CrossFi Analysis: Changing the Financial Paradigm 2024

Over the 15 years of its existence, Bitcoin has gone from $0.0007 to an all-time high of $73,750.07, making it the official currency in El Salvador. What will happen next in the crypto market and blockchain technology? The product manager of the Cross Finance team, Vladimir Rodinka, highlighted the main points in the development of blockchain and the place of Cross Finance in changing the financial world.

Three Stages of the Development of Blockchain Technology and Crypto Assets

1. Bitcoin

October 31, 2008, is considered to be the birthday of the blockchain since, on this day, Satoshi Nakamoto, a pseudonym for a person or group of people, published a document (White paper) titled “Bitcoin: A Peer-to-Peer Electronic Cash System.”

It was only after some time that this system became known as Blockchain due to its operation mechanism. Blockchain technology has solved the problem of the Byzantine generals. You can be sure that all information recorded in the blockchain is reliable, not subject to falsification, and safely stored.

At its core, Bitcoin is just a kind of cryptographic code (information) that can be transmitted on the blockchain. Without a BTC, you cannot transfer information (make changes in the blockchain).

October 05, 2009, can be considered the birthday of cryptocurrency. On this day, encrypted information in the form of BTC began to be sold on the first Bitcoin exchanger and the progenitor of all crypto exchanges, the New Liberty Standard. The exchange rate was equal to the electricity cost to mine 1 BTC, which at that time was $1 = 1,309.03 BTC.

2. Ethereum

The Ethereum blockchain concept was proposed by Vitalik Buterin in 2013, and the network was launched on July 30, 2015.

Ethereum, along with Bitcoin, is rightfully considered a critical stage in the development of the blockchain industry, as smart contracts have appeared in it. A smart contract is a blockchain protocol that allows transactions to be conducted and controls their execution without the participation of a third party.

Thanks to smart contracts, users have the opportunity to create their own crypto assets without having to develop their own blockchain. At the same time, smart contracts led to the development of decentralized finance DeFi.

All this contributed to the rapid growth of the crypto market. At the time of publication of this article, its capitalization was $2.7 trillion. The peak value was reached on November 08, 2021, and amounted to $3.01 trillion.

3. Cross Finance

On March 30, 2023, the Cross Finance team led by Alexander Mamasidikov launched the CrossFi Chain blockchain. CrossFi technology has a modular architecture, and blockchain is the foundation of it. The main feature of CrossFi is that it combines Web 2 and Web 3 technologies into one single mechanism. By combining Trad Fi and DeFi, we got CrossFi.

Cross Finance makes using cryptocurrencies and fiat funds possible in everyday life while retaining complete control and security of the user’s funds. This was made possible by creating three main CrossFi products and their seamless interaction: CrossFi Chain, CrossFi APP, and xAPP.

“CrossFi is the third stage in developing blockchain technology and crypto assets. This is exactly the stage that was needed to change the paradigm of the financial world as much as it is necessary for the end user”.

Vladimir Rodinka

Product manager

Changing the financial paradigm

At the moment, there are two options for using cryptocurrency in the real world:

1. Prepaid Crypto Card

This is a prepaid card. When you send your funds to a third-party wallet, they are converted into fiat, and as a result, you spend fiat.

2. BTC as the official currency of El Salvador

El Salvador is the only country that has legalized Bitcoin as a means of payment. In the country, you can pay with BTC directly in stores where sellers accept it. But only in the territory of El Salvador.

In other projects, all issued tokens involve cryptocurrency in the internal system without external manifestation. A number of shops and projects accept cryptocurrency payments from the user’s account to their wallet. However, no project on the crypto market has a token that can be used in the real world or any store.

3. CrossFi Crypto Card

Cross Finance allows you to spend cryptocurrency anywhere in the world where payment systems operate. This gives you financial freedom without intermediaries and third parties. In your CrossFi account, you link a MetaMask wallet and pay directly with XFI coins in-store or online.

Check our roadmap plans and follow the start of the release of our payment cards on social networks!