We’ve talked about how there are inefficiencies in the current system which have created an opportunity for Etherecash, but we haven’t explained how Etherecash is going to sustain itself. The crux of it is that Etherecash can operate more efficiently than the institutions currently in place because of the smart contract technology it employs.
In order to sustain this platform, Etherecash needs to charge a small service fee on the transactions that occur on its platform. These fees are charged in Etherecash and are reinvested into the platform in order to strengthen it and build out a higher-quality experience.
The use of smart contracts requires a small “gas fee” that would be included in the service fee charged by Etherecash, so the fees are transparent and fair.
A higher-quality experience is created in a few ways, but the top priority in the beginning is strengthening the security measures and making sure everything is legally secured. The end goal is to create a safe environment for all borrowers and lenders, so they are more willing to put money into the system. This is the best way to foment expansion and move Etherecash towards its goal of mass adoption.
The Etherecash token is the key to the infrastructure that will support Etherecash. The token is what is charged in every transaction, and as the use of the platform increases, the need for the token will increase. As a general rule, the more the token is transacted, the higher the demand for the token, and the more the value of the token will increase. Another way demand is expected to increase is by having the “send” aspect of Etherecash exclusively run with the Etherecash token. The “spend” aspect on the debit card will also enable users to have another use for the token. As you can see, the end goal is to have the token being employed in all three of the major use cases (lend, send, and spend) which will increase the value of the token and encourage more users to enter the Etherecash ecosystem. The target audience for Etherecash includes nearly everyone, but the core audience are individuals, the unbanked, and entrepreneurs. For various reasons, these are the groups which will derive the most benefit from Etherecash in the beginning, with SME’s, companies, and other projects being incentivized to join later on. The main reason the first group would be early adopters is because of the riskier stances they are permitted to take. This allows them to take advantage of the use cases for Etherecash, since it is unlikely they would be able to lend through traditional outlets. Loans come in a variety of purposes, and Etherecash is predicted to be a provider of loans for everything from cars and tuition, to business and project related needs. This level of variety provides a diversity in the system which creates numerous opportunities for all involved. As previously emphasized, the goal is to grow the platform as fast as possible, and this is the clearest way to do it.
In the quest to build a bigger platform, Etherecash has worked to market itself by educating people about blockchain, cryptocurrencies, and smart contracts. The biggest perceived risk by the public is that they do not currently understand the technology behind Etherecash and that makes it a less desirable investment of time and funds.
Not only do these users need to be educated about the utility of Etherecash, but they need to know how much inefficiency and instability is currently present in the system we all depend upon. The credit crunch of 2008 showed us the system wasn’t perfect, but over a longer period of time it has become clear that a better way of building a system was required. We can’t keep trusting a centralized group to make the right decision for everyone; not when there is so much at risk. Someone has to pay those bankers’ salaries, but there are no bankers’ salaries to be paid on the Etherecash platform.
The final step in the process of educating users on the shortcomings of the current system, blockchain’s potential uses, and the advantages of Etherecash is to run the Etherecash ICO so the platform can go into full-scale development in the future. This will result in the implementation of the highest security standards and the recruitment of the most capable analysts, which is a win for the system as a whole. Overall, by keeping innovation at the top of Etherecash’s priorities, growth can be accelerated over long periods of time, which will provide maximum long-term value. more info please visit https://www.etherecash.io/
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