Providing financial services to people with no access to banks or similar institutions is a crucial step to eliminate world poverty. The invention of the blockchain and cryptocurrencies have brought an opportunity for different projects to try and create modern solutions for the issue of unbanked populations. However, what holds back those plans is crypto liquidity, a problem that Denaro is looking to solve.
Since the introduction of cryptocurrencies with Bitcoin, they have reinvented the concept of money itself and how the market is financially structured. What holds them back from completing their goal of changing trading and the economy once and for all is the lack of real-world uses.
That is what we previously meant by crypto liquidity. While acceptance has spread widely since its beginnings and the blockchain technology is becoming studied and integrated by both institutions and governments alike, crypto liquidity is still an issue thanks to how careful the merchants are of accepting such a new form of payment.
The problem has led cryptocurrencies to become a speculative asset for traders and, well, speculators, while fiat currencies remain as the standard for trading despite all of the advantages crypto coins have over them.
Enter Denaro, an outstanding contestant for the achievement of solving the crypto liquidity conundrum and for creating the decisive bridge between the crypto and fiat economies through the creation of an efficient and reliable mechanism for payments using Bitcoin and other coins the same way you would use Dollars or Euros.
That is a necessary fix for issues related to cryptocurrencies. Right now, you can buy many things with them, but mundane things like groceries can’t be acquired with Bitcoin due to its instability.
Then comes Denaro, providing a versatile solution for payments that will give customers a way to both spend and store their coins, making the most out of cryptocurrencies’ advantages like security and speeds while also stabilizing prices and their legitimacy as a medium for exchange.
The Denaro solution comes in the form of two different assets: a web wallet like the ones traders are already used to, and a physical card connected to your stored funds.
The blockchain platform offered by Denaro to power all of this will work by enabling storage and the exchange of coins through a regular, peer-to-peer platform through its multi-currency wallet while connecting it to your debit card through smart contracts (blockchain-based, self-executing algorithms) in the same way your debit card is connected to your bank account funds.
Merchants will be provided with a specialised terminal made by Denaro which will read the cards and record the transactions. These confirmations will be sent through the blockchain, logged, and deducted from your web wallet, allowing you to spend your BTC in the same way you would do so with your USD.
The DNO, Denaro’s token, will also be supported by the app and will provide users with access to premium services and discounts. Additionally, money raised through transaction fees will be directed to owners of the coin.
The pre-ICO received excellent reviews, as well as the project. As such, it stands tall on the list of world-changing projects that will soon hit the market.