Turkey is heading towards blockchain mass-adoption.
Turkey struggles due to US trade war restrictions and faces a massive devaluation of its national currency, the Lira, pushing both the Turkish government and citizens into the adoption of new technologies, among which blockchain and big data.
Blockchain.com, a block explorer service, as well as a cryptocurrency wallet provider, launched in August 2011 and headquartered in Luxembourg, has launched a full banking integration service for Turkish Lira (TRY), to create a new payment gateway for Turkish users to deposit and withdraw Lira on its trading platform.
This new service allows Turkish people to deposit, withdraw and use TRY to buy Bitcoin, Ethereum and USDT and allows them to convert their cryptocurrencies into the fiat currency of their choice.
Therefore, Turkey, one of the countries plagued by sharp inflation of its fiat currency, the Turkish Lira, is now able to allow its citizens to profit from the new standard set by Blockchain.com, offering them low fees and excellent services and above all: access to the global market.
This new development also allows the Turkish Authorities to tap into the rapidly growing cryptocurrency adoption amongst its population, with better oversight into the sector.
A Turkish CBDC and blockchain for big data.
Turkey’s Ministry of Commerce is already working on the digital transformation of the export transactions to boost coordination between institutions and companies and the country, the fifth-biggest on-ramp for crypto worldwide is looking to issue its own Central Bank Digital Currency (CBDC) in the near future.
The Blockchain Turkey Platform, (BCTR) https://bctr.org/en/, an independent non-profit organization, is an initiative created by the Turkish Informatics Foundation (TBV), working on the creation of a healthy blockchain ecosystem in Turkey. Blockchain Turkey Platform aims to secure Turkey’s regional leadership in a decentralized system and offers its members a sharing platform to successfully build this new architecture.
SINOVATE, a Turkish fintech startup, builds a decentralized architecture to support Turkey’s Cloud 3.0
As the global financial system is struggling with several problems, from debt bubbles to low-interest rates, the rapidly expanding cryptocurrency industry is making innovative attempts to solve some of the most challenging issues:
- The crypto industry attracts real investors, not based on quantitative easing, with an increasing market cap and offers opportunities for investment management firms;
- The blockchain’s 10-year track record created a widespread popularisation among long-term loyal investors;
- The rapid expansion of the crypto industry pushes the traditional financial regulators to have an open mind towards new liberalization solutions that will allow the existing economies to thrive as well as creating financial inclusion solutions for 2 billion unbanked people and thus new growth potential.
During the first decade of Bitcoin’s, as well as other cryptocurrencies’- existence the industry matured with Bitcoin still leading the industry by far. The continuously growing altcoin market has built a whole ecosphere on Bitcoin’s initial peer-to-peer financial transaction design with a series of innovative use-cases.
Today, decentralized blockchain technology holds immense potential for governments and the private sector, and can improve efficiency, offer real-time information and reduce costs. SINOVATE is one of the pioneering blockchain companies that can help Turkey to adopt new standards and unlock new business models that will allow the country to compete at a higher level. Fintech start-up SINOVATE, therefore, keeps building and improving on trusted and proven aspects of blockchain, offering the most recent and most innovative solutions to safeguard its leadership position in blockchain.
What are SINOVATE’s most important innovations?
Infinity Nodes and Proof-of-Burn.
One of SINOVATE’s most groundbreaking innovations is the way they stop the curse of master nodes: inflation. Investors can not make a stable passive income through investing in master nodes, yet Infinity Nodes solve the inflation problem by burning Infinity Node coins from the circulating supply. We call this protocol “Proof of Burn”.
X25X Algorithm and Decentralization.
Another huge breakthrough is how they create decentralization by exempting whales from owning too many nodes. The X25X algorithm is specially designed for GPU miners and decentralizes the SINOVATE network of nodes, by focussing on smaller players instead of the big mining farms that often dominate other blockchain networks.
- SINOVATE develops blockchain technology applications that tackle current inefficiencies regarding storage and co-sharing of financial (and other) data, often centrally stored by several banks (or companies) in many unlinked centralized networks and in a paper-based system. The digitalization of the Turkish banking and other industries through the use of blockchain technology will take at least a decade and SINOVATE aims to be an important player in this blockchain niche market reformation and modernization, so vitally essential and cost-saving for Turkey’s future of finance and other industries.
Sources: Statista Global Consumer Survey