Visa starts using Blockchain
We have all heard about Visa, we all have cards from this company. And even against the backdrop of a general crisis, the company finds the strength to develop, exploring new markets. Based on the information received from one well-known publisher, Visa payment corporation filed an interesting patent. The company acquired the rights to create a digital fiat platform, which will allow to transfer transactions to a completely new field. Central banks will begin to master the Blockchain, since it is planned to create a new stablecoin in the near future. Today we will tell everything that is known about this development at the moment. So let’s get started.
What exactly does Visa declare?
Surprisingly, such a serious market player working with fiat currencies openly declares the benefits of cryptocurrency. According to Visa, crypto is definitely faster and safer than classic currency units. That is why the company intends to adopt the experience of popular coins and create its own cryptocurrency. Of course, so far the company cannot afford to issue a fully independent digital asset. The development of such a tool involves dozens of risks, which is why at the moment Visa plans to limit itself to creating stablecoin. A coin tied to the dollar exchange rate will be able to combine all the advantages of Bitcoin, but at the same time not be inferior to fiat currencies in terms of stability and reliability. Thus, we get a tool that will suit everyone.
Asset control will be carried out by individual employees, so decentralization can not be expected. Visa plans to provide for the possibility of bringing its asset to the state level, which implies a serious restriction on the anonymity of users. The structures that control the coins will pursue a monetary policy by regulating the issue. Also on the shoulders of managers lies the removal of excess currency, which, one way or another, but accumulates in the system.
The technical side of the project
Having studied the relevant documentation, you can make sure that part of the project will be built on Ethereum. The company cannot deny the financial and technical success of ETH. Visa is going to borrow individual tools from this platform, but which ones are still unknown. Most likely, we are talking about smart contracts and the possibility of creating your own applications that simplify the use of the main token. Imagine that you can create utilities that get support from a financial giant like Visa. This is a great prospect for young developers who are looking for sponsors for future projects. It is likely that some countries will be inspired by the example of Visa and either independently produce a similar platform, or buy the right to use a ready-made tool. In any case, such a project will not go unnoticed.
When will Visa launch its own platform?
Due to the difficult global situation, it is not worth expecting the start of the project in the near future. Understand that developing your own cryptocurrency, allocating a budget, conducting tests and finding business partners takes time. That is why there are no specific dates, but, according to the most conservative estimates, development can take up to 2 years. And this is a relatively short period, after which we will receive a fundamentally new monetary asset. It remains only to wait. Follow all the news of the crypto industry with us, we publish only high-quality and interesting material. Thank you for your attention, good luck and success!
