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CREDIT Crypto a Hit Among Emerging Markets

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Johannesburg blockchain project and trading platform TERRA has been making headway via 8 products designed specifically for emerging markets like Nigeria. These 8 products are complementary to TERRA’s main offering, the decentralized cryptocurrency CREDIT.

Product Line Up

The products — MiniPOS, Terra.Credit, Terra Hub, The Tellus Ecosystem, Terra Mart, Terra Wallet, TerraceX, and Terra Dax — are all supporting services for the CREDIT cryptocurrency

They help grow the most common use cases of a currency – staking, trading, sending/receiving, marketing, and using it to purchase goods and services.

The first is MiniPOS, a web-based CREDIT staking wallet that replaces the high hardware requirements of POW for securing the blockchain. This allows anyone to participate in staking on even a smartphone with an internet connection and allows people to make hourly income at a rate of 100% profit per annum.

There is also a full-featured wallet called Terra Wallet, which is a web and app-based wallet under development. This is different from the staking wallet as this will allow users to access their holdings from a smartphone and send and receive CREDIT.

To complement this, of course, is a blockchain explorer and public ledger called Terra.Credit, allowing anyone to confirm transactions are sent anonymously.

Expanding further outward is support for CREDIT merchants through the Tellus Ecosystem which consists of Tellus-pay and Tellus-merchant. This works with MiniPOS in order to stake Credit, but as well as to support Fiat and other crypto as well.

When merchants integrate with Tellus physically or digitally they are able to accept instant payments with no fees or commission. Currently, Naira and Rand are the only two supported fiat currencies.

Logically, the next step from there would be a way for merchants to easily list good and services online, which is what the next product, Terra Mart, enables. Akin to a crypto Shopify, previously unbanked merchants will be able to open their products and services to a wider customer base.

The last two sections would be marketing and trading. Marketing is handled by a 250,000 user strong social network called Terra Hub which monetizes actions that help spread the word of CREDIT.

Trading is addressed from TerraceX, a South African crypto exchange platform that offers spot and stop/loss trading, as well as a generous referral program that pays for 100% of trading fees for referral users. Combined with this is Terra Dax, a native trading app that will connect to exchanges via API, and allow CREDIT traders to manage all of their positions from one dashboard.

How To Make a Truly Global Cryptocurrency

While many cryptocurrencies talk about how accessible their coin or token is, and how literally anyone could use it, not many are backing up these well-sounding words with actions. The majority of major cryptocurrencies simply have too high of a hardware requirement to run a node, or don’t have applications able to run on low-power smartphones.

The unbanked accounts for about 2 billion, or about 26% of the world’s total population. While most of them have a smartphone, they don’t have a bank account necessarily. This means there is around a trillion USD (or more) of potential trade revenue untapped.

CREDIT is different; however, offering wallets on not only Windows, Mac, Android, but also even Linux and even Raspbian.

Dan Ronchese, Founder of The Terra Foundation and creator of the Credit (CREDIT) cryptocurrency, takes this philosophy when it comes to deciding the direction of the unbanked:

“The only way a cryptocurrency can become a global payment system is if everyone who makes payments has access to it”

Credit will work hard to expand their services, with TerraceX currently offered in 5 countries and Colombia to be added to this list in a few weeks. 

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Cryptocurrency Market Decline Caused by Strengthening Dollar

A senior market analyst at eToro, Mati Greenspan, recently produced a commentary on cryptocurrency market. He argued that the recent market decline is a product of the strengthening US dollar.
 
As the dollar continued to perform well in recent weeks, fuelled by policies tightening the economy with the intention of preventing high inflation, the economies of emerging markets struggled to maintain the strength of their own currencies. Greenspan believes this has affected cryptocurrencies in the same way.
 
In the commentary that was shared with CCN, Greenspan compared the movements in the crypto market with those of local fiat currencies in emerging markets, noting that they mirror one another. While investors in these markets are choosing to invest in cryptocurrencies when their local currency is on the decline, Greenspan said that the US dollar is still the most popular reserve currency of choice.
 
His analysis suggests that many smaller economies rely on a stable exchange rate with the dollar, something threatened by its current appreciation. Additionally, because of its movements, there is less incentive for investors to move their capital into the digital currency market.
 
The value of cryptocurrencies is often regarded as unassociated with the movements of traditional commodities such as gold and oil. But in this case, they have been fluctuating in the same ways, in reaction to the surging dollar. It is common for these commodities to lose value in the face of the increasing dollar value. The digital currency market has followed suit this time.
 
As the past several days have seen the movement of the dollar slow down, currencies such as the lira, rand, and peso have begun to recover. As Greenspan’s analysis would suggest, so has the cryptocurrency market. Market capitalization hit USD 216 billion Friday from a Monday total of USD 190 billion.
 
An alternative analysis of the decline from Arthur Hayes, CEO of cryptocurrency derivatives exchange BitMEX, suggested that ICO-funded startups were cashing out capital before losing any more in another market dip.
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