The applications for CryptoPeso® are unbounded. Here are some of the immediate use cases that we are working on. We are open for suggestions from our users so feel free to get in touch with us for your creative ideas and innovative concepts.
The real world uses of tokenized assets are limitless. From enhanced security to decentralization of processes, almost every facet of the entire global industries have a specific application that crypto assets can be a viable solution for a particular problem, which was not previously possible.
Although the scope of our stablecoin encompasses various use cases, here are a few of our priorities.
Pera Paabot™ - DeFi Remittance System
We are working on a new concept of sending and receiving money without the need for intermediaries using an innovative concept that can change how you perceive money transfer in the Philippines, using blockchain and DeFi (Decentralized Finance) platform.
Businesses and Overseas Filipino Workers (OFW) from across the globe remit to the Philippines up to a monthly gross amount of over 2 billion dollars. Although it seems so easy to analyze the tremendous potentials, but the opportunity that we want to seize and the problems we want to solve are not from the senders point of view, but from the recipients who are mostly in provinces where getting the money that was sent to them is too costly and difficult. Some of them live in remote places and going to remittance centers is very challenging. Making the situation even worse, some of them don't even have valid government IDs to claim the money sent to them.
CryptoPeso is meant to break the barriers between costly and limited means of sending money to the Philippines and the recipients who are mostly bounded by the rules and the limitations that banks and other money remittance outlets impose on them. We want to make it easy for the relatives of our OFW to receive funds with the same ease and simplicity as receiving Bitcoin and other cryptocurrencies.
Efficient Online and Mobile Payments
Sending and receiving payments for goods and services online and on a global scale until now is still detained by many limitations of centralized payment services. Banks can block your credit card if they think your transaction is dubious. Online payment processors, such as PayPal, can deactivate your account at will if you receive large amount of payments or if the buyer reports your transaction as unfulfilled. Money transfer fees are just so expensive to pay or accept payments for goods from overseas. And most of the time, KYC processes are some of the major factors that hinder both sender and receiver from quickly settling a transaction.
Using CryptoPeso, we can eliminate all these problems and hindrances by decentralizing and giving the freedom to the end users on how and where they want their money spent. At the same, we also provide them with security from fraudulent sellers and scam businesses by imposing strict rules on the side of the recipient using smart contracts that will prevent fraud from happening.
CryptoBank™ - The Future of Banking
Sooner or later, banks will eventually drop paper money and will all jump into the digital cash era. There are far too many issues on paper money and fiat that we can't write them all down on a single piece of paper. Digital cash is the future of money, and blockchain technology is making it a reality, slowly but surely. If cash will eventually become digital, then banks must adapt for them to not run out of business. They will soon become what we call crypto banks. And this is one of our priorities: to become a full-pledged, fully-licensed digital financial institution. It may still be too far down the road from happening, but all roads lead to a destination.
The main focus of our CryptoBank project is to empower individuals who are mostly unbanked due to lack of government IDs. Using blockchain technology, we can tokenize their assets and let them manage these digital assets using a decentralized application (dApp) we will develop. This will allow them to freely move their assets and act like their own banks, giving them back the power to control their funds.
BlockPort Digital Identity and Voting System
One of the primary problems of the poor population of the Philippines is the lack of efficient identification system which hinders them from benefiting from various governmental services and private aid. Applying for government ID in the Philippines is too cumbersome and painstaking due to a lot of requirements being asked from them. Worst scenario is, when you are applying for a valid ID, they need first to ask you for another valid ID, which doesn't make sense at all.
Using blockchain technology, we hope to come up with a secured alternative to the traditional identification system so that those who have no access to such, especially among the poor indigenous population, can use our platform to properly identify themselves and protect themselves from identity theft using only a mobile phone.
Once we have completed the initial stage of our identity system, we will move on to developing a poll and voting system on our blockchain infrastructure that can't be altered, tampered with and controlled by any party. Only those users who have passed through our identification system may cast vote using our mobile app and our native token as fee.
Cash-out Convenience Through Debit Card
Blockchain technology may sound too "anti-bank", but in full honesty, we still need the banks to ensure blockchain technology can reach as wide as possible because banks have the sense of "security" that their depositors rely upon. So the best party that can convince these unlearned depositors about the power of blockchain are the banks themselves. So if they will be able to adapt to this technology and convince their depositors about this cool new tech, then that will be a major leap for digital cash or cryptocurrency to reach a complete mass adoption.
To pursue our debit card project, we will partner in the meantime with a bank to provide us with a customized debit card so that cashing out your PHPc will be as convenient as withdrawing money on ATM machines.