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Author Topic: [ANN]REMCO : Worlds First Distributed Platform for Money Transfer  (Read 19154 times)
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October 23, 2018, 11:10:21 PM
 #221

I have read about REMCO. I am interested in REMCO's features in transferring money. Especially the issue can provide the possibility of bonus commission based on the sender option for the agent. Does the plan have incentives for special senders such as large deposits or loyalty?

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October 23, 2018, 11:30:54 PM
 #222

Works for me as well and have to agree they at least put time into their white paper I’ve seen so many projects put next to 0 effort into their whitepaper not realizing just critical of a peice of their company and project it is

yeah, i believe whitepaper is the first document any serious investor would go through like you said i urge them to place serious emphasis on it. they could translate it to many more language
A lot of people prefer videos that explain the project instead of reading the whole whitepaper, does REMCO has such video's?

I did not see any YouTube account on their homepage either.

They seem not to have a special YouTube account but on a closer look and search on YouTube you will find couple of review videos about Remco for instance this https://www.youtube.com/watch?v=Fn3cCLm76tk

Ya I’ve seen those but I think it’s important the team spin up their own channel and post things like interviews and ads and reviews to it and start building a subscriber following as it’s a great market to get investors
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October 24, 2018, 03:46:56 AM
 #223

I know the team is working hard and this forum is not an easy place to follow up on questions. But the team can do well to mount at least one member here to answer questions.

Hi,
I'm the founder of Remco. I'll be glad to answer any questions as best as I can. The past few months have been hectic. Apart from Remco project, we process payments for Western Union and many of the biggest money transmitters in the USA, in addition to mobile payment network we run.

Just to put Remco in context:
After processing $billions in value and millions in transactions for the biggest money transmitters, interacted with senders,  recipients, and agents on a daily basis over the years, we gained useful insight into the remittance business that is not very common.

While the focus is on online /digital payments (an essential feature on Remco), the agent model is still very strong regarding the volume they bring in on a daily basis.

The agents on the hand are underpaid (low commission), and they have their own business they attend to, so sending money is not their priority in most cases.

Our non-blockchain solution was deployed early 2018, designed to cut agent time by 90%. It's was an instant hit!

The soft pilot is ongoing in the states of Illinois and Georgia on a run rate of $20m by the end of 2018. We also obtained money transmitter license in the state of Maryland in September 2018.
We are not money transmitters in practice, but to demonstrate this new solution, we had to obtain the licenses.

This solution, however, is for a tiny market for now. To expand globally, the idea of leveraging blockchain was hatched, and Remco was born. We know exactly what is needed in this space and how blockchain fit into remittance.

Remittance is a very long chain of activities and each section is owned and protected by an entity including multi-jurisdictional requirements.  Therefore the blockchain solution must take all these factors into considerations to succeed.
 

Remco can accommodate an unlimited number of money transmitters, meaning that upon launch, global money transmitters can begin to mint tokens and distribute to senders in real-time. These tokens come with value and everything run on the blockchain.

There is an in-depth explanation of how this works in our white paper, including practical scenarios,  mathematics, and economics behind the demand for Remco token.

We believe that blockchain solution today is too difficult to use, so we designed Remco such that senders and recipients of money will not know they are using blockchain to send money. Recipients want instant access to the money to spend as they like.
 
How it works: When the token is used to send money, the money is deposited into the mobile wallet or bank account of the recipient in real-time in most jurisdictions. This capability is rare in the remittance blockchain model anywhere.

Also, to send $500 ($100 x 5) to five different people/relatives  today can cost up to $10 each or more= $50 fee. The token solution eliminates that because the sender only needs to activate it once and pay the activation fee which can be between $2.5-$5. After that, the sender can draw down on the entire value on the token and pay just a fraction ($0.99) or nothing depending on whether the money is deposited into a mobile wallet or bank account.

All these attributes are programmable by the remittance partners.
 
Finally, Remco was formed out of conviction after processing millions of transactions.

Thanks
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October 24, 2018, 03:56:10 AM
 #224

If you look at this page:  https://www.remittancetoken.io/Wallet.aspx
 then it says that the wallet is live. I just can not find a link to it, can I take a look at the wallet somewhere?

Yeah, I also tried to find some link about the wallet because it's really looks like already live somewhere. Or does the admin or their team member could give us the link for it.


I'm the founder of Remco. I'll be glad to answer any questions as best as I can.

- The main project is for money transmitters, and the infrastructure is here  ( https://remcosoftware.org ). These entities can provide the tokenized solution to their existing users through their current mobile app/online/agent outlet to any country.

