It seems there are new developments taking place within the blockchain space every day. The technology is alive and thriving thanks to new innovative products that are continuously being developed. In less than a decade, blockchain has gone from something only a few individuals knew about to a global phenomenon that promises to change how everything is done. Whether it be solutions for fundraising, supply chain, healthcare, and so on, the list of real-world applications keeps growing by the day. Now we have a new one that seeks to combine traditional financial instruments' stability and liquidity with the security and transparency of blockchain technology.
Rise Of CrossFi Platforms
CrossFi is a relatively new phenomenon that combines banking and blockchain to create real applications that solve existing problems for the average person. MinePlex is one of the first projects offering such a solution through a mobile cryptobank with its own liquid token. The project balances between traditional financial systems, mobile applications, and blockchain technology.
MinePlex is creating a reliable and convenient mobile cryptographic bank that will allow people to use crypt currencies in everyday transactions like buying goods, paying bills, saving, etc. By doing this, the project hopes to expand the influence of blockchain to real-life applications that are beneficial to the average person.
Succeeding Where Others Have Failed
It's not like there haven't been solutions trying to take cryptocurrencies to the masses before; for example, Bitcoin was designed to be electronic money for paying for everyday needs. But, it's not scalable to appoint where millions of transactions can be made on the network within a short period. And this limits its acceptance. The same can be said for almost all cryptocurrencies. The problem itself lies with the blockchain architecture, which is complex, and compromises have to be made for some of its benefits like decentralization, transparency, and immutability to exist.
With this in mind, MinePlex is developing its solution using the Liquid Proof of Stake (LPoS) architecture, which allows it to be highly scalable and yet secure. One that will enable users to enjoy simplicity, operating speed, and decentralization.
All in all, the new development follows the fast growth we are witnessing within the blockchain space where better superior products are being created every day. The DeFi space is a testament to this where new innovative solutions for various sectors are coming up daily. At this rate, it seems we are only getting started with what is possible using the technology.