The cryptocurrency market has seen a resurgence in interest among the masses as more and more people have decided to enter the field. This phenomenon has also caused digital asset organizations to splurge on advertisements and routine publicity.

Figure, the blockchain-based startup headed by Mike Cagney recently released a new advert that featured a mascot that informed people of the advantages of blockchain and the digital asset industry.

The ad was targetted to educate customers on blockchain technology as well as the new emerging tech in the financial ecosystem. The figure has claimed that a simple as easy explanation for the complicated technology was the way to inform the larger sects of society.

Initiatives taken by companies such as Figure go a long way in assuring newcomers that space is not so scary as vile as previously imagined. This was not the first time that a company had to take such steps as it follows in the footsteps of Grayscale Investments. According to the advertisement jingle:

“I’m not bitcoin, cryptocurrency, or anything scary.
In fact I make things less scary. I improve financial transactions like loans, behind the scenes, to make them more efficient, secure, and less costly. Which, if I work my magic right, can save you money. Before me, this was all done manually — aka by people. And people can make mistakes. And then other people have to find those mistakes and correct them, which all takes time and money. “

The jingle context was set to convey the fact that the blockchain wasn’t resistant to mistakes but rather immutable. It means that errors on the blockchain could be made but these would not be subject to any kind of editing program.

The figurine, referred to as Mr. Blockhead by some also spoke about the trustless nature of the blockchain. According to the advertisements the blockchain was so secure that to pass on the information it has to create something called the nodes. Nodes basically act as points which consist of unbiased computers. These computers then verify the data fed into them and then check if the transaction is valid or not.

The explanations given in the video were crude compared to the knowledge possessed by experts in the field. ‘Mr. Blockhead’ and Figure’s efforts have been lauded by the pubic because of the company’s sheer determination to educate the public. The advertisement also worked as a deterrent to banks and other financial institutions that were not on the blockchain.

Figure has clearly stated that the release was not intended to create controversy or ruffle any feathers. It was supposed to act as an educational tool so that both the blockchain industry as well as the mainstream finance world could co-exist on a level playing field.

 

Source:Reuters

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(Excerpt) Read more Here | 2020-02-15 05:49:15
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