Tosblock is Bringing Crypto Payments into the Real World
SINGAPORE / ACCESSWIRE / August 12, 2018 / While crypto is already a sensation in the digital world, it’s still struggling to move into the physical realm where it would be used for everyday purchases such as buying a cup of coffee or a sandwich.
This is what Tosblock (T.OS) is looking to change. The company, currently located in Singapore, wants to allow users to pay for things in high street stores and vendors using cryptocurrency. To achieve this, T.OS plans to remove or minimize many of the drawbacks involved in spending crypto. Tosblock will use two coins, TOSC which is a cryptocurrency like most others, with a focus on fast, efficient transaction times and TOSP which is an e-currency that is pegged to the local fiat currency and doesn’t fluctuate, unlike most other cryptocurrencies.
Users can trade their TOSC for TOSP, which can be done at a designated special exchange like the one currently based in Singapore. TOSP is ideal for use as real-world currency, as sellers don’t have to worry about it suddenly losing value. The system is also set up to avoid high transaction costs and waiting times — another frustrating barrier to the mainstream use of crypto in the physical world.
At a recent meetup in Seoul, Wook-tae Kang, the CEO of Blockware who is in charge of technology at T.OS, said, “T.OS will continue to strive to reward enthusiasm for many investors as well as become the key currency of the world’s cryptocurrency.”
And support for T.OS is indeed high. A launching event in March saw the participation of around 200,000 people from 80 different countries, signaling a solid amount of interest in the project and its future. T.OS intends to launch the payment system this year and is looking to launch a public service in the first half of 2019 after fully testing the transaction system.
The project appears to be going from strength to strength, and although it’s still in the early stages the future looks highly promising.
What it offers is nothing short of fascinating: the ability for ordinary people to pay ordinary business owners with cryptocurrency in the physical world of cafés and convenience stores. As we move towards a world where cryptocurrencies and digital payments are fast becoming the norm, initiatives like T.OS are pioneers. It’s one step towards changing the way we make transactions in all areas of our lives.