As cryptocurrency has gained more popularity over the last decade or so, discussions of it are becoming commonplace within all economic levels. However, understanding what cryptocurrency is as a concept, and where its value lies can quickly become confusing.
Making comparisons between cryptocurrencies and fiat currencies becomes a bit of a numerical nightmare for many at a certain point; the explosive volatility, the wide scale of value, and the rate at which values fluctuate can make it an extremely daunting concept to approach.
For instance, at the time of writing this article, $1 USD is equal to 0.00001729 BTC, or 0.00023279 ETH, but that number changes daily. On the other hand, there are also tokens for which $1 USD could buy billions, trillions or more.
Goji Crypto is an up-and-coming cryptocurrency project that aims to bridge the current gaps in the space. The primary component of the project is a software as a service (SaaS) platform that will be able to process crypto-to-fiat transactions over all major blockchains. They have introduced a business-ready and consumer-ready ecosystem of tokens, the economics (or ‘tokenomics’) of which utilize standards of long-standing economic systems.
The issue that Goji Crypto is trying to solve is significant: individuals and businesses that wish to utilize cryptocurrency for payments want to be able to do so simply and without the hassle of complex calculations and extra expenses. The digital infrastructure behind Goji’s project aims to facilitate much easier blockchain transactions by providing a wide breadth of capabilities within an intuitive platform.
Goji Crypto’s overall goal is to make everyday usage of cryptocurrencies feasible on all economic levels, without requiring merchants, customers, or accounting teams to have to fully immerse in how crypto works. Before diving deeper into that point, let’s first explore its token ecosystem that will make this possible.
Comparing Denominations to Fiat
Since most fiat currencies are not typically expressed to a value beyond two decimal places, fractional values of cryptocurrencies (such as the aforementioned 0.00001729 BTC) often seem confusing at first. However, this fractional expression of a currency is very similar to many existing fiat systems.
The penny, nickel, dime, and quarter values within USD are prime examples of real-world denominations that create fractional amounts of a primary currency (the United States dollar) for smaller purchases. Similarly, USD also has levels of compound denominations in the form of $5, $10, $20, $50, and $100 bills for larger purchases. As the base value of the United States dollar fluctuates over time, the values of the fractional and compound denominations fluctuate with it proportionally.
The Goji Crypto ecosystem consists of four tokens: HANU, MIA, GOJ, and GABA. HANU is currently the only token currently available for direct purchase, although the four tokens can be exchanged for one another. Currently, the four tokens exist on the Polygon and Ethereum blockchain networks.
Similar to how one hundred pennies equals one USD, the values of these tokens are pegged to each at factors of 1000 so as to represent the same base currency in different quantities:
1000 HANU = 1 MIA
1000 MIA = 1 GOJ
1000 GOJI = 1 GABA
In this way, it is possible to make real-world transactions much more digestible for consumers. For instance, using a recent price of $0.00001 per HANU:
1 MIA = $0.01
1 GOJ = $10.00
1 GABA = $10,000
(note: market value fluctuation will cause these values to change, but they stay within the same scale).
There are endless instances in which we can see how this can make a difference in the perception of value and ease of accounting. For example, if a consumer was buying a pair of running shoes at retail price of $120 USD, that cost would be equal to 0.00206241 BTC, or more simply, 12 GOJ.* However, if an individual or business were to purchase $500,000 of an asset, that would be equal to 8.61 BTC, or 500 GABA. The high value of BTC makes for simple representations of value with large transactions, but lengthy representations of value with smaller transactions.
*Values were recorded at the time of writing and are likely to have fluctuated since.
Utilizing the Ethereum Mainnet
Since its inception, the Goji Crypto team has described the project as a two-sided coin: one side exists to fill existing gaps in blockchain access for business purposes, and the other exists to benefit the project’s community of holders.
The first of Goji’s major developments to be released is their upcoming exchange, GojiSwap, which is on schedule to launch in December of 2021. The purpose of GojiSwap is multifaceted: it will operate as the transactional backbone for the SaaS platform, while also providing services that provide extra benefits to holders such as token staking. While HANU is the only token in the ecosystem that has liquidity paired with its network’s native tokens (ETH and MATIC), GojiSwap will allow holders to stake their HANU, MIA, GOJ, and GABA and allocate a percentage of exchange fees toward staking rewards.
With the GojiSwap exchange & SaaS platforms utilizing Ethereum’s robust network and structure, the entire system will have a publicly accessible ledger of transactions, on a decentralized, secure network. Although cryptocurrencies exist across a series of blockchain networks, GojiSwap will have a Protocol Bridge within the platform that will be utilized for cross-chain transactions and exchanges. Payments made in the SaaS are processed through GojiSwap with the option for the sender’s preferred currency to be exchanged for the receiver’s preferred currency. This will allow currencies to be exchanged between different blockchain networks, without the need to make a series of transactions within multiple exchanges.
As individuals, businesses, and governments have increased efforts to make cryptocurrency fungible on a wide scale, there is a growing need to transact easily and smoothly among all levels of investors. Goji Crypto’s upcoming exchange and SaaS platform may be the variables that bridge the gap between cryptocurrency and fiat, allowing the practical value of blockchain technology to be fully realized.
More Information on Goji Crypto
Goji Crypto is frequently updating its website, social media pages, and chat servers to provide the community with the most up-to-date information. To read more about the project itself or how to invest, click the links below to the available communication channels.
The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. The content was purely for informational purposes only and not intended to be investing advice.
