KITTOKEN: BUILDING OUTSTANDING FINANCIAL ECOSYSTEM POWERED BY BLOCKCHAIN TECHNOLOGY

flezy (40)in #ico • 6 years ago (edited)

These days, several cryptocurrency-oriented payment platforms exist in the capital market. Nevertheless, they are laced with certain issues that make it quite difficult for users to conveniently use them as payment gateways.
For instance, the physical exchange between fiat currency and cryptocurrency can be risky and in fact, there are regulatory restrictions imposed by authorities that limits much that can be transferred. There is also the problem of high human errors which might result in hacking. Yet another problem is the high cost of account set up and the geographical limitations of most cryptocurrency platforms.
Perhaps, the most challenging of these problems is the slow transaction speed and the high cost of transfer with the need to incorporate third parties in payment methods.
In order to correct these anomalies, KitToken was launched as a blockchain-based platform that has been made to undergo stringent security, performance as well as usability checks.
KitToken is ERC20 independent and self-administering financial mechanism that uses a peer-to-peer transaction with an open-source platform known as KitPay. KitPay serves as a central server amidst a decentralized blockchain facility which is linked to a network.
With KitPay, participants have a customized wallet that can be used to save, send and trade KitToken in everyday economic transactions. Users of KitToken will gain from easy usage and increase in KitToken value. Eventually, through a Point of Stake System, KitToken users get profit allocation using KitToken business actions.

KITTOKEN ARCHITECTURE

KitToken is developed using Ethereum which is a blockchain-oriented sharing platform that uses smart contracts. Through the use of Ethereum as the base layer, KitToken can conveniently execute every feature and rules on the KitToken straight to the smart contracts that is deployed and analysed by the whole network.
Making use of the whole Ethereum facilities with the intention of confirming transactions and including new blocks to the blockchain, there is likely no hack on the coin. The applications that link the Ethereum blockchain are developed on Truffle.
Truffle is a building platform for checking framework and asset pipeline for Ethereum. Specifically, Truffle is used for compiling in-built smart contracts, joining, deploying and binary management. It is equally used to develop a pipeline that can be configured and has support for custom-build processes. Lastly, the Ethereum Truffle is used as a network management for deploying to several public and private networks.
The communication level that links KitPay with the front-end application is executed through Node.js, which makes use of an event-oriented, non-blocking I/O system that enables communications among the participants and KitPay.
The Node.js system links up with KitPay via IPCs (Internal Procedure Calls). The Node.js application uses the same server as KitPay.

KITPAY WALLET AND ITS SAFETY

The KitPay Wallet is an inter-platform open wallet, that allows participants to save KitToken. The wallet is used to synthesize a new address on the Ethereum blockchain platform, check the KitToken balance and forward transactions to other wallets, check transactions and releases that are yet to be approved, initiate payment request and show them as QR codes.

CONCLUSION

KitToken is a new blockchain platform that seeks to remove the risk in transacting on blockchain by presenting a safe platform where transactions can be speedily achieved with low cost and high safety.

INFORMATION ON ICO

The ICO is going on and currently in phase 2. For more information visit the website.