Place/Date: Australia - July 5th, 2018 at 10:11 pm UTC · 4 min read
Contact: Agate, Source: Agate
It brought about a crypto-revolution and as the popularity grew, multiple Altcoins surfaced the crypto-space creating their own decentralized peer-to-peer transactional digital tokens.
While Bitcoin aimed to decentralize micropayments and eliminate mediators, especially banks, it was never perceived as a utility token but only a medium to become a millionaire overnight. And so did the other cryptocurrencies that surfaced the market. They were simply expected to become a ‘Shadow of Bitcoin’ or at the least Ethereum.
Blockchain is no doubt a revolutionary technology, and while decentralized micropayments have been a vision, it never realized its potential, in the crypto-world, to replace the banking system.
Making cryptocurrency-based micropayments a reality, with the widespread adoption of crypto-tokens as a preferred mode of payment, Agate Blockchain brings a set of complete cryptoeconomy infrastructure in 12 different modules.
While existing micropayment solutions lacked efficiency either in settlement periods or liquidity issues, Agatechain gathered some of the brilliant minds in the payments industry to create a micropayment solution that brings together all the best features of existing blockchains.
Agate, a new-age cryptocurrency offers better crypto-payment solutions while eliminating the limitations present in the existing cryptoeconomy.
Bitcoin a revolutionary technology is highly inefficient as a micro-payment solution given the slow throughput speed of mere 3-6 transactions per second. While many cryptocurrencies have surfaced the market that supports speedier transactions, they are either plagued with slower blockchain settlements or limitations with the number of tokens available on the network for widespread adoption.
Agate Blockchain, while offering an incredible speed of 1000 TX/s is highly efficient as a micropayment solution given its fastest blockchain settlement of less than 3 seconds. This essentially means merchants on the platform can receive their crypto-payments on a real-time basis, making them available to redeem or to spend instantly.
Unlike the traditional payments system that is hugely expensive, Agate’s tailored blockchain can greatly reduce the transactional costs, making it almost free for the users on the platform. At a flat rate of 0.01 AGT per transaction, that exists to protect the blockchain from spam attacks, users and merchants are encouraged to adopt the payments ecosystem without worrying about additional costs or relying on ineffective, traditional blockchains.
With three microblocks and one key block, Agate allows thousands of users to transact simultaneously without any delay.
While its typically unrealistic to convince traditional merchants to adopt crypto-payment solutions, Agate makes it possible for merchants, retailers, and online stores to embrace the cryptocurrency payments as a preferred mode with multiple functionalities that includes but not limited to – Agate Payment Gateway Open-Source API, Agate Payment Gateway Apps/Plug-Ins, Agate POS Terminals, iFiat Based transactions and various other user-facing/merchant-facing solutions.
Introducing iFiat ecosystem, which runs on Agate Blockchain, iFiat tokens are Fiat-pegged cryptocurrencies that have a stable conversion ratio of 1:1 with the underlying asset.
Highly stable in nature, every iFiat in circulation is generated on Agate’s Blockchain that makes near-instant settlement speeds a reality while allowing traditional merchants to adopt crypto-payments in over 17 different cryptocurrencies that will be supported by Agate’s multi-cryptocurrency wallet.
Additionally, facilitating complete liquidity, merchants or users will have the freedom to withdraw their iFiat holdings at any point in time without any limitations. It will support redemptions in the form of instant loading onto virtual or physical debit cards, utility payments, generating crypto gift vouchers or making bank transfers supporting over 25 different fiat currencies in over 50 different countries.
Offering state-of-the-art solutions, while delayed payments and network congestions was a common phenomenon on traditional blockchains, Agate eliminates every obstacle, making mass adoption of cryptocurrencies a reality.
A highly adaptable technology, Agate is a fully decentralized model that will pave way for making millions of everyday banking transactions based on cryptocurrencies see the light of the day.