Globalization has united nations across the world. Ethereum wallet is here to help the world become an increasingly connected place. We’ve seen isolationist policies in countries before, and Trump claims to be moving in that direction. However, globalization is inevitable. Free trade across the world is increasing. It has become a necessity for countries across the globe to cooperate in order to sustain themselves and provide a better future for their citizens.
How Ethereum Wallet will Connect People
There is no universal currency in the world today. The closest thing we have is the USD (United States Dollar), which is the standard for what prices are based on internationally. However, it is impractical to base all value on one nation’s currency. The United States may experience change in the coming years, and prices would certainly fluctuate. This brings about the need for a global digital currency called Ethereum. This currency is stored inside a user’s Ethereum Wallet which shows the individual’s balance in ETH. It can be used by anyone, anywhere in the world. As our global population increases, the need for a decentralized worldwide standard of money rises.
By introducing a global currency, people can easily trade with one another without using currency conversions. Payment processors will no longer be able to charge upwards of 5% on conversions between currencies. PayPal earns the majority of its revenue by taking high fees whenever individuals need to transact between different currencies. Clients are missing out on huge amounts of money every time they make a deal. Due to this, individuals are hesitant to make foreign trades as fees can rack up quite quickly. The solution to this problem is rather simple: create an Ethereum wallet and people will trade with each other with zero percent fees. Currently, a single transaction costs $0.00025 in USD.
It’s unbelievable how cheap it is to send and receive Ether. Best of all, the signup process takes at most a minute to get through. The difficulty lies in learning how to use the new platform, which can be complicated if online wallets aren’t used. Desktop wallets are currently confusing and take a long time to get used to as the blockchain syncing process will deter many new users. The blockchain is a universally accessible technology that stores all of the transactions that have taken place on the network. In addition, Ethereum stores smart contract data into the blockchain as well.
Smart Contracts for International Trade
Transparency and Accountability Improved
There’s a growing demand for governments, companies, and high value individuals to disclose more information. Luckily, the technology now exists to hold these groups accountable for their actions. Since all data is stored on the Ethereum blockchain, information is view-able by anyone at anytime. Companies will have to disclose what they do with their money in the future. For example, a fishery will need to show what they are doing with each fish they catch, as well as how many fish they caught. Any information that isn’t shown on the blockchain will be easily tracked down. Charities will need to disclose the exact amount of funds going towards charitable goals, and how much is going towards miscellaneous tasks. It is public knowledge that charities have been started by many dishonest folk who kept the majority of the funds for themselves and their friends.