Right now we face globalization, obstacles between countries have diminished and global interactions between people and goods have become more comfortable. Especially because of the increase in the internet, the range of remittance transactions and overseas fees is increasing rapidly. Even though such a huge market has spurred monopolistic monetary institutions, the obstacles between customers are still excessive and transparency continues to be a permanent problem. First, transactions «foreign money transfers» are slow and ineffective because of systems such as the SWIFT network while Money Transfer Operators such as banks and non-bank Fintech organizations have limitations in scalability and development.
But early this year, cryptocurrencies which were a major measly cause of speculation was in fact a suitable tool for conducting remittances overseas, therefore many fintech companies have been providing services through it. With cryptocurrency many fintech companies began to appear providing fast and affordable remittance services. The fees become 80~90% cheaper than the banks with time taken reduced to under 10 minutes.
And, theres comes REMIIT.
REMIIT is a Blockchain Powered Remittance and Payment Platform that connects various businesses and users through a trust-based Smart Contract System. REMIIT endeavors to allow business scalability of businesses in the Money Transfer Sector and provide users with a cheap and transparent process with value stability through the 2-Tier token system.
REMIIT provides a smart contract named Remiit Smart Contract (RSC), which is optimized for overseas remittances applying various situations and algorithms. The first step supported by REMIIT is to provide a variety of RSC distributions and UX (User Experience) which allows business users and general remittance users to easily participate in the RSC process.
Remiit’s main point is to disrupt all settlement ads around the world using blockchain innovation, through REMIIT keen Contract (RSC). This stage can be configured even though it is simplified to benefit completion. This stage allows the sender to face direct procedures when using the REMIIT framework.
For administration to extend to installments, the stage incorporates the REMIIT Gateway Protocol, which is an imaginative framework added to the REMIIT Smart Contract System. Installment suppliers will then have the capacity to improve their business, and they will have the capacity to overcome problems they will not defeat.
REMIIT feature consists of
The algorithm is improved for completion
The benefits of escrow are used for various procedure members
The UI framework is configurable and effective
It has RSC correspondence channels
RSC Store for storing information
REMIIT works in a Three way
RSC (REMIIT Smart Contract) – The RSC framework provides an intermediate fee and an extended system for each member who may take advantage of administrative settlement.
REMI – REMI Publishing is a token used on the stage to make the entire REMIIT environment strong and dynamic.
RPG (REMIIT Payment Gateway Protocol) – Suppliers use this interface to be paid in installments through a framework.
There are some of the issues that REMIIT platform wants to handle. That is Reliability and security issues, Cost effectiveness (Commission and efficiency) problems, and Infrastructure problems. REMIIT intends to innovate commercial companies «what happens when we send and receive something» from a new perspective. This is a private place based on the REMIIT ecosystem that truly relies on the knowledge of blockchain technology. REMIIT has designed REMIIT Smart Contract to make the system efficient. Every participant in the REMIIT Ecosystem is positioned at the center of a business relationship.
With the infrastructure of this ecosystem, each participant can make various channels to overcome existing problems. In the end, barriers from the previous foreign trade ecosystem will be overcome by using more than several channels, the market will develop, and businesses will grow.
REMIIT Using The Two-Tier Token System: REMI & REMD To prevent rapid value fluctuation and ensure smooth overseas remittance. REMI is the token traded in exchanges and performs a utility role that converts to REMD. REMD is the token which is used in the overseas blockchain remittance system. REMD Decentralized Exchange: In our overseas remittance system, there exist imbalance of the REMD ow in the amount Linkers hold. Thus, the internal exchange that the Linkers could voluntarily trade their overs and shorts by using other cryptocurrencies has been designed. By using this mechanism, the liquidity problem can be solved autonomously.
ICO DETAIL
Visit REMIIT on
Website: https://remiit.io/
Whitepaper: https://remiit.io/static/remiit/images/Whitepaper_REMIIT_Eng.pdf
Telegram: https://t.me/remiit
Facebook: https://www.facebook.com/remiit.io/?modal=admin_todo_tour
Twitter: https://twitter.com/remiit_ico
Medium: https://medium.com/remiit
Author
Bitcointalk Username: Robocarpolitv
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2083941
ETH Address: 0x47Baf40dc4eFa2157f55936cf7611941224c003d
