There are plenty of people around the world who are currently living in the poverty line; the ones who are not, meanwhile, are not all extremely well-off either.
This unfortunate situation highlights a major flaw in financial services industries all around the world.
Because these individuals don’t have the needed resources, banks and other financial institutions are less likely (and most of the times, do not) to provide financial services as they don’t want on the risk of losing their capital.
If the situation is already bad, it’s made even worse in the case of migrants who have many other challenges to deal with.
Some of the things that are currently plaguing the financial services industry include:
- The lack of a reliable identification system in processes
- Intermediaries that do not bring value to the market dynamics
- Zero or unknown credit histories which unfairly restricts individuals from accessing financial services and products
LALA World was built to solve all of the problems mentioned above affecting the financial services industry.
In a nutshell, LALA World is a decentralized financial ecosystem to cater for the huge amount of underbanked individuals in society as well as using the blockchain to bridge the gap between cryptocurrencies and fiat currencies.
The platform aims to be the market leader in helping investors to capitalize on this technology with an integrated wallet service which also helps underbanked individuals financial-wise.
By developing a fair, secure, and fully transparent P2P network, LALA World will effectively revolutionize how small businesses, startups, and entrepreneurs interact with payments as well as each other.
LALA World has several core products that make up the platform’s offerings.
The LaLa Wallet
The main product of the LALA World platform is the aptly named LaLa Wallet, deemed by the website as a one-stop financial services platform for users.
As mentioned earlier, the LaLa Wallet connects cryptocurrencies with traditional currencies as well as helping users to access the financial services and products offered on the platform.
The wallet will be powered by the platform’s official utility token (LaLa Coins) which can then be converted into other cryptocurrencies like BTC or ETH as well as selling it on exchanges for profits.
Users also have the ability to hold fiat currencies in their wallet so it’s not a prerequisite to have cryptocurrencies to use LALA World; the wallet will also connect seamlessly with third-party apps to improve the user experience.
Regular users of the LALA World wallet will be rewarded in the form of LALA World’s utility token.
The LaLa ID
In a fully-digital world, the importance of verifying the identities of users is arguably the most important aspect to focus on by businesses and platforms.
This is the case with the LALA World platform.
Users will be given a unique identity called the LaLa ID which is created as soon as a user downloads the platform’s wallet.
LaLa ID will be the platforms’ single global identity that includes advanced verification processes such as biometric identification and digitized physical documentation.
The LaLa is encrypted and stored securely on the blockchain which can be easily accessed ad-hoc without any complicated processes or expensive fees attached to it.
The LaLa Transfer System
Remittances have always been a major problem especially in countries where the system is not that advanced or efficient.
In addition to being slow, remittances are often attached with restrictions like expensive fees, limits on funds transferred, as well as processes that are shockingly slower than the amount of time it takes for the actual money to be transferred.
LaLa Transfer is a service offered in the platform which enables users access to a seamless, cheap, safe and secure transfer systems; users are rewarded for using this platform with crypto back options or other valuable rewards.
The LaLa Lends Financing Platform
Business owners and individuals have historically been shafted by the traditional banking system in terms of acquiring loans or financing options for their own needs.
As mentioned above, this happens because the current system is outdated and individuals who are actually worthy of loans are wrongly rejected by banks and institutions today.
LALA World changes that by introducing LaLa Lends, an international peer-to-peer lending system for individual and small businesses to receive loans in fiat currencies or cryptocurrencies.
The use of LaLa Lends is also further incentivized by the platform as there zero transaction or processing fees involved in the financing process for the consumer.
The LaLa Card
The LaLa Card is a physical card that works just like a debit card (which will also be fully functional as a credit card in the future) for platform users to spend their wallet holdings on goods and services.
A unique aspect of the LaLa Card is that users can even spend cryptocurrencies like normal cash—you can essentially pay for your purchases with ETH or BTC for instance, without any issues.
The LaLa Card is fully secured as it can only be accessed through the LaLa Wallet app that is connected directly to a user’s LaLa ID, meaning that only you have the ability to use the funds and control the security options of the LaLa Card.
Like the other features in the LALA World platform, there are little to no transaction fees incurred by the user anytime they spend. So, you no longer have to worry about purchases costing more than their original price.
Perhaps the most interesting feature of the platform is the LaLa Kit, a comprehensive all-in-one hardware kit which works like a quick start tool for users who want to enjoy the benefits of LALA World.
Here are the items included in the kit:
- A budget Android smartphone to be used in conjunction with the platform
- A functional SIM card
- LALA World’s insurance system
- Several unique QR codes
- Features such as a pre-synced LALA PoS (point of sale) and the LALA Card will be added in the near future
The kit is incredibly easy to setup and users will be able to activate their ID and start sending or receiving money with LALA’s financial services in no time.
The LALA token (LALA) will be the official cryptocurrency and utility token used in the LALA World platform.
Here are the details of the upcoming LALA token sale:
Token name: LALA
Token base: Ethereum (ERC-20)
Token supply: 250,000,000
Token sale duration: 5th January, 2018 – 5th February, 2018 (pre-sale is currently LIVE)
Token sale target: 150,000 ETH (hard cap)
Token exchange rate: 1 LALA = 0.001 ETH