For any country's economic growth to be in a steady progression, the operational level of its financial institutions must be efficient and reliable. This is because capital market, foreign exchange/trade and the money market are all utilized by individuals, companies/industries, governments, merchants etc.
But as crucial as this sector is to every economy, it is highly plagued with inherent deficiencies/inadequacies.
Cryptocurrencies speculation
Problems facing the banking sector
Transactions among cross-borders for example is highly loaded with big percentage charge and this charges are related to the volume of transaction made. Now let's analyze it's impact on for example merchants/businesses. It will make them increase their products/services price or they may choose to lower the quality Inorder to meet up with demand and profit. Also the traditional banks find it difficult to incorporate new partners and services along. In the area of executing transactions & payments, this is often associated with delay and uncertainty. One or both of the transacting firms may not be working at weekends or from 4pm thereabouts which makes the transaction lag. Again, certain financial requests will only be attended to when you visit your main issuing branch.
Though you have some money breathing in your account but be rest assured that it's availability and control is not yours, but the banks' (that's weird). How about the recent transaction limit? I had wanted to withdraw money for some hospital treatment and was told I can't exceed $180 per day withdrawal. But I had tens of that amount in my account so where's this policy coming from?
Coming to the area of exchange and transfers, what ever (rate) the banks offer you, you take as you don't have a choice.
Note that it's not every country that a traditional bank can extend funds to and the amount involved is also considered.
Similarly, there's a problem with security. Armed robberies, fraud, hacks, favouritism, natural disasters etc are seriously rampaging this sector. For example, the 2008-2009 financial crisis which made a lot of people regret their commitment with banks. In the same vein, August 2016 saw a huge loss of 120,000 BTC to hack attacks. It's also impossible to carry out a free and direct transaction between inter-banks as there's always the intermediaries who swallow a big chunk of the money. So the question is when and how do we solve these problems inorder to a safe and efficient banking system. The need for cryptocurrencies and Blockchain is increasing because, transactions made with it are swift, secure and permanent.
Underdeveloped countries and migrants rely on it to send money to their families as all it requires is internet availablility.
Global bank
Now is the era of internet of values and some financial systems have moved on to digitalization and blockchain but it's not about having a blockchain. It's about having a self sustaining and sufficient ecosystem that would be able to support the existing crypto-community, promote products and services and at the same time, level out the entry barrier of people to cryptosphere and that is what ENTRY network is all about.
Introducing ENTRY Network
Entry is a United Kingdom based decentralised and centralized all-in-one financial ecosystem that is law compliant and having more than one hundred team members from different countries.
Backed by ENTRY token which is utility and ERC20 based, Entry is fully equipped to function just like, but more than a banking system. It's very scalable and allows for interoperability among blockchain. Entry is multi-functional so we shall examine each unique section one after the other.
ENTRY.MONEY: This is where everything about money takes place. It allows for creditation like e-shopping payments and debit cards for Fiat and Crypto currencies.
ENTRY.EXCHANGE: Allows for easy, fast and free exchange of both Fiat and cryptocurrencies. The first fiat to be used is Euro but later, others will be incorporated to ensure a versatile option in trading and liquidation. Entry.Exchange will provide an update of market news, rates and analysis from its Artificial intelligence concept and human expert skills. Where the fear to crypto entry is tied is on liquidation of assets/investments because you have to go through crosschains, numerous keys & password and percentage charges before you can get your money. Now, that issue is gone because Entry supports transactions among blockchains and the diverse support of coins/tokens will encourage diversification of traders portfolio. This is great in that the speed of executing transactions is instant. Entry.Exchange utilizes API to provide users (esp traders) with enriched visual interface for graph, charts, account viewage etc. Entry.Exchange exquisitely fulfils the concept of internet of values.
Spendable money
ENTRY.NETWORK: Enables merchants, developers, builders, engineers etc to partner with Entrys' existing platform in building their own financial products&services by signing up nodes, smart contracts etc. Entry.Network utilizes Artificial intelligence Chatbox and API business model to create a suitable and welcoming Avenue for partners to grow their brands and reach a wider audience, and for the users/community to enjoy a dynamic and perfect banking system based on smart contracts and encryption.
