Thinking of a global cashless society many years back would’ve been a fanciful hope—but that’s changing quickly.
Today, moving on to a cashless society is expected and in many ways, needed especially when you take in the inefficiencies present in today’s financial systems.
People often refer to events like housing bubble crash a decade ago when talking about problems in the financial system but the bigger problems are in areas such as consumer banking and debt financing.
These problems are particularly evident in less developed regions like South East Asia, where only a staggering 27% of the region’s population has a bank account. Having such a high unbanked population naturally leads to low credit card adoption rates and other inefficient outcomes.
These are just some of the problems currently affecting the market; we’ve still not talked about the poor performance of payment solutions in the region either.
Merchants also face their own set of problems including fraud, low credit card acceptance rates among SMEs, and poor customer data analytics compared to the rest of the world.
All of the unfortunate events mentioned above presents a huge gap in the market for companies to fill and one promising blockchain startup is aiming to fill that gap.
Blocnation is a company that aims to deliver a full-suite of cashless payment solutions for emerging markets with the help of three core technologies: the blockchain, the Komodo Platform, and a relationship with PouchNATION, South-East Asia’s biggest digital payments solutions company and the industry leader of the region.
Although PouchNATION is only serving one region, for now, its partnership with Blocnation will allow the company’s solution to be supported across regions and eventually serving the world as the platform grows.
Blocnation is also the world’s first decentralized ICO (dICO), a revolutionary ICO model available only on Komodo.
A dICO provides total privacy to investors as anonymity is maintained and it also offers instantaneous transactions thanks to the platform’s atomic swap technology, a bonus that is always welcome in financial-based transactions.
The platform will gradually roll out its functionalities in a user-friendly mobile app that will allow users to gain access to the features of Blocnation.
Blocnation’s team is led by Graeme Perkins, the company’s CEO and a serial entrepreneur responsible for building several successful businesses in previous years before starting Blocnation.
Perkins, along with the company’s COO, Gino Jacinto, will take the helm at Blocnation for the team to deliver on their goals and produce satisfying outcomes for investors and the platform’s users.
The key to Blocnation’s features is the platform’s mobile app. The app will allow users to access all of Blocnation’s products and services such as trading coins, storing coins in wallets, as well as making transactions with BNTN tokens, the platform’s official cryptocurrency.
Blocnation will not only be served solely to end-consumers; businesses also benefit from the platform as there are services provided specifically for companies to improve their businesses processes (e.g cash flow management) with Blocnation’s technology.
At the same time, Blocnation will also be integrated with PouchNATION’s services. This means that users can use BNTN tokens to purchase event tickets, book venues, or perform any transactions available on the PouchNATION platform without any problems.
As the platform is built based on Komodo, Blocnation enjoys the benefit of increased security as Komodo reduces the chances of the platform being hacked to virtually zero.
As mentioned earlier, the platform will roll out its features in several stages or phases starting with:
Phase 1 – Holding and exchange
Blocnation will first offer a marketplace to cater to both traders and cryptocurrency holders. Users will be able to store multiple cryptocurrencies in their wallets but what makes the marketplace interesting is the 0% transaction fees applied to all transactions made on the marketplace.
Users will be able to trade or swap cryptocurrencies seamlessly thanks to the platform’s atomic and etomic swap technologies which also allows transactions to be processed extremely quick.
With this feature, users will be able to overcome obstacles present in today’s cryptocurrency exchanges in Blocnation’s easy-to-use marketplace and with zero transactions fees, users don’t lose any value at all in converting or trading coins.
Phase 2 – Events
Blocnation will also allow BNTN tokens to be used as a means to purchase tickets for events such as music festivals or sports events across South-East Asia. As mentioned earlier, this will be done in collaboration with PouchNATION’s services which will be integrated with the features available in Blocnation.
By using BNTN, users enjoy benefits such as lower ticket prices as there are little to no transaction fees applied to event tickets—all without causing any disadvantages to both users and clients.
To make the process hassle-free, there will be no extra registration or sign-up processes needed to use the ticketing feature.
An example of a use-case would be at concerts where wristbands are usually used for identification and payment purposes. With Blocnation, users can top-up their wristbands for events and when the event is over, any leftover balance will be automatically returned to the user’s wallet.
This also benefits clients as chargebacks are no longer a thing to worry about thanks to the platform’s token-based system. They can also choose to receive payments in BNTN or fiat while all received payments will be processed and credited to the clients instantly.
Phase 3 – Merchants
The platform will also enable support for merchants and related services which will allow BNTN tokens to be used as a payment method.
Blocnation will work with numerous merchants to allow users to pay for goods and services with BNTN tokens, hence allowing individuals who are unbanked or underbanked by traditional finance systems to enjoy the perks of cashless transactions.
Blocnation is launching its dICO for the BNTN token, the platform’s official utility token. BNTN will be used to power transactions on the platform’s ecosystem and used as the base coin for transactions in the exchange.
Token name: BNTN
Token base: Komodo
Token supply: 500,000,000 (max token supply)
Token sale duration: May 3rd, 2018 – June 3rd, 2018
Token sale target: $10,000,000 (soft cap) | $30,000,000 (hard cap)
Token exchange rate: 1 BNTN = $0.1625