ENTRY- A BANKING PLATFORM FOR THE BLOCKCHAIN WORLD

jmdjon1 (28)in #bitcoin • 6 years ago (edited)

What is ENTRY

ENTRY is a blockchain-based banking service designed to increase the flow of cryptocurrencies in the real economy. It is an AI empowered multi-utility financial platform. ENTRY is designed to allow people to use fiat as well as crypto currencies in their day-to-day purchases without really having to be concerned about the technology behind the system. ENTRY envisions becoming a truly global bank in the post fiat world. Its entire framework is structured to enhance utility of all crypto Tokens and simultaneously facilitate all those who still want to transact in fiat. ENTRY’s suite of products allows it to touch the financial lives of every crypto user and change it for the better.

ENTRY ICO is Live!

Why ENTRY

The global financial crisis revealed significant weaknesses in the existing financial system and some of the vulnerabilities have already exhibited their impact on the interconnected global market. The world economy is still struggling with sluggish real growth today. Transferring money for remittance, money lending across international borders is still very complicated, time consuming and expensive. Existing systems running on traditional banking channels are slow and full of intermediaries, higher exchange rates, counter-party risks, bureaucracy and extensive paperwork9 . ENTRY’s business model is focused on disrupting the existing pillars of finance who only act as toll-keepers without providing any value-add to consumers and businesses. Removing the numerous intermediaries would make the system faster, more secure and cost-effective for all involved.

Official Youtube Presentation

ENTRY BUSINESS MODEL IN DETAILS

Entry.Money is a crypto currency and fiat payment gateway for e-shops that can be easily accessed through web and mobile app versions. It will provide IBAN (International bank Account Number) to every user of ENTRY to enable them to store blockchain assets in their accounts. Initially, we will facilitate only Euro currency (in fiat currencies) for all the transactions. We plan to put down roots in European countries which have a huge untapped market and then expand and incorporate all the major fiat currencies in the years to come.

Entry.Money allows the users to deposit, store, withdraw and transfer fiat as well as crypto currency. Merchant can use the platform for simple conversions to ensure sale of their goods. The merchant will get the sales price in the currency requested less the applicable transaction fees. Merchant can trade beyond national boundaries without any hassle of currency differentiation or fluctuation.

Merchants will be able to trade in their own currency (say Euro for now), giving freedom to buyers to use any crypto currency for purchase (say BTC). Entry.Money ensures that the merchant receives the payment in Euro; this process of conversion and transfer will subsequently bring liquidity on Entry.Exchange.

ENTRY.MONEY VERSUS OTHER COMPETITORS

TOKIA

TOKIA is a cryptocurrency exchange platform with mainly 3 elements- wallet, exchange and crypto payment card.

Monetha

Monetha is a decentralized payment gateway based on blockchain technology. It is a focused payment solution for merchants developed with the aim to boost e-commerce.

Graft

Graft is a global, open-sourced, blockchain-based, and decentralized payment gateway and processing platform. Graft also focuses on payment solutions for merchants and encourages the use of cryptocurrencies for everyday purchases.

SMART CONTRACTS

Smart contracts help in creating trust between participants and help in automating the process. ENTRY transactions embedded with smart contracts simplify the complicated processes of procurement, negotiation and certification. These contracts are permanently stored on the public blockchain that can neither be erased nor altered. This ensures transparency on the platform and accessibility of the contracts to all the participants in the ecosystem.

Smart Contracts Will Automate Entry Services

Smart contracts will legally bind the parties entering into the contract. It will create a link between the services and used as a proof for all the processes.

Initially, ENTRY Token will be issued using Ethereum blockchain smart contracts (ERC20) to give mass acceptability to the Token. But Entry.Network will develop its own blockchain in 3rd and 4th quarter of 2019 and issue ENTRY Token using its own system/blockchain. Developing own blockchain will help add features which enhance usability and bring cost-effectiveness for all users and clients. Also, this will allow ENTRY to not be restricted to a particular framework. ENTRY would be able to structure its Token in a way most useful for the ENTRY community.

