Can Blockchain Process Billiard Payments in Second?
Ten years after the creation of the first cryptocurrency, the blockchain hasn’t fulfilled one of its main postulates - quick and convenient payments. But a new technology is similar to a living organism that develops and learns from its own mistakes. Every day, developers are getting closer and the original goal. A crypto project Cruisebit finally got there.
The traditional financial system has many vices. The most acute of them: the centralization and hegemony of banks. Any account can be frozen, and money from it could be withdrawn right after. There are also more obvious problems: recipients could wait for their money transfers for weeks and use financial services people must go through 9 rounds of hell of red tape.
In contrast to this system, emerged the first cryptocurrency - Bitcoin. It was a real revolution in the world, which led to the creation of thousands more cryptocurrencies, and blockchain projects. Transfers in the same BTC are much faster than banking: the money reaches another part of the world in one hour max. Moreover, there is no need for opening a bank account or verification of the identity.
In the first cryptocurrency code, there were a lot of bugs that have not been fixed so far. Because of them, neither BTC nor other coins can completely replace the traditional financial system. For example, verification of payment in blockchain on average lasts up to 10 minutes.
For cross-border transfers, this is incredibly fast. But, when it comes to daily payments for example in Starbucks – it's too long.
But the blockchain is improving. The Cruisebit project is a great example. He created a new cryptocurrency - CRBT, which took into account all the defects of its predecessors and allowed processing payments in seconds. It opens up completely new, incredible business opportunities.
Billiard payments in one second
Cruisebit has created a blockchain account in which payments are processed for a maximum of 3 seconds. And it does not matter at what point of the globe is the recipient. To ensure the operation of the system, Cruisebit uses the consensus algorithm Proof of Work: miners find blocks and confirm transactions. In return, they receive a reward.
Unlike BTC, which requires expensive equipment and a lot of electricity, CRBT can be produced using a home PC, and miners do not need to worry about huge bills.
Accessible mining for everyone not only enriches crypto enthusiasts but also supports the decentralization of the system. If several large pools and companies seized the BTC mining, then Cruisebit truly belongs to people.
In addition, the project is working on the creation of effective mining equipment. Its price will be affordable for all, and the performance will be at the highest level.
With all this, Cruisebit provides an increased level of security and anonymity for users.
One currency for all
The advantages of Cruisebit will allow the cryptocurrency to find applications in the most diverse spheres of life. First of all, CRBT plans to expand into the gaming market. This decision is worth much more than just a thirst for money. Games - a great way to introduce users to the world of cryptocurrency and thereby popularize it.
Another sector that Cruisebit wants to develop in is travel. The volume of the global tourism market was estimated at $7.6 trillion in 2016. And the industry will only grow along with globalization and the "destruction" of the borders.
CRBT wants to play a key role in this. Namely, create a web portal for tourists, where they could book a hotel or tour. The payment will be charged in the cryptocurrency, which will accelerate it in times compared to traditional services. Moreover, tour operators can no longer deceive customers, and "lose" their orders. After all, the blockchain keeps all the information. It cannot be changed, and anyone can easily check it through Explorer.
Still, Cruisebit plans to launch its own decentralized exchange. It qualitatively wins before traditional trading platforms. After all, if there is a center, hackers will hit there and steal client’s money. In decentralized exchanges, money is stored on users' wallets, which makes the attack on them uneconomic in terms of profitability.
This autumn Cruisebit plans to launch a tourist web portal. By early 2019, the project will launch the sale of its own mining equipment, and by the spring of the same year, Cruisebit wants to start issuing crypto-cash payment cards and ATMs. Expansion to the games market is planned for the end of 2019. Then the last stone in a huge payment ecosystem will be laid.