Facebook’s Libra is creating a lot of headlines. However, SonicX may have beat Facebook into the marketplace, and its platform has some major advantages over whatever Facebook is cooking up in its crypto kitchen.
SonicX, a blockchain platform that provides trust, top-notch security and efficiency decided to develop a payment gateway that facilitates not only peer-to-peer transactions but also a tokenized system for content storage and online gaming.
Appreciating the natural fit of blockchain decentralized platform and secured payment system for businesses like gaming, the SonicX team provided solutions to these challenges by building a decentralized platform for the internet users — using the SOX token; a blockchain architecture that has scalability at minimum cost and an ecosystem that will enable internet users to have their own digital governance.
This blockchain platform is based on Tron’s architecture. As per that, SonicX will also be able to take advantage of Tron’s features. Some of the advantages include huge increasing of the platform’s TPS (transactions per second) and implementing its own digital governance that allows token holders to have voting rights that benefit the community in global.
However, it is important to mention that the token (SOX) can also be used for making cross-border payments and that is what it makes it stand out as a potential global competitor to Facebook’s Libra currency.
Big tech companies like Apple, Google, and Facebook have become stock market sensations, but it’s high valuations cannot really help them in the FinTech space. In fact, success could show as of a big problem for any tech major that wants to enter the payments space.
As it’s already known, Facebook’s coin would be based on a very different idea than Bitcoin.
Unlike Bitcoin, which is an open system, Libra is closed and will be highly protected.
Facebook announced the currency in partnership with 27 major corporations including Visa, Mastercard, Lyft and Uber. These founding members constitute the Libra Association, which will be in charge of processing transactions for the network and maintaining its version of the blockchain.
SonicX created a system that is in-line with the foundational philosophy of Bitcoin and makes it a viable global payment system. Also, let’s not forget, smaller companies like SonicX not only enjoy the advantage of flying under the radar of the government, but also have open-source code they can rely on.
Libra aims to target a wide variety of services that integrates with Facebook and as that, it is ideal for micro-payments. However, it is pegged to fiat reserves so it’s a stable-coin, that will start off as highly centralized and eventually move over to a DPoS (Delegated Proof-of-Stake) system.
The SOX tokens value is, on the other hand, determined by the free market and not pegged to fiat reserves. Although that can mean more volatility, the case for SOX over Libra is in value against fiat.
SonicX is also great for e-gaming and cross-border payments. While specific to this market, it only means that it has a strong use case for it. Even though Libra appears more viable for transferring value over Facebook’s ecosystem, not everyone may want to use it. What if users do not want to use their Facebook account for making cross-border payments? In that case, their option is to use a permission-less and trust-less system like SonicX.