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Knox World Pay The First Blockchain Platform with the Capability of Mass Adoption

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Knox World Pay: A Pioneer of Global Financial Inclusion

Finance is the fuel that powers the world’s economy, without which trade is impossible. However, about 1.7 billion adults globally lack a bank account. As a result, they face considerable barriers to accessing essential financial services. This issue is most prevalent in developing countries, more so in their rural areas

Knox world pay is revolutionizing this by targeting the inhabitants of these economically marginalized areas. It does so by addressing the barriers causing the current high rates of unbanked persons in these locales. The article shall go in-depth into how this is being achieved.

Knox World Pay

The developer of Knox World Pay, Apollo fintech, is a blockchain protocol hosting the all-in-one cryptocurrency Apollo currency. Knox world pay is, therefore, a cryptocurrency payment service provider. Created to comprise more than just the usual few digitally literate people, the service provider has targeted those living in the most remote or economically marginalized areas. Such people tend to have very low smartphone or internet access penetration rates.

Knox World Pay runs a payment system that is compatible with every mobile phone type. With up to 70% of the population in developing countries owning a mobile phone, such a system has a higher accessibility potential than other more traditional financial services.

How it Works

The most vibrant traditional financial providers currently are banks. Setting up bank branches in every rural locale is costly, but there is also a lack of guarantee in such investments. In contrast, Knox World Pay borrows on the banks’ idea of a widespread network of operational branches. It has a much less costly, more personalized, and more widespread solution, a global network of agents.

Knox World Pay Agents

The Knox World Pay agent network works akin to a bank’s branches network, but with a lot more branches and flexibility. Areas with high rates of exclusion from financial services get a larger share of these agents. The agents themselves are anyone willing to join from anywhere, providing for a local employment opportunity.

By signing up users in opening accounts, these agents link those without access to internet services with digital payment systems. Using these accounts, the agents then help users make deposits, after which they buy their credits, allowing them to make withdrawals in cash.

The agents are equipped to recruit sub-agents under them, creating a well-entrenched network that covers as wide an area as possible. It makes for a very adaptable approach to changes in the demand for financial services. Thanks to such a network, users can make deposits or withdrawals on their accounts from as close as a few hundred meters. This system breaks a pivotal barrier to financial inclusion, the accessibility barrier.

Currency Transfer

Transferring money from one point to another doesn’t come any more comfortable. With as little as a text, a user can send cryptocurrencies in about 1-2 seconds. Other features such as a QR code scan, a physical blockchain-backed bill, and coupons are also available, creating a versatile array of funds transfer.

Knox World Pay has a fiat currency backing of its cryptocurrency, allowing for a fluid integration with everyday needs. More integration efforts are underway to add more cryptocurrencies, besides the wrapped Bitcoin (BTC) and Ethereum (ETH) availed. The fact that anyone can trade in cryptocurrencies from any mobile phone while offline solves another high barrier to financial inclusion, the usability barrier.

Simple, Faster but Cheaper Financial Mobility

Not many people usually consider cryptocurrencies as an option for money transfer. The reason is that using the more traditional ways of trading in cryptocurrencies is quite complicated and challenging, even in developed countries. One has to sign up for an exchange platform and look for an excellent secure cryptocurrency wallet before they can eventually deposit their coins. This complicated system takes a lot of time and requires good background research on the exchange platform and wallet to avoid cyber fraud. An internet connection is also a must when undertaking all these steps.

All these requirements are enough to deter even one with a stable internet connection. The unbanked population usually lacks access to the internet, let alone access to background data regarding the other requirements. They likewise find traveling to a large town with banks to access savings or send money quite time-consuming. It is also costly in the form of bus fares and high transaction costs, more so for international money transfers.

Knox world pay’s text system is much simpler, avoiding hidden costs such as bus fares. Cryptocurrency exchange also charges much lower transaction fees than international bank transfers. Apollo fintech recently became the first blockchain to run a database-level sharding, making it the world’s fastest blockchain by reducing the long term data backlogs on blocks. 

Such dexterity makes the Knox World Pay attractive to the unbanked population and anyone who pursues more straightforward and faster transaction speeds at lower costs. 

Conclusion

The barriers of accessibility and usability are usually the most massive challenges to global financial inclusion. Knox world pay’s pioneer program promises to break these barriers completely. It even does so by enabling global access to one of the most exclusive financial transaction forms, digital payment methods.

By providing a global network of agents to link digital assets and those without internet access, the service offers an excellent financial access solution to the most economically marginalized areas. As implementation continues, the world stands to benefit from cheaper, faster, and simpler transactions.

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Shahrukh writes all things about the blockchain and cryptocurrency. He studies Business and Economic Reporting.

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Shahrukh writes all things about the blockchain and cryptocurrency. He studies Business and Economic Reporting.

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Stratus, the new eye-catching social media platform, plans to free social media users from unnecessary censorship while offering a wide range of socialization, entertainment and financial services. It provides a blend of popular features and functionalities from big-tech social platforms like Instagram, Facebook and Twitter. The social network’s CEO Stephen McCullah strongly advocates for free speech protection while guaranteeing data integrity and privacy. He underscored the need to integrate these critical values into the social media space while announcing the launch of Stratus on Twitter. Users will get to enjoy a broad ecosystem that thrives on the much-needed principles in social media service; security, freedom of speech and convenience. The platform’s abilities are also extended far beyond the scope of exciting social media ecosystems. It also incorporates trading and settlement services by availing functions of Paypal, Coinbase and Robinhood. Stephen McCullah Fighting For Freedom of Expression Ever had an opinion disregarded just because it is unpopular or goes against the mainstream narrative? Governments are tirelessly working to pass laws that will give them the right to restrict the overall flow of content and ideas viewed as dissident or controversial. However, McCullah and his team believe that everyone has a right to speak their mind, so they deserve a social forum free from any form of third party manipulation or censorship. Stratus is here to save user opinions from being overshadowed and taken down. McCullah’s team is always on standby to safeguard users’ marks from censoring unless the statements encourage criminal affairs. Mainstream social media platforms are becoming unreliable regarding data integrity, which Stratus was created to address. Existing social websites such as Facebook and Twitter often track and mine private data from users and sell it to governments, market surveyors or advertisers for a profit. The project has placed security mechanisms to protect its users’ details from identity theft, sales, and private information distribution. Stratus is opposed to all data phishing strategies that essentially constitute a breach of privacy. The platform has encryption mechanisms to ensure that user account info chats and messages are safe from prying eyes. Unlike other social media networks, Stratus guarantees that permission to share any content is given only by the account owner and not by its platform. When it comes to verification, Status allows users to blue tick their accounts so that all participants in the ecosystem can quickly identify fraudsters, catfishes and criminals. The platform also integrates features that cushion people from the threats of cyber-bullying and social profiling. Introducing Interoperability in Social Network Platforms The Stratus ecosystem eradicates the shortcomings in the social media space due to a lack of interoperability. Users cannot enjoy the features of more than one multiple platforms simultaneously. In one convenient website and app, users of the McCullah-led social network get a collection of services like video sharing, chatting, e-commerce and cryptocurrency trading. This interoperability creates a cross-platform system that spares people from the troubles of opening multiple accounts on numerous websites and having to regurgitate their profile info each time they sign up for a new platform. Stratus also considers the effort made by content creators, who are often underpaid for their work because the accolades fall on the service stakeholders. Stephen McCullah believes content creators with a large following should be the sole beneficiaries of their hard work and creativity. His team came up with many ways for influencers to earn revenue at higher rates than on any other social network.

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