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Publicmint: Bridging Fiat to Crypto

Publicmint is a platform which tries to bridge the gap between traditional fiat currencies and blockchain technology. The platform provides fiat-native blockchain, APIs and web components through which anyone can build fiat-native apps which accept Credit/Debit cards, ACH, wire transfers, etcetera.

A major advantage Publicmint has is there’s no bank account needed for operating the platform. But before diving into the topic, let’s discuss why do we need a platform like the one above?

Despite many advancements and increasing adoption, Cryptos struggle in businesses and individuals.

The existing businesses with fiat economy are worth $94+ trillion right now, but crypto economy as well the up-and-coming companies operating have a total worth of less than $1 trillion ($850 billion).

A major reason for that is: Individuals and businesses struggle to incorporate cryptocurrencies in their operations. Also, crypto-native companies find it difficult to work outside their blockchain boundaries. Traditional businesses also worry about the uncertainty of operating in native crypto assets.

Stablecoins try to solve this issue through wider adoption but the shortcomings are still significant. Stablecoins have a wider audience, no doubt about that. But the fact is, they do not bridge the gap between crypto and fiat completely.

To provide a solution, Public Mint’s platform offers to effectively connect both the businesses and ushering traditional businesses in to grow the whole ecosystem.

Enter Publicmint.

The Public Mint network brings fiat to the blockchain and integrates crypto into the global economic system. It does so in a secure, scalable, and efficient way, in full compliance with regulations, creating the ideal platform for businesses to thrive without the uncertainty that comes from the volatility of crypto assets.

The platform tries to address the pain points for crypto businesses to operate outside of blockchain and enable easy access for traditional businesses to access the blockchain space.

Ecosystem

  • Fiat-native Blockchain – Public Mint’s blockchain is natively in Fiat and all the network fees are paid through that mode. This improves versatility by a great extent allowing users to interact with Blockchain without additional crypto assets. The price is devoid of uncertainty due to fluctuations or network congestion. The stability of fees lets users anticipate costs in advance.
  • User Friendly Key storage – A major hindrance for decentralized solutions is key-management. Managing one’s keys creates a barrier of entry that most users don’t like to overcome. But this is the core aspect of decentralization. The platform tries to solve this by storing the copy of the key in the cloud provider of their choice. This allows the platform from not becoming a centralized service as well as allowing to operate the platform with minimum friction.
  • Direct Fiat Access – The platform offers the ability to onboard funds directly into an address from various sources as well as secure offboarding. Public Mint accepts wire transfers, direct US ACH from bank accounts. Support for debit/credit cards in other countries will be available soon as well as the support of USDC.
  • Ethereum Compatible – The platform is compatible with Ethereum network, letting users from the huge pool of Ethereum developers to build on top of the platform through their developer portal. Also, the network takes advantage of Ethereum DApps. These can be deployed on the platform with little to no change.

MINT Token

Publicmint’s Token, MINT would be split into various branches as given below:

A total of 250 million tokens will be issued. They’ll be available in various stages. Some tokens will be available prior to the Public Sale, while others will begin vesting 3 months after the Public Sale is concluded. This is to avoid large chunks of tokens hitting the market at once and destabilizing the price.

Source: Publicmint’s Lite Paper.

What next in the future?

As of now, the platform is prepping up for providing stablecoins (USDC) support. Also, The platform is increasing support for storing keys through Google Drive integration. MINT’s Global Earn program as well as the mobile and web wallet will be available in the third quarter of this year. By the end of the year, other stablecoins as well as support for Euro and Pound will be available. The platform’s first IDO sale will be held on 23rd February.

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