The presence of cryptocurrency over the past few years has cause a rapid and an ongoing growth in the financial sector and presently the cryptocurrency industry worth more billions of dollar. Cryptocurrency is a term used to describe various coin in the digital market. Cryptocurrency is designed to act as a medium of exchange instead of using paper money, a digital coin is being used as a means of exchange for goods and services. The cryptocurrency system protects the information of clients in the digital market, it verify transactions in the market using a cryptographic algorithm with a full speed. The use of cryptocurrency is the most preferable and easiest way of paying in a cashless society because it requires little trading fees, their is privacy of users, fast transactions, no government rule, law and policy can disrupt the growth of the digital market.
Now lets talk about MY IDENTITY COIN a project i know you will never regret,their project has a long-term vision and mission, and choosing them would be a productive option.Before i tell you what my identity project entails,lets first hear from the founder.
FOUNDER MESSAGE & BACKGROUND
My name is Han Kim. As many others, I have been watching the development and turbulent adoption of cryptocurrency. I have been apprehensive of the future of this new technology because I did not see many practical uses other than as a communal ledger/accounting system infused with speculated value. Of course, it is not to say that speculated decentralized digital value is any less sensible than government fiat currency. Due to the flaws of fiat currency and the corrective benefits of blockchain technology, the future global economy will need to make way, however reluctantly it may be, by those who unwittingly have been a catalyst for the blockchain revolution. Blockchain technology has now matured and evolved into more than a shared ledger system and is being applied to different areas such as proprietary data ownership, entertainment services and product verification to name a few. But even with advancements and maturation of blockchain tech, I still noticed that there were everyday use issues that were not addressed and volatility along with complete erasure of financial value was still a problem. That is when I drew upon my own experience and considered what I could do to improve the problems with this technology. How can I save money? How can I make money? How can I make sure that I don’t lose all my investment? What can I do to make things easier and better? Those were my questions and the questions most people have regarding money. Therefore, OKGlobal Coin & SWITCH is my solution to those 4 questions. We will incorporate blockchain tech with the SWITCH instant payment platform for everyday simple use, that has an instant direct benefit to all its participants. The path has been detailed in this project summary. My development team will be built as I find the most capable people to ensure this project is successfully completed. Thank you for your time and to all participants, welcome to OKGlobal Coin SWITCH Pte Ltd(Singapore) and OkGlobal Coin Switch Instant Payments LLC(USA). This is “The Money Project”, utilizing different services, platforms, technologies in order for the global community to go back to using money rather than fiat currency. The solution to problems created by governments with fiat currency that has no intrinsic value and loses value year to year. 1000s’ of fiat currencies have been created throughout history with a 100% failure rate. OkGlobal Coin aims to be a democratized autonomous organization that self governs through participation and voting rights from its participants. The OkGlobal Coin community will operate within and create a set of rules, bylaws and conditions for the benefit of its participants. OkGlobal Coin and SWITCH are separate cooperative companies that are participating in a joint project called “The Money Project”.
NOW What is OKGlobal Coin SWITCH instant payment & service platform? DISRUPTION & TAKEOVER OF BANKING – FINANCE – EXCHANGE - PAYMENT PROCESSING - REMITTANCE
OKGlobal Coin SWITCH aims to be the future of global payment and individual currency management. A cryptocoin tied to a community instantaneous payment and service platform with the unique trait of rising intrinsic coin value based upon reinvestment of profits from payment processing, insurance financing, currency exchange and other investment holdings/valuations into the coin ledger. To navigate uncertain securities regulations and ensure full compliance, OKGlobal Coin, SWITCH(the underlying framework/software for payment transfer and verification) and MY IDENTITY must be continuously adaptable to be structured any way necessary with changing technology and needs, separate cooperative entities with services offered to participating community members who agree to use SWITCH as a payment and services platform with OkGlobal Coins in lieu of traditional fiat currency. MY IDENTITY Coin (MYID) is a utility token used for tagging of cryptographic blocks with unique owner identifying code. OKGlobal coin is a standard cryptocoin that will operate on its own unique blockchain. It is currently an TRC21 token off of tomochain and will migrate to its own blockchain prior to launch of the beta testing for the SWITCH instant payment platform. Unlike other cryptocurrencies with trading/purchase value based upon speculation from theoretical or even real use cases, OKGlobal coin holds an increasing raw *forfeit cash value and is used in routine daily purchases and financial services. OKGlobal Coin is hedged against losing all value unlike other cryptocurrencies and solves real world problems while turning the traditional banking and finance industry upside down by sharing profits with each participant and enabling democratized autonomous participation into OKGlobal Coin operations. *Forfeit cash value is the base guaranteed value of the coin in case of complete selloff of the coin in speculation/trading market. The forfeit cash value should be a constantly increasing value backed by profits and investment holdings from OKGlobal SWITCH companies. The coin will have both a speculation trading/purchasing value and a base forfeit cash value in the event of complete market crash.(TETHER, USDT similarity) Banks and financial institutions have been loaning and investing with other people’s money and then funneling those profits to a select few but with the benefits of blockchain technology and OKGlobal coin SWITCH, profits will be justly returned to participating members who hold OKGlobal coin because it was their money that was used to generate profit.
