What is Volans?
Volans is a decentralized credit payment system and financial platform. As of now, the ICO is currently in development. It’s native currency, VOL token is used to aid in payment processing for purchasing services and goods, paying bills, and other forms of transactions.
While it’s still in its early stages, Volan’s platform is fully developed by their white paper. In it, it states the following aspects:
- Volans Loyalty Program: This program was made to reward active Volans users. Users who have the highest amount of transactions inside the platform will gain discounts and future promotional offers.
- Volans Credit Card: A credit that’s designed to make transactions with your lent cryptocurrency assets within your balance. This limit is also shown via your Volans Credit Rating.
- Volans Credit Rating: Credit ratings are scored for every Volans Network user. The credit rating is publically available on Volan’s platform which makes it the first decentralized system to help access the user’s credit score.
Once their platform is fully developed, Volans will have different modules for each section of its functionality. First, it will be a digital wallet that can store Bitcoin and ERC-20 tokens on Ethereum’s blockchain.
Other modules will be made to facilitate encrypted crypto and fiat transactions, use a physical Volans debit card to purchase goods and services, an internal exchange to assist users who want to buy cryptocurrency and fiat currencies directly.
What Problem Does it Solve?
The biggest difficulty that new crypto investors face is interchangeability. For example, users are unable to have a platform that lets them interchange their fiat and cryptocurrency. And, it’s even harder for them to shop with their cryptocurrency after obtaining it.
This is due to a lot of regulations that are placed on cryptocurrencies. Cryptocurrencies in some countries, are viewed as illegal. As a result, we can see how come their market value is very volatile.
Volans creates an interesting solution by creating a blockchain based platform that mimics the traditional credit card systems. However, its protected by blockchain technology, making the transaction process faster and more efficient.
With this solution, we can see a better transaction system where cryptocurrencies can be used just as freely as fiat currency. Volans solution to this problem, gives it potential to be a great addition towards the financial industry.
- Low Transaction Cost: Volans transaction cost is cheaper than traditional banking which is about 7.45%. With Volans, the recipient only pays a 1% fee while the sender is free from paying fees.
- Fast Transaction Speeds: Transactions made through Volans platform are instant (the maximum wait time is: 2 hours). This is faster than centralized banking systems that take 3 business days to transfer funds.
- Low Maintenance Costs: The maintenance costs of this platform is low because most of its functionality is placed on Ethereum’s technology. On the other hand, banks have high maintenance costs due to the banks and intermediaries.
- Team Information: While Volans does have a good team, some of them are missing LinkedIn information.