We are building a decentralized mobile application built on ethereum smart contracts. The purpose of this application would be to connect the remittance and crypto exchange industry.
Problem we are solving-
1. High fees and delayed remittances
2. Cryptocurrency liquidity
3. Volatility of holding any cryptocurrency.
4. Trusting third party exchange houses/banks for handling money
5. AML and KYC issues with users
In our dapp design, we are building fiat pegged cryptocurrency contract that will maintain the value of the purchased tokens(we are calling them INC- InstaCoin).
Through our agents(Anybody holding INC token can potentially become agents who will act as exchange points for fiat to crypto) all transactions will be processed.
We are designing a smart contract called central bank(CB) that will regulate the flow of coins within various contracts of the whole system.
We are also planning to make remittances free of charge for our users.
We aim to compensate the agents in new INCs which will be released from the CB as a result of them proving the transaction. Thus, giving an incentive to them to do the transaction.
All of these descriptions when combined solves the problems described above.
There would nearly complete disintermediation in the remittance industry.
For access to whitepaper, Please send a request on
puneet@instafer.io
