The current financial order has been regulated and centralized for decades. Various efforts to formulate a central clearing system like SWIFT, CHIPS, different clearinghouses, for domestic and international payments systems, are primarily contractual settlements between two parties with prominent influence by geopolitical circumstances.
For about 2 billion people experiencing for so long, financial inclusion is the top program universally today: financial institutions, governments, central banks, NGOs, large companies, and technology businesses. Notably, several solutions have been attempted and experimented, with or without the involvement of banks, accomplishing some levels of achievement. The World Bank claimed to have 700 million of the previously unbanked became account owners from 2011 to 2014. But, 2 billion adults globally remain without an account with a bank or even with an authorized non-bank service provider.
Blockchain comes as an advantage that undoubtedly produce a decentralized, peer to peer network, disseminated among the value holders. From humble origins in 2008, Blockchain and cryptocurrencies are growing mainstream nowadays. Moreover, advancements in the blockchain area continue to take place at an accelerated pace than ever since. Numerous corporate, governments and developers are operating on diverse aspects to develop this technology, but there are three significant aspects of Blockchain being executed over the next few months which assumes will work wonders both for LALA World and the unbanked.
An Introduction To A Promising Financial System
LALA World (“LALA”) is a beneficial ecosystem for the unbanked, beginning with the migrants and their families back home. The ecosystem not only turns around financial inclusion but also drawing together societies at grassroots level, determining real-life concerns faced by this community and using the most innovative technology.
The foundation of this Ecosystem is the LALA Wallet platform. By designing a whole new peer to peer infrastructure, LALA intends to revolutionize the way people, small enterprises, and micro-entrepreneurs negotiate, make domestic and cross-border payments, borrow money and associated products like insurances, cards, and other general banking commodities.
In the present days, the financial arrangement is disrupted for this suppressed society. Many papers, articles, and arguments have been addressed on this. It has been an onerous responsibility to take them into the mainstream. From a controlled and centralized financial system, LALA is genuinely drawing an entirely new ecosystem to reduce the necessity for mediators which drastically decreases expenses and generates effectiveness. Storing transactions on Blockchain eliminates complex methods and clearinghouses, saving time, money and the danger of error. The allowance of frictionless savings and investments provides people further authority over their financial condition. LALA utilizes Smart Contracts secured into transactions that extra simplify complex acquisition, mediation, and confirmation processes.
Lala World Ecosystem
LALA Wallet is the only point access to all financial settings in the LALA World ecosystem. Users have many tops up and cash out selections, keep fiat or various cryptocurrencies, with a financial aid host like money transfer, lending, bill fees, cards and other regular banking products easily. LALA Wallet also enables to share your micro projects globally, allows to support issues which are overpowering the unbanked and create communities, through building a genuine Ecosystem profiting everyone.
The core of this Wallet system is the LALA Tokens that will enable seamless transfers and payments for various transactions and services. LALA Wallet also involves an API for third-party developers so they can associate with the Wallet, access balances, send transactions, statements, and develop other third-party applications on top. It will besides improve the LALA Wallet acceptability and usage. The third Party API business model will generate more partners who can disseminate LALA Services globally to establish this network.
The user can conveniently transform a broad array of Blockchain assets such as LALA, BTC, ETH, and DASH by efficiently using LALA Wallet which has an inbuilt trade mechanism. If the user is not a crypto expert, they can also prefer to save the currency in local Fiat and not use crypto at all, providing terminal independence to the user and fairly connecting the old world to modernity.
The more a user utilizes LