Emerging Trends in Digital Payments: Traditional Giants vs. Decentralized Innovators
It is a general observation that the current trend is for big names in the financial industry to move into cryptocurrency. One of them is Mastercard. The company wants to simplify crypto transactions with a new app, Mastercard Crypto Credential. Instead of complex blockchain addresses, users' aliases will be used.
It is probably more convenient, especially for those who struggle with the tech aspect of crypto. The only thing that is not certain is if it is safer. With the introduction of this product, Mastercard aims to reach continents active in cryptocurrency such as Latin America and Europe. Currently, this app is only available to a limited number of users. It is expected that for a few months, it will also reach 7 million Mastercard users. The company's plan also includes entry into NFTs.
According to the company's latest financial report in the 1st quarter of 2024, the total assets are 42.60 billion USD and the total market cap is 411.32 billion USD.
If crypto projects are compared to Mastercard regarding market cap and total assets, maybe only BTC is ahead and ETH is closer. Small blockchain networks and cryptos cannot be compared to this company's monetary power.
If Mastercard's assets are staggering, so is PayPal, which according to its last financial report reached 83.347 billion USD. According to the report, this company thrives in the electronic payment sector and serves more than 426 million active accounts across 200 markets globally. That's how strong the world's demand is regarding online transactions.
Hive as an Alternative Digital Payment System?
With the financial power of the companies mentioned, it seems that it will take a long time if the hope of many who favor a decentralized blockchain network like Hive will happen. Although still small, the Hive network has great potential for providing an alternative to digital transactions. A blockchain network like Hive can have a competitive advantage in the digital payment sector if we focus on the unique features and advantages inherent in blockchain technology. Not only the idea of decentralization but having a low transaction fee or feeless transaction are appealing. Added to this are the speed and efficiency of the service, security, global accessibility, transparency, and the transfer of power to the community. How much more if automation becomes a reality through smart contracts? If the Hive community focuses on these strengths, Hive will be in a very strategic position when it comes to digital payment services that provide a real alternative to traditional financial systems and other blockchain-based payment solutions.
How about InLeo and LeoDex?
I think this is also what the InLeo team had in mind when opening LeoDex. Right now, because the project is still so young, it appears very insignificant. But who can say over the years what the future of Hive and LeoDex will be?
Similar to Hive, LeoDex also possesses features such as decentralization, low transaction costs, speed, and scalability. Although some critics do not believe in InLeo's core values such as inclusivity, the fact that anyone with access to the Internet can use the platform and take advantage of its features is proof that this value is not just words, but also seen in the implementation.
In addition, LeoDex's continuous innovation by adding new features and improvements based on community feedback and technological advances, initiatives like these will maintain the platform's competitive advantage that can attract new users in weeks or months to come.
Both Hive and InLeo indeed have many weaknesses when it comes to lack of popularity, difficulty in the experience of users due to technicality, and the dreaded threat when it comes to regulation. However, many believe that there is nothing that regulators can do in a truly decentralized blockchain network like Hive.
Conclusion
In short, we are now witnessing the growing trend that big names in the financial industry are now entering the crypto space. In contrast, Hive and its front-end, InLeo, though smaller in market cap compared to giants like Mastercard and PayPal, offer strengths such as decentralization, low transaction costs, speed, and community-driven innovation. These attributes position Hive and InLeo as potential competitive alternatives in the digital payment sector.
Usong uso ngayon ang pagpasok ng mga malalaking pangalan sa financial inustry tungo sa cryptocurrency. Isa na rito ay ang Mastercard. Nais pasimplehin ng kumpanya ang crypto transaction sa pamamagitan ng bagong app, ang Mastercard Crypto Credential. Sa halip na mga kumplikadong blockchain addresses, ang gagamitin ay mga aliases ng users.
Malamang na mas convenient nga ito lalo na sa mga nahihirapan sa tech aspect ng crypto. Ang hindi lang tiyak ay kung mas safe ito. Sa introduction ng produktong ito, layunin ng Mastercard na maabot ang mga kontinente na aktibo sa cryptocurrency tulad ng Latin America at Europa. Sa kasalukuyan, limitado lamang ang makagagamit ng app na ito. Inaasahan na sa paglipas ng ilang mga buwan ay maaabot din ang 7 milyong Mastercard users. Kasama din sa plano ng kumpanya ang pagpasok sa NFTs.
Ayon sa pinakahuling financial report ng kumpanya nitong 1st quarter 2024, ang total assets ay 42.60 billion USD at ang total market cap ay 411.32 billion USD.
Kung ihahambing ang mga crypto projects sa Mastercard in terms of market cap and total assets, siguro tanging ang BTC lang ang nakaaangat at ETH lang ang medyo didikit. Ang mga maliliit na blockchain network at crypto ay hindi maaaring ihambing pagdating sa monetary power ng kumpanyang ito.
Kung nakakalula ang assets ng Mastercard, gayundin ang Paypal na ayon sa huling financial report nito ay umabot sa 83.347 billion USD. Ayon sa ulat, ang kumpanyang ito na patuloy sa paglaki sa electronic payment sector ay nagseserbisyo sa mahigit 426 million active accounts across 200 markets globally. Ganiyan kalakas at katindi ang pangangailangan ng mundo pagdating sa online transaction.
