When it comes to financial transactions, there are two major factors that are important and cannot be neglected, these are trust and accountability.
In virtually every system which has to do with financial transactions, there is an absence of trust and it has therefore become very difficult today to confidently entrust funds and properties into the hands of a third party as finding a third party that is honest and trustworthy is becoming increasingly difficult seeing as the third party might at some point of the transaction act dishonestly.
Even digitalization has found it very hard to completely curb this, making transactions very tedious to carry out as this poison of dishonesty and lack of trust has by far eaten too deep into the whole financial system.
The insurance system came close to solving the problem of dishonesty during transactions, by operating as a middleman, during transactions.
They also guaranteed that transactions would be smooth, devoid of any form of dishonesty by its users.
As we all know, a lasting solution is needed to these problems, sadly the INSURANCE system has proven to be a temporary one.
The system has its own limitations too which is its inability to be adopted fully, especially in the digital system.
HERE IS A DIGITAL BLOCKCHAIN-BASED INSURANCE PLATFORM
INTRODUCING LARGOCOIN
This platform unlike its counterparts is a fully decentralized platform which will surely restore trust and accountability to the digital market ensuring improved transactions experience for the users.
Largo system has tapped into modernized technologies to ensure that its system is sophisticated enough to provide insurance services which will make those taking part in digital transactions to be honest and trustworthy.
One of these technologies is the BLOCKCHAIN, which would be responsible for transaction validation, and also ensure that transactions are secured and the provision of efficient insurance services to its users.
EASY STEPS TO USE THE LARGO INSURANCE SYSTEM
Largo has come to ensure that trustless transactions would be possible on its system and so it allows for the easy registration of users.
Enjoying the insurance service on the platform would require that the parties involved enlist the operation of a representative on the system and enter the details of transactions on the platform.
After this, the buyer sends payment for the product and also a negligible fee as insurance charge to the Largo platform.
Immediately this is done the, LARGO sends the payment to the seller in form of the system's token known as LARGO COIN, and if the transaction is turns out successful, the sellers can now get the actual payment from the system, and would now be required to return the LARGO coin back to the platform.
All transactions on the platform can not be altered as the platform uses the blockchain technology to ensure the decentralization and immutability of its operations.
Also with the blockchain, records of every transaction carried out on the platform would be safely stored and details of the transactions would be accessible on the Blockchain.
Largo has also ensured that no one is left out on its operations as its decentralization would see to it that the system is open to everyone and that there the power does not reside with any central authority which makes it impossible to manipulate the system.
THE TOKEN
The LARGO COIN which is called LRG would act as the recognized digital currency of the Largo platform.
LARGO COIN is a ERC-20 TOKEN that is hosted on the Ethereum blockchain and is developed by the Largo platform, it is widely accepted and recognized as the system's native coin.
This token would enable users on the platform to carry out numerous transactions on the system like the payment of fees, participation in insurance or escrow on the system and a whole lot more. .
CONCLUSION
LARGO was developed with the aim of restoring trust to the global financial system.
By using its blockchain technology, it has succeeded in completely eliminating the challenges encountered by users, when carrying out digital transactions.
By simplifying transactions and making it more trustless with its Largo coin, users on its system can now carry out transactions without worrying about dishonest actors in the system as the Largo system has eliminated the need for trust between traders.
USEFUL LINKS
Website: https://largocoin.io/
Whitepaper: https://largocoin.io/wp-content/uploads/2019/06/WP-v4-converted.pdf
ANN Thread: https://bitcointalk.org/index.php?topic=5200762
Telegram: https://t.me/largocoin_chat
Twitter: https://twitter.com/largocoin
Facebook: https://www.facebook.com/LargoCoinPublic
Medium: https://medium.com/@largocoin
Reddit: https://www.reddit.com/r/largocoin/
AUTHOR
Bitcointalk Username- Dividesug
Bitcointalk Profile- https://bitcointalk.org/index.php?action=profile;u=2767685;sa=summary