Trust has always been an issue in carrying out transactions either digitally or manually due to the fact that it is just human nature to sometimes act dishonestly.
It is difficult to entrust funds, despite the amount into the hands of other parties or even unreliable third party financial systems, due to the fact that they are unreliable, and might act dishonestly during the transaction.
So, even with the digital system in play, the global population still does not find it easy to freely carry out transactions, as a result of the absence of trust in the entire system.
The only system which came close to eliminating the trust issue during transactions is the insurance system.
Insurance serves as a gap between the two parties carrying out transactions, guaranteeing trust through the insurance that transactions go smoothly, without any form of fraudulent or dishonest act, by the users.
This solution only held to some extent because the insurance system is also restricted by limitations as it could only go so far and could not be adopted efficiently in the digital systems.
The global trade system has been halted by this lack of trust in the system, and needs a permanent solution to improve the global system.
LARGO DIGITAL INSURANCE PLATFORM
Largo platform is a decentralized platform which will definitely return trust to the digital market by improving transactions for the users.
This digital insurance platform is aimed at using all the improved technologies to insure every transaction and make them transparent and trustless.
One of the technologies being adopted by the Largo platform is the Blockchain.
It uses the Blockchain technology to ensure the validity of every transaction, and provide efficient insurance services to the users looking to transact, in a secured way.
HOW IT WORKS
Users carrying out transactions such as trading of products, no longer have to transact with the low trust level in the system, so they can use the Largo platform to ensure that trust is maintained.
So, the buyer uses the Blockchain-based Largo platform to insure the transaction, by sending the necessary payment for the product and the insurance charge, to the Largo platform.
Once this has been done, the Largo platform sends the payment made by the buyer, to the seller, but in the form of the system's token called the Largo coin. If the transaction pulls through, the seller gets the actual payment from the system, returning the Largo coin to the Largo platform
Now, the unique thing about the transactions on the Largo platform is that it makes use of the Blockchain, which was designed to be decentralized and immutable, so the transactions are as well unalterable on the system.
Every detail of the transaction is always accessible on the Blockchain, since they are recorded on the system, upon execution.
By being decentralized, makes the Largo platform open to everyone as its governance is not entrusted into the hands of certain individuals, who might manipulate the system.
LARGO COIN
The ticker for the native coin of the Largo insurance system is LRG which stands for the Largo coin.
It was developed by Largo platform to be recognized as the system's native coin and is important in the activities of the system.
Largo coin is used by users when ensuring transactions, and fees on the system are also paid using the Largo coin.
CONCLUSION
Largo platform will indeed outperform the regular transaction system, and provides a solution to the problem of trust.
It eliminates the restrictions which confronts the insurance system, and hinders it from being used globally.
Thanks to the emergence of this great platform, the users can now rest easy while carrying out transactions, as they know that they are in safe hands and that their transactions are insured.
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: Gopalwu
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2759913;sa=summary