From a simple experiment amongst the tech-savvy to a global phenomenon and widely used payment system, Cryptocurrencies have come a long way. Blockchain-based currencies solve many problems found in legacy systems, such as the lack of privacy, high fees, and censorship. With Bitcoin and other cryptos, these problems have been somewhat mitigated.
Nevertheless, with new technologies come new problems that must be dealt with. For scammers who can simply take funds and disappear without completing a transaction, the decentralized and pseudonymous nature of cryptocurrencies makes them a prime target. In the cryptocurrency adoption movement, the lack of reliable and efficient solutions to this problem has become a huge stumbling block. This problem has turned the cryptosphere into a highly speculative space, with more investors than actual users, coupled with the fact that cryptocurrencies have a low entry barrier where anyone can buy small or large amounts.
What is UTRUST
With this problem in mind a group of enthusiasts and experts have set out to build an efficient solution, that can break down barriers in the crypto-payment space. The solution is called UTRUST, while enjoying the security that has become a standard in traditional payment processors, it’s a payment platform that allows the user to pay for goods and services with his or her favourite coins. Allowing him to hedge against the volatility of cryptocurrencies, the merchant receives the payment in fiat.
How does Utrust work?
Utrust will be an intuitive platform with familiar traits, leveraging key points from traditional payment processors and blockchain technology. While the merchant himself receives fiat, it allows the user to purchase goods or services with their favourite coin. This creates an ecosystem where users are not forced to exchange their coins and sellers are not forced to deal with cryptos and their infamous volatility.