Bringing Cryptocurrencies to Life: Linking the Chains

By Niklas Spille-Scheich | Cryptonic | 16 Feb 2019

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Bitcoin was good. Until we realized there's a huge volatility in its price, if you pay in my web shop tonight while I'm asleep, I do not know if tomorrow's Bitcoin price matches my yield expectations. We ended up having several hundreds of blockchains forked from the original Bitcoin chain and several others created using another codebase. In terms of mass adoption, this leads to a major problem: When I'm holding 1 BTC, I'm unable to trade with someone holding 29.6 BitcoinCash unless one of the two swaps his Currency for the other before confirming the trade. While, I assume, the Bitcoin Cash community planned to help the original Bitcoin community by offering a cryptocurrency which eased the limits of the original chain; it split its userbase in halve. If we are to bring a revolution to eCommerce as envisioned by many, we need to create easy-to-use links at least between the 50 projects on Coinmarketcap that do have a base that can be built upon, else we've just created an unregulated space which deserves to die as there is no way of using Cryptocurrencies in everyday life. When was the last time you payed a bill using Cryptocurrencies? Right, a very select number of reads is thinking about "Yesterday".

What happened?

Two days ago, SpankChain integrated atomic cross-chain swaps into its tech demonstration site on spank.live (Heads Up: Not Safe For Work). While eventually leading up to an easy-to-use exchange named ComeSwap, we can exchange currencies of 15 blockchains (alphabetic order, maybe you recognise your favorite handle: BCH, BNB, BTC, DASH, DOGE, ETH, LTC, QTUM, STEEM, TRX, WAVES, XEM, XMR, XVG, ZEC) to BOOTY, SpankChain's dollar-pegged stablecoin.

Why is this important?

All of these Currencies have one thing in common: They are designed to be used as a payment method but they lack stability. Remember: Volatility is great for trading but it kills everyday usage. Looking at the links provided, you may think "Wow, now I can use crypto to buy porn. Could have done that using others, too...", and looking at the surface you may be right. Have a look at my previous article covering SpankChain, you may see why this is big. A couple of big adult industry players is waiting for SpankChain's SpankPay SDK to be rolled out, decentralized marketplaces ready to tackle Amazon, eBay and Alibaba are standing by to integrate SpankPay when it's done.

The forementioned currencies have a combined market capitalization of €77,037,189,510 (US-$ 86,990,385,989), all of which can be swapped to a dollar-pegged token. Having your works' earnings pegged to the dollar allows for security when it comes to paying rent; if you need to calculate your price in 50-60 Cryptocurrencies and adjust for expected price slippage in two weeks' time, it takes a full working month out of your business schedule which noone pays you for. Call your price in BOOTY and you know what to expected in Dollar value.

We've accounted for 70% of total crypto market capitalization now, but one question remains:

What's coming up?

The Payment path of task to resolve consists of four steps bringing Cryptocurrencies to Life.

The first step has been done: Create a stablecoin used to attract users which do not join Cryptopia (RIP) because they've heard rumours; SpankChain attracts users that are being ripped off by their current platforms, people who just need to get their bills paid.

The second step has been done: Integrate cross-chain swaps. See this article: With 80% of Crypto market cap onboarded, there's a good chance you're ready to join ;)

The third step is being prepared: Onboard credit card payment processors to allow spank.live performers to onboard crypto-agnostic people to Cryptopia. With a total market capitalization stuck between $100,000,000,000 and $130,000,000,000 for half a year and next to no real-life applications, bringing in fresh money is a prime task for all people active in this space. A major share of this capitalization is stuck in trading bots, only a tiny portion is actually used as intended.

The fourth step is projected: Make it as easy to cash out to your bank account as it is to buy something using your credit card information. Talks are underway, it's not as easy as Step Three, though.

The Real World Application path has spank.live ready to use, OpenBazaar is looking forward to integrate SpankPay to improve on their current "three chains: BTC, BCH, ZEC and only one per running instance. No cross-chain trading" solution. With the release of SpankPay SDK, this mechanism may be integrated into any website, any online shop, any app that needs payment processing: With all the centralization of PayPal, Google Pay, Apple Pay, Samsung Pay on the payment processing side and Amazon, eBay, Alibaba, Google, this solution gives us back fundamental rights which are endangered by our dependence on these services on the one hand and their ability to shut down or freeze accounts and locking up funds on the other.

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"That's one small step for interface design, one giant leap for Cryptopia". I'd appreciate you tipping a little Crypto using the slider below, it means a lot to me.


Niklas Spille-Scheich
Niklas Spille-Scheich

Mined some Bitcoin for fun in 2011 and hit format c: before giving that laptop away. Got triple copies of my seed words placed all over the world. Unite 3 of my closest friends to recover access to my crypto assets.


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Cryptonic

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