Legacy Systems Need a Hero
With trillions of being transferred on a global scale every day and the expansion trajectory of cryptocurrencies, an answer is required to introduce clear cryptocurrency transactions to current funds methods. The steady concern that legacy methods appear to face is balancing between the demand for digital asset transfers and non-negotiable points with anonymity which might be commonplace within the cryptocurrency area.
Banks have just lately gone as far as to dam transfers associated to cryptocurrency with the intention to shield themselves because of the potential for unlawful or fraudulent exercise to be related to the cryptocurrency in query. ivyKoin is seeking to break these obstacles by introducing extra sturdy compliance methods to conventional cryptocurrency funds and transfers. To obtain this, ivyKoin has developed a system that attaches necessary identity-related metadata proper on cryptocurrency transactions.
KYC Baked In
One of the primary focus-areas of ivyKoin’s mission is to affiliate related KYC and KYT information to cryptocurrency transactions with the intention to simply combine with current legacy methods. The related information can be inclusive of (however not restricted to) attributes corresponding to a person’s title and deal with, and the transactional particulars together with the recipient’s info.
Part of ivyKoin’s token utility is the distinctive capacity to voluntarily deanonymize transaction information with the intention to adjust to the necessities set forth by the engaged monetary establishment for cryptocurrency transfers. It is thru this function that people can launch their info to the extent of their selecting with the intention to bridge that necessary hole within the system. The potential development trajectory for cryptocurrencies will solely be enhanced by these types of cooperation.
Cripple the Ripple
Cryptocurrency heavyweight Ripple and their XRP asset additionally search to work with legacy monetary establishments. However, a couple of of ivyKoin’s distinctive functionalities present benefits over Ripple.
A standard critique of Ripple’s community is the truth that its consensus system usually depends upon a quorum that’s centrally managed by Ripple’s servers. This is in direct distinction to ivyKoin which makes use of a decentralized transaction validation system which is, and can without end be publicly auditable.
Ripple additionally doesn’t have compliance attributes included in its system – a function which ivyKoin’s complete mission is constructed upon.
Another frequent critique of Ripple is that its provide is closely centralized on account of it being minted immediately and distributed by way of gross sales straight from the corporate. At the present time, Ripple nonetheless holds virtually 7 billion XRP and has 55 billion locked up in an escrow for future gross sales. The remaining 39 billion is within the palms of each the general public and huge companies.
During ivyKoin’s token sale, 40% of tokens are being offered to the general public instantly and could have a definite type of utility upon launch. With XRP’s present market cap sitting at an astounding $44 billion, there may be loads of market share for ivyKoin to seize on this aggressive area.
Proven Teams Build Polished Products
It undoubtedly takes a group with a profitable observe document to embark upon an enterprise corresponding to ivyKoin. The Head of Financial Institution Partnerships at ivyKoin, Gary Fan, is a banking government who has held quite a few roles together with the Senior Vice President of Strategy and the Head of Consumer Lending for CTBC USA, a subsidiary of a bigger $100 billion world financial institution positioned in Los Angeles, California.
ivyKoin’s CTO, Michael Beck is each a enterprise strategist and technologist with over 20 years spent as an enterprise architect. He additionally holds a number of patents within the subject of InfoSec and rights administration. Following them is a group that features former CEOs, engineers, and advertising specialists.
ivyKoin efficiently closed their pre-sale on account of an immense quantity of investor demand. For extra details about ivyKoin, go to their web site and take a look at their white paper. To attain the group straight with any questions, make sure that to take a look at their Telegram channel.
Do you suppose ivyKoin’s mission of bridging legacy monetary methods to the cryptocurrency world might be profitable? Do you suppose ivyKoin has what it takes to dethrone Ripple in terms of working with the banks? Let us know within the feedback under.
Images courtesy of ivyKoin, Ripple, and Pixabay
The put up ivyKoin Seeks to Bridge the Gap Between Legacy Financial Institutions and Cryptocurrency appeared first on Bitcoinist.com.
This article sources info from Bitcoinist.com