pulse statistics shows that the sector’s total value locked (TVL) is currently at $6.71 billion and grows by $500 million weekly. This is massive growth from the previous month with a TVL of about $2 billion.

According to recent published reports, the TVL dropped to $500 million in March 2020. However, this explosive growth stems from the yield farming ecosystem and the high lending interest of DeFi projects.

Just as expected in any market, this sector has its leaders. Currently, Maker, Aave, and Curve Finance are the leading projects.

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1. Maker

Maker Dao is the current leading DeFi project, with more than $1.46 billion of the $6.71 billion locked within this single project. Maker outperforms other platforms in the DeFi world pretty much the same way Bitcoin tops the crypto industry.

Maker is the oldest and the most recognizable name and cryptocurrency on the list. It is a decentralized credit platform on Ethereum that supports DAI – a stable coin with a USD-pegged value.

You can open a vault with Maker, lock in collateral such as BAT or ETH, and generate DAI as a debt against that collateral. DAI debt induces a stability fee (a continuously accrued interest) paid upon repayment of borrowed DAI.

Also, Maker has a unique feature called DAI Savings Rate (DSR). The feature enables DAI holders to lock their DAI into Maker’s DSR contract and receive a variable interest rate in DAI, generated from stability fees.

Maker dominated the DeFi sector with 21.78% of the TVL.

2. Aave

Aave is an open-source, non-custodial protocol on Ethereum for borrowing and lending a vast range of cryptos using stable and variable interest rates. I should also mention that the platform is entirely decentralized.

Aave offers notable distinguishing features such as rate switching, flash loan, uncollateralized loans, and unique collateral types.

It also uses a native coin – LEND – as a bargaining chip to provide holders with discounted fees. LEND is also staked for governance and as the first line of defense for outstanding loans.

Also, Aave provides the broadest range of DeFi collateral of any lending protocol on the market and takes a large share of the DeFi lending market due to its strong liquidity and the chance to protect against smart contract risk.

Aave’s flash loan feature opens the doors for safe and secure arbitrage opportunities at virtually no cost to the user.

Unlike other lending platforms that tend to lock users into a variable or fixed interest rate, Aave’s rate-switching feature allows users to switch between two different markets and earn by arbitrage.

This enables users to get the best interest rate on their loans by choosing between “variable” and “stable” interest rates.

However, these stable rates are not fixed interest rates but a rather stable form of variable interest rate, which is constant and less susceptible to market fluctuations.

Though launched in May 2020, Aave is currently ranked second and locked at $1.26 billion.

Read Also: What To Expect From The Crypto Market In H2 2020

3. Curve Finance

The Curve is also a decentralized exchange liquidity pool on Ethereum designed for stablecoin trades. It is ranked third with a TVL of $1.04 billion.

Since its launch in January 2020, Curve enables users to trade between various stablecoins with low slippage. Its small fee algorithm was explicitly designed for stablecoins and earning fees.

The Curve is also one of the few DeFi protocols to achieve exact product-market fit by fulfilling a specific purpose that market participants have come to value.

Also, Curve serves as an alternative to trading stablecoins on general-purpose DEXes such as Uniswap, whose algorithm is not optimized.

Curve also integrates with DeFi lending and borrowing platforms like Compound, dYdX, and Aave, which allows Curve users to earn interest on top of their trading fees.

Another interesting fact about Curve and other Ethereum-based DeFi protocols in its class is that they allow anyone to provide liquidity to the market.

Unlike traditional market makers that often use exchange-provided assets to provide liquidity to a market, Curve delivers to users with assets that support its market to provide liquidity.

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Conclusion

Hopefully, the reign of DeFi will lead to a further deepening of the cryptocurrency market for the benefit of investors . There is no doubt that there is more to come in the days ahead.

Here Is How Cryptocurrencies Have Become The Norm For Money Transfer

Crypto beats fiat as a result of its flexible governance structures. With no Central Bank to look to, these digital currencies have taken on a new life as money transfer vehicles.

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Is the crypto option for money transfers here to stay? Here is what you need to know

Cryptocurrencies have become the new normal of money transfers. It is gradually becoming a thing to request a cryptocurrency wallet address rather than a bank account number when trying to transfer funds between counterparties. The reasons are obvious.

Crypto payments are fast and secure due to the cutting-edge technology of the blockchain. Also, transaction costs are minimal, making it a good choice from a business perspective since both sides get to keep the part of the payments that would have gone to settling payment transfer costs in a regular wire transfer.

Crypto transfers seem to be here to stay given all their benefits. However, there are existing limitations you need to keep in mind before converting all of your cash to BTC or ETH.

Reach

Despite having been in existence for more than a decade, cryptocurrencies have still not been adopted globally by most people. As at the beginning of the second quarter of 2020, there were 50.71 million blockchain wallet users worldwide, in contrast to well over a billion regular bank accounts. At this point, one would realize that there is a huge gap to be filled.

This is something to keep in mind as most people do not have cryptocurrency wallets, and you can’t transfer to them without one. A suggested solution is to try to open the conversation with clients or suppliers or any other business counterparties, encouraging them to open a blockchain wallet and make your business transactions seamless.

Price stability

This is a major issue with cryptocurrencies. Imagine getting a transfer of say 2 BTC worth $18,000, and just before you’re able to either pay for another product with it or convert it to a fiat currency, the value drops to $12,000, which is a $6,000 loss on a single transaction.

