What’s up everybody WAJAHAT is here with another exciting blog on ZODIAQ. The digital instalment system make a start accompanied by prepaid card system which now led to the generation of the numerous non-cash transaction system. Now we get into the era of the digital currency which is now infiltrate in our everyday life. The reliability is the most concerning factor in the growth of the digital payment system but such system do not ensure about the security of the system. These systems involves the mediators which increase the cost of the payment services. It will not allow people to make immediate transactions by using their funds, the validation process takes some time and the customer have to wait to complete the transaction process. This arise the necessity of the payment system which allows the instant transactions that charges the low cost. A new electronic money is devised named cryptocurrency based on blockchain which make sure about the rightness and constancy of the data whereas to achieve these qualities, a large amount of money is used up in fiat system. the decentralized operating system rule out the prerequisite of any mediatory control system and hence drop the cost. But still the cryptocurrencies could not attain the legitimate status at the international level, this create a problem in the integration of the cryptocurrency and the fiat currency. A new project named ZODIAQ open its own bank which operates on the SWIFT code and a licence to open accounts to direct any action in both the currencies digital and fiat and also use its own crypto exchange.
ZODIAQ is going to execute its own adaptable platform build on open API and gives the solution by influencing its own bank. The aim of this project is to provide the solutions to the other entities that are part of the banking system, the execution of this project requires the minimum resources. The solutions which the platform provide, authorize the fintech companies turn out to be self-governing in the daily transaction process of ZODIAQ bank’s customer and take part banking services enable them to use the new devise to construct their own infrastructure solutions without requiring to expand from the starting point. Because the ZODIAQ platform will have technological and legitimate incorporation, this will help in the securing the new player quick and in low cost. Blocking technology will be introduced in the system which will enhance the trust in the services. The critical goal of ZODIAQ is to construct a new financial infrastructure that will change the traditional banks as having the executive control for the implementation of transactions among the counterparties. Decentralized storage of data within the ZODIAQ platform will enhance the security level of any data remarkably. To accompaniment services of the current banking segment explicitly, ZODIAQ bank will give parallel process with the fiat and cryptocurrencies and consequently hold a new ideal position and give strength to the position in its market. this procedure will permit immediate cashless settlements in native currency ZOD on any counter agreement among the customers and companies for the goods and services.
Website link:
https://www.zodiaq.io/
Whitepaper link:
https://www.zodiaq.io/file/ZODIAQ_WP.pdf
