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Crypto mass adoption has been the biggest aim for the entirety of the crypto space since Bitcoin came into existence back in 2013. Usually, people do a variety of things they don’t understand even if it is developed to help them in the long run. Such was the case with the adoption of cryptocurrency all over the world.
A decade later, cryptocurrencies are booming with new use cases being developed every day. However, certain regions are still lagging behind and are still unaware of the prospect and potential of cryptocurrencies, such as the UAE. However, ZelaaPay has taken it upon itself to remedy this situation and bring mass crypto adoption to the UAE.
ZelaaPay is achieving this feat by placing Decentralized Finance at its core. The company has quickly become one of the leading blockchain solutions providers in the UAE and the Gulf Area. ZelaaPay uses its influence to bring awareness among the investors and users to integrate them in the crypto ecosystem.
Reasons for Slow Mass Crypto Adoption in UAE
While cryptocurrency offers a secure, decentralized, and scalable investment opportunity with the addition of better functioning of several industries, the adoption in the UAE has been slow. While the other countries are gradually accepting crypto with approval from governments, UAE is still observing staggering growth.
Here are a few reasons for the slow adoption of cryptocurrencies in the UAE.
Cryptocurrencies have had a bad reputation over the past because of hackers and scammers exploiting the space. People are generally hesitant to invest in a new space which is made worse due to poor representation and lack of awareness.
The Blockchain Trilemma
Blockchain aims to be secure, scalable, and decentralized. However, when a platform aims to be secure and scalable, they have to have a centralized control, creating the trilemma.
Several networks such as Ethereum are facing network congestion due to an increased number of transactions which results in higher transaction fees. A new user will not experiment with a new idea if it will cost them money out of their pocket.
The majority of the governments do not consider cryptocurrency as a legal asset and have been tracking down crypto investors which results in fear of adoption.
Cryptocurrency volatility is one of the biggest concerns as the price of the cryptocurrency can shoot down or high, instantly causing extreme profits and losses. The risk factor makes people wary of becoming a part of the crypto ecosystem.
How is ZelaaPay the Solution?
ZelaaPay has developed a robust decentralized finance platform that uses the approach of blockchain sharding to solve the blockchain trilemma. In blockchain sharding, the network is split into different partitions, called shards, with their own storage of transaction history. However, in this model, certain nodes will only process transactions for certain shards which helps in better utilization of the space on blockchain and allows for recording of more transactions.
Blockchain sharding is only one of the core components of the ZelaaPay ecosystem. It also offers:
- DeFi ZPAEZPAE
- Virtual Kiosk
- ZPAE Debit Card
ZelaaPay uses these features to promote mass adoption of crypto in the UAE region. The platform makes the process of storing, sharing, and using crypto assets much easier using ZPAYae. ZelaaPay is a part of the Emirates Blockchain Strategy launched by the UAE government back in 2018 to promote mass crypto adoption.
With their goals aligned, ZelaaPay is helping UAE citizens become a part of the thriving cryptocurrency ecosystem.