All this time, people rely to conventional banking system to do financial transaction. While we cannot ignore the fact that it is very helpful, conventional banking system offers very little flexibility and transparency. One of the most common problems of this system is its poor efficiency. Transferring money can take a very long time, especially if it involves a huge amount of money. In conventional banking system, it is necessary to ensure security so every transaction needs to be authorized first. The complicated process and involvement of many manpower make the transaction fee the users have to bear becomes very expensive.
Furthermore, even though modern banking system that we know by now is very common, it is also a fact that there are billions of people out there that don’t have access to this system. Those are the main problems in the financial market nowadays and also the problems that YayProto wants to solve.
YayProto is a blockchain based decentralized money transfer platform. It is also the first platform that uses multipurpose binary protocol. Here are the main features of YayProto that can be a solution for those problems.
Decentralized P2P Platform
Unlike conventional banking system, YayProto is based on blockchain. So, it is possible to decentralize the system. The platform’s advanced blockchain system is able to automate the verification system so it doesn’t need third party to do it, which as a result, will cut the transaction cost the users have to pay. The nodes of the blockchain are reliable and it is capable to execute many commands in a single time. As a P2P platform, every money transfer will involve participants (other users) that will help to transfer the money from the sender to the recipient.
Business Oriented
YayProto is perfect for personal use. However, it is also designed to support business at the same time. Money transfer is one of the most important things for business and YayProto’s fast transfer process definitely will be beneficial for business.
Furthermore, besides money transfer, this platform also comes with marketplace feature. It will be the same with the usual marketplace. However, this marketplace will utilize cryptocurrency instead of fiat money. YayProto’s marketplace can be a pioneer in developing cryptocurrency based marketplace. Users also can tweak their store in the marketplace, just like opening online store in the usual platforms.
Secure System
Security is one of the most important things in financial transaction. Even though there is no authority in YayProto’s system and transferring money also involves other participants, people don’t have to worry that they are not going to receive the money transferred to them. This is because the platform is based on cryptocurrency. Every transaction will be automatically recorded and every data will be encrypted so there will be no room for security issues.
YayProto’s SDK application will be ready by May 2018 and the platform can be immediately used. People who are looking for an alternative for conventional banking system can give YayProto a try. This platform also has many other features which make financial transaction easier for everyone.
Website: https://ico.yayfon.com
Twitter: https://twitter.com/YayProto
Facebook: https://www.facebook.com/YayProto
Telegram: https://t.me/YayProto_ICO
YouTube: https://www.youtube.com/channel/UC17nf13s9jPvcwCKuNjTUsQ
Whitepaper: https://ico.yayfon.com/whitepaper
Author: https://bitcointalk.org/index.php?action=profile;u=957366