Entry.Network will also create it's own wallet that will hold both Fiat and cryptocurrencies. It will allow for other altcoins to ensure crosschain usage. This means that extending transactions to other exchange markets is very easy and possible. This section also incentivises users by rewarding each purchase they made through their Entry wallet and each savings account. This percentage rewards with Entry token will promote it's usage and value. In order to ensure a general acceptability in the adoption of Entry token & integration of other 3rd party developers, Entry was built on ERC20 smart contracts but by the quarter of next year 2019, it's going to issue Entry token through it's own blockchain.
ENTRY.BANK: Provides all the usual banking services like lending (as lending club and onDeck), deposits of fiat and cryptocurrencies, cross boarder payment, loans and investment, factoring services (like sales invoice), KYC/IBAN, insurance, ATM, mobile and web banking and many more to come. Entry.bank enables payment of goods and services through physical and virtual cards from one's Entry wallet account. The debit cards are issued by Entry's payment partners globally and managed through internet app or banking.
ENTRY.CASH: Ensure absolute liquidation whether from products, services, investment, assets etc. In these early years, debit cards, fiat to Fiat transfers and exchanges will be free but later on, very low charges will accompany deposits and withdrawals from the exchange.
Merchants will benefit more as they would be incentivized and charged very little fee for their transactions so as to support them.
Entrys' token
ENTRY Tokens:Has a hard cap of three hundred and twenty five million ENTRY ie approximately eighty million, five hundred Euros. This signifies the immense growth this token will encounter because the quantity is not really sufficient for the demands it will get. In order to ensure a general acceptability,
in the adoption of ENTRY token and integration of other 3rd party developers, Entry was built on ERC20 blockchain but by the quarter of next year 2019, Entry.Network is going to issue ENTRY2 tokens through its own blockchain. ENTRY2 is a kind of hybrid and will be less speculative unlike bitcoin whose price is unpredictable. This will make people feel safe in investing and will encourage for greater demands for ENTRY token and services.
Use case
Mrs Gerald is a house wife who's husband has just died. She has four children who are still young and needed to be trained. Her husband's multi-business venture needs chairmanship and her brother in-law, Max has declared interest. Mrs Gerald knows that Max has a frivolous habit of spending extravagantly so she decided to assume responsibility. But she lacks the experience and skills needed for financial management. Her husbands bank manager knows that she is semi-literate and she suspects his dignity for fair play towards her.
Her cousin sister who is a masters student paid her a visit during the week and seems always busy peering through her phone. On questioning her, she revealed that it's a bounty program for a new all-in-one decentralised and centralized banking system called ENTRY. After few explanations, Mrs Gerald asked her cousin to help her download and upload her KYC details on her husband's PC. She saw all that she needed but dreaded to walk into a bank for. After getting her IBAN, other things were with just a simple click at the comfort of her home. From business marketing to importation bills to staff salaries to obtaining loan for more expansion to insurance to saving for her kids!..........the list is endless.
Mrs Gerald is now a perfect business manager and a cryptocurrency owner & user. Thanks to Entry's fast, transparent, secure, and scalable multi-functional banking ecosystem.
Entry's introduction youtube video
Entry's Development and Roadmap in brief
Entry.Network intends to be the best centralized & decentralised financal ecosystem with the biggest transaction volumes and global outreach. It's always ready to comply with regulations while supporting other platforms. Obtaining of license outside EU to operate world wide. Having more than a hundred representatives is Entry's priority goal. This is to solve the issues of laws and policies, regional requirements, locality setbacks etc. Also being a network that combines the services of decentralised and centralized banking system, having a physical veteran personnel all over the world will enhance the perception and adoption of the crowd who are not familiar with the crypto-world.
Pre ICO, ICO and launching of payment gateways is by 2019.
Partners
Entry's partners are renowned Enterprises with verified Proof of Reputation and together with Entry, they will ensure a transparent and efficient financial ecosystem based on blockchain.
These multi-functions and diversity of Entry's platform, will promote growth and add value to the tokens created, stakeholders and community in general.
For more information about Entry's network please check out
https://entry.money
&
Entry's whitepaper