Alttex: Pushing For The Future

Cryptocurrencies are nascent. Blockchain has only just begun to even learn what's even capable of. Like a child on its first bike ride. Monopolistic exchanges dominating the market are a symptom of this. It’s no coincidence that major banks, those threatened by crypto currency, would want to control this tech by controlling the exchanges. Centralized exchanges are an outdated approach to something groundbreaking, an ‘old’ solution to a ‘new’ problem.

Alttex, an upcoming decentralized exchange, is a new solution to a new problem.

Crypto: Three Issues

There are at least three issues holding back cryptocurrencies from mass adoption.

1. Centralized exchanges
2. Convenience of use
3. Lack of viability of crypto as a means of exchange

Alttex, should the project be successful, will contribute towards solving these three issues.

Centralized Exchanges

Go to a subreddit for a crypto exchange. Choose one. Kucoin, Cryptopia, Binance. Name it. Go ahead, I’ll wait.

What did you see? Complaint after complaint after complaint. Some of them are trivial, sure. But it wouldn’t take you long to find a someone who’s luck has run out and are out some sixty grand because the coins are missing and the exchange has gone radio-silent.

This is a fundamental problem with centralized exchanges. Aside from the monopolistic potential of exchanges to set fees high as their heart’s content, when you leave it to a single actor to make a mistake they can and will. It’s a matter of time till that guy shits the bed, so to speak.

These kinds of mistakes and monopolistic control measures will prevent mass adoption of crypto.

Decentralized exchanges operate differently. All transactions are recorded on a blockchain, and as such its the system itself (users) that maintains what coin is sent where and to what address. Instead of cryptopia taking days to process a request, or a hacker walking in and stealing your assets like its a firesale, there’s no one place that can be hacked. There’s no central actor to (mis)handle your funds. Everything is done by the users themselves (and the nodes they operate). Maybe best of all, this reduces fees to a bare minimum.

Convenience of use

There’s a proliferation of wallets and tech bordering on redundancy. In a typically post-modern fashion, each crypto coin you want to hold off an exchange requires its own wallet. There’s multi-asset wallets out there, but they come with their own issues. The wallets are also separate from the exchanges themselves. These wallets typically are held on computer devices.

Alttex eliminates this proliferation of redundancy, through the ease of a mobile device. Using a multi-currency wallet, users can buy and sell off their phone and rely on a single wallet system. The wallet is called a ‘warm’ wallet, combining the benefits of both online “hot” and offline “cold” wallet systems.

source

Means of Exchange

A fundamental drawback of crypto, as it stands today, is its use as a means of exchange. That is, although more and more people accept crypto as payment, widespread adoption is still something that may happen in the future.

Having an exchange and wallet on a mobile device absolutely pushes towards that future. Fiat currency is convenient, far more than crypto is. You can hold it, first of all, and keep it in specific quantities in your pocket. You don’t need to know about tech to have fiat currency.

A mobile wallet and decentralized exchange is as close as we’ll get to a fiat wallet in the pocket. That convenience contributes towards more adoption, which in turn pushes for cryptocurrencies as a means of exchange.

There’s social aspects to Alttex as well. You can make phone calls and message people. You can buy and sell goods at a marketplace (again, crypto as means of exchange). This brings people together and moves crypto as a means of payment.

Conclusion

Alttex states: “Our mission with Alttex is to create a universal integrated platform to unify crypto traders all over the world, using one secure application for both communication and trading activities.”

Bold would be an understatement. Unifying crypto traders all over the world would just be the first step. We need to unify people over the world. Cryptocurrencies can help in this. Alttex will offer a decentralized exchange with a multi-currency warm wallet in the convenience of a mobile device. The power of crypto, a new way of interacting with the world, in your pocket.

For More Information

Alttex Website
Alttex WhitePaper
Alttex YouTube
Alttex BitcoinTalk Forum
Alttex Medium

This post is a submission for the following contest: https://steemit.com/cryptocurrency/@originalworks/200-steem-35-bonuses-sponsored-writing-contest-alttex

alttex2018