Recipient of money will not know this is blockchain initiated transfer. This is the beauty of Remco! However, we are testing our mobile app, and we will release it before the end of the ICO.
Thanks
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October 24, 2018, 04:44:02 AM
 #225

Works for me as well and have to agree they at least put time into their white paper I’ve seen so many projects put next to 0 effort into their whitepaper not realizing just critical of a peice of their company and project it is

yeah, i believe whitepaper is the first document any serious investor would go through like you said i urge them to place serious emphasis on it. they could translate it to many more language
A lot of people prefer videos that explain the project instead of reading the whole whitepaper, does REMCO has such video's?

I did not see any YouTube account on their homepage either.

They seem not to have a special YouTube account but on a closer look and search on YouTube you will find couple of review videos about Remco for instance this https://www.youtube.com/watch?v=Fn3cCLm76tk

Ya I’ve seen those but I think it’s important the team spin up their own channel and post things like interviews and ads and reviews to it and start building a subscriber following as it’s a great market to get investors

Whitepaper is like blueprint for any project.  That normally have everything what team wants to do. And how it's going to work. So that should be properly documented.
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October 24, 2018, 04:49:04 AM
 #226

Works for me as well and have to agree they at least put time into their white paper I’ve seen so many projects put next to 0 effort into their whitepaper not realizing just critical of a peice of their company and project it is

yeah, i believe whitepaper is the first document any serious investor would go through like you said i urge them to place serious emphasis on it. they could translate it to many more language
A lot of people prefer videos that explain the project instead of reading the whole whitepaper, does REMCO has such video's?

I did not see any YouTube account on their homepage either.

They seem not to have a special YouTube account but on a closer look and search on YouTube you will find couple of review videos about Remco for instance this https://www.youtube.com/watch?v=Fn3cCLm76tk

Ya I’ve seen those but I think it’s important the team spin up their own channel and post things like interviews and ads and reviews to it and start building a subscriber following as it’s a great market to get investors

Whitepaper is like blueprint for any project.  That normally have everything what team wants to do. And how it's going to work. So that should be properly documented.

Channel coming up

Here is a video
https://www.youtube.com/watch?v=OgfqCEDRcUA
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October 24, 2018, 04:57:26 AM
 #227

Looks like this project has a very good team behind it I hate looking at some of these projects and seeing pictures of kids who look like their still in high school getting their year book picture it's so unprofessional

Please did you really check the profiles of the team? Because if you did you will know that they are not kids but very matured and experienced. By the way where are the pictures of high school kids?  Can't find any.

Maybe he is not referring to this project
True some projects are so unprofessional with their looks worst still is when they steal pictures from linkedin and upload it as theirs which makes me go the extra mile of verifying such project

Yea, it's always very important to verify the team members of projects these days. A lot of project are filled with fake members and it has affected people's approach to ICO
I will say in order for a project to meet up standards, they must ensure to have a good backing like having an experience team with good track records. This alone tend to boost the confidence of potential investors. Shows how determined and focus a project is.

They will focus on the regions with high volumes that should get them up to speed quite quickly. From my reading they seem to have a solid experience in the area and that should alone is worth a lot. They should know how to get things rolling quickly.

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October 24, 2018, 07:25:17 AM
 #228

this project has the latest system and in my opinion this will require considerable support I also want to know whether the system has been tested for security or not?

I believe some level of security test has been done and also being still in its early stage, more testing will be done as we progress and further developments take place
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October 24, 2018, 07:40:42 AM
 #229

If you look at this page:  https://www.remittancetoken.io/Wallet.aspx
 then it says that the wallet is live. I just can not find a link to it, can I take a look at the wallet somewhere?

Yeah, I also tried to find some link about the wallet because it's really looks like already live somewhere. Or does the admin or their team member could give us the link for it.


I'm the founder of Remco. I'll be glad to answer any questions as best as I can.

- The main project is for money transmitters, and the infrastructure is here  ( https://remcosoftware.org ). These entities can provide the tokenized solution to their existing users through their current mobile app/online/agent outlet to any country.

Recipient of money will not know this is blockchain initiated transfer. This is the beauty of Remco! However, we are testing our mobile app, and we will release it before the end of the ICO.
Thanks


Blockchain initiated transfer? How is that going to be implemented?  I would like to know the techniques that is going to be used if any.
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October 24, 2018, 08:08:02 AM
 #230

this project has the latest system and in my opinion this will require considerable support I also want to know whether the system has been tested for security or not?

I believe some level of security test has been done and also being still in its early stage, more testing will be done as we progress and further developments take place

i have no idea they have carried out some security test i would really want to read about it do you have any link to any material video or article.

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October 24, 2018, 08:52:32 AM
 #231

Looks like this project has a very good team behind it I hate looking at some of these projects and seeing pictures of kids who look like their still in high school getting their year book picture it's so unprofessional

Please did you really check the profiles of the team? Because if you did you will know that they are not kids but very matured and experienced. By the way where are the pictures of high school kids?  Can't find any.

