In today’s world, online money transfer technologies have enabled people with fast and efficient transfer of funds throughout the world. All one has to do is confirm the purchase and within a matter of few clicks, the transaction is completed. However, even such a convenient way of money transfer faces some critical challenges which include identity theft, data tampering, double spending, centralized control, etc.
Key concerns of Fiat Currency Transfers
- Double Spending or Double Booking
Using fiat while making online purchases invites users to online fraud as the same card (debit or credit) can be used by anyone to make payment without authorization. The same card data can be reused to make illegal purchases as well. This is one of the critical reasons as to why users are still uncertain about adopting online payment methods.
- Price Swings
With the passing time, the value of begins to depreciate, leading to inflation pressure because of higher import prices and increased export demands. This creates a critical issue for businesses with small capital and restricts them to be a part of the global market.
- Risk of identity theft
Users cannot transfer fiat without completing KYC or without any further information. This information becomes vulnerable online.
CITL- Simplifying the Global Payment System
Cryptocurrency International Tanzania Limited (CITL) is a private limited liability corporation located in the United Republic of Tanzania. The company’s vision is to bring a revolution in the existing global payment system and money transfer by empowering users to make payments via a dedicated cryptocurrency. The team has also efficiently addressed the precariousness associated with cryptocurrencies and extended stability by leveraging blockchain technology to develop a decentralized native token referred to as Connect Coin (XCON).
Denoted as XCON, Connect coin is an Ethereum-based coin developed to ‘connect the world’ that intends to connect buyers and sellers by enabling them to be a part of Connect Global Marketplace. The company’s vision is to empower merchants by providing them with efficient, secure, and blockchain-based payment system known as Connect Pay.
Objectives of Connect Coin
Connect coin token is set to accomplish the following objectives:
- Raising funds to build and enable CITL Academy, Connect Marketplace, Merchant Builder Program, and CITL Exchange.
- Staking tokens for the participation of micro-distribution centers
- Staking tokens for the participation of delivery operators
- Rewarding users who recommend XCON
Connect app enables users to store, send, and receive Connect Coin from user to user in real-time. The app also allows users to pay for goods and services to merchants who accept Connect Coins. Through this app, a person will be able to:-
- Enjoy low fee transaction
- Obtain flexible and easy way to use their collected coins
- Easy and efficiently pay for goods and services
- Securely store their coins
Connect Marketplace is a next-gen decentralized e-commerce network having integrated distributed ledger technology. It is a substantial extensive global marketplace wherein verified service providers and consumers can seamlessly connect with each other and transact safely through a single payment system.
Streamlining E-commerce Industry
E-commerce and online money transfers are increasingly becoming popular. CITL has extended an e-commerce marketplace that brings buyers and sellers in an extensive ecosystem to facilitate efficient transactions via a single coin denoted as Connect Coin (XCON). By integrating blockchain technology, the platform has addressed the challenges related with fiat currency exchange and offers sellers and buyers across the world a reliable and secure means to transact without any limitations.
Buy XCON on http://connectpay.io/
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