With the launch of Connect Coin, Cryptocurrency International Tanzania limited (CITL) is planning to resolve the issues which are faced by fiat currency transactions. These days, money transfer and online payments have become a part of life.
The increasing popularity of e-commerce has played a significant role in the growing demand for online payments. CITL believes that though the current payment system is meeting the demand, there are a lot of gaps that can be filled by more effective methods of money transfer. Blockchain technology and Cryptocurrencies are a way to make money transfer more efficient, easy, and accessible from anywhere anytime.
CITL believes in continuous upgradation of technology and is among the very first companies in Tanzania to offer fintech products in the country. The company has plans to transform the global payment system and money transfer through cryptocurrencies and blockchain Technology. CITL is planning to utilize the market volatility of both cryptocurrencies and fiat currencies in the global financial market to create a decentralized cryptocurrency “Connect Coin (XCON)”. CITL believes there are certain issues with the use of fiat currencies such as:-
Cross-Border Payments: When fiat currency depreciates it causes inflation which is a huge problem for the businesses which have global reach. People do not find it safe and convenient to exchange the fiat currency into regional currencies while travelling worldwide.
Bank Access: In the developing world, only 41% of people have access to bank accounts. So, the remaining 59% population cannot easily make transactions or trade inside or outside the country.
Double Spending: The use of credit or debit card for online purchases expose the user to online fraud because the same data can be used by other parties without the authorization of the owner.
Identity Theft: Fiat currency transactions do not allow users to transact online without the declaration of their identity. The Identity information of the user is sent with the transaction along with other data. This information can become vulnerable online.
Data Tampering: Fiat currency data can be counterfeited.
Fees: Because of the centralization of fiat currencies, the associated fee usually remains very high.
Connect Coin (XCON) – The Imperative Blockchain Solution
Connect Coin is one of the vital product offerings of CITL that is developed with an objective to ‘connect the world.’ It is a standard ERC-20 Ethereum-based coin that intends to connect buyers and sellers from around the world by enabling them to be a part of Connect Global Marketplace.
Consumers can purchase from sellers and merchants across the globe and pay efficiently through Connect Coin, thereby reducing the hassle of converting money to local currencies. The platform also enables consumers to pay for good and services using the Connect App as well as Connect Cards.
Connect Card – Improving Global Payment System
Built on blockchain technology connect card envisions to improve the digital payment system. It simplifies cryptocurrency transactions and makes their use practical in real-life. Through Connect Card users can easily withdraw funds (XCON) in fiat money.
Connect Coin Token Sale
CITL is to distribute 70 Million XCON tokens in its token sale which is ongoing. These tokens will be issued in the following manner:-
- 76% – ICO sales
- 15% – founder and management team
- 7% – Promotion of referral program
- 1% – Contingency
- 1% – Legal costs
Additionally, funds collected from the token sale will be allocated in the following manner:-
- 35% – Connect marketplace
- 30%- CITL merchants
- 20%- CITL exchange
- 15%- CITL academy
Learn More about connecting coin on https://connectingcoin.io/