Anvil, a decentralized smart contract system built on Ethereum, seeks to revolutionize online payments by creating a new form of crypto-collateralized money. Founder Tyler Spalding believes Anvil can address the high cost and inconvenience of traditional payment methods, effectively solving the internet's 'original sin' – the absence of native payments.
Founder Tyler Spalding sees the Ethereum-based smart contract project as a step towards creating a new form of money for payments, loans and counterparty credit in DeFi.Payments remain the big unsolved use case of the internet. When we buy something online, we generally use a traditional payment method, like a credit card, which isn’t “native” to the experience.
This matters because the cost is massive and borne by all of us. Economists have calculated the total cost of retail payments in the United States at as much as 2% of GDP, which is almost as much as the U.S. defense budget. Merchants frequently cite the cost of processing credit cards as some of their highest operating expenses, which is why many will ask you to pay additional charges to use a card in a store, or place a minimum on the amount one should spend.
At the protocol level, there are no fees to transact with Anvil, Spalding said, and the technology is open-source. It’s community owned with 60% of the governance token distribution to partners and users, who can vote on operational matters. Spalding, who previously co-founded, a blockchain-based payments network, sees use cases for Anvil in traditional loans, DeFi counterparty credit , asset bridging and payments.
CRYPTOCURRENCY DEFI SMART CONTRACTS PAYMENTS INTERNET OF THINGS
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