5.8 million is the total number of users who actively use cryptocurrencies’ wallets, and this is almost equal to the population of Denmark and Singapore. However, there are many persistent obstacles that have held back the adoption of cryptocurrencies as a means of payment via these wallets (or other applications of blockchain). Being forged with a strong belief in the power of blockchain, Hadara was born as an extraordinary project that facilitates the cryptocurrency enthusiasts by granting cryptocurrency acceptance to the merchants. It has a strong potential to change our perception of the fundamentals and volatility of blockchain in the global economy.
The Forbidden Gates
How many times in your life have you seen a person buying something with his bitcoin? Once, twice? Maybe you never have. The biggest reason for this is that there has not been any regulatory framework for the section. While only a small number of countries fully or partly support cryptocurrency payment, most other countries including the leading ones such as the United States and Russia regard it as an illegal activity of money laundering or ransom criminals.
On the other hand, the ready regulation does not always result in the confidence of merchants in the cryptocurrency option for payment due to the nature of volatility. Even a cryptocurrency with high liquidity like Bitcoin may have its price fluctuate unpredictably during a day. Pricing a product in bitcoin potentially causes a loss if the cryptocurrency crashes hard.
It cannot be denied that along with prime blockchains, Ethereum has been the platform that is integrated with promising solutions; however, the regular congestion leads to the delay in transactions and expense and a critical switch to the Proof-of-stake algorithm could force the DApps to update their operation. Moreover, stablecoins are a direct solution to the volatility aspect, but a stablecoin is under the control of one entity, which cannot address the main problems of traditional currencies so operate under the regulation.
These are the concrete pieces of evidence that the need for a reasonable cryptocurrency application is highly anticipated. Hadara teams outlined accurately the problems and offered solutions to tackle all of them.
Hadara — The Key to Global Acceptance?
We all believe in ‘the best of both worlds’ but we need to make sure the access to achieve the ‘best’. Hadara, after the numerous failures during their tests of the idea, is now ready to introduce their business solutions to the world: They are building a gateway!
What comes out of the gateway is not essential a big surprise (DEFINITELY not a yeti or a unicorn). In addition, the gateway can eliminate the outlined drawbacks one by one.
How the gateway works is simple for everyone. Hadara provides its users with wallets on different devices (including a very excellent mobile app) that need login to access the integrated gateway. For users, it is their right to choose any cryptocurrencies that they deposited to the addresses in their wallets. Whether the users want to shop in an offline or online store, the revolutionary system protects their funds by ensuring the only exact amount will be deducted from the main balance. The value of transferred cryptocurrencies will be locked to avoid the volatilities. It is recommended that users should use VPN apps to hide away their IPs. For merchants, they can avoid conflicts with the regulation as the paid cryptocurrencies from users will be converted to the desired local fiat currency. This is also a big plus for them because they may lost a large portion of their assets if they receive cryptocurrencies for their business in a manipulated market. However, Hadara still offers a function that helps them to store their cryptocurrencies in order to put the profits of their portfolio. Lastly, both the parties: users, and merchants, will be protected with occasional one-time passwords, confirmation emails, and transaction-related queries.
The problems of mass adoptions may be varied but the notion from Hadara team is, in my opinion, brilliant and essential for the whole community if it is successful. How it protects the accounts, the transactions, the value of assets has not been seen before in the crypto-sphere. The project is still in its early stage. Let’s wait for some interesting information!
Hadara has a very excellent idea that can help to deal with the regulation and volatility that can win the races against well-known competitors. The success of this project opens many doors to the next stage of blockchain development in various fields of life. I hope it will be a great beginning.