REMIIT : Decentralized Remittance & Payment Platform
In the overseas money transfer sector, the difficulties users are facing is clear and obvious while there are issues and limitations Money Transfer Operators are facing which may not be visible to everyone. As a company that has operated in this sector, we have identified these issues and now designing a platform that is optimized for overseas remittances (REMIIT). In this article, we will briefly review the ecosystem which is pursued by REMIIT and the REMIIT Smart Contract (RSC), the key function. The value of REMIIT is providing an infrastructure for the enterprises related to foreign exchange including international remittance companies that can operate their business in a simplified manner and overseas payment and settlement interface based on the RSC Platform.
The major examples is the combination between overseas remittance and blockchain technology is the use of cryptocurrencies like Bitcoin instead of USD for the transactions between overseas remittance companies. REMIIT wants to make the business between remittance companies more efficient by using Smart Contracts.
Using Smart Contract does not require a trust relationship between the parties to execute the contract. This ‘trust-less’ attribute of the smart contract can be a big initiator to expand the overseas remittance business. In order to expand the remittance area, it is necessary to establish a trust relationship with the money transfer operators of other countries, which is very costly and time consuming.
In contrast to these current trading patterns, if the smart contract is used, we can broaden our remittance channels very easily. By distributing various remittance algorithms with smart contracts, contract participants can easily join in and the contract execution process can be made transparent.
REMIIT provides a smart contract named Remiit Smart Contract (RSC), which is optimized for overseas remittances applying various situations and algorithms. The first step supported by REMIIT is to provide a variety of RSC distributions and UX (User Experience) which allows business users and general remittance users to easily participate in the RSC process.
The diagram above depicts the process of remittance based on RSC (More info is in the REMIIT Whitepaper at https://remiit.io). The next step is to connect overseas payment with the RSC, following the active functioning of the RSC network. For this, REMIIT provides the Remiit Payment Gateway Protocol (RPGP), which make the payment process more transparent. Not only does RPGP help users to make an overseas payment and choose and see the various fees involved, it also enables remittance companies to expand their business to a new sector.
As above, the diagram explains the flow of the combination of RPG and RSC in overseas payment. To make this ecosystem stable, REMIIT is currently developing a “token economy”. The concept and contents of token economy will be continuously updated in the near future.
Join REMIIT’s Community
Telegram: https://t.me/remiit
Website: https://remiit.io/
Twitter: https://twitter.com/remiit_ico
Reddit: https://www.reddit.com/r/remiit/
