ENTRY PLATFORM: MODERNISING THE TRADITIONAL BANKING SYSTEM USING BLOCKCHAIN TECHNOLOGY SYSTEM.
Blockchain comprises basically different blocks, which are thus linked together using cryptography. It operates on the basis of peer to peer network which collectively adhere to a protocol which is made for inter-node communication and as well validating new blocks. Once an information or data is recorded in of the blocks, it cannot be altered in any form and this however forms the major feature of blockchain which is decentralisation. Another feature of the blockchain technology system is the use or incorporation of smart contracts which enhances or facilitates transactions without in any way involving a third party.
The two basic highlighted features are the major factors that has led to the incorporation of blockchain into various fields like the healthcare system, car dealership, financial or finance system, e-commerce, portfolio management etc and also many organisations are still all the rise all with the main agenda of using blockchain to help solve or phase out the hurdles faced in other fields which requires blockchain technology system to enhance productivity, scalability and profit as well and amongst the organisations or platform on the rise is the ENTRY PLATFORM which is basically a modernised banking system that is a banking system said to run or operate on blockchain.
WHAT IS ENTRY PLATFORM
The conversant banking system or in other words the traditional form of banking is said to have certain setbacks, limitations or hindrances such as:
1. It is limited by cross-border and capital regulations.
2. It is also faced with the scalability issue which is due to the fact that it is slow and expensive.
3. It has a restriction over the transfer values.
4. Cost of transactions in the traditional form of banking requires charges up to 5%.
5. The speed at which transactions are carried out in the traditional form of banking is slow and it can take up to several days to be done.
6. Withdrawals of the funds in is also slow and thus takes several days too to be done.
7. The issue of trust is always questionable since the bank is the major and main decision takers.
And Entry platform in other words stands out from the traditional way of banking due to the following.
1. It do not have any form of limitations and it is not also affected by cross border restrictions.
2. It is highly scalable as it is fast and also cheap.
3. Transfer values are not restricted unlike the traditional banking system as the transfer values are determined by individuals.
4. Cost of transactions is cheap when compared to the traditional form of banking and it is as low as 0.5%.
5. The transaction speed is fast when compared with the traditional banking system and transactions take only minutes to be completed and in some cases is done immediately.
6. Withdrawals takes only minutes to be completed unlike the traditional banking system which takes several days to be completed.
7. There is no room for questioning trust because unlike the traditional banking system it is an open source independently verified ledger.
is a platform set to bring revolution to the banking system by modifying the traditional banking system and give rise to a modified effective and in the same note efficient form of banking system. It aims at increasing the flow of crypto-based coin or cryptocurrencies in the real world economy. The Entry platform focuses to enable individuals to use their fiat currencies as well as also their cryptocurrencies for their everyday purchase without having to think more or decipher the basic technology behind the system. The platform is designed in such a way that it will assist or aid in the utilisation of all crypto token and as well will also have room to facilitate other individuals who wants to transact using their fiat currency.
THE ENTRY PLATFORM MODEL
The Entry platform basically comprises of majorly five core models which are: the Entry money, Entry exchange, Entry network, Entry bank and Entry cash which will be merged with the ethereum smart contracts to enhance or to bring about the security of data and as well also offer transparency in transaction basically in the world of finance.
1. The Entry Money:
This is a cryptocurrency as well as also a fiat payment gateway which will be used by e-shops and which can easily be accessed the internet or through the mobile app version. The Entry money will present registered users with the International Bank Account Number (IBAN) which will thus aid them to store their crypto assets in their account.
For now, the main agenda of the platform is to start with one major fiat currency which is the Eur though plans are still being made to incorporate other fiat currencies. With the Entry platform users can store, transfer, withdraw and deposit both fiat currencies as well as cryptocurrencies.
2. Entry exchange:
This is like the clearing house or unit of the platform. Here, is where all the transactions being carried out in the platform will be cleared. It will also be merged or connected with other exchanges inorder to maintain liquidity. And the Entry Token will be it’s main medium of exchange.
3. Entry network:
The core feature which will be conversant with the Entry network is the use of API as well as the the wallet. The API will allow businesses as well as merchants to basically integrate their business processes using the platform ar architecture while the wallet on the other hand is the crucial and additional feature which is a multi-currency digital wallet that will allow users to store their fiat as well as their cryptocurrencies and as well hold key electronically.
4. Entry bank:
This is a digital bank which has a traditional banking services provided by the use of blockchain technology system. It will provide the traditional banking services which are deposits and payment to its users. And users will also posse a bank account where they can deposit their blockchain assets and it will also allow payment through the physical process and as well using virtual cards also.
5. Entry cash
This will basically function as a virtual Atm that will enable users to withdraw cash from their Entry Wallet.
THE ENTRY PLATFORM TOKEN
This is a utility token that will be used on the basis of peer to peer transaction on the Entry platform it will serve as the major medium of exchange in the platform and there are about 590 000 000 of the utility token in total supply it will be be designated or refered to as the Entry Token and it is an ERC20 compatible utility token.
The Entry token will however offer the following benefits as well as values.
1. It will motivate the use of ENTRY TOKEN for transactions by the market participants.
2. It will maintain liquidity in the platform.
3. The token will be used for any form of transaction whatsoever with no form of limitations.
Modifying the traditional form of banking system is the core target of the ENTRY PLATFORM and they are said to acheive this through the use of blockchain. Blockchain has proven to be vital as a modifier in many fields of life based on it’s distinct feature of both the use of smart contracts and decentralisation. And the Entry platform is set to utilise it to provide a more modified system that will act as a modern day banking system whereby transactions are carried out daily with no form of limitations whatsoever.
TO KNOW MORE ABOUT ENTRY
Join the Telegram Group: https://t.me/Entry_Official
Follow on Twitter: https://twitter.com/EntryMoneyICO
Follow on Facebook: https://www.facebook.com/entrymoney/
Follow on Medium: https://medium.com/@entry
Follow on LinkedIn: https://www.linkedin.com/company/entry-money/
Writer’s Bitcointalk Username: Musekay
Writer’s Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2070957