Originally named Bitcoin Superstore, AnchorX has been active in the space since early 2018, and have worked towards bridging the gap between some of the most commonly used online retailers and the world’s favorite cryptocurrencies. Users of AnchorX can make Nano purchases of nearly anything available online. Hotel bookings, flights, items from Amazon.com, Walmart.com, Whole foods, and pay with their preferred digital money.
This week we sat down with John Hicks, CEO and Founder at AnchorX, who shared with us the inspiration behind the vision and what makes Nano one of the most successful payment options on their platform.
Can you describe the origin of AnchorX, what motivated you to build this platform and what are your hopes for the future for AnchorX?
I’m an IT guy by trade and cryptocurrency is a passion of mine. I initially entered the space in mid-2017 as a hobby investor during the heat of the market.
By late December, I had the idea of putting crypto and online shopping together on the largest scale possible. When I realized there weren’t any businesses filling this gap in the market and meeting the community’s need for such a service I decided to start Bitcoin Superstore. By the beginning of January 2018, Bitcoin Superstore was up and running, accepting payment in three cryptocurrencies.
With the rebranding of AnchorX, we plan to continue to grow with the community. Our mission is to help our customers spend cryptocurrency, and we have plans to expand our business to make this possible on a larger scale.
Nano was one of the first coins you integrated into AnchorX, in August 2018. What motivated you to accept Nano payments?
Back in mid-2018, we put a lot of time into researching cryptocurrencies and carefully selecting the most viable currencies to accept. Nano stood out above the crowd with a large user base, no fees, instant transaction speeds, and a large array of innovative blockchain technologies, ultimately solving a lot of the transactional issues other cryptocurrencies have yet to address. In short, accepting Nano was a no-brainer.
You have recently rebranded to AnchorX and many people will recognize your service by the name “Bitcoin Superstore”, what was the motivation for this change?
The main reason for rebranding to AnchorX is to ensure our customers realize that we are no longer solely represented by Bitcoin. We have expanded to accept 13 different cryptocurrencies to include one of our consistent top performers — Nano. Another reason is that AnchorX better represents the future of our business in that an “Anchor” is to a ship as a foundation is to a building — AnchorX plans to continue supporting and being a building block in the foundation of the crypto community.
Nano is secured using Open Representative Voting, a natural incentive-based consensus mechanism and recently announced the launch of your Nano Representative node and very quickly became a Principal representative.
Do you think a natural incentive model has the ability to win out against mining and become more widely accepted in the crypto-space?
Mining incentives are not the end-all, be-all. Everyone who uses Nano benefits from the natural incentives of the Nano blockchain. Being able to send transactions instantly without a fee outweighs the benefit of receiving mining rewards for the majority of people. With a strong Nano user base, the natural incentive model works by incentivizing the community (businesses included) to support the network. Nano has the ability to truly transform digital payments with the natural incentive model.
Shameless Plug! Please change your Nano representative to AnchorX if you have not changed your representative already. By supporting us, you, the user, are keeping the Nano network secure through decentralization.
Your service offers users the ability to “Book flights and hotels, order groceries, and buy from nearly any online retailer worldwide” — how do you manage to accomplish such a comprehensive offering of retailers?
It really amounts to our team being dedicated to enabling the potential for real-world use cases of cryptocurrency. We want to enable our customers to purchase the widest variety of goods and services — right now, this means booking flights and hotels, and ordering from nearly any online retailer worldwide.
What do you think will be the catalyst to greater crypto-adoption moving forward, and do you think there should be an increased focus on any areas in particular?
Cryptocurrency was the dream child of Satoshi Nakamoto who titled his paper “Bitcoin: A Peer-to-Peer Electronic Cash System”. The title is important. “A Peer-to-Peer Electronic Cash System” encompasses the true purpose of what cryptocurrency is all about. Cryptocurrency wasn’t founded as an investment opportunity, it was founded as a means to transact without an intermediary, a central authority. We believe the community needs to worry less about the day to day price of the currency and instead focus on new ways to spend, transact, and grow true adoption.
We at the Nano Foundation would like to thank John and the rest of the team at AnchorX for not only creating such a useful service, but also for taking the time to answer these questions. We look forward to seeing the exciting growth of AnchorX in the coming years.