One of the reasons CafeCoin pointed out why cryptocurrency is not widely used is that transaction costs and time are often very high. Most transaction services have recently been priced, and trading time can be too long to lower bids for network costs. For a long time, it was only accepted by everyone who traded cryptocurrency. And most of the thoughts are just the way it works, and there is little that you can actually do about it.
The CafeCoin Foundation simply does not accept it. If you think this is one of the main reasons why cryptocurrency still has to fulfill its true potential, I have made extensive efforts to find a way around it. This involves creating a unique but uncomplicated block-chain architecture, as well as developing the technology for the token and its software. The Foundation also plans to reduce costs by structuring and processing transactions in the most efficient way possible.
The CafeCoin Foundation works with key technology experts to create an optimal ecosystem of merchant and consumer applications, a retail-centric block chain and CafeCoin tokens to maximize the use and functionality of mobile applications. Related software includes both mobile and desktop versions, making it easier and easier for users to trade. It features a peer-to-peer payment option and will replace current POS systems. The Foundation’s technology development plan is divided into four stages.
Step 1 – Initial issuance of CafeCoin Token
The Foundation’s first phase is the initial deployment of a utility token that complies with the ERC20 standard. The ERC20 token standard is a set of rules that must be followed by new tokens in the Ethereum platform. This applies to all ERC20 tokens used in the Ethereum network and primarily focuses on how they interact with other ERC20 tokens on the same network. This is the most well-known token standard used in the network and it follows the uniformity set by the rules, thus reducing the complexity of token interaction and improving the fluidity of the token itself. The initial CafeCoin token acts as a placeholder that can be passed on until the custom block chain is completed.
Step 2 – Completion of block chain
The next step is to complete CafeCoin’s custom block chain. When this is done, the mobile application runs in this block chain and all of the aforementioned ERC20 CafeCoin tokens are sent and written to the active block chain. You can also start the CafeHash demonstration proof algorithm by setting up a block chain.
Phase III – Mobile Applications
The mobile application then starts development. This application not only allows access to third-party liquidity providers, but also receives payments and offers to share your purchase history. This software will give you everything you need to get the most out of CafeCoin, and as mentioned earlier, merchants can use it instead of the traditional point-of-sale system.
Step 4 – Building Relationships
At this stage CafeCoin’s mobile application also starts. The Foundation will also focus on building business relationships with the first directors in the consumer, retail and payment processing sectors. These companies have set specific goals to maximize the initial integration effect of CafeCoin. They will reach by using digital, viral marketing and traditional methods. Additional platforms for merchants will also be developed and secure access to retail data that users can voluntarily share. Sellers can take advantage of this feature and collect analytics from data for business analytics.
Consumers are expected to quickly integrate CafeCoin because of the many benefits CafeCoin offers. If consumers use CafeCoin extensively, they will have more time to process payments through the new system. The purchase process is streamlined and you and your business can benefit from the versatile CafeCoin. The Foundation also expects the cafe industry to become the first successful integrator of CafeCoin. This is thanks to industry-specific, high-return models and repeat customer pools. They have proven so far resistant to e-commerce changes, but CafeCoin is the first to break through.
Reduce transaction fees
Reducing transaction fees is one of the main goals that Foundation has set for CafeCoin. The Foundation’s custom block chain will adopt a specific solution to this and will provide benefits to both merchants and consumers, while at the same time avoiding unnecessary complexity. Block chaining Structuring the type and size of transactions performed in the network greatly reduces transaction costs and shortens the time required for transactions.
Transaction time is subject to commission, and once the transaction fee is stabilized, the transaction time will be fixed if you follow a certain structure. Most transactions that require global consensus within the Ethereum network depend on the cost of Ethereum gas. CafeCoin mitigates this by using dedicated software to control transactions as efficiently as possible. Because of this, CafeCoin users do not have to wait long for other cryptocurrency users, and their transaction fees are significantly reduced.
Block Chain Architecture
CafeCoin designs block-chain architectures with the Proof of Work model, which has been very successful in the Ethereum block chain. However, they will primarily focus on protocol implementations for certain kinds of transactions that will be implemented in CafeCoin. More specifically, you can use a limited subset of smart contract features that are optimized for customer and retail use and for peer-to-peer transactions. In addition, you have the ability to store custom metadata for each transaction, but you can do so if the customer allows it.
The CafeCoin token ecosystem has a CafeCoin itself, a token that executes the transaction, and Cafe, a digital representation of the cost of changing the information in the block chain, and checking transactions. The cafe will be an incentive for those who make CafeCoin a mine. In addition, Cafe can purchase a percentage of CafeCoin during the transaction and obtain café costs between buyers and sellers engaged in CafeCoin transactions before the transaction actually occurs.
CafeCoin CafeCoin revolutionizes cryptocurrency, starting with the cafe industry and optimizing it for general use. The Foundation plans to develop an ecosystem and block-chain architecture to meet the needs of both merchants and consumers, and plans to introduce features and protocols that benefit both parties. Given mobilization opportunities, CafeCoin will be a cryptanalytic alternative to ordinary money.
For more information, please visit https://cafe-coin.com/ .
White Paper: https://cafe-coin.com/CafeCoinWhitePaperEnglish_V1-0.pdf
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