Cross-border payment is an easy-to-understand concept. According to the popularity of domestic fast payment of WeChat and Alipay, you might not imagine cross-border payment is time-consuming and laborious.
Specifically, when Chinese consumers purchase products from foreign merchants, because of the different currencies, they need to realize the conversion of funds between the two countries through certain settlement tools and payment systems. This includes a number of information processing nodes such as banks, third-party payment platforms, custodians, cooperative banks, domestic buyers, and overseas sellers. In this cumbersome transaction process, the efficiency and cost of information transfer are relatively high.
Take the world’s leading express remittance company “Western Union” as an example. Even if it has the largest and most advanced electronic exchange financial network in the country, in terms of cross-border payment, the fastest time to transfer to account is 2~3 days. If you use ordinary bank wire transfer, it takes 3~7 days and the charge of each transaction is 30 to 40 dollars.
However, the Jewish consortium’s AtoX project which is based on Blockchain 4.0 technology is a cross-border settlement that takes only 3 seconds to complete. It firmly grasps the pulse of market development and it is a bright color in the bear market.
We know that the technical advantage of decentralization of the blockchain allows all nodes in the whole process will record the information in the block chain in chronological order and share it with all nodes. Simple and efficient, it achieves 7×24 hours, near real-time cross-border trading services by streamlining and optimizing the entire transaction process.
The convenient and secure trust mechanism of the blockchain creates a trust consensus of the entire network without the need to trust a single node, it solves the dependency defects in the transaction process, allows the nodes to move spontaneously, record information actively and realize information transparency, and establish the security credit system of the whole process together. In the future, banks will be able to make peer-to-peer payments no longer through third parties, but through blockchain technology, which not only saves the links of third-party financial institutions, but also enables 24 hours * 7 days payment, real-time payment, easy cash withdrawal and no invisible cost.
The AtoX project, which was built by the Jewish consortium which is based on the blockchain 4.0 technology, is far superior in technology to the previous 1.0, 2.0, and 3.0 versions. AtoX uses the lightning network and settlement payment to capture the pulse of market development, it is a bright color in the bear market.
2019 will be a year of rapid development of the lightning network. Lightning Network is a bitcoin-based micro-payment network. The Eco-token AXC of AtoX Project can effectively cross-border transfers, and you can quickly transfer funds to where it is needed, without geopolitics, embargo, sanctions or regulation of traditional currency. In the long run, AXC can achieve what current payment systems like Visa can’t do, that is, completing cross-border settlements in milliseconds and completing payments at very low commissions. The transfer time is less than one millisecond, and when such cross-border settlement is available, a truly innovative application will emerge.
Payment and settlement will be a booming market. It is used for payment and settlement of AXC token and is not affected by fluctuations in coin prices. Because when AXC is low in value, it is not really affected by price fluctuations. For example, in the bear market conditions of 2018, this market is also developing. If the system grows in flow and popularity, the fluctuation will naturally become smaller. The more people use it, the more they use it in their daily applications, the less fluctuation it has, because speculation is not the main driver.