Quite a number of projects on the blockchain have been created with the key aim of targeting the financial markets. Interestingly, there is one factor that is common amongst all of these projects — they have identified the need to utilise cryptocurrency easily to perform transactions and transfer value across different blockchains
In fact this is a commendable approach and these companies have a strong consumer-focused mission to deliver greater value to blockchain users. However, the challenge remain that the cryptocurrency market is saturated with so many coins/tokens anchored on as many blockchains. This makes both the choice-of-use and transfer of value between these blockchains very difficult. Hence the slow pace in the mass adoption of digital currencies in day-to-day financial operations.
A disruptive approach by Hybrix
Hybrix is a new blockchain interoperability network designed to integrate and link the various blockchain together. The aim of Hybrix network is to facility transfer of DeFi value across chains with ease and low fees. Hybrix is different from the existing financial infrastructure because the project is looking at financial markets with aim of creating a decentralized platform where blockchain users can easily transact, exchange and manage their digital assets across many chains without passing the custody of their assets to an third-party it intermediary
The problems with existing transaction gateways
While the developments deployed by big institutions such as IBM, R3, Ripple and proposed Libra association are constructive innovations, these mega companies would only create a pseudo-trustless and permissioned solution for exchange of value and presenting it as a trustless and secure solution. However, their products are aimed at creating a profit enterprise where users are regarded as consumers. Below are some of the problems with existing transaction gateways
- Expensive
When using of payment cards from providers like PayPal, Visa and Ripple, networks and issuing/acquiring institutions act as intermediaries that mostly take around close to 3% of the sale price of a product or service as chargebacks. While this kind of fee is nothing to big company like Amazon or Apple whose sheets show high margins above 25% across most their products, this is incredibly expensive for small businesses where the competition is high
For instance, an average grocery store aims to keep 10% of sale values once the cost for operating the business (labor, rent, etc.) and cost of goods sold are calculated. Now imagine removing a 3% cut of that amount. While It would seem to the payment companies and their partners that they are taking a small portion of only 3% of the sale value from these small businesses, but in actual sense they are robbing around 30% of the store's profit
- Guaranteed Security can be Abused
Payment gateway networks always promise their users 100% security against fraud — and given that I do not own a business, then idea of a guaranteed no-fraud liability seem very interesting
However, the reality is that, there is a large number of card users across the globe that abuses this. In fact, in an analysis conducted on card users, cases of credit card users cheating the system has cost small businesses more than actual theft and scam.
Hybrix offers a genuine solution to blockchain interoperability problems
It is not such a surprise that a large number of investors and blockchain users are interested to adopt Hybrix as soon as it launches. Corporate business owners have a vested interest in the success of a product that offers alternative solution to existing methods of processing transactions. Hybrix blockchain project is building a DAG protocol that will enable the fast scaling of cryptocurrencies between different chains. Hybrix's multipurpose network will provide transparency which improves on the existing framework involved in validating chain-transactions.
In addition, Hybrix's protocol native HY token makes transaction fees on the Hybrix network very cheap and swift. Currently, both big and small businesses spend large amount of money on SaaS that take of the processing of their transactions. So much of this expenses will not will be avoided if businesses can adopt the Hybrix's DeFi chain-interoperability solution
While few other DeFi blockchain products focuses on similar consumer-centric ideas, they have failed to tailor their service toward real life business. Corporate investors have already indicated interest and the demand will light up like wildfire given that Hybrix product offers solution to all the key challenges of transaction processing between different blockchains.
Conclusion
It is important to highlight the depth which the Hybrix team has gone to ensure Hybrix protocol is the most desirable DeFi transaction link between chains particularly tailored for businesses. The project completely understand it's target market. Hybrix is optimized to process transactions from multiple blockchains. With Hybrix protocol, businesses can accept payments in various coins/tokens and different products or services can be paid for in different cryptocurrencies. In essence, Hybrix is smartly designed to fulfill the needs of any business in terms of DeFi transaction on the blockchain
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