Five companies that are creating their own cryptocurrencies
Starting with the creation of Bitcoin in 2009 by a developer using the name Satoshi Nakamoto, hundreds and even thousands of cryptocurrencies exist today as companies create their own proprietary cryptocurrencies.
With cryptocurrency comes the need for miners who verify transactions and platforms for exchanging currencies. More and more companies, including these five, are getting involved and capitalising on the cryptocurrency movement.
1. Air Asia
Based in Malaysia, Air Asia is a popular budget airline with plans to expand into the world of cryptocurrency. Frequent flyer points will turn into Air Asia’s proprietary cryptocurrency called “BigCoin.” Ticket prices will also have a BigCoin value.
The company estimates that three to six months after the launch of BigCoin, customers will have the ability to use the cryptocurrency to pay for other products and services such as in-flight meals and seat upgrades. There are plans to distribute the coin with an initial coin offering (ICO) that offers investors units of the currency against other cryptocurrencies, such as Bitcoin.
2. Mitsubishi UFJ Financial Group (MUFG)
Mitsubishi UFJ Financial Group is the largest bank in Japan and the fourth largest bank in the world. In mid-January, the company announced they would offer their own proprietary cryptocurrency.
They plan to call the currency the MUFG Coin, and it will be valued at approximately one Japanese yen, though the value will be left unfixed. The new cryptocurrency system will require users to create a digital wallet to take advantage of the MUFG Coin.
In creating the MUFG Coin, the goal is to facilitate transactions on a peer-to-peer level, reduce the need for fees and simplify overall payment procedures.
Cryptocurrencies are very popular and more widely accepted in Japan. In fact, Bitcoin was made a Japanese legal currency in April 2017. It only makes sense for Japan’s largest bank to jump aboard the cryptocurrency bandwagon.
3. Arias Intel Corp
Arias Intel Corp is a technology, media and mobile gaming platform with a focus on augmented reality (AR) and virtual reality (VR). The company plans to launch their own proprietary cryptocurrency in 2018.
The cryptocurrency will be called iNEO Coin or iNEO Token. Like the MUFG cryptocurrency, users will have a digital wallet or iNEO debit card that they can use to spend their cryptocurrency. The coin will be used to purchase and sell products and services from others in the system.
To build a sense of security and trust, all transactional data between merchants and buyers will be recorded in the iNEO app, which will provide an accurate receipt of transactions.
4. NetCents Technology Inc
NetCents is an online payment processing platform for managing electronic payments. It is working on the development and launch of a proprietary cryptocurrency platform.
Using blockchain technology, it is aiding the transition of cash to digital currencies. On the platform, users can easily buy and sell major cryptocurrencies such as Bitcoin and Ethereum. The goal of the platform is to make it easier for users to buy and sell cryptocurrencies by increasing the speed of transactions and making the process as simple as possible.
NetCents has its own cryptocurrency called NCCO, and the new platform will make this coin more accessible to other cryptocurrency exchanges. Through the platform and updates to its website that will make processes more streamlined and interactive, it hopes to encourage wider adoption of NCCO beyond the NetCents platform.
5. BitBlox Technologies Inc
A technology company located in southwestern Ontario, BitBlox focuses on mining and developing the next generation of cryptocurrency. The company has recently announced the launch of its first proprietary cryptocurrency mining facility. The process of mining cryptocurrency is essentially a verification service provided within a blockchain network.
Complex mathematical algorithms that use computing and cryptography verify transactions. Once a transaction is verified, it is then added to the public ledger or the blockchain. BitBlox has taken advantage of the profit potential in mining cryptocurrency through operational efficiency.
The currency of the future
Cryptocurrency is still relatively new, but it’s catching on quickly. These five companies are just the beginning of a movement as more companies create their own cryptocurrencies. Cryptocurrency is no longer the currency of the future, it’s here today.
By Kayla Matthews, tech journalist and writer
Read more posts on her blog, Productivity Bytes