Grassroots adoption of crypto in Australia, powered by Qoin
by Cult Today Crypto Urban Libertarian ThoughtWith all the positives stacked in its favour, the numbers
are staggering just in three months. As one merchant puts it, “it’s almost like
a viral currency” in Australia. Qoin
makes transactions easier for SME businesses. It increases their liquidity and
offers them an opportunity to convert their idle time and spare resources to
digital assets. With an easily downloadable decentralised wallet from App Store
or Google Play Store, business owners can sign up and get 1000 free Qoins into their wallets. The
merchant has to set up a business listing to receive the credit of 1000 Qoins.
They would also need an Australian Business Number to be part of the Qoin
Merchant system. Signed up merchants will be allowed to gift Qoins to their
favourite customers eventually. Details of this are not announced yet.
Australian-based crypto currency Qoin initiated by
Bartercard International is being adopted by 100s of merchants across the
country in what can be classified as the fastest ever adoption spree of any
crypto currency anywhere in the world. It’s taken over ten years for Bitcoin to
see the levels of adoption we see now in mainstream. But for Qoin, in less than
3 months, the project has seen merchants flocking to its currency. From cafes
to grocery stores to hotels and restaurants, you can now spend Qoin at several
outlets in Australia.
Qoin makes blockchain more interesting when it comes to user
adoption. The architects of Qoin have planned mass adoption as a starting
point. The team behind Qoin has had 28 years of experience in Australia
implementing systems for merchants to transact with each other using digital
currencies. With blockchain tech available, it was just the next logical step
for BCI. They’ve simplified the blockchain jargon for the everyday merchant and
customer and the adoption has been as smooth as it can be. You even have a
phone number to reach out for tech support and customer service. For most
crypto users who are only familiar with getting help from friends on Telegram
and Discord, this is an absolutely new concept. In a nut shell, Qoin offers a
mix of the old school customer support with new fin tech infrastructure.
Bitcoin and other leading crypto currencies are easily
transactable in several parts of the world these days. All a customer needs to
do is sign up with Crypto.com or Wirex, transfer your crypto assets to a
spending wallet and you are ready to spend using a Visa or Mastercard issued by
Crypto.com or Wirex. It’s not difficult anymore to do your grocery shopping
with crypto assets.
What blockchain is Qoin on?
Qoin is built on a platform that was designed by JP Morgan
Chase & Co, in partnership with Microsoft.
Qoin runs on Quorum platform and Byzantine Fault Tolerant (BFT)
consensus protocol. Based on Ethereum, Quorum is an open source blockchain
platform that combines the “innovation of the Eth community with enhancements
to support enterprise needs”.
So how did Qoin reach this level of adoption in three months?
Qoin has an army of supporters on the ground signing up
merchants to accept its native currency. Started in October 2019, Qoin has over
30 agents across Australia, introducing the idea of blockchain and crypto
currencies to merchants. The features and positives are quite evident to
merchants. The biggest plus factor is Qoin has taken regulatory approvals to
roll out its currency and that’s reassuring for many small businesses.
How is Qoin minted?
A fixed amount of Qoins equivalent to $7,500 per merchant is
minted to “fund the sales initiative, attract new sign ups, incentivise and
onboard new merchants and their customers, as well as maintain the technology
and node network. This fixed amount will be reviewed annually by the Reserve to
“consider inflationary and global economic changes”. “The maximum Qoins that
can ever be minted by the Reserve is capped at 10 Billion in order to create
$1.0 Trillion merchant ecosystem.” Qoin Reserve has issued 200 Million Qoins
into its current supply for now.
Who is behind Qoin?
Qoin is operated by Bartercard International. Bartercard International has 21,000 business
members and 40,000 cardholders in Australia, New Zealand, United Kingdom and
Thailand. Bartercard’s “Trade Dollars” have been around for over 28 years and
is pegged to the local currency. “Trade Dollars” are widely accepted in
Australia among merchants although it largely stayed as a business to business
operation. Its members have traded over $10 Billion on its trading platform.
Although Bartercard and its operations were centralised, this is an attempt by
BCI to decentralise community’s commercial activities. The most attractive
feature of Qoin is that there are no sign up fees or annual fees like how some
trade cards have. Blockchain has made transacting cheaper and more efficient
for traders.
Can Qoin be traded?
In its roadmap, Qoin Association is scheduled to launch an
exchange in 2020. A merchant or trader will be able to purchase and sell Qoins
on the exchange once the in-house exchange is launched. Currently, if anyone
wishes to purchase Qoins, they will have to approach an agent or the Qoin
office directly. Qoin has not had an ICO, but it has made Qoins available at a
bonus for early adopters who wish to purchase them directly from the reserve.
The current bonus will end on 29th February and new bonus will be rolled out
from 1st March.
Governance of Qoin.
As the governing entity, the Qoin Association, has been
established in Australia to govern the Qoin blockchain, the Qoin Reserve and to
coordinate the validator nodes. The Association is governed by the Qoin
Association Council. The Association is necessary to initially establish
guidance in terms of which specifications or protocols to adopt and develop.
Qoin blockchain will be governed by the Qoin Association
which is based in Australia. As per the White Paper, Qoin Association will
coordinate validator nodes to run a “Permissioned Distributed Blockchain”. It
will also manage the Qoin Reserve. The Association will coordinate and appoint
independent validator nodes to secure the blockchain. Similar to Facebook’s
Libra that intend to have major corporates to run nodes to secure their
blockchain, Qoin Association probably is eyeing to align with established
corporate organisations to run its nodes. The whitepaper adds: “Unlike other
blockchains that allow anybody, including bad actors, to operate validator nodes
on their systems.”
When is Qoin being rolled out to the rest of the world?
The Qoin Association Council has worked around a regulatory
environment relating to cryptocurrencies, blockchains and exchanges in Australia. Qoin intends to
roll out its wallets and the currency to other markets later this year. The
Association wants to follow all regulatory protocols in establishing its
ecosystem inside and outside Australia. in Australia, the council has engaged
with ASIC, the regulator in Australia. The Australian Qoin Wallet is a
regulated non cash payments product approved as Authorised Representative
number 1279598 of Australian Financial Services Licence (AFSL) number 494176.
Qoin promises to engage with regulators and law firms anywhere they establish
its presence. Qoin is scheduled to be rolled out outside Australia from May 2020. Outside
Australia, Qoin will first be launched in New Zealand, followed by the UK,
Europe and North America in December 20.Qoin is priced at AUD 0.15.
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Created on Jun 9th 2021 02:39. Viewed 287 times.