Intercoin is a protocol that builds cryptocurrencies, which are centered around the local communities. It is trying to bring crypto to the next level. Intercoin is built on the idea of the true purpose of crypto, which should be used as programmable smart money. It should be used for everyday transactions. Now along with the mass adoption of blockchain, which is getting closer every day, the time is the right one for crypto to take one step ahead towards fulfilling that purpose.
The mainstream interest in crypto is at an all-time high. This year has finally seen the arrival of institutions in crypto investments. Bitcoin is now seen as a legitimate store with value and a hedge against inflation. Also, DeFi is giving people countless ways to put their wealth into work without any need of paying fees to centralize the bank.
However, as of now, crypto is still not as quiet as what one should refer to as the currency. Despite all the interest in crypto, it is either much difficult or quite impossible to use crypto to make everyday payments. Intercoin is aiming to change all this.
Intercoin is providing the ability to the communities around the world to create their currency as a form of service to circulate amidst the local population. At the moment, all cryptos are fundamentally global. The price of bitcoin has been fluctuating based on the money, which is being moved everywhere from Hong Kong to San Francisco. Due to this reason, it is now making a little sense for the usage of it as an everyday transaction in the local stores of the world.
Intercoin is allowing the community to distribute and control their currency. Along with Intercoin, a fiscal policy of a community can be particularly catered to the community. Local currencies are already existing. However, they are not much advanced. Intercoin is making it easier to create local currencies with more capabilities. These include micropayments, along with community fundraising. Intercoin currencies can have such a design that they can integrate with any of the apps associated with the locality.
Community coins that are built along with Intercoin tend to get backed with Intercoins, a.k.a., ITR. A person can easily cash out of their economy by doing trade with their community coins for Intercoin. Even community members can pay for the goods and services in their local currency. More the local currency gets adopted, the reason for cashing out becomes less.
Community coins are not supposed to be dependent on the consensus. These local coins are limited in their scale. It would be easier to launch a 51% of attack on them if they were. Intercoin is thus creating a new technology, which removes the potential hazard of double-spending, and, at the same time, permits the issuance of currencies on a small scale. It is one of the many things that Intercoin is making simple. It tends to facilitate an economy in the locality with much easy access.