Since the launch of Bitcoin, thousands of token projects have launched, all trying to replicate or improve on the idea. Despite this, no token has achieved mainstream status in typical brick and mortar stores or online merchants. This is even though there are crypto coin ATMs, hardware wallets, consumer marketing, and mainstream media buzz.
Major crypto coins today trade as a class of digital assets that have a highly speculative nature. Thus, most currencies trade with a high degree of volatility. This makes it hard to offer the stability needed for them to be used in offline and online stores. In essence, this has made popular crypto coins more like gold or collectible items rather than currency for daily commerce.
There have been attempts made by projects such as Tether to solve this issue. However, even Tether lacks enough benefits for consumers and businesses to make it into mass adoption. For instance, there is no ability to offer incentives for users to adopt in the context of commerce.
This failure can be attributed to various issues such as:
- Access to crypto is complicated since it requires non-trivial technical knowhow
- Huge transaction and exchange fees
- Prolonged and inconvenient processing times
- Price volatility or low to no potential for a price increase
- Limited adoption by merchants and consumers
Crypto to date, possess limited real-world functionality. As a result, the commercial value of the coins has been limited to a few niche use cases. This is in contrast to the growing mobile payments industry, which has continued to achieve significant growth and adoption.
It is especially so among the youth. They prefer digital mobile payment solutions such as PayPal, Apple Pay, UnionPay, Venmo, and Alipay to options like credit cards, debit cards, and cash. No matter which choice they pick, all of them require interaction with a financial intermediary. Thus, they do not have the benefits offered by the decentralized ledger technology.
The CafeCoin Solution
The CafeCoin Foundation envisions a system that will satisfy global demand for the mass market crypto addresses. This is the fundamental roadblock to the broad commercial adoption of crypto. It will achieve mass adoption in this manner:
Building Corporate Relationships
Beginning with the high margin retail coffee shops, it will offer incentives for the merchant and consumer adoption.
Leveraging Innovative Payments Infrastructure
With an infrastructure powered by the blockchain, it will be possible to achieve high volumes of near real-time transactions. All this will take place at a minimal fee in the marketplace.
Simplify Payment Processes
Besides making it easy for the average Joe to understand how to pay in crypto, this project will also work to improve liquidity.
Other solutions by this project will include offering a structure that addresses the issue of volatility. Besides that, they will allow merchants and consumers to interact with ease, utilize exchanges to trade, and convert CafeCoin.
CafeCoin ICO Details
Parameters Of The ICO
- Token Name: CAFECOIN
- Token Sale Date: July 1, 2018 – August 31, 2018
- Total Tokens: 100,000,000 TOKENS
- Hard Cap: $150M
- Soft Cap: $30M
- Accepted: BTC, ETH, LTC, RPL, XRM, XRP, TETHER
- Token Supply: 40.5M