The Revolutionary project REMIIT is a money transfer and billing platform. The Blockchain connects many different companies and users via a smart contract system based on blockchain. REMIIT strives to enable business scalability in the money transfer business and offers users an inexpensive and transparent process with value stability through a two-tiered token system. REMIIT wants to create a market and an ecosystem that allows local businesses to grow while offering transparent money transfer to the users
Remiit as a catalyst for globalization
REMIIT will create faster and more transparent payment and transfer systems while enabling money transfer operators (MTOs) and financial institutions to create a community of trusted cross-references, prestige
The platform is based on the blockchain
The REMIIT Reputation Rating System, which is a major feature of the platform, allows these operators to focus on their the money transfer activities with MTOs or other peers and make secure transfers The vision of the REMIIT project is to enable MTOs around the world to expand into developed countries and to grow as a reliable money transfer the service provider in the market
The Current Problem
They briefly mentioned above that remittances and payment methods available abroad pose many problems. These are real stories related to the current economic and lifestyle structures, considered as problems on which many companies have worked on blockchain-based solutions. The main issues raised are the costly remittances and the slow transaction speed. These companies have proposed different solutions to these problems
Reliability and confidentiality issues
They can not put money on something they can not trust. The most important factor in transfer and settlement is “reliability”. However, the “reliability” of a monopolistic (centralized) system poses many problems
Profitable
In a centralized financial system, costs are only increased because of the monopoly of the market by the limited number of actors. Here, profitability involves not only reasonable prices, but also efficiency
REMIIT Ecosystem
REMIIT to disrupt the entire global money transfer market in REMIIT blockchain technology called Smart Contract (RSC), algorithms and configuration optimized for money transfer services. In this system, depositors experience transparent process of transfer of funds. In addition, the REMIIT Payment Gateway Protocol (RPGP), the innovative payment systems, will be combined with RSC to extend the service to payment. system based REMIIT Eco System, not only the payment service providers will be able to diversify the business of their business, but the problems will be overcome only the transfer of money and paid earlier
Size of the money transfer market
According to the World Bank, the amount of international remittances in the world in 2016 is about $ 613.3 billion, a growth of 2 to 4% per year. The amount of remittances from the United States exceeds $ 130 billion a year. Secondly, this number is three times higher than that of Saudi Arabia ($ 44 billion), with a large volume of remittances. That’s why Western Union, the largest transfer brokerage company in the world (20% market share) and MoneyGram (5% market share), are located in the United States. At present, money transfer operators such as the current commercial banks, MoneyGram and Western Union, occupy the absolute share of the global remittances market, at 94% in 2014
Scalability of money transfer business: corporate payments
Large scale marketing does not just mean “transfer”. Remittances abroad overlap with the overseas payments market, which means that there is an opportunity for business expansion if certain issues are resolved. The following example shows the market for remittances abroad and the payment is closely related
Smart Contract of Remiit
REMIIT builds its own blockchain smart block framework and provides the REMIIT Smart Contract (RSC) model optimized for offshore remittance service providers. The RSC was created as a result of the REMIIT development team, as well as suggestions and comments from different participants. This will be constantly updated in terms of quantity and quality for different fund transfer mechanisms, such as free and global funding, etc. Easily find the right model for their situation. Specific needs
Remiit Payment Gateway Protocol
RSC lay the foundation for a key scalability. The REMIIT Payment Gateway Protocol (RPGP) is designed to accelerate the development of international payment activities and the development of key infrastructure. In addition to direct remittances abroad, foreign exchange transactions must be indirectly related to all enterprises requesting payment abroad. However, foreign exchange transactions are always carried out in a closed system of conventional financial systems. The result has been identified so far, it’s a huge loss for the user and the assignee
Project information
This project is based on a two-tier token system, namely REMD and REMI. REMD is an efficient transmission mode and REMI is for mining gifts. This platform also ensures that transactions are performed by the same payment service provider and money transfer agent, so that everyone stays in the circle of changes. They also support users’ work with the perfect smartphone app for users. They have cleverly divided their platform into two parts: intellectual contract (RSC) and payment gateway (RPG). This first helps to connect and collaborate on a small scale abroad, while the latter is designed for payment user interfaces that work with certain protocols. They have developed a payment method that helps users make payments without contacting third parties / brokers or banks that charge a lot of money
The goal of REMIIT
The essence of Remiit is to eliminate all advertisements worldwide, using block innovation, through the REMIIT Keen (RSC) contract. This phase is adjusted, although simplification supports regulation. This step allows the sender to process simple procedures when using the REMIIT framework. To allow the administration to request delivery, this phase includes the REMIIT gateway protocol and the creative structure added to the REMIIT intellectual contract system. So service providers will be able to improve their business and will be able to overcome unresolved problems
https://remiit.io/
https://remiit.io/static/remiit/images/Whitepaper_REMIIT_Eng.pdf
https://t.me/remiithttps://www.facebook.com/remiit.io/
https://t.me/remiit
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bitcointalk username : cryplee
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Facebook : rukshi lakshani
bitcointalk username : cryplee
email : cryptolanka95@gmail.com
Facebook : rukshi lakshani
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