Cryptocurrencies gaining momentum
When it comes to money and transacting value, the landscape has been undergoing a lot of changes recently. Cryptocurrency phenomena was a reality earlier but really started booming in the middle of last year. Even though the dominating use case for cryptocurrencies remains speculation, more and more retailers are starting to accept payments in crypto spearheaded by global giants such as Overstock, Shopify and even Microsoft.
One could argue about the pace of development but to deny the evolution of crypto-economy would be a blasphemy. Crypto exchanges are reporting inflows of new registrations to the point where they cannot handle incoming traffic and have to suspend new registrations to upgrade data systems. Even the major players — banks and hedge funds have started paying close attention to crypto and blockchain fundamentals. Goldman Sachs was recently featured in the news following their new hire, a crypto trader J. Schmidt who will be exploring setting up a cryptocurrency trading desk. If Goldman Sachs would carry on with the plan, they would be the first ones among the banks to do so.
Crypto awareness is growing every hour or at least it looks like it. New projects are entering the market, more people are starting to play and explore cryptocurrencies, and now even institutional investors are joining the crowd.
Thomas Frey, Senior Futurist at the DaVinci Institute predicts that cryptocurrencies will rise to take 25% of fiat money market share by 2030: „They’re just much more efficient, the way they run“. According to Frey, if prominent officials such as IMF’s Ch. Lagarde foresee a future įn which digital currencies could replace traditional government-backed ones, this notion should not be taken lightly.
Plenty of room for improvement
The decentralization and distributed ledger technology hype are hard to miss out on nowadays but the industry is not without shortcomings. Decentralized money and tokens issued on blockchains is a relatively new concept and the surrounding infrastructure has not yet been put in place.
For a newcomer with minimal knowledge, it is sufficiently complicated to start buying and trading cryptocurrencies. Numerous options of wallets, cryptocurrencies, and exchanges to select from often overwhelm people and prevent them from becoming a part of the crypto community. Moreover, there are reasonable concerns regarding the safety and stability, because news about hacks, scams, and frauds are being regularly broadcasted in the crypto media.
AI-empowered systems and Open Banking to the rescue
Sources of information are becoming plentiful both in numbers and content. Human capabilities are too limited to analyze all significant data in a short period of time and validate it’s legitimacy. To fight these human limits, IT-based companies are employing Artificial Intelligence [AI] and machine learning.
To bridge the gap between crypto and regular currencies, Open Banking is making waves in Europe. European Parliament has approved legislationwhich is starting to dissolve barriers put up by banks and financial service providers. It took years of efforts for the European Commission to make banks bend the knee, but the result is finally here — companies providing financial services will be mandated to open data of their clients.
For European citizens, it’s a stroke of brilliance. Open Banking dictates that customers of financial services will see more user-friendly applications appearing in the market and get access to new innovative solutions for lower prices. AI algorithms will be utilized by the most innovative providers to help people chose which services they should consider.
Soon it will no longer matter whether a person is managing cryptocurrencies or using a conventional bank account for daily payments — the user will be able to manage everything using the same application. On top of that, people will be able to consult virtual AI advisory programs and let them evaluate how efficient is the strategy they have chosen.
Ahead of the Wave: ORCA
ORCA Alliance is building an Open Banking platform to get people informed and capable of making competent financial decisions. ORCA’s platform is not another crypto-tracking tool — the market is already full of these — but an actual application which will let users connect different accounts and execute operations, make payments or subscribe to services. All operations done utilizing platform’s domestic currency — ORCA tokens.
All accounts, one dashboard, one login
The main idea behind the project is to allow clients effortless management of banking accounts, cryptocurrency wallets and interactions with exchanges — all in a single dashboard. It will save a lot of time and frustration for users and will allow bypassing management of multiple logins and passwords when accessing accounts from different providers.
ORCA Smart AI
ORCA’s AI-backed smart assistant will suggest platform users with calculated strategies and optimal tactics how to effectively manage their finances, both traditional and crypto. With user-defined objectives in place, ORCA Smart Assistant will help to save up for insurance they need, the vacation they want or the products they desire.
Lower prices for better services
The business model of ORCA relies on the collective power of its users. With the number of adopters constantly increasing, so does the negotiating power of ORCA. More users equals better terms from service providers listed on the platform — both banking or crypto. It’s a win-win-win for everyone — users get discounted rates, ORCA further expands its potential and third-parties get access to a concentrated user base directly engaged in various financial activities.
Moreover, with traditional banking and crypto placed so close, many users are expected to migrate between both of these sectors and embrace new banking service providers or adopt cryptocurrencies in their daily lives.
Token with programmed demand
ORCA token supply is finite. Being the sole medium of exchange, token’s attractiveness will grow with every new user. The platform’s architecture rewards early token holders because the purchasing power of ORCA is programmed to grow.
Inside the platform, ORCAs will be used to carry out operations and transaction, access advanced services and fulfill community tasks through ORCA’s gamified ecosystem Quest — a place where platform users will be able to get tokens in exchange for competing for quest goals.
ORCA comes into a rapidly changing sector on the intersection of the financial and technological sector with a product that caters both crypto enthusiasts who want to easily transfer their assets from one account to the other, and regular consumers looking for useful ways to manage daily money flows and become more financially competent.
The whitelist is open, the demo is public and team set on delivering results. www.orcaalliance.eu