Before jumping into complicated financial products lets make blockchain as an ecosystem system more practical & borderless …Thinking very small before thinking very big…
What if you could pay your utility bill and your rent with a decentralized account holding stable assets like usdc on the zilliqa blockchain ?
What if your salary instead of going to your local bank could go to Bank of Zilliqa a DEX/CEX (hybrid) on the zilliqa blockchain? …Now no matter which country you go to USA - Thailand - Singapore your bank goes with you
We need to move as much as we can from a fiat system in unlimited supply to a monetary system like Zilliqa with a finite supply as a store of value of our hard labor from our daily jobs…
I was thinking of a DEX that can verify documents, open an account and give a unique account and routing number on the zilliqa blockchain where our employers can send our salarys to and then the DEX would convert that fiat into a digital stable token like USDC.(here I have oversimplified the stable coin usage but it could be a basket of currencys /assets like gold)…
The account would then be linked to an international visa card…Banks have a very high risk exposure …A decentralized bank would allow us to have access to our funds without the restriction of borders…Not to mention there is a growing concerns of Bail ins …A friend of mine opened an account in Panama…USA deemded that bank to be used for money laundry and shut the bank down…as a result that bank went under and my friend lost access to to over $10k…not sure how USA managed to close a bank down in panama but it happened .
Doing this a person in Venezuela now can retain his purchasing power by storing his salary in USD…A person in Dubai would not need a letter from his employer before opening a bank account or a person in USA would not need to pay $30 for bank wire
Other banking solutions like Pillar can be integrated in it …biz loans can also be integrated into Bank of Zilliqa …this would be soo cool …I would give up Bank of america in a heartbeat
If we ever made this dream come true !! …It should be called Bank of Zilliqa - Your Bridge Between worlds ! …haha
I like the idea of Visa like Zilliqa card – that would really drive transaction volume.
It could be integrated with ETH Bridged ZilSwap for conversion of any currency at minimal Zil network fees
depends on what going for — adoption by governments for use – or targeting decentralized use with anon routing where laundering could occur if bad actors so choose.
Money laundry happens all the time with regular banks …It depends on the country and its laws…I say this as I have worked with Banks and been to many countries …being on the blockchain doesn’t mean promoting money laundry infact the opposite now every transaction can be verified abiding by the law of the land…we are just facilitating the process of banking not trying to promote illicit activity…sure some will try and use it for that…Zilliqa’s core is designed around security and TPS as its core strength to handle that situation…Problems are great to have as it gives an opportunity to build a solution around it …
If and when Zilliqa’s team or maybe a Zil hive team is formed to address this the solution around it would also be insightfull and more thorough and robust than the current systems deployed by international banks
Very ambitious endeavor! I am excited for the Pillar Protocol to launch, but I am sure more applications will follow suit and build on Zilliqa, as well. For now, such a small amount of the global population is using a DEX. User interfaces and costs will certainly help drive the entire space into more hands. I think Zilliqa is definitely poised to make a great impact, both short and long term.
I think the wheels are already in motion to develop such a wonderful ideal. I also think its coming faster then most people are aware of. Might I add a useful ideal. Mastercard just announced they are adopting crypto into their bag of tricks. Perhaps a zil mastercard or visa would be a perfect function for the zil project.
Money laundering is a fiat, central bank scam. They created it simply to make everyone a possible criminal in order to bring forth their solutions. Simply for control of people and nothing more.
Money and storing value in money or assets and being able to freely transact is a basic human right.
