Remiit ( REMI ) - Decentralized Remittance & Payment System

In the context of globalization, a series of barriers between countries has been reduced and the global interaction between human beings and goods is very practical. Especially due to the increase in the Internet, numerous remittances and commissions abroad are growing rapidly. While this mass market has stimulated monopolistic monetary institutions, the barriers between customers remain excessive and transparency remains a constant problem. First, the “outside the hangar” operation is slow and inefficient because systems like the SWIFT network, while the money transfer operators, such as banks and non-bank Fintech organizations, have limitations in terms of the scalability and capacity. of expansion. Furthermore, the “exchange rate” that emerged during the discussion on the financial world has changed, as we depend on political and economic interest between countries. In this situation, there are many revolutionary efforts to destroy the inefficient projects through applied science, especially on the basis of chewing blocks. The main technological knowledge of first generation blockers is transparency and safety thanks to distributed Ledger technology

Let’s talk about remittance, what is remittance?

Remittance means sending money. However, this is a lexical meaning in the dictionary. From the company’s point of view, money transfer includes not only a simple transfer, but also payment and is even more extensive in “what happens when we send and receive something”. REMIIT considers this problem from this point of view

There is a problem of permanent payments abroad in large remittance markets abroad, which is the result of “problems of trade and use ‘’

Current problem

The remittances available and how to pay abroad create many problems. This is a true story that is related to the structure of today’s economy and lifestyle, which is seen as a problem that repeatedly and constantly raises many companies. I’m already working on solutions based on block chains. The main problem is remittances from abroad, which have high rates and slow transaction speed. These companies offer different solutions to this problem

Reliability

We can not invest our precious money into something we can not trust. the most important element in money transfers and agreements abroad is “reliability”. However, “reliability” in a monopolistic (centralized) system creates many problems

Profitability

In a centralized financial system, taxes grow only because this market is monopolized by a limited number of participants. Here the economy implies not only reasonable prices, but also efficiency

Infrastructure problems

Consumers are entitled to various services. To obtain better and more diversified services, we must leave a centralized and monopolistic system, a greater development of infrastructures / settlements abroad

The best solution is the REMIIT ecosystem

REMIIT intends to innovate in “what happens when we send and receive something” in a new perspective. This is where the REMIIT ecosystem is based, based on blockchain technology. At the heart of money transfers / overseas payments is the currency for the money transfer process. REMIIT develops REMIIT intellectual contracts to make the process effective. Each member of the REMIIT ecosystem is at the center of a commercial relationship. To this end, REMIIT Intellectual Contract (RSC) with REMIIT gateway protocol (RPGP), have been combined to extend the “payment ‘’ through the money transfer platform. Thanks to this ecosystem infrastructure, each participant can create many channels to overcome existing problems. In the end, the limits of the previous monetary ecosystem will be overcome through different channels, the market will grow and the activities will be developed

Targeted Participants

Payment providers

These participants provide money by providing payment functions; it applies to existing credit card companies, banks and payment gateways (PGs)

Banks

The bank manages traditional money transfer companies. They provide payment and discount services for businesses and individuals. They can contact several participants via REMIIT

Fintech supplier

Because traditional banking functions are fragmented, many other participants begin and grow this business through IT and financial technology. This new member can help divide several functions where participants can connect in different ways

Commercial platform

The company’s platform plays a catalytic role in international activities. This allows foreign economic operators to connect end-users to various commercial agents to enhance relevant international activities. REMIIT allows each participant to have a more efficient payment point of contact, which can increase competitiveness and accelerate the expansion of ecosystems

Consumers

Consumers, such as sending money abroad, including migrant workers and students studying abroad, and buyers buying goods through foreign trade platforms can take advantage of benefits of this ecosystem

Corporate society

Business entities operate abroad in a number of ways, in addition to transfers and individual payments. They can overcome the limitations of traditional methods and become a key player of REMIIT in international trade and business

Blockchain Intermediation

At present, several efforts are being made to enter the blockchain market. Therefore, the time of REMIIT ecosystem plays an important role in remittances and payments abroad. Unlike in the past, when the SWIFT code supposed, many companies involved in financial technology have tried to develop various programs and applications to solve problems. obtained from the SWIFT code. Whenever a new technology is presented, it is not always taken with certainty. For example, in the 1990s, online banking was unstable and unreliable. Since the 1990s, thanks to innovation, e-commerce and many technologies are available, including online banking. The new technology, despite its limitations at the beginning, increases over time and improves our standard of living. Now, in the world, there is a new technology more:

BLOCKCHAIN. The first blockchain revolution was the bitcoin, used to pay and send millions of people. The second revolution is in the chain of blocks. Blockchain is tested and used in several sectors and is related to each other. The third is the “intellectual contract” included in the chain system of the Ethereum chain.Smart contracts including electronic contracts, electronic voice, etc. Based on blockchain technology. Because intellectual contracts make the contractual process transparent, several financial institutions implement several projects. In addition, not only financial companies, but also companies from other sectors that are trying to implement blockchain technology for various industries

Official Website: https://remiit.io/

Telegram: https://t.me/remiit

Whitepaper: https://remiit.io/static/remiit/images/Whitepaper_REMIIT_Eng.pdf

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