As a means of transaction, cryptocurrencies have seen a huge surge in usage since their first release. A current market cap of $267billion means that interest in them as a tradeable commodity is also on the rise. Specialized IPOs called ICOs have been increasingly cropping up, cementing this interest.
Mass adoption of cryptos has otherwise proven to be elusive for a while. Access always seems exclusive to internet savvy individuals. Usability is also another critical issue. Low rates of acceptance as a means of exchange by outlets is a huge blow. Knox World Pay promises to completely turn these prospects around with concrete reasons.
The 5 Key selling points of Knox
The competition for a lead role in enabling the mass adoption of cryptocurrencies has never been tougher. New blockchain protocols and their altcoins come up every other year, each addressing a certain key issue faced by its predecessors.
Knox World Pay, a brainchild of Apollo fintech is one such solution. A key differing factor with any other entrant is that it offers more far-reaching solutions to prevailing issues than any other competition. The five key features that showcase its agility and readiness to spearhead mass adoption of cryptocurrencies are;
A Global Agency Network
Banks are the leading global providers of financial services. The reach of these services is determined by how spread the bank branches are. Factors like returns on investments otherwise prevent the establishment of bank branches in the most remote and economically poor regions.
Knox World Pay borrows a leaf from the branching technique by building a global network of agents. The agents, in turn, can recruit sub-agents under them to allow for an even further reach. Charged with onboarding clients, the agents aid users in opening accounts, accepting their deposits, and helping them purchase credits as well as make withdrawals.
While other cryptocurrencies let users make all the signing up and transaction roles online, this service offers a more personalized and physical approach to the process. Even those without digital savviness get to enjoy digital assets as a result, which allows for the potential for a nondiscriminatory mass enrolment.
An Offline Transaction Ability
With the other cryptocurrency service providers, access to the Internet is a crucial requirement for transactions to occur. The only offline service available is the storage of one’s coins in cold wallets. This requirement automatically creates huge accessibility as well as usability barriers in developing countries. Thanks to their much lower internet penetration rates, even if a user had the coins, they can’t transact until they access an internet-enabled device.
With just as simple a step as sending an SMS message, the transaction of cryptos is now a possibility with Knox World Pay. This messaging system is directly linked to Apollo’s servers enabling real-time transaction processing. The estimated 97.5% of the global population with mobile cellular devices are all now potential crypto clients, a genuinely universal ceiling.
A Crypto-fiat conversion
While Fiat money has a universal reach, Cryptocurrencies have been lagging in that regard by a huge margin. A vital cause of this laggard behaviour is the fairly low acceptability rate by outlets worldwide.
That issue won’t be a challenge anymore thanks to Knox. It aims to utilize Fiat money’s universal nature to its benefit. The payment service has the Apollo coin as its store of value. This coin is backed by fiat currency, meaning it can be converted into units of paper money, a beneficial feature. Users in the most remote of regions, with Apollo coins can use them any day. All they have to do is locate an agent or sub-agent, which shouldn’t be hard thanks to their widespread nature and withdraw their coins, in fiat money.
Coin wrapping features
Another key hindrance to blockchains’ widespread adoption is interoperability. Every altcoin has its exclusive protocol and blockchain network, an issue that doesn’t help their already low numeric distribution.
Knox World Pay allows for the wrapping of the major cryptocurrencies into Apollo units. A user with Bitcoin or Ethereum is thus still able to utilize Apollo’s crypto-fiat interchangeability. In essence, they’ll be able to withdraw their coins in fiat currency. About 150 different coins should be wrappable by the end of 2020. A guarantee of effective usability of any choice coin assets of the 150 is made, provided a user has Knox World Pay. More widespread adoption of cryptos is therefore much feasible as a result of reduced interoperability constraints.
Speed is a huge plus with Knox World Pay. The sending of coins to any location takes as little as 1-2 seconds. Such speeds are a result of the Apollo blockchain being the world’s fastest. The entire process of wrapping other altcoins and sending them, in turn, occurs in under 5 seconds.
With fiat money, users in remote areas normally have to make long journeys to banks to deposit or withdraw funds. The payment service allows users to deposit, withdraw, and exchange their cryptos with fiat currencies much closer, reducing time spent travelling. Knox is also partnering with local banks globally to enable fast deposition and withdrawal of funds from accounts as well.
Mass adoption of cryptocurrencies is the next logical step towards their evolution into more acceptable units of exchange. Knox World Pay has positioned itself as a forefront contender in spearheading this entire process. It does so by coming up with several key innovative features that provide a strong crypto adoption incentive to most people globally.
The unbanked population, being the last remaining frontier towards reaching a global financial inclusion goal, are well within reach of the payment service. More accessibility and better usability features mean that this payment service is on the right track towards making mass adoption of cryptos a reality.