In early December, it dominated all news headlines, which beat the price barrier of $ 10,000, leading to a new rally. Although most investors are watching PeteQueen very much, Blockbuy is working hard to make money transfers.
The global money transfer industry is multi-billion dollar market. The World Bank estimates that the volume of officially remittances to developing countries is $ 429 billion in 2016.
Remisa is a money transfer by a foreign worker to an individual in his homeland. Cross-border transfers are of great economic importance for many of the countries they receive.
Remittances can compete with foreign economic assistance as the largest inflow of capital to developing countries. Many countries survive literally due to remittances. More than 200 million migrants a year send home $ 600 billion.
In many of these developing countries, less than 20-30% of the population has bank accounts. The remaining 70% do not have access to the bank or financial services and are included in the "non-bank" category ("persons not served by the bank").
There are already projects and companies that are trying to revolutionize the money transfer industry using blocking technology. And, despite the high market competitiveness, BitShares is gradually asserted as the dominant force in this industry.
Money Transfer Services on the BitShares Platform
Although BitShares is less well known to the public than other platforms like Ethereum, a number of existing companies have already transferred to it, which will soon be joined by several more. For example, back in August Bitspark announced its move from Bitcoin to BitShares, as it is better suited to the company's business.
Bitspark specializes in money transfers and sees in BitShares obvious advantages for its service. BitSpark is not the only company that considers BitShares the ideal platform for money transfers. MicroMoney and Bankcoin also plan to start using the BitShares platform for their business.
MicroMoney Recently, MicroMoney successfully completed the ICO at around $ 10 million. At the moment, eight exchanges are ready to add their AMM token. AMM is a service token. It is an integral part of the MicroMoney ecosystem and can be used as an internal payment facility or for accessing MicroMoney services.
MicroMoney is a Loan Bureau & Big Date an open source offering to new customers the full range of existing financial services. A.I.-platform MicroMoney uses sophisticated algorithms to predict the creditworthiness of customers. The borrower can get the very first loan in his life in just 15 minutes, while using only a smartphone.
All aggregated data and credit histories are stored in the blockhouse. Thousands of existing enterprises will have access to millions of new customers, which the company will open to the world economy.
MicroMoney has more than 95,000 unique registered users and operates in Cambodia, Myanmar, Thailand, Sri Lanka, Indonesia and the Philippines. MicroMoney is a dynamically developing company valued at $ 1.85 million, numbering more than 85 employees in six locations around the world.
The company is building ambitious plans for the future, preparing to deploy activities in Hong Kong, Vietnam, China, Malaysia, Singapore and Nigeria. MicroMoney has a working product and access to some of the world's largest translation services markets
Bankcoin is also working to strengthen its position around the world. Bankcoin is a global platform that expands the capabilities of its users with simple, safe and inexpensive technologies by facilitating transactions and helping to purchase products and services globally. An expanded plan of action implies the activation of such services as international debit cards, ATMs, the ability to connect to other platforms, as well as an online store of goods and services.
The company's goal is to enter the five largest crypto-currency exchanges of the world by 2020. They see BitShares as a platform that can deliver them to this level.
Bankcoin recently enlisted the support of the Mexican government and was represented at the Latin American Blockhead Summit on November 10 in Los Cabos, Mexico. The company has strong ties with Latin America and focuses on building partnerships with Hispanic countries.
Bitspark, which announced its move to BitShares this summer, plans to revolutionize the money transfer industry by "removing banks from the equation." The modern system of money transfers depends on a complex network of remittance offices and banks.
If a migrant or a representative of the category "unbanked" wants to send or receive money, he must contact the Money Transfer Bureau (MTO). This may be a problem, as this requires geographical access to the logistics and banks that support its services.
The problem lies in access to the national currency and the network of banks needed to complete transactions. The sender of the transfer through the ITO can have a significant amount of cash, while the recipient through the ITO can have a large digital balance. The rules force them to use banks in order to change the balance. It is here that Bitspark sees the possibility of modernizing the process by eliminating all banks at once.
