Ken Code, chief technical officer at BitShares Munich has described the downfall of cash and the rise of cryptocurrencies as the future of money. The company behind the BlockPay point of sale system for digital currencies is backing digital currencies as Code and his colleagues, CEO and co-founder Christoph Hering and co-founder and chief marketing officer, Rodrigo Crespo, believe that cryptocurrencies should replace fiat currencies.
However, according to Code, the company realises that to facilitate mass adoption of any emerging technology, the path of least resistance is the best course with consumers and merchants needing to realise the benefits before it will become mainstream.
BitShares Munich’s POS system, BlockPay, passes the network fee on to the buyer as asking merchants to pay even more fees, especially for new and relatively untested technology is unlikely to meet with much favour or success. Conversely, offering buyers flexibility in payment options – to pay in the digital currency of their choice – is important and likely to be welcomed.
Code suggests that an agnostic approach to the support of digital currencies in this era of the technology is not only the most suitable, but it also maximizes convenience for the user and, to a lesser extent, the merchant. In order to build an agnostic payment platform, BlockPay has ‘bridges’ built-in that shifts one coin or asset into another which reportedly takes three seconds or less.
Code said: “Digital currencies are essentially brand new and any new technology that expects to get mass adoption will need to have as little resistance as possible in the market that it is trying to enter. We now see why having to choose one coin over all others has been a bad business decision. Digital currency flexibility and cheap — or free in this case — options need to be available so that the merchant can at least give it a shot with zero risk. The customer can pay with whatever cryptocurrency they want as long as the bridge supports their coin or asset.”
With the recent release of BlockPay ‘S’, BitShares Munich’s free-to-download point of sale system, merchants or business owners operating existing POS systems can integrate the latest software via an application programming interface. The company states that vending machines, kiosks, Odoo, SAP, Shopkeep, NCR and other POS platforms can all integrate BlockPay.
BitShares’ blockchain, called Graphene, provides a flexible consensus protocol, the capacity to hold user-issued assets and essential financial services, like an exchange and banking, all on the blockchain. The BitShares blockchain has the capability to handle 100,000 transactions-per-second (tps), far surpassing current need.
There are three primary forms of tokens that exist on the BitShares platform: Smartcoins, a price-stable cryptocurrency, user-issued assets and fee-backed assets.
Code added: “Any of these tokens can be used for payment at a BlockPay merchant, traded on the Bitshares decentralized exchange and used for crowdfunding. For BlockPay merchants and business owners, it can also be used as value-added Loyalty Points, a capability already built into the technology.”