Introduction to Crypto Banking System
There are a vast number of different assets that people may use free to keep value. Now there is the value of the traditional environment or investment, but we believe that today the blockchain and cryptocurrencies are the EVOLUTION and the best solution for the management, storage, and accounting of these assets. There are many different assumptions and analyses published by outsourcing companies.
The data given by such sources presents the global wealth average to be an estimate of 312 trillion dollars. Consequently, most of these assets are owned by banks or similar of such financial institutions, and present in most cases without motion, thereby causing unrest and issues to acknowledge.
The modern traditional financial system presents itself with a lack of updates and extreme vulnerabilities. Banks, as well as the state, do not want to engage with blockchain technology.
on a global level, since officials will have it difficult to hide corruption schemes and various backstairs political methods of struggle with public opinion, justice democracy, and more.
Given the foregoing, we may conclude that the inclusion of the world’s assets on the blockchain is a necessity and has enormous benefits that will appear in the process of this integration. It was not too long ago that cryptocurrency was introduced as an ‘electronic payment system based on cryptographic proof’, therefore allowing any two people to interact directly with each other without the use of a trusted third party, and thus eliminating the need to entrust your money to a central authority.
The very first chosen cryptocurrency is bitcoin, it was created by an unknown developer or team of developers under the pseudonym “Satoshi Nakamoto”. Satoshi created not only a new class of decentralized, digital currency or cryptocurrency but in general, through technology introduced the world to a new financial sector which, has been widely used and studied. Now it is not possible for any state, self-respecting finance company nor any keeping up to date organization to ignore the inevitable.
Cryptocurrencies present a vast number of advantages such of which are low transaction costs, global payments, easy conversion, and wide distribution, pseudo-anonymity, asset ownership and exchange, real-time transactions transparency, and immunity to common problems that occur in the traditional banking system.
On the other hand, the use and possession of cryptocurrencies may present difficulties to nontechnical users. Furthermore, if one wishes to use cryptocurrencies in their daily life to pay for petty purchases, the attempts may portray to be less profitable and riskier due to factors such as the uncontrolled cryptocurrencies mining process, speculations by large traders and holders of large market shares engrossing from the whole component of capitalization (a total capitalization of about $ 300 billion). In addition to this, speculators theorize that there is an approximate $50 billion loss of bitcoins. Based on the factors mentioned above,
there is often more of a misunderstanding or inadequate information of the market behavior on technology, and therefore often a lack of usability of non-technical users. As a result, this often leads to uncertainty making the market drop at a pace that no company has ever experienced on traditional stock exchanges.
In this whitepaper, we focus on how vvmedia bank by creating a bridge between fiat and cryptocurrency can upgrade the financial system and a new economy. In accordance, assets will be stored and transmitted using software built on the Ethereum network according. to the ERC20 standard for tokens, cryptographically secure, and the technology use of distributed ledgers, as the true value of the cryptocurrency.
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VVMEDIA bank is a blockchain-based innovative fintech solution, enabling the banked and un-banked to transition into a crypto lifestyle with ease and simplicity.
VVMEDIA bank`s objective is to apply blockchain applications and generate a balanced personal and economic well-being of the people at large globally, MOST IMPORTANTLY is to apply those applications over the transaction and monetary interchanges between the residents of SMART CRYPTO CITY. We plan to achieve this by offering a one-stop solution, envisaging a multi-purpose fiat-cryptocurrency bank that is simple, secure, trusted, transparent and rewarding for the public to utilize.
Vvmedia bank`s services shall be innovative. It shall use:
web and mobile APPs which will enable the people to transition into a new era of decentralized and trusted banking and financial activities. It aims to contribute mainly to realizing the dreams of a better economical culture for all humankind from its operations.
Multiple locations around the SMART CRYPTO CITY, the user will find a banking station that will have ATM machines, through those users can proceed with exchanges between FIAT-CRYPTO every time they needed to do so.
Credit card and debit card
Debit Card, Physical and virtual VISA debit cards linked to users' accounts.
Crypto direct payment
Wallets are used for Escrow and Trust purposes to facilitate commercial/trade/industrial transactions mainly. Exchange powered by VVmedia exchange.
