Banks use customers’ funds for businesses but they offer a near zero interest rate to them for keeping their money in the banks. Worse still banks charges high up transaction fees (per every transaction and monthly). They claim it is for the running and maintenance costs. This becomes worse when a user wishes to transact out of his native country into another country, the transaction cost becomes high up not to talk about the time taken to successfully complete the transaction.
I have an experience on this when someone around me wish to send money to a family member who lives abroad. It took us weeks to complete the paper works and get approved. Frequent visits had to be made to the bank to complete paper works as network delays were faced most times. This is faced using one of the most popular cross-border payment options. After the [paper works had been completed, transaction costs were faced as transaction fee was charged on EVERY dollar sent. This is ridiculous as I thought the transaction fee should be charged on the total amount sent. I had a very little knowledge of bitcoin then, likewise the recipient, so we had to stick to the known or available option though I was sure it will be easier to use the cryptocurrency payment but I was afraid.
These and many other challenges faced by bank customers made them turn to alternatives with a better advantage. The blockchain gives users a greater advantage over trading or transacting with the fiat currencies. It helps to remove intermediaries and significantly lower the transaction fees irrespective of the distance. This implies that cross-border transactions are treated the same way transactions in the same country are treated. It also lowers the transaction times from weeks to minutes.
Bitcoin which is seen to be the father of cryptocurrencies has, since its inception, been a viable solution to the fiat currency transaction problems. But recently¸ it began to face problems in terms of transaction time, scalability and flexibility to build smart contracts on its system.
Researchers also show that only 24% of all cryptocurrency wallets have a government license and many exchanges do not have formal government approvals.
Korona is a platform that is built to solve all these problems in compliance with government laws. Korona is a licensed platform built on the blockchain, which increases the transaction speed from minutes to microsecond by improving on the blockchain technology through off-blockchain transaction technology.
Korona’s Ecosystem provides complete integrated bankable service packages that shall be provided jointly for both private and business customers. Users shall be provided with easy-to-use, transparent and licensed platforms that fulfill their complex needs, including among others wallet management, fast and low-cost payment technology, as well as fiat exchange. Additionally, Korona will provide its users supporting services such as taxation information support, client protection, commercial guarantees, as well as marketing and market access support.
Korona is focused on the territory covered by the European Union (EU).
Korona creates a payment system or option that can be integrated into the third-party online store to make E-commerce seamless. Korona uses the decentralized nature of the blockchain technology to secure it users and provide them with a near non-existing transaction fee. Korona uses an off-blockchain technology in completing it transactions so users need not worry about the on-blockchain confirmations which take time.
Korona and Small and Medium Scale Enterprises (SME’s)
Korona creates a freely accessible webstore platform frame for SME’s. Korona understands that creating a webstore can be cost implicating and complex which has limited many SME’s. Many SME’s lack funds and technical experience in payment option integration. Korona makes the webstore frame useable and freely accessible and can accept the Korona token payment. Users need not have the technical experience to be able to integrate the payment option.
The platform has the Korona market where users can browse through a wide range of third-party goods and services that will not accept cryptocurrency payments. Korona allows users to buy these goods with tokens while the merchants are provided receivables in fiat currencies in case they do not accept tokens.
The Korona marketplace also comes with an amazing feature that allows users to compare prices and purchases the cheaper no matter the location.
Korona makes sure that the clients’ funds are only transferred and safely held until the transaction has been validated. It also allows instant payments in local shops through the scanning of QR code on the merchant screen.
For further information on Korona, you can visit:
Thanks for reading. I am @ayobami99 (bountyhive username: Ayobami). You can also reach me on bitcointalk: https://bitcointalk.org/index.php?action=profile;u=1848386;sa=summary
You can reach me at my email: [email protected] if you need me to write an article for your project.