REMIIT ICO Overview:
REMIIT platform aims to be a revolutionary initiative, serving as a catalyst for the development of more efficient and innovative structures for borderless overseas remittances and payments. Often, overseas remittances are found to be slow and ineffective due to inadequacy of underlying systems such as SWIFT network, MTO’s (Money Transfer Operators). This happens due to the limitations in fintech companies as well. REMIIT is a platform that focuses to ease remittances and payments through technologies based on BLOCKCHAIN. In order to achieve this, REMIIT functions in such a way as to alleviate issues by re-negotiating differing exchange rates for each country, obtaining less exchange fees and entry barriers for the participants in a transaction, monitoring insurgent rise in remittances and payment transaction as well as taking due care of the varying fee for foreign exchange among financial institutions.
REMMIT ICO Value Proposition:
REMIIT propounds to have several key features that enable in providing quality service. Through the First Generation Blockchain, the foothold inventive of REMIIT, transparency and security is ensured through the implementation of distributed ledger. In tandem with this the Second Generation Blockchain becomes the core technology that deals with Smart Contracts (RSC) and REMIIT Payment Gateway Protocol (RPGP). In RSC participants can check transaction information, communicate and share through dedicated message channels so that contracts are concluded in an optimised manner. Along with RPGP, It also provides security and escrow enabling participant to trust each other. Apart from this REMIIT, also adheres to two tier token system which includes REMD-internal currency and REMI-external currency. Cryptocurrency being bound to rely on external exchanges more often than not leads to fluctuation in price resulting in instability. Inorder to avoid this phenomenon known as Crypto Paradox REMI and REMD is implemented such that it solves external price fluctuation and duality of the internal business ecosystem. REMI helps REMD to gain stability for internal business operations and secures liquidity by building the REMD Decentralized Exchange (REX).
REMIIT ICO Team:
STEVIE AN/CEO : Specializes in economics and finance portfolios BluepanNet- Founder & CEO
JAY JUNG/CFO: Post Doc in Economics and Financial History
Dongwook Seo- CEO at YGGDRASH is the technical advisor. Co-founded BluepanNet.
REMIIT ICO Strengths and Weaknesses:
Current technologies inherent to overseas remittances and payments promise improved block capacity and speed handling. However what is fathomable and envisioned within and through these technologies need solid models to go ahead. REMIIT offers the prospect for the same and could pioneer along with other platforms which work across national borders.
However it needs to be noted that even if there exists a smart contract through which the blockchain is made sustainable, Remiit lacks a security audit, between client and the party who is providing the mode of transaction which secures the transaction