REMIIT

3 min readSep 9, 2018

This block chain-based transfer platform connects MTOs throughout the world. Based on information published on their official website, REMIIT’s reputation ranking system, which is the main feature of the platform, allows operators to focus on sending money with MTO or other partners. , so as to allow safe transfer. The public ICO will take place from October to November 2018.

The REMIIT project vision also allows MTOs around the world to expand their operations in countries and become a credible money transfer company to the market.

Target

Remiit’s main goal is to break the global remittance market using blockchain technology, thanks to REMIIT Intelligent Contract (RSC). This platform can be configured in addition to being optimized for money transfer services. This platform allows the sender to benefit from a transparent process when using the REMIIT system.
For expansion to billing services, this platform includes REMIIT Payment Gateway Protocol, an innovative system that is added to the REMIIT Smart Contract system. Payment service providers will then be able to diversify their businesses and can overcome problems that they will never overcome before.
What does REMIIT Blockchain Money Transfer provide?

The Remiit system will be a catalyst for globalization with decentralized remittances and payments. The REMIIT system will create a more open and transparent money transfer system and payment system. It will also enable money transfer operators (MTOs) and financial institutions to create cross-border fund transfer communities with good credibility and reputation.
Remiit is built on the blockchain platform, and it will be able to connect every MTO in the world. They have a reputation evaluation system, which is an essential part of the project. This assessment allows operators to transfer their money to other MTOs around the world safely and securely.

How does REMIIT work?

RSC (REMIIT Smart Contract) — The RSC system offers affordable rates and a wide area network for all participants to use money transfer services.
Release REMI — REMI is a token used in a platform to make the entire REMIIT ecosystem become strong and dynamic.
RPGP (REMIIT Payment Gateway Protocol) — Providers use this interface to make payments through the system.

REMIIT characteristics

The algorithm is optimized for money transfers
Escrow services are used for many participants in the process
User friendly and easy to configure interface
It has an RSC communication channel
RSC Store — to save data

Benefits of REMIIT

For starters, the system runs on the blockchain platform. Therefore it is transparent and safe for all participants. The system participant is known for his reputation, which helps eliminate the potential for fraud in the system. More importantly, optimization algorithms make the process fast and easy. In addition, the price is cheap and affordable to use.
The team behind the REMIIT system is a very good system with lots of experience to advance it. System users can manage the credit ratings generated by blockchain transactions, allowing them to manage their credibility and benefit from a number of other benefits. Users will be able to use the REMI wallet as a direct payment method.