Maybe he is not referring to this project
True some projects are so unprofessional with their looks worst still is when they steal pictures from linkedin and upload it as theirs which makes me go the extra mile of verifying such project

Yea, it's always very important to verify the team members of projects these days. A lot of project are filled with fake members and it has affected people's approach to ICO
I will say in order for a project to meet up standards, they must ensure to have a good backing like having an experience team with good track records. This alone tend to boost the confidence of potential investors. Shows how determined and focus a project is.

I think you should check out their whitepaper, they sure have all that and the team seems pretty knowledgeable with what they intend to do, which is comforting, unlike a situation where the CEO is a novice in the niche that he/she is trying to create, so they seem to have done their homework pretty well and with the backing of some notable bodies 
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October 24, 2018, 09:46:53 AM
 #232

Works for me as well and have to agree they at least put time into their white paper I’ve seen so many projects put next to 0 effort into their whitepaper not realizing just critical of a peice of their company and project it is

yeah, i believe whitepaper is the first document any serious investor would go through like you said i urge them to place serious emphasis on it. they could translate it to many more language
A lot of people prefer videos that explain the project instead of reading the whole whitepaper, does REMCO has such video's?

I did not see any YouTube account on their homepage either.

They seem not to have a special YouTube account but on a closer look and search on YouTube you will find couple of review videos about Remco for instance this https://www.youtube.com/watch?v=Fn3cCLm76tk

Yeah, I just watched some the project reviews and it's really good that some people know what will be the advatanges of REMCO to other money transfer companies.

At your service
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October 24, 2018, 10:14:49 AM
 #233

Works for me as well and have to agree they at least put time into their white paper I’ve seen so many projects put next to 0 effort into their whitepaper not realizing just critical of a peice of their company and project it is

yeah, i believe whitepaper is the first document any serious investor would go through like you said i urge them to place serious emphasis on it. they could translate it to many more language
A lot of people prefer videos that explain the project instead of reading the whole whitepaper, does REMCO has such video's?

I did not see any YouTube account on their homepage either.

They seem not to have a special YouTube account but on a closer look and search on YouTube you will find couple of review videos about Remco for instance this https://www.youtube.com/watch?v=Fn3cCLm76tk

Ya I’ve seen those but I think it’s important the team spin up their own channel and post things like interviews and ads and reviews to it and start building a subscriber following as it’s a great market to get investors

Whitepaper is like blueprint for any project.  That normally have everything what team wants to do. And how it's going to work. So that should be properly documented.
Exactly! And basically a good WhitePaper hold every Plan,Event,Features with some details written in them!
That's  great if you really wanna learn about this project incase of investing or just learnin! 
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October 24, 2018, 10:27:20 AM
 #234

Works for me as well and have to agree they at least put time into their white paper I’ve seen so many projects put next to 0 effort into their whitepaper not realizing just critical of a peice of their company and project it is

yeah, i believe whitepaper is the first document any serious investor would go through like you said i urge them to place serious emphasis on it. they could translate it to many more language
A lot of people prefer videos that explain the project instead of reading the whole whitepaper, does REMCO has such video's?

I did not see any YouTube account on their homepage either.

They seem not to have a special YouTube account but on a closer look and search on YouTube you will find couple of review videos about Remco for instance this https://www.youtube.com/watch?v=Fn3cCLm76tk

Yeah, I just watched some the project reviews and it's really good that some people know what will be the advatanges of REMCO to other money transfer companies.

From the details they have on their website it should attract many given they processed $700 million in 24 months. I mean imagine processing that much with the token. The token would basically create the demand on its own. Assuming of course the same number of transactions happen with the token.

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October 24, 2018, 10:34:51 AM
 #235

this project has the latest system and in my opinion this will require considerable support I also want to know whether the system has been tested for security or not?

I believe some level of security test has been done and also being still in its early stage, more testing will be done as we progress and further developments take place

i have no idea they have carried out some security test i would really want to read about it do you have any link to any material video or article.
Of course they are doing some security tests, i think they need to do that a lot because it needs to be 100% safe before people use it.
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October 24, 2018, 10:45:59 AM
 #236

Works for me as well and have to agree they at least put time into their white paper I’ve seen so many projects put next to 0 effort into their whitepaper not realizing just critical of a peice of their company and project it is

yeah, i believe whitepaper is the first document any serious investor would go through like you said i urge them to place serious emphasis on it. they could translate it to many more language
A lot of people prefer videos that explain the project instead of reading the whole whitepaper, does REMCO has such video's?

I did not see any YouTube account on their homepage either.

