You may have heard that there’s a new coin in town. One that will redefine the global remittance industry by removing the reliance on banks and increasing financial inclusion worldwide. Of course, we’re talking about Zephyr (ZEPH). The incentive token we released during the ICO held in October 2017 where we raised $1.3 million during the 30-day sale.
If you’re considering supporting our mission to transform the outdated remittance industry, then the best way to do that is to get some Zephyr for yourself. Let’s take a bird’s eye view and look at the impact Zephyr will have on the world, some of the token’s most important aspects and where you can buy ZEPH.
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Bitspark and Project Zephyr
Bitspark was founded in Hong Kong in 2012 and is a pioneer of the world’s first cash in, cash out Blockchain-enabled remittance network. As one of the earliest adopters of Bitcoin, the remittance network designed by Bitspark enabled Money Transfer Operators (MTOs) and individuals to send money quicker, cheaper and in a way that is not reliant on banks.
After years of steady growth Bitspark launched Project Zephyr – the plan to exponentially grow the network across markets, fuelled by native incentive token Zephyr. As part of this project, we also launched mobile app Sendy, where users can locate MTOs nearby or even become top up agents to other users and earn a profit.
ICO and circulation of ZEPH
The kick-off to Project Zephyr began with an ICO in October 2017 where we raised $1.3 million. If you take a look at the latest figures on coinmarketcap.com, you’ll see that at the time of writing nearly 126 million ZEPH has been sold to date. The total supply of ZEPH is set at 2 billion, leaving 1.74bn Zephyr tokens in Bitspark reserves. We are circulating the remaining ZEPH through the incentive, reward and buy back mechanisms.
Zephyr unlocks meaningful change for the 2 billion unbanked
We have recently switched over to the BitShares Blockchain, with one of the most important reasons being the ability to create fiat-pegged cryptocurrencies. Moving away from Bitcoin-enabled transactions only, we are now using fiat-pegged cryptos as vehicles for fiat cash to travel across borders in a way that is quicker, cheaper and not reliant on banks.
Fiat-pegged cryptos will drastically reduce transaction costs for all remittances worldwide, regardless of remittance corridor or currency pairing. Lowering transaction costs will spur additional remittances and according to the World Bank this could lift another 30 million people out of poverty.
Removing the reliance on banks is especially important if our service is to benefit the world’s 2 billion unbanked citizens in the developing world. In fact, we think financial inclusion will even accelerate if we bypass banks altogether and empower local MTOs and remitters worldwide.
Zephyr is designed to accelerate the global growth and social impact of our remittance network.
Incentive and reward token to bootstrap global growth
We have designed incentive and reward mechanisms to bootstrap the growth of our network. Every new MTO that joins our remittance network, will be rewarded with Zephyr. So this means that next to all the benefits we are offering with a much cheaper, faster and more reliable way to send money, MTOs will now also be receiving extra money. Remember that ZEPH is currently actively traded on the BitShares DEX, so this reward is worth real money. In addition, we are incentivising usage of our services by giving each user additional ZEPH for economically beneficial actions such as sending transactions or topping up Sendy balances. This type of ZEPH circulation is funded through our internal Zephyr reserves.
Established markets and active user base
We have designed our system in such a way that lowers the entry to barrier both for MTOs as well as individuals that want to send money back home to their families. All you need is a phone, internet connection, and you are ready to use a global cash in, cash out remittance network. The Bitspark network consists of 100,000+ cash out locations globally, covering 7 countries in the Asia Pacific and African regions including Hong Kong, Malaysia, Philippines, Indonesia, Vietnam, Ghana and Nigeria.
Next stop: Tajikistan
In partnership with the United Nations Development Programme, the next market to be added to our global network is Tajikistan. In a sense, it’s the perfect target market for the way we have designed our service. It’s a country where around 1 million Tajiks migrate annually and send their money back home in remittances. In fact, 29% of Tajikistan’s GDP comes from its diaspora sending through money in remittances. The banking infrastructure is underdeveloped, and many people are unbanked, relying on cash entirely.
However, as the mobile penetration rate is incredibly high at 100%, it’s the perfect environment for our cash in, cash out service that works without relying on banks for transactions. Setting up a system where buyers and sellers liquidate an MTO’s fiat-pegged cryptocurrencies balance, we will be able to initiate a lasting positive change for the people of Tajikistan. All without involving any banks.
As our network continues to grow, Zephyr continues to circulate through the incentive and reward mechanisms. To maintain its value and utility over time, we have designed a 25% buy back mechanism. Bitspark will commit 25% of the fees earned on transactions to buy back ZEPH from the BitShares DEX. Doing so will apply a continuous positive price pressure on the Zephyr token, locking it in a positive feedback loop where network growth, usage and token value positively affect each other.
Where you can buy ZEPH
If all of this has made you excited and ready to buy some ZEPH for yourself, you can head over to the BitShares DEX where it is being traded right now. At the moment, it is the only exchange where you can buy ZEPH, however other exchanges are welcome to list the token as well. BitShares was by far the best option for Bitspark’s growth strategy because of the ability to create fiat-pegged cryptocurrencies, the lightning transaction speeds it supports, and the increased security inherent in a decentralised exchange versus a centralised exchange.
If you haven’t already, head over to the BitShares DEX and open an account to start trading ZEPH and support the growth of our transformational remittance network. With every token sold, we are one step closer to increasing financial inclusion worldwide for the 2 billion unbanked.
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Bitspark Homepage: https://www.bitspark.io
Bitspark Blog: http://blog.bitspark.io/
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