The bitcoin market is continually expanding. With prominent fast food businesses contemplating the introduction of new tokens and currencies, the field is becoming more congested. This makes it difficult for prospective investors to decide which cryptocurrency is the best and most likely to flourish. The more possibilities there are, the more difficult it is to express them.
Particl, a new e-commerce blockchain firm, aims to level the playing field by adopting a “agnostic” approach to cryptocurrencies. Here’s how Particl intends to reach that aim, and what it may entail for the industry as a whole.
All Cryptocurrencies Supported
In principle, a cryptocurrency-agnostic platform like Particl has a rather simple premise: all digital currencies are supported, and the platform has no preference for one currency over another.
Particl’s platform, according to a report on Nasdaq.com, would enable customers to purchase using any cryptocurrency presently accessible, from popular alternatives like bitcoin and ethereum to brand-new currencies that have yet to make an impact on the sector. On the network market, users will be treated similarly regardless of the currency they pick. Particl will also develop its own native token, PART.
One of the platform’s distinguishing characteristics is the ability for users to utilize various currencies as components of different transactions. This is because all currencies are turned into native PART tokens before passing through the platform’s escrow mechanism. Once each contract is finished, sellers earn PART, which can then be exchanged into other cryptocurrencies.
There are several potential advantages to a cryptocurrency-agnostic platform like this. Users will no longer need to use several exchange platforms to conduct transactions for all of their varied assets. Because all transactions are translated into PART, the platform’s native token will undoubtedly play a significant part in the proceedings. Particl will not have to worry about its platform failing if a single coin fails.
However, there are some drawbacks to this technique as well. Particl may struggle with the various support systems for all of the currencies under its jurisdiction. Particl will need to fulfill a number of requirements in order to provide clients with privacy and dependability, all while not favoring one currency over another.
According to Nasdaq, the PART coin will aid in this process. Although consumers will not earn discounts when using PART, the token will bring various advantages to both the client and the exchange.
Customers will receive passive money based on network activity just by holding PART in their digital wallets, while stakers will earn income from market listing fees and transactions. Those that own PART will also be able to vote on marketplace offerings. (For further information, see The Rise of ‘Private’ Cryptocurrencies.)
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