A few years ago cryptocurrencies seemed poised to change the world. In fact, they have, but not in the neat way their evangelists would have predicted. Bitcoin is the first and best-known cryptocurrency, and its flaws have become the most apparent. While its early adopters dreamed of making it a currency for everyday transactions, steep transaction fees and long delays made that dream hard to realize. When Bitcoin saw high activity in February 2017, commission fees spiked to an average of $55.
For every flaw in how cryptocurrencies work, however, there are teams working hard on ways to fix it. When advances in blockchain technology solve the problems holding Bitcoin back, we can expect users to leave the outdated technology behind. That is one reason there is such a rush to be the “next big thing” in cryptocurrency, with many tech companies making ICOs and competing for attention.
Last year, the most promising cryptocurrency upstarts included FailCoin and EOS, which made waves with an infrastructure for decentralized applications. Among this year’s cryptocurrency ICOs, Paymon stands out as a promising new player.
Started in 2016, Paymon is a relatively young player. Yet with over 8,000 users currently, it has also been around long enough to make it a little surprising that the market has not caught onto it yet. Paymon initially gained popularity fast as its wallets earned a reputation for safety. By the start of their ICO, Paymon’s “cold” wallets also included a messenger that let users send messages (complete with emoji) along with their cryptocurrency.
More significant promises lie in Paymon’s future. The company’s PMNC cryptocurrency relies on a new blockchain called Hive. This decentralized system replaces “miners” with the currency’s everyday users. By eliminating mining from the process, they hope to move past the need for long transaction delays and transaction fees.
A cryptocurrency world without crypto mining would be a radically different one than we have today. For users, it would be a world without many of the hassles that seem inextricably tied to cryptocurrency today. It could be a world where cryptocurrency is not tied to the environmental concerns that make people wary of the technology.
It would also be a world where the people who have gotten rich on the current cryptocurrency infrastructure stand to lose out. However, the business world at large should be pleased to get away from the delays and fees associated with crypto-payments. To capitalize on this, Paymon is also offering a platform named Profit, which businesses will be able to use to handle cryptocurrency payments instantly.
Without fees and delays, the promise is there for cryptocurrency finally breaking into the everyday economy. If that future comes to pass, we may well remember Paymon as the one who made the big breakthrough.