One of the lesser mentioned advantages of cryptocurrencies, and by extension, decentralised finance (DeFi), is its ability to close the global financial inclusion gap. DeFi enables trustless, borderless transactions between users all over the world, fixing a major hindrance that has existed in centralized systems since their inception.
However, while secure, trustless, borderless transactions are essential for financial inclusion, they don’t guarantee access to everyone, especially not to those who are not intrinsically crypto savvy.
This is exacerbated by the fact that many DeFi projects do not really pay attention to this subsection of the market. Without a doubt, the majority of the decentralized applications (dApps) out there are quite complex to operate, at least for someone with limited or no knowledge of how the crypto ecosystem operates.
For instance, not everyone understands what the terms yield farming, spot trading, or futures represent, and that’s to mention only a few. Sadly, these are just some of the features that typically exist on most decentralized exchanges (DEXes) without much explanation at all, meaning that a non-crypto savvy user may have a difficult time navigating the ecosystem.
Thankfully, with the launch of the GCR mainnet, an end to this substantial limitation is imminent. In an exclusive interview with DailyCoin, Arturas Svirskis, co-founder at GCR network, shared his insights on how the blockchain project can be of help, especially to those partners and end-users who lack crypto-specific knowledge.
For those unfamiliar with the GCR network, the primary purpose of building its own mainnet, according to the project’s founder, is to create a common ground between the traditional business world and the blockchain ecosystem as a whole.
Briefly, before we go on to uncover some of Arturas’ insights about the blockchain project, it is important to establish some of the unique attributes of the GCR network.
The GCR Network is a multipurpose network and a hybrid chain system that provides enterprise-grade solutions. Notably, the Network enables a seamless onboarding process for both institutional investors and general non-crypto savvy partners at large.
More so, the GCR network is segmented into two major sub-platforms: the GCR digital asset Alliance, and Network. The GCR digital asset Alliance is similar in nature to conventional internet banking platforms. While it doubles as a DEX platform, the GCR Alliance platform can be accessed by individuals for any exchange activities.
On the other hand, the GCR Network doubles as a host blockchain for corporate institutions and “tech heads” with existing business models who are seeking to tokenize their asset portfolios, supply chains, and more. Moving on, how is GCR mainnet approaching the non-crypto savvy part of the world?
“GCR Mainnet will Cater for the non-crypto savvy part of the world”
Although there has been a massive adoption of crypto assets around the world especially in 2021, a large chunk of the populace remains reluctant to step into the space, owing to what they believe to be the complex nature of participation.
That said, an additional purpose of building the newly-launched mainnet has been to create a gateway that enables users without crypto acumen to access the sector as well as interact with various crypto assets.
“We are catering for the non-crypto savvy part of the world, especially as our solution creates a gateway for them to access and interact with various crypto asset. In addition to creating a gateway system, we are also ensuring that new users are onboarded to a very regulated and safe environment, unlike the majority of other DEX projects out there,”
The new GCR mainnet, in addition to being a host blockchain, also features a crypto exchange that is similar in nature to conventional internet banking platforms. Namely, the GCR Alliance platform eliminates all of the complexities of a typical DEX platform, and replaces them with an easy-to-navigate alternative.
“So our GCR Alliance platform, which is the exchange that's linked to our website, resembles far more an internet banking application than a crypto exchange. We eliminate all the buy, sell, futures, all these types of things. Instead, we simply allow for flash conversions and we allow for very easy entries and exits into the platform,”
Flash Conversion Facilitates Easy and Secure Interaction with Crypto and Fiat Assets
One of the key features of the GCR Alliance platform is the ‘flash conversion’ which helps facilitate the exchange of crypto assets, as well as interactions between crypto and fiat currencies. According to Svirskis, this feature, unlike with the majority currently available in the market, also allows for easy entry and exit during trade activities, and even the main platform itself.
In his words, “the exchange site is intentionally made to look like an internet banking application rather than some sort of a crypto exchange.”
By trading on the GCR platform, users will gain access to all manner of crypto assets around the world and will be able to further interact with them independently. Interestingly, a user can gain up to 14% APY on the network’s native asset, $GCR, even when trading against other volatile tokens available within the network.
GCR Network Will Help Existing Multimillion Enterprises to Enter the Crypto Space
While the GCR Alliance is generally targeted at individual traders unfamiliar with the space, the newly-launched mainnet, which also doubles as the GCR Network, is aimed to assist those multimillion enterprises which are looking to step into the crypto space. Specifically, the GCR network, which also operates as a host blockchain, is designed to cater to the “tech heads” that are planning to build their own tokens.
The plan is to collaborate with this set of partners, guide them through the process, and make sure that their investment is put to good use, and in a secure manner. According to Arturas, the currently existing infrastructure is flawed, especially because most businesses do not have a good understanding of the crypto and blockchain space, but proceed to fundraise for projects regardless, which more often than not ends in catastrophy.
“They don't understand the crypto business, but they want to fundraise. And they end up creating, you know, tokens in order to basically fundraise and then figure out how to build a company later,”
On the other hand, the GCR network caters to the contrary, as they primarily focus on companies that already have existing business models, supply chains, assets, and so on. Essentially, the network focuses on multi-million enterprises looking to enter the blockchain space and tokenize their assets.
In providing an easy-to-navigate platform for such enterprises, the GCR network also ensures that they are creating a regulated, safe environment, allowing for partners to step into the crypto space without any fear.
“Our network allows for a variety of features that makes us easier on them. Easier to adapt compliance, as well as regulate the changes in their jurisdictions. They can continuously modify these changes if they choose to do so. Their tokens, they can have a very dynamic environment in which they can regulate their own assets,”
The GCR network is designed in such a way that network fees cannot blow up out of proportion, unlike in the case of other blockchain networks such as Ethereum and their off peers. What makes this possible, according to Svirskis, is that the GCR network uses a stable native asset, unlike others whose native tokens have consequently gone up by 10x, 1000x, or even more.
“We're the first network in the world to have a stable coin at the center of the network. So $GCR sits at the center of the network. Up till now, $GCR was on the Ethereum and Binance Smart Chain networks. However, owing to the latest update, it now sits on our own mainnet as well,”
Arturas noted in conclusion.
Ultimately, the GCR network, unlike other blockchain networks, provides a satisfying comfort level for both enterprises and individuals, who may otherwise be unfamiliar with the crypto industry, to interact with the blockchain world.