In the face of globalization there are various obstacles faced by the country and have diminished and the global interaction of humans and goods has become more comfortable. the main spotlight that we see because of the increase in the internet, the range of remittance transactions and foreign fees is increasing rapidly. even though such a huge market, it has spurred monopolistic monetary institutions, but the obstacles between customers are still excessive and transparency continues to be a permanent problem. In this situation, there are many attempts by revolutionaries to destroy inefficient construction through applied sciences mainly based on blockchain. the core of knowledge technology from the first generation blockchain is used to be transparency and security through Distributed Ledger Technology.
What is REMIIT ?
REMIIT is a Powered Remittance (BPR) Blockchain and Payment Platform that connects businesses and users through a trust-based Smart Contract System. here REMIIT strives to enable business scalability in the Money Transfer Sector and provides a cheap and transparent process with stability value through a 2-Tier token system.
RSC provides intelligent contracts that can be configured that can serve various businesses giving freedom to create connections and partnerships with overseas companies.
here the role of RPGP is for payment providers and payment gateways by way of interface and to make transactions through REMIIT remittance platforms. To prevent rapid value fluctuations and ensure smooth overseas money transfers
What is offered by Remittance Remittance Payment Platform
The REMIIT system will be a catalyst for globalization by decentralizing remittances and payments. The REMIIT system will create a money transfer system and the current payment system is more open and transparent. It will also enable money transfer operators (MTOs) and financial institutions to create cross-border shipping communities, with guaranteed trust and good reputation.
Remiit is built on the blockchain platform, with that it can easily connect every MTO in the world. REMIIT has a system that can evaluate reputation, which is a key component of this project. This evaluation allows operators to conduct their money transfer business with other MTOs in the world safely and securely.
We just discussed that remoteness and price have various problems. These cases have been discussed in block-based solutions.
How does the Remiit system work?
Remiit will issue two types of tokens: REMI and REMD. REMI can be traded on an external exchange or converted to REMD at a specified level. REMD can be traded for fiat or cryptocurrency at Remiit's internal decentralized exchange (REX), only available to platform participants. REMD will also be used for real money transfers. Connectors (that is, money transfer operators and other participants at both ends) will have access to several customizable REMIIT smart contract templates that can be used to move money between clients with each other in REMD, which will be automatically converted to local fiat currency at a minimum guaranteed level. Smart contracts will combine escrow functions. Linkers will be rewarded for their efforts with REMI tokens, Linkers will be provided with protocols for transactions, each of which will have its own communication channel to resolve problems that arise. Remiit will provide KYC / AML tools with standard formats for all countries. Both transactions and legal data will be stored on the blockchain. The first will be used to establish a visible reputation for all participants, while the latter will allow KYC / AML information sent before to be remembered by the system, eliminating the need to resend it. In addition to saving tokens, REMI wallet will allow users to review and manage all these features and can also be used for direct payments. Later, Remiit plans to allow overseas purchases through its system through Remiit Payment Gateway Protocol which will integrate its system with traders.
The advantages that REMIIT offers to its users?
Remiit's main direct users are money transfer operators, including banks, credit card companies and others, smaller remittance market players. They will benefit from increased transaction efficiency and transparency, lower costs due to fewer intermediaries and opportunities to attract new clients. But the main beneficiaries in question are people with relatives in other countries, who must win from repairing the services mentioned above without having to do anything themselves.
In this case Remiit has given a lot of thought to the token economy. With its two-currency system, which supports REMD from the effects of external trading with REMI, he promises to ensure stability with additional steps, issuing or repurchasing tokens if necessary if prices leave certain parameters stated publicly.
so I briefly explained this Project and you can also find the Remiit project, following the following reference sources:
Website : https://remiit.io/
Whitepaper: https://remiit.io/static/remiit/images/Whitepaper_REMIIT_Eng.pdf
Telegram: https://t.me/remi
Facebook: https://www.facebook.com/remiit.io/
Twitter: https://twitter.com/remiit_ico
Medium: https://medium.com/remiit
ANN: https://bitcointalk.org/index.php?topic=4929374
Bitcointalk user name: Queen83
Bitcointalk link : https://bitcointalk.org/index.php?action=profile;u=2348024
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