The advantages of the blockchain are amazing and unique.
Cryptocurrency can be used as both a store of value and medium of exchange. Some blockchains allow for the use of a privacy option, making transactions impossible to trace back to a specific user. The possibility exists for using the blockchain as a messaging app as well.
It’s not only tokens of financial value that can travel across a blockchain. It can also be used to send messages to other users on the same blockchain. In a way, this function is even more remarkable than the others.
— Horizon Communications (@HorizonCoin) July 10, 2018
For many years, people have pondered the concept of digital cash and decentralization. But before blockchain, very few, if any, technological thinkers ever envisioned a decentralized messaging app. Who would be crazy enough to even think of the possibility of two people communicating without a third party?
Every other way of messaging, other than old-fashioned face-to-face talking, requires a third party. Phone providers and internet service providers allow us to communicate at a distance with anyone in the world at any time. But with blockchain, all of that changes. We can now talk to others across any distance without needing someone else to facilitate the interaction.
In addition to sending messages, the blockchain can also be used to exchange value.
Medium of Exchange
Functioning as a medium of exchange.
Cryptocurrency can be divided up into almost infinitely smaller units of account and sent anywhere around the world in a matter of minutes or less at very low cost. All of this happens without a third-party.
The elimination of third-parties for the exchange of value is one of the greatest benefits of blockchain.
Store of Value
As we have previously noted, mineable cryptocurrencies have intrinsic value . They are fixed in supply, cannot be counterfeited, and are appreciating assets over the long-term.
Most coins serve one function better than the other. Bitcoin, for example, works well as a store of value while being less convenient as a medium of exchange. Slow confirmation times and high fees make other coins more desirable when it comes to exchanging value.
We believe that Avesta tokens will be a store of value in addition to being an excellent medium of exchange for transactions large and small. Avesta will also contain a privacy option for its users.
Privacy and Anonymity
Many people see the potential for privacy as the greatest benefit of blockchain.
In general, blockchain-based transactions are not as anonymous as most novice users have come to believe. For example, a woman in the American state of Illinois was recently arrested for allegedly using Bitcoin to pay for criminal services.
While most blockchains, like the Bitcoin blockchain, are transparent, others, like Avesta, allow for the possibility of fully-private transactions. There are a handful of other private cryptocurrencies as well, but none that offer a flat rate for transaction fees like Avesta.
Advantages of Blockchain Summarized
These are only a few of the many advantages of blockchain technology and cryptocurrency. The full list of advantages cannot be articulated as they have yet to be realized. The potential of blockchain tech is truly limitless.
The blockchain can function as a messaging application with no third-party. Cryptocurrencies allow users to exchange value at low cost with minimum waiting times. Crypto also acts as a store of value. And the potential privacy features make blockchain transactions attractive to many people