Remiit ( REMI ) – Unique Way of Connecting Business and Users Through Smart Contract
REMIIT is just an innovative and highly protected platform that promotes global transactions in which companies and partners can work freely and easily, so that the business grows. This project aims to stabilize this ecosystem and REMIIT is currently developing an innovative economy. The concept and content of the market economy will continue to be updated in the near future
The purpose of the platform
Manage business confidence issues around the world and provide an excellent user experience on blockchain services and the use of intellectual contracts
Project information
This project is based on a two-tier token system, namely REMD and REMI. REMD is an efficient transmission mode and REMI is for mining gifts. This platform also ensures that transactions are performed by the same payment service provider and money transfer agent, so that everyone stays in the circle of changes. They also support users’ work with the perfect smartphone app for users. They have cleverly divided their platform into two parts: intellectual contract (RSC) and payment gateway (RPG). This first helps to connect and collaborate on a small scale abroad, while the latter is designed for payment user interfaces that work with certain protocols. They have developed a payment method that helps the users make payments without contacting third parties / brokers or banks that charge a lot of money
The Current Problem
They briefly mentioned above that remittances and payment methods available abroad pose many problems. These are real stories related to the current economic and lifestyle structures, considered as problems on which many companies have worked on blockchain-based solutions. The main issues raised are the costly remittances and the slow transaction speed. These companies have proposed different solutions to these problems
Reliability and confidentiality issues
They can not put money on something they can not trust. The most important factor in transfer and settlement is “reliability”. However, the “reliability” of a monopolistic (centralized) system poses many problems
Profitable
In a centralized financial system, costs are only increased because of the monopoly of the market by the limited number of actors. Here, profitability involves not only reasonable prices, but also efficiency
Size of the money transfer market
According to the World Bank, the amount of international remittances in the world in 2016 is about $ 613.3 billion, a growth of 2 to 4% per year. The amount of remittances from the United States exceeds $ 130 billion a year. Secondly, this number is three times higher than that of Saudi Arabia ($ 44 billion), with a large volume of remittances. That’s why Western Union, the largest transfer brokerage company in the world (20% market share) and MoneyGram (5% market share), are located in the United States. At present, money transfer operators such as the current commercial banks, MoneyGram and Western Union, occupy the absolute share of the global remittances market, at 94% in 2014
The best solution is the REMIIT ecosystem
REMIIT intends to innovate in “what happens when we send and receive something” in a new perspective. This is where the REMIIT ecosystem is based, based on blockchain technology. At the heart of money transfers / overseas payments is the currency for the money transfer process. REMIIT develops REMIIT intellectual contracts to make the process effective. Each member of the REMIIT ecosystem is at the center of a commercial relationship. To this end, REMIIT Intellectual Contract (RSC) with REMIIT gateway protocol (RPGP), have been combined to extend the “payment ‘’ through the money transfer platform. Thanks to this ecosystem infrastructure, each participant can create many channels to overcome the existing problems. In the end, the limits of the previous monetary ecosystem will be overcome through different channels, the market will grow and the activities will be developed
What is the REMIIT Blockchain platform for money transfers?
The mandate structure will be an impetus for globalization, decentralization of rules and payments. The REMIIT structure will make the existing regulatory framework and regulatory framework for more open and direct translations. This will also enable financial and credit officials to form a network of transnational regulatory agencies with reliable certification and a high reputation. These senders are based on block chains and will be able to interact with each OTO on the planet. They have a structure that evaluates the recognition of the brand, which is a key segment of the business. This assessment allows administrators to successfully execute their settlement operations with the other ITOs on the planet
A key aspect of REMIIT is the two-tier system of REMI-REMD tokens, which solves external price fluctuations while simultaneously contributing to the internal business ecosystem. The REMI token, which can be purchased at the ICO, will be traded on exchanges and have a function to convert to another REMD token. The REMD token will be used on the platform, it can be exchanged through an internal decentralized exchange. The REMI token will not only ensure the stable use of the token for transactions, but also control liquidity for companies participating in the platform
For further development of the REMII ecosystem, the team conducts the ICO
PreICO will begin on 03/09/2018 and finish on 02/10/2018.
Public ICO is scheduled to begin on 08/10/2018 and finish on 11/11/2018.
The number of tokens issued is 6,000,000,000 REMI
Price 1 REMI = 0,01 USD
Soft cap: 5,000,000 USD
Hard cap: 20,000,000 USD
Payment is accepted in ETH
The Conclusion
There are a lot of shortcomings in the market of international money transfers. A bank of one country creates additional fees to a bank of another country, respectively, the processes of currency exchange from one to another, also lead to higher costs, while the user is forced to pay huge commissions for these operations. The REMIIT project is a decentralized platform of money transfers and payments, the purpose of which is to solve the current global social problems in the field of the international financial transfers using blockchain technology
Official Links for More Details
Official Website: https://remiit.io/
Whitepaper: https://remiit.io/static/remiit/images/Whitepaper_REMIIT_Eng.pdf
Telegram: https://t.me/remiit
Authour,
Twitter : rathnayake
Bitcointalk username : rathnayake
Facebook : nipuni rathnayake