TERRA CREDIT: BANKING FOR THE UNBANKED

"THE ONLY WAY A CRYPTOCURRENCY CAN BECOME A

GLOBAL PAYMENT SYSTEM IS IF EVERYONE WHO

MAKES PAYMENTS HAS ACCESS TO IT"

Dan Ronchese

Founder of The Terra Foundation and creator of the Credit (CREDIT)

Cryptocurrency.

FINTECH

FinTech is the technology that aims to compete with traditional financial methods in the delivery of financial services, via technological methods like use of smartphones, blockchain and cryptocurrency. Financial technology companies consist of both startups and established financial institutions and technology companies trying to replace or enhance the usage of financial services provided by existing financial companies. It is a burgeoning and neophytic innovation that is everything the traditional banking sector isn't.

CRYPTOCURRENCY AS A PAYMENT OPTION

Now we know a little bit about cryptocurrencies, let's talk about it as a means of payment . This idea has been mooted around for a while.

In 2018, e-commerce accrued sales of $2.92 trillion. A year later, it was responsible for around $3.53 trillion in sales. The digital marketplace is growing, and the future belongs to the businesses that can stay ahead of the curve. Customers prefer to making payments from the comfort of their mobile devices. A projected 72 percent of E-commerce sales will take place on a mobile device by 2021. By 2022, the global e-commerce is expected to rise to $5.69 trillion, which represents expected growth of 61% over the next three years.This is important for a couple of reasons. First and foremost, purchases can be made at home or on the go, with the spontaneity and ubiquitous nature of payments covering myriads of industries. Thus the payment solution niche having gone through a revolution in the last few years. From blockchain, and FinTech to AI and cryptocurrencies, the world of international commerce is moving faster than ever.

The payment industry of the future is shaped by a mobile device or a computer. It happens at home and on the go. The shop is open 24 hours a day, and customers are demanding more from their platforms than ever before. Cryptocurrencies, thus, especially bitcoin, are powerful financial tools which can transfer wealth and value in a decentralized, trustless and immutable manner via the Blockchain. And so both merchants and consumers are turning to cryptocurrency payments, as a cheaper and more efficient payment solution. Cryptocurrency payments have the potential of creating a more borderless and globalized economy, as well as fighting financial inequality by bringing fast and secured financial services to people without access to a bank.

THE PROBLEM

A study of the global adult population revealed the following results:

94% of adults in high income countries said they had a bank account, with only 54% of those in developing countries did. The Middle East had the lowest proportion of account holders, with only 14% on average.Also 80% of adults in developing nations have smartphones and phone savvy.Thus there is a low utilization of bank accounts in the developing world. In developing nations like Nigeria the mobile money market is expanding, with the insteps of Fintech. while only 2% of adults worldwide have a mobile money account, 12% of adults in Sub Saharan Africa have one, half of whom have no other account.

THE SOLUTION

Domiciled in 54 Peter Place, Bryanton, Johannesburg, South Africa, The Terra Foundation founded Terra Credits. CREDIT is a Cryptocurrency and a decentralized digital payment solution for the world’s unbanked adult population. Terra Credit has been designed as a digital payment platform, a fully decentralized alternative to cash, and thus a reliable medium of exchange to facilitate digital transactions.Credit is stored in wallets and staked as masternodes to support the network. Within the Terra ecosystem Credit will function as a unit of account, providing a common measure of the value of goods and services being exchanged. Thus both buyer and seller to make decisions about the value of the goods or services on offer. At its core, CREDIT employs Proof of Stake (PoS) which allows any user to become a block producer. Several thousand CREDIT miners are already earning an income from supporting the CREDIT blockchain.International payments are instant and have virtually no cost. The transparency of the Credit Blockchain ensures public accountability of all transactions as every coin can be traced to its creation.

Credit Desktop App

The CREDIT desktop wallet enables everyone, regardless of technical ability, to participate in crypto. The wallet is simple to use and does everything automatically, you just need a computer, laptop or mobile device.

Terrabit

[Terrabit](https://www.terra-bit.io/) is an all in one app supported by Terrabit and was designed to keep assets safe at all times while allowing you access to it whenever you need it. Terrabit makes it effortless to send money, to pay for goods or to receive payments for services.

Features

Wallet

Store Credit and other crypto.

Exchange

Buy and sell crypto coins

Receive

Accept payments as a seller of goods or services via the Terrabit app

Income

You can use the Terrabit staking wallet, replacing the need for a CPU-based device and earn a passive income.

COIN SPECIFICATIONS

Algorithm : Scrypt

Block type : Proof-of-Work/Proof-of-Stake

Coin name : Credit

Coin abbreviation : CREDIT

Address letter : C

RPC port : 43796

P2P port : 43795

POW Block reward : 5000 coins

Coin supply : 74800000000 coins

Premine amount : 30800000000 coins

PoS percentage : 100% per year

Last PoW block : block 10000

Min. stake age : 8 hours

Max. stake age : Unlimited

Coinbase maturity : 20 blocks

Target spacing : 60 seconds

Target timespan : 60 seconds

Transaction confirmations : 6 blocks

Node 1 : 159.65.107.185

Node 2 : 206.189.195.40

THE FINAL WORD

In these days of mobile payment systems, you have to choose your weapon carefully. Credit ticks all our boxes in

* Reliable and decentralized blockchain

* Easy accessibility for mobile users

* Very fast, low cost transactions

* Easy mining with a wide range of wallets.

Choose wisely.

TERRA CREDIT RESOURCES

About the Author

Joseph Johns is a successful Emergency Medicine Physician and an ardent cryptocurrency and Blockchain connoisseur.

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