Wednesday, August 17, 2016

CCEDK Exchange


The launch of Bitcoin in 2008 was more than just an experiment in the financial realm. It was a
silent outcry against the injustices committed by the financial elite leading to the recession,
scripted in code. Satoshi’s creation laid the foundation for what would soon be the world’s
financial future. Unlike earlier, it wasn’t restricted to royalty or the elite to decide how this new
financial system would work. Rather, emperors of the new world, the innovators, entrepreneurs
and developers with the know how to build upon the blockchain were the ones that pushed this
new system to the frontier. Inspite of the massive attention given to it by the media, Bitcoin is
predicted to only have around 5 million users, by 2019. Considering a global population of 7
billion, and an unbanked population of 5.5 billion, this level of penetration will barely make a
dent in the financial realm. With an intent to solve these problems of market penetration and
creating products that are user friendly on the blockchain a new generation of entrepreneurs
have come forth with solutions that work faster, cheaper and at better levels of scale.

CCEDK in collaboration with Beyond Bitcoin have launched with the intent of bringing
expriences on the blockchain to the average retail user. The company’s goal is to create product
offerings that are easy to use for internet consumers around the globe. Leveraging the speed of
Bitshares Blockchain which is able to process transactions at 60,000 transactions per second
and the relatively low transaction fees, which runs at 1/4th the fee of Bitcoin, the new system is
able to empower users and enterprises to experience what it feels like to remit via the
blockchain without having to go through the nuances of utilizing a bank or a bitcoin exchange. In
the first iteration of the product, the Tip Bot empowers existing users of the cryptocurrency
community to disperse digital tokens to individual contributors or groups on varying platforms
such as forums, reddit, twitter and facebook. In comparison with Bitcoin confirmation times that
take anywhere between ten to thirty minutes, the new system paves way for a large amount of
user cases by confirming transactions in a matter of seconds.

By creating active integrations with various social media platforms and empowering enterprises
to disperse digital tokens to the retail consumer, brands will now be able to reward consumers
directly for certain behaviour. The platform intends to bring the power of sharing economies and
social media into the age of digital, decentralized currency. While social media has empowered
people around the globe to share their thoughts, photos and lifestyles with anyone across the
globe, it is yet to help us come closer financially. Systems are still largely restricted, either due
to lack of an infrastructure or stringent fees imposed by banks upon international remittance.
The new platform, allows anyone with say, a facebook, reddit or twitter account, finding a post to
be valid to tip the author without having to go through a bank at a fraction of the cost. Similarly,
instead of paying advertisers hefty amounts, the new system allows enterprises to issue tokens
or financial rewards directly to the end user for following certain behaviour.

The core system at will be drastically different from existing tipping systems as a result
of its close integration with CCEDK and it Nanocard. As a result of the nanocard, users will now
be able to “withdraw” the amounts they have received in terms of tips at any local ATM across
USA and Europe. This further enables the company to create a dent (albeit minor initially) in the
remittance market as freelancers, artists and individuals will now be able to charge money for
their work and withdraw it from their banks without having to go through multiple loops and third
parties. The system itself is built upon one of the most transparent exchanges in the world,
touted to be a “truly” decentralized system, open and auditable to anyone in the world openledger.

Although, the short term implications of the product are largely focused on empowering the
average user to experience the blockchain, the long term goals of the company are to create a
dent in the way money in itself is remitted around the globe. With a key focus on
and remittance, CCEDK, the banking partner for the project is working
towards creating a global banking infrastructure to enable individuals to convert their digital
takens to fiat and vice versa. The company intends to go beyond just tipping and evolve into pay
gateways, mobile remittance, ingame
economies and music.

In an age that believes money is power, digital currencies have lead the frontier when it comes
to giving it back to the people. While democracy and free speech have empowered individuals
to practice their rights and choices, restrictions in the financial realm have largely stopped
capital inflow to places that could truly use it. The founders of the system, believe, they can
change the situation by slowly building upon the product. While looking at any of the innovations
that truly changed the globe, it becomes evident that they were able to make a dent, solely
because they were created to be of use to the retail consumer. Projects like these, are an
attempt to truly take the power of decentralized currency to the average joe.

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