The future of transferring value
It’s been already 2 years that we help to transfer value from point A to point B. During that time we experienced several ideas and concepts from Bitcoin money transfers to an aggregation platform of money transfer companies.
We’ve been successful in these concepts (even being accepted by YCombinator) and learned a lot talking with our users. One of the most important lessons was that nobody likes or want to transfer money. It’s a need, a result of a frustration to do something else. It’s time to focus on the roots of the intent.
People need to transfer money for mainly 2 reasons:
- Balancing accounts to manage risk
- Paying someone (real estates, products, services, taxes…)
For the past 6 months we’ve been playing around these concepts and we mainly found flaws in the way we pay.
- There is no interconnectivity between services to ask for money and services to pay. For example, my bank has no way to detect that someone asked me for money. We need an open system.
- Invoices are stored in many places, in many formats, can be edited, deleted and won’t match the records of your partners. We need a global, immutable ledger.
- We have no way to detect that an invoice has been paid. We have to watch our accounts and reconcile them with our accounting manually. We need a way to instantly know that something has been paid, mispaid or is late.
No doubt finance is boring!
And this is just the base of the problem that quickly escalates on difficulties about automating Taxes, Audit, Accounting, Escrow System, Late payment, debt collection as nothing is based on the same, initial, universal object.
We need a system so well organized that even when smart contracts, AI and robots will interact, they can understand a request for payment/ invoice.
Whitepaper is coming.
