"When Trust is broken it can never be fixed" is an old but true adage.
The financial institutions have lost a lot of users due to the issue of trust and centralized system, individuals are now opting to a better medium of exchange to perform their daily transactions.
There are a lot of flaws of the current financial institution such as the hidden charges placed for users to pay, when they perform transactions.
Other challenges are…
Slow transactions is one of the names of this system as everyone could testify to the time wasted when carrying out transactions in the banks, the speed at which these operations are executed is not befitting to a system upon which the world depends for financial transactions.
Centralization is another flaw of the financial institution. The body is centralized as such they have put the central authority in place and can implement laws without considering how it will affect the users as long as they make a profit.
The centralization of the system might not affect the governance process but it's vulnerable to attack, the system might be vulnerable to cyber-attacks and other attacks such as money laundering by the staff.
The services provided by some financial institutions are limited, providing escrow services to its users is rare and transparency is impossible to achieve, the security of the user's funds hangs on the balance.
For the safety of the users that perform transactions daily through these institutions, the need to fix these flaws arose and a perfect solution was cryptocurrency where Bitcoin led the way for other cryptocurrencies.
But still, these cryptocurrencies are unable to achieve security of transactions and now the LARGO platform coupled with its emerging technologies is here to fix these flaws and set the financial institutions back to its former glories thus restoring trust.
THE LARGO PLATFORM COIN
The Largo platform is an insurance and escrow system built on the Blockchain technology to restore trust to the global financial institutions by making transactions on its system seamless and lucid.
With blockchain technology, its smart contract and improved consensus, the success of the platform is guaranteed and will ensure efficiency in financial transactions. It provides escrow services and insurance to crypto users.
THE GREAT PROPERTIES OF THE LARGO PLATFORM
LOW TRANSACTION FEE
By adopting its own native token(LRG coin), Largo users have to pay for transactions with the system's token which the fee is very insignificant and lower than any other platform.
FAST TRANSACTION RUNTIME
With Largo platform advanced technologies the speed or transactions run-time is very fast and better than the other Blockchain systems.
LARGO COIN
Largo coin(LRG) is the native token of the Largo platform. It is a cryptocurrency developed on the blockchain and it ensures efficient and reduced cost transactions, it can also be used to perform escrow, insurance and other activities
PRIVACY OF TRANSACTIONS
Due to the Largo Blockchain design every transaction performed on the blockchain is untraceable and the system's decentralization protects against hacking and other malicious activities.
HOW IT WORKS
The Largo system functionality is simple and provides individuals with the opportunity to perform transactions by registering the terms of the transaction on its blockchain system and a transaction validator is used to verify the terms of the transaction.
The buyer then sends both the escrow payment and the pay for the purchased item into the system, where it will be locked automatically until the transaction is executed.
When all conditions are met, the fund is transferred to the seller. This way fraudulent activities are checked and transparency is set on high.
And for reasons whatsoever and the transaction is unable to be completed or it is canceled the locked funds will be sent back to the buyer.
To be able to use the insurance and escrow service of Largo platform, the user needs to purchase some Largo coin.
CONCLUSION
The Largo platform has shown great promise in order to restore trust to the financial system, it envisioned to be the widest used mode of transactions globally.
The world will now record a low case of fraud as it is impossible for contracts to be breached through the use of the Largo insurance system.
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/
AUTHORS DETAILS
Bitcointalk username- Kakal
Bitcointalk Profile- https://bitcointalk.org/index.php?action=profile;u=2767315;sa=summary