There is little doubt that cryptocurrencies have seen a big leap to date this year. At the time of writing, anyone buying one Bitcoin in January 2017 at around $800 would have experienced huge gains by this point, with it currently sitting at around $6,000! While the cryptocurrency market as a whole is making massive strides toward the mainstream, payment solutions around the market have not been as quick to advance.
However, a new peer-to-peer payment solution called UTrust may be about to change all that.
Why do we need something like UTrust?
One of the major areas that needs improvement if cryptocurrency is to continue its dizzying climb is payment systems. While transactions between individuals are quite straightforward, business to consumer deals are certainly not! Reasons for this include the daily volatility of the cryptocurrency market scaring many merchants, who fear it costing them money after a transaction is made - along with the lack of protection for buyers and sellers.
How does UTrust solve these issues?
Simply put, UTrust is aiming to become the next generation digital payment solution that allows for cryptocurrency transactions while offering buyer and seller protection. Sellers are shielded from risk by the technology in UTrust moving the cryptocurrency payment into a fiat currency at the moment of transaction. Buyers will be able to use a wide range of cryptocurrencies in UTrust, as well as benefiting from full buyer protection on purchases.
It is hoped this will make any cryptocurrency deals faster, safer and more secure. In turn, this will attract more people into the cryptocurrency market and help expand its popularity.
All hail Blockchain!
Of course, as with most things related to cryptocurrency, we find that Blockchain lies at the root of this solution. By using and developing Blockchain technology, the people behind UTrust have come up with a payment solution that could revolutionise the digital payment sector. Already the proposed ICO release has sold out of the private investor and pre-ICO sales allocation which bodes well for this new cryptocurrency product.