With Open Finance, Money will Never be the Same Again
When the world’s first successful cryptocurrency Bitcoin peaked popularity and demonstrated some serious potential, financial institutions, venture capitalists, and governments were left in awe. However, the true power of blockchain technology that was also the foundation of Bitcoin was identified when Ethereum rose to the surface and introduced us to the concept of smart contracts.
With smart contracts, a new era that was replete with new financial products began. The idea of “money legos” quickly grabbed the attention of forward-thinking entrepreneurs and we saw an increased focus on the creation of new financial products and services that could be integrated with one another and used in various combinations to create in-principle, countless products and services.
Today, we have entered into the age of open finance where smart contracts and decentralized apps are readily built and deployed by innovative companies around the world with technologies like blockchain 5.0 and distributed ledger technology. For instance, there are Fintech platforms that leverage the plumbing of the open financial system to automatically set an interest rate that’s determined by the users rather than a small group of bankers (the way it’s seen in traditional banking systems). The earned interest can also be disbursed in real-time (which seconds!).
Another revolutionary application of open finance can be for salaried professionals. The existing payroll systems follow a monthly salary principle in which the employees are paid at the beginning of each new month. It’s essentially similar to loaning time to a company at zero interest and then settling the debt with a paycheck every month. Since a lot of time passes between each paycheck, the employees often have to take short-term loans or payday loans. This problem can be solved with a decentralized app that can release the salary on a daily basis.
Relictum Pro is one of the pioneers of blockchain 5.0 and it looks to pave the path of a new financial system in which all parameters of human life can be tokenized and organized under one platform that uses decentralized ledger technology. It’s offering the most advanced blockchain platform that offers a transaction rate of 1,000,000 transactions per second and a node-filling speed of 0.5 to 1 second. It has its own node interaction (between themselves) principle and a laboratory for all smart contracts. If you want to be a part of this revolution, then you can look forward to Relictum ICO and invest in Relict Coin. You can be an early investor in what’s going to the financial backbone of the future.
