No doubt, blockchain and A.I are one of the fastest growing technologies today. The mere fact that it can serve multipurposes across many spheres of life makes it both unique and much desirable for the average internet user.
In reality however, its not been hugely accepted and adopted as the foregoing suggests and the reason is not far-fetched.
Most blockchain-based platforms including IoT-oriented ones, trading & exchange interfaces, communities and co. typically require some level of user technical knowledge in order for individuals to participate.
Alas, only a handful of crypto users are equipped with this bespoke knowledge and the implication is widely spread and differs across board. While many have decided to shun the cryptocurrency system totally for fear of being defrauded, some were willing to hand out the full-operation of their respective accounts to supposed expert traders of which it largely resulted in frauds. And for the last category, though few, these ones were willing to delay their gratification by resorting to self-education on the rudiments of the cryptosystem and blockchain technology.
So basically, the complexity of the blockchain; the underlying technology of emerging cryptocurrencies makes it less attractive to potential participants.
To buttress this, it is a known fact that the best way to teach a child something complex is to do so in such a way that the child doesn't even realise he's learning anything until its too late. Another alternative could be to infuse the learning process with some fun or from the fun angle, such that it makes the concept less cumbersome to understand and easier to relate with.
Matters Arising As Regards Blockchain
Frankly, the issue of having to possess some level of technical know-how about the intricacies and mechanism of the technology and cryptosystem is not something that recently got leaked out of the bag.
As a matter of fact, in 2018 only, there has been an overwhelming long line of blockchain-based projects coming up with myriads of ideas conceited to arrest the bespoke shortcoming of blockchain technology, yet to no avail.
Well, plaza appears to be an emerging and much more promising frontier.
What is Plaza?
Plaza is a project that is uniquely focused on improving blockchain's adoption and consequently cryptocurrencies by integrating it into our everyday life. By harmonising our regular lifestyle with the technology, the ensuing is made a reality.
Imagine that cryptocurrency cards were available as our conventional "debit cards," it would save us a lot, particularly fee-wise and it would be widely applicable for many scenarios such as online shopping, debt servicing etc.
Interestingly, these possibilities and host of many others are already accessible to plaza users.
Plaza Architecture
The platform is built in such a way to integrate the complexities of blockchain, more specifically, merchantchain into the basic user tools thereby availing a user-friendly, easily relatable interface.
It basically exonerates the average user or novice from the burden of having to learn the technicalities of the cryptocurrency sphere before benefiting from it.
Again, the platform is equipped with an A.I support that aids the user in scouring the net for that good or service that best fits the user's taste.
Here, the native currencies are plaza and PL$. The first will be limited in supply while the latter is abundant. Aside these two, no other currencies are accepted as means of payment on plaza. And, they're very unique when compared to conventional cryptocurrencies especially in the area of susceptibility to price volatility. PL$ is backed by publicly-recognised physical currencies as such is not susceptible to price fluctuations. The implication of this is a win-win for everybody.
With plaza, the incidence of dumping excess commodity fees on buyers (consumers) and slight profit margins for sellers will be greatly minimised in lieu of the total adoption of blockchain which is in stark contrast to existing e-commerce technology.
Plaza Card and Wallet
The plazacard is the first of its kind. It is designed to service online shopping, and payment processes like the conventional credit and debit cards. It also supports withdrawal of monies, although only at specifically designated ATMs.
Coupled with these, users can easily use it to make deposits of any other currency, and this is stored in the plazawallet.
Here, both the private and public encryption keys are equally domiciled thereby enabling privacy and security.
The Plaza Hardware : Enabling True Decentralisation and Fairness
Here's an incentive for users to earn passively by mining.
Typically, mining should be a process that can be facilitated by any user, however, such is not the case today. Over 80% of bitcoin mining for instance, is domiciled in China and interestingly the personalities behind this are very few; within a very small circle. This ultimately encourages centralisation, the very thing that Satoshi, the currency's creator set out to mitigate.
PlazaSpeaker is an hardware that is able to store data, enable peer-to-peer interaction, predict user's behaviour and successfully help to mine. This way, anyone can do the mining thereby reinforcing decentralisation.
Promotion of Massive Cryptocurrency Usage as Medium of Exchange
Majority of cryptocurrency users and enthusiasts are in the business mainly for the intent of stocking up the currencies during the bear period so as to eventually sell upon arrival of the bull market. And that's the major dilemma. Cryptocurrencies are more often than not viewed and used as assets rather than as medium of exchange. This is where the disparity is drawn with our regular fiat monies.
Thankfully, plaza is aware of this shortcoming as such is structured to promote more of cryptocurrency use as a medium of exchange.
Benefits of Plaza
Plaza offers a host of benefits which is otherwise either not fully obtainable in existing systems or is completely absent.
- Privacy and Security
- Mass Cryptocurrency Adoption
- Lower Transaction Costs
Conclusion
Remarkably, plaza is the first of its kind and a very promising one at that. Hopefully it'll stand the test of time because it has the potential to help shape the way people interact with cryptocurrencies and the global marketplace in general.
Token Distribution
For more information:
Plaza Website
Plaza Telegram
Plaza Reddit
Plaza Medium
Author: Michael Adesanya
BountyOx Username: michades97
Note: All images were culled from the whitepaper and website