They seem not to have a special YouTube account but on a closer look and search on YouTube you will find couple of review videos about Remco for instance this https://www.youtube.com/watch?v=Fn3cCLm76tk

All round, it's a good thing that they are taking advantage of social media. It shows how serious they are about putting themselves out there. This is one of the signs of a project that believes fully in itself
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October 24, 2018, 11:31:20 AM
 #237

this project has the latest system and in my opinion this will require considerable support I also want to know whether the system has been tested for security or not?

I believe some level of security test has been done and also being still in its early stage, more testing will be done as we progress and further developments take place

i have no idea they have carried out some security test i would really want to read about it do you have any link to any material video or article.
Of course they are doing some security tests, i think they need to do that a lot because it needs to be 100% safe before people use it.

Yeah, They are giving a services related to money transfer and before they fully launch or implement it they must really know that it will going to be a 101% secured to avoid having problems.

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October 24, 2018, 12:23:09 PM
 #238

Works for me as well and have to agree they at least put time into their white paper I’ve seen so many projects put next to 0 effort into their whitepaper not realizing just critical of a peice of their company and project it is

yeah, i believe whitepaper is the first document any serious investor would go through like you said i urge them to place serious emphasis on it. they could translate it to many more language
A lot of people prefer videos that explain the project instead of reading the whole whitepaper, does REMCO has such video's?

I did not see any YouTube account on their homepage either.

They seem not to have a special YouTube account but on a closer look and search on YouTube you will find couple of review videos about Remco for instance this https://www.youtube.com/watch?v=Fn3cCLm76tk

Ya I’ve seen those but I think it’s important the team spin up their own channel and post things like interviews and ads and reviews to it and start building a subscriber following as it’s a great market to get investors

Whitepaper is like blueprint for any project.  That normally have everything what team wants to do. And how it's going to work. So that should be properly documented.

Channel coming up

Here is a video
https://www.youtube.com/watch?v=OgfqCEDRcUA

So do you mean to say that we will see soon Remoc's own YouTube channel? That's mean we will see 1st video about Remco from official youtube channel?
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October 24, 2018, 12:26:06 PM
 #239

If you look at this page:  https://www.remittancetoken.io/Wallet.aspx
 then it says that the wallet is live. I just can not find a link to it, can I take a look at the wallet somewhere?

Yeah, I also tried to find some link about the wallet because it's really looks like already live somewhere. Or does the admin or their team member could give us the link for it.


I'm the founder of Remco. I'll be glad to answer any questions as best as I can.

- The main project is for money transmitters, and the infrastructure is here  ( https://remcosoftware.org ). These entities can provide the tokenized solution to their existing users through their current mobile app/online/agent outlet to any country.

Recipient of money will not know this is blockchain initiated transfer. This is the beauty of Remco! However, we are testing our mobile app, and we will release it before the end of the ICO.
Thanks


First of all. Thanks for taking the time to answer our questions here. I can imagine that you are quite busy with the preparation for the ICO.

There is one thing I am still a bit confused. The Remittance tokens will be on the Ethereum blockchain, right? And when a new token is generated, will it be an ERC20 token, too? Or will you build an own blockchain for this (multichain blockchain?)?
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October 24, 2018, 12:40:49 PM
 #240

If you look at this page:  https://www.remittancetoken.io/Wallet.aspx
 then it says that the wallet is live. I just can not find a link to it, can I take a look at the wallet somewhere?

Yeah, I also tried to find some link about the wallet because it's really looks like already live somewhere. Or does the admin or their team member could give us the link for it.


I'm the founder of Remco. I'll be glad to answer any questions as best as I can.

- The main project is for money transmitters, and the infrastructure is here  ( https://remcosoftware.org ). These entities can provide the tokenized solution to their existing users through their current mobile app/online/agent outlet to any country.

Recipient of money will not know this is blockchain initiated transfer. This is the beauty of Remco! However, we are testing our mobile app, and we will release it before the end of the ICO.
Thanks


First of all. Thanks for taking the time to answer our questions here. I can imagine that you are quite busy with the preparation for the ICO.

There is one thing I am still a bit confused. The Remittance tokens will be on the Ethereum blockchain, right? And when a new token is generated, will it be an ERC20 token, too? Or will you build an own blockchain for this (multichain blockchain?)?


Sure I'll explain as best as I can.
Remember we are all about a practical solution that can actually work in this industry.

We have two token model: There is the utility and asset token (ERC 20)
The utility is internally built, and transaction recording is on multichain.

As a money transmitter, there can be no delays, third-party verification, fluctuation in value for each transaction otherwise such blockchain solution will never work for remittance.  i.e., Bitcoin

To avoid the fate of other solutions which ultimately could not be used for real-time money transmission, we came up with Remco.

Thanks
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