“Altcoins,” as they are called, are the future. It is extremely unlikely that bitcoin or any other current coin existing today will be the single coin solution that will be required in a 21st century world market. For crypto currencies to be widely adopted as mainstream, the market cap will need to go from the billions of today, to trillions tomorrow. No existing coin can scale at the numbers needed.
For example, current bitcoin can process about three transactions per second. Doing the math, that means 10,800 per hour. This is resulting in as high as 30 minutes to complete a single transaction. This scale is fine for those who view bitcoin as a “reserve-like gold” and who seek to do movement of large sums like a bank wire, but it is crippling for those who want to see bitcoin used as a daily currency. A new currency is needed. And everyone is racing to be “the one” to develop it. Vortex is no exception.
There are four key elements this currency must deliver, and which no currency existing today does: (1) low cost and speed; (2) stable reserve value; (3) data retention and verification; and (4) consumer confidence and trust.
Bitcoin excels at #2 — it is the gold of the crypto universe. It is stable and proven. All of the problems with it are related to #1, where the more people adopt using it, the slower and more costly it becomes. There is no longer-term fix besides more miners and higher prices for bitcoin to incentivize the investment into more miners to support such a larger, expanding user-base. Bitcoin, being the oldest and totally open-sourced crypto currency, also excels at #4. It has no ability at all in #3, which is why Ethereum was invented.
Wallets are the applications which interface between the public ledger and the end-user who wishes to access and secure their wealth. Vortex will develop a safe, secure, and fully-integrated application as part of our greater ecosystem of services and products.