PayPal was planning to develop a decentralized digital currency-like payment system

PayPal was planning to develop a decentralized digital currency-like payment system

PayPal was developing a decentralized payment system similar to digital currencies

According to a video broadcast on Bloxlive.Tv, a television station on Jan. 31, the founder of Paypal, Luke Nosek, unveiled the company's initial plan. According to him, PayPal wanted to develop a system of payment away from the control of banks and governments, as is the case with the digital currency today, which is based on a decentralized system and its work through the system of the Balkchin, which gives it new possibilities such as speed and privacy ...

Do PayPal and WeChat work to solve the problems of global payments and remittances or whether digital currencies are faster and more efficient in solving these problems?

While speaking at the World Economic Forum in Davos, Switzerland, Luke Nosek has been asked questions. Among these questions is whether Paypal and WeChat Pay have solved people's problems when it comes to global transactions and remittances online, or cryptocurrencys have been able to solve these problems because of their lack of centralization, their speed, and the need for money through banks.

At the same meeting, Luke Nosek said that Baipal's initial plan was to develop a decentralized payment processing system. It was supposed to be free from the control of the central authorities as is the case with the digital currency today. In the way that the polycchin operates, in this way there will be no intervention by banks or governments.

There are not many people who do not know this. The PAYPAL project was initially designed to create a decentralized global currency with the same specifications as today's digital currencies.

Pressure on PAYPAL by investors

However, one of the founders of PayPal noted that their goal was not realized because their investors at the time were pressing them to accelerate the release of the product as soon as possible. Nosek also noted that the company has become centralized and has dealt with financial institutions such as SWIFT, Mastercard, and Visa. He also said that PayPal has dealt with these institutions and complied with its central requirements.

On the other hand, he praised the efforts of Bitcoin developers and the Etherium coin. According to him, they have established their environmental system with a concentration and did not release their products prematurely. He also hopes that the pressure exerted by investors will not keep these digital currencies away from the developers of these digital currencies.

Paypal launches Blockchain platform mainly for payment of employees

PayPal Holdings was founded. , Payment service in 1998, more than 10 years after the issuance of the Bitcoin White Paper in 2008. Based on the reports, the company registered more than 254 million active users in the third quarter of 2018.

BTCNN announced on December 7 that Paypal has adopted blockchain technology to pay workers. In this case, employees can participate in programs and obtain currencies that can only be used within the Blockchain-based platform

Source: btcnn