The future of Middle Eastern Commerce
ICO buyers will be considered partners under Sharia law and half the investment will be held in an audited account. Any ICO partner can ask World Coin anytime in the future for 50% of the the original investment to be returned in exchange for their Coins.
Crypto Currency is a booming marketplace with untold uses coming into view. As everyone will soon know, it has forever changed the way we view digital economics. But despite having a large framework of coins, many popular coins are leaving underserved marketplaces out of the mix. This is where WorldCoin is coming in to level the playing field, by helping the Islamic world to catch up to modern day standards and practices. Although we will still work within the framework of sharia law, we are also working to cultivate the most useful Middle Eastern marketplace tool in the past 50 years. . This will effectively take a 100 billion dollar industry (crypto currency) and introduce it into the trade-hungry Middle East. Instead of trying to reinvent the wheel, our developers will be partnering with the Kyber Network (kyber.network.com) to deliver trustless currency exchanges, which feature instant, no “middle men”, contract based coin exchanges, as to be on the forefront of security and accountability. A first in the crypto exchange world.
This industry has seen unparalleled growth over the past 2 years. But beyond that, the Middle East has also started upping its trading sophistication as well. Markets are becoming as modern as pretty much anything you would see in the states, so adoption will be easier due to capital rich markets on many of these exchanges. The growth will really be determined less by foreign policy and more by technological delivery, something that we are building to be highly secure and highly transparent. Growth in the past has been restricted both by sharia law’s anti usary policies and by physical trade restrictions. We don’t want to destroy any cultural values, instead we want to aid in speeding up the transaction time, which is why expedient growth will be possible.
The Middle Eastern countries are still operating on a cash and carry policy in many cases. These are due to cultural laws, as well as physical currency infrastructure setbacks. Although they have internet in many cases, secure transfer of funds from country to country is just not always available. In fact, it’s almost never available. This is where cryptocurrencies can create very interesting and very viable options for people to not only make money, but for them to save time and working capital in the pursuit of growth. Many across the board have clamored for such technological innovations, but political factors and national restrictions have created roadblocks to success.
Quarterly Reporting and full transparency of the business.
Along with infrastructure change delays, the problem of having many digital assets increases as the number of ICOs increases. Making investments more difficult to manage. Despite this many investors will acquire a variety of desired crypto tokens as part of their investment strategy. Our exchange will also support such a functionality, although the convertibility of one crypto token to another represents a new challenge for both investors and operators alike. For example, it may be a challenge for a party to allow an already deployed contract to accept new crypto tokens as a form of payment. It also introduces more room for implementation bugs and security flaws. As an example, recently, in the DAO Token ICO, there was a major bug that distributed more tokens to SNGLS contributors than to ETH contributors, although they contributed the same amount. Thus, there is a need to simplify the payment procedure for both token holders, merchants and users in the network.
The WorldCoin will feature a basket of 14 individual currencies all pegged to the local fiat currency of their respective country. (For example 1 Iraqi dinar will equal one dinar coin.) So to mitigate instability in fiat, we will also have our tokens easily tradeable into WorldCoin’s thereby allowing investors a safe haven in case of political instability in the region. These currencies will always carry a 50 percent cash on hand reserve, in order to be fully sharia law compliant. This backs investors’ money with local dollars and insures the stability of WorldCoin as a trading network. Keep in mind that most modern banks only are required to keep somewhere between 3-20 percent of cash on hand to back up their outstanding assets. Hence we arrive at the term “fiat” banking. Our coin will surpass this in terms of our quarterly accountability “open the books” sessions via skype. Along with our open source transaction legers.
WORLDCOIN SECURITY PROBLEM
Blockchain technology holds the great promise of enabling decentralized protocols, applications and organizations. Much of this enthusiasm is driven by Bitcoin and Ethereum, the main software platforms where these are built. Yet, we’ve seen $60m+ lost to hacks to blockchain-based projects in the past 6 months. Recent scandals have exposed the high risks and challenges every project faces: the problem of how to write simple and secure code that deals with several real types of money. Still, there are no widely adopted security standards or best practices for projects to follow. There are no tools for developers to easily create, test, verify and audit smart contracts, and do so collaboratively. We believe that the only way to make this happen is for existing and emerging projects to cooperate and build them together. Using OpenZeppelin as the basis for our library, we are going to create the new token(WorldCoin) contract and the token(WorldCoin) will be compatible with ERC-20 token.
As mentioned above, the WorldCoin token contract will be based on the OpenZeppelin library. OpenZeppelin is an open-source framework to build secure smart contracts. It’s meant to provide secure, tested and audited code to enable the new generation of distributed applications, protocols and organizations. Using Smart Contract Solutions, we believe will create an open financial and economic system for the world. We’ve been working on using blockchain technology to improve the experience of creating and running businesses. We plan to use OpenZeppelin as the core technology to achieve this vision.