CAFECOIN: GOALS AND THE COMPREHENSIVE PLAN TO ACHIEVE THEM IN EASY REACH
There have been many altcoins that aimed to be the one to finally replace fiat money as the standard mode of payment. They came into the market with promises of changing the world, saying their coin was going to be the one hailed as the first cryptocurrency to be widely accepted by a significant amount of people as the main mode of payment in transactions between customer and retailer. Sadly, they fell short of their goals, and a lot of them weren’t really aiming for change anyway; they just wanted to create their own coin they can get money from, and hopefully be as successful as others before them. CafeCoin has a plan to put all their surpassing goals in easy reach. But earlier altcoins lacked sufficient vision.
The sad part is that there were some of them that really did want to have cryptocurrency realize its full potential through their coin. The thing is, a vast majority of them came unprepared, and they thought simply spinning new ideas and using them in new ways would get them the results they wanted. However, it is not that easy. If you want to make a significant impact on the market, you need to plan, and spend a large amount of time and resources in preparation before you even think of having investors come in.
The Foundation knows this, and they have applied this to their up-and-coming cryptocoin, CafeCoin. The CafeCoin Foundation aims to have cryptocurrency be used by the general public to easily transact with brick-and-mortar stores all over the world. This will make it easier and faster for the customers, and there are multiple benefits in it for the merchant as well. Unlike other cryptos before them, CafeCoin has identified the main factors that stop wide-scale adoption of cryptocurrencies. They have also created their own plans and policies in order to combat these roadblocks, which are explained later.
CRYPTOCURRENCY INDUSTRY TODAY
Ever since Bitcoin was first introduced to us by Satoshi Nakamoto back in 2009, there have been thousands of coin projects that aimed to a fully decentralized, cryptographically sealed, and publicly validated unit of exchange. However, since then, not a single one has succeeded. Sure, there are cryptocurrencies, like Bitcoin, that are sometimes accepted in certain brick-and-mortar stores. However, none of them, even the most popular ones, have truly achieved wide-scale adoption. Not only real stores, but online stores haven’t widely accepted cryptocurrency as legal tender either.
Despite the widespread creation of cryptocoin ATMs, hardware wallets, mainstream media buzz and even online and tradition marketing projects, cryptocurrency is still viewed as more of a digital version of gold rather than a viable means of payment for businesses. This is one reason why cryptocurrencies are being traded with extremely volatile valuations, with upward and downward trends happening seemingly at random. This mercurial nature stops these cryptocurrencies from being a viable alternative to traditional currency.
Although there have been certain cryptos that attempted to solve the problem of volatility, like Tether, they did not prepare for the other problems that pop up with cryptocurrency. They did not have any benefits geared towards the users either, and both merchants and consumers will need sufficient incentives in order to ensure the widespread adoption of a certain coin. This failure can largely be attributed to a series of adoption issues that even the most advanced and cutting-edge of technologies have yet to surmount. The Foundation has narrowed them down to these five main factors:
- Access to currencies are complicated and need a certain amount of technical know-how.
- Transaction fees are extremely high
- Transaction processing can take a long time to complete
- Price and market value are volatile with little potential for appreciation
- Consumer and merchant adoption are minimal
Due to these factors, cryptocurrencies possess very little transactional functionality, and their commercial value has been more often than not relegated to very limited (or niche) uses. Although the cryptocurrency trade today is still going strong, the valuation of a lot of coins has definitely seen better days. A lot of investors are still willing to put in money into cryptocurrency, but until the time comes that a cryptocoin has become a popular way for paying for goods and services, the cryptocurrency sector will see very limited growth.
This stands completely opposite to the increasingly popular mobile payment sectors, where usage and adoption grow every day. It continues to see unprecedented global growth, and most especially amongst the younger customers, who usually prefer to make use of digital mediums for transactions like Apple Pay, PayPal, Venmo, WeChat Pay, and others. They would usually rely on cash for those situations where mobile payment is not possible, or isn’t convenient, and other alternative mediums of payment like checks and money orders aren’t used very much.
But despite the advantages these modes of payment bring to the table, and their steady growth in popularity, they still require or rely on interaction with one or even more financial intermediaries. This means none of these carry the decentralized ledger technology that cryptocoins have, and neither do they have the benefits that cryptocurrency can possibly give. This is where The CafeCoin Foundation comes in.
THE CAFECOIN SOLUTION
CafeCoin aims to hold a system which can satisfy the global demand for a mass market cryptocoin. This will be targeted to combat the roadblocks to broad commercial usage of cryptocurrency, and the effects the CafeCoin system can bring will effectively bring cryptocurrency to its full potential. The Foundation first aims to create corporate relationships starting with the high-margin retail coffee sector, and they will also offer incentives for both merchant and consumer adoption.
CafeCoin will also make full use of a custom, innovative payments architecture using blockchain technology in order to achieve high-volume and almost-instantaneous transactions that also come with low fees in the marketplace. The payment processes will also be simple and easy to follow, and access to coin liquidity will be open to all users. This will be done by leveraging an intuitive mobile application that can operate independently or together with existing point of sales systems.
CafeCoin will also have a robust economic structure through a framework in order to address volatility, and consumer users will be given complete control regarding privacy over their historical payments on the blockchain. If they wish, they can also share this information with merchants in return for promotions and discounts, and merchants in turn can make use of the information for marketing purposes. All users will also be able to easily convert and trade CafeCoin via Crypto Exchanges, and other providers.
CafeCoin will be the utility token that is widely and actively used as a way to pay for products and services. The Foundation anticipates this to happen because of three reasons; first CafeCoin makes full use of the strengths of decentralized, cryptographically secured tokens with low fees and short processing times. Next, the CafeCoin ecosystem is specifically designed for users to easily connect with each other.
Third, although the CafeCoin currency will be tradeable as a digital asset, the token will also be offered which will have low volatility. And lastly, and possibly most importantly, the CafeCoin platform will be built on an easy-to-use and free software application which will be available to all major electronic platforms. This will ensure all consumers and merchants will have access to the cutting-edge distributed ledger technology, even without substantial technical knowledge.