Payment systems have seen several transformations since the dawning of humanity. At one time, it was barter, then cash that has seen a prolonged lifespan. Things are, however, changing. This form of payment is slowly fading away. COVID-19 is bringing closer the end of coins and notes.
Coins and notes aren’t safe with the current pandemic. People need to rethink their payment methods. Online Apps are one of the solutions but not as secure hence people avoid them. That leaves the world with one option, cryptocurrency. As a decentralized technology, people prefer blockchain-based systems since you don’t have to go through banks to make a payment.
The adoption speed of crypto as the payment method is, however, too slow. Those who’ve tried to use Bitcoin encountered several challenges.
Challenges of Bitcoin as Payment Method
Coin volatility – Bitcoin volatility makes it subject to fluctuations. The coin can easily fluctuate 15 -30% in a single session, making it hard for users to budget as you can’t tell how much you have to spend.
Slow transactions – At 4.6 transactions per second, Bitcoin is very slow compared to other payment systems such as Visa that can do 1700 transactions per second.
Anonymity Issue – Many people like privacy while transacting. While Bitcoin doesn’t reveal personal information of a sender or a receiver, transactions are stored in public addresses raising an issue as to whether Bitcoin is anonymous.
However, a unique blockchain strategy is enough to bring solutions to payment systems. Solving these problems is what the Falcon Project is all about.
Falcon Project Use Cases
Falcon Project involves a unique hybrid mechanism that consists of two complementary blockchains with a bigger vision to see a transformed world through the power of blockchain. The two blockchains are:
- ERC-20 – this is a technical standard used for Ethereum smart contracts for implementing tokens. The ERC-20 is the foundation of the Falcon Project’s official asset – FNT token.
- FNC – is Falcon Project’s coin and the backbone to anonymity and privacy within the entire Network.
The project which rolled out in February 2020 envisions, among other things, a world with better payment systems.
FNT and FNC For Payment of Goods and Services
Amid the many challenges engulfing the payment sector, any innovation towards helping people pay for their goods and services conveniently is a dream come true. Life will soon be easier thanks to a team of blockchain enthusiasts who have come up with a solution. Consider how the two main features of the Falcon Project are used to achieve this goal.
The FNT token is based on the Binance Platform token (BNB) smart contract and is the official asset of the Falcon Project. Many benefits come with using FNT to pay for goods and services.
First, BNB smart contracts on which FNT token is created are the most secure, reliable, and most vouched platform in the industry. That said, rest assured your funds are always secure and readily accessible at all times.
Second, the ERC-20 has an unrestricted listing on all major exchanges with convenience and simplicity for all users. The token also gives you a variety of secure, reliable, and flexible Ethereum-based wallets to choose from.
FNC – Coin
FNC coin lies in Falcon Project’s private blockchain. As a private blockchain, and to ensure security, FNC will not be used in any exchange. This way, FNC enables payment of goods and services with top-level privacy and confidentiality.
When implemented in a payment system, the FNC will provide an ecosystem where transactions are completely anonymous. This means no one can track your transactions – not even A-level hackers.
Other Unique Features of Falcon Project That Makes it Best For Payment
As a way to make it the most effective cryptocurrency, the Falcon Project has these additional features:
- ERC-1155 Voucher – The above blockchains are purely for transactions. However, the Falcon Project has vouchers for those who wish to earn passively. The vouchers are based on the secure ERC-1155 tokens by Enjin.
- A swap system- It enables users to swap between FNT and FNC, or FNT and Vouchers. Users can exchange the chains based on their needs at a specific moment: need speed and convenience with FNT? Or is it anonymity with FNC? Or perhaps you need to store and earn with Vouchers. Either way, Falcon Project has got you covered through the Swap System or Telegram Bot.
- Mobile Wallet – To wrap it all, Falcon Project team has made sure you can access your funds using your phone. Falcon mobile wallet is developed for both Android and iOS. Mobile offers another layer of security and user convenience.
Advancement in online technologies has rendered a huge blow to physical money. What’s more, Coronavirus has poked its wrath into payment systems and declared cash unsafe for payment of goods and services.
This has left many people and businesses confused about the best way out. Online payment programs seemed a good alternative until flaws were spotted with centralized systems like PayPal, Payoneer, and others. Decentralized systems are now the only solution but not without challenges, as seen with Bitcoin.
Fortunately, the Falcon Project team has configured a new way that uses two blockchains. The blockchains run interchangeably to ensure both speed and anonymity. Implementing FNT and FNC into payment systems is one of the most significant use cases of blockchain for our everyday life.