PAYGINE: AN OPEN FINANCIAL PLATFORM

elvisdika1 (34)in #blockchain • 6 years ago (edited)

INTRODUCTION:
Over the years, cryptocurrencies instead of being a tiny fraction of the exchange market have been generally accepted to exchange for goods and services, almost replacing the existing method. We can attribute the success of this trend to the digitalized and decentralized nature of cryptocurrencies. This means that cryptocurrency transactions are usually digital that is, the use of computers and smartphones in transactions and we don't see physical cash. While some investors and customers have already queued into the technology investing and using them to exchange for their goods, products and services few others are yet to know how the technology works. Fewer other persons who have knowledge of the technology are still trying to understand how to use this digital commodity in their transactions. However, the technology has been effective as a tool used in the exchange of commodities. We store cryptocurrencies in a secure digital wallet backed up offline on a computer or in the cloud. Transactions involving cryptocurrencies are recorded on an online ledger called blockchain. This ledger is made public for transparency purposes. Since the blockchain is not controlled by any single individual or group, they are accessible by the public at any time. This is to say that everybody can see every transaction made on the blockchain so long as they have an existing account. Though one may not see full details about the transaction such as the name of sender and receiver, one can easily access critical details such as amount sent or received. Basically, cryptocurrencies are set to replace the old traditional system of financial transactions with a commodity that is digital yet un-hackable.

Users can directly exchange currency, goods, or other valuables among themselves without government restriction or interference. Such an exchange which is digital - does not need physical documents or cash, instant can be completed in just seconds, secure, available to anyone anywhere and anytime in the world, gives it an edge over the traditional banking.
Problem statement:
The current traditional system has some characteristics which have reduced its efficiency. Some of these characteristics which include government influence, high transaction costs, delay in processing transactions and the inflexibility make it be gradually replaced by cryptocurrency and blockchain system which is flexible across all regions, faster, more secure, reliable and free from government control. However, the blockchain and cryptocurrency face some challenges which reduce its efficiency. Traditional banks have refused to open accounts for individuals who operate with cryptocurrencies or even do business with them despite meeting all anti-money laundering and anti-terrorism requirements. In other words, the failure to enter a contract between blockchain/cryptocurrency holders and banks has posed a threat to the adoption of the technology into transactions. The reason given for this is the complexity of reaching an agreement with regulatory bodies and also the problem of ensuring that cryptocurrency holders comply with the terms of the agreement. Also, considering the fact that banks are set to eliminate dubious transactions from their system, they tend to scrutinize accounts linked with cryptocurrency transactions to a very high level. More problems facing the technology include the difficulty faced by users in the course of purchasing cryptocurrencies as a result of the use of high technology, delay in confirming transactions, difficulty in concerting one cryptocurrency to another, insecurity arising from unreliable e-wallet providers, the absence of investors that readily accept cryptocurrencies etc. All these are problems that need an urgent solution if we must update ourselves with the current technological advancement in all areas of life. Paygine is a proposed cryptocurrency-based platform set to offer solutions to problems of cryptocurrency transactions to both individual and corporate entities. It is designed to help cryptocurrency users to do transactions faster, conveniently, safer and less expensive. Paygine team of members consists of individuals with long and quality experience cutting across e-commerce, business development, technology, security, information technology and investment.

Paygine is set to solve the problems mentioned earlier by creating an open financial platform that will be accessed globally and will connect the cryptocurrency world and the traditional financial institution for the purpose of effective trading Paygine is also set to provide an electronic wallet for users where they can store their cryptocurrencies and make their transactions from the wallet. Services such as the exchange between cryptocurrencies, money transfer services, processing of payment for people who accept cryptocurrency as means of payment, conversion of cryptocurrencies to other currencies and back will also be enabled on the platform to enable users to maximize the potentials of the technology.