1.0 What is the blockchain?

The blockchain was invented to solve a simple problem, known as the “double payment problem.”

In the physical world, if I want to pay you, I give you a physical token of value, such as a gold coin. The coin only has so many gold atoms in it, and I cannot copy it. Therefore, when I hand it to you as payment, you trust implicitly that you are now holding it, and the value it represents.

When the internet came along, this became much more complicated. The internet’s main purpose is to copy things. Photos, videos, text. When it comes to money, however, copying makes it nearly impossible to trust one another. Now, rather than giving you a single, uncopiable gold coin, I am transferring money digitally, which means that I can pay you and your friend at the same time with the same “digital coin” and neither of you can be sure that I didn’t just copy it to pay you both at once.

The original solution to this was to put an institution between you and I. The institution (usually a bank) would keep track of your money and my money, and would verify that both of us were playing fairly.

However, institutions have inherent weaknesses. First, institutions are centralised, which makes them a central point of failure. If the institution becomes corrupt, for example, we are all in trouble. Second, institutions naturally accumulate great amounts of power. This increases the temptation for that power to be used, often for selfish reasons. Often, the banks and institutions we necessarily trust to govern our day-to-day transactions are the same institutions who use our money to promote unsavoury investments, political machinations, and simple excess. While this is a natural outcome of the system, it is not ideal. Before blockchain, institutions were a necessary inefficiency. They were the best solution we had to the ugly problem of double payment.

Blockchain solves the double payment problem by taking the “trust’ placed in institutions and distributing it out to the entire network.

Now, instead of one party standing in the middle and checking everyone, we have a system that allows each individual user to check the whole network. Transactions are confirmed when the network agrees they are valid. Just as the internet made communication distributed and democratic, the blockchain can make finance and other critical societal functions a fair, distributed, and transparent process.

1.1 What is crypto?

The simple promise of blockchain has become conflated with blockchain’s first application, which is cryptocurrency. Cryptocurrencies are currencies which use blockchain technology to replicate the critical attributes of money. Most readers of this text will know about Bitcoin, Ethereum, and many other “alt-coin” projects, some of which have unfortunately lost the trust of their userbases.

While cryptocurrencies are exciting, and have attracted talented people to blockchain projects, they represent only a tiny step into the new financial system that we can build with blockchain.

2.0 Money App

Imagine if we could simply remove the institutions that manage our day-to-day financial transactions. Banks are consistently in the news suffering from hacks, pushing anti-democratic policies, or putting their users at risk by pushing sketchy investments. Imagine you could do everything you can with your bank, but you had control. No more waiting in lines, no more staying on hold endlessly to get support. No more letters with huge policy changes. No more shadowy institution. Just your money, securely held in the currency of your choice, spendable everywhere, with the possibility to invest, spend, and save as YOU choose.

This is the future we plan to create with our application. We believe this is the true promise of blockchain: a decentralized, open, free alternative to the banking system. This alternative should not only do what a bank can do, it should do it better, so that the generation of the internet can control and plan their own financial future, invest in the way they choose, and be free from institutions that exploit our money, but don’t offer us valuable services in exchange.

Together, we can bring in a future that is truly democratic. Peer-to-peer transactions, decentralised. Faster, lighter, more free. We should have control of our money, how it is saved, and invested, sent and spent.

2.1 EuroX

Digital currencies are key to the future. They provide the possibility for privacy in an increasingly surveilled world. They offer the potential of decentralization in an increasingly centralized world. Digital currencies are the internet’s own money. Smarter, faster, and better than what came before.

Early solutions, however, came at a cost. The rapid rise of Bitcoin has led to price instability. The rapid adoption of use cases has led to regulatory challenges and legal grey areas. For this reason, the next phase of digital money’s evolution, true mass adoption, should be based on a stable foundation.

Why stablecoins?

People interact with money day to day. For most people, the primary function of money is what it can do, and when we think about money, we think in terms of the food it can allow us to eat, the gas it can put in our car, or the service it can allow us to receive. When most people think of these things money can do, the measure of the money is one of the major world currencies, like dollars, euros, or yen.

Many projects, rightfully seeing that digital currencies are the future, have worked in vain to convince the average user to think in terms of BTC. The BTC, however, rapidly rising in value, and delineated in satoshi, is difficult to give users a feeling of what it can do.

At the same time, it has recently become possible to tokenize assets. Therefore, by tokenizing the value of a Euro, we believe that we can combine the average person’s feeling about their money and what it can do with the technical opportunities and potential of the blockchain.

Use cases

The EuroX token’s true potential will be unlocked when our point of sale solution (currently being worked on) goes live. Unlike many crypto cards and “buy with crypto” solutions, a solution involving a stable coin will allow private point of sale interactions for the user that do not require a user to mentally determine how much an apple costs in BTC. Furthermore, it will allow simpler onboarding for merchants, who opt for stability, as well as a much lower cost structure (and therefore fee structure) for merchants.

In essence, this stable coin should allow the technical and privacy benefits of digital currencies, while flowing directly into each user’s day to day experience of money. This is an important building block towards delivering the potential of the blockchain for the average person.

Control your money

Blockchain gives you the ability to control your own money online. However, it also opens up new possibilities. More will be said on this very soon.

Get Free

We will not put your money into shadowy investments. When you hold money with us, we simply guard it for you. We keep it ready, so that you can spend it when ready. You are not supporting a world that you don’t agree with. You are part of the future.

We don’t Spy

Many companies make profit by spying on your actions and selling your data. We will not do this. It is not part of our DNA, and we don’t want to succeed by doing that. The alternative to this is word of mouth. Please help us by spreading the word about our project.

You are safe

Our app was designed and built by hackers. We do not compromise on security, and security is a constant obsession. We realize that we cannot create the world we want if we are not the best, most secure way for people to store money. Therefore we have made that a first priority.

International for free

The world of blockchain is connected. Just like we can connect for free via the internet anywhere in the world, so should money be freely sent around the world. With Ronin, you can send for free anywhere. You can hold your money how you want, your friend can hold money how they want, and you can send money back and forth for free. In this way, money is truly digital, and we are just a “translator.”

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