The Crypto Panacea

While global crypto adoption is up 39% from last year according to Chainalysis , #web3 banking still remains inaccessible to most. While in theory, the freedom of decentralisation is exciting, when it comes to sitting down at a computer and setting up a #defi wallet, concerned by the steep learning curve and lack of intuitiveness that many of these systems have, intimidation becomes a significant obstacle to greater adoption. We must rise to the challenge.?

Merchants love the #blockchain. An estimated 86% of all chargebacks are fraudulent, according to expertMarket . This kind of friendly fraud doesn’t just drain business accounts, but it also greatly increases stagnant rolling reserves. With the blockchain, this is a facet wholly removed, as payments are permanent and recorded on a digital ledger.?

But that’s not the only way a business can save money through the use of the blockchain. Indeed, fees are much lower, with CoinsPaid , the leading payment gateway, charging just 0.8% per transaction.?

Additionally, businesses are able to engage in mass payments –?regardless of where the recipient resides in the world. When we consider the number of transactions that get delayed, and the 5 working days that Visa estimates for some international transactions, the blockchain is truly a god-send.?

On the consumer side, things get even better. #p2p exchanges have some of the best foreign exchange rates in the world, purely due to the lack of an intermediary. Moreover, with #smartcontracts governing these transactions, and the lack of a centralised point of data storage, security is far better than that offered by fiat banking institutions.?

As a customer, you may send money to whoever, whenever, and even engage in activities such as donations risk-free in a totally anonymous setting.?

Ultimately, we are running on an outdated system –?one designed to work with cheques, physical signatures, cash and fax machines. Our digital world has been yearning for an update to the banking system for so long –?one that utilises the blockchain could be the answer.?

The TONBanking system aims to make seamless P2P transactions possible through TONB #tokens, those that are directly backed by the $TON liquidity pool, which is made up of deposited #Toncoins that the team has no access to. As a merchant, taking payment from customers and sending payment to partners can be done directly through the Telegram instant messenger via QR codes and payment links with zero transaction fees to pay on the merchant’s side. The user flows have been carefully thought out. As such:?

• Streamers may look to take payment in crypto, for instance on Twitch , as they may place a widget that leads directly to their #TONBanking account for donations;?
• Users looking to consume exclusive content are able to enter a third-party Telegram Messenger channel, for which membership requires payment, and pay without leaving the app;?
• Web-based purchases may be made with QR code generation, where the user is sent an image on their desktop, which is then scanned via their mobile device and the amount is paid;?
• And most importantly, you’ll be able to send anyone on your contacts list funds through the TONBanking infrastructure – whether that’s money for gas, services or a restaurant bill.?

Moreover, TONBanking offers a quick and simplified crypto on-ramp where one can buy cryptocurrency via a webapp Telegram function, making it easier than ever for users to take their first steps into crypto.?

While TONBanking is a relatively new project in the works, the future opportunities are endless. Imagine a world where everyone with a smartphone immediately has access to the benefits of crypto –?charity donation becomes quick and corruption-free with instant P2P payments. A global payment medium is able to grow local businesses on the global stage; where vendors from all over the world are able to receive a fair price for their products and services with an unprecedented level of transparency. Imagine a world where merchants aren’t hassled by the malignant forces of friendly-fraud, and are able to put their rolling reserves to work while stimulating the economy at the same time. And lastly, imagine a world of banking that is as connected as we are today, socially.?