Concept and Features of Eternal Wallet (Part 4/4)
In this final edition, we will look over each point mentioned in the previous articles and explain how they contribute to the realization of the world’s most affordable overseas remittance.
Realization of the world’s cheapest overseas remittance
① Multi-currency wallet
In the case of a digital money wallet that only accepts one type of currency, to conduct overseas remittance one would have to use another wallet or service, and that becomes a cost.
With Eternal Wallet, the system accepts and handles multiple currencies, and this is a key factor in how the world’s cheapest overseas remittance can be achieved.
Being able to bypass the banking infrastructure, and send between users via P2P has many merits. This is also another key factor in achieving the world’s cheapest overseas remittance.
③ The Transfer Token
With traditional overseas remittance methods such as banks and specialty merchants, there was always a limit when attempting to bring down costs. With Eternal Wallet, by integrating The Transfer Token (TTT) within the system, we have succeeded in a revolutionary cut of costs when remitting overseas.
④Deposits/withdrawals using fiat currency
Overseas remittance without the ability to send and receive by fiat currency, is highly inconvenient both in procedural and financial terms. In that vein, without dealing with fiat currencies, the world’s cheapest overseas remittance could not be achieved.
⑤The world’s largest amount received upon currency exchange
Among overseas remittance companies, there are a number of companies that offer zero commission fees. However, such companies usually enforce their original currency exchange rates, so in reality, when conducting overseas remittance the received amount becomes that much smaller.
With Eternal Wallet, we utilize the world’s greatest received amount for foreign currency exchange. The exchange rate is also one of the necessary parts to achieve the world’s cheapest overseas remittance.
Within the pool’s balance, the same amount of fiat currency is deposited. Also, for trading conducted through Eternal Wallet, leverage does not occur, so the fiat currency within the pool is not subject to price volatility, and safety is ensured. Without this pool function, a safe environment for overseas remittance could not be achieved.
⑦Fees when conducting overseas remittance
When users conduct currency exchange through Eternal Wallet, fees shall be incurred. These fees will become the origination for incentives for users to lend out their TTT. Lending is the base for smoothly operating the exchanges, so it can be said it is an important role in achieving the world’s cheapest overseas remittance.
⑧Lending of TTT
With TTT, other than the weekly distribution of fees accrued when the Wallet is used, there is a feature that by lending out to the pool, users can receive a part of the exchange fees. As stated before, this lending feature of TTT is also vital in achieving the world’s cheapest overseas remittance.
⑨Opportunities for arbitrage trading due to the difference in dividend rates
Due to the differences in dividend rates depending on the currency, there will be discrepancies in the price of TTT. This will lead to arbitrage trading opportunities, and with arbitrage trading, the market will lead to a suitable price. This is also another feature that is vital to achieving the world’s cheapest overseas remittance.
⑩Volatility・Equalization of dividend rates
By not fixing the dividend rates when lending, the pool balance for each currency will constantly be adjusted. Due to this, with Eternal Wallet it will become unnecessary to actually conduct overseas remittance, and the world’s cheapest overseas remittance becomes possible.
⑪Handling of fiat currency within the pool
By appropriately dividing and processing the fiat currency within the pool and when exchanging, we can avoid trouble or risks when users receive overseas remittance. Without this appropriate handling, the safety of the world’s cheapest overseas remittance could not be protected.
⑫Profits/losses made by the increase/decrease of fiat currency within the pool
By looking at only one fiat currency, the balance within the pool is subject to increase/decrease due to the currency exchange status. However, here at Atom Solutions, we have deposited the same amount/value of all fiat currencies as with the pool balances, and manage them as a total. If we were to add up the balance of all fiat currencies within the pools, the profit and losses margins will constantly be zero. To achieve the world’s cheapest overseas remittance, such as handling of the funds within the pool will become a necessity.
⑬ Deposits made using BTC
By enabling deposits via Bitcoin, users from all around the world can participate in the use of Eternal Wallet. This, as with the previous item, plays a large role in increasing the liquidity of TTT and Eternal Wallet.
⑭Improve accessibility by partnering with various nation’s digital money companies
Even if one were able to send cryptocurrency cross-border, there would be no meaning if it were not able to be received in fiat currency. Moreover, there are said to be around 1.7 billion people in the world without a bank account (World Bank, 2017).
To solve these problems, it is vital that we partner with the various companies of each nation.
The final exit for overseas remittance is when the user receives their cash in hand. No matter how cheaply overseas remittance can be made, if the commission fee upon receival is costly, the received amount will unquestionably decrease.
With E-counter, commission fees can be set up individually by the merchant. Therefore, the market principle of gaining more users by lowering the commission fees compared to rival E-counters comes into play. This eventually results in a lower cash-out cost. This E-counter function is also vital to achieving the world’s cheapest overseas remittance.
This concludes our description of our services, and what we aim to achieve with Eternal Wallet, TTT, and Atom Solutions. We hope that this article has been a good read for you, and it has encouraged you to try out our services upon opening. Our launch is imminent, and we look forward to your use and support of our product and services.