Committed to building a global decentralized financial processing system, FAIR WORLD is a multi-platform composed of cryptocurrencies with the most advanced technology. FAIR WORLD can realize secure information network communication, anonymous file publishing and storage services and end-to-end cryptocurrency financial transactions. FAIR WORLD's unique business model enables the project to develop continuously with its own funds. FAIR WORLD's technology is zk-SNARKS mode based on zero-knowledge proof, and its unique security nodes make it more confidential and less vulnerable to attack. Global node network, end-to-end encryption and economic model based on game theory make the participants in FAIR WORLD ecosystem have good incentives.
SWIFT international capital settlement system
The largest international capital settlement system in the world today is SWIFT. In May 1973, 239 banks from 15 countries in the United States, Canada and Europe announced the formal establishment of SWIFT, with its headquarters in Brussels, Belgium. After 47 years of development, SWIFT has spread over 8,000 financial institutions in 206 countries and regions around the world. It provides secure message transmission services and related interface software in the financial industry, and supports real-time payment and clearing systems in more than 80 countries and regions.
SWIFT's capital carrying capacity
SWIFT is designed to transmit 1 million messages every day, but currently it transmits 5 million messages every day. The funds allocated by these messages are trillions of dollars, and it relies on more than 240 message standards provided by SWIFT. SWIFT's standard message format has become the standard language for international inter-bank data exchange. The code used to distinguish each bank is "SWIFT Code", by which the corresponding money will be accurately remitted to the designated bank.
Shortcomings of SWIFT international capital settlement system
The efficiency of cross-border remittance is low
SWIFT adopts the "Currency Exchange Agreement" remittance method for cross-border remittance. If the bank to which the remittance is made is not in SWIFT system, cross-border remittance cannot be realized.
Remittance is slow
In the remittance agreement, the information about "who", "to whom" and "amount" is indispensable, and the information needed for payment is called "message". The processing contents are recorded in the bank's ledger. Send messages by SWIFT after a series of processing. Generally, a transaction takes 2-3 days.
Remittance costs are high
Cross-border remittance by SWIFT requires not only handling fees, but also telegraph fees. Take Bank of China as an example. Bank of China charges a handling fee of 1/1000 of the remittance amount (minimum 50 yuan RMB). In addition, there is a telegram fee in 150 yuan RMB. If foreign currency cash remittance is adopted instead of foreign currency remittance, the bank will also charge the difference fee for converting foreign currency cash into foreign currency.
FAIR WORLD's most advanced decentralized financial processing system in the world
FAIR WORLD has created a decentralized financial settlement system based on blockchain technology, which integrates message exchange and digital asset exchange on a blockchain network. People in any country can use their digital assets for currency exchange. FAIR WORLD sends the cryptocurrency information of both parties to the blockchain network at the same time, realizing near real-time liquidation and settlement.
Advantages of FAIR WORLD
End to end encryption technology
Because traditional financial transactions have to go through a third-party service platform, the transaction information of users is stored on a centralized server. Even Swiss banks will leak users' transaction information. FAIR WORLD adopts end-to-end encryption technology, which enables the information to be decrypted by specific recipients without allowing third parties to intervene.
Domain fronting technology
For example, China is conservative towards digital currency at present. If the virtual currency exchange cannot be accessed in the future, users can log in to FAIR WORLD wallet. FAIR WORLD's technology can be used to pretend that users are visiting a compliant website, and FAIR WORLD is the only financial processing system with this function so far. This technology can bypass the supervision of countries around the world and truly realize free transactions in FAIR WORLD.
Complete privacy platform
The main function of anonymous currency that can be seen in the market now is to provide anonymous sending and receiving currency. FAIR WORLD is a complete privacy system besides sending and receiving currency. Users can create their own private channels and programs on FAIR WORLD. The following are three main functions that can be created:
FairTalk is a secure communication network, which allows broadcasting messages from one person to many people.
FairPub is a platform that can publish and store documents anonymously.
FairHide is a domain fronting service. FairHide will provide users with the ability to bypass the encrypted commercial blockade.
As a blockchain financial application project based on the underlying technology architecture of graphene blockchain, FAIR WORLD can realize second-level transfer, which has absolute efficiency advantage compared with SWIFT's transfer speed. It only charges a small amount of handling fees for transfer, which greatly reduces the transaction cost of funds. Without the restriction of national boundaries, users can use it in any country and can easily exchange it for local currency.
In the future, with the gradual maturity of blockchain technology and market, it can better integrate various financial scenarios, and then recreate the financial ecology. The era of FAIR WORLD blockchain finance has arrived, are you ready?
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