Bermi Issues EMOGI IRC-20 Token on IOST | High Popularity In Latin America Translating Into Remittance Use Cases
Bermi, the short video APP incubated by IOST, officially announced the issuance of EMOGI as an IRC-20 token on IOST today.
EMOGI is a widely-distributed digital currency woven through the fabric of two viral products. It’s open, censorship-resistant and easy to use — characteristics that have ensured rapid growth and adoption. It’s programmable, and uses a true proof-of-stake consensus mechanism to incentivize good behavior from all participants.
Through the team’s consumer-facing products Berminal and Bermi, Emogi is already one of the most widely distributed digital assets in the world — as millions of users are acquainted with Emogi token and consider it an important medium of exchange. This base-layer adoption will serve as an inherent advantage for Emogi, as layer 2 developers naturally embrace decentralized solutions with built-in user bases. Emogi’s adoption makes it an attractive option for developers, ensuring continued development and innovative breakthroughs in its decentralized application ecosystem.
EMOGI in Latin American Economy
A number of regional factors are making Latin America a greenhouse for cryptocurrency to substitute — or even replace — the fiat money. First, the lack of access to the traditional banking services. A recent study found that fewer than 50 percent of Latin American adults have a bank account, comparing to 95 percent in American and 69 percent globally. Second, the high demand and volume of remittance as well as pricey cross-boarder transaction fee. The inbound wire transfers reached $80.5 billion in 2017 and 5 percent of the volume was consumed by fees. Thirdly, many countries in the continent are suffering from severe hyperinflation, exampled by Venezuela, causing plunges in the value of hard-earned savings overnight.
IOST-incubated short video social app Bermi has a large user base of over 5 million and this number is still increasing rapidly. With its special economy model incentivizing good content creators with its token EMOGI, Bermi will transferred millions of users to EMOGI at the blockchain project’s initial stage.
Thanks to its phenomenal popularity, Bermi has already attracted potential partners and reached partnership plans in several Latin American countries including El Salvador and the Dominican Republic. Bermi plans to promote EMOGI as an international payment currency in these countries. With the existing large user base, EMOGI is determined to help ease up the above-mentioned struggles faced by Latin America and become a mainstream cryptocurrency in the region.
IOST X EMOGI, A Big Step in the Crypto World
Hand in hand with EMOGI, IOST aims to use our global influence to contribute to the crypto world. The two will work together to promote the construction of a global decentralized network and enable more people to enjoy the convenient financial service.
One small step for IOST x EMOGI, one giant leap for the crypto world!