Chintai, according to a press release provided to BSN, wants to revolutionize finance using utility tokens, with a focus on the unbanked and downtrodden.
Putting Tokens To Work
At least, that’s one angle to look at their technology stack from.
Another, of course, is as a valid means of earning more money from your crypto investments.
In tokens like EOS, if you don’t need immediate access to your tokens, then you can provide utility to others with them.
Either network will natively let you stake your tokens for someone else to get benefits from them.
Someone can, in effect, pay you a discounted rate for bandwidth and, in the case of EOS, CPU.
That’s what Chintai describes in a recent missive sent to journalists:
“Chintai offers the ability to stay invested in a token like EOS while also making returns by letting others temporarily lease the utility aspect of the token (in EOS’s case, CPU/RAM on the network) Over 250M EOS transaction volume to-date, generating 65,000 EOS as interest for its lenders in just one week at its peak.”
As another example, Chintai enables people to rent out items in blockchain gaming. These tokens are called “non-fungible,” meaning they are unique.
They are at the heart of the blockchain gaming value proposition offered by platforms such as Enjin.
Enjin Coin and its associated games are a big deal in blockchain gaming. They were even integrated by Samsung when the S10 came with a built-in Ethereum wallet.
Blockchain Finance For The Masses
It’s clear the future will involve more digital assets. What’s unclear is what platforms people will use to manage their digital property, and in what ways they’ll be able to profit from it.
Efforts like Chintai present one idea. Others are sure to come to the fore as the blockchain ecosystem grows in users and companies.
Increasingly, the world will become more interconnected and financially mobile.
Imagine carrying the deed to your house and title to your car in your phone, and being able to swap them with someone else out in the open market if you so choose.
That example may seem extreme, but it demonstrates the power of the technology we’re talking about.
Smaller examples, in the way of items like luxury watches and other high value items, will be much more commonplace, and things like theft and fraud will become more rare.
Using blockchains and cryptographic proofs, companies can offer security like never before.
Chintai says that many tokens sit unused. Its technology will prevent them from “collecting dust” and instead help their owners collect dividends.
