Summer has been relatively great, with broad political, economic, and social instability, but winter is approaching with the need for a lasting solution to global payment. A transition to Web3, which offers decentralized, efficient, transparent, and non-discriminatory, is inevitable. We’ll look at the signs of this transformation, the technology we deserve, and the project leading the revolution we need.
Centralization Is on Its Way out
Centralization has brainwashed us into believing there is no viable alternative to keeping hard-earned wealth except with a bank. However, decentralization has emerged, exposing the drawbacks of the conventional banking system we so much trust.
For example, a study published by the Hongkong and Shanghai Banking Corporation Limited (HSBC) showed that the bank froze 1.9 million accounts for performing no transaction within a specified period. In other words, the account got restricted for being ‘dormant.’ The survey found that more than half affected customers never regained access to their assets after entering dormancy. Sadly, the restricted accounts predominately belong to aged men and women.
Furthermore, centralized authorities grab cuts and fees for every cash transaction. The average cost of sending money abroad from the United States is 5.52% of the amount sent, while the average credit card processing fee imposed on corporations can be as high as 3.5%. Additionally, international payments pass through multiple intermediates, causing the process to take days before the cash reaches the beneficiary.
The good news is that with Web3, all the highlighted bottlenecks within the conventional banking system will have no place to stay.
Decentralization Is on Its Way in
Contrary to popular belief, the blockchain ecosystem is flourishing. Bankers tend to dismiss the Web3 idea by citing the volatility of crypto assets. The truth remains that the blockchain technologies powering the Web3 industry will stand the test of time.
For example, since blockchain offers instant, low-cost cross-border payment solutions, it enables companies to swiftly and cheaply onboard remote staff from various counties to work on their projects. Additionally, citizens of countries battling tremendous inflationary pressures, such as Turkey, can convert their funds to blockchain cash like USDT to protect their earnings from volatility.
The possibilities of blockchain are far-reaching, both for everyday people and businesses. It reduces poverty, aids businesses, boosts international remittance, and more.
The Spearhead of the Revolution
PLC Ultima (PLCU) is one of the most outstanding Web3 projects; it boasts numerous products and services with a customer base of over 1.5 million users. The project’s development began in 2016 and is still ongoing today, with several hundred technical specialists worldwide working on PLCU, led by Alex Reinhardt, a venture capitalist, economist, blockchain technology expert, and entrepreneur.
Reinhardt has previously established dozens of firms but the PLC Ultima project is the most remarkable because it presents a transition model.
First, its objective is to provide individuals worldwide with a borderless financial toolbox to improve their quality of life. PLC Ultima is a blockchain-based ecosystem that hosts a wide range of services for mass use, such as a classifieds marketplace, a crypto-friendly debit card with outstandingly high daily limits, a crowdfunding platform with smart contracts, etc.
Furthermore, PLCU, the primary ecosystem’s coin, serves as a tool when sending transactions, while PLCUX, another ecosystem’s coin, is focused on generating new coins via the Ultima Farm smartphone app. PLCU offers users full ownership of their coins. Therefore, they can freely produce, spend, transfer, store, or inherit their coins, performing operations quickly, cheaply, and safely.
The PLCU blockchain is home to many fintech businesses, smart contract-enabled crowdfunding platforms, and e-commerce stores where all products and services are buyable via cryptocurrencies. The PlatinDeal marketplace helps new merchants and brand creators scale and quickly enter new geographies.
Notably, PLCU is helping the creation of a genuine crypto realm by operating in compliance with international KYC requirements and other international regulations.
Conclusion
As illustrated above, PLC Ultima is a perfect spearhead for the Web3 revolution. Many of us have become engrossed in the centralized system without being aware of the better-suited replacement fast approaching. Therefore, we must understand the world’s problems, propose solutions, and then manifest those solutions.
For more information on PLC Ultima, please check out their official website.
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- Source: https://coinedition.com/amid-a-global-crisis-a-financial-revolution-beckons/
