INTRODUCTION
For centuries now, the act of banking is an activity that has achieved predominance among men. Commencing from little houses where people could go keep their valuables for safe keeping to houses where little loans could be collected for repayment on a latter date. All these with minor barter systems signified the earlier forms of banking systems. Today, banking has metamorphosized into a multi-million dollar business that encompasses all sections of industry. Banking activities could thus be understood as services that range between the major activities that are charactistically identified as those that go on within the banking halls. They might include but are not limited to simple activities such as making deposits and obtaining withdrawals as well as other significant activities.
Technological advancement has seen the introduction of online banking services. This has led to the ease of some tedious aspects of the banking process. The world's current banking system however is largely of a centralized nature.
IUNO: WHAT IT IS AND ISN'T
To every centralized system of operations, there is a corresponding alternate decentralized approach to follow. Thanks to the advent of the blockchain technology, we now have that means to an alternative handy. The Blockchain offers us the opportunity to disrupt through decentralization, the erstwhile flawed centralized systems that most of the present industries are built upon.
IUNO is an attempt to bring in decentralization to the banking system through a blockchain-based banking system that relies on a peer to peer system of operation. It is a platform for payment that encompasses all banking services that are predominant with the traditional banking industry, but this time, implemented upon the blockchain.
With the widespread saturation of the Crypto industry with several cryptocurrencies and altcoins, there might be a temptation to consider the IUNO platform as one of those. IUNO is not another payment coin, neither is it a specialty coin. These platforms are quite specific an limited in objectives and intended scope of operation, and it it would thus be quite myopic and grossly misleading to categorize the IUNO platform amongst that group of currencies. The IUNO project is distinctly more than that, sitting on a pedestal far above the regular coin system that the industry is already familiar with.
IUNO AS A GATEWAY FOR PAYMENT ACTIVITIES
Just like in the traditional payment system, a regular pay means can be issued for payment to be deducted from a set account. With IUNO, the process is quite similar, only that in this case, it involves an instantaneous two-way process. When the customer issues his/her card at payment point, the fiat currency contained is used to purchase the IUNO Access Based Token (ABT), which is then transferred to the user's IUNO wallet. Stage two involves the withdrawal of this ABT to be used in paying for the goods purchased. Seller is then credited with the equivalent ABT in their own wallet. It is interesting to note that these two steps occur in split microseconds and is only broken down this way for easy assimilation of the payment process. To the user making a purchase, all he's doing is using his card to make payment for goods purchased.
IUNO'S OFFER OF A DECENTRALIZED BANKING SERVICE
Decentralization is the only way out of the shackles of the plagued current banking industry. Just like all centralized systems, the setup is designed to support one central control point which encourages non-transparency and dubious activities which we are well aware is the bane of a majority of these systems. We see these banking institutions making away with millions of funds at the expense of their customers.
For this service to be made possible, the platform would be making use of nodes which are comprised of stacks of specific decentralized apps (DApps). They include communication protocols, artificial intelligence implementation, BaaS deployment and the wallet system. All four apps make up the node stack. The nodes would have two designation including the master node and the super node.
IUNO TOKENOMICS
For the platform, there would be Access Based Tokens (ABT) which would be linked to a regular fiat currency. The major token would be the IUNO Utility Token (IUNIT). The IUNIT would be used to obtain access tokens and would be of a limited figure in production.
CONCLUSION
With an effective implementation of a banking system, it is only a matter of time before the errors of the centralized banking system are permanently corrected. The obstacle to the disruption of the various aspects of centralization are the weaker features that pale in comparison to the traditional system whenever a juxtaposition is carried out. With the superior features and offers that the IUNO platform intends to bring to the table, we can now hope to say goodbye to the intimidation of the blockchain-based solutions.
For more info, kindly visit any of the following channels:
Website: https://iuno.io
Whitepaper: https://s3.amazonaws.com/iuno/iuno-whitepaper.pdf
LinkedIn: https://www.linkedin.com/company/iuno-corp/
Facebook: https://www.facebook.com/IUNOBlockchain-577194359329346/
Twitter: https://twitter.com/iunoblockchain
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