VVmedia will be the world’s first blockchain-based digital banking ecosystem to offer such a wide range of services and features, our solution will create a bridge between real-world transactions and digital ones. It will remove the inefficiencies of the current banking and financial institutions.
“is to develop a blockchain technology-based multi-purpose financial services banking organization and create an ethical and responsible banking ecosystem.”
VVmedia foresees a decentralized monetary system that, besides its original purpose can also address the needs of the unbanked population across the geographical boundaries. Customized products, personalized service, and a strong moral compass will guide VVmedia on its journey.
The core ideology at VVmedia lies in creating global, open, and low-cost banking network to unearth immense economic opportunities and more commercial activities across mainly in the SMART CRYPTO CITY and extend its services globally.
VVmedia is creating a blockchain fintech technology platform:
. To provide high transaction throughput, low latency to scale to billions of accounts
. To be efficient, with a high-capacity storage system
. To be flexible, to manage and integrate future innovations in financial services
. To be secure, to ensure safety of funds and financial data
. To foster innovation and competition in our activities
. Easy Upgrades and Bug Recovery
. VVmedia bank blockchain based applications will have the flexibility to enhance the applications with new features. The platform will support software and smart contract upgrades. The platform will be robust enough to
. fix bugs when they inevitably occur.
. Low Latency: VVmedia bank`s platform will support low latency of transactions. A good user experience demands reliable feedback with a delay of no more than a few seconds. Longer delays frustrate users and make applications built on a blockchain less competitive with existing non-blockchain alternatives. At VVmedia banks, we shall take care that the users and customers get a world class experience.
. Sequential Performance: Applications on the VVmedia bank`s platform will use sequential performance algorithm to handle high volumes. Parallel Performance
Besides the main purpose of VVmedia bank is to regulate the full monetary system that flows across the CITY. VVmedia network is intended to support global, cross-border monetary transactions by extending the functionality of fiat currencies to cryptocurrencies and vice versa. We plan to replicate the key economic properties for
. the already existing customers that benefits from traditional banking services
. Alternative Banking 1.7 billion adults worldwide do not have access to a bank account. Cryptocurrency today presents a simple solution with one only needing internet access to have a bank account. What is more, users have full custody of their funds and therefore are not subject to bank failures or limited bank hours. Not only individuals but also underbanked businesses face problems with opening a company bank account due to a variety of reasons. the solution presented is considered as a method of alternative banking, thus allowing them to store their assets securely.
According to the WORLD BANK 2019 report, the middle-class population globally reached 5.87 billion; VVmedia intends to reach a high and considerable market quota.
Users can benefit from VVmedia banking by being facilitated to execute the following use cases whenever is needed
1.Safe Haven Asset
BANKING SERVICES & STRUCTURE
We have built a legal framework that enables us to have a parallel banking s structure which can rely on multiple different banks, protecting our client interest and their privacy.
We offer our clients a compatible service of the VVM Exchange Structure, allowing your business Structure to follow ours.
Once the Know How, the Structure and the Software’s are in place, we will keep on backing them up by actively working on the compliance side and manage the financial system to maintain and smooth and worry-free process.
As a result, the Client will receive a fully functional copy of our structure.
REGULATORY AND COMPLIANCE
Like any traditional bank, we believe in creating trust by our overall banking operations’ safety, security, and integrity. Our system should be evolving against security threats and other cyber risks. We recognize the importance of building Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT) sanctions compliance mechanisms. Also, for the prevention of illicit activities to address threats and risks to our own infrastructure. We shall commit to a system that can address important policy concerns.
We shall create a payments system that is legally compliant, safe, and consumer-friendly together to abide to regulatory requirements. VVMEDIA bank shall implement a robust AML compliance framework to ensure that its platform is not misused.
we plan to implement the following safety controls:
Create a comprehensive Compliance Program that would be acceptable in locations where we register.
Apply the Risk-Based Approach, and FATF recommended international standards.
Set mandatory standards for unrestricted use of our system.
Conduct CDD/EDD before associating/onboarding.
Only certified customers (or participants) will be allowed to transact on our network.
Apply automated protocol-level compliance controls for all on-chain activity.
Monitor all network activities and network participants to protect the customer’s money and data by implementing a set of automated checks to detect suspicious activity.
Identify and report potentially suspicious activities.