Eclipcoin blog

What is P2P solution and how it works?

You have probably heard of a P2P. It is a decentralized system where each users device is a server, which ensures stability and anonymity for each user. It is used in many areas, from file sharing to forex trading and online payments.

More and more people and businesses are choosing this solution because of the many benefits that P2P provides. Let's talk about some of them:

- Speed.

In the example of money transfers, we can see that the transfer takes place in real time, while other solutions will process the information on their server and only then make the transaction. This often takes a considerable amount of time.

- A wide range of possibilities.

Transactions conducted by users can be made in different currencies, including cryptocurrency. In addition, the payment systems provide a commission much lower than, the stock exchanges. It is also worth mentioning that you can use absolutely different cards of the world's banks for transfers. So you can make, for example, a transfer from the card of Japan to the card of Greenland, and all this in a matter of seconds.

- Accessibility and simplicity.

One of the main advantages of P2P is that anyone, anywhere in the world can access such a solution without much effort. The only thing that matters is the availability of the Internet. And the presence of most services have a User-Friendly interface allows their use by anyone of any age, even with no experience use such solutions.

- Security.

This is probably the most important aspect of P2P. If you are a broker or investor, you will certainly be concerned about the security of your funds. In addition to a standard login and password, P2P solutions allow you to protect your data in several ways, such as two-factor authentication, 3D-Secure and Dynamic IP. In this way, a broker can be safe for his money and not worry about his account being hacked.

Recently P2P boasts of rapidly growing popularity, which is not surprising, because, as we already know, it is fast and extremely convenient. You don't need to go to your bank to make money transfers, you don't need to involve a third party to trade currency, and it doesn't take much time to exchange files. The reliability of P2P is hard to overestimate. Since each computer in the network works as server, even if one is shut down, the other will be used, which prevents the system from shutting down.

Many banks and other businesses choose P2P solutions for the above reasons. For example, many restaurants already implement P2P into their applications allowing their customers to split the bill quickly and effortlessly, and companies like Microsoft use P2P to update their users system. The Global P2P lending market size valued at $68 billion in 2019 and expected to reach $550 billion by 2027.

There is no doubt that P2P solutions will soon become leaders in most areas of our lives and leave other ways of transferring data, money, and files in the past. Even though P2P is an imperfect solution, it has no competition. It's like comparing modern smartphones to push-button phones. Even with all the love for, flip phones, people will still always prefer a new phone with a big screen and modern technologies.

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