Having read about quite a number of financial institutions on the internet, I realized that there are some peculiar problems that these financial institutions are facing leaving their customers to wallow in financial crisis. This crucial issue faced by individuals in the world of finance led me to discover Traxion who aims to work intermittently with the various financial institutions to put smiles in the faces of people. Traxion as the name is mentioned and would be mentioned in subsequent paragraphs in this article has identified the following problems; banks and telecom companies incurring costs to their customers through fees and other charges whiles these customers are using bank accounts and or performing mobile transactions, existence of bribery and shortcut to services rendered to customers which are affecting data integrity and the accuracy of transactions, and customers been left at the mercy of inadequate transparency prior to transactions related to receiving their money on time at very low cost. Researches have shown that some projects have come up with solutions to help curb these problems to a certain extent but Traxion has come up with the best possible solutions to help eradicate these problems. This article will, therefore, throw highlight on what it is about Traxion, it features, Traxion's vision and how the project will benefit customers of financial institutions.
ABOUT TRAXION
Traxion is an everyday user platform which seeks to address and solve problems via utilization of a blockchain platform which is scalable, permissioned, and having all that is needed to execute smart contracts, business provenance, and data visibility.
(About Traxion sourced from https://traxion.tech/)
Features of Traxion
The key features that make Traxion a unique project from other projects include the following;
- Having a competent team with relevant skills
- Having a proof of concept and relevant products
- Having current contracts and partners
- Having a network of users and organizations
VISION OF TRAXION
Truthfulness, accountability, and transparency during depression in any community is the vision of Traxion. Traxion has the belief that aid from individuals and corporations should not be put to waste or worse, neither must such an aid be given to a corrupted system of either government or non-governmental organizations tasked to distribute it.
(Our Vision sourced from https://traxion.tech/documents/Traxion%20Whitepaper.pdf pg 8)
HOW TRAXION PROJECT WILL BENEFIT PEOPLE
In a bid to lower extra cost incurred by customers through utilizing bank accounts and or performing mobile transactions, Traxion will utilize Hyperledger Fabric Blockchain (H.B.F). HBF allows the exchange of an asset and the asset to be consented upon, maintained, and viewed by all parties in a permissioned group. Traxion identified that the extra cost incurred by customers is as a result of financial institutions setting up complex and expensive private infrastructures which in turn create huge expenses on the part of these financial institutions. To catch up with their expenses so as to make profits, these financial institutions decide to share the huge expenses among their customers. This has led Traxion to utilize the Hyperledger Fabric Blockchain which does not require any physical infrastructure to run with since blockchain normally operates on a distributed network. Again, the H.G.F helps to promote transparency since it allows all transactions to be viewed by all parties in a permissioned group, therefore the issue of inadequate transparency is curtailed.
The utilization of Hyperledger Fabric Blockchain will be so beneficial in the sense that, the Hyperledger Fabric Blockchain platform secures partnership with large tech enterprises such as IBM, UnionBank, and SEACOOP.
Partnership with UnionBank will help further increase transparency during transactions among parties. Traxion partners will help in the elimination of intermediaries and counterparties thereby, naturally making any financial transaction gets through the network faster and cheaper without any issue of bribery and shortcut to services.
(The Technical solution sourced from https://traxion.tech/documents/Traxion%20Whitepaper.pdf pg 14-16)
TRAXION TOKENS
Traxion has brought about a token economy to be used in the Traxion ecosystem. A total of forty million (40,000,000 TXN) tokens is to be issued out during the entire pre-sale of which tokens will be available on a first come first serve basis. At a point where token demand exceeds the period’s allocation, exchanges will automatically move to the next period exchanges. The TXN token is developed on the basis of Ethereum (ERC20) with the ICO token price set at 1TXN=0.001ETH.
(Token Sale Period Mechanics sourced from https://traxion.tech/documents/Traxion%20Whitepaper.pdf pg 36)
CONCLUSION
Per the solutions Traxion has set up in place to solve problems facing financial institutions, if Traxion is able to achieve its full potential, the aspect of financial crisis faced by individuals would be alleviated across the globe. Finally, I strongly recommend that you stay in touch with Traxion’s laudable project via the following links;
https://traxion.tech/
https://traxion.tech/documents/Traxion%20Whitepaper.pdf
https://www.reddit.com/user/TraxionICO/
https://www.facebook.com/Traxion.tech/
https://twitter.com/Traxiontoken
My Bitcointalk username; Mary Ofosuhene
Bitcointalk profile link; https://bitcointalk.org/index.php?action=profile;u=1523326