In this Quantocoin review a deep dive into their solution to innovate the traditional banking industry with blockchain.
Quantocoin Review: Introduction
Technological advancements have left indelible footprints on virtually every aspect of human life. In particular, the banking and finance sectors being no exception. Especially today, we can easily carry out transactions from anywhere with our mobile devices, a feat that seemed unattainable a few years back. As it is with technology, however, there is often a need for constant improvements in existing solutions. Due to complement the ever-existing need to further simplify human lives.
In the first place, the era of internet ushered many fintech solutions to long-standing tailbacks in the banking industry. For example, one of them being ease of cross border transactions. Although there has been notable progress over the years, the fact remains that in terms of metrics the industry is lacking behind. For instance, remittances, transaction speed, cost, currency conversion amongst others, more is left to be desired of the traditional banking system.
Blockchain technology a radical solution for conventional banking
In general, from the early days of Ripple up until now, we have seen several other attempts to address shortcomings of the modern-day banking system. Notably, by leveraging the disruptive public distributed ledger technology. Indeed, many characteristic features of blockchain technology suggest that it may just be the radical solution towards closing in on the loopholes of conventional banking. In this Quantocoin review, an explanation of their solution to innovate the banking industry.
Firstly, Quantocoin nips in the bud, harnessing blockchain technology to completely revolutionize the banking industry through a cryptocurrency that forms the foundation of a blockchain-bank. Moreover, here are some features and benefits of Quantacoin and its proffered solution.
Low transaction costs
One of the problems Quantacoin seeks to address is the high cost of transactions associated with traditional banking. In this case, a blockchain bank will conveniently nullify this problem. Explicitly since transacting can be carried out without the intermediaries/middlemen that usually incur these charges.
High transaction speed
Transactions carried out on QTCt blockchain takes a few minutes to complete. This gives it also an overwhelming edge over traditional banks that take a day or more to complete cross border transactions.
Security and Control
As with other blockchain applications, Quantocoin runs a decentralized network. In other words, it means that there is no central authority, neither does a central point of failure exist. Additionally, this singular feature makes it less susceptible to hack and puts clients in control of their funds and data unlike in centralized banks.
Transparency through identification
Quantocoin’s ecosystem promotes transparency in order to let clients and partners carry out compulsory Anti-money Laundering (AML)/Know Your Client (KYC) processes.
Easy accessibility and lower restriction
Bank operations are often limited due to geographical constraints.
Liquidity and funds control
QTCt is easily accessible and tradeable at any time. They can be stored and accessed via an intuitive and secure digital wallet that will be capable of storing multiple cryptocurrencies.
Quantocoin Review: Use case
John is a legal practitioner whose children attend colleges abroad. Furthermore, he often sends them money through third-party payment processors such as Western Union, Moneygram, and RIA. Despite the huge costs involved in such transfer, the operational efficiency was far from satisfactory. Moreover, most times, it took as long as five working days for his transaction to be fully processed.
Besides, John began to search for an alternative as he could no longer bear the unreliability and inefficiency of these payment processors. He was introduced by a friend to the revolutionary blockchain bank, Quantocoin and the rest, they say is history.
QTCt is a custom utility token used in the ecosystem. Also, all commissions and network fees are paid in QTCt.
Quantocoin(QTCt) numbers & details
|Total amount raised for ICO||11.000.000 USD|
|Total number of tokens||Unknown|
|Emission rate||No further tokens to be released|
|Circulation supply||99.000.000 QTCt|
|Token formats||Utility(Waves platform)|
|Nominal price||1 QTCt = 0,024 ETH|
Firstly, it is apparent that a blockchain bank presents a viable solution to the question marks posed by modern banking systems. In general, Quantocoin presents itself as a radical solution, singlehandedly revolutionizing the sector through a simplified cryptocurrency-based bank.
Information and Resources
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