The Plaza System, which focuses on development and integration of emerging technologies, has developed a new product known as the MerchantChain Transaction Coin (MTC) based on the existing cryptocurrencies and blockchain technologies that provide convenience, efficiency, and security to the cryptocurrency transactions.
The cryptocurrency market is currently dominated by a few key players. Hence, Plaza project is offering its users an opportunity to escape from being subjected to the high prices by selecting among the various competitors.
The system allows the users to develop their own decentralized applications based on the MerchantChain to have control over its speed and efficiency. The aim of the Plaza project is basically to build distributed ledger technology (DTL) that can support the commercial applications by eradicating the six key critical challenges that currently face the industry. These include:
- Speed: the current speed for processing a transaction is still slow for the industry. Plaza system has an extremely high speed compared to what others are offering such as Bitcoin blockchain and Ethereum blockchain.
- Cost: the Bitcoin transaction fees are currently very high. The Plaza System is offering a platform that will enable the users to eliminate the escalated pricing system by charging low fees and fair rewarding system for the users.
- Sustainability: both Bitcoin and Ethereum blockchain platforms are developed based on the proof-of-work concepts. However, the approach uses high-powered equipment that requires high volumes of energy. MechantChain ledger, on the other hand, is maintained by the Internet of Things (IoT) devices which are not power-consumers.
- Volatility: the prices of most cryptocurrencies are generally volatile, hence very risky especially for the new investors who do not understand how the digital markets work. The sellers are always watchful of the key trends in the industry and anything small can trigger the prices to depreciate fasters in a short period of time. However, the MerchantChain Transaction Coin (MTC) is supported by a real value that is more stable and reliable.
As many people continue accepting the use of the cryptocurrencies and blockchain technology, the emerging technologies could bring magnitude changes in the sector allowing it to be an acceptable mode of payment in the future.