Digitize: Simplifying The Transition From a Cash Based to a Digital Based System

Cash refers to money in the physical form. The two notable form of cash is banknotes and coins. The world today utilizes cash as a means of payment, legal tender and a store of value. Since the inception of man, there have always been different forms of assets used for carrying out transactions. In Nigeria before the advent of Naira notes, coins and cowries used to be the means of carrying out transactions. The introduction of a new form of cash always renders previous ones valueless.

Since cash refers to physical forms of money, it's impossible to take away cases of lost funds arising from carelessness or theft. The larger the amount of cash one has in his/her possession the more difficult it becomes to manage, store and transport.It is also important to note that most materials used to create physical cash are degradable and can easily get damaged if not properly stored or handled.

According to a report by coindesk, the government of the United States of America spent 26.5 billion dollars to print the dollar note and 1.5 billion dollars to print coins in 2016. The cost of producing lesser denominations and coins are often more than their value. The production of more money in cash forms by government often leads to inflation if not properly managed. Inflation often leads to loss of value of savings, difficulty in carrying out transactions, uncertainty, and confusion in the society. The hyperinflation that took place in Germany in the 1920s made the German currency valueless, kids started using them for kites and as at 1923, people had to carry their money with wheelbarrows. Occasionally thieves stole the wheelbarrows and left behind the banknotes due to their valueless nature.

Due to advancement In technology, digital means of carrying out transactions has arrived to tackle the difficulty in handling cash, ensure faster speed of transaction and avoid issues of inflation often associated with cash. Among the digital means of transaction, cryptocurrency has stood out as a powerful tool due to the distributed ledger system, anonymous features, limited supply and speed at which transactions are carried out. Nevertheless, cash still remains widely used compared to cryptocurrency due to the difficulty users of cash experience when transitioning from cash to cryptocurrency and lack of technical know-how.

Introducing Digitize

Digitize is an eco-system which provides users with a digital wallet and ensure a seamless exchange of physical currencies into cryptocurrency. Digitize aims to allow users transform their loose change into cryptocurrency on a simplistic and user-friendly interface. This goes a long way to encourage the mass adoption of cryptocurrency. The Digitize ecosystem consist of a mobile application which will be easily accessible to people from all background of life. The Digitize application consist of a wallet which will run on a password-based security level in order to take away the difficulty of having to handle private keys, backup phrase etc. The Digitize eco-system is open to both consumers and retailers and they can choose to transact also with the Digitize platform.

Key features of the Digitize Eco-system

Consumer App: This app allows users of Digitize platform access their Digitize account, wallet, transaction history and available discount and promotions from retailers. This app comes with exchange features to aid the conversion of Digitize token (DTZ) to ETH. It also shows the rewards users get in the form of DTZ from retailers as feedback rewards.
Business App: The Digitize business app will give business owners and retailers access to their Digitize account, their Digitize tokens and an avenue for cross-marketing with other businesses. It will also allow businesses and retailers to set up promotions, discount on products, reward program and receive feedback from the consumers.
Digitize Utilizes Blockchain Technology: Digitize uses blockchain application such as smart contracts to ensure consumers and retailers can carry out transactions according to pre-agreed rules, provide tools to increase commercial activities, empower consumers on the eco-system with a stress free means to store and save loose change in the form of DTZ, and guarantee a fast, transparent and borderless means of payments directly from the Digitize wallet.
Digitize token (DTZ): DTZ serves as fuel for the Digitize platform and facilitates all form of transaction on the Digitize network. DTZ will be used for loose change deposit, payments, referral reward to customer and retailers, and feedback rewards. DTZ will be issued on the ethereum blockchain based on the erc-20 standard with a maximum supply of 200million tokens.

DTZ Allocation and Token Sale Details

The Digitize team has put up 120 million DTZ for sale in order to raise funds for research and development, improved marketing, administrative operations and legal fortification of the Digitize platform. The token sale has been split into a pre-sale and ICO main sale. The pre-sale ends on the 5th of May 2018 while the ICO main sale starts on the 6th of May 2018 and ends on the 29th of May 2018. The price of a DTZ token has been set at 0.0002ETH which is equivalent to 0.14 USD.

Digitize Team

The Digitize team is led by Umer Aslam and the team consists of blockchain experts, crypto enthusiasts, and gurus in the IT and banking industry.

Conclusion

The Digitize project is a demonstrative deployment of how cryptocurrency can be a disruptive tool for socio-economic advancement because it deals with key issues the government often encounter. Digitize intends to take away the stress of carrying bulky cash around, cost of printing or minting cash experienced by government, fear of problems associated with hyperinflation and exposes individuals to a fast, stress-free means of carrying out transactions from anywhere to any part of the world. The DTZ token will have a high demand in the market because of its utility in the Digitize eco-system.