- MISSION: Resolve Trust Issues between Businesses — Enhance User Experience for End Users
Based on their experience as BluepanNet (MTO), they have discovered many issues in overseas remittances.
They want to resolve it through:
- Blockchain Integration to the currentcommercial systems
- Stabilizing the Token with a sophisticated TokenEconomy
- Develop an Infrastructure for Linkers (e.g MTO,Financial Institution) - REMIIT COMPONENT
They have looked at the situation of the overseas remittance/payment market and the necessity of the REMIIT Eco System. Now, we will explain specifically what services are supported based on the information regarding Components mentioned in the Solution.
- Remiit Smart Contract (RSC):
RSC store (Linker matching system)
RSC communication channel
Reputation system
- Remiit Payment Gateway Protocol (RPGP):
- Remi token
- Remiit service:
Remiit LInker Protocol (RLP)
KYC/AML solution
Remi wallet
a. Remiit Smart Contract (RSC):
REMIIT builds its own smart contract framework over blockchain and provides a REMIIT Smart Contract (RSC) template optimized for overseas remittance service providers. The RSC template is created as a result of research by REMIIT’s development team as well as suggestions and feedback from various participants. This will be continuously updated in terms of quantity and quality applying the various remittance mechanisms, such as free funding and pooling, etc. In the RSC, business participants are expected to easily find the right template for their own situation to enter the right conditions upon specific needs. REMIIT also provides a low-level (programmable) and high-level (configurable) interface, so that participants can easily create an RSC and adjust conditions, ultimately aiming to activate the RSC.
Basically, RSC-based contracts are made by *Linkers in different remittance areas such as China, US, Japan and so on. After the RSC is made between the Linkers (Linker A, Linker B), other users (Remitter, Receiver, Company A, Company B) can proceed with the transaction. Technically, the transaction process is reliable because RSC makes the escrow function algorithm. Based on this transparent RSC, other participants can use and share the services provided by REMIIT. The above diagram shows an overview of the escrow flow executed by the RSC and its design is optimized for various business situations. In this sense, RSC is the backbone of all transactions in the REMIIT ecosystem. Through this, REMIIT’s key mission, “the invigoration of financial transactions between third parties who are not likely to trust each other” will be realized.
* RSC store: Linker matching system
The scalability of the REMIIT ecosystem is primarily based on the scalability of RSC. This scalability is presented in two ways. The first aspect of the scalability is the ease of production and use. It is easy to use by entering the conditions you want through a simple interface of the RSC template. Also, participants can create and propose RSC templates. REMIIT will provide a means to use RSC through various upgrades. The second aspect is the market function to support the scalability of the RSC used. The various RSC templates and conditioned RSCs are exposed to the actual business participants. Only when the contract is concluded, the transaction proceeds. To do this, REMIIT provides the RSC store space, and various Linkers can propose or find the optimal RSC and make a contract. Furthermore, non-Linker participants can use it to find the deal that they want. The RSC store is, in fact, a business market.
* RSC communication channel
A separate communication channel is provided for each RSC contract. This can be used in various ways by providing Interfacing and API of the REMI wallet. All transactions made during transaction are recorded and shared in this communication channel, and participants can exchange messages and event promotions.
* Reputation system
Transactions and messages originating from the RSC are recorded on the blockchain. This information can be used as objective data with the reliability and security of the blockchain. REMIIT reputation system provides transparent credit information to all participants based on objective information with the reliability of the blockchain and provides incentives through credit information. This system can be a cornerstone for making transactions between third parties in the REMIIT ecosystem more transparent and secure.
The REMIIT Platform aims to be a revolutionary initiative as a catalyst for the development of a more efficient and innovative structure for overseas remittance and payment and provide these various services in each and every country.
*Website: https://remiit.io/
*Whitepaper: https://remiit.io/static/remiit/images/Whitepaper_REMIIT_Eng.pdf
*Telegram: https://t.me/remiit
