Review on NewYorkCoin by Inioluwa Okedeji
NewYorkCoin: A Cryptocurrency Project With The Goal Of Tackling Issues Surrounding The System Of Payments.
Having no preceding idea about what NewYorkCoin is all about, I was fantasized about the project on hearing about it and wanted to know what it was about and how it aims to impact the cryptospace and the world at large.
Checking out NewYorkCoin, I found out that it is meant to be a solution of some kind to issues arising from payments. One fascinating discovery is that this payment solution that NewYorkCoin offers is based on blockchain technology, which is an action or let me say a development that further helps in the propagation of the gospel of blockchain technology and it's advantages to the world. And evident solutions to day to day problems especially in a popular sector/aspect of our lives like finance makes blockchain technology even more irresistible and more closer to a global adoption.
Currently, this NewYorkCoin is currently accepted as a payment solution by over 100 businesses around the world. This realization only proves that this project isn't undergoing a quick adoption because being adopted by only 100+ businesses all over the world shows a pretty much slow progress on the part of the project.
That aside, the advantages that the NewYorkCoin has to offer in its aim to be a solution to payment issues are majorly;
• The requirement of no fees whatsoever in the transaction (sending and receiving) of NYC on-chain. This means no fees will be required for transactions executed between two NYC wallets. In short, NYC offers a completely free worldwide network.
• The introduction of lightning fast transactions. Well, this feature has mostly been developed by other projects and it's no longer a new thing in the cryptospace but still a project that considers instant execution of transactions from anywhere in the world deserves a thumbs up.
NewYorkCoin also has an app, in particular a wallet that's supported on iOS devices, Android devices and PCs which brings to realization the solution to payment issues that this problem aims to accomplish.
All in all, NewYorkCoin as a project is one that has great potentials and has real life issues it aims to tackle therefore on my part it is a project that one shouldn't write off but watch out for in the future. The project's official platform, newyorkcommunity is available to answer other questions relating to this project that one might have.
Pros
- NewYorkCoin is a project that targets issues that surrounds payments and aims to resolve them using blockchain technology.
- NYC also offers fee-less on-chain transactions and lightning fast execution of transactions.
- It has a wallet that's supported on both mobile devices and PCs.
Cons
- The features that NewYorkCoin possesses as a project are not really new to the cryptospace hence they have to go an extra mile innovative-wise and PR-wise to ensure that this project progresses and and it's eventually a success because of the high competition out there.
- The above issue could also be said to have resulted in the slow adoption of the project, as only 100+ businesses have adopted it around the world.
