Crypto is moving towards mass adoption out of necessity to rebuild the global financial system and create a more efficient cross-border payment system, according to BitBoy Crypto. The legacy form of the payment system is outdated and SWIFT is pushing for blockchain’s implementation. Algorand, a proof-of-stake layer 1 blockchain created by Silvio Micali, is one of the best coins compliant with the future of cross-border payment systems, and BitBoy Crypto believes it has the potential to be a top 10 cryptocurrency. Algorand’s pure proof-of-stake network has a negligible energy consumption, zero carbon footprint, and requires a minimum stake of one ALGO to participate in consensus.
The Necessity of Crypto’s Mass Adoption
The adoption of cryptocurrency is not just a matter of convenience; it’s a requirement. It’s an innovation that will change the way the world conducts transactions across oceans. The mass adoption of cryptocurrency will be cemented by its utility, and the coins that are ISO 20022-compliant will build blocks that will restructure the global financial system.
The Future of Cross-Border Payment Systems
The cross-border payment system is outdated, inefficient, and in need of a complete makeover. SWIFT, in charge of how many countries financially communicate, sees crypto as a much more optimal way to carry out these transactions. ISO 20022 backed by SWIFT is the future of the cross-border payment system. Cross-border payments will all be verified on the Blockchain in the not-too-distant future.
The Utility of Algorand in Cross-Border Payments
Algorand is a proof-of-stake layer 1 blockchain that was created by Silvio Micali, one of the most creative financial minds in the entire world today. With negligible energy consumption and a carbon footprint equivalent to seven houses, their partnership with ClimateTrade uses a smart contract that takes a piece of each transaction fee and purchases verified carbon credits. Unlike other protocols, anyone who wants to participate in consensus and be a validator can do just that with a minimum stake required to be a validator on Algorand is one ALGO.
The Brilliance of Silvio Micali
Silvio Micali is a brilliant mind with accolades that range from winning the Turing Award to the Gödel Prize and the RSA Prize for computer science, theoretical computer science, and cryptography. In his interview with Lex Fridman, he explains his thoughts on achieving security through randomization.
In conclusion, the mass adoption of cryptocurrency is a requirement for the cross-border payment system, which is outdated, inefficient, and in need of a complete makeover. Algorand, a pure proof-of-stake network dedicated to consuming low power with a zero carbon footprint, can lead the way in solving the blockchain trilemma. The future of finance needs more innovation, and Algorand has the potential to deliver it.