The uproar caused by Facebook’s proposed Libra coin hasn’t died down yet, and a similar intention by retail giant, Walmart has emerged.
A filing published by the U.S. Patent and Trademark Office at the beginning of August reveals that Walmart filed an application since January 29 2019 to patent a method for creating a coin that runs and records transactions on a blockchain. In the application, Walmart Apollo LLC requested to patent a digital ledger similar to the one powering Bitcoin.
Walmart’s romance with Bitcoin and blockchain tech
Walmart’s romance with Bitcoin and its underlying technology, blockchain is no secret. It is already using blockchain to track produce along its supply chain. It is in the forefront among big institutions that have already implemented the technology. Walmart’s plan is to introduce a native coin that will be tied to a traditional fiat currency, just like Facebook’s Libra. This it says will allow for cheaper and faster transactions, and also some loyalty features, as contained in the published document.
At present, the Walmart Money Center already provides a host of financial services for the unbanked or underbanked, including the Walmart Pay app to cut down on costs that traditionally go to card processors when paying. Walmart’s proposed coin might become a game changer in retail merchant, especially if the crypto community warms up to it like they are doing with Libra. A sentiment poll on reddit reveals that Libra has found its way into the hearts of members of the crypto community.
The crypto community’s sunny view of Facebook’s Libra
Records show that almost 98% of the posts on reddit about Libra are positive. Something that speaks well about payment systems that are crypto-inclined. This resolution comes off the backdrop that Libra’s design, just like what Walmart is trying to do is to provide a cryptocurrency payment system.
Already, merchants are seeking ways of reducing the fees paid to payment networks like Visa and Mastercard. Perhaps, this is why the buzz about Libra became so much even within a very short period of time. Apparently, government and regulators may have already envisaged an impending exodus from systems under their control, hence the current resistance towards Libra.
Bitcoin is settling in as digital gold while Dash grows in payments
Away from Walmart and Facebook, Dash is already breaking grounds as a cheap and fast payment system in the cryptocurrency space. Originally, many people thought that crypto payment was a solution that Bitcoin would offer the community. On the contrary, the inability of Bitcoin to fulfill that purpose has the pioneer cryptocurrency is settling as a store of value. This has earned it the nickname, “digital gold”. With the supply of Bitcoin trimming down as a result of halving, its transition into digital gold is becoming more real. An exchange between Ryan Taylor, CEO of Dash Core Group, and Adam Back, Bitcoin Core Developer bring even more clarity to this fact.
The evidence of Dash closing in on Bitcoin as a payment system is revealed by discount travel booking site, Travala. The platform has also been added as an official partner of the Dash Core Group (DCG), having added Dash as a payment option since December 2018. In Portugal alone, over 2,000 stores started accepting Dash through Bitnovo’s gift card purchasing services. This is a significant move by any standard, and goes on to prove the reliability of Dash in providing merchants with a suitable payment model. This is just an addition to Bitnovo’s previous Dash propagation to other parts of Europe which includes Italy, Spain and France. So far, these services are available in over 30,000 stores in Europe.