Can AtoX change the shortcomings of SWIFT's traditional cros[...]
The two sessions had been held, and the blockchain became the most frequently used term in the proposals. The blockchain, once again, has been pushed onto in the teeth of the storm! Internet experts have put forward their own suggestions and proposals for the blockchain, which has made this technology highly valued and widely discussed. There are roughly three types of proposals for blockchain this year: special proposals for blockchain; proposals for blockchain in a certain area; and proposals for other industries to refer to blockchain.
It is believed that in the future, blockchain, as an underlying data processing technology, will be widely applied to various fields, empowering the real economy, and the development situation of blockchain is excellent. Blockchain have such heat because of the practicality of their powerful technology. In recent years, more and more projects realized the transition from technology research and development to landing applications, such as the AtoX project we are going to talk about today.
AtoX is a value network based on blockchain distributed ledger technology. Its technical achievements have reached an unprecedented height and it has become the first tester of Blockchain 4.0. With excellent technology, AtoX puts the development direction on the landing of application scenarios, and cross-border settlement and payment as its development focus.
Bank wire transfers generally use SWIFT (Society for Worldwide Interbank Financial Telecommunication) channel to achieve cross-border remittances, high procedures and slow transaction progress, remittance usually takes 2 to 3 days to get to the account. In terms of account processing, SWIFT is different from the centralized account management system provided by the Central Bank to achieve inter-bank fund clearing, and the accounting systems between different agencies in cross-border payments are not identical. The realization of cross-border payment often requires the establishment of an account agency relationship between the receiving and paying banks. Specifically, if there is a peer-to-peer account between the receiving and paying banks, cross-border payment can be completed through SWIFT. If not, you need to find a bank that has both agency and SWIFT membership to complete cross-border payment. Compared with domestic payment, cross-border payment with SWIFT as the core has the following problems: low payment efficiency, high remittance handling fee, difficulty in ensuring the privacy and security of transaction information, slow centralization settlement process, long supply chain financial financing cycle, and the capital consumption is large.
So, how does AtoX change the drawbacks of this traditional method of payment?
The AtoX network enables multi-currency cross-border payments through market maker mechanisms or AXC. Under the market maker mechanism, the market maker provides the currency exchange service for cross-border transfer through the account opened in the receiving and paying banks. AtoX will automatically select the lowest bidder among the many market makers in the network to minimize the cost of capital conversion. In addition, AXC is used as the medium currency. When the payee and payer cannot find a suitable market maker to complete the transaction, they can exchange the currency into AXC and then trade to realize instant transfer.
AtoX cross-border settlement can realize real-time cross-border payment, improve settlement efficiency, low cost and transparency, reduce settlement costs, strengthen liquidity of the funds, support multi-currencies, and facilitate payment supervision, thus eliminating various weakness of traditional cross-border settlement and payment. Choose the AtoX project to let you break out in 2019. Participation link: Atox Project official website: http://www.atoxchain.io Atox project Chinese community: https://t.me/axc_china Atox project English community: https://t.me/axc_english