The massive acceptance of the blockchain technology seemed the best thing that happened to the 21st century. The blockchain technology was relatively unknown and had a smaller scope until around 2009 when the domain www.bitcoin.org was launched. That was when the consciousness of the technology began to infiltrate the minds of people.
Tagging along with the blockchain technology was the digital currency (cryptocurrencies) that was warmly received as well. With the success rate of the blockchain technology, cryptocurrencies were expected to also perform well. The most widely accepted and utilized cryptocurrency, Bitcoin gotten massive adoption into many platforms by the third quarter of the year 2010.
In 2017, Bitcoin hit an All Time High (ATH) rate of $20, 000 to 1 Bitcoin and as such, it is noteworthy that cryptocurrencies are here to stay. However, there are issues that might limit the extent cryptocurrencies and digital exchanges can go and eliminate its future prospects if these issues were not solved on time.
WHAT IS WRONG WITH PRESENT DIGITAL EXCHANGES?
Without mincing words, digital exchanges are quite complicated from all fronts. There are records of limitations in fiat liquidity and there are issues bothering on the transparency of the system.
WHAT CAN BE THE REMEDY?
The remedy is already here; the remedy is the prospects offered by Spotcoin.
WHAT IS SPOTCOIN?
You’ll be forgiven to ask this question as Spotcoin is relatively unknown but will soon be after its launch and marketing takes off in full gear. Spotcoin is an economic platform that aims at bridging the gap between financial markets and upcoming digital asset ecosystems.
Spotcoin. is basically interested in solving issues in the traditional digital exchange by offering a faster and more transparent transaction process. It is currently setting up digital management tools that will offer the customer and users the benefits that come with a smart economy.
According to its team, “The digital marketplace has broken barriers, and Spotcoin embraces that universality, putting digital assets to work for everyone. Spotcoin provides reliable, simple liquidity for the community.”
Spotcoin aims at making digital currencies accessible to everyone by offering simple liquidity and direct access. Spotcoin is developing digital management toolkits such as the Spotcore. Spotcore is responsible for the provision of simple liquidity and will also integrate Spotcoin’s payment system, mining operations and the Over-the-Counter (OTC) marketplace into the ecosystem.
Spotcoin’s main target is to offer a simplified digital asset ecosystem and is also making plans to build a Blockchain Institute for research and training in the blockchain technology. Spotcoin is currently serving people living in the Black Sea region who are mostly investors, traders, miners and merchants in digital asset.
During its stead at the Black Sea region, Spotcoin conducted over $10 million Over-the-Counter transactions in the year 2017. In its pursuit to transform the digital marketplace and expedite its functionality on the blockchain technology, Spotcoin intends to build digital asset ecosystems in the Black Sea region such as a 25 mega watt mining facility that uses renewable energy; the Spotcoin digital exchange; the Spotcoin payment system and the Black Sea Blockchain Institute.
TECHNOLOGY
The core technology behind Spotcoin is the blockchain technology which was chosen because of its scalability and decentralized approach. There is also NEO which is an open-source and community-backed blockchain token platform responsible for the creation of the distributed network called the Smart Economy.
NEO will also offer legal and regulatory requirements for fungible and non-fungible digital assets and also offer an atmosphere for the operation of Know-Your-Customer (KYC) and Anti-Money Laundering (AML).
SOLUTION TO DIGITAL EXCHANGE PROBLEMS
Spotcoin was basically developed to solve digital exchange problems. Now that it is here, Spotcoin will offer quarterly audits as opposed to the lack of transparency in the traditional digital exchange that makes audit impossible.
Spotcoin will also support a simple user-interface that won’t be as complicated as that of its predecessor while offering exchanges that support regional fiat currencies as opposed to the limited fiat liquidity in the traditional digital exchange model.
MINING SOLUTION
Mining of digital assets was another clear problem and this is part of Spotcoin’s mission. The traditional digital asset mining featured shortage of technical support, access to low-cost electricity and government regulations. Spotcoin is here to change these.
Spotcoin offers an experienced community, positive regulation environment and the Georgian hydropower. The Georgian hydropower is to be cited in Georgia where estimated 75% electricity is generated from hydropower. Spotcoin aims at improving digital asset mining which informed its partnership with the Zhinvali Dam that has a hydropower capacity of 130 mega watts.
CORE TEAM
MANAGEMENT TEAM
ADVISORS
CONCLUSION
With these listed prospects and others offered by Spotcoin, it is very likely that digital exchange will have a new look. Spotcoin is bound to integrate four trading pairs (SIB, GAS, ETH and BTC) into its platform while simplifying digital exchanges.
Spotcoin also has an order matching engine called Spotcore. Spotcore is vested with the task of providing market liquidity for components of the Spotcoin ecosystem. Spotcoin is also working on advanced payment system called Spotpay. Spotpay will offer quick, low-cost and secure transactions on the Spotcoin platform and is aiming at achieving a million dollar per month transaction by the end of the year 2020.
To learn more about this wonderful project, check out the links below:
Website: https://www.spotcoin.com
Whitepaper: https://www.spotcoin.com/whitepaper.pdf
Telegram: https://t.me/spotcointeam
Twitter: https://twitter.com/therealspotcoin
Writer: Collinberg
Email: Collinberg19@gmail.com