[ANN] 🚀 SKYBIT - Myanmar's leading blockchain services platform 🚀

[cafuturga]

Are you not afraid of the difficult situation in the Myanmar trade market?

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[SKYBIT.ASIA]

Developing countries faced significant uncertainty and serious downside risks. One of the main sources of instability is the impending rollback of the expansionary monetary policy of the US Federal Reserve. This prospect creates instability in global financial markets and threatens to undermine the growth of developing countries.

Toughening of US monetary policy could exacerbate the global credit shortage, thereby increasing pressure on Asian economies and financial systems. Excessive reaction and herd behavior of market participants can provoke a situation of a sudden stop in capital inflows, complicated by an acute shortage of the dollar.

These risks explain why the Fed’s simple suggestion to move towards a reduction in long-term asset purchases (called quantitative easing) made this summer caused a sharp drop in currencies and asset prices in developing countries. They also pointed out the need for Asian countries to create stronger financial protection networks.

Tighter US monetary policy could exacerbate the global credit shortage, thereby increasing pressure on Asian economies and financial systems.

Some Asian countries, especially China, are also trying to internationalize their currency. Given China’s expanding global influence, the rebirth of the renminbi as a new international currency is inevitable. However, for small countries, the process of internationalization will be much more complicated.

Today, it is difficult and time-consuming to transfer monetary value into and out of Myanmar. The country is hardly listed in internet banking. International transactions to Myanmar usually take up to five days to settle. Also, not everyone in Myanmar can be a recipient of credit-card initiated payments. When it comes to international money transfer, people in Myanmar often use informal hundi networks, which has been prone to loss of funds as sometimes people working in the networks simply disappear with the money. Such disadvantages and restrictions have limited the country’s potential in effective e-commerce and the share of global net wealth inside Myanmar and inhibited progress and development of the country.

SKYBIT allows more of the wealth and opportunities that exist outside Myanmar to far more easily enter the country through the application of blockchain technology. We address this problem by using blockchain technology to minimize the time of international transaction to be settled within minutes through a reliable platform that is easy to use by anyone, easing the flow of monetary value into Myanmar while opening up many new opportunities for the country and its people.

[SKYBIT.ASIA]

Thinking about integrating with various trading companies from Myanmar?

Wait for the announcement, please

[SKYBIT.ASIA]

In the coming years, the banking sector is expecting the "Uberization", due to which the number of personnel in the sector may be reduced by 50%, and profitability in some areas of banking services will fall by more than 60%.

This was stated by the former head of one of the largest banks in the UK, Barclays Anthony Jenkins back in 2015. He predicted that the revolution in finance would be due to a new wave of high-tech startups that would work better, faster, and cheaper in lending, payments, and money management compared to traditional large banks.

Fintech refers to software or technological innovation in financial services. Companies working in this area usually try to improve the existing financial infrastructure or create a new one. As a rule, they directly compete with banks.

According to the Fintech Adoption Index fromEY, nearly a third of consumers in the world use two or more financial technologies. The most popular fintech services are online payments (used by 50% of respondents), services for auto and health insurance (24%), applications for investing and increasing capital (20%), online loan platforms (10%), financial instruments planning (10%)

Though a latecomer in blockchain adoption, Myanmar can benefit from the technology to address the current challenges in its financial system which makes transfers of monetary values in and out of the country difficult and time-consuming.

SKYBIT applies blockchain technology to provide a modern financial bridge between Myanmar and the rest of the world. Our main service is a cryptoasset exchange that allows traders from both Myanmar and around the world to convert between various cryptoassets as well as Myanmar Kyat. Cryptoassets can include cryptocurrencies like bitcoin, ether, and Facebook’s Libra.

Easing the flow of monetary value into Myanmar would open up many new opportunities for the country and its people. Our mission is to apply new technology for wide and large-scale social improvement, particularly in Southeast Asia as it has many big problems that still need to be solved.

