July 21st, 2020
In this series of articles, we aim to clarify the purpose of Eternal Wallet, and how it can empower anyone who wishes to conduct overseas remittance.
Logics of the World’s Cheapest Overseas Remittance
Features of Eternal Wallet
Eternal Wallet has many features as below, and all of these features are necessary for achieving the world’s cheapest overseas remittance.
・Accessible anywhere around the globe just with a computer or smartphone
・Buying/selling of The Transfer Token (TTT — Refer to whitepaper) is possible within and outside of Eternal Wallet
・50% of the fees accrued are distributed to the holders of TTT
・By lending out TTT, users can receive dividends
・World’s largest amount received when exchanging between foreign currencies
・Optimization of fiat currencies (JPY, USD, etc.)
・Deposits/withdrawals via Bitcoin
・Ability to be traded with digital money
・The sharing service, named E-counter, is available
The issues of existing overseas remittance– transfer via bank
Various costs are incurred when sending by using banks, both for the sending party and the receiving party (rent, labor, advertising, etc.).
There is a risk of volatility in the exchange market, and exchange fees will be incurred.
The undeniable existence of correspondent charges (intermediary bank fee) when using the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network.
When using banks to conduct overseas remittance, the above costs, and more are incurred.
These costs are a large burden on users who desire to make an overseas remittance.
The issues of existing overseas remittance — transfer via cryptocurrency
If there is the only cryptocurrency involved in the transfer, it is possible to send it anywhere cheaply and quickly.
However, as overseas remittance starts and concludes finally when the fiat currency has been exchanged to another fiat currency, the process is more complicated. First;
1. One user would need to purchase the cryptocurrency from fiat currency and send it to the desired country
2. The receiver would need to sell the cryptocurrency for fiat currency.
With this, even if the sending of cryptocurrency can be done at an affordable cost, there are always two transactions, meaning that the spread between the transactions always falls onto the remitted amount of currency.
The issues of existing overseas remittance — transfer via overseas remittance company
In a traditional Overseas Remittance company, for example, if an overseas remittance were to be conducted between two countries, money (or currency) will be placed in both countries. Theoretically, the deposit and withdrawal could be made in one country, aka domestic remittance in order to keep the costs down. However, it is difficult to equally maintain the transfer between both countries; one country will likely accumulate more funds and cause an inclination. This inclination is filled by the aforementioned country via transferring the funds to the other country using overseas remittance by bank in order to keep the balance.
The upper limit of these methods can be seen, as results of the necessary costs will undoubtedly contribute to the rise in fees.
Overview of the features of Eternal Wallet
Next, we will explain in detail the functions and features that Eternal Wallet is set to provide users with upon its launch, ranging from points ① to ⑮.
① Multi-currency Wallet
The Eternal Wallet provided by Atom Solutions is designed to be a multi-currency wallet, so fiat currencies of various countries can be stored within the wallet. At first, we will start with two national currencies, then gradually increase the number and expand to other countries.
② P2P Trading
With Eternal Wallet, you can access anytime, anywhere in the world with just a smartphone.
Undoubtedly, bank Apps also have similar features. However, conducting overseas remittance from those apps will eventually be channeled through banks, resulting in a higher fee due to the aforementioned reasons.
With Eternal Wallet, the transaction involves P2P trading directly between users without additional costs incurred, and the world’s cheapest overseas remittance method becomes possible.
③ The Transfer Token
One of the features of TTT is that users can receive a 50% rebate of the fees accumulated by various transactions dealt within Eternal Wallet.
The existence of TTT is vital to the overseas remittance logics of Eternal Wallet, and without it the concept of the world’s most affordable overseas remittance is absurd.
④ Deposits/withdrawals by fiat currency
Users can purchase TTT with fiat currency, meaning that within Eternal Wallet, there is the pairing of TTT and fiat currency.
Upon purchase of TTT by depositing fiat currency into Eternal wallet, the same amount of the money will be deposited into users’ regional banks in order to safely protect users’ assets.
As such, even if for example TTT’s price surged, this means that a user who bought TTT for the raised price appeared. Therefore, this means that amount has been deposited, and even as TTT’s price rises, there is no instance where the user’s deposited fiat currency will become un-withdrawable.
Also, if fiat currency (cash) is deposited within Eternal Wallet, the total issued fiat currency amount within the Eternal Wallet system increases. Vice versa, the total issued amount of fiat currency will decrease when fiat currency withdrawals are made.
⑤ The world’s best rate in currency exchange
Eternal Wallet provides the best rates in the world for currency exchange. And with this, by directly sending the exchanged currency via Eternal Wallet to other countries’ Eternal Wallet users, the world’s cheapest overseas remittance can be attained.
We shall leave things here for today.
In the next article, we will explain the function that is essential to Eternal Wallet, the pool function, and more.