The original Bitcoin promise of “Cash Electronic Cash” by Peer-to-Peer “has not really developed in the way Satoshi intention. More people than ever are impatient to pay in crypto, while most sellers only want Fiat.
Although inadequacy has many bypass solutions in countries with a strong banking culture and credit cards, this is a real problem in places with alternative electronic payment rails, such as QR codes, explains Sheldon Cooper, a pseudonym cryptography developer. How to scan a Fiat code only and pay in stablecoins?
Cooper’s claimed solution, P2P.ME, does it without ever touching the regular ramps on and off. Instead, this blockchain -based service is based on a network of intermediaries ready to accept USDC, for example, Alice and send the equivalent Fiat to Bob. The entire process takes approximately 90 seconds, he said.
There are also no traditional identity checks. P2P.ME sends its users with zero knowledge of knowledge that checks a real presence on social networks and perhaps even for a government identifier. But he does not store this personal data, like most financial institutions, banks to Binance.
“What we thought was:” How to decentralize this? How do we do it out and out of Rams in a decentralized way, “said Cooper. “The number one concern is confidentiality and self -care. All these CEXs give data to the government.”
The eccentric mixture of P2P.ME of markets without authorization and confidentiality technology treated $ 1.6 million in payments of around 1,100 users, mainly in Indonesia, Nigeria and Vietnam. This modest amount, rapidly growing, was sufficient to arouse interest in venture capital: Multicoin Capital and Coinbase Ventures recently invested $ 2 million P2P.Me.
The money has already helped P2P. He sees local communities that find it difficult to sail in financial rails established as key adopters. The same goes for cryptocurrency tourists who go to places where their credit cards do not work, but their mobile phones do it.
Built on the basis, the open protocol plans to launch a token in the next 12 months which will transfer community control, according to Cooper.
“The strategic idea of the token is to evolve on a global scale, to break the effects of the network of centralized exchange with P2P,” he said.