[SKYBIT.ASIA]

Southeast Asia has survived devastating financial crises, armed conflicts, and countless natural disasters. And at the same time, she was able to take advantage of the opportunities created by globalization to build competitive economies that play a vital role in global supply chains, thereby saving millions of people from poverty.

In 2017 and 2018, economic growth rates in more than half of the countries of the world increased. The growth rates of the economies of developed countries over these two years have consistently been 2.2 percent, and in many countries, these rates were close to their maximum potential values, while the unemployment rate in some developed countries fell to record low levels. Among developing countries, relatively high growth rates continued in the regions of East and South Asia, in which economic growth was 5.8 and 5.6 percent, respectively, in 2018. The gradual recovery of the economies of many commodity-exporting countries, in particular, fuel exporters, continues, although these countries continue to experience price volatility. The sharp drop in market prices for commodities that occurred in 2014/15 also continues to affect the balance of budgets and the balance of payments and is the cause of continuing debt.

In 2018, the global economic growth rate remained stable at 3.1 percent, as the slowdown in several economically large countries was offset by their acceleration in the United States of America due to the adoption of fiscal measures. It is expected that in 2019 the world economy will grow at a good rate of 3 percent, but signs that growth may have peaked are becoming more pronounced. Since the beginning of 2018, growth in industrial production and trade in goods around the world has been gradually slowing down, especially in the trade-dependent sectors of the means of production and intermediate products. Leading indicators indicate that in 2019 due to the aggravation of trade disputes, an increase in the risk of financial difficulties and instability, and in the context of geopolitical tensions, a certain weakening of economic growth in many countries will occur. At the same time, in some developed countries, a rather high level of capacity utilization is already observed, which may affect growth in the short term.

As the world is stepping into the Fourth Industrial Revolution built upon faster and better innovations that will fundamentally transform the way we live, involvement from all stakeholders is crucial to the emerging potential to improve the economy and the quality of life for worldwide populations.

In Myanmar, SKYBIT is the first internet platform that transcends long-standing payment barriers between Myanmar and the rest of the world through the use of blockchain technology. Individuals, companies, startups, and aid organizations can offer goods, services, raise funds, and campaign for donation to the entire world through the SKYBIT Payment Processor, and the Ad Pages platform or Payment Button.

[SKYBIT.ASIA]

Will your payment system apply to all trading operations in Myanmar?

Yes, we have such plans, stay tuned

Will it be possible to pay for purchases in Myanmar stores via your platform in the future?

Yes, we have such plans, stay tuned

What's about development deadlines? Is everything going on according to your plans? I would like to see some kinds of reports

We will update our Roadmap, now IEO is the most important part of our way

[SKYBIT.ASIA]

There are many different classifications of crypto assets. Investment tokens (security tokens), service tokens (utility tokens), cryptocurrencies, exchanges, application tokens, and altcoins are all shortcuts by which people try to divide assets into categories, united by some common properties.

Some of the experts, such as Tom Lee of Fundstrat Global Advisors, define categories based on how these assets are traded — based on market sectors. Lee identifies the following sectors: Crypto products, Platforms, Confidential tokens, Exchanges, Stable cryptocurrencies.

This classification is based on the fact that assets belonging to each of these groups are traded in a similar way, and taking into account their common properties, trading models can be built. The division into sectors is very important, but a higher level of abstraction is needed - classes of crypto assets.

Crypto products, platforms, and stable cryptocurrencies belong to a different type of asset than confidential tokens and exchanges. So we will have both asset classes and sectors, as in traditional financial markets.

Other experts break down crypto assets into three main categories:
- Currencies (capital storage facilities),
- Investment tokens (tokens backed by real assets),
- Service tokens.

The advantage of this classification is that, according to experts, each of the categories has its own special assessment model. They outline the cryptocurrency and service token valuation models. At the same time, they do not distinguish between platform tokens and cryptocurrencies, since they believe that platform tokens will also be used as a means of storing capital.

