Introduction
One may flash back to 2008, when the blockchain network was officially created. The world had already evolved from the manual form of transacting and recording ledger transactions to much more electronic forms. However, these electronic forms of transacting were still criticized for their openness to external attacks as well as influence by external centralised authorities.
The solution proferred to this problem was the blockchain system. A number of people questioned this new transactionary form and were skeptical about flowing with the technological tide. Ten years later, and those fears have allayed to a very large extent. The cryptocurrency markets, which trade under the blockchain network has a market capitalisation nearing a trillion dollars. This is already greater than Big economies around the globe.
Even with the recent bearish states of the crypto-market, a number of people can be said to transact on this platform due to its security and its privacy. Also, transactions over distances do not have transactions costs as high as it was during the centralised electronic era.
In its early stages of development, blockchain was concluded totally as a financial technology. Nevertheless with innovation, the system has been put to use in to various other sectors including the medical sector.
Can one thus move to conclude that this technological paradigm shift is 100 percent desirable? The best answer to this would be that it depends on a number of factors.
Bottlenecks Associated With Existing Blockchain Technology and Current Cryptocurrency Sphere
First, one is bothered about the level of understanding of the layman about the crypto markets. Developing nations have recently been struggling to develop policies aimed at a better financial inclusion strategies and the urbanisation rates of these countries do not help the effectiveness of such policies. The crypto markets are much more difficult to comprehend and would help worsen the financial inclusion state of the common man.
Also, the crypto funds that are stored up on various wallets can not be spent on every trading platform. Many merchants are still not convinced that this new technology has come to stay. This pushes them to prefer the older methods of trading and thus making crypto-traders stranded when payment is to be made to some of these merchants.
Further, the mining environment has been colonised by only a few sect of the blockchain society. This makes sure that the mining fees are being concentrated among only these select few and worsens the income distribution curve in the society.
Finally, some individuals turn the crypto exchange market to an entirely speculative market. They thus store up the crypto currencies in anticipation of a future increase in price and this is harmful to the society as currency is now hoarded instead of being made available for transactionary purposes.
One might be quick to conclude head-on that the blockchain technology is not ready to stay. The only scenario that can ensure the survival of the system is if a number of the problems above are solved. This is what brought about the creation and adaptation of Plaza.
The Plaza Solution
Plaza solves the a-fore listed problems already being faced in the blockchain industry and goes further to ensure that its clients are better served by offering a wide array of lifestyle deals online.
To start with, Plaza makes use of an interface that is user-friendly. The interface is easy to use for everybody, making it as easy as a normal everyday transaction. This helps allay fears of financial exclusion as earlier noted.
[Plaza](plaza.systems] Debit Card
Also, Plaza debit cards were introduced to facilitate transactions across many borders, on any trading platform and with any merchant. The Plaza debit cards is denominated in PL$ which is the cryptocurrency that would be converted to the local currency to be used in transactions. Plaza platform also promises mining facility that is readily open to all participants. There is no need for any sophisticated equipment and with just a wi-fi on can get started.
Plaza and PL$
In order to solve the problem of non-availability of money, Plaza platform builds two tokenized instruments. The first one, Plaza is limited in supply and its value depends on the market. Therefore, traders can use this one to satisfy their investment tendencies. The second token, PL$ is readily available and has a much more stabilised value. This currency has a fiat nature and therefore has a form of backing for its value. This seems like a major improvement from all form of payment and transactions scheme.
To solidify the position of this network, and ensure that consumers have the best use for its product, the management team at Plaza can try to ensure very secure transactions and understand consumer preferences as to whether they would like to maintain hot or cold wallets.
Conclusion
To conclude, Plaza has been in operations for over a decade and seem to want to ensure a better service to the community by servicing the lifestyle needs of the consumers. There is also assurance to the general public as the development of new technology is being overseen only by the most competent hands within the company.
#Token Distribution
For more information:
Plaza Website
Plaza Telegram
Plaza Reddit
[Plaza Medium])(medium.com/plaza-systems)
Author: Noah Adesanya
BountyOx Username: Sersanya
Note: All images were culled from the whitepaper and website
Its a major concern that despite the scale of transformation that blockchain bears for the global village, the barrier of lack of technical knowhow still remains at large. Thankfully, plaza appears to be introducing a novel method which would hopefully help to lower the barrier. Here's an introspective piece.
Plaza debit cards would really facilitate cryto transactions and increase the usability of blockchain technology in our economy today
Amazing review mate.
Hopefully plaza will provide all-round solution to the problems being faced in the cryptosphere.
I like the concept of a dual tokenised ecosystem. Price volatility is a serious stumbling block to mass adoption. The PL$ token is fiat backed and is a stable token, hope to see more projects adopt this idea in the nearest future. Good job buddy !