The world’s monetary system is something which has many moving parts and it may have been flawless at the inception, but now clearly it is not the ideal solution to all our needs. There are many cryptocurrencies which promise to change the very same thing, but till now none of them have been successful. While we can’t deny the possibility the decentralised system brings to the table, it does have a long way to go. TraxAlt is a new digital currency that is still in development.
This cryptocurrency has huge plans and innovative ideas to dominate the marketplace. In theory, their goals or blueprints might sound intuitive. However, at the end of the day it all comes down to their actual execution of plans and fundings they secure. Nowadays, the ICOs are a common thing and an individual needs to be very careful before purchasing any new tokens as most of them will never have real value.
We are not saying that new ventures are not worth the risk every time, but it does carry enormous risk which is not suitable for all investors. So, always know the possible risk and rewards beforehand and never invest more than what you are comfortable losing? Coming back to TraxAlt, read on to know their ambitious plans, motives and goals.
What is TraxAlt?
TraxAlt in simple words is a digital currency which follows blockchain protocols. The main intention of this technology is to simplify the process of bookkeeping, reduce transaction cost and help organisations maintain a transparent and trustworthy ecosystem.
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If you are interested in finding out all of their goals along with detailed plans, then you can visit their official platform and download the whitepaper document. The people behind TraxAlt have really made an effort to keep things simple and that becomes obvious once you look at the way they have explained themselves.
Narratives on this platform are put across in an easy to understand manner which most people familiar with the way the internet works can understand. More importantly, they have made the people get familiar with the risks involved with the project early on. Transparency is undeniably a good thing for any business to adore and it increases their credibility factor.
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What problems does TraxAlt Address?
The areas this currency is planning to disrupt are many. However, as we don’t want to overwhelm you, we have listed the few important points below. Before you get excited about their blueprint, understand that the processes they mention are not easy to achieve and the infrastructure is quite not ready yet. Moreover, they are not selling any tokens at the time of publishing this post.
Reduced Cost – As individuals we may not be concerned about the little fees we have to pay for our banking transactions. Thanks to many e-wallets, it is easier to send the funds across for very negligible transaction fees. Unfortunately, the big organisations cannot rely on them and as a result, they need to constantly search for new mechanisms.
From an individual’s perspective the fees don’t amount to anything which can be considered significant. However, for the firms due to the number of transactions they make, it will quickly add up and if they are not careful enough, it might squeeze their profit margins too.
TraxAlt plans to eliminate this problem by enabling the organisations to make multiple payments through a single portal with most competitive terms. By using their services, users can pay out to anyone around the world using blockchain protocols which will not only help in tracking, but also help the concerned entities maintain utmost level of transparency.
Faster Transaction Times – This is an age old problem in our banking system. If you have ever done a wire transfer, then you already know that it is painfully slow and takes way too long. For Multinational Companies, this might be the kind of thing which can’t be ignored as it can cost them dearly.
One might argue that e-wallets will bring down the transaction times to zero, but that isn’t the permanent solution. Cryptocurrencies have opened up a world of opportunities in the financial sector. They are known to reduce fees to bare minimum in some cases and generally have faster processing times.
Sadly, the top cryptocurrencies like Bitcoin, Ethereum take a considerable amount of time to reach the hands of the receiver due to their specific blockchain protocols. TraxAlt claims to bring the transaction time lower than the competition, but it doesn’t put out any number yet.
So, we can’t comment anything about it as of now. It is weird to see this platform skip a crucial detail. Nonetheless, given the traits they display it is rational to give them benefit of the doubt.
Scalability and transparency – At some point of time every business will expand their operations and the key part they have to focus is the payment mechanism they employ. After all, you can’t delay the transactions for long, right? TXT plans to allow organisations to link several accounts under a single tab and distribute funds according to the customer’s personal needs.
Though, much information is not provided about the tracking mechanisms, it does sound like the perfect way to deal with the flaws present in the current system. Also, as the funds are sent using blockchain technology, it will make tracing and tracking a lot easier.
Ideal Users of TraxAlt
On their website, they have mentioned few general businesses which might be interested in their services. Note that, they don’t have any exclusive deals in place yet, but that can change at any time. From their initial assessment, the following sectors are the ones who will benefit the most if they opt to shift over to TraxAlt cryptocurrency.
- Banks
- Payment providers
- Platform businesses
- International businesses
- Corporate treasury
- Consumers
Distribution of the Digital Currency
All the tokens which are launched in the markets should figure out the best distribution method that serves their best interest. For starters, the tokens shouldn’t be too much concentrated and ideally, it shouldn’t be unlimited too. In case of any errors, they have to burn the appropriate amount of currency or find a way to dump them without hurting the other metrics.
Below is the table which will show you the way TraxAlt is going to be distributed.
- Foundation – 5%
- Team – 10%
- Legal – 5%
- Private Sale – 35%
- System Reserve – 25%
- Marketing – 20%
Social Media Presence
As this platform isn’t selling anything yet, the contact information provided on their website is pretty basic. Right now, the only way to get in touch with the people behind this platform is via email. They haven’t put up their average response time and as the user feedback about them is non-existent we don’t have a clue about what you can expect from them?
On the bright side, they do have social media presence, judging by the amount of content they have featured, it doesn’t look like they are active. All in all, they do lack when it comes to maintaining a cordial and an open relationship with the public.
If you have lost money to people trying to impersonate this platform or in the name of investments, then contact our team via the contact form on our website. Let us know a few quick details and we will get back to you at the earliest. Note that, all of our consultations are free and we never ever charge for our services.
TraxAlt Review Conclusion
The world of cryptocurrencies is not an easy one to navigate. One wrong action or investment without proper risk management can trigger a domino effect. So, stick with the ones you truly understand and ignore everything else.
TraxAlt has a lot going for it on paper, but until they plan to go public, we just have to play along and support their cause. Once the private sales start, people should seek the advice of licensed Financial advisers and take any firm decision about them. Until then, share this post with your social circle and let them also realise the truth about TraxAlt digital currency.