{"id":142899,"date":"2024-11-22T11:00:32","date_gmt":"2024-11-22T09:00:32","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=142899"},"modified":"2024-11-22T00:53:06","modified_gmt":"2024-11-21T22:53:06","slug":"blockchain-innovators-introduce-peer-to-peer-debt-clearing-system-to-bypass-banks","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/blockchain-innovators-introduce-peer-to-peer-debt-clearing-system-to-bypass-banks\/","title":{"rendered":"Blockchain Innovators Introduce Peer-to-Peer Debt Clearing System to Bypass Banks"},"content":{"rendered":"

This initiatie introduces a peer-to-peer system aimed that allows individuals to settle debts without relying on intermediaries like banks or clearinghouses. The system, named Cycles, is designed to offer a decentralized alternative to traditional clearing methods, which are vital for secure payment transfers and liability settlements in traditional finance.<\/p>\n

Ethan Buchman, CEO of Informal Systems, highlighted that while blockchain technology has focused on assets, the liabilities side has been largely overlooked. Cycles aims to address this by using atomic multilateral settlement, which can clear debts more efficiently and with lower costs.<\/p>\n

The system is designed to support multiple currencies, enabling users to benefit from the clearing process even if they don\u2019t use the same currency.<\/p>