The money transfer and exchange industry is not immune to the global movement towards decentralization and peer-to-peer sharing economies. In fact, these areas are poised to be some on the leading edge of those that thrive in this new paradigm. With the help of blockchain and smart contract technologies, along with the sharing economy model, ZeroBank will disrupt the outdated transfer and exchange models centralized around “too-big-to-fail” banking and MTO systems by bringing out a “money barter” model fit right in the current position of world money market.
Instead of attempting to create a substantial new currency per se, ZeroBank utilizes the power of blockchain to create ZeroBank tokens acting as the collateral instruments of money transfers and conversions. Blockchain technology allows these tokens to transfer securely in a verifiable and permanent way along an open, distributed global ledger, bypassing all banking systems or centralized organizations. Thus, rather than moving cash through any banks or MTOs, ZeroBank uses these “money barter” tokens as a means of moving value from one place/one currency to another, while achieving the lowest negotiable costs for users (apparently no foreign exchange spreads, only service fees).
*ZeroBank Tokens (ZB)
* Cryptons accepted: BTC, ETH, USDT
*A tokenize model for non-commercial money transfer and exchange transactions allows the value of a sharing economy works best for ZeroBank’s network participants.
– Increased value: The development of ZeroBank user and agent network, along with the growth in number of transactions, naturally increases the value of ZeroBank system. Thus, ZB token holders gained as they can make larger transactions using the same amount of ZB tokens.
– Decreased costs: As mentioned in the earlier sections, ZeroBank users can largely benefit from the sharp decrease in commission fees. They can transfer or exchange the same amount of money for much lower fees, while those fees makeup substantial earnings for individual community workers.
– Convenience and time value: The potential span of individual agent network in ZeroBank system is much larger than any brick-and-mortar institution service can reach. Thus, ZeroBank tokenized model can make money transfer and exchange transactions much faster and more reachable to end-users.
– Security value: Instead of wasting enormous resources on massive IT inter-systems like how banking systems and MTOs currently do to verify and secure transactions, blockchain and smart contract technologies permit ZeroBank tokenized system to make verifiable and highly secure transactions at minimal costs.
– Compliance value: Blockchain technology allows all system participants and transactions information to be permanently and immutably stored forever, creating a detailed reporting database for ZeroBank. Any suspicious transactions can be easily traced and reported. Therefore, compliance can be simpler executed and compliance costs can be minimized.