Dear fellow Mecanians,
We are thrilled to announce that we are almost reaching the verge of public debut after years of research and development. In this article, we would like to share with you all story of our journey, vision, and philosophy.
We, Coinmeca, was founded under the slogan “Change your finance”. Despite the on-going evolution of legacy systems, including yet not limited to electronics, commerce, education, transportation, and internet technology, the realm of finance has not met much progression.
Over the course of civilization, the form and function of currency has served the purpose of “storehold of value” and “medium of exchange”. From ancient barter to the modern remittance system, there lies the fundamental friction between parties in transactions as a result of the presence in intermediaries.
Although legacy finance has scaled it’s way through implementation of portability which can be found in the nature of credit cards and mobile payments, there still presents the bottleneck issues associated with centralized custodial processes.
As the majority of current banks are operated via centralized databases, we are still not free from “third-party trust” systems. Despite the long-standing reliability, there is growing awareness that there needs to be a frictionless and trustless way of financing.
With advent of Bitcoin powered by distributed ledger technology in 2009 till presence, the concept of “decentralization” has quickly taken its place coupled with an influx of users, holders, and speculators. As varying degrees of participants entered the market, the market has gone through multiple cycles and thus created a unique ecosystem with market capitalization over $1T. We experienced new trend time to time from rise of layer-2 solution to Defi and NFT, however, we have yet seen mass implementation.
This is the arena where we saw the value; bridging fiat to cryptocurrencies.
We felt as if the current cryptocurrency market is an echo chamber where the market is repetitively resonated with common voices. The potential of the cryptocurrency market is substantial, but it needs more constant influx of new participants in order to reinvigorate and to unleash the competence it intrinsically has.
We believe that the real use-case of cryptocurrencies is in payment.
It is inevitable that speculative activities are common interests in any given nascent markets. Although, there’s quite shortcomings such as risks in volatility and impermanent loss, such activities drive the market and form collective sentiments.
We are here to unleash the full potential of cryptocurrencies.
We envision the world where buying a single cup of coffee can be seamlessly processed via use of cryptocurrencies. Although there have been experimental cases to implement cryptocurrencies in daily transactions, it’s proved to be futile due to frictions associated with network congestion when bridging fiat to cryptocurrencies.
By researching & analyzing past trials and failures, we realized that radical shifts can impede mass population from adopting novel forms of technology. Thus, our approach will take place in gradual manner as if constant dropping wears away a stone.
We will initially act as a “converter” between cryptocurrency to fiat and vice versa. As we need a “translator” to translate foreign languages, there needs to be service where currency conversion can be done. This will be the first stepping stone of onboarding millions of fiat currency users to the cryptocurrency ecosystem. The road to millions and billions are not made by sophisticated technology but by convenience and accessibility.
Next bottleneck issue associated with cryptocurrencies is in lack of usability. How many times have users experienced the utilization of what utility or security tokens have proposed to offer? It’s safe to say that it’s minimal to non-existent. Not to mention there are some developments at work that genuinely bring in meaningful improvements to the ecosystem, but the majority of projects tend to not deliver their products in spite of their willingness.
This is what speculative activities come at expenses.
As most of cryptocurrency users tend to have speculative mindsets and more projects are launching in hopes of successful fundraising, it is inevitable that it’s hard for projects to sustain as holders will quickly jump on another bandwagon if proven incompetent. It thus creates vicious cycle where capital is kept circulating in echo chamber.
We believe that such phenomena can be scaled through our services.
There needs to be more space where cryptocurrency users receive the utilities of coins/tokens they hold. In real life, it’s hardly impossible to find local shops that accept cryptocurrencies as a medium of payment channel. We are here to scale this.
By establishing merchant alliances starting locally, we will reach more cryptocurrency users step by step. With our “currency converter” channel, both consumers and merchants will be able to choose the type of currency they want as a form of transactional value. Have you ever felt frustrated when your credit card doesn’t process when in foreign countries? We are here to help mitigate such issues.
We deeply believe that cryptocurrency users must have accessibility and applicability of their own assets in real world situations not limited to the speculative activities in digital space. The ownership of coins/tokens must be applicable in real-world transactions, and we are here to better scale and serve users. We are here to stay and we hope that we get to reach to you along the journey of mass adoption.