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Two of the main challenges when dealing with cryptocurrency as a means of exchange during transactions is that it is not very secure, and it's market value is temporary as the value of a coin can increase or decrease within the twinkle of an eye.
Note that as a result of these challenges, money is not seen as being reliable.
This is what Kinesis seeks to handle as its main mission is to correct this by delivering an exchangeable money structure which would provide a solution to the need for secure money nationwide.
One of the primary elements of Kinesis which is silver and gold (asset class) are the main items used to facilitate transactions in kinesis. They are considered to be the most permanent and unchanging stores of value which can be used in different transactions. This way, kinesis inherently has more volatility.
Benefits of having a currency backed 1.1 by gold or silver
- it is a solution for the issue of volatility. Since Kinesis is backed by gold and silver, metals which are considered to be the most permanent store of value, the issue of the unpredictability of money would become a thing of the past.
- It is a means to store asset
- It ensures security: it eases the concerns of people who are scared of their assets being stolen ad it presents the ABX platform which would definitely prevent theft.
- Availability to small investors: Most of the investors of cryptocurrencies are ones who invest in it heavily and this method does not make it easy for small investors to have access to it. Kinesis prevents that.
- Global trading: Kinesis makes bullion traders able to trade globally and not just locally.
How kinesis opens the bullion market to regular users
Kinesis teamed up with Allocated Bullion Exchange (ABX) an institution which is ranking first as the leading exchange for location globally. ABX has a dependable system which since its existence in 2013 gives regular users a comfortable and thorough admittance into the market.
As a result of this, there would be a system enabled market, not one where users would be physical dependent before they can conduct transactions.
How the know-how from ABX would translate into a successful execution for Kinesis
A powerful know-how of the trading and administration of bullion is needed since kinesis is backed by silver and gold (metals which are very precious)
Since ABX has a record of being perfect, there is a very strong probability that this project with kinesis would be a very successful one.
Use case
Before, Stellar used to be scared of transacting with cryptourrencies because of its volatility, but after a classmate introduced kinesis to her, she feels happy knowing that the issue with cryptocurrency being unpredictable is a thing of the past.
Conclusion
Kinesis is a really interesting project which would improve the economy of cryptocurrency.
This is my entry for the @originalworks contest
Kinesis2018