What do you get when you create a mobile banking platform based on a blockchain? Knox World Pay! Knox World Pay is an Apollo fintech product that will launch on the Apollo blockchain, aiming to foster faster global blockchain adoption.
At the initial launch of Knox, Apollo merges pairs of the most common coins. According to Apollo fintech CEO Mr. Stephen Mccullah, they expect to have not less than 100 currencies and pairs by the end of 2020. Merging cryptocurrencies will utterly increase the demand for APL leading to a complete blockchain application.
Moreover, this platform will solely bank the 1.7 billion unbanked adults by easing the processes of entry into the crypto world. Knox WorldPay platform seeks to end the issues of accessibility and usability of cryptocurrencies and blockchain.
The crypto world is not entirely accessible both in developed and developing countries. Moreover, purchasing cryptocurrencies is a tussling, especially with the series of must do’s. For instance, an individual needs a reliable exchange platform, sign up for the services, and probably deposit some minimum value in the exchange. Seeking a good crypto wallet may take a lot of research, especially for crypto beginners. Therefore, investing in the crypto space is a long hectic process as it now stands.
However, Knox World Pay will be the final answer to all issues of convenience. This new platform will end all the entry barriers in the crypto world by offering easy signup options. The platform provides a vast agent network in every corner of the globe to ease onboarding processes. Since agents will be everywhere, even people in the most remote areas without bandwidth access will enjoy first-world financial options. Anyone can freely become an agent creating an extensive network of sub-agents to widen their business and create employment opportunities.
Another severe issue hindering the mass adoption of cryptocurrency is usability. Most crypto trading platforms and exchanges require an internet device like a computer or a smartphone. The current global smartphone usage is still lagging at around 3 billion people. Additionally, users need to be in internet-accessible areas; however, the global internet penetration rate is 59%, with 4.57 billion active internet users.
Knox World Pay shapes the mobile banking and cryptocurrency trading worlds by giving offline options to transaction completion. For instance, Knox Worldpay provides the SMS transaction option where users will easily send BTC via SMS. The whole idea of Knox Worldpay is making the transfer of cryptocurrencies easy, just like sending an SMS. SMS are offline options, therefore highly applicable even in areas with low or no internet. Moreover, sending offline SMS does not require a smartphone; users can complete transactions using a remote phone. Knox World Pay will feature bitcoin and other cryptocurrencies with good market caps like Ethereum, Apollo currency, etc. Moreover, it will feature other fiat-backed stablecoins to widen its reach.
Other Problems Solved by Knox World Pay
Besides solving the two core issues troubling crypto and mobile banking platforms, Knox World Pay will implant a world of technologies to bolster adoptions. As previously mentioned, the platform will enjoy the hub of Apollo blockchain and gain from its unique functionalities. Merging the blockchain’s capabilities helps to solve more problems in the crypto and banking adoption race.
Security and Privacy
Security and privacy issues are perhaps the biggest threats to every banking or financial system. Most blockchains fully display transactions and full details about transacting parties. Although Apollo blockchain is an open database, it ensures complete privacy of personal transaction details. For instance, the platform merges a functionality akin to Zk SNARKs to protect user data. This functionality, dubbed IP masking, keeps IP addresses’ anonymity to avoid backtracking transactions to a particular computer.
Transaction speed is another advantage of leveraging blockchain capabilities in mobile banking. Although mobile money banking transactions are incredibly fast compared to physical banking, transaction approvals still take minutes. However, transactions on the Apollo blockchain take less than two seconds to complete. The approval speed is due to the adaptive forging technique, which prevents blockchain’s non-stop block creation. That leaves enough resources for upcoming blocks and transactions, thus faster transactions.
Reliability of the Platforms
The Apollo blockchain system also offers reliable databases and regular updates to ensure maximum functionality. For instance, the database sharding technique allocates data into small shards to increase their functionality. Another approach dubbed the Updater sends updates in all sections of the blockchain. Knox, as an Apollo blockchain product, will enjoy reliable databases and regular maintenance updates.
Although many products join the market every year promising to bank the unbanked, non has been able to do that. However, Knox World Pay will merge functions that will attract people globally to use banking options and consider crypto-financial solutions.
Unlike any other platform, Knox World Pay will end accessibility, usability, reliability, security, and transaction speed problems. It will merge a chain of agents everywhere globally to ease the signup problem. Moreover, it provides offline options to crypto trading like the SMS and offline QR options to transfer crypto. Since the platform will be part of the Apollo blockchain, Apollo currency holders will benefit from Knox transaction fees in the form of dividends. Therefore, Knox World Pay is the only platform overcoming crypto entry barriers and fostering actual mass blockchain adoption.