Belarusian cryptocurrency TLR – some have heard of it, and some haven't.
But the fact that absolutely everyone knows about Bitcoin today is 100% a fact.
Its value, which is formed by global demand (not only for it, but also for other crypto assets (altcoins)) basically, institutional investors (Google, Apple, Microsoft, Tesla) are already talking about something.
The withdrawal of significant volumes of crypto assets from exchanges (recently) confirms their long-term investment character to a greater extent than speculative.
Against the background of all that is happening, it is advisable to mention the slightly forgotten Belarusian crypt - Taler.
The birth of the Taler crypto coin is interpreted in 2017, since which it has experienced more than one rise and more than one fall, along with other crypto assets.
Today everyone can see what the world has offered blockchain technology, on which the entire system of transactional interaction of advanced cryptocurrencies is built, is a new information and technological revolution. Thaler is no exception.
According to some publications, more than 100 million people already own crypto money. Of these, about 67 million users account for America and Europe.
At the beginning of 2021, up to 191 million crypto wallet addresses were registered on crypto exchanges.
So what is TLR (Thaler) and what value does it carry?
With gold, for example, it is more or less clear why it is valuable!
- it has specific physico-chemical properties
- it is used as a means of decoration
- it is traded on the stock exchange, which confirms its global liquidity
And what about the Thaler ?
Thaler is an intangible electronic currency that exists in a decentralized online network of the same name.
The transfer of Thalers from one user to another is the transfer of encrypted transaction data. The Thalers themselves do not exist in the form of any program code, they are only entries in a distributed registry.
New virtual coins appear as a result of "mining", a process during which users check transactions for validity.
According to the algorithm, the number of Thalers will not exceed 23.3 million units (and the achievement of this ceiling will not happen very soon – many years later). Each Thaler, of course, can be divided into parts - up to thousandths of a coin.
To protect the blockchain of many cryptocurrencies, the POW consensus mechanism is used. It implies finding a certain result by performing complex calculations (mining), which will be proof of the work done. Different algorithms are used for different digital coins, in the case of Thaler, the Lyra2z algorithm.
Here is such (in general terms), maybe someone does not quite understand the technology behind the Taler cryptocurrency.
The very relevance of the crypt (not only Thaler), its technological feature in a more understandable, simple (even for the perception of an ordinary layman) language is described here.
Why, especially for Belarus, is the introduction of Thaler into everyday circulation of priority importance and special relevance?
In conditions of high inflation expectations, which is inherent in today's Belarusian economic model, due to the discrepancy of real material values to the fiat Belarusian to the ruble (BYN), the population of the country always prefers to throw off "hares" in exchange for less risky assets - gold, metal, the same dollar. And all this, to this day, leads to the dependence of the state financial system on external creditors, which may eventually turn (with its exhaustive reserves and without support in the form of external borrowing) to the inevitable default.
To everything else, if the Belarusian ruble is secured only by government promises, then the Thaler, at least by its capabilities to implement this technology (blockchain) in the life of not only any Belarusian, but also the world community.
For example, for a general understanding of the essence and benefits of blockchain - how can the current system of mutual settlements between the population and public institutions (utilities) for the payment of mandatory payments be optimized.
When switching to the blockchain:
It is obvious that when switching to a system of mutual settlements using blockchain technology, the number of physical contacts (the human factor) tends to zero. At the same time, issues of payments of net income to the population and offsets with beneficiaries will occur automatically based on downloaded algorithms for each "personal account". The means of payment in the system will be the coin through which this blockchain is supported.
The population will receive significant relief from the elimination of unnecessary, duplicate settlement transactions (received - given) and physical contacts when receiving their income to pay for communal services.
Also, if the price of the fiat Belarusian ruble, as in principle and on all material values of the state form of ownership are determined purely administratively, then the exchange approach (market) pricing applies to the Thaler (TLR), which determines its real value.
Differences between the Belarusian ruble BYN (fiat) and TLR (Thaler):
|Dependence on SWIFT||+||-|
|Security of operations||+||+|
|Matching real value||?||+|
What advantages can the introduction of TLR into circulation give to the financial and economic system of the state?
1 - To have your own monetary asset, untethered from state influence, with a high potential for financial transactions
You can imagine it as a kind of rare Belarusian fossil (of its own origin), which will completely transform the system of monetary relations, both inside the country and abroad for the better (convenience, speed, security of transfers, the prospects of blockchain technology, on which TLR operates).
Technically, the state will not be able to influence its work in any way (blockchain technology works on the principles of objectivity and independence), but it will be able to receive bonuses in the form of an increase in its capitalization as a Belarusian asset.
2 - Convertibility
A very important argument with the current financial system.
Even now TLR is included in the listing, although not the largest exchanges (Binance, Exmo, etc.), but quite weighty and authoritative (Crex24, Bololex, etc.). The question is more in the amount of monetary contributions when included in the exchange register.
What does it give ?
TLR can be converted into any form of monetary assets, via BTC, USDT, which today are already standards of cryptographic transactions. Their total capitalization (BTC, USDT) is currently about $ 500 billion.
That is, for example, you can pay for Belarusian products directly by TLR, bypassing various intermediary structures and schemes, without withdrawing convertible gold reserves from the country's balance sheet.
This is unequivocal progress.
Never before today, for example, being outside of Belarus, you would not be able to exchange a Belarusian monetary unit, even for Mongolian tugriks, through a foreign bank.
3 - Security
This is the promise of blockchain technology on which projects of any social directions can be implemented. Taler is already technically ready to use atomic swaps. In a simple way - exchange for other types of cryptomonets bypassing the exchange.
Also, the use of the blockchain itself is possible in business and when optimizing specific business processes.
Of course, with the possibilities of the TLR blockchain, not everything is as clear as, for example, with the Ethereum blockchain, whose work is based not only on the transfer of money, but also on rules, contracts and programs (due to ETH and has a greater potential for price growth than other crypto).
Everything will depend on the IT system implementing all these projects and the desire of the state authorities to simplify the processes of relationships in all spheres of public life. What, in principle, this technology is aimed at.
Already today, work is underway on the Taler Pay system.
For example, in the near future, the owners of online stores connected to the Taler Pay payment service (gateway) will be able to accept Talers for payment.
In this case, Taler Pay will provide information and technological interaction of the online store with the buyer. This will allow the Thaler to become one of the payment instruments. When paying for purchases through the Taler Pay payment gateway, the Thalers will be instantly converted into fiat at the current exchange rate. At the same time, stores will receive fiat currency units of the country in whose jurisdiction they are located for purchases.
In conclusion, one thing can be said, for the state it is definitely a profitable tool that will allow:
- replace the current SWIFT payment system with a more rational and independent one
- to reduce the cost of the system of mutual settlements within the country and abroad (intermediary structures, commissions for money transfers, banks, etc. will disappear)
- significantly increase the speed of settlement transactions
- improve the convenience of using the settlement system (mobile – Android, IOS, cold wallets, exchanges)
- increase the value of the national treasure by implementing world-class innovative projects on the TLR blockchain, taking into account the high potential of the IT sector
When implementing the Taler Pay system, the state will be provided with full transparency of the monetary settlement operations carried out with TLR. At the same time, all management functions (emissions, fiscal - tax and budget) of BYN will remain with the state.
And now the question arises: taking into account the advantages of the above, the derivative of this system (blockchain), which is TLR itself, which ensures its operation, does the Thaler have the right to exist?
How quickly TLR and its projects will be popularized in the economy, so quickly will the demand and price for it grow (due to popular confidence in it, its value).
TLR cryptocurrency : Does the Belarusian thaler have the right to "life" - Something like that!