Innovative Increasement in the Speed of Transactions in the Forex Market Through the Utilization of its FXP Token Based on Ethereum Blockchain Technology

Hello guyz!! Here is a wonderful forex exchange (FXPay) is an exciting and highly prospective business opportunity that brings innovative technology to the Foreign Exchange (Forex) market. FXPay believes we can intelligently mitigate risk and increase the speed of transactions in the Forex market through the utilization of its FXP token, an ERC20 token based on Ethereum blockchain technology.

Introduction

FXPay platform designed for assets sharing and transacting forex. Fxpay comes with improved architectures and protocols that is set to position it as the fastest and most secured blockchain network in the forex market by achieving more than 5 billion transactions per day and increasement of Token's price of 0.8% per day or 24% per month. The platform also comes with simple and easy to use tools for any enterprise or trader to trade any currency of their choice thereby helping them to connect directly with their end users. Fxpay also comes with interoperability protocols that makes it possible for the network to seamlessly interact with other blockchain networks thereby achieving full decentralization and value internet in the crypto space.

FXPay aims to create a large, international, eco-friendly community on a digital platform that is made to meet the demands of Forex premium brokers and traders. The primary focus will be premium brokers who require a new transaction method which is made cheaper and faster through the use of blockchain technology. FXPay Inc. aims to expand on this becoming our own premium broker. This will allow clients to freely invest in the Forex market with our token. This will provide a platform with both established users and significant daily volumes, which will steadily increase the price over time.

The use of cryptocurrencies and blockchain technology in general continues to gain so much traction in the internet space. This is due to the fact that blockchain technology has come with several solutions to problems that have lived with humanity for years. Blockchain technology has made transactions much easier with the use of distributed ledger technology. However the growth of this amazing technology is being limited due to the problems of low transaction speed, anonymity of blockchain transactions, and lack of interoperability with other blockchain networks. For blockchain technology to fully gain mainstream adoption, then these critical problems needs to be solved.

By introducing blockchain technology to the Forex market, FXPay is able to address inefficiencies in the market that, until now, have not had a solution. By offering a digital currency to brokers and traders, FXPay provides a medium through which to effortlessly convert fiat currency into FXP tokens. Once it is securely logged on the blockchain, it can be converted into any of our Forex pairs. Traders can then use Forex credit to participatein the market. Once trading has ceased, trader scan trade Forex credit back into FXP or any other digital currency. Alternatively, traders can choose to keep Forex credit, which can either be used to continue trading at a later stage or withdrawn into fiat currency through the Forex trading platform, at minimal cost

Problems Faced

Excessive transaction cost
The problem of trust
Data leakage and abuse

Excessive Transaction Cost
One of the major problems of the traditional forex sharing platforms is excessive transaction costs. What these platforms are after is to make profits at the expense of the users of their platforms. This is made possible in most cases because these big platforms have been able to gain a considerable amount of market share which allows them to dispute user’s acceptance of price and service quality.

The Problem of Trust
Trust is the biggest issue when it comes to sharing economy, as human beings are unpredictable variables in many of these transactions. For a transaction to be carried out there must be mutual trust between the consumer and the supplier. Current forex platforms have done little or nothing in solving the problem of trust between the actors in the sharing economy. What some of these forex platforms do is to take the risk and vouch for both parties to fulfil their end of the deal but there has been cases where this has turned out to be disasters in the past.

Data Leakage and Abuse
Furthermore, data leakage and abuses has also plagued the sharing economy. Users, most times are required to provide their identity information for the purpose of registration. This information is stored on centralized data base which is prone to hacks and breaches by hackers thereby exposing this vital information to the risk of theft and leakage.

Benefits of Fxpay

Low Transaction Costs
Fxpay makes a major breakthrough in the process of buying and selling with the removal of the middlemen. Normally, a product that shouldn’t cost much will cost a fortune because the middleman has added his own premium on the price of the product. Fxpay provides a platform that brings buyers and sellers together without the need for any middleman. This helps in lowering transaction costs significantly.

Redistribution of Income
Another laudable achievement of the fxpay platform is the redistribution of income. The exploitative middlemen most times end up being the best gainers in any trade. Fxpay comes to the rescue of both the buyer and seller by eliminating the use of a middleman in a transaction.

Security
Another valuable feature of the fxpay platform is that it is highly secured. Fxpay is a blockchain-based ecosystem which means that transactions carried out on the platform are encrypted with the use of distributed ledger. This makes transactions on this platform untraceable by hackers and buyers and sellers can trade with the confidence that their personal and financial information are well protected.

it has the capability to publish several blocks simultaneously with the ability to resolve conflicting transactions and reject double-spends through the consensus algorithm privacy are all going to be identity based.

Fxpay targets to complete thousands of TPS through the platform its building. Furthermore, its platform will also be able to host Dapps which will benefit from the secure and private services that will accrue from using fxpay foreign exchange. With this in mind, fxpay opted for technical specifications that will meet the privacy and security services that it would offer.

The fxpay mechanism of hosters motivation is aimed at connecting as many computers as possible to maximize the number of independent repositories. Completely decentralized monitoring systems check data availability and authenticity.

However, Scalability is a major issue being addressed through all these technical features. Platforms are being created to handle the expected traffic especially when blockchain is fully accepted by the forex mainstream market.

#fxptoken #fxpay #fxpayglobal #fxpayico

For more information

Website: https://fxpay.io/

Whitepaper: https://fxpay.io/pdf/FXPAY_V.1.4.pdf

Twitter: https://twitter.com/fxpayglobal

Eth address: 0xB6a101a1A827141deb9090C2fAE24d62a8aCc6c1