PayPal Gets a Blockchain Based Payment Challenger, UTrust

One of the ways that practitioners of neo-liberalism attempt to socially engineer the world around them is through business, through market pressure, pressure that can be brought to bear by powerful corporations that have been, in turn, empowered by the state.

The battle for divergent speech on social media, on the interwebs in general, is becoming increasingly a battle featuring small-scale content producers squaring off against large-scale corporations that own the platforms the divergent crowd uses to post their content and raise their revenues.  The powers these large-scale corporations possess have been enabled, empowered and protected by the state.

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One of the ways these corporate-owned platforms are affecting the spreading of divergent thought is simply by banning people, not just from producing content but from receiving any compensation from people who want to support them.  PayPal, for instance, recently cut off the crying Nazi, Christopher Cantwell, from getting any funding from people who want to fund him.  Lauren Southern recently got kicked off of Patreon.  And Gab recently found itself under attack by its domain name service provider.

Think what you want of Cantwell and Southern, the message was sent by the progressive-owned corporations, we can use our power to shut you down.

That’s why news of a block-chain based competitor to PayPal is so encouraging.  Until the divergent crowd (be they the hideousness of the crying Nazi or the awesomeness of a Brett Venoitte) has their own sources for carrying domains, posting content, and getting funding in a secure manner immune to the power of the progressive corporatists, they (including myself) will be vulnerable to waking up digitally dead.

From Coin Telegraph

Most online users have been burnt by PayPal or another digital payment system at one time or another. Perhaps you’ve tried to withdraw money someone has sent to you, only to find that you’ve been blocked from that service. Or maybe you’ve tried to receive money, only to discover that the fees can be pretty steep once you start using other services. And, the greatest sin of all – PayPal doesn’t accept cryptocurrencies.

UTRUST, the first-of-its-kind Blockchain based payment platform, intends to bring the best parts of PayPal-type services and the best parts of the cryptocurrency world together into a single, seamless platform.

 

Blockchain solutions limited

The cryptocurrency world has virtually exploded in the past six months. Just ask someone who purchased Bitcoin in January at $800, only to find their investment worth a stunning $6,000 just last month. And yet the growth of the industry has outstripped the functionality.

For example, payments between individuals are still quite simple, but the reality of making real-time business to consumer (B2C) transactions has been extremely difficult.

A number of problems lie at the root of the dysfunctionality. First, the daily price for the majority of cryptocurrencies is extremely volatile. The volatility frightens would-be merchant users who find themselves unable to cope with the potential for a huge and sudden loss right after a transaction completes.

What’s more, the sheer number of cryptocurrencies available for use has left most merchants scratching their heads at the level of tech needed to really enter the market. And to top it all off, transactions are irreversible, making all sales final and returns hugely risky for both parties. Buyer protection is moot, and seller protection is as well.

Crypto + PayPal = Awesome

Of course, these two opposite systems (crypto and traditional) refuse to work together, and so only serve to highlight the inherent weaknesses in both.  However, UTRUST, a Blockchain-based startup, has conceived of a system that would unite these two systems into a single protective platform.

On the buyer side, UTRUST is offering complete buyer protection, not unlike the PayPal marketplace. By providing protection, buyers can purchase without the customary crypto-risk, bringing more buyers into the crypto world. And by accepting a wide swath of various cryptocurrencies, UTRUST has taken the guesswork out of wallet and coin swaps letting buyers focus on what they do best – buying.

Likewise for sellers, UTRUST has created a platform that eliminates volatility issues by moving the crypto payment into fiat currency at the moment of the transaction. Merchants can be completely shielded from volatility and because UTRUST is truly peer-to-peer, fees are substantially reduced. Per Nuno Correia, the company CEO:

‘’UTRUST is the first cryptocurrency payment solution in the world that provides buyers with a purchase protection. The next-gen version of PayPal is Blockchain-based and designed to make online payments safer, faster and cheaper.’’

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About Paul Gordon 1367 Articles

Paul Gordon is the publisher and editor of iState.TV. He has published and edited newspapers, poetry magazines and online weekly magazines.
He is the director of Social Cognito, an SEO/Web Marketing Company. You can reach Paul at pg@istate.tv

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