Blockchain is a revolutionary technology in the history of mankind. Due to its immutable and incorruptible nature, many institutions began exploring the adoption of blockchain into their core applications. Blockchain technology powered cryptocurrencies are known as future of financial transactions. Cryptocurrencies provide faster, reliable and secured way of making payments all across the world.
Even though the cryptocurrencies are most advanced technologies but still there is no practical mainstream adoption is done in the world. This is because the Cryptos are most volatile, due to market manipulation, no regulation, that's why there prices fluctuates more than any other financial entities. This problem is holding back the use of cryptocurrencies into daily life micro payments. Even small Business are hesitate to accept cryptocurrencies in the fear that the value may drop before they spend or cash out.
In order to make cryptos into mainstream adoption, the price volatility issue should be solved. Thanks to Bitcoin Air, has came up with an unique solution that solves the problem.
Project objective
The main aim of the project is to make cryptocurrency as a mainstream payment method. People can use the faster, reliable and secured way of making payments in their daily life. Thus Bitcoin Air's decentralized protocol will empower small businesses and innovates financial technology.
Principle of operation
In order to achieve the mission, Bitcoin Air uses Bitcoin Air Protocol technology. It uses decentralized payment system and decentralized reserve system to ensure the trust. Firstly the Air Protocol has two bilaterally operating chains, these chains interact with each other based on burn/mint process agreement through consensus nodes before validating on the network.
Suppose a user wants to spend his Bitcoin Air for any payment, then off chaining protocol initiates. In off chaining process, the Bitcoin Air supply will be burned and immediately exact value of USDAP (USD Air Protocol) will be minted on the side chain. Here Bitcoin Air will be immediately locked into USD value in relation to carbon credit asset backing. This preserves the USD value of burned coin into USDAP. In off chaining process, the circulating supply along with market cap will be lowered to maintain the value of Bitcoin Air coin on the market. This process securely guards the value of Bitcoin Air, thus small businesses and merchants can make payments with peace of mind without the market fluctuations.
In the case of re-entry into the market, on chaining process initiates, where USDAP is converted into Bitcoin Air. Here USDAP will be burned and Bitcoin Air will be minted at the current market price. Due to on chaining process, the circulating supply and market cap will be increases to maintain the value of coin in the market. The burning of USDAP lowers the circulating supply and reserves available on the side chain.
These processes makes easy and efficient way of utilizing crypto in day today payments, without the fear of market volatility. Bitcoin Air is committed to include lighting network, segregated witness and atomic swaps into its protocol.
While shopping users simply need to scan the QR code shown by the merchant point of sale, here the spend/burn feature off chains the Bitcoin Air into USDAP and securely transferred into merchants wallet. Without any market price fluctuations, merchant can anytime make re-entry into market through on chaining process. This makes the easy, real use case of crypto payments like fiat currency.
Bitcoin Air plans to implement Air Cash function where Bitcoin Air converted to USDAP Air Cash.
Potential use case of Bitcoin Air
Bitcoin Air will transform the payment sector by providing faster reliable and secured way of making payments. The Bitcoin Air Protocol makes the crypto adoption into real world payment solutions. Cryptocurrencies provide highest level of security and fastest way of money transfers. Irrespective of market conditions users can make payments with any business shops. People can buy coffee, pizza's, ice-creams at shops, just need to scan QR code with mobile app and boom, payment will be processed within seconds. No need to use traditional time consuming financial technologies.
The Bitcoin Air's off chaining feature makes it very unique and different from other payment Crypto tokens. With off chaining feature we can preserve the USD value of coin, this feature protects from market fluctuations so that small businesses will not hesitate to accept it. As the price is preserved and they can re-enter into market at any time with actual price value.
This kind of feature is not available in any other payment crypto tokens which makes Bitcoin Air more superior.
Conclusion
Bitcoin Air will definitely revolutionize the Crypto payment sector. The Bitcoin Air Protocol makes it superior compared to any other payment tokens. Merchants and small businesses can accept it without any market risks. This makes the potential use of cryptocurrency in people's daily life and thus mainstream adoption of cryptocurrencies will happen. Bitcoin Air is a very promising project.
Learn more about Bitcoin Air:
Website: https://www.bitcoinair.org/
Telegram: https://t.me/BitcoinAirENG
Trello Board: https://trello.com/b/7YOa4yCk/bitcoin-air
Reddit: https://www.reddit.com/r/BitcoinAir/
Twitter: https://twitter.com/BitcoinAirNews
Discord: https://discord.gg/Cr92Htu
Medium: https://medium.com/@BitcoinAirNews
Github: https://www.github.com/BitcoinAir
Announcements: https://t.me/BitcoinAirANN
About Author:
Bitcointalk username: Abhijeetcg
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1676105;sa=summary
ETH address: 0x96e95a1F40cf5a50178053740ADE18046815362d