The SKYBIT Digital Asset Conversion Platform allows users to convert between different cryptoassets and with Myanmar Kyat (MMK) currency. Popular cryptoassets will be listed, such as bitcoin, ether, and other Ethereum-based tokens such as 0x, Aternity, Basic Attention Token, Bytom, Golem, Holo, Maker, OmiseGO, Pundi X, and Zilliqa. Stablecoins, including Libra, would also be added if we are able to obtain (or use a partner’s) relevant license for dealing with foreign fiat currencies.

The platform would also be used to liquidate the cryptoassets received from the SKYBIT Payment Processor.

[SKYBIT.ASIA]

I think most people in Maynmar have inet, am I wrong?

In 2017 Myanmar has 13 million, so now it might have increased for these 2 years

Are you not afraid of the difficult situation in the Myanmar trade market?

The problem is that Myanmar local businesses can't enter the global market, and we solve this problem

[nikacoin_main]

Skybit is on our DEX. Not sure if it's the same token but you can trade the Skybit ERC20 token here -
https://nikacoin.github.io/home/#/exchange/0xd96839b061ffd785272383e9da5838a0cc478077

[SKYBIT.ASIA]

SKYBIT is the first internet platform that transcends long-standing payment barriers between Myanmar and the rest of the world through the use of blockchain technology. The SKYBIT Digital Asset Conversion Platform allows users to convert between different cryptoassets and with Myanmar Kyat (MMK) currency.

The platform supports unrestricted and direction-agnostic coupling of pairs between different listed cryptoassets and Myanmar Kyat. E.g. with a list of 30 instruments, 435 pairs would be available for trading. Direction- agnostic means e.g. ETH/BTC and BTC/ETH is the same market of orders; rates shown would simply be the inverse of the other, so traders can choose which direction they prefer. Such possibility of free direction-agnostic pairings is an advantage over other exchanges that have a limited list of fixed pairings.

The platform offers an intuitive interface with clear buy or sell headings so that users will easily understand what is going on.

Payment Processor
The SKYBIT Payment Processor accepts bitcoin payments and then automatically credits the users’ SKYBIT account with Myanmar Kyat. The Myanmar users do not need to know anything about cryptoassets, as they would receive MMK which they can withdraw to their bank (or mobile money) account for use in their local economy.

Ad Pages
The SKYBIT Ad Pages platform allows users to advertise goods or services (or campaign for donations) to people around the world on a simple advertising platform for users who do not have their own website for displaying their goods and services or for campaigning for donations to the public internet.

Payment Button
The SKYBIT Payment Button is for users who wish to use their own web site to advertise can embed provided button code on their sales pages so that a merchant’s customer will be taken through the SKYBIT payment processor when the button is clicked.

Fundraising
The SKYBIT Fundraising service will allow companies of any size, including startups, to raise funds from global investors via an “Initial Exchange Offering” (IEO). SKYBIT can have cryptographic tokens created for the companies and list the tokens on the SKYBIT Digital Asset Conversion Platform to make them available for buying and selling by traders around the world.

[SKYBIT.ASIA]

SKYBIT aims to apply cutting-edge technologies to Myanmar in order to make a significantly positive difference to the country and the lives of its people. Our main service is a cryptoasset exchange that allows traders from both Myanmar and all around the world to convert between various cryptoassets and Myanmar Kyat.

Our payment processor allows businesses in Myanmar to easily receive payments from international customers who pay in cryptocurrency. The same platform can also allow donations from around the world to easily be received by aid organizations in Myanmar. In the future, we intend to facilitate fundraising for Myanmar companies by listing their new tokens on our exchange for purchase using cryptocurrency by investors from around the world.

Easing the flow of monetary value into Myanmar would open up many new opportunities for the country and its people. Our mission is to apply new technology for wide and large-scale social improvement, particularly in Southeast Asia as it has many big problems that still need to be solved.

