Would like to know people’s opinions on what will be the benefits of a regulated crypto currency compared to the current centralised regulated fiat system.
I find personally that it depends on which direction Electroneum’s team decides to go. As well as what decisions they make in the future. As long as they don’t decide to increase the coin supply and lower the mining difficulty then it wont be the same system. But we will have to see if the future. Regulated cryptocurrencies in my opinion will be the path to mass adoption. But what people decide to do once they have their buying power on the internet is a mystery.
In a market that is surrounded with bad actors we must step above the noise. Around 1% of the worlds population are in Crypto the other 99% will not step in unless they have trust, confidence and feel their money is safe.
Corporate partners, which are a major fast track route to mass market will not put their name to anything that has a chance of falling foul of regulatory issues.
Long term sustainable success will come from currencies that can truly circulate in an ecosystem that integrates into people’s lives.
We have built a full ecosystem that enables real growth for all. Who else has such a strong foundational product set.
We have many partners ready, watching closely, The incredible support we have from our community is invaluable, There will come a time when together we may just hit the real sweet spot of corporate FOMO, at that stage having these strong foundations in place will be amazing
Well now Electroneum has a bigger chance to become a brand name rather than just another regular crypto currency.
The decentralised nature of blockchain still empowers users to have more control over their money…it ignores geographical borders and deters single point failures or greed fuelled corruption. (i.e. banks!)
Mainstream will only embrace cryptocurrency with the confidence gained from a certain level of regulation. Companies will not risk their money and reputation without it.
…remember, all of this regulation sits above the blockchain on second level systems like exchanges, wallets, companies using it… it regulates services or companies that interact with it not the blockchain itself. Start with that and as misconceptions about crypto are knocked down its benefits can grow and start integrating further into mainstream economies.
Great explanation Bega
Electroneum’s goal has always been for mass adoption they have changed a few things from the ICO for the better in my opinion, KYC is a good example that was not mentioned in the whitepaper.
KYC makes Electroneum much more attractive to partners and investors because there is far less legal risk of ETN being shut down or coming under threat from legal action, for some this is a bad thing because in there eyes it defeats somewhat the original purpose of blockchain which I totally get but Electroneum never set out to be that thing.
One real world example of why regulation is important is several of the top cryptocurrencies have tryed to obtain debit cards and have failed miserably because of the anonymous nature of there blockchain were as there are very small relativity unknown cryptos who have got debit cards easily because they have more information regarding there customers. Now this doesn’t guarantee ETN’s success of course but it gives us a very good selling point over other cryptos that don’t have this when it comes to acquiring business deals. Its extremely unlikely any big companies would partner with ETN if they weren’t following regulations depending on country and laws of course.
The fact that ETN can say we have 2million + verified real users through a central platform opens up alot of doors and features as we our accessing the blockchain through a central platform its very easy to push out information to all these users track who is using the coin and where, it opens up alot of analytics information that companies are often very interested in. The hybrid nature of ETN has many good points and a few possible negatives too. For example when an update to the blockchain is pushed out its often as simple as as downloading an updated version of the app or we have to do nothing they may just change some server settings.
We already see exchanges becoming more and more regulated so its the way things are going in general…