Venezuela or the EOS Boom

By AryaStark | Letters from Hell | 20 Aug 2021

The critical situation that Venezuela is suffering is news that reaches all of us to a greater or lesser degree, especially if we are neighbors of the continent.

It is the current example of what HYPERINFLATION means. Added this condition to the shortage of goods, results in the adoption of alternative solutions such as the use of EOS as a payment currency.

EOS is not a company / organization, it is software to create blockchains. Block One is the creator of the EOSIO software, but they are only software developers, they do not act as owners.

At EOS, new applications are being built that can change how we use the internet and do business online. (Alberto Guerrero CEO of EOS Venezuela )

Tus, today, Venezuela is one of the countries with the largest number of users of the EOS network and of course its eponymous token.

So great is the need for monetary alternatives in Venezuela, that they have been able to readily adopt Blockchain technology as a way of undertaking and progressing in conditions not suitable for users of FIAT money.



An example of this is the site in which we can see that of all the businesses worldwide that accept EOS, there are almost 800 merchants in Venezuela, 9 from North America, 2 from South America and 3 of Europe.



The interesting thing about the Venezuelan case is that they have known how to trust a less popular currency than Bitcoin or Ethereum, but with benefits more in line with the needs of day to day, small and current operations, since the EOS network does not charge a fee for transactions, a cost that is usually the biggest impediment to using cryptocurrencies as a means of payment.



We can take advantage of the unique circumstances that make Venezuela a very current case study of what the change from the financial model based on FIAT money represents to what in the not too distant future would be the economy based on Cryptocurrencies and Blockchain technology.

As always I thank you for reading. Cheers!

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