Why We Started NeuronChain

Pradeep Atmaram
Articles
 — Oct 23, 2018
min. read


The birth of Bitcoin and blockchain can be regarded as the most important advancement to the concept of value exchange in the 21st century. The year was 2009 and the world had just experienced severe economic downturn in the form of a massive global financial crisis and it was then, Satoshi Nakomoto published the first Bitcoin specification and proof of concept. The post detailed a consensus network that enabled a new form of digital money and a complete payments system.

The setting was perfect:

A decentralized peer-to-peer payment network, powered by its users and free from any central authority or middlemen.The period leading up to the creation of Bitcoin had seen the world immersed in a severe economic downturn as 2007 and 2008 experienced a global financial crisis.

Years of irresponsible lending, excessive risk-taking, and the administration of irresponsible policies by some of the world’s leading financiers severely affected the entire world economy. This mismanagement led to the subprime mortgage market crash in the USA, and the subsequent  worldwide banking crisis that saw the collapse of heavyweight financial institution, Lehmann Brothers in September 2008, and the European debt crisis, which resulted in the devaluation of the Euro, and a global recession.

Despite this clear mismanagement, the big banks were ‘rewarded’ with massive bail-outs and global fiscal policies were modeled in order to support the large financial institutions and the prevailing system. This period highlighted that the financial systems employed by banking and financial executives are fundamentally flawed and the Bitcoin protocol emerged right on time and introduced the world to an alternative way of conducting financial transactions free from centralized mechanisms of control. It was designed to be the solution for the billions of unbanked and under-banked populace. It was viewed as the emergence of a new form of economic freedom.

NeuronChain was developed in order to build upon this foundation, and improve the current landscape for people around the world.

The Situation Today

Satoshi Nakamoto outlined a decentralized peer-to-peer payment network, and after gaining  a critical mass of early adopters, Bitcoin grew successfully in scope and popularity. However, a variety of factors have resulted in Bitcoin struggling to adapt to the needs of an ever changing global economy. In addition, the currency has begun to move out of the reach of everyday people around the globe, and NeuronChain was created to act as a facilitator that helps the world community to regain control of their finances.

image text: NeuronChain was created to act as a facilitator that helps the world community to regain control of their finances

Over the past 12 months, a surge in interest in cryptocurrencies led to a large amount of volatility in digital currency prices, and a mixture of events have combined to make Bitcoin a highly demanded payment option across the world. In Zimbabwe, demand for BTC surged as the result of a serious shortage in hard currency, and as government officials attempted to adopt the U.S. Dollar and South African Rand, Bitcoin began trading at around $2000 above the world market price in the country, placing BTC out of the reach of the vast majority of the population.

Similar economic difficulties have also been experienced in countries such as Venezuela, Iran and Nigeria where efficient, low cost options are in dire need. Last year also saw Bitcoin begin trading in excess of $10,000 in South Korea long before the majority of other markets as Korean consumers were forced to pay a premium as they were limited to making BTC purchases through a small number of domestic channels.

Why We Created our Platform

As it is clearly evident, there are still fundamental flaws in the global economic system, and we at NeuronChain passionately believe in any individual’s right to express themselves financially and transact in any way they see fit. We believe that people do not need an authority body to tell them how to use their capital. They should be able to transfer money from anywhere in the world to any place in the world, without a third party interference. We believe that the full control of your finances must be with one person: You.

image text: We believe that the full control of your finances must be with one person, You.

We have developed our blockchain infrastructure in order to herald a return to the core values of decentralization and global financial empowerment that were outlined in 2009. We seek to address the the key points of failure that currently plague both centralized and decentralized payments systems, and provide viable alternatives for both individuals and organizations trying to liberate themselves from the world of traditional finance.

Our platform directly addresses a number of key players in the financial ecosystem such as:

1. The Banked

Individuals in more developed nations are still dependent on centralized systems which results in high fees, a lack of control over funds, and serious privacy concerns with the threat of data breaches a constant reality.

