Crypto’s For Main Street, Not Wall Streetbr>
Elon Musk was correct in his recent statement that “Paper money is going away, and crypto is a far better way to transfer value than pieces of paper…” This, from one of the world’s most innovative entrepreneurs, comes on the heels of one of the largest financial institutions in the world – JP Morgan – announcing that it would offer a stablecoin to be used on its proprietary platform, and Facebook and Telegram plan to issue digital coins as well, according to The New York Times recent report.
Clearly, after a volatile 2018 for cryptocurrency as fools rushed in on the idea that one could get rich quick buying coin, something has changed. A big pivot for stablecoin has just occurred and the titans of Wall Street are leading the charge.
Those who truly understand the underlying values of cryptocurrencies are not surprised by this turn of events.
We’re in agreement with Musk, crypto is a better way to transfer value than pieces of paper, but not just because it is faster, safer and more convenient. It also opens doors for people to leverage the power of their assets in new ways.
Creating new ways to open up new markets and thus, leveling the playing field, is one of the most meaningful facets of crypto. It’s this leveling of the playing field that precipitated the idea of our payment network and free stablecoin creation platform, Element Zero. We built Element Zero with the hope of making the world a better place for all by providing a new form of payment that is protected against long-term inflation and market volatility, protecting purchasing power for years to come. With our new next generation payment system, any company can create their own stablecoin, for free, which provides consumers the opportunity to benefit from a one-on-one relationship with a brand. No need for banks, credit card companies, no middleman. Just the brand and their stablecoin, with customized features and benefits to the coin holder using the suite of built-in features or, using the open-source SDK.
To ensure the future of Element Zero and keep it from any form of manipulation such as greedy third-parties, or even governments, Element Zero was incorporated as non-stock membership. This means it will not distribute any profits to shareholders (there are none) and keep 100% of the revenue in the organization’s reserve to support the liquidity of all Element Zero stablecoins. When the reserve is optimized; further profits will be redirected to non-profits as selected by the partners. The control over Element Zero will be shared with all stablecoin partners. That means every partner’s stablecoin that is based on Element Zero platform has a say, ensuring every essential decision will require agreement by consensus.
So, as the JPMorgans and Facebooks of the world begin to pave the way toward the mainstreaming of stablecoins, the next wave adopters – the early majority– will push the acceptability of this paperless method of currency to Main Street. The opportunities for people from all walks of life to benefit are boundless. As Musk said, “it’s free transmission of money, and that’s really important to opening up the world.”