The rise of blockchain technology with Bitcoin has given birth to many cryptocurrencies including, Ethereum, Litecoin, Ripple etc. These currencies serve as an amazing means of transactions as the users can maintain anonymity along with transparency. In the crypto world, though we see new coins daily but few are able to make their mark. One among them is Niobium, a coin built on Ethereum Platform to boost all the services that will be provided on the platform of São Paulo Digital Business Exchange (BOMESP).
BOMESP is a platform to provide financing to small, medium and large- sized companies. On it, companies may offer their own tokens or virtual currencies exchanging them for NIOBIUMs. It allows companies of any size to capture resources via willing investors who want to make profits in the booming virtual currency market. BOMESP by virtue of Niobiums enables companies to eliminate the need of intermediary for their transactions, thereby reducing transaction costs. It also reduces or even eliminates counterparty risks. Since, Blockchains have the ability to store large amount of data and thus the complete, consistent and precise data is made available broadly.
Ethereum is an open source technology to build smart contracts. Since, Niobium is built on Smart Contracts; it does not require any human intervention. This implies it is completely mechanised and makes the chances or errors negligible. A niobium is created if someone pays for it only in the period of their ICO, i.e. no Niobium can be created on the completion of the ICOs. Also, smart contracts are designed in a way that makes the probability of cyber-attacks almost zero. This implies information stored among these contracts is safe and your money will reach the correct recipient. There exists no space for external manipulation.
After the perfect operation of the BOMESP and circulation of the Niobiums one of the principal plans of the BOMESP is the investment in automatic teller machines (ATMs) for Bitcoins, Ethereums and Niobiums which will enable the availability of such currencies in the principal commercial sites around the world. This will provide liquidity to the currency user which is currently a concern in crypto world. This is paving the way for the crypto currencies to offer more than speculative purposes of money. This will enable them to join the way to become a medium of exchange as the risk of price inflation or deflation is subtle.
Apart from these it is the first virtual currency issued by the Brazilian Issuer and has got the green light from Brazil’s equivalent of Securities & Exchange Commission (SEC). Therefore, companies do not have to worry about government’s regulations on the use of this platform. Because of the authorisation from a government body, this currency is going to have higher acceptance and hence a bigger demand holding more value for its possessors.
This suggests that Niobium is turning out to be one among the major players in the crypto market which can completely change the ways of how companies finance themselves.