Ching! Brings DeFi to Memphis

And shows us how we will buy lunch in five years

DeFi, Decentralized Finance, is Blockchain’s killer application. Cryptocurrency, Smart Contracts, and Decentralized Autonomous Organizations are empowering people all over the world to work and profit from ventures in cyberspace, but DeFi is the emergent application of blockchain technology that empowers humans to actually use blockchain to survive.

The things that really matter to humans are the things they can’t survive without: food, drink, shelter, etc. Collectively these things are called essentials. In the developed world we use money as a tool to acquire essentials. Money is one of the very few tools that stops working in different geographies or when it’s over produced.

It’s clear that there is a bug in the Traditional Finance algorithm that the fiat money developers can’t or won’t patch. With DeFi, the user can choose which tools to use to acquire essentials. Cryptocurrency, stable tokens, fiat money, exchanges, bearer notes, and company shares are all tools available to a DeFi user for the purpose of acquiring essentials.

Ching! sponsored two events at the University of Memphis to introduce Memphians to practical DeFi. One was a Pop Up market where users got to experience using DeFi in real life. The other was an introduction to the technology and the teams that are creating it.

The User Experience

At the Pop Up market, we had two different vendors. One was an ABC licensed bartender who was selling Crypto Punch and the other was a purveyor of consumer electronics. Both were able to use Ching! to setup a point of sale with payment processing, inventory management, and sales reporting in just a few minutes. By the end of the event, one vendor had begun selling xDai back into the Pop Up market to customers who valued xDai more than fiat money.

In this video we see two people who have never used crypto before transacting with less friction than if they were using cash and credit. With Burner Wallet, the customer doesn’t have to enter pin numbers or sign receipts. With Ching!, the merchant doesn’t have to worry about card readers or a cash drawer. What’s even cooler is that, since Ching! is a permissionless point of sale system, she doesn’t have to wait for approval from some back office to start running her store AND she doesn’t have to worry about fighting chargebacks at some future date.