Hive as an Alternative Digital Payment System?
Sa financial power ng mga kumpaniyang nabanggit, mukhang matatagalan pa kung mangyayari ang inaasam-asam ng marami na pumapabor sa decentralized blockchain network tulad ng Hive. Bagamat maliit pa sa ngayon, malaki ang potensiyal ng Hive network pagdating sa pagbibigay ng alternatibo sa digital transaction. Ang isang blockchain network tulad ng Hive ay maaring magkaroon ng competitive advantage sa digital payment sector kung ating tutukan ang ating mga bukod tanging katangian at advantages na likas sa blockchain technology. Hindi lamang ang ideya ng decentralization, kundi ang pagkakaroon ng mababang transaction fee o walang bayad na transaction. Dagdag pa dito ay ang bilis at kahusayan ng serbisyo, seguridad, global accessibility, transparency, at ang paglipat ng kapangyarihan sa komyunidad. How much more kung maging realidad ang automation sa pamamagitan ng smart contracts?
Kung tututukan ng Hive community ang mga strengths na ito, magiging napaka strategic ang posisyon ng Hive pagdating sa digital payment services na nagbibigay ng tunay na alternatibo sa mga tradisyonal na system ng pananalapi at iba pang mga solusyon sa pagbabayad na nakasalig sa blockchain.
How about InLeo and LeoDex?
Sa tingin ko, ganito rin ang nasa isipan ng InLeo team sa pagbubukas ng LeoDex. Sa ngayon, dahil napakabata pa ng proyekto, parang napaka insignificant pa niya. Subalit sino ang makapagsasabi sa paglipas ng mga taon kung ano ang magiging kinabukasan ng Hive at ng LeoDex?
Katulad ng Hive, ang LeoDex ay nagtataglay din ng mga katangian tulad ng desentralisasyon, mababang transaction cost, bilis at scalability. Bagamat may ilang mga kritiko na hindi naniniwala sa core values ng InLeo tulad ng inclusivity, ang katotohanan na ang sinumang may access sa Internet ay pwedeng gumamit ng platform at mapakinabangan ang mga features nito ay patunay lamang na ang value na ito ay hindi lamang sa salita kung makikita rin sa implementasyon.
Dagdag pa rito, ang patuloy na innovation ng LeoDex sa pamamagitan ng pagdadagdag ng mga bagong features at pagpapahusay batay sa feedback ng komyunidad at mga pagsulong sa teknolohiya, ang mga inisyatibong tulad nito ang magpapanatili sa competitive advantage ng platform na maaaring makahikayat ng mga bagong users sa darating na mga araw.
Totoo na marami ding kahinaan kapwa ang Hive at InLeo pagdating sa kakulangan ng popularidad, difficulty sa karanasan ng mga users dahil sa technicality, at ang kinakatakung banta pagdating sa regulasyon. Subalit, marami ang naniniwala na walang magagawa ng mga regulators sa isang tunay na desentralisadong blockchain network tulad ng Hive.
Conclusion
Sa madaling salita, nasasaksihan na natin ngayon ang lumalagong kalakaran na ang malalaking pangalan sa industriya ng pananalapi ay pumapasok na ngayon sa crypto space. Sa kabaligtaran, ang Hive at ang front-end nito, ang InLeo, bagama't mas maliit ang market cap kumpara sa mga higante tulad ng Mastercard at PayPal, ay nag-aalok ng mga lakas tulad ng desentralisasyon, mababang gastos sa transaksyon, bilis, at inobasyon na hinimok ng komunidad. Pinoposisyon ng mga katangiang ito ang Hive at InLeo bilang mga potensyal na mapagkumpitensyang alternatibo sa sektor ng digital na pagbabayad.
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Posted Using InLeo Alpha
Your points about Hive and InLeo are spot on. Decentralization? low fees? and community-driven innovation? These are simply the way to go
I'm curious, though - do you think these big players will really make a dent in the crypto space, or are they just trying to stay relevant?
All in all, I hope that in the future, Hive and InLeo will be able to hold their own against the giants.
Have a nice day
If those features of both Hive and InLeo are the future, I think at some point these giants must break away from the current system if they don't want their market share to be disrupted and stolen away from them.
Goods yung sa mastercard kung magkaroon nga sila ng ganiyang serbisyo sa mga susunod na panahon.
Re Hive as a method of payment, I think there are some establishments na that accept Hive/HBD as a payment. One local hiver @jonalyn2020 accepts Hive/HBD for her works sagot nadin ang shipping fee ( umorder ako sa kanya last year)
Pero sobrang ganda niya talaga since maliit lang ang fees ni Hive close to zero at mabilis din. Di nakaka takot magsend since username basis tayo compared to those long huge text kaka kaba minsan at baka mali ang nasend.
Wow! Good to know. More $HIVE power to @jonalyn2020! May her breed multiply especially in the country.
!PIZZA
$PIZZA slices delivered:
@rzc24-nftbbg(1/5) tipped @tpkidkai