In the last few years, there has been no technology that can get close to the blockchain when it comes to its implementation in money transfers. A project that is also aiming to implement the modern solution of blockchain is Panerora.com, which will unleash its remittance solution to help those that do not have access to banking services.
Panerora’s New Remittance System
While for most of us sending and receiving money from abroad is not so complicated, many people in African countries face a lot of issues, such as high remittance costs, slow transaction times and, worst of all, no banking access.
To solve this issue, Panerora proposed a blockchain-enabled system that uses its own ERC20 token. The PNR token allows users to move funds across the Ethereum network to the wallets of people that do not have banking options. As most of Africa is unbanked, Panerora decided to target this market segment, so it can offer a much needed financial tool.
Panerora’s PNR token will facilitate fast cross-border transactions without any heavy costs, which are perfectly suited for the African population.
Moving Funds Has Never Been Easier
Panerora’s future local branches and OTC partnerships will ensure that its financial services can be accessed by people in Africa. The sent funds are converted and transmitted in the form of PNR tokens over the Ethereum network into the designated wallet. The funds are credited in just a few seconds, which is far less than usual bank transfers that require days and even weeks.
The withdrawal process is then managed by the partnering OTC exchanges or offices of Panerora, where the recipient will be able to convert his funds into fiat.
Straightforward Wallet with Top-Notch Security
A significant feature of a crypto wallet is its ease of use. You do not want to have to go through many tedious processes just to see your account balance or send some money. The PNR wallet was created based on this major criterion – being simple, yet while not compromising security.
Unique private keys are generated for each wallet address, which encrypts the wallet and makes it accessible only to the owner of the wallet. A seed phrase is also given to allow the owner to recover his funds if the key is lost.
A Protocol That Pays Your Fees
While fees are necessary to keep the money moving, wouldn’t it be nice if they were lower? Remittance transfers, especially through banks, have attached high fees.
Panerora makes use of smart contract technology ingeniously, by storing ETH in the “gas” money for deducting some of the “gas” fees PNR users have to pay when sending or receiving funds over the network. The “gas” fee taken from the total sent amount is then refunded to the user when he makes his following transaction. A fee is around 0.0006 ETH, which is really nothing when you put it against banking fees.
The protocol does not only keep fees accessible, but it also reduces the circulating supply of PNR tokens and generates a higher overtime demand and value for the coin.
The Main Drive of the Panerora Team
By using blockchain and the Ethereum network, Panerora ensures that its system will have high transaction times and low fees that will be unrivaled by any market competitor in Africa. Its remittance network was built to support transactions of trillions of dollars in a matter of seconds, capabilities which will surely make Panerora a leading payment provider in the region.
The PNR token can be purchased by investors in the upcoming ICO funding rounds, with the funds being allocated to put on the map the first Panerora offices.
The post Panerora’s ICO Blockchain Payment System Rivaling Banks appeared first on Live Bitcoin News.
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
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