ICO Review: ZAMZAM Project
Zamzam realizes the completion of the Islamic financial structure through the Zamzam support, which undertakes the bear of young professionals and Muslim social infrastructure development as its primary goals. The Zamzam fund is established by 12 recognized Imams from all over the global world.
Zamzam bring cryptocurrency to the echelon of ever-present execution: any consumer and little and moderate business can end up being able to take benefit of digital money thanks to the modern environment.
Why does the world need blockchain banks?
Zamzam mission is to speed up the process of the transition from a traditional monetary system to a fully digital economy in order for banks and financial institutions all over the world to become open, fair and efficient through the implementation of blockchain and decentralized systems.
Transparency of all operations in blockchain. Real-time publication of the Zamzam bank’s detailed financial activities. Open results of bank audit. You have never worked with such an open banking system!
Reduce costs by circumventing the chain of intermediaries and abandoning obsolete methods of managing financial organizations.
Provide users with a choice between centralized and decentralized assets storage. Future is for hybrid systems, which give freedom of choice.
How Does Zam.wallet Work?
The Zam.wallet is a protected, multipurpose wallet with a user-friendly and functional interface. It plays a key role in the Zamzam ecosystem by serving entities. The main tasks of zam.wallet:
- Generation of necessary wallets (at first for cryptos and later for fiat money) and its safe storage
- Internal transfers between clients and withdrawal to external wallets
- Currency conversion by a separate module that is integrated with zam.wallet
How does it work?
Zam.wallet can be used by users of Web, iOS and Android devices. During registration a user types in his phone number and password. The user generates additional wallets for needed currencies, as necessary. Encryption and decryption are provided only with user passwords.
When sending a transfer, only a recipient’s phone number is needed. As an alternative, the user could specify a crypto wallet address. If a recipient has not yet registered in Zamzam database, a unique hash link is generated for such a user. The user gets an SMS that a current amount of money has been transferred to him and he has to register in the system to get them.
What should a recipient do?
- Install the application or go to the website
- A recipient will find the funds in the User Account and can use them if the transfer amount is less than $200
- Pass the KYC procedure (later, if the transfer amount is more than $200)
Interaction with blockchain nodes is done through the Json-RPC API microservice Wrapper written in Golang.
The Zamzam technical team headed by Andrew Skurlatov has approached the development of the wallet from the aspects of usability and ease of convenience for platform users.
Zamzam creates a customer Bank or investment company to uphold the company’s cryptocurrency explanation, which will enable you to and habitually carry out all commercial activities in cryptocurrencies conveniently.
In the future, Zamzam is going to turn Zam.wallet into a convenient and inexpensive platform for cross-border payments of both fiat and crypto currency. It is also expected that Visa and Mastercard cardholders will be able to utilize their credit cards, thereby enabling clients to pay for goods and services using Zamzam.
For more information:
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1939693