Ever since Satoshi Nakamoto unveiled the first feasible blockchain-based payments system to the world in 2008, one eschewing trust in and reliance on centralized entities, the world has not been the same. Perhaps more significant than Bitcoin itself is the underlying technology which supports it. Until Nakamoto’s intervention, the Byzantine General’s Problem, the key challenge that described the difficulty in getting network participants to trust each other without relying on a central authority, had remained a painful obstacle in developing trustless networks where power was distributed evenly.
Block chain technology’s capacity to enable systems that serve not only the function of money, but reputation, prediction markets, effective machine-tomachine communication, and so much more, has birthed an entire new industry which is set to revolutionize modern economies, workplaces and even social relationships. China, a leading investor in the technology, is considering applying the technology towards citizen data. Malta, commonly called the ‘Block chain Island’ for its welcoming attitude towards the technology, is seeing innovators flock to it. US, considered by some to be lagging, is accelerating the creation of a regulatory framework and steadily encouraging institutional investment.
Despite the potential of the technology becoming ever clearer with every passing day, the opposition is stiff – most vocally from established financial institutions who have denounced it as a tool for criminals and the black market, or as a passing fad that is likely to end in disaster for the many investors who have put their money into it.
However, things are turning around for the cryptocurrency market. The once ridiculed and criticized technology has now been adopted by the naysayers, and the prospects of the technology in lifting impoverished social classes to a higher status and saving the global economy trillions of dollars has become the goal of several projects and teams on almost every continent.
The Kubo project has been undertaken with the intention of bringing block chain’s inherent benefits to the retail market and micro-payment arena, serving as a bridge between the vendors who are looking to emerging technologies to www.kubocoin.org
3 boost their growth in client base and sales and the yet inaccessible method of integrating block chain into existing business services.
The team is highly aware that small and medium enterprises, apart from the billions of poor unable to access global financial markets, are those that stand to gain the most from decentralized technologies. In this black paper, we cover the issues that existing payment systems suffer from, and how decentralized mechanisms can improve upon in almost every which way. We also detail the Kubo platforms, its services, and how it plans to create a convenient and effective ecosystem for retailers and vendors alike.