Populous is a cryptocurrency that has peer to peer connection hence globalizing the digital currency world. With different new altcoins taking the front row after the introduction of Bitcoin, competition in the crypto world is gradually becoming stiffer. Therefore, every crypto coin tries to bring something new on to the table which will in turn attract more users. This will ultimately increase the market cap of any new crypto. The Populous crypto is no exception.
In this article therefore, we are going to discuss the history of the Populous cryptocurrency, its founders and the features of the crypto. In addition, we will discuss any relevant information that will give you a better understanding of the crypto.
History of Populous Cryptocurrency
Populous is an Ethereum based platform that is specifically created to cater for trade finances and invoices. It was first launched in July 2017 with the aim of enabling peer to peer payments of invoices. The platform is based in London and has been led by Stephen Williams.
Williams also founded the Olympus research which is a foundation focused on analytics and commercial data for business. As per now, the Populous cryptocurrency proves to be one of its kind and there are no major rivals in the crypto world. The most difficult challenge this company is facing is the fact that, clients are skeptical about changing from their traditional invoice channels to this new platform.
This has proven to be a major setback especially to the marketing team of the Populous cryptocurrency. The only bargaining chip this team has to its sellers is that populous is less expensive as compared to other platforms. While to its buyers, the marketing team focuses on the fact that the platform has a credit rating protocol that is in built. The team markets this platform as an improvement to the other rating methods available.
The platform was first created with a XBRL data system that provides information to the prospective clients. However, this idea didn’t get the much attention that William was expecting. Later, he realized that he could utilize the blockchain system to expand the potential numbers and at the same time create a new currency.
As of now, the company is mostly limited to local transactions and those that choose to participate in this platform have to use a third party for example a bank. However, the platform as compared to other institutions that offer the same services, is able to provide a direct connection between the invoice buyers and the rest of the world. This helps to save time and cut on the middlemen. Additionally, the platform uses the blockchain system to its advantage which includes:
- A more secure platform
- Increase in the processing of transactions
The founder of this platform opted for the blockchain system because it offered to expand the reach of the Populous. Initially, the Populous benefits were only offered in local financial institutions that charged very high fees just to access these services. The blockchain system however, cuts off the intermediaries hence the seller and the buyer can interact freely. Additionally, the blockchain system also eliminates the geographical limitations. Therefore, this platform now has a greater potential than ever before.
Moreover, the use of the blockchain system also gives the users a chance to use the smart contracts. The smart contract eliminates risks like manual errors and financial duplication hence you are more safe of what you are doing. This will also reduce any chance of fraud cases.
The major advantage of the peer to peer connectivity of the blockchain system is the globalization aspect. No matter where you are when using this platform, you do not require any third party intervention to complete your transaction. This makes the transactions faster than ever and the costs are quite low since there is no need of a third party. More to that, the platform offers complete transparency since each transaction is recorded in the Ethereum platform meaning there are no mistakes made.
The use of XBRL data allows the platform to extract data points from the company hence the buyer can know the industry of the company, risks involved and any of the companies trading partners. More to that the company also has its own risk assessment protocols based on the Altman Z-scores and XBRL data.
Understanding the Populous Crypto Coin
A given company will use the Populous to conduct its transactions. Once the transaction is initiated, the Populous will go through different steps. To start with, a company will offer invoice with its terms. The buyer will select an invoice he is capable of financing. Afterwards, the buyer will bid on the given invoice by setting his interest rate.
When the seller confirms this bid, the invoice is then officially sold. The seller then releases the invoice to the buyer and receives the equivalent money from the buyer. Once the transaction is settled, the buyer will then receive the interest rate agreed upon.
Poken is the cryptocurrency that connects all users to the Populous platform. This is the mode of transactions between the buyers and the seller and it is pegged to be in the ratio of 1:1 with the national government currencies. Meaning that 10 GBP goes for 10 Pokens. By using this cryptocurrency, the users don’t have to worry about the market’s volatility and it can support all worldwide currencies without any third party intervention.
Poken is an Ethereum based currency hence this means that it can be safely stored in Ethereum paper wallet. Additionally, you can also opt for hardware wallets for example Ledger or Trezor. The currency is available for purchase on different crypto exchanges & platforms. However, you will need an Ethereum token just to exchange it with Poken.
In conclusion, majority of the world’s population are still unaware of the possibilities of investment in the invoice finances because of the limitations associated with other institutions. With the introduction of Populous, this state will soon change as many businesses will be able to sell their unpaid invoices to any interested buyer worldwide. For those cryptocurrency enthusiasts interested in invoice finances, Populous is the platform for you.