OKGlobal Coin & SWITCH is the transition and/or addition to the traditional currency management institutions into the new global economy moving forward with the unleashed benefits of blockchain technology. Reduce or in some cases erase costs and fees Instant conversion to fiat currency available to prevent possible value loss due to market volatility Instantaneous payment reconciliation No more devaluation of currency Holds intrinsic increasing value backed by investments, profits and valuations Unencumbered simple use for purchases globally. Participants have direct day-to-day control over management of funds and company. Funds and company is not managed as a whole by or on behalf of the client. Participants’ contributions are kept separate, and profits/income are not pooled but allocated to participant depending on how participant allocates use of funds. Funds can simply sit as cash/fiat in their account with no activity. Timeline for beta testing of SWITCH payment processing is within 1 year of Phase 1 funding launch date. Launch of financing of insurance premiums is 1 to 1.5 years or sooner of end of Phase 1 funding. Proper regulatory approval and licensing for premium financing time is about one year. Currency exchange branches located within or around international airports is dependent upon investment stream. The goal is to have OKGlobal currency exchange offices operating before end of 2021, direct P2P money trading hubs will be operational before the end of 2020. Currency exchange offices will be located within or around international airport terminals. These offices will be of tremendous benefit in marketing OKGlobal Coin for immediate international adoption. Zero fee currency exchange will be offered for all OkGlobal Coin account holders.
OkGlobal Coin accounts can be opened up within minutes directly at the exchange office because all international travelers will have the necessary documents on hand. SWITCH services phone app will be installed and Okglobal Coin account access payment cards(similar to debit cards) will be issued on site. Brick & mortar OkGlobal currency management branches will follow after airport currency exchange offices opened and payment processing services have been tested. Switch currency management branches will be for simple currency deposits, withdrawals, automatic bill payments, insurance financing, currency exchange, etc... No overdraft fees or account maintenance fees. Accounts should not be allowed to go into overdraft status.
What problems does OKGlobal Coin & SWITCH solve and how does the coin profit? High merchant card processing fees & long account reconciliation times Problem 1.1Trillions of dollars are transferred annually via card payments from customers to merchants and fees are typically 1 to 3% of the amount charged and include a per transaction fee of between .05-.25 cents. Many businesses monthly profit is only several percentage points, assuming they are profiting at all. Consumers are often charged surcharges and/or require minimum purchases.
SOLUTION: OKGlobal has no per transaction fee and only 0.1% charge. 1/10th to 1/30th of current percentage rates with ZERO per transaction cost potentially saving U.S. consumers and businesses alone billions per year from fees. Problem 1.2 Funds are not deposited/reconciled into merchant accounts for several or more days, thereby tying up funds that could be used for regular operational expenses. For example, a restaurant that needs to pay payroll or buy more supplies to sell to customers must wait until the card processing company reconciles with the restaurant's bank account.
SOLUTION: "Funds are available instantaneously in OKGlobal coin or local fiat to merchants account." Problem 1.3 Merchants are required to lease or buy card processing equipment and have a phone line dedicated for the machines. Often businesses will have half a dozen machines to accommodate each form of card payment. SOLUTION: "OKGlobal has no equipment, no monthly minimum fees. Payments will be instantly processed through a customer’s free phone app via SWITCH platform." OKGlobal Coin eliminates ALL merchant card processing problems Page 6 of 18Traditional high fee and slow card processing steps : 1.5-3% interest plus .10-.25cents per transaction, 2-3 days to merchant account reconcile. Longer account reconciliation time during weekends and holidays. 1. Purchase (seconds) 2. Batching (daily)
For more information, please visit:
Website: www.okglobalcoinsg.com
Facebook: https://www.facebook.com/Myidentitycoin-105559404747595
Telegram: https://t.me/myidentitycoin
Twitter: https://twitter.com/MyIdentityCoin
YouTube: https://www.youtube.com/channel/UCPl3NZu_t3VoJdjnAGmRHNw
Medium: https://medium.com/@myidentitycoin
Author : samuel321
Bitcointalk username:Samuel321
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1925101
Telegram: @raisingstars
ETH ADD-0x5B606c2F10687e77dc7Fe644E429320C6a39Df63
DISCLAIMER:This post was brought to you by Samuel321 being my personal project on this campaign project