KITTOKEN: THE EXCEPTIONAL BLOCKCHAIN-BASED PAYMENT ECOSYSTEM

achuks (6)in #blockchain • 6 years ago (edited)

The core purpose for blockchain’s conceptualization was to foster transparency in its use cases. In an already fragmented financial system, removing intermediaries was welcomed. Soon after it came on board, digital currencies were created. With finance at the heart of every transaction, these currencies were very much needed to propel the platform.
However, few issues arose and metamorphosed into full-blown downsides. A reputedly decentralized platform was soon overcome by problems it wanted to solve. The blockchain was literally bought over by centralized technologies inherent in the system. Having received a fair share of these issues, it opted for different models. At the moment, talks are rife for Blockchain 4.0. The success rate of this blockchain depends on its ability to solve existing issues. Before then, there’s a unique project out there that is solving some of these issues.

FINANCIAL ECOSYSTEM

We’re on the way to have decentralized ecosystem for financial transactions. Having solved issues in fiat finance; the time is ripe for same gesture to be replicated on the blockchain. KitToken is at the frontier of this cause. The project will breed a seamless transfer of value from one wallet to the other.

PAYMENT CHANNEL

It is common knowledge that the blockchain plays host to digital currencies. These currencies are not abstractly traded. Unlike fiat currencies, their transactions are held on the ecosystem. KitToken is working on the same premise. However, users will have spiced-up features added to its wallet.
First, there will be a unification of transactions across exchanges. Its wallet known as KitPay supports cross-transactions across many wallets. If Individuals wish to have a digital wallet, they can create seamlessly. Also, transactions are facilitated in 5 seconds.
Another great upside to KitPay is mobility of its wallet. The team behind the project is working on mobile wallets. Through this, users can trade on many exchanges from their mobile device. The wallet is also available on the platform’s website.

SCALABILITY

KitToken will not tow the lines of previous projects. It uses the PoW algorithm in compiling transactions. The PoW consensus will be handy for a token storage account. On the other hand, these protocols will be secured by the SHA-256 solidity code.

BORDERLESS PAYMENTS

Towing the line of decentralized transactions, KitToken initiated P2P format. Third-parties won’t be needed for transactions. Through efficient transfer protocol, users can have value transfer among themselves.

STEPPING INTO REALITY

In a bid to scale the shores of the blockchain, the platform is set to partner with key stakeholders in fiat finance. For a start, partnerships will be formed with merchants and users. Other service providers such as hospitals and educational institutions will be integrated. From this partnership, KitToken is looking at issuance and acceptance of its token as an exchange for fiat services. To this end, about 1.5 trillion of its tokens will be deployed to achieve this.
There will also be the release of 2.5 trillion tokens. These will be placed in the hands of 1 million recruited holders. The idea is to facilitate borderless transactions in fiat scenarios. There will also be widening of its scope. By embarking on Airdrop backed by incentives, awareness of the project will be created. Same way, users will get incentivized with the KIT token.
In the long run, the platform will merge with FinTech. By this formulation, digital payments will be decentralized.

TOKEN INFORMATION

KIT is an ERC20 token based on Ethereum blockchain. It is a utility token with the total supply of 8 billion.
More information about the ICO is below;