Blockchain Technology is changing the world we live in. Biggest beneficiary of this Blockchain technology is financial system. World needs more transparent, trust less, decentralized, affordable and accessible financial system for the masses and Blockchain technology can help to achieve this goal.
In today's world, Approximately 2 billion of the world population is unbanked which means that approximately 30% of the world population doesn't have a bank account. There could be a number of reasons to such a situation but VVTokens has come up with a single solution to all of it, the VVToken Cyber Bank. The VVToken Cyber Bank is aimed at the population with all income classes by providing cheaper, simpler and more secure banking means for the low-income population and providing cross country and cross-currency transaction flexibility to the high-income community, the Cyber Bank will be a highlight to holding digital assets.
The Unbanked Population:
The world is taking a drastic shift to technology. Though cash-based transactions are an easy means for traditional exchanges yet a major number of essential resources are available only for digital exchange systems. And since 30% of world population is unbanked they have no means to avail digital payment systems. The most prominent reasons for citizens not availing banking services are- insufficient funds to put in a bank account, expensive banking services or distrusting the present banking industry.
To meet the needs of these people VVTokens will issue VVTokens cyber bank platinum debit card, which can be used for worldwide payments just like the VISA cards. VVTokens further, plans to develop new and more innovative methods to transact money easily from its mobile application and other retail channels. They also intend to partner with global banking systems to enable users to directly deposit cash in their Cyber Bank wallet.
Providing flexibility to High worth individuals :
The people with high net worth need easier means for international fund exchanges without covering the third party costs and restrictive country-specific laws. There are a lot of general and technical protocols that need to be followed when transferring funds from one fiat currency to another or from fiat currency to cryptocurrencies and vice-versa.
The VVToken will issue VVToken Cyber Bank black card to the individuals with a high asset worth for an easier exchange of funds and almost instant exchange between fiat as well as all the cryptocurrencies. VVToken black card will thus simplify currency exchange and will allow individuals to make global transfers without worrying about third-party costs and other complexities.
VVToken's Wallet system
All the cards issued by VVToken will be linked to a wallet that can be credited from retailers, other wallets, and direct debit card transactions. The wallet balance then indicates holder's card balance which will then be used for debit card transactions through the VVToken Cyber Bank.
VVChain
VVChain is the name for VVToken's Blockchain. Blockchain provides features like security to external attacks, privacy, transparency, decentralization and most importantly incorruptibility. Since VVToken cyber bank and wallet will hold a lot of user funds and tonne of transaction information, there can be no better way than Blockchain to store transaction histories. VVChain provides for smart contracts where anyone can view and verify transactions but never change them.
Features provided by VVToken:
- International transfers: As mentioned earlier VVToken covers all the technical and general protocols needed for international exchange and makes international extremely simple for the user.
- Recharging cyber-bank wallets: VVToken users can recharge their cyber wallets from all the partner retailers and other major banking partners. Thus, converting their cash directly to their wallet moneywhich can be used to transact on the platform and buy cryptocurrencies. Some in-store discount may be available at these partner stores.
- Receive payments: When using 'VVToken cyber bank' users can receive payments in terms of wallet funds by transfer from another wallet or a direct debit card transaction. This means that individuals with no bank accounts will then be able to use VISA debit cards to conduct and receive payments.
- Security and Privacy: Since the Cyber Bank will be hosted on the Blockchain, the system is completely decentralized and secure. Due to the open nature of Blockchain smart contracts, the permission-less framework allows public verification for each transaction on the Blockchain.
- Convert fiat currencies to cryptocurrency- The world of cryptocurrency is new and not many individuals are into cryptocurrencies today, simply because there is no secure and trusted platform to exchange fiat currency with cryptocurrencies. VVTokens exchange system that allows buying cryptocurrencies for fiat currency will thus bring cryptocurrency to masses and bring more and more people to explore this new world of cryptocurrency.
VVToken will thus be the first Blockchain based banking platform with means and solution to problems of all the income classes in the community. VVToken will thus simplify traditional banking system platforms and further modify it for easy exchange of funds, internationally and exchange fiat currency for the cryptocurrency.
To know more about this project visit :
Website : https://www.vvtokens.com/
Bitcointalk ANN Thread: https://bitcointalk.org/index.php?topic=2242204
Written By: Kishan748