Bitspark plans to solve this problem with such a market-bound crypto currency, like BitUSD. BitUSD is a market-bound asset on the BitShares platform, whose value duplicates the value of the US dollar. Here is an example of how Bitspark will use BitUSD to replace banks.
The user (mobile application) Bitspark Sendy has a digital balance of 100 BitUSD inside the application and is not averse to earning a little money. For this, he goes to the translation office and suggests that MTO buy his digital 100 BitUSD for $ 101 in cash. MTO accepts this offer and exchanges $ 101 in cash for 100 BitUSD. The MTO has just reduced the amount of cash, and also received a digital balance that will be used for future operations. "
This saves the bank from the need to provide liquidity. Bitspark eliminates the difficulties associated with access to liquidity denominated in local currency, intending to create in the course of time the Fiat-linked crypto-currencies for all national currencies in the world with zero counterparty risk and exchange with little or no cost. Such a methodology can also be applied when working with "moderately cash" host MTO. The Sendy user will be able to sell their cash and get BitUSD.
Bitspark focuses on the development of leading mobile applications in the money transfer industry. The sphere of "mobile money" services for people who do not have access to banks is growing rapidly. According to preliminary estimates, the number of users of mobile money by 2020 will reach 1 billion
You may wonder - why do so many money transfer services switch to BitShares? BitShares is the ideal platform for this industry. The company Bitspark has sounded four separate directions, for which BitShares is ideally suited:
Creation of an Anticipated Crypto-Currency - payment providers are forced to go to intermediaries in order to gain access to 180+ world currencies. BitShares allows any user to create an anchored asset whose value duplicates assets such as USD or CNY and trade it on a decentralized exchange. "Blocking BitShares can solve the access problem due to the lack of need to hedge USD and rely on the intermediary."
BitShares is originally created with the ability to scale up to 100,000 transactions per second and a confirmation time of less than 3 seconds, with commissions in it equal to a hundredth and a thousandth of cents. "Bitshares is a blockbuster with truly scalable scalability that meets business requirements .
Liquidity - it is necessary to be a market maker, and with BitShares "anyone can issue a crypto currency with a link to the fiat as long as it has the appropriate number of BTS to provide collateral for the smart contract. This is important because it provides an opportunity for any person in the world to become a market maker. "
Decentralized Exchange (DEX) - Doing business on a decentralized exchange significantly reduces the risk by leveling dependence on a centralized third party. Once a centralized exchange is compromised, it affects millions of dollars and thousands of users. In a decentralized system, any attack or failure affects only the individual user and his means.
The provision of financial services to individuals in the "unbanked" category is one of the most serious economic tasks with which we are dealing today. Fortunately, this is also one of the greatest sources of economic potential in history.
Technology, known as the block, and more precisely - as a crypto currency, will open up the financial power of previously undeveloped regions of the world. Involving the category "unbanked" is not just making money, it is giving people the opportunity and the basis for growth and prosperity.
2017 was an excellent year for the entire crypto-currency market. While Bitcoin flickers in all the headlines, platforms like BitShares actually build the real infrastructure for the new digital economy.
Bitspark, MicroMoney and Bankcoin together will provide a reliable system of money transfers to almost all major regions of the world. According to preliminary estimates, by 2030 in the form of such transfers will be sent more than 6 trillion dollars. Many of these remittances will be implemented using the BitShares platform.
Continue to follow these projects and be prepared for the great news from BitShares, as other companies have already begun to realize the full potential of this platform.
Reference sources
https://steemit.com/blockchain/@blockchained/chto-takoe-bitshares-polnoe-rukovodstvo-dlya-nachinayushikh-aaron-mangal
https://bitshares.org/technology/industrial-performance-and-scalability/
https://www.micromoney.io/
http://bankcoin.global/
