ZED Network Transactions
With the advent of electronic money there was such a service as money transactions. They began to render both banks, and the international companies, such as Western Union or WebMoney. But what are the problems now in the translation systems? The main problem is high commissions and duration of transactions. If the domestic problem is not particularly relevant, then international transactions are highly affected. This is due to the presence of a large number of intermediaries. This is the bank that accepts the money transactions, the transactions company, and the host bank. Each organization collects its interest from the transactions. Bureaucracy increases the translation time.
The implementation of the instant money transactions system at Blockchain will solve both problems by eliminating intermediaries. I will tell about one now. It's called ZED Network. This is a Canadian platform that will connect the money transactions operators. The main advantage of the system is that it will eliminate banks as intermediaries for money transactions operators. With this, absolutely any operators can connect to the network, including those that are not able to compete with large organizations.
Let's look at the main advantages of the ZED Network system.
- A small commission. Its size is 1% of the transfer amount.
- The translation speed is 3-5 seconds.
- Transparency. Transactions are stored in the system and are easy to find.
- The union of translation operators is possible around the world.
- Possibility of data transfer along with translation.
- ZED Network is developing a web version and a mobile application.
The ZED Network system works very simply. A person orders a transactions service through a mobile application or website, pays it from a bank card. Fate money is automatically exchanged for ZED tokens and sends them to the recipient. The recipient changes the ZED tokens into a convenient fiat currency.
Now the system is being tested in Canada, but soon it will be used around the world.
I briefly reviewed the ZED Network site. Summing up, I can say that the idea is good. It will solve the problem of expensive and long translations due to the use of Blockchain. For more detailed study, as well as the purchase of ZED tokens, I post below the link to the official website of the company, whitepaper and telegram channel:
Official web-site: https://www.zed.network
BitcoinTalk profile https://bitcointalk.org/index.php?action=profile;u=22511