The difficulty of having money enter underdeveloped countries like Myanmar has been hindering progress in solving many of its problems, such as poverty. We believe that the revolutionary technology of blockchain (particularly cryptoassets) can help solve such problems and advance the economy and people of those countries.

We’ve essentially been laying the foundations for a blockchain ecosystem in Myanmar, as one had not existed. Once such foundational plumbing is firmly in place in Myanmar, many other Myanmar-borne startups will likely pop up who would be relying on the essential blockchain services that SKYBIT had put in place. SKYBIT itself would also continue to develop new useful services to build on top of these foundations.

SKYBIT doesn’t only help local Myanmar businesses reach global clientele, but it also allows international businesses to enter Myanmar to benefit from its potential. Banking sector reforms will allow international financial institutions to offer their services in Myanmar.  Individuals, companies, and aid organizations can offer goods, services, and campaigns for donations to the entire world on the internet. Their customers and investors will be able to make payments using crypto assets, such as Bitcoin.

Our long-term goal is to facilitate large-scale market-driven societal improvement not only in Myanmar but also across all Southeast Asia, which has many big problems that are still needed to be solved.

[SKYBIT.ASIA]

According to economists, over the past half century, hundreds of millions of people in Asia have crossed the poverty line. A number of Asian states have acquired the status of medium or developed economies. It is true that many Asian countries remain on average poorer than the rest of the world, but this gap is also narrowing. Over the past 20 years, the difference in per capita income in Asian countries compared with countries in Europe and the United States has declined sharply.

Experts say that the economic recovery that we are now witnessing in Asia, which essentially began with the post-war boom in Japan, represents a return to historical norm. Asia dominated the world economy for most of human history - right up to the 19th century.

Behind the growth of the Asian economy, which overshadows the rest of the world, are mostly China and India. China is already the first economy in the world in terms of PPP, it accounts for 19% of world production (in 2000 - 7%). India is the third largest economy in the world, and its GDP (PPP) is twice the GDP (PPP) of Germany or Japan.

However, smaller Asian economies are also growing. According to the Financial Times, Myanmar will rise to 24th place in 23 years (from 73rd to 46th) in the ranking of countries by GDP (PPP) from 2000 to 2023, and will overtake Austria and Ukraine.

However, Myanmar currently has certain problems that need to be addressed.

Today, it is difficult and time-consuming to transfer monetary value into and out of Myanmar. The country is hardly listed in internet banking. International transactions to Myanmar usually take up to five days to settle. Also, not everyone in Myanmar can be a recipient of credit-card initiated payments.

When it comes to international money transfer, people in Myanmar often use informal hundi networks, which has been prone to loss of funds as sometimes people working in the networks simply disappear with the money. Such disadvantages and restrictions have limited the country’s potential in effective e-commerce and the share of global net wealth inside Myanmar and inhibited progress and development of the country.

SKYBIT allows more of the wealth and opportunities that exist outside Myanmar to far more easily enter the country through the application of blockchain technology. We address this problem by using blockchain technology to minimize the time of international transaction to be settled within minutes through a reliable platform that is easy to use by anyone, easing the flow of monetary value into Myanmar while opening up many new opportunities for the country and its people.

All users can benefit from the SKYBIT platform in many ways. Individuals, companies, and aid organizations can offer goods, services, and campaign for donations to the entire world on the internet. Their customers and donors make payments using a cryptoasset such as bitcoin.

[Twinkledoe]

I am wondering if your platform will still be developed if in case you will not hit your targets from your token sale? If your Pre-IEO and IEO funds are not sufficient or not hitting your min target, can you proceed with your developments? After all, you are already claiming to be the Myanmar's leading blockchain services platform.

[waiberz]

SKYBIT.ASIA become one of the guest in NASDAQ. So this is really amazing project.
How to buy a SKYBIT token?

[OPAleoN]

Unfortunately there are no articles about the project in medium page yet, it would be good to read more about the project and about it achievements

[waiberz]

I really like the project. Sorry if the photos are too large.
Probit will launch the IEO. Very interesting.