Blockchain is a decentralized digital ledger that records transactions across many computers in a secure, transparent, and tamper-proof way. Instead of relying on a single authority (like a bank), blockchain ensures that all participants in the network have access to the same information, making it very difficult to alter records.
USDC, or USD Coin, is a type of stablecoin that operates on blockchain technology. Used by platforms like ProMeet, USDC is pegged to the U.S. dollar, meaning 1 USDC is always intended to equal 1 USD. This is made possible because USDC is backed by real-world assets and regularly audited for transparency.
Unlike cryptocurrencies like Bitcoin, which can rapidly rise or fall in value due to market speculation, stablecoins like USDC are designed to remain stable. This makes them ideal for transactions, payments, or holding value without the risk of sudden price swings. For businesses like ProMeet, this stability ensures predictable and reliable digital payments.
Think of it as an online bank where banks are something virtual and managed by all the users using that specific coin, and not controlled by the government or organization that forces fees and taxes. Freedom!