What is more importat for the Blockchain Industry than massive adoption?
Presenting here:
The path to mass adoption on Crypto by the hand of the NEAR PROTOCOL
Starting from one country…
More than 2.4 million Venezuelans own cryptocurrencies (+10% of the country’s population). That combined with the NEAR P2P could lead to an overflow of transactions on the NEAR network from new wallets and interactions with the ecosystem.
Argentina will follow, and other countries with needs for financial tools, let’s open the decentralized finances - DeFi - to them, to the world’s most needed users.
Issue
This post intends to give you a glimpse of what it is like to live in an economy where the HIPER-INFLATION was over 65.347,00% in 2018 compared to 2017. Of course, this is a complex topic to discuss, but if you keep an open mind, you will be able to understand the enormous opportunity NEAR have to grow in the Latin American community by providing a much-needed solution for the masses
Like most third-world countries, Venezuelan people live in a failed state of governance/economy. That leads people to do things they are not supposed to do in a stable economy.
But what are these things people do?
From the beginnings of cryptocurrencies, Venezuelans have struggled to survive with a fiat currency constantly being devalued by the second. So the common sense will lead you to interact with a side currency that helps you survive that devaluation.
In the year 2007, with the exchange law, the government implemented a financial blockage that restrained people from interacting with other currencies like USD. Every foreign currency transaction had to be made within the parameters of a very bureaucratic and sometimes insane system.
That’s when people started the mass adoption of Exchanges like LocalBitcoin; People even started working daily in LocalBitcoins, taking advantage of the spread in the platform, which at some point had daily transactions in Venezuela of over 2 million USD.
That volume had increased over time, and Localbitcoins gave the people an answer to a problem, but not an efficient solution.
Why?
-Scammers were all over the place
-Not an easy-to-use platform
-Not efficient customer support
-They never updated to new forks like BCH, so people never got their BCH from the forks.
-And of course (in my personal opinion), the biggest mistake that later led to LocalBitcoins disappearing in Venezuela: Not supporting multiple cryptocurrencies and at least one stable coin.
Not long ago, Binance started taking over the market by implementing a P2P exchange besides all the functionalities we already know.
But in the end, Binance is still a centralized Exchange. If you have a substantial amount of coins invested in Binance, dont tell me you dont always live on the edge of your seat, wondering if one day you will wake up with news that Binance has “been hacked” and your funds are lost (for example). Or like recently… Binance NEAR Network service is suspended
Solution
We want to implement a decentralized P2P market that provides an easy-to-use and secure platform that can help fast adoption in Venezuela and can easily expand to all Latin America.
You have to do what has proven to work and make it better. We want to replicate the Binance P2P exchange. At first, nothing more, nothing less.
A platform that provides people a bridge between fiat currencies and blockchain technology.
Impact
We know it is hard for readers who live in countries with a stable FIAT currency to understand the magnitude of people’s problems every day. On the other hand, the impact/growth that NEAR can have by providing a solution for this problem.
We will take the market share from other exchanges used in Venezuela like:
AirTM: $6 Million USD per month
Binance: 3.800 verified merchant members
Publications about it:
Other alternatives in Venezuela are the so-called “Remeseros,” a group of people who provide a remittances service by receiving the fiat currencies and exchanging for another fiat, using crypto in most cases. Hundreds of thousands of Venezuelans work as middlemen for local and foreign transactions.
More than 2.4 million Venezuelans own cryptocurrencies (+10% of the country’s population). That combined with the NEAR P2P could lead to an overflow of transactions on the NEAR network from new wallets and interactions with the ecosystem.
That is the first step of mass adoption.
Record
Quotes
This could be even bigger than Binance
Sounds awesome… Have you got funding for this? Might be a good one for the Grants
Binance still has suspended NEAR deposits.
So i imagined worst case scenario if most of exchange platforms would disrupt their work. A DEX is a must have!
This is very interesting, remembers me of hodlhodl and localbitcoins. How can we help from the NEAR Wallet side?
It’s great to see how you and your teammates are leveraging your expertise with this project, and I think your motivation will inspire so many others. Thank you for being open to suggestions and ideas, and good luck with the project!
It was great to hear how you’re focusing on crypto end-users in Venezuela and wanting to empower individuals in their every day lives through NEAR
From Venezuela here ! Hope this come true soon
