Starting today, HandCash users who upgrade their apps will be able to make payments in a new currency unit called “Duro”. However, the Duro is not a new token, but a unit of account that refers to 500 Satoshis in the Bitcoin SV (BSV) network. According to HandCash, this will make pricing and payment easier for small items. So what is it about?
One of the things that make BSV so useful is its ability to re-process tiny payments (micro or even nano payments) at negligible cost – just like Bitcoin originally promised. This creates new and promising new economies in social networks, games, and the digital goods market.
There is one problem, however, price things in BSV, and you get prices like “0.00039548 BSV” which is not only unknown to new users but can also be confusing. Even the pricing for “Sats” (short for Satoshis) is not ideal, as this still leads to higher numbers.
To solve these problems, HandCash developed the Duro (symbol Đ). $ 1.21 is 0.00050273 BSV or 50.273 Sats / Satoshis – in Duros this would appear as 100Đ. This is a much cleaner and more digestible figure.
Speaking to CoinGeek, HandCash’s founder and CEO Alex Agut described the Duro as “just raw BSV with a level of ease of use”. Since it is not a token, only small changes to the user interface are required by users and merchants to buy and sell items in Duro.
In a way, it’s also part of the effort to rename Bitcoin and potentially move general consumer usage away from the costly distractions over the name “Bitcoin” and endless arguments about who should and shouldn’t use the name. It’s an experiment right now, but it could catch on if others find it useful and take over the system.
HandCash is one of the most popular wallets in the Bitcoin BSV ecosystem. From the beginning, the company looked for ways to make the use of Bitcoin easier in everyday life by introducing $ handles, NFC payments and NFC backups, spending bills, HandCash Connect, and keyless wallets instead of addresses.
Here is a quick video that explains what Duro is and how it can be used. Below is an interview with Alex Agut to explain things in more detail.
We introduce: Duro pic.twitter.com/EbSYIx1sWf
– Duro (@duro_money) March 31, 2021
Interview: Alex Agut, Founder and CEO of Handcash
When can HandCash users use Duros for transactions?
From March 31, 2021 you will find a “Duro mode” after updating your apps, which switches the settings and makes Duro the main currency for the app. Yes, you can now enter amounts in Duros! We make this optional when trying to test our hypothesis on how it works. So if users want to help us test how the Duro feels in different contexts, they can, but if they want to keep using the app as it is, we’re not playing with it. We think that good ideas shouldn’t be imposed.
The Duro is more of a brand name of BSV Satoshis and not a token. Will other platforms take the name and adapt their software to handle Duros too?
I agree. It is important for us to have developer support for this to have value. We’re adding an endpoint to our Connect SDK so it knows if the user has activated Duro mode so the UI can change accordingly. It’s a minor change, however, it shouldn’t take developers more than 10 minutes to adapt to it – especially since this isn’t a token protocol, just a raw BSV with a level of ease of use.
1 Duro is 500 BSV Satoshis. This means that its value fluctuates in a way that is tied to the BSV entity itself … right?
Yes, but that also gives it universal and real value. We have found that fluctuations are not a problem with nanopayments, only for merchants. When you have 200 pennies a day transactions, no one will notice. And if we value things in Duros (after all in Bitcoin) and the main currency is Duros, there are also no fluctuations. There are things that we have assumed were problems when in reality they are not as long as the context fits the situation. After being the pro-bitcoin company for years, we realized that the best way to take advantage of this technology is to be pro-bitcoin. The problem is that the current units of account are bad: BSV works great for very large amounts, and Satoshis are better for machine-to-machine payments. And neither sounds like a currency, while Duros actually sounds like a currency. Think (pounds, scales, dollars, euros, yen, duro …) – we want duro to become the local currency of the internet. Remember: Bitcoin is a P2P Electronic Cash SYSTEM, SYSTEM. No currency. It’s not an appealing currency on its own. Duro is the first attempt at actually making this an engaging currency with its own branded separate from anything crypto-related.
“Duro” also refers to an old Spanish currency unit. Does the name come from there?
Yes, sir, it means a lot to us. For one, it reflects the Spanish origins of HandCash. Duros was an unofficial unit of account that referred to the 5 pesetas coin. Since all prices were multiples of 5 or 10, units of pesetas were used very rarely, so people only divided the price by 5 for simplicity. 20 duros were 100 pesetas. It was an unofficial unit of account that made pricing more convenient and easier, and that is exactly what we are trying to do here. The reason we chose 500 Satoshi for 1 Duro instead of a direct magnitude is because we’re adding another layer of friction for people trying to figure out conversion rates with BSV – we want Duro to be its own thing, by creating a real economy where everything (mostly under $ 1) is priced in duros.
Do you think we’ll see others in this industry join a trend / turn away from using the words “bitcoin” and “BSV” as we move forward?
I don’t know, but I hope so. Everyone knows that part of what pulls us down is the constant public battles over the Bitcoin brand and reputation for being a fork of a fork and all of that crap. Duro is an attempt to start over with a brand that we have been able to control from day one, detached from crypto, speculation, cult struggles. It is time for this technology to shine for its benefits, and we believe Duro can help. We invite the rest of the ecosystem to use Duros as their main unit of account by following some simple rules given on our website: duro.money – since this is not a token, all companies are immediately compatible with Duros, they just have to Adjust the unit of account by dividing the Satoshi amounts by 500 and rounding the result so that no decimal places are displayed.
See also: HandCash CEO Alex Agut’s talk at CoinGeek Live on making Bitcoin easy for everyone to use
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