Also Read: Despite The Marketplace Twists,Thorns and Thistles, Here Is How USDT Has Weathered The Storm

A way around this is to transact in the stable cryptocurrencies known as stablecoins. The USDtether, for example, is tied to the value of the US Dollar. Tether cryptos are not as subject to volatile swings in value as other cryptocurrencies and this makes it safer to use them for transactions.

Government regulation

Some countries have strict regulations that limit the volume or usage of cryptocurrencies by law. For example, Binance was created in China but had to move to Japan due to issues with regulators. Be sure to confirm if there are no restrictions on the use of cryptocurrencies either within your own country or that of your counterparty.

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Platform Security

The safety of blockchain only guarantees that transactions and their history cannot be tampered with. Beyond that, your wallet is vulnerable to the extent to which you can protect your account. If malicious hackers gain access to your account passwords, your cryptocurrency funds will be lost. Hence, it is important to secure your wallet either through 2 Factor Authentication (2FA) or Authy.

As long as you keep the above factors in mind, the blockchain and cryptocurrencies ecosystem will make your experience with transferring money seamless even across borders.

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Despite The Marketplace Twists,Thorns and Thistles, Here Is How USDT Has Weathered The Storm

USDT has weathered the storm these past two years to soar to the third place on the list of the most capitalised crypto. Here is the journey so far for Tether this year.

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The meteoric rise of USDT in 2020 H1: Everything you need to know

Predictions for what will happen in the cryptocurrency world exist at any given time, and vary wildly depending on who you ask. Long gone are the days when Bitcoin was expected to reach $100,000 “by the end of the year,” although there’s still the odd enthusiast with overtly positive expectations to come up with such claims now and then.

Still, most movements in the crypto market are predicted by at least a few people, and in some cases these crypto gurus, when predicting such market changes, end up causing them in response.

However, 2020 has seen a market change nobody ever thought, among many other things the world has seen this year. Specifically, the rise of the USD Tether (USDT) and stablecoins in general has been higher than even the most optimistic of predictions.

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What’s USDT? Why is it important?

The USD Tether is the name of a specific stablecoin, USDT for short, whose value is pegged to that of the US Dollar. 1 USDT thus equals 1USD at all times. It’s one of many coins with prices pegged to those of fiat currency, and thus it is categorized as a stablecoin – because the price always remains stable.

Is it a bad coin? Why people never thought it could rise?

Stablecoins can be divisive among the community, because they imply the creation and use of blockchain as a means to move fiat instead of independent digital currencies – something some crypto enthusiasts consider against the spirit of cryptocurrencies.

However, stablecoins aren’t considered bad in general. Over the years, many crypto analysts have actually predicted they could become an entry point into cryptocurrencies for many people, and the relative safety of their prices has led several crypto exchanges, Binance chiefly among them, to adopt their own stablecoins and offer instant exchanges into them to crypto holders.

Stablecoins are, thus, quick ways for holders to jump out of the market without necessarily going through the bothersome process of turning their crypto into fiat. Since this process doesn’t involve actually exchanging tokens for fiat, but for other tokens, many of the costs – such as a bank transaction and withdrawal fees – are skipped. It’s the preferred way for holders and traders to take a step away from the market if they plan on returning to trading soon.

But why would USDT grow so suddenly? Why would it get popular? Are new people joining the market?

The reason USDT has risen in the past few months has little to do with newcomers and a lot to do with existing crypto traders, current events, and how those shape the economy.

As had been long predicted, a worldwide recession is underway, and if you believe certain predictions, we’re yet to see the worst of it. The current pandemic, along with the gross mishandling of it by many world governments, is leading the worldwide economy towards a second shutdown within a year, one that’s expected to hit much worse than the first one.

And the thing about the first one is it proved many theories about cryptocurrencies’ place in the economy, well… wrong.

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Wait, what was wrong?

One of the most commonly held beliefs among cryptocurrency enthusiasts was that crypto would rise if markets went down. Some people went as far as to call it the new gold, usually following the (not quite true) belief that gold always goes up when markets go down.

However, March and April 2020 told a much different story: As COVID-19 had markets close and stocks went down across the board… so did cryptocurrencies. Ether hit its year-long low in mid-March, having shed 50% of its value in a span of just two weeks. Bitcoin did likewise in April, hitting a year-low price of just under $5,000/BTC – less than 50% of the high reached back in September, which had the token valued at almost $12,000.

Being the main tokens in the market, they’re often used as a way to see the current trend in crypto prices. Both tokens severely underperformed when the recession first hit, and while both have also recovered since (Bitcoin partly helped by its May 2020 halving,) with a second, worse recession dip in our doors its only understandable people are trying to jump ahead of the market.

Will this rise last?

USDT isn’t much of an investment, being tied to the value of a clearly inflational currency, and therefore there’s little reason to hold it in a world where cryptocurrencies aren’t yet mainstream. But,the green light is in the fact that mnay hold it as a midpoint between investing and selling off their crypto holdings.

USDT is currently serving as a bellwether for crypto traders who fear the current economy might send token prices to the ebb. Once markets recover, however, many of them will jump back – and USDT might return to its regular trade values or yet, grow stronger.

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