Send more to earn more with Denarii.Cash
One use case of denarii cash is to provide financial service for free by incentivising the end-user (sender, receiver and dispenser of cash), one example is the migrant workers that leave their home country in order to find a job and earn better salary to send money to their family back home.
How Denarii Cash incentivize this segment?
Denarii Cash proposed to incentivize migrant workers that sends money back home by matching the amount of transaction fee they paid to the cashpoint partners.
Traditional Way of sending Money
Let say Alice sends 500 Dirhams (AED) to Bob in the Philippines via house exchange which is an average remittance according to remittance prices worldwide database. Alice goes to one of the denarii cashpoint partners, sends 500AED and pay the remittance fee + VAT. For this example let say, Alice pay an additional 20 AED which is around 4% of the base fee (a standard house exchange fee). Bob then received the money and he picked it up from one of the house exchange and receives in local currency 6900 Philippine Pesos, which is around 491 AED because he also needs to pay additional charges by receiving the money that was sent by Alice.
To summarize;
Alice Send 500 AED + 20 AED (remittance fee) = 520 AED
Bob Receives 500 — 9.83 (Remittance or Bank Charges)= 491.53 AED
With the above equation, Alice spends almost 30 dirhams in total which is about 6% of what she sends to Bob.
This highlights that sending money is still expensive and Alice nor Bob did not get a reward or incentivize by using the service of house exchange, which leaves the house exchange the ultimate winner!
Entering Denarii.Cash and Denarii Cash Token
Denarii Cash is a peer-to-peer decentralize multi cryptocurrency wallet that allows you to send, receive, store and manage your digital asset powered by stellar. Denarii Cash is an ambitious project that proposed to deconstructs the supply chain of cash by matching demand with supply by using blockchain technology and smart contract to introduce Denarii Cashpoint
Denarii Cashpoints could be an individual or businesses partners that sets its own fee to dispense cash to the end-users and in return is to get a high reward for every transaction if the transaction fee is low. Furthermore, the remitter are incentivize with the same amount of remittance fee he/she paid to the cashpoint partner.
With the example above, if Alice sends 500 AED and paid 20 AED as a remittance fee + 9.83 AED charge from the house exchange where the beneficiary receives the money; Alice will receives 30 AED worth of Denarii Cash token reward on the time that the transaction happened. These tokens can be redeem in the secondary market in any given time and can be used to send to any beneficiary again. For the Cashpoints partners, for both the sender or receiver, they will also receive denarii cash token based from the fee that they offer.
This use case proposed is a mix of consensus in which denarii cash network will enjoy an open membership that promotes organic network growth.
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