ENTRY.NETWORK VERSUS OTHER WALLETS

*ENTRY is a multi-functional platform with Entry.Exchange, Entry.Money, Entry.Network, Entry.Cash and Entry.Bank as major domains that integrate to improve the Token flow and liquidity of blockchain assets. The increased functionality leads to lower cost and higher efficiency.

ENTRY Wallet is a multi-currency wallet available for its users all around the world. It enables instant transfers without any limitation to transaction size.

Entry.Bank

Entry.Bank is a digital bank with traditional banking services provided using blockchain technology. Entry.Bank will provide traditional banking services of deposit and payment to its users. Users can deposit blockchain assets in their Entry.Bank accounts and make easy payments to individuals, merchants or any other entity. Transactions flowing through ENTRY Token as the main currency of the platform will have a network effect and add financial value to the Token.

DEBIT CARDS

Entry.Bank also facilitates payments through physical as well as virtual cards. The users can make easy payments to individuals and merchants using the funds stored in ENTRY wallet. Through card issuance partnerships with global payment networks, Entry.Bank will aim that its cards can be accepted by millions of merchants as well as POS terminals, the adoption of which is growing exponentially with existing 3 Million ATMs which enable withdrawing cash worldwide. The debit cards will bridge the gap between the fiat and crypto worlds by increasing the Token flow in the real world by quick currency conversions at the point of payment. This will promote the financial freedom of the users to make easy, quick and secure payments.

Debit card can be controlled and managed through mobile app or internet bank.

LOANS AND INVESTMENTS

The current crypto-Tokens are meant only for speculation. ENTRY platform will usher in a new structure where crypto players will have the option to diversify their stash into fixed income instruments. Entry.Bank will create a P2P platform like Lending Club and OnDeck to facilitate consumers and businesses. The Alternate Finance Industry Report issued by Chicago’s Booth Business School and Cambridge’s Judge Business School reported that:

The alternative finance market continued to grow across the United States (US), Canada and Latin America and the Caribbean (LAC) in 2016 to a total market volume of $35.2 billion. The 23% increase from last year was driven by growth across all regions and most market segments of the Americas.

Morgan Stanley believes it has the potential to be a trillion dollar industry in the next decade. Alternate lending is a real industry with real-world applications. Entry.Bank wants to empower the users and businesses dealing in crypto and create a P2P platform where investors can lend in either fiat or crypto and earn in their denominated currency. This gives an investor an alternative to speculation and an opportunity to earn interest on their passive holdings. The borrower is also now plugged into the crypto ecosystem and can leverage the loan for growing his/her business. This creates a virtuous cycle for the crypto-economy in general and the ENTRY platform in particular.

Entry.Cash

The total value of all cryptocurrency in circulation is now almost $300 billion. This is roughly double what it was just a few months ago, but it’s still tiny compared to the face value of paper dollars issued by the Federal Reserve, which alone amount to about $1.4 trillion.12 Although the world of cryptocurrency is amplifying at a fast pace, still it cannot wholly supplant the central bank fiat currency. Entry.Cash will work as a virtual ATM which enables the users to withdraw cash from their ENTRY wallet (digital wallet).

The company intends to provide free debit cards, free fiat-to-fiat transfers, and free exchange in the initial years. It will charge comparatively very low fees for deposits and withdrawal from the exchange. Merchants in particular would be incentivized for using the payment gateway by offering them services at an artificially low rate. The idea is to capture huge customer base by providing cost-efficient ENTRY services and then earn economies of scale.

Token Sale

pre-ICO

3rd of May – 10th of May (pre-ICO extended by community request due late start)

ICO Finish

Roadmap

TEAM (UNDER DEVELOPMENT)

ENTRY team consists of more than 40 industry leaders and 30 global representatives with wide experiences in Fintech, AI, Blockchain, Marketing and Business Development. The strong teamwork together with the synergy effect of the numerous professional members have made ENTRY a truly “multi-facet” team. We believe in regional network support by localized representatives to understand the problems and meet the needs of the users of ENTRY platform. We aim to expand the team by incorporating more than 100 global representatives and make ENRTY a leading financial service provider in the world.