WHAT IS REMIIT
Remittances play an increasingly important part in today’s globalising economy. More than $600 billion a year are sent as remittances by migrant workers to their families or by families to students studying abroad. This is a larger transfer of wealth than international aid, and even more critical for individual families.
However, the way such transfers are handled now, by banks and various other institutions, is very flawed. In addition to security and trust issues, there are many intermediaries that require high fees. All this whittles away at the resources of a customer base that often simply cannot afford it.
WHAT IS REMIIT?
The REMIIT Revolution Project is a money transfer and billing platform. Blockchain connects many different companies and users through a blockchain-based smart contract system.
REMIIT strives to enable business scalability in the money transfer business and offers users a cheap and transparent process with value stability through a two-level token system.
REMIIT wants to create markets and ecosystems that enable local businesses to grow while offering transparent money transfers to users.REMIIT will create faster and more transparent payment and transfer systems while enabling money transfer operators (MTOs) and financial institutions to create trusted cross reference communities
They briefly mentioned above that remittances and payment methods available abroad cause many problems. This is a true story related to the current economic structure and lifestyle, which is considered a problem where many companies have worked on blockchain based solutions.
The main problem raised was expensive money transfers and slow transaction speeds. These companies have proposed different solutions to this problem.
How will the Remiit system work?
Remiit will issue two kinds of tokens: REMI and REMD. REMI could be traded on external exchanges or converted into REMD at a set rate. REMD could be traded for fiat or cryptocurrencies on Remiit’s own internal decentralised exchange (REX), available only to platform participants.
REMD will also be used for the actual remittances. Linkers (that is, money transfer operators and other participants on either end) will have access to several customisable REMIIT smart contract templates which could be used to move money between each other’s clients in REMD, which will be automatically converted to local fiat currencies at a guaranteed minimum rate.
Smart contracts will incorporate an escrow functionality. Linkers will be rewarded for their efforts with REMI tokens, receiving a larger amount depending on how much time it takes to clear the transaction.
Eco Remiit System
to the current
Stabilizing the Token
with a sophisticated Token
Develop an Infrastructure
for Linkers (e.g MTO,
- Token : REMI
- PreICO Price : 1 REMI = 0.01 USD
- Price :1 REMI = 0.01 USD
- Bonus : Available
- Bounty : Available
- MVP/Prototype : Available
- Platform: Ethereum
- Accepting : ETH
- Minimum invesment : 0.5 ETH
- Soft cap : 5,000.000 USD
- Hard cap : 20,000.000 USD
- Country : Singapore
- Whitelist/KYC : KYC & Whitelist
- Registricted areas : USA, China, Singapore, Iran, Iraq, Syria.
REMD Stability and Governance
A viable cryptocurrency payment mechanism?
Although cryptocurrencies have always been advertised as a more secure, transparent and fair international payment method that would bypass the many problems of the existing financial infrastructure, none of them have come through on this promise as yet.
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