With the use of blockchain on the rise, we have already seen more and more creative and innovative ways to leverage this technology to better the world we live in, and at Chynge, we want to play our part to do that too.
Earlier, we had talked about our ICO at length. In this article, we want to expand on our blockchain project (aka “Blockchynge”, our internal pet name) that aims to make cross-border digital payments instant, free and safe. So what is it all about? Check out our very cool (we like to think so 😄) video below:
If you didn’t catch all of that, don’t worry, we’ll break it down for you.
Chynge.net, our permission-based private blockchain on Stellar which is scheduled to be generally available in Q4–2018, will track settlements as monies traversing across multiple agents from the sender to the beneficiary. Key to Chynge.net is the Smart Contract that will store self-executing programs that make payments instant and efficient. Typically when a payment is made, intermediary agents are needed to approve the transactions and settlements via a series of paperwork. As multiple intermediaries are needed before the transaction goes through, the process is inefficient and delays the delivery of monies to the receiver. With the use of Smart Contracts, the recording of Chynge transactions and settlements is immutable, thereby removing the need for paperwork to ensure the transaction automatically goes through and the receiver gets his or her money within minutes.
Coupling our Smart Contract is the Chynge Smart Compliance that allows for instant payments to be safe. This proprietary solution employs a combination of business rules and artificial intelligence (AI) / machine learning (ML) to profile customers and transactions. The Smart Compliance engine then generates propensity risk scores with respect to illicit monies including money laundering and terrorism financing for intelligent transaction monitoring.
As fintech services increasingly adopt the free and freemium business models that other services such as Whatsapp, Skype have long provided, Chynge wants to make money transfers free. In order for us to do that, we need to create Chynge Liquidity Pools at various destination markets to ensure perfect matches of money transfers, thus mitigating currency exchange risk. And with our liquidity pools, the transactions remain within the borders of the sender countries and recipient countries so the monies don’t actually need to cross borders, thus avoiding expensive bank rails so money transfers can stay free.
Fundamentally, at Chynge, we believe we have the ability to make the world a better place. We want to provide financial inclusion for anyone and everyone because money should be free.
Come Chynge the world with us today.
Our Private Sale is in progress. To participate or get whitelisted for the Crowdsale (starts 28th June), please visit http://www.chynge.net
Read more about the Chynge ICO here: http://bit.ly/chynge_whitepaper
Join the Chynge community on Telegram: https://t.me/chynge
