One major strength of KitToken lies in its using blockchain technology for international fund transfers. This is a master stroke because blockchain outperforms conventional payment systems when it comes to speed, security, and transparency. In addition, the low transaction fees paid on blockchain networks compared to when using credit cards or normal banks makes it attractive to small businesses with small budgets.
Merchants, e-commerce stores and their customers, I believe, will be very eager to embrace KitPay.
Another strength that KitToken possesses is its unique design based on Ethereum with in-built smart contract features.
In addition, KitToken finds itself in a great market position, being the first of its kind in Malaysia. Moreover, Asian countries are already preparing regulations, through regional bodies, to streamline cryptocurrency use and make the region a global hub for digital currencies.
Aside this, unlike other similar projects, KitToken is no longer a paper idea. It took off last year and now on the 2nd stage its ICO with supports from 3 different wallets: Metamask, Myetherwallet, and ImToken wallet.
However, the greatest strength which KitToken boasts of is its formidable management team, developers, and advisors. For example:
Amir Mohamed- CEO
Amir is a man of many parts with over 25 years of experience in business. He has been the CEO of a data centre company, Masterplan Center Sdn. Bhd., since 2011 and, before that, the CEO of Billadam (a mobile app company operating in both the UK and Malaysia), which created the first-ever mobile street map of London. Amir also has some experience in cryptocurrencies trading over the years.
Khalid Abu Hassan- Senior VP, Corporate Finance
Khalid is a versatile business guru with wide experience in business development with 2 major ventures namely NCIA and ECERDC. He was also the head of Quantitative Department for the Institute of Technology and a corporate consultant for the National Fund Ltd. His contributions to national development has been recognized with no less a personality than the Prime Minister sending him letter of commendation in 2012.
Aside these two, KitToken also has 8 other members of the team. Mohd Taufik Abdullah (Senior VP, Business Development); Siti Zaharah Ismail (CSO); Nurul Ain Hassim (CIO and Technical Lead); Irma Mardiana Abu Rahim (Backend Developer); Ahmed Faiz Amir (Lead Programmer); Siti Salbiah Nur Hussin (Blockchain Integration Manager); Wan Asiah Wan Adnan (Project Manager); and RuSydi Noh Bin Ramli (Operation Manager).
The advisors are Sujith Somraaj (Founder and CEO of Stellargold. Inc); Ben Jones (Cryptocurrency Evangelist); and Dato Mohd Anuar Sidek (Cryptocurrency Infrastructure).
All the members of the team, including developers and advisors, have diverse professional experience in cryptocurrency, blockchain, IT, and big business, according to their individual profiles on Linkedln.
Weaknesses
A major weakness with KitToken is that its wallet will only be launched in September, 2018 and I cannot conclude about its performance yet. Although this shortcoming will probably be forgotten by next month after its launch.
Another issue of concern is the inability of blockchain platforms to cope with increasing number of participants. Large transaction volumes often reduce transaction speed and performance on such networks. However, the developers have foreseen this. They pledged to move KitToken away from Ethereum to Hedera HashGraph in the near future in order to nip this problem in the bud. HashGraph is not based on blockchain and it's acclaimed as the best Distributed Ledger Technology (DLT) out there.
Road Map
The KitToken project is in stages. Starting from July, 2017 when the idea was initiated, to 2020, the developers have mapped out major milestones. KitToken has an ongoing ICO ending by the end of August, 2018.
Final Thoughts
KitToken has great advantages and strengths. It has been dubbed the "User driven cryptocurrency of the future" by its developers. They have a nice concept backed with wonderful strategies to make their plan a reality. At the same time, they face minor challenges which must be overcome to place the business on a sure footing. Overall, I will conclude that KitToken is a viable platform that will benefit merchants, their customers, and all users.
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.
