Over the past several years, Blockchain has emerged as one of the most exciting and powerful technologies of our time. Though the idea of an immutable and public ledger is a rather simple concept, the new technology has the potential to revolutionize the financial world as we know it. There is an ever-growing number of cryptocurrencies being built on Blockchain and thus it is a very competitive space. We at Scratch Technologies understand that our platform will have to distinguish itself by providing a solution to real-world problems while incorporating unique functions and capabilities that make fund management simple and effective.
The first solution that Scratch will provide is a peer-to-peer cryptocurrency exchange. While there are many cryptocurrency exchanges on the market, Scratch’s user-friendly exchange will allow for cheap, instantaneous (more on that later), and anonymous transactions from one user to the other. The exchange will be intuitive and easy to use so that users of all experience levels will be able to successful trade and transfer their funds. Users will be able to deposit fiat and cryptocurrency and trade a multitude of pairings. With fast, easy, and cheap trading between fiat and cryptocurrency, the Scratch exchange is sure to be powerful tool.
Scratch will also provide a solution to long transaction times. Fiat transactions through banks and across borders often take days to settle. While transactions on Blockchain are often much faster, it can still take hours for transactions to complete. Scratch will be among the fastest cryptocurrencies, allowing for real time gross settlement (RTGS) or instantaneous transactions. One of the largest cryptocurrencies, Ripple (XRP), is currently using this transaction method as well, however, it was created for banks and larger institutions and not individuals users or small teams. Enabling instantaneous transactions will be a significant competitive advantage to the Scratch platform.
Possibly the most defining characteristic of the Scratch application will be its unique interface that allows for easy and effective fund allocation and control. The application will be specifically designed for businesses, teams, communities, and any other groups that require some level of fund management. The application will allow users to deposit fiat and cryptocurrency onto their account then trade directly with other users on the platform. Users will then have the ability to allocate funds to sub-accounts, pay for goods and services, set transaction limits, assume a customizable level of anonymity, and trace all account transactions. Having such a functional application will certainly bring tremendous value to groups and organizations of all shapes and sizes.
The combination of so many useful features and capabilities is what will truly set the Scratch platform apart from the competition. Not only will users be able to instantly trade and transfer, peer to peer, a multitude of fiat and cryptocurrencies with minimal fees, they will be able to easily allocate, budget, track, and manage funds among their teams and groups. We at Scratch have an ambitious dream to bring this product to fruition and our strong, experienced team will undoubtedly see it to success.