2. The Unbanked

The inhabitants of economically inefficient nations are often left without any reliable methods of finance and also pay high fees for banking services and remittance payments charged by companies such as Western Union. They are also subject to unreasonable governmental restrictions and fiscal policies and face issues such as hyperinflation and currency devaluation.

3. Commercial Entities

Businesses are also forced to rely on centralized systems, and as a result also face high fees and a lack of control with regards to operation. In addition, companies dealing with Visa and MasterCard have suffered losses due to outages, while “undesirable” businesses face the threat of being dropped by companies such as Stripe.

Serving the cryptocurrency community

Apart from these advantages, we also strive to serve the cryptocurrency community that, despite growing in number, continues to be marginalized by the traditional banking system. This can be seen as banks and credit card providers tighten the screw on cryptocurrency users by withdrawing their services and refusing to process any transactions linked to cryptocurrencies.

So far this year, Bank of America, Citigroup, and JP Morgan Chase have all confirmed that they will ban the practice of using their credit cards to buy Bitcoin or use cryptocurrency exchanges. Furthermore, both Capital One Financial Corp. and Discover Financial Services have also moved to end support for any cryptocurrency transactions made via their credit cards.

In addition, the blockchain economy is still viewed with suspicion by regulators and there are continuing plans to impose a number of strict and restrictive regulations that could significantly hinder the industry. Regulators in countries such as India, China, and Iran have restricted access to various aspects of the sector including exchanges, cryptocurrency dealers, and crypto trading activity. While the authorities of countries such as Russia, the UK, and the US continue to promise further legislation. Within this current climate, further state crack-downs are an inevitability.

What do we aim to achieve?

In order to help create a world of inclusive, liberated financial markets, we developed our mission to combine advanced blockchain technologies with the daily operations of the crypto world in a way that produces real world solutions and supports a new economic sector. Our network allows all users to transact freely, and conduct a variety of financial activities at both a high speed and low cost, with the only technological requirements being a smart device and an internet connection.

Text image: Our network allows all users to transact freely, and conduct a variety of financial activities at both a high speed and low cost

As a result, we believe that NeuronChain represents arguably the most comprehensive, decentralized, peer to peer payments system in the sector to date, and keeps the ethos of truly decentralized, globally accessible money alive.

However, rather than simply state these claims, we also decided to solidify our position by developing our blockchain platform prior to our launch, in order to ensure that we would be able to serve the greater community in real time. As a result, aspects of our network such as our peer to peer exchange – NeuronEx, agent network, and native Neuron currency which will be deployed immediately after launch. In addition, our Decentralized Processing (DP) which supports our dPay and dCard facilities will also be ready for deployment at the time of our launch.

NeuronChain is born out of a decentralized ethos and our entire infrastructure stays true to the idea, our objective is to provide viable solutions by merging “virtual” cryptocurrencies  with regulated fiat and the real world economy. We also intend to stay ahead of the curve by offering a fully decentralized, comprehensive, innovative and integrated global payments system which works more efficiently than the services offered by the centralized systems offered by banks and credit card providers, as well as those offered by many of today’s blockchain projects.

Our platform is the technological representation of our vision of a world of empowered individuals and organisations able to break free from the prevailing fragile, inefficient, and costly centralized financial system. In order to facilitate ubiquitous individual economic freedom and inclusive financial markets, we present our offering of a new and secure financial ecosystem that operates independently from regulators and is both user-friendly and accessible to financial entities, payment systems, agents, and everyday people, regardless of status or geographic location.

How do we aim to achieve this?

How we aim to achieve this is a perfect blend of technology and real world applications of these technologies. NeuronChain is an open-source, scalable decentralized P2P financial network operating on the Mainnet. It marries the traditional, regulatory compliant world of fiat and the unregulated world of cryptocurrencies.

Related Articles