A new project is building an ecosystem for cryptocurrency payments to eliminate bottlenecks which are stopping the world from enjoying a “second cryptoeconomic boom.”
Korona argues that current Blockchain payment systems are geared towards investors – and the likes of Bitcoin[1] and Ethereum are not technologically suited to keeping up with the daily demands of consumers and businesses.
The company says “Lightning Network technology” will bring the processing times of crypto transactions in line with fiat payments while keeping costs down. Meanwhile, a “bias-free, decentralized marketplace” is set to benefit merchants and their customers – fueled by a token which has been dubbed “Hungary’s national cryptocurrency.”
According to Korona, its ecosystem heralds the start of “Crypto Economy 2.0,” ending a current impasse where the public and the business community are uninformed about Blockchain’s advantages[2].
Making crypto mean business
In its white paper,[3] the company says eCommerce sales and the capitalization of the crypto economy are both reaching record highs with every passing year, but progress is being stymied because the two are “barely connected.”
Korona hopes to build a “necessary link” between eCommerce stores and crypto payments by offering a digital payment platform that can be easily integrated into existing systems used by online retailers.
It claims that a “significant percentage” of small and medium-sized businesses are yet to embrace eCommerce at all because they lack knowhow and fear the technology’s costs will prove prohibitive. Korona plans to provide such retailers with a “modern, freely accessible and usable web store platform frame” to help get their online offering off the ground, along with the IT support they need. This service would be provided for free on the proviso that they accept Korona tokens as
