Due to its decentralised nature, crypto aims to allow users to conduct transactions without relying on a third-party. Some people say this isn’t needed because existing systems like PayPal work well for most purposes.
But PayPal is still a third-party payments system. Many things can go wrong with a third-party handling payment, no matter how safe and secure they happen to be.
For example, in May 2018, a vulnerability in third-party software used by Mexican banks enabled attackers to steal hundreds of millions of pesos from five different banks. The thieves routed fiat currency they had accessed through the banks to fake accounts and then made hundreds of cash withdrawals from dozens of bank branches across Mexico.
The main reason third-party systems are still used has to do with scalability.
The Scalability of Different Cryptos
Many have argued that cryptocurrencies are not feasible for mass use for two main reasons. The first is that cryptocurrencies so far have failed to scale well, meaning they can’t handle the kind of transaction volume that traditional financial mediums do.
For example, VISA handles over 24,000 transactions per second, compared to Bitcoin’s 7.
Ethereum, Litecoin, and DASH all represent remarkable improvements beyond Bitcoin when it comes to handling transactions. Avesta, however, allows for transactions to happen sixty times faster than Bitcoin. This kind of scalability is needed.
Let’s look at a few currencies that make it possible to transact in real time.
Although it has become more popular as a medium of exchange, Ether (the token native to the Ethereum network) was never intended for transactions. Rather, Ether is used as the “fuel” for decentralized applications (Dapps) created on the Ethereum network.
Still, the Ethereum network can handle about three times as many transactions per second as the Bitcoin network can. And the Ether token has held its spot as the second largest cryptocurrency by market cap for several years now.
Ethereum intends to implement a solution called Raiden to solve its scalability problem. Platforms like Avesta will never need such solutions, being built to scale from the start.
Many people think of DASH simply as a privacy coin. Once being labeled “Darkcoin,” DASH was the first coin that sought to eliminate the possibility of crypto transactions being traced.
But DASH also allows for fast payments with reasonable fees. The privacy feature is optional.
DASH has already been used as a payments system in several cases. For example, some have gone so far as to call DASH the “PayPal of the pot industry,” as the currency is set to become the default method of payment for many merchants in the legal marijuana business.
Dear Avesta Community,
Today, we are happy to introduce and launch our newly redesigned Wallet.
Discover and experience Avesta’s easy to use Interface!
— AVESTA.IO (@AVESTA_AVE) July 4, 2018
Avesta combines the best of all words by providing a solution that is scalable, fast, affordable, and private.
Avesta transactions occur sixty times faster than Bitcoin transactions. All transactions on the blockchain are concealed. Transaction fees are fixed at a flat rate regardless of the amount of funds being exchanged. And the blockchain is built to scale.
“Mass adoption can take place if there is only one necessity fulfilled and that is scalability. This is what crypto stands for. Some of the major problems in cryptocurrencies are solved by Avesta. We have created a fast, secure, and easy-to-use cryptocurrency.
It will revolutionise the way people think of cryptocurrencies and pave the way for mainstream cryptocurrency adoption. Our vision of mining will also pave the way to new approaches for more fair distribution of reward for maintaining a cryptocurrency network. Blockchain technology will show its true potential with Avesta ” Aydin Farhoudi , CEO of Avesta explains
While there is a place for all cryptocurrencies, Avesta is most likely to be used for common day-to-day transactions at point-of-sale devices and elsewhere.