It is a well known fact that everything must be assessed with money because money enables people to always exchange their services. Therefore a good payment system is needed for transactions to take place. The payment system refers to the infrastructure which is comprised of institutions, instruments, rules, procedures and standards established to affect the transfer of monetary value between all parties. A good payment system has to reduce the cost of exchanging goods and services, and is very important to the functioning of the inter-bank, money, and capital markets. However, a weak payment system may severely drag on the stability and developmental capacity of an economy; its failures can result in inefficient use of financial resources, inequitable risk-sharing among agents, actual losses for participants, and loss of confidence in the financial system and in the very use of money. The payment systems today is filled with many problems. Some of them are lack of communications standards, lack of authentication standards, multi-layered processing that add unnecessary cost to a transaction, lack of integration between payment networks/system and supply chain systems. Online merchants and consumers alike expect online buying and selling to be easy, efficient, and safe. Ecommerce transactions trigger complex automated processes that involve downstream players: banks and payment processors to name just two. In addition, technological advances in smartphones and e-wallets, shifting purchase patterns, and demand for cross-border, multi-currency electronic payments have fueled PSP competition to maintain and increase market share.
Providers are looking for ways to provide peer-to-peer payments beyond traditional banking models, and to facilitate a cashless society that can enable any purchase, even mechanical transactions such as parking meters or vending machines. These demands create technical challenges for merchants, processors, and users up and down the transaction path. Therefore, the need to design payment system infrastructures that will be efficient, reliable, safe, and stable is needed now. That is why we need Nexty.
Initially, because of the introduction of BlockChain Technology, transactions on the Blockchain were fast and the fees were low, but as many people started using the Blockchain technology, transactions became very slow, sometimes it can take 5 to 10 days before a transaction can be complete. The time frame for payments became longer as more blocks were forked. Although Bitcoin and Ethereum have had so many forks, it has not being able to solve the scalability, speed and cost issues.
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THE NEXTY SOLUTION
Nexty has built a very active service network through its connection to Nexty's system Nexty has various start-up businesses using Nexty's own token system to call for capital because they can take advantage of the existing system with the superior features that Nexty has. Some of these features are: Low Fees, Commitment to Privacy and Confidentiality, Simple to use and Low Volatility.
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EXAMPLE OF HOW NEXTY WORKS
Stacy is a car dealer. She always imports large number of cars from other countries to sell in her locality. Every time she orders for cars, performing an international transfer to her business partner abroad requires a lot of time with high transaction fees. However with the help of Nexty’s technology, Stacy does it quickly by the guarantee of partners that belongs to the ecosystem of Nexty. By using the electronic the electronic system, Nexty will form the contract documents and make it accessible.
Nexty is working with Ecobank to make transactions more easier and instant. Nexty has a master card which customers will use to make transactions instant through apps such as Google Tez, Apple Pay and Samsung Pay.
Nexty has a real wallet and is willing to work with other platforms to make Nexty a form of currency or a method of payment. Nexty will also work with Fintech for a convenient payment system.
USES OF NEXTY ICO FUND
Nexty will build its infrastructure and operate the system properly so that it can serve large numbers of users.
Nexty will develop its own ecosystem and connect with other partners with a large client base and this will make Nexty to become the Number One payment system in the world.
Nexty will use some startups in the financial system for funding to strengthen the Nexty ecosystem and maintains the stability of Nexty coin in the long run.
ADVANTAGES OF INVESTING IN THE NEXTY PLATFORRM
-Those who join Smart Staking and own 10,000,000 NTYs will initially be granted NTF Coin. This NTF coin will be very rare since the quantity is not much.
Those who hold NTF will receive a high monthly income through the operation of transaction confirmation systems
The Nexty platform uses the dual cryptocurrency confirmation system to perform instant transaction charge at zero fees.
NTF holders will be rewarded with a small quantity of cryptocurrency at mining rate at the end of sealing round which is about 30 minutes to 360 minutes.
The Nexty platform will Stake its NTY for price stabilization. Holders of NTY will be rewarded with bonus coins depending on the time frame to reduce volatility.
Nexty has 3 functional APPS, Wallet apps for Android, Wallet APPS for iOS and Web wallet apps which is currently being upgraded to Dapps (Decentralized Applications)
The Nexty Presale and ICO closed in December 2017. But you can currently buy NTY on IDAX ExchangeThe future of the Nexty ecosystem is very clear and real with its superior features in using the Blockchain Technology. Investing in Nexty will secure your financial future in the coming years.
FOR MORE DETAILED INFORMATION ABOUT THE NEXTY BLOCKCHAIN, PLEASE VISIT THE FOLLOWING:
Websites: https://nexty.io
Telegram: https://t.me/nexty_io
Twitter: https://twitter.com/nextyio
Facebook: https://facebook.com/nextycoin
Medium: https://medium.com/@nextyio
This is indeed a great project. Thanks for the information