Components of LaLa World Ecosystem
Technological advancements are creating revolutions in almost all traditional systems. While industries such as media, for example, have quickly embraced cutting-edge developments in technology, the financial system has, by and large, stayed relatively unchanged up until a few years. However, they could not have stayed untouched for long. Financial technologies, or fintech, are challenging traditional financial systems to be more inclusive, seamless and hassle-free.
Digital technologies helped create a system that allows electronic transfer of funds and e-payments, along with a host of other activities that could be done through any digital device. Later, fintech allowed the creation of an all-encompassing “e-wallet” that takes its name from the ubiquitous wallet that every person carries and entrusts his or her money, IDs and cards with. An e-wallet performs a similar function but offers a lot more as compared to a physical wallet.
Blockchain Technology Marries the E-wallet
The blockchain was devised as the original source code for the first cryptocurrency — Bitcoin. But this digital, distributed ledger soon found many other uses as people realized the possibilities of this powerful, yet flexible, system. It was only a matter of time that this technology married the cynosure of everyone’s eye — the e-wallet.
LaLa World — Endless Possibilities Powered by Blockchain Technology
The biggest and probably the most important feature of a financial system powered by blockchain is open and unrestricted access. We all work for money and while we may keep it in financial institutions like banks, the inherent shortcomings of banks put a lot of restrictions on how we interact with our money. Limits on deposits and withdrawals, limits on transfers and remittances and on top of it, exorbitant transaction charges that we shell out on each transaction we make, make banking a pain. But a blockchain-powered financial system gives full, uncensored and unrestricted access to your money. LaLa World incorporates blockchain technology to create a truly inclusive financial ecosystem that aims to serve, primarily, the underbanked and underserved population who have been kept away from the traditional financial system.
Components of the LaLa World Ecosystem
At the core of the LaLa World financial ecosystem is LaLa Wallet, a one-stop financial services platform. It seamlessly bridges the fiat world with the crypto world. It helps you access all the financial services in the LaLa ecosystem. Central to the LaLa Wallet are LaLa Coins that power the core engine and can also be converted into a host of other crypto assets like BTC, ETH, LTC and DASH. You can also choose to hold your money in local fiat form. LaLa Wallet also interacts with other third party apps to give you a financial experience like never before.
A reliable, authentic and ready-on-demand identification is of utmost importance in this digital world. Identities can be cloned, robbed and misused in this age where information is digitized and hackers have found unique ways to con and defraud people of their hard-earned assets. LaLa ID is created as soon as you download the Wallet. It aims to be a single global identity that includes state-of-the-art and incorruptible biometric identification and digitized physical documentation. Once created, it will serve as a truly global and authentic ID that is on blockchain and can be easily accessed on-demand without the need to carry any sort of physical identification elements.
In a globalizing economy, geographical barriers are gradually vanishing and people from across the globe are traveling to distant parts to find employment that does justice to their skill sets. While they work in one part of the world, they still aim to send money to their family and relatives in their home countries. Remitting money can be a pain with its limits, transaction charges, time required and other hurdles. LaLa Transfer aims to wipe out these hurdles to create a seamless, cheap, safe and secure transfer system that rewards people to transfer money in terms of crypto cash back and other reward options.
In this time and age of micro-lending and peer-to-peer lending, entrepreneurial spirit is at an all-time high. Because entrepreneurs and small business owners are assured of getting funds to create dreams out of nothingness, they are looking at lending options not from banks and other financial institutions but from peers and members of the community who pool in small resources to provide an impetus to the entrepreneur and small business owners. This has created a robust economy that is inclusive for even the smallest business owner. LaLa Lends makes this kind of micro lending possible with zero transaction or processing fees.
The LaLa Wallet also empowers users to perform daily transactions and other financial activities through a physical card — the LaLa Card. This is a virtual or physical debit (and soon, credit) card that allows users to use their crypto and fiat assets through this card, just like a regular debit or credit card. The user gets full control of this card by locking and unlocking it through the LaLa Wallet App that is already protected by the LaLa ID. By setting limits, the user can protect any misuse of the card by even his or her family members. The user can withdraw crypto assets and transfer them to other wallets or convert them to other crypto coins without having to pay anything as transfer charges or processing fees. In fact, the more a user uses the Wallet, the more he or she is rewarded through LaLa Coins.
LaLa Kit — A Boon for the Unbanked
All of these components make part of the uniquely comprehensive LaLa Kit. It contains an affordable android smartphone that becomes the repository for the Wallet and the LaLa Card. The kit will also have information on how to use the Wallet, the reward structure as well as instructions to set up the LaLa ID. Imagine the usefulness of such a kit that can be used by migrants traveling to other countries or to the underbanked population of the world. This is a truly democratic, flexible and easy way to get the underserved population into the financial mainstream.
The dynamics of the global economy are fast changing. Gone are the days of monopolies of banks and other financial institutions. People have been empowered by the introduction and ready acceptance of crypto currencies. Governments and banks have also accepted these new winds of change. Now is the time to unite the existing financial network and infrastructure with new-age blockchain technology to create a democratic, affordable, simple and flexible financial ecosystem that aims to include even the lowest human integer. With LaLa World, this dream is soon turning into a reality that is set to create a financial revolution around the world.
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