AUSTRALIA / ACCESSWIRE / June 28, 2018 /AGATE is a decentralised blockchain and comprehensive crypto infrastructure for day-to-day banking. It acts as a gateway to connect tons of developers, users and merchants to the crypto-economy. It provides the highest transaction speed on the market with low-cost transaction fees. Transactions within the ecosystem will be facilitated via the AGT token, which is ideal for several use cases. What sets Agate apart is its modules, which are already built or will be launched from beta soon.
iFiat allows merchants to transfer crypto tokens into cash quickly. The most interesting element of Agate, is the Agate iFiat Ecosystem. It uses decentralised blockchain technology (Agate blockchain) to resolve many of the fundamental issues in the crypto-economy, which will expedite transactions economically and in real-time.
Fiat-pegged cryptocurrency works like a fiat credit or stable coin and is termed "iFiat." All iFiat will initially be issued on Agate blockchain, so they exist as a cryptocurrency token. Agate iFiat has the following advantages over other fiat-pegged cryptocurrencies.
iFiats exists on Agate blockchain rather than on less developed blockchains which are impractical to use as a medium of transferring funds for micropayments.
a) However, iFiats can be used just like other cryptocurrencies, i.e., in a peer to peer, pseudo anonymous, decentralised, cryptographically secure environment. However, they are only circulated inside the Agate blockchain to facilitate payments and real-time settlement to secure funds for both users and merchant as iFiat redemption will not face any pricing or liquidity constraints.
b) iFiats running on one of the fastest decentralised blockchain platforms, which including the decentralised exchange (DEX), Browser base, wallet encryption, open source, multiparty security, reporting functions and all transaction can be tracked on the blockchain explorer.
c) Although iFiats are fully redeemable, the best case scenario would be to spend it with other merchants or suppliers, since it is real-time and has a very small transaction fee for users.
d) Instant loading onto virtual or physical debit cards.
e) Request to transfer to bank account.
f) Pay any type of bill, such as loan repayments, utilities etc.
g) Generate crypto gift voucher, which is redeemable with all Agate merchants (in-store or online)
Agate iFiat ecosystem is capable of supporting many different iFiats; however, it currently runs on iUSD, which is pegged by USD, and each token always represents $1 USD. In later versions, we plan to add EUR, GPB, JPY and AUD.
PROBLEMS BEFORE AGATE BLOCKCHAINS
CRYPTO-ECONOMY PROBLEMS :
- Number of merchants accepting cryptocurrency in comparison to the total number of tradition merchants are very low.
- Higher volatile crypto market.
- Lack of comprehensive solutions that can support all aspects of a true crypto-economy.
- High and slow fee transactions and exchange rate.
MERCHANT FACING PROBLEMS
- Merchants are not sure which currencies to accept.
- Slow transaction settlement, many providers take days to pay to the merchants.
- Business suppliers may not use cryptocurrency.
- Extravagant, environmentally unfriendly mining method i.e. Proof of Work (PoW).
USER FACING PROBLEMS
- Managing several various coins and tokens that need different wallets.
- Lose the value of users crypto assets in poor exchange markets.
- Slow transactions speeds, taking anywhere between a few minutes to days to settle a transaction.
Agate blockchains introduces a solution to these problems.
RESULTS AFTER AGATE BLOCKCHAINS
- Agate can integrate with almost all the existing in-store merchants or e-commerce websites globally.
- Agate iFiat ecosystem market volatility has been sorted.
- Agate API Suite will let all users express their innovations and develop the crypto-economy.
- Agate blockchain work with Proof of Stake (PoS) mining, which has the lowest impact on the environment.
- Transactions on the Agate blockchain are far cheaper and faster.
- Agate considers all aspect of a true crypto-economy in 12 functional modules.
MERCHANT FACING RESULT
- Agate currently accepts the five most important cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Ripple and Litecoin, and plans to increase the total number of coins to over 17, making it the ideal choice to transact via the Agate platform in an easy manner. Merchants would receive the exact dollar value every time.
- In the Agate iFiat Ecosystem, all funds are immediately available and spendable for the merchant.
- By allowing transactions back to cash, merchants are assured that they can transfer to fiat money quickly for everyday use in their business.
USER FACING RESULT
- Users can keep and manage up to 17 different coins and tokens from different blockchains in Agate's currency wallet app (currently there are six available).
- A new Blockchain with near instant settlement speeds, the practical application of the Agate currency is immense.
- Optimal transfer of user's Bitcoin, Ethereum, etc. to iFiat through an automated A.I bot, users get the best spending value for their crypto assets.
To find out more, visit https://www.agatechain.org/
Read the white paper here.
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