Blockchain technology has truly allowed innovative developments in the financial services sector. Take for example, cryptocurrencies are already being used for fund transfers in many countries across the globe. Decentralization, fast speed, high security, and low transaction costs are part of the advantages enjoyed by these digital currencies over fiat money.
One way in which the blockchain is changing the financial sector, as we know it, is its use in designing a new payment platform for making lightning fast cross-border fund transfers. In fact, this nascent ecosystem called KitToken is created for people to transfer value on peer-to-peer basis.
What is KitToken?
According to the Whitepaper, KitToken is a user-driven cryptocurrrency which uses the value transfer protocol in fast-tracking payment transfers on a new platform called KitPay.
In this case, the KitPay platform is blockchain-based and works as a central server within the larger decentralized network. KitPay, as a payment system, is built to allow participants own individual wallets which can be uses to store, transfer, or trade the tokens.
The KitToken payment system is envisioned to be smart contract enabled, open source, and fully decentralized. It's protected by layers of firewalls and cybersecurity encryptions. Aside this KitPay will implement KYC policies as additional security measures.
The project vision as stated by the developers, is to create an international community of KitToken users who uses KitPay for money transfer across borders. Fortunately, the project team did not leave us in the dark one bit about their plan. They shared key strategies for implementation on their website.
KitToken Key Strategies
Some of the outlined action plans include:
Creating Malaysian 1st ever hybrid digital wallet.
Strategy to create an international community of users in Southeast Asia comprising merchants, customers and service providers.
Raising awareness among KIT token holders through airdrops, incentives and also recruiting a million regional holders of this token to facilitate P2P monetary transactions among them.
Creating high-end projects which would add to returns on investment (RoI) for KitToken holders.
Enabling institutional capital investments with financial regulatory agencies.
Global remittance of funds is a stellar use case of KitPay. As a furniture supplier in Indonesia for instance, who supplies dealers in Singapore, you no longer have to wait for days to confirm payment. With a blockchain platform like KitPay, you will receive your funds in a matter of seconds. Yes, this has been proved!
Now, let's take a look at the project's strengths, weaknesses, roadmap, and some other information.
Next up : KitToken Review- Part 2: Strengths, Weaknesses, Roadmap
For more information on this revolutionary payment platform and its ongoing ICO, feel free to visit any of the following links below.
USEFUL LINKS
Thank you for reading !
Questions regarding Kittoken are welcomed from our esteemed readers.
