Sending money cross-border ought to be easy. After all, digital assets aren’t subject to the sort of physical checks, searches, and interrogations that are commensurate with physically crossing borders. Digital assets can be debited from an account in one country and credited to an account in another, even in a different native currency, in the blink of an eye. But it’s not that simple. If it was, there wouldn’t be teams cloistered in offices around the world trying to solve the many problems besetting extant cross-border payment systems.
While some of the challenges that must be conquered to solve this problem are purely technical, many more are regulatory. It’s not enough to be able to transfer an asset from one party to another, converting it into a native currency along the way: the process needs to be completed in a manner that satisfies financial regulators in both territories, and to the satisfaction of both parties. Cross-border payments need to be fast, they need to be efficient, with low fees as standard, and they need to be final. The finality of the transaction – the surety that it will reach its intended recipient without being delayed, frozen, or returned – is crucial.
Facilitating “borderless” payments – payments so seamless that the experience is akin to making a domestic payment is the ultimate goal, but getting there calls for an elegant solution that improves upon existing protocols.
How NeuronChain Helps Banish Borders
Cryptocurrencies such as bitcoin already make it possible to send payments to anyone, anywhere in the world. But cryptocurrency on its own is not enough to satisfy regulatory requirements, especially for enterprises seeking to send money internationally. NeuronChain is a new P2P and B2B system that facilitates borderless payments in a fully compliant manner. In doing so, it combines the benefits of cryptocurrency within a framework that enables each party to fulfil their legal obligations.
As it stands, there is no truly decentralized global payment system that enables participants to set the rules and then start trading instantly. The value of such a solution – one that works as advertised, every time and without hiccups – is huge. As a multi-trillion dollar industry, the global payments system is instrumental in orchestrating trade from peer to peer, business to business, and currency to currency. Right now, it’s plagued by inefficiencies, which are costing participants time and money. There’s a clear need for a more cost-effective and streamlined system that can satisfy the needs of all stakeholders. NeuronChain aims to be that system.
The Ingredients in a Borderless Business Payment System
The first thing that’s needed for a global payment system to work is trust. All participants need to have complete faith in the integrity of the system, both in its ability to operate without interruption, and in the security of the funds that pass through it. A centralized payment system, under the control of an organization affiliated with a particular territory, is not conducive to global trade. For all participants to have confidence in the system, they need to see demonstrable proof that it is not under the control of any one entity, or subject to the whims of a particular government or regulatory agency.
It’s here that a fully decentralized blockchain demonstrates its worth, enabling enterprises to trade in a trustless setting with complete faith that everything will work as expected. The Bitcoin blockchain has had more uptime than Visa, having been operating uninterrupted for over nine years. Provided a blockchain is sufficiently decentralized and has a consensus algorithm that can consistently reach consensus (which is harder than it sounds), it should be suitable for global trade. But that’s only a part of it.
The second thing that’s needed for a global payment system to work is speed. It’s not enough for a blockchain to be blindingly fast; it needs to do all that while handling thousands or even millions of transactions a second. If it can’t achieve high speeds, what hope does it have of one day becoming the world’s go-to global payment system, or a dominant one at the very least? These problems, and more, must be solved to facilitate borderless business.
How NeuronChain Makes Borderless Business Possible
As a fully decentralized blockchain, NeuronChain solves the problem of trust. It is not the only blockchain to achieve that, it’s true, but NeuronChain’s properties don’t end there. In addition to being fully decentralized , NeuronChain does not incur the sort of compromises in performance that decentralization normally entails. This is achieved by utilizing a new, hybrid protocol that combines the best features of existing consensus mechanisms and then enhances them.
NeuronChain is controlled by a Delegated Proof of Importance mechanism used in tandem with Transactions as Proof of Stake. In combining these two systems, the NeuronChain team has been able to consistently attain consensus at ultra-fast speeds. The network has launch with a native transaction speed of 100,000 tps and the ability to scale to process millions of transactions per second with the aid of state channels. Straight out the gate, that gives NeuronChain a huge advantage over existing blockchains in the speed stakes.
By comparison, EOS can handle 9,000 tps, Ripple 1,500, and Ethereum just 15.
The NeuronChain blockchain empowers anyone, banked or unbanked, to transfer value globally in the currency of their choosing quickly, easily, and at low cost. NeuronChain serves as the bridge that brings counterparties together, without the need to rely on intermediaries. Any fiat currency can be converted into the NeuronChain blockchain’s native token, transferred to its recipient, and converted into their local currency. The fiat currency of each party never leaves their national borders, ensuring that all relevant financial regulations are met.
NeuronChain does all the hard work, transferring a wide range of digital assets from A to B – and to every other letter that comes after – with no fuss and virtually no fees. That’s pretty special. So special, in fact, that NeuronChain is currently unmatched when it comes to a combination of speed, throughput, and cost.
And the best part?
Enabling borderless business is only the beginning. NeuronChain will ultimately expand to form a complete financial ecosystem incorporating everything from a multi-currency wallet, a p2p exchange, a decentralized payment system to a plastic debit card. Wherever, whenever, and with whoever, NeuronChain makes global trade easy and accessible to all.