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Introduction
There are several issues that customers of traditional banking have been facing and that led to the revolution in financial technologies or fintech, as it is now commonly known. Some of the issues are higher charges, inadequate customer support, slow transactions, complex interface, low levels of transparency and absence of collaboration with various business sectors, to name a few.
The term fintech was earlier used to describe technologies used in back-end activities at banks and financial institutions but, with time, it has also become a mainstream method of finance management. It is increasingly being used both at the institutional as well as the retail levels.
DMGlobal is a decentralised digital wallet and cryptocurrency platform. It is building a revolutionary ecosystem that will open new opportunities featuring crypto transactions, banking and invoicing, international remittance, an internal exchange between fiat currencies and cryptocurrencies and much more.Â
In other words, it aims to create an ecosystem that allows users to become free in the management of their money, to have their own decentralised portfolio in which they can bridge fiat currencies and cryptocurrencies and from which they can make any desired financial transactions.
All the above features and benefits are available for anyone in the world without constraints, complications, unnecessary expenses or intermediaries. The mission is to give all cryptocurrency holders the possibility to use them in their daily life.
The DMG Blockchain
The creation of blockchain has enabled people to carry out person-to-person transactions without the intervention of third parties and in total security. Blockchain, as we all know, is a public ledger in which all transactions made between the parties, involve the network and will be verified by the same.
Anyone with access to the internet can track a transaction and know its status in real-time. This technology eliminates the need for a third party in the process of certifying the truthfulness of the information.
With the network being decentralised, the information is not owned by any private or government institution. Every computer running the software has a copy of the entire registry book. Besides, synchronisation between computers on the network is instantaneous and automatic.
Distributed ledger technology or DLT in blockchain offers new avenues for incorporation of cryptocurrencies in mainstream finance and potentially disrupt how payments can be made for goods and services.
It is different from conventional payment networks because it is decentralised and distributed. All members of the network validate the registered blocks. So, if one computer on the network is disconnected, all other computers maintain an identical copy of the information. Moreover, a request from the transaction log is sent to the main network, once the transaction is executed.
DMGlobal has decided to create its own blockchain network in order to have a decentralised ecosystem that guarantees security and stability. The network will be active 24 hours a day and 365 days in a year without interruption or corruption.
The network is a new type of decentralised ledger technology that does not require slow block-confirmation time of several minutes, as all major blockchain networks do. The technology will be completely decentralised and allow for instant payments and instant settlement or confirmation of a transaction at very low costs. To describe it with a simple analogy, it will finally make buying a coffee with crypto and feasible option.
The online platform facilitates access to the purchase and sale of cryptographic products through fiat currency, as well as offering traditional services to customers. The commissions on transactions on the DMGlobal network are fixed and hence, the operating costs do not increase on the basis of the volume of transactions on the network.
With time, the terminal can enable many new options and features that were unprecedented to date. To give some examples about the possibilities of the terminal, trading in tokenised shares and stocks, issuing and receiving secured credits, international remittance at sloe-t-zero costs are all now possible on the DMGlobal ecosystem.
The Unicrypt partnership
The current model of the cryptocurrency market requires specific skills for the average user to be able to make a simple purchase of cryptocurrencies. The user needs to open an exchange account and exchange between the fiduciary currency and the desired cryptocurrency. In order to execute the trade, the user needs to create buy and sell orders in order books, understand the quotes and various other factors of the financial markets.
DMGlobal introduces the design of a distributed digital bank in its ecosystem that aims to simplify the process of buying and selling cryptocurrencies. Under the DMGlobal – Unicrypt partnership, the user deposits the money to his account via a simple bank transfer and can immediately convert this value into the cryptocurrency of his choice. The user can deposit fiat currency and convert it into cryptocurrency, or the other way around, by simply pressing a button.
The account balance can be used for all conventional banking functions. A user can make payments from invoices, deposits and inter-bank transfers. No complex business processes or transactions involved to buy or sell cryptocurrency.
The inclusion of the DMGlobal – Unicrypt partnership completes the cycle of user-friendliness that DMGlobal is aiming for in its overall design. In a single platform, the DMGlobal user will have the entire payment ecosystem that are used in conventional banking networks.
Unicrypt Terminals
One of the biggest hurdles that needs to be crossed in the crypto currency market is the use and DMGlobal is working to make the experience and daily use of crypto currency simple for anyone. Payment terminals, also called POS and widely used by credit card providers, will be replaced in the digital payment ecosystem by Unicrypt terminals.
People will be able to pay with crypto currency through those terminals without converting it into fiat currency. Merchants, in turn, will also be able to accept crypto currencies without having to understand the market and convert them into the fiat currency of their own country. The payment solution of DMGlobal will do this automatically and in a simple manner.
This facility is expected to be beneficial for all stakeholders involved. The terminals will execute payment orders with values defined in crypto currency. The purchase price is set in fiduciary currency and converted into crypto currency at the time of completion of the transaction.
The QR code, with the data to make the payment, will be shown on the terminal display. A part of the amount at the DMGlobal terminals will be sent as commission to the authorised distributor, who provides the payment software to the merchants concerned.
This commission will make it possible to expand the DM Pay payment network. Spreading DM Pay terminals is the fastest way to increase the use of crypto currency for all and aligns well with the vision that digital money will revolutionise the payment market and the daily life of people.
The Reserve Fund
One of the biggest problems with the mass adoption of the crypto currencies is the high volatility of the market and the lack of reserves that guarantee a minimum value in the case of a market collapse. The low traded volume of crypto currency allows some large capital investors to manipulate the prices.
The solution of DMGlobal to this problem is a physical asset of intrinsic or monetary value. In order to make this possible, DMGlobal has created a self-sustaining reserve fund through tis POS and ATM payment network, thus supporting an increasing value to currency. The sums collected will then be invested to give more and more strength to the project itself and to the currency. The reserve fund will be replenished by POS and ATM transaction fees.
Conclusion
Although fintech is at its nascent stages and there is a long way to go before it takes over traditional banking, if at all, but offering solutions to issues faced by customers of traditional banking could eventually pave the way for the meteoric rise of the fintech industry.
The mission of DMGlobal is to give all cryptocurrency holders the possibility to use them in their daily life, thanks to the former’s simple and practical payment systems. It will make it easy to purchase the desired crypto coins and enable users to own a multi-currency wallet containing fiat as well as crypto coins through one single tightly integrated decentralised platform.
The global cryptocurrency market and the community have expanded so much and so fast within a very short period of time that it would be a waste of time to convert their funds into fiat currencies before making any transactions – big or small. Besides, the available data also point to the enormous potential that still remains untapped.
DMGlobal focuses primarily on the people who are not fortunate enough to have expensive mobile devices in their pockets to even install the app. It ensures that anyone and everyone can have access to their funds and be in complete control of them through specially designed cards
DMGlobal presents solutions that are aligned with the future of digital payments through complete digital transactions, digital infrastructures and a decentralised ecosystem that guarantees security and stability.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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