KitToken® - The solution to the payment system

in #financial6 years ago

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INTRODUCTION
Blockchain technology and cryptocurrency have introduced a new advancement to how we transact and send funds from one person to another. This advancement has introduced a faster way to send funds to any part of the world. Blockchain technology and cryptocurrency is a peer-to-peer system which provides a decentralized ecosystem and reliable and a secure system. This innovates technology and advancement is now the new driving force of the global financial ecosystem in relation to cryptocurrency causing the financial industries to gradually embracing the wave of change. Today’s article is on kitToken (an ERC20 Token). Before I continue describing the purpose and the need for the creation of kitToken, let me discuss a little about the current payment system and Fintech (financial technology).

THE PAYMENT SYSTEM & FINTECH(financial technology)
The payment system describes any system whether online or offline used to settle financial transactions via the transfer of funds and includes the institutions, instruments, people, rules, procedures, standards, and technologies that make such an exchange possible. The term financial technology describes any innovation in how people transact business, from the invention of digital money to double-entry bookkeeping. Since the internet revolution and the mobile internet revolution, however, financial technology has grown explosively, and fintech, which originally referred to computer technology applied to the back office of banks or trading firms, which now describes a broad variety of technological interventions into personal and commercial finance. Some of the most active areas of fintech innovation include or revolve around the following:
•Cryptocurrency and digital cash
•Blockchain technology- This is a distributed ledger technology (DLT) that maintain records on a network of computers but has no central ledger.
•Smart contracts- These are contracts which utilize computer programs (often utilizing the blockchain) to automatically execute contracts between buyers and sellers.

KitToken® is an ERC20 Token which will be used on a payment ecosystem called KitPay® which is based on blockchain technology which utilizes value transfer protocol to achieve the transfer of payments from one person to another on a peer to peer basis. KitToken is a self-managing financial system which is committed to developing a financial ecosystem with a peer-to-peer transaction based on an open source platform (Kit-pay). KitToken will build a decentralized platform which will help achieve a faster and quicker transaction rate. This payment ecosystem focuses on providing solutions to the current challenges facing the current payment system platforms. These problems are have been identified to be the following;
• Physical transaction of fiat currency poses security threats
• Regulatory restrictions by authorities
• High transfer fees
• Slow transaction fees
• Involvement of the third party in the payment system
• Lack of merchant establishments accepting digital payment in remote areas.

HOW IS KITTOKEN DIFFERENT
KitToken® is built on Ethereum, a blockchain-based distributed computing platform that runs smart contracts. By using Ethereum as the abstract foundational layer, KitToken will be able to implement all the features and rules on KitToken® directly into smart contracts, which are deployed and processed by the entire network. By using the entire Ethereum infrastructure with the purpose of validating transactions and adding new blocks to the blockchain, we minimize any possible attack on the coin.
In order to tackle these challenges encountered by the current payment system, kitToken introduces the KitPay system. The KitPay system will comprise of the KitPay wallet which allows transactions such as transfer of tokens, monitor balance, transaction history, and secured payments in a centralized KitPay ecosystem within decentralized blockchain platform. KitPay® provides a unique hybrid Ethereum model for storing and processing digital transactions in a secure and transparent way encompassing Proof-of-Work (POW) and Proof-of-Stake (POS).
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Three Core of KitToken

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BENEFITS
Due to the decentralized nature of the KitToken platform, it offers a definite and secure environment which helps to connect merchants, individuals and the entire ecosystem of Fintech, allows low-fee, fast, reliable and efficient transactions, and also allows profit-sharing amongst KitToken holders.

KITPAY WALLET AND ITS SECURITY

The KitPay wallet is a cross-platform wallet on the KitToken payment ecosystem which enables users to their KitToken. The wallet allows users to generate a new address on the Ethereum blockchain network, view kitToken balance and send transactions to other wallets, view transactions and pending releases, create payment request and display them as QR codes and scan QR codes to send KitToken® payment in 5 Seconds.
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Cryptocurrency payment and smart contract implementation purchase payment in KitToken® is conducted directly and without any middleman involved, in any convenient currency. The smart contract implementation and the use of blockchain makes the transactions as safe and fast as possible. The smart contract transfers the fund to the recipient account only when the item has reached its destination. Transaction transparency ensured by the blockchain technology and KitToken® holders will get an access to the open-source statistics with the real-time publication of important metrics of business processes and the platform development dynamics: purchases, the number of active stores and visitors, average receipt amount.

TEAM MEMBERS
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Supporting and steering this project is a very hardworking group of individuals that are highly experienced in their field of disciplines so far as this project is of concern.

For more information about this project please follow up on the addresses below:

Website: https://kittoken.net

Whitepaper: https://img1.wsimg.com/blobby/go/030bdbd0-d698-4aa3-ba4d-d2bc680f2ec9/downloads/1ckcml5k4_576533.pdf

Telegram: https://t.me/kittokenofficial

Facebook: https://www.facebook.com/KitTokenOfficial

Twitter: https://twitter.com/TokenKit

Linkedin: https://www.linkedin.com/company/kittoken/

Youtube: https://www.youtube.com/channel/UC8pneLrdHF3NS59fyHyA1YQ

Bitcointalk thread: https://bitcointalk.org/index.php?topic=4803362.0

Authorship

Bitcointalk Username: Korkor

Bitcointalk Profile URL: https://bitcointalk.org/index.php?action=profile;u=2033444

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