What are the real-life applications of Cryptocurrencies? How will these affect my everyday life? These are some of the questions I have received on social media and gatherings over the past few weeks. In order to answer these questions, I will be creating a series where I will be discussing how certain projects aim to disrupt and revolutionize specific industries.

Payment Systems— Request Network (REQ)

The current financial payment system has a number of drawbacks. However, modern life has evolved in such a way that it’s impossible to not use them daily. Some of the most important issues with the current system include:

• Security of personal information — In order to use the current payment systems (PayPal, Western Union, etc.) we need to provide our personal information (name, address, credit card details, etc.). Over the years, a number of these financial institutions have suffered data breaches compromising personal information.
• Fees — Due to the centralized nature of our current financial payment system, companies can afford to get away with high fees. For example, PayPal charges the “seller” 2.9% plus $0.30 per sale (in the US) and Visa charges an “interchange fee” of anywhere between 1.43% and 2.4%. Both buyers and sellers are impacted by this, as products need to be priced higher to cover these fees.

Continue reading this post here.