FiaTech

Tue, 01/07/2020 - 13:28
FiaTech
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After the invention of the computer and the internet, anything which changed the era of technology is decentralized blockchain-based cryptocurrency.

You may be familiar with Bitcoin, Ethereum and more than 2000+ cryptocurrencies and you may have used a cryptocurrency wallet to only transfer or send cryptocurrencies.

Why only cryptocurrency?

Because blockchain technology only allows transferring digital tokens from one account to another but not any fiat currency.

This is the reason, to send fiat currency from one place to another especially in the case of international payments you have to wait for at least 24 hours or maybe more.

But now your wait is about to be over as FiaTech brought you a new blockchain-based most secure digital wallet which will send your fiat currency on the blockchain technology within a few seconds.

Are you excited to learn more about how this blockchain-based fiat currency network works and what is the idea behind this innovative tech and how within a second you can send your fiat money across the borders?

If yes then first let me highlight what is a cryptocurrency and how it works?

What are Cryptocurrencies and why is it needed?

The form of the currency has changed a lot and currently, almost everyone is using fiat currency which is either paper, coin or plastic currency like credit or debit cards.

Fiat currency is known as centralized currency which is governed by any central authority and your transactions will not be processed without the intervention of 3rd party authority and in most cases, it is the bank.

But Cryptocurrency was first introduced back in the year 2009 when Bitcoin came into the picture and by end of 2017 the price of 1 BTC touched close to $20,000, you know why?

Because this is a digital currency running on an advanced blockchain network and it is most secure, fast and all the transactions are anonymous.

In recent days, the drawback of using cryptocurrency is, almost every product or service is sold for only fiat currency and only accepting fiat currency.

This means blockchain-based cryptocurrency is faster or secure but there is no way to spend that money or use of blockchain.

At present worldwide more than 42 million crypto wallets are available but unfortunately, no one can buy or sell services in exchange for cryptocurrency.

Crypto's future is bright and people love to hold crypto but no system allows us to hold crypto with fiat together and convert each one of them instantly and anywhere.

The other major areas where crypto lacks massive adoption is it’s highly volatile nature or price instability.

And here the idea of FiaTech was born to solve or address the above-explained people problem.

Where the team of blockchain, Crypto, banking and financial experts came together to build an advanced network.

Let's explore more about what FiaTech is all about?

What is FiaTech and why this Idea is trending?

FiaTech is having the vision to exchange fiat currency on a blockchain network, where you will have a multicurrency wallet including fiats like GBP, USD, EUR, etc and digital cryptocurrency.

FiaTech enables you to purchase anything from any retail store using that multicurrency wallet and will also enable you fastest payment transfer not like a conventional banking system but like advance blockchain transactions.

Isn’t it like solving the core problem using advanced blockchain technology?

And the most interesting part is, you will get the exchange rates with lower transaction fees.

I am sure you are excited, are you?

What are the major issues with the current monetary system which need improvement?

We all know the importance of blockchain technology for their fast and secure transactions but to date, no fiat currency transactions are happening on the blockchain network.
We all are aware that your banking transactions will be cleared by the bank and will be available in a bank ledger to audit any point of time, but even with the availability of blockchain, no one is thinking of building a network for fiat which can make transactions anonymous.
Almost everyone, while visiting other countries, exchange currencies which we typically call FOREX (Forex Exchange) and pay high conversion fees, but why? Because we have no system in place which does instant conversion when needed on demand.
Forex Exchange on the blockchain will bring stability to global crypto currency market; users will have the option to trade arbitrage between crypto and forex on the blockchain.

How will FiaTech help and improve the cryptocurrency world?

Every user buying crypto on exchanges having different local currency than euro or dollars will be able to exchange local fiat currency for a lower rate and get into cryptocurrency markets.

FiaTech has focused on these three major areas by introducing a powerful network that can connect fiat, crypto, and retail customers all together with instant exchange rates and freedom to public or private their transactions.

Here is the core idea:

They are the first company in the market who has introduced the innovative concept of money in the cloud, where they connected fiat with blockchain technology to speed up transactions.
They introduced the multicurrency wallet including cryptocurrency with instant money exchangewith Forex competitive rates.
You can hold digital currency along with fiat currency in the multicurrency wallet.
Their main vision is to allow all the services like insurance, banking, fundraising and loaning using the fastest blockchain technology.
Let's discuss how FiaTech works and how it handles these many currencies transactions.

How FiaTech Works?

I will not go in technical, so let me explain to you in simple and easy to understand words.

FiaTech will introduce a mobile app and web application where you can create your account and open a bank account in local currency as well as a blockchain multicurrency wallet.

Let say, I have a USD card and I am depositing USD into my FiaTech wallet then corresponding digital currency in the form of a stable coin will be generated and added into your wallet.

They will create a stable coin for each fiat currency like USD, GBP, EUR, etc each one of them will be backed with a digital currency.

On a platform as you deposit fiat currency, the equal amount of digital currency will be created in a 1:1 ratio which in general we call stable coin.

Here stable coin will be backed for all the fiat currencies like GBP, USD, EUR, etc

There is no maximum supply limit like other cryptocurrencies, as you add fiat new digital currency will be generated and as you spend that fiat money somewhere on retail stores then that digital currency will burn and out from the network.

When it comes to spending money, you will have below listed most popular options.

Fiat physical cards will be issued to the individual account holders.
Fiat virtual cards will be issued to the individual account holders.
Mobile FiaTech pay wallet app will give the facility to spend money on any website or POS.
Use your debit card linked to your multi-currency account to pay worldwide.

In summary, the FiaTech app and its services will be your multicurrency wallet, which allows you to spend centralized or digital currency on any payment gateway service.

The major advantage is, if you are willing to send digital money to your friends or family then that transaction will be on the fastest FiaTech blockchain-based ledger and will be completed within a second.

In summary, FiaTech is planning to build a blockchain technology-based digital currency that will be backed by all the fiat currencies and allow to transact in any currency.

Like the need for any blockchain wallet, the user will have two addresses.

Private address – This will help you to recover your wallet and hide personal details.
Public Address – Will be shared with everyone to send or receive funds.

But the interesting part is, let relate this network with the Typical blockchain network.

There are no blocks like in blockchain, here every transaction itself is an individual block.
There is no decentralized miner, but bank servers will work as a miner.
You won’t need to wait for miner’s consensus as the bank will clear your transactions immediately

The essence of the platform is to fasten the multicurrency banking transactions using blockchain technology.

FiaTech is also introducing a token called FITH, so what is FITH?

What is the FITH token?

FITH token is a utility token to be used on the FiaTech ledger, it is needed to maintain the ecosystem of the FiaTech blockchain network.

FITH token will be listed on different cryptocurrency exchanges and will be traded to buy or sell, at present its launching is planned on the most popular exchanges.

All the holders of FITH token will get additional discounts upto 50% in the transaction fees, while doing transactions in the FiaTech Mobile app.

In summary, FITH token will be a digital token on the platform used to pay as a fee or to get funding for the overall ecosystem to work as expected.

What are Core benefits of FiaTech Platform?

We already discussed major areas around FiaTech and how this can help you to fasten your banking or multi-currency transactions.

Also, let focus on other key areas where this can change the game.

Lower transaction Fees to buy digital cryptocurrency

Let consider you are willing to buy cryptocurrency in exchange for fiat currency, various exchanges are charging you more than 4-5% or minimum $10 for each transaction.

Using the FiaTech wallet you can deposit your fiat currency and automatically its corresponding digital currency will be added in your wallet with close to zero transaction fees.

Using your fiat currency, you can buy FITH token and can trade that token on listed exchange for other cryptocurrencies.

Peer to peer lending - don’t sell your crypto if you don’t have to

FiaTech also offers crypto-backed lending option that allow you to access liquidity without selling your cryptocurrency by using it as collateral.

There are many advantages to borrowing instead of selling. Users use crypto-backed loans to do anything from paying off credit card debt to buying a home.

Make Easier the FOREX Exchange

We all are familiar with Foreign exchange, which we also call FOREX or FX. When we travel to a foreign country, we need to exchange our currency with the local currency.

In these scenarios, we have two drawbacks:

First, we need to exchange currency in advance with whatever is the existing rates.

Second, every time we do an exchange, we need to pay higher conversation fees.

We are all familiar with international market prices, it keeps changing every second then why do convert all at once when you don’t need them all at a time.

There FiaTech multicurrency wallet will save your hard-earned money in conversation fees and best exchange rates.

You can link your FiaTech account with a bank account and can use this service anywhere in the world and the exchange with local currency will happen automatically with the best rates, wherever you want.

In summary, using a single card you can pay for any service in any currency.

Fastest transactions on Fiatech Ledger

Especially in international payment transfer, traditional banks take more than 24 hours to clear the transactions.

But using the FIATECH mobile app, you can send digital currency within a fraction of time, and on the other side, the receiver can spend that digital currency in local fiat currency.

The best part is you can send anywhere in the world to the FiaTech wallet app holders.

Multicurrency wallet with instant exchange

Imagine you are holding a wallet that is available to use anywhere with any currency including digital currency, which ensures freedom of spending money anywhere in any form.

If your wallet holds GBP and you are willing to spend USD then instant conversion of the currency happens with lower transaction fees.

Fiatech payment system as gateway or PoS

Almost every medium we use to send or receive money will be available with FiaTech in the form of pay by mobile app, physical and virtual credit/debit cards, website and POS.

Retail users can use Fiatech payment system for crypto currency exchanges deposits and withdrawals.

Websites and local businesses can use our gateways to receive payments for goods from their costumers and benefit from low fees on currency transactions and exchange.

If you are excited about its features and ability to change the future era of technology then your wait is about to be over.

Recover your lost Wallet

It is the dark side of the blockchain ledger, that you have been allocated with two keys, one is a public key and the other is a private key.

A private key is used to recover your lost wallet or to reset public keys but in case you lost everything then with FiaTech you can recover all your funds.

Yes, we care a lot about your hard-earned money and don’t want you to lose because of unfortunate situations.

As every user has to comply with Know Your Customer policy (KYC). We assure you to recover your lost wallet funds anytime needed.

FiaTech milestone

FiaTech started back in February 2019 and has already gone through various phases and coming close to turning theory into reality.

FiaTech journey seems promising as we are halfway to route and about to launch our Initial coin exchange offering.

You can find more information on our official website www.fiatech.io.

Conclusion

Almost every industry left the old technology and accepted new but the only area which is still lacking to adopt new tech is the banking monetary system.

They are still using SWIFT for the international payment transfer network, which was first introduced back in the year 1974 however at present we have blockchain technology to scale network speed.

Our vision is to sync fiat with cryptocurrency using a multicurrency wallet which could be your best replacement for existing banking systems in the coming future.

We are excited to invite you to take part in our public token sale on our website and on several exchanges in future.

Let’s grow together FiaTech - an advanced financial ecosystem.

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FIATECH

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