3 Potential Benefits of Layer 2 Blockchain Scaling on The Gig Economy
Let’s have a look together on how blockchains should scale and what are the impacts of Layer 2 scaling on the Gig Economy.
Are you tired of being charged a significant commission for a very small payment you receive from your customers or have you ever had a case where you needed a really minor change request for your project, yet billed for at least half a day by your provider? If you suffer from one of these problems or can relate with anything similar and if neither, yet you’re simply interested in discovering what blockchain and cryptocurrencies may offer to improve your daily life, then you came to the right place and may keep scrolling down.
Both in induvial or business payments, the current systems rarely favor your side when it comes to micropayments. One way or another, it always rounds up or down in the opposite direction to your interest. It’s either the payment provider makes a huge commission income from your low in amount, high in need transaction or the service/product delivery never takes place, if the seller is not a giant who makes a fortune from the economies of scale. One thing is clear that no one is willing to send 15 Dollars cross-border payment and pay double that amount in fees to multiple intermediaries, who make the transaction possible. Nevertheless, neither SWIFT (The Society for Worldwide Interbank Financial Telecommunication) nor credit card providers reduce the transaction fees enough to allow you to send cents cross-border or receive payments for products/services that you’re willing to provide for 10 cents.
Apart from the size of the payment, there are many other issues in the current payment systems. Let me tell you what two of these problems are with an example. There is a bar in my city, where you’re given a card to load with the amount of money you would like. Then you walk around the beer taps, put your card and fill your glass as much as you want, which will dynamically reduce the balance in your card, proportional to the amount you fill. Even though I need to make the payment in advance to top-up my card, I get to set the frequency of the payment while transferring the ownership of money to the bar. Eventually, if I don’t finish the…