Before the first bank was established in 1786, we didn't need any third party to manage our finances. Whatever we had - we traded with each other in a transparent and trustworthy way, it was only after greed kicked in that it become to introduce a third party into this equation, unfortunately these third parties (i.e. banks) introduced new levels of complexity into transactions, profiteering inside every step of the processes.
We needed them though, that's because we just couldn’t trust each other, but gone are the days.
Thanks to IUNO, a P2P banking ecosystem that was developed on top of blockchain, we now have the best alternative to centralized banking systems.
By IUNO incorporating a solid and dependable token, functioning as a payment gateway and developing a decentralized P2P online banking platform. IUNO will not only take on the current broken banking systems, it will also increase global blockchain adoption. It's one of those win/win situations.
But let's try and explore some of these features shall we:
First the actual platform – It’s built right into the IUNO wallet and works exactly as a normal bank would.
Seamlessly allowing users to make deposits, make withdrawals, make payments, make transfers, make investments, take loans and ask for credits. This is a great option for people who have always been left out by traditional banking systems.
Using IUNO isn't just a sensible option because it allows for much cheaper transactions, it's also the better option because it gives users complete control over their own assets, making them safer and much harder to be manipulated.
Speaking of manipulation, it's a known fact that banks have worked hard to prevent the adoption of cryptocurrency to safeguard their bottom line, but seriously it's about time users are given the ability to transfer their assets without the need of a bank. Fiat currency doesn't allow for this, which is how the ABT token comes in.
This token will eliminate exchange risks which is basically a situation that arises and affects the value of an investment thanks to variations in the value of different currencies. The ABT will be paired with relevant fiat currencies, for example, the ABT-USD or the ABT-£ to achieve a 1:1 equivalent ration, in that when one ABT-USD is issued for example one US dollar will be deposited into the reserve. By maintaining a reserve that’s equal to the number of tokens that are in circulation, the ABT will have zero volatility.
Conclusion.
According to the Federal Deposit Insurance Corporation, 17 million Americans don't own a bank account and 51 million Americans prefer to utilize other financial services completely bypassing the actual banks. Sure, this could be because of lack of knowledge but in most cases, people remain unbanked or underbanked because of factors such as easily getting blacklisted by banks because of a record of ‘financial mistakes’ or getting overlooked because of your lack of financial muscle. IUNO users are free to trade or loan their assets to each other thanks to a proprietary identity management system that's built into user wallets.
You can participate with IUNO in a number of ways: you can: Purchase some IUNIT Tokens for yourself, you can run some of IUNO MasterNodes, you can help become an IUNO Edge Agent and help facilitate easy ABT to Fiat transfers and vice versa, you can also join the developer program on IUNO’s Opensource Developers Group, lastly you can participate in the Bounty Program.
Details regarding IUNO's token sale.
The company is currently running its public token sale which began on the 17th day of July, by the time 63 days are over and the sale is ended on November 16th, the company hopes to have collected at least $3.000.000 USD which is very reasonable considering more than 55% of this goal has already been reached. For one Ethereum you can get yourself 1000 IUNIT tokens (which shouldn't be confused with the company's Asset-Backed Token).
Do note that there will only be 300.000.000 IUNIT tokens in supply. Of this number just about 37% of that will be kept aside for the token sale which translates to just about 110.500.000 tokens. The reserves, the developer token (the tokens used to reward developers that participate in IUNO Opensource development) and the founder's 'kitty' will be given the next biggest portions, with each receiving 15.83%, 16.67% and 16.67% respectively. This will only leave just about 42.000.000 tokens.
These tokens will be split in almost equal measure with 6.67% going into marketing and outreach efforts, 6.66% split equally into the Airdrops and Bounty programs that will help boost participation within the platform and the community. The last 0.67% will be left for the coinmaster.
After the public sale is concluded, the IUNO wallet will be announced a month later and the payment gateway too within the fourth quarter of 2018. Invested users will have to wait until the 2019 the access IUNO's exchange and banking services. I am especially excited for the Debit card to launch though.
You can find out more about what the company from these links below:
— Website
— Whitepaper
— OnePager
— PitchDeck
— LinkedIn
— Twitter
— Medium
— Telegram
— Reddit
— Facebook
Thank you for reading through.
Thank you for reading.
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Rhinoboy11
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