Blockchain is of one of the key breakthroughs in technology of the recent years and is considered part of the Fourth Industrial Revolution technologies. Crypto currencies are one of the main and most well-known applications of this technology. Assets like Bitcoin or Ethereum represent billions of transactions worldwide. Cryptocurrencies could become a secure, fast, convenient and decentralized way to perform small retail transactions. This would save both consumers and merchants millions of euros in commissions paid to US financial services companies such as VISA or Mastercard.
However, mainstream adoption is hindered by the lack of trust and security, as well as a structural problem of the main cryptocurrency, Bitcoin: scalability. Bitcoin can process around 7 transfers per second while payment methods like VISA claim to be able to process 24,000. The best solution to this scalability problem is the Lightning Network (LN), which creates a series of connections above the blockchain infrastructure and allows a virtually infinite amount of transactions. However, in order for this network to work, the number of nodes in the network has to be large.
BitBox Base, former BitBox Enterprise, aims to be the solution that will make LN nodes and cryptocurrency payments a mainstream option both for consumers and retailers. It will provide society with an alternate means of payment, independent from US corporate financial services. Furthermore, a built-in wallet will provide our customers with the level of security they require, and our mobile application will become the go-to solution to every crypto asset related operation, thanks to our integration with the main exchanges and payment platforms.
Our objectives are to finalize the design of our commercial product, BitBox Base and to make it available for the main consumers. Thus, we will prepare for rapid scale up and locate and secure contracts with the main partners and resellers in the different EU geographies.
