Kit token is a financial system of self-management with a P2P transaction. Kittoken is self managed base on an open source platform called kit pay. Kit pay allows users own wallets which stores kit token, transfer kit token and trade kit token daily. The motivation of the kit token can be described in 3 core trends: Cash remains a dominant force in any economy, the financial landscape will change in the future.
Kit pay technology allows development of financial transactions to meet the demand for new currencies. Convergence to digital currency disruption era is been accepted by region Asian countries where most countries are developing regulatory guidelines for cryptocurrency utilization as a mode of payment. With all these motivations above, cryptocurrencies have some challenges: Physical transaction of fiat currency poses security threats, High human error makes it permeable to hackers, Regulatory restrictions by authorities; High transfer fees, High account setup costs followed by low fees after setup; show transaction fees, limitations in terms of geographical coverage, Involvement of third party in payment system, Lack of merchant establishment accepting digital payment in remote areas. All of these are all major challenges faced in cryptocurrencies.
The solutions to all these challenges are based on the volume of investments in Fintech start-ups. The Annual volume investments approximately USD50 billion. There are also attempts in applying blockchain technology to reduce the financial investment. However, the array of disadvantages that new entrants are facing is short lived by willingness of financial institution to embrace emerging Fintech’s and kit token offering to the kitpay system.
In terms of kittoken security, the production of kittoken was needed to finalize software and undergo strict security, performance and usability tests. Blockchain and smart contracts integration implementation was needed and ethnical hacks will be performed for security purposes. The platform kitpay, comprises of The wallet, Monitor balance, Transactions history, Secured payments. The kitpay wallet is needed in allowing all of these that comprises kitpay. The kitpay system is being protected by firewalls and cybersecurity.
Features of Kit Token: It is decentralized- this means it offers a definite and secure environment; Connects merchants, individuals and entire ecosystem of Fintech; Allows low-fee, fast, reliable and efficient transactions; Allows profit sharing among kit token holders. Kit token has become very important to solve the problems of global r emittance. Many companies and executives want to transact more money between different countries. The development of both the kit token and kit pay is based on the Ethereum Blockchain and its been ran on the main Ethereum node (ERC 20 Token)
The ERC20 is a subset of the Ethereum tokens. It typically enables interaction with smart contracts and permission applicants on Ethereum blockchain. According to the world bank 10% of the world’s GDP will be processed through the help of blockchain cryptocurrency market and tech companies. Development of cryptocurrencies have be growing rapidly for the past ten years, offering a void range of transaction possibilities for users and industries/organizations. A medium of exchange such as cryptocurrency makes use of cryptography as security for all transactions and control. The vision of the kit token is to become the most stable digital currency. The similarities between kit token and other blockchain cryptocurrencies, is that they all make use of token for one common idea, for example, lets take the Ethereum blockchain. The Ethereum blockchain accounts in smart contracts and can be used to validate and protect certain rules and regulations regarding distribution and ownership of tokens. These smart contracts are implemented and executed by Ethereum’s network and in any way can’t be invalidated by the company or by any individual holders. There are Applications that connects the Ethereum and kitpay together. These applications are known as the Ethereum Truffle and it’s based on three different parts: Built in smart contract compilation, linking deployment and binary management; Configurable built pipeline with support for custom built processes: and Network management for deploying to many public and private networks. The connection layer between kitpay and Ethereum is implemented using a Node js, which also uses and event-driven model that allows it to manage connections between users and kitpay.
Kitpay also has a wallet that has a cross-platform wallet for the purpose of users store kit token. The kit-token wallet also provides more functions for users: Generating new address on the Ethereum blockchain network; view transactions, pending releases, create payment request and display them as QR codes and scan QR codes to send kit token payments in seconds. The kitpay has a web platform that is divided into 4 main parts: Main Application, Landing Page, Payment form and Admin Application.
The kitpay web platform is further divided into: Main Application taking Authorization, Balance, Transaction, Send Token, Receive Token & Settings and Admin Application taking Authorization, Emission, System Transaction. main Application typically contains client Application where only registered users can login. The admin Application typically contains Application for administrator to manage balances and transactions. The landing page or standalone page contains information about application and links to login into web application. The payment form or web form are for merchants to get payment from users.
In the end, mobile Application has almost same functionality as web-version, but have some few additional features like: QR code Scanner, Unlock Application with pin code and Push notifications. The kitpay mobile Application for devices also has the Main Application functions for the kit-token. In addition, cryptocurrency, smart contract, kit token, are all conducted without the help of middle men or distributors which makes it easier and a lot faster to handle. The strategies of the Kitpay are : to promote and create awareness among community of Kittoken holders either through Application holders either through Application like airdrop or incentive scheme, to create a unique value project which shall contribute to the kittoken owners’ earnings worth 3-5% annually, expanding network of users by co-branding and aggressive promotion via social media and corporate sectors, and to bridge and facilitate institutional capital investment with regulatory agencies.
Kittoken inspires and imagine a world where a global borderless digital financial society access to business with a touch of the finger. Kittoken share with people who want to learn they can have freedom to transact and the power to transfer funds while being part of a larger business organization that why Kittoken is a Self-managing financial system.
More Information
Website: https://kittoken.net/
WhitePaper: https://img1.wsimg.com/blobby/go/030bdbd0-d698-4aa3-ba4d-d2bc680f2ec9/downloads/1ch2cv71q_3536.pdf
Telegram: https://t.me/kittokenofficial
Facebook:https://www.facebook.com/KitTokenOfficial
Medium:https://medium.com/@kittoken.official
Twitter: https://twitter.com/TokenKit
Instagram:https://www.instagram.com/ubex_ai/
Github:https://github.com/KitToken/Official-Smart-Contract-of-KitToken
Author: https://bitcointalk.org/index.php?action=profile;u=2170055