REMIIT

3 min readSep 10, 2018

About REMIIT

While we face globalization, a variety of inter-State barriers have diminished, and the global interaction of people and goods has become more relevant. Especially because of the improvement in the Internet, the range of remittances and fees abroad are increasing rapidly. While such a huge market has stimulated monopolistic monetary institutions, the obstacles between clients are nevertheless excessive and transparency remains a persistent problem. First, “offshore” transactions are slow and inefficient due to systems such as SWIFT, while money transfer operators such as banks and nongovernmental financial technology organizations have limits in scalability and expansion.
Moreover, the “exchange rate” that emerges when global funding is discussed changes as we consider dependence on political and economic hobbies among nations. Under these circumstances, there have been many revolutionary attempts to destroy inefficient constructions through applied science that rely primarily on blockchain. The primary technological knowledge of the first block of the first generation was transparency and security through distributed Ledger technology.

Target

The main goal of Remiit is to break the entire global remittances market using blockchain technology, thanks to the 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 services up to billing, this platform includes the REMIIT Payment Gateway Protocol, an innovative system added to the REMIIT Smart Contract system. Payment service providers will then be able to diversify their business and be able to overcome the problems they will never have overcome before.

What does REMIIT Blockchain Money Transfer provide?

The Remiit system will be a catalyst for globalization by decentralizing remittances and payments. The REMIIT system will create more open and transparent money transfer systems and payment systems. It will also enable money transfer operators (MTOs) and financial institutions to create a cross-border fund transfer community 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 important 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 wide area networks for all participants to use money transfer services.
Release REMI — REMI is a token used in the platform to make the entire REMIIT ecosystem strong and dynamic.
RPGP (REMIIT Payment Gateway Protocol) — Providers use this interface to make payments through the system.

Characteristics of REMIIT

Algorithms are optimized for money transfer
Escrow service is used for many participants in the process
User friendly and easy to configure interface
It has a communication channel RSC
RSC Store — to store data

Benefits of REMIIT

For starters, the system runs on a blockchain platform. It is therefore transparent and secure for all participants. System participants are known for their reputation, which helps eliminate potential fraud in the system. More importantly, optimization algorithms make the process fast and easy. In addition, it is cheap and affordable to use.

The team behind the REMIIT system is an excellent system with a lot of experience to move it forward. 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.