IUNO is the next generation blockchain banking system

Welcome to BlockchainPro. In this article I will write about the IUNO Project. Almost all people use banks in their daily life however banks those banks do not serve the best quaility of service and they charge you with high fees when you want to do a transaction.

As the blockchain gets widespread, a need of a payment system which is secure and can make fast transactions has been a matter. There should be a platform that rewards its customers and serves the best service for 'anyone'.

We are talking about IUNO. Better than any of the banks out there, and powered by Blockchain.

If we notice how society has developed, from tribal societies we've got moved to one more social structure in the contemporary world where men and women work in a specialized means and might do so in a worldwide atmosphere, from wherever on this planet due to the appearance of technology and internet. IUNO is a social media platform with blockchain-situated monetary investors.The IUNO social network will probably be certainly one of exact and crypto social networks as a way to to find cryptographic enthusiasts on a usual platform and permit them to unfold the appeal of knowledge, including financial knowledge, with out lacking any most important updates.

Merchants, marketers, Asset Managers and traders. IUNO will enable all these participants to have interaction in actual time with out a trouble by using publishing updates, blogs, portraits, analyzes, individual instances, video channels and anything else that might be principal.

• What is IUNO?

IUNO is a multi-foreign money wallet that significantly improves on the provision of financial services for holders of Fiat and crypto currencies. The IUNO wallets, while still preserving the decentralized aspects of keeping the foreign money in the neighborhood beneath the wallet holders manage, will offer the entire state-of-the-art banking services persons assume from their banks at present. These offerings include: repayments, deposits, wires, transfers, financial savings, money market, investments, loans, bank cards and many others. In brief, any service you expect to seek out in the online interface of your normal financial institution shall be available inside your IUNO wallet.

• What are problems of traditional banking systems?

for hundreds of years banks have exercised a stranglehold on the underprivileged and created a method of suppression and exploitation. To be able to be able to participate in the banking approach folks have been pressured at hand over their assets to a gaggle of irresponsible gamblers at quality or white collar criminals at worst.

Banks designed a method to punish men and women who possess much less and subsidize folks who own extra. The much less cash you've, the better the bills to access banking offerings – from curiosity premiums to account expenses. In case you are wealthy, most prices are waived and curiosity charges are low. This dichotomy continues the underprivileged trapped in a vicious cycle out of which there is no get away.

• IUNO's mission and their plan

IUNO envisions a global where average banks have grow to be obsolete. Banking is provided as a carrier on prime of a decentralized wallet, enabling individuals to have whole control of their belongings. Participants lend to one another, contributors put money into each and every different, individuals transact with every other – directly – without the need for intermediaries.

On the other hand, they are constructing a innovative peer-to-peer banking ecosystem on top of a distributed blockchain platform secured through a bulletproof identification administration system. The stability and liquidity in their ecosystem is assured by fiat-backed tokens. IUNO's unique AI-established chance and compliance instruments guard the contributors and the integrity of their atmosphere.

• How IUNO's banking system works

IUNO is banking as a service constructed on high of a multi-forex wallet that resides on a blockchain. It presents access to all form of monetary offerings to the users of the IUNO wallet: payments will also be despatched to other customers immediately all over the world, dollars will also be held within the wallets or can be invested and earn curiosity, debit cards can draw funds from the wallet, and users can obtain loans.

• IUNO's advantages for merchants

I think all people who are interested in commerce think that businesses must center of attention on delivering notable carrier to their customers instead of navigating the turbulent waters of the economic process. IUNO's intention is to equip merchants which have been omitted of the mainstream economic procedure with probably the most latest science tools to eliminate chargebacks, mitigate compliance chance and decrease transaction expenditures.

• IUNO Token in a nutshell

IUNO makes use of a binary structure to function its marketplace. Two courses of tokens work in parallel: a stable asset-backed token as the forex of alternative for the in-community transactions and a utility token to pay for any interactions with the outside world.

IUNO’s foreign money tokens are pegged to their respective Fiat forex equivalents, thereby removing any trade chance, even as while permitting to advantage from the security and transparency of blockchain-centered transactions. IUNO will limitation asset-backed tokens that mirror the worth of their underlying/pegged Fiat counterparts. The first token in an effort to be issued is pegged to the USD and can keep an alternate price of 1:1. This is carried out by preserving a reserve in an equal quantity to all of the tokens in circulation. In different phrases, for every ABT USD Token issued exactly one US dollar can be brought to the token reserve. Any ABT-USD Token may also be redeemed for exactly one USD. As soon as a token has been redeemed it will be destroyed.

With all those features, you must have also realized that with IUNO, all of the problems of banks will be solved. With the help of Blockchain technology poor or rich, 'everyone' will have the right to make transactions they desire in a safe and fast way.

Website of IUNO: https://iuno.io/
Whitepaper of IUNO: https://s3.amazonaws.com/iuno/iuno-whitepaper.pdf

Author: blockchainpro (bounty0x)