As the coinage cost increases and the frequency of use of cash decreases, the development trend of cashless society becomes increasingly obvious.
According to a report released by CaixinNet, due to inflation and rising price of metal, American Mint spent up to 1.5 cents in making a penny in 2016, and more than 9 billion coins was equal to a loss of nearly $46 million. Besides, according to Securities Daily, the number of mobile payments in 2018 was more than 27 times of that of five years ago, which was up to 277.39 trillion yuan.
As the price of cryptocurrencies rises, the mainstream society begins to pay attention and expect its emergence in the cashless society to replace paper currency as a medium of exchange.
Brian Moynihan, CEO of the Bank of America, said recently that as the cryptocurrencies rises, more than half of currency transactions have been made electronically, and we want a cashless society.
Currently, including SNS giant Facebook, encrypted exchange Coinbase and encrypted payment provider Bitpay, many companies have launched cryptocurrency payment business and started the battle of encryption world in this market.
Blockchain + payment may be the next blue ocean. Among them, whether the investor has the opportunity to grasp the new hundredfold bitcoin?
I. Next Blue Ocean: Blockchain + payment
As the cross-border e-commerce has rapidly developed in recent years, there are increasing high-quality overseas products entering the Chinese market quickly, and the cross-border market will be the next “blue ocean” at the trillion level.
As the cross-border e-commerce develops rapidly, cross-border payment suddenly becomes the favourite in the eyes of third-party payment institutions. According to the data of Accenture, the number of cross-border payment handled among banks is range from $25 trillion to $30 trillion each year with the volume of business of 10 billion to 15 billion. Besides, cross-border payment is also one of the most profitable businesses of banks.
Currently, dominated by traditional enterprises such as Visa and Western Union, the traditional cross-border mode of payment involves many intermediate links with high costs and low timeliness, which greatly affects the payment effect.
With the emergence of blockchain technology, the problems faced by traditional cross-border payment and other traditional payments can be solved. Because as a technical solution to maintain a reliable database collectively in a decentralized way, blockchain can greatly reduce the risk of trust. During the process of transfer, the blockchain cross-border payment system has realized efficient operation links such as instant cross-border transfer, real-time transaction information sharing, real-time tracking of transaction process and real-time bank write-off.
Including Facebook, many traditional companies are inclined to set foot in the blockchain payment industry. On June 18, 2019, Libra, Facebook’s encryption project, was launched on its website. In its white paper, Facebook said that LIbra aims to make people around the world have the freedom to transfer and exchange legal tender and cryptocurrency, in plain language, LIbra features cross-border payment.
In addition to Facebook, JPMorgan Chase & Co also launched JPM Coin in March to make assets flow around the world in its free system. In addition, Goldman Sachs Group recently announced the blockchain plan for the blockchain payment business.
The reason why the giants are competing to get into the game is that this field has a promising future. However, what the giants need to do is still a rudiment which is far away from ordinary people.
During the process of exploring the field of “blockchain + payment”, I found a company called OWpay with the featured field of encrypted payment and applications.
II. OWpay’s Advantages
As a kind of business payment token based on decentralized technology of blockchain, OWpay is designed to support financial payment, media payment and Internet of Things payment.
According to the introduction in the white paper, OWpay is designed to provide global users with a world-class digital payment service and product and global users’ transactions with the best quality, the safest and the most convenient seamless payment experience.
OWpay has all technology of similar competitive products in the market.
First, OWpay has a distributed structure. According to the open-source and decentralized protocol determined by the system, the blockchain of OWpay constructs a distributed structure system, so as to send value exchange information to the entire network through a distributed communication, determine the information data content by distributed accounting, generate block data after timestamp, send it to various nodes through distributed communication and realize distributed storage.
Through distributed accounting, distributed communication and distributed storage, the data storage, OWpay transaction verification and information transmission process in the system are all decentralized.
Secondly, OWpay has an unique anonymous technology
1 Multiple Digital Signature. A multiple signature address of OWpay can be linked to n private keys. During the transfer operation, m private keys are needed for signature (n>m), and only when multiple signatures are signed correctly, asset transfer be realized.
2 Ring Signature. OWpay ring signature technology is of significance to realize the privacy of payment transactions, namely, the privacy of the payers is protected because the sender of the transaction can’t be traced through unrelated nodes in the blockchain system.
3 Double-key stealth address. As a privacy enhancement technology used to protect the privacy of cryptocurrency recipients, OWpay double-key stealth address requires senders to create a random and disposable address on behalf of recipients, so that the public can’t link one recipient to different transfers. OWpay provides strong anonymity to the recipient of the transaction and enables it to receive the independent payment in practice.
In terms of the existing digital asset security problems in the digital asset industry, OWpay keeps improving its own security mechanism and is devoted to providing uses with reliable and guaranteed account security service.
Application of high-security wallet technology: OWpay greatly improves the security guarantee level of users’ funds through the encryption of private keys.
Transmission and storage of encrypted data: Website runs completely-encrypted SSL(HTTPS) with the data traffic, and data transmission is carried out through OWpay encryption protocol. Wallet (and private keys) uses AES-256 encrypted storage. Encrypted by AES-256 through divided redundancy, sensitive data is stored independently of the server.
Security alarm system and real-time monitoring system: OWpay installs security alarm system and real-time monitoring system in the server, establishes high-level server security protection and effectively prevents serious consequences caused by extreme attacks.
Currently, 80% of blockchain projects have not been applied indeed without generating any revenue. Different from other projects, OWpay has been used indeed, which means that its token price has actual support.
OWpay ecosystem has developed the credit card repayment system of OW (zero charge for full credit card repayment). Here, the point which shall be further explained is that the so-called zero charge does not mean to not repay the bank, but the cooperative bank of OWpay temporarily pays for the user, and the user can postpone the repayment until he/she has the money.
Currently, OWpay has repaid credit cards for 600, 000 users with the daily transaction of up to 90 million yuan. In addition to the existing mobile traffic, OW credit card repayment APP will invest 15 million yuan as the drainage funds of ecological association.
The second implemented application is OW ecological mine pool. As everyone knows, mining pool plays a fundamental role in blockchain. Currently, OW ecological mining pool has built large cloud computer rooms in Yunnan, Gansu, Sichuan, Inner Mongolia and other provinces and achieved strategic cooperative partnership with large manufacturers such as Bitmain and Microbt with a total investment of more than 1.86 billion yuan. In addition, connecting Yunsuanli to every link of benefit output, many low-cost computer room deployment plans provide strong technical support for its large-scale deployment of computer rooms.
The third implemented application is zero cost for purchasing a car. Without down payment, customers just need to submit qualification (purchase tax and insurance can be loaned to cover monthly installment payment); it is simple to obtain qualification and quick to get approval; with convenient service, customers can directly drive the car away, register the national license plate (except from restricted areas of license plates) and cover nationwide quality insurance of 4S shops; with convenient and simple procedures, the car can be transferred to individuals after the loan is repaid.
Currently, OW cooperates with Mercedes Benz, BMW, Land Rover, Audi, Volkswagen and other automobile brands
Without a good team to promote, research and develop new businesses, a good project is doomed to fail soon. Fortunately, OWpay’s team consists of excellent members graduated from famous universities.
Founder Davis Rodriguez: With a master’s degree in Computing Science of the University of Pennsylvania, he engages in the blockchain software and application research, and has published the Network Security and Value Theory under Blockchain System in the Pennsylvania Blockchain Research Association, which has been widely recognized in the industry.
CTO Benedict W. J. Irwin: With a master’s degree in Physics about Nanoscale Science and Technology of the University of Leicester, master’s degree in Scientific Computing and doctorate in Condensed State Physics of the University of Cambridge, he became a senior developer of Ethereum in 2012, has published many articles related to blockchain and digital cryptography and focused on elliptic curve cryptography. Based on public key cryptography and homomorphic cryptography theory of identity recognition, he has rich engineering experience in the overall architecture of blockchain, intelligent contract and consensus algorithm.
COO Bart Andrews: With a master’s degree in Financial Mathematics of the University College London and doctorate in Theoretical Physics of the University of Cambridge, he served in Quantitative Trading Department of Morgan Stanley (London), used innovative technology to design high-frequency making strategy of futures and had rich industry experience. Since 2015, focusing on the application of blockchain in financial industry and research on high-performance blockchain, he has published many articles about blockchain technology and digital currency successively.
III. OWT is Rushing to the Moon
After introducing the advantages of the project, the most core issue is the project token and its value.
Known as OW, 1 billion OWpay tokens are distributed in total. In the initial stage, 7% of the total tokens was circulated, and the remaining tokens will be released gradually according to the ecological demand of 5%~10% per year.
In addition, only 12 % of fund is retained by the team, which is very small compared to the average team’s 20 percent.
The specific plan for the use of fund is as follows:
40% is used for the construction of the platform’s basic technolog, administrative facilities and staff recruitment
12% is used to support relevant OWpay project team and form business and technology alliance;
20% is used for marketing and resource expand；
5% is used for the legal support of transnational transaction；
10% is used for the development of advanced technology and product upgrading；
5% is used for accidents as the reserve；
If the above is not enough, you’ll be shocked to know that OWpay is invested by Wenzhou Capital.
Fresh investors may not know much about this capital, but the senior investors must know much about it.
As one of the earliest capitals in the token circle, Wenzhou Capital was exposed to the blockchain in 2011. The F2pool fish, one of the top five mining pools in the currency circle, was set up by Wenzhou Capital in Wenzhou in 2013
What Wenzhou Capital impressed people most was the EOS super node campaign in 2018. Due to the participation of Wenzhou Capital, EOS was directly doubled within a short period of time, and from Manzi, Laomao, Yi Lihua, Antpool INBlockchain and so on, Wenzhou Capital raised more than 70 million EOS within one week and was successfully selected as EOS super node.
Now, Wenzhou Capital has invested in OWpay. Therefore, we believe that OW’s token price will perform well in the future and soar up to the moon with one start.