IUNO P2P Banking Ecosystem Review

funmi24 (39)in #blockchain • 6 years ago

In the developed world, access to financial markets and banking services are well established and there is also an increasing access to the financial markets and banking services in the developing world. However, accessibility does not mean usability and this is evident in a report in 2015 that shows that even in the US close to 9 million homes without access to banking services and another 24.5 million underbanked households. Globally speaking there are close to two billion people without access to banking services which equals 38% of the overall global population.

IUNO, a blockchain-based startup aims to offer a possible replacement for the unbanked and the underbanked to have a complete access to financial services without having to entrust their assets to centralized banking institutions.

WHAT IS IUNO?

It's a Payment Gateway: One of the main core features of IUNO is the establishment of an advanced and easy to use payment gateway. Clients can deploy this gateway to enable acceptance of credit cards payments in industries that are excluded from accessing credit card services. A well known example of them is the cannabis industry. IUNO payment gateway will make it possible for dispensaries and cannabis farmers to receive payment through credit card without facing the risk of getting their accounts closed.

Furthermore, there won't be any transactions fees charge for using IUNO network to accept payments. This reduce the costs of operation for any enterprise using IUNO payment gateway.

The platform will be fully integrated with a blockchain-based digital identity management solution like Civic which is a blockchain-based digital identity protocol that empowers individuals and enterprises to control and manage their digital identity and securely associate with the digital world. IUNO identity management solution reduce the possibility of frauds and enable the creation of an auditable but encrypted and immutable record of transactions that ensure a secure environment for all users of the ecosystem.

IUNO is a decentralized, peer-to-peer (P2P) online banking platform: IUNO platform is built with a multi-currency wallet that significantly enhance the availability of financial services for fiat currencies and crypto currencies holders. The wallet while still maintaining its decentralized features is able to offer modern banking services that clients expect from their banks which includes payments processing, deposits, wires, transfers, savings, money markets, investments, loans and many more. To summarize it, you will be able to use the wallet to perform all services that can be done in online interface of traditional banks. And for the further improvements of the platform security of the assets, it will always be stored locally or in a dedicated cold storage device.

And like the IUNO payment gateway, banking services will not charge any fees for transactions conducted within the ecosystem.

IUNO is a stable, dependable token: The token currencies of IUNO are pegged to their corresponding Fiat currency equivalent, thereby taking away the risk of exchange, while at the same time giving opportunity to enjoy the benefit from the security and transparency of blockchain empowered transactions. The project will issue an asset-backed tokens that will be pegged with their respective fiat currencies equivalent with an exchange rate of 1:1. This will be possible by maintaining a reserve in exact amount to all of the tokens in circulation. In a simple terms, for every ABT-NGN Token issued, the same amount of one naira will be added to the reserve and any ABT-NGN can be exchange for exactly one NGN and once a token has been used it will be destroyed.

IUNO UTILITY TOKEN (IUNIT)

The platform utility token is a service-oriented utility token. It is able to effectively solve the core challenges of developing a transparent, convenient and fully functioning decentralized of goods and services by rewarding members' operations in the IUNO ecosystem. By incentivizing the community to engage in transactions with other members of the ecosystem and rewarding Masternodes operators and edge agents, the platform provides a fully scalable platform for moving money out of the conventional financial system.

IUNIT tokens are used for the following within the ecosystem;

IUNIT is paid to redeem IUNO Asset Token .
IUNIT is paid to the masternode operators to record transactions on the blockchain and to provide processing power to dApps .
IUNIT incentivizes token holders (both consumers and merchants) to operate inside the IUNO ecosystem.
Masternodes (and supernodes) operators are compensated from a pool of IUNIT set aside from the revenue generated by the fees associated to out-of-network transactions (e.g. ACHs, deposit to account, wire transfers).

Token Distribution