At first, let’s determine which cryptonomics problems is actually the biggest. To my mind, it’s that cryptocurrencies are now used for investment mostly. You buy BTC or ETH to sell it someday and get bigger amount of fiat money, nothing more. But why exactly do their prices rise? They rise because investors expect that someday cryptocurrencies will become means of payment. But they’re actually far far away from everyday use.
There’s no point in selling, say, new iPhones for bitcoins. iPhone’s manufacturers, distributors and advertisers get their payment in fiat money. All necessary taxes, included in iPhone’s price, are paid in fiat money. So if you try to buy iPhone for bitcoins, you’ll just pay some additional satoshi to the service that helps you with the transaction to the retailer. And that’s all: no savings, no convenience, no anonymity.
Cryptocurrencies aren’t designed for the traditional retail and traditional economy. If you want all benefits of the blockchain in it, you should tokenize every stage of goods and services production and sales. That’s theoretically possible, but hardly realizable during the nearest decade.
But when you speak about peer-to-peer economy, blockchain revolution can happen tomorrow. If you’re a private owner of some asset and use WONO for rental deal with your customer, you don’t have to pay huge middleman commissions and taxes, so you can offer much better prices than offchain. You can really save customer’s money.
Savings — that’s what can push people to switch from fiat to crypto. Savings, not some abstract idea of the “future generation payment method”.
We strongly believe that someday cryptocurrencies will displace fiat money and most of the deals deals will be made using smart contracts. But the very first segment to be fully tokenized is peer-to-peer economy. And that’s going to happen in the next 3–5 years.
WONO is the platform where P2P blockchain revolution will take place. Our environment is designed for earning and spending which makes our concept unique. More details are available at wono.io and our next article will be dedicated to fiat-free life. Is it even possible? Spoiler: yes, it is.
Andrei Chepelev, COO at WONO