Leofinance is one of the more interesting tribes on the Hive blockchain.
Since its introduction 6 months ago, the team showed itself to be consistent with their efforts while making great progress forward. They have high goals for the project which should benefit everyone who is involved. So far, the team has shown tremendous concern for the token and the use cases for it.
Over the last few months, we saw the number of sinks available expanding, all which feed into the burn pool.
Yesterday's update provided some insight into a new feature that is close to launch. It is one I feel is necessary on the Hive blockchain to start the process of having some practical commerce taking place.
Leofinance is adding Leoshop. This is a marketplace where individuals will be able to sell digital products and services using the LEO token. It is completely decentralized which is in line with all that the project stands for.
Here is what the article stated about it:
The LeoShop is in its final stages of testing. We want to iron out all the kinks before we launch it publicly. The LeoShop is a decentralized marketplace where users can buy and sell products and services with each other using the LEO token. If you have a digital product or service you would like to list on the LeoShop, we urge you to do so! It's free and the opportunity to list your amazing product/service on the blockchain is here. Just get in touch with someone on the team in our Discord server.
This is what I envision the future looking like. As projects are built upon different blockchains, the fact they are tokenized makes them markets. With that, the ability to engage in commerce using the currency is a practical step. The world seems to be looking for the acceptance of cryptocurrency in commerce. I think the opposite is going to happen. Commerce will be brought to cryptocurrency.
If we think of LEO as a community, if it were geographically based, it only makes sense that the community would build what it needs. There would be grocery stores, gas stations, and other retailers. In a virtual community, like the ones that are forming on blockchains and, ultimately, each project, we have the ability to do the same thing. It is all part of the decentralized process.
The few marketplaces already set up seem to revolve around digital products. This only makes sense since it is easy and removes the obstacle of shipping a project. It is worthy to note that Amazon started this way.
When people refer to sinks, the ultimate one is people using cryptocurrency to purchase goods and services they typically require. It is wonderful to get digital assets to an online game. However, that is not considered a basic necessity.
The evolution of cryptocurrency requires a couple key components if it is to rival the present system. It starts with the ability to earn the currency as opposed to purchasing it. Most people do not buy dollars or Euros. Instead, they earn them. We see this already in place on Hive with the reward system in place. People can come on Hive and engage in a variety of different tribes and starting being rewarded in cryptocurrency.
With that down, the other key component is the ability to shop using the token. While Leoshop is a marketplace that is starting with digital products, I hope they move quickly to start offering physical products, even if it is on an affiliate basis or something like that. This would be a huge step for the entire ecosystem if that were to happen. For it to unfold, it would most likely have to be some regional basis where the store is split based upon where the user is located.
Either way, it is exciting to see more being added to the ecosystem. I like the Leofinance project a short time after it was introduced. Teams that are aggressive in their development are always worthy of attention in my opinion. They are the ones that will end up separating themselves from the rest.
Hopefully we will see a lot of other projects following suit over the next year. With the implementation of SMTs, this could accelerate since many sites already have commerce. Adding their own token would allow them to integrate that into their stores, providing their users another means of acquiring the products and services offered.
Of course, all those being tied to the Hive blockchain means that it is an easy conversion from any other token into the ones they accept.
Ultimately, it adds value to the entire platform.
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That is good news. It will be interesting to see how much demand there is to use a cryptocurrency for goods or services. A stable coin works best for commerce in my opinion, due to the volatility with cryptocurrencies.
Hard to disagree with that. I think the hope is that with more users, volatility will diminish. That is what usually happens with markets.
Ultimately, we might see STEEM, as an example, as the currency for commerce on the entire platform. Of course, there is always SBD but that is as volatile, if not more, than STEEM.
Yes, SBD needs to be re-worked to better hold its peg if it is ever to have much utility.
This is good news @taskmaster4450. I have really been enjoying the Leo interface and I love the dashboard screen. I post mostly about precious metals so this tribe is a perfect fit. Looking forward to the marketplace.
Maybe talk to the team about selling some precious metals on there. Wouldn't that be a terrific market to tap into?
That's a great idea @taskmaster4450le! I have a bunch of these 1/10oz silver rounds
They only cost about $3 usd so that plus postage (.50 us and 1.50 international) would be affordable and a good way to get some commerce going.
I don't know the major steemleo players, who would you recommend I talk to?
Would love to be able to buy some splinterland packs using LEO!
Yes indeed! I listed a crypto e-book on there. Looking forward to leo shop growing and being a blueprint for others.
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AMAZING... definitely makes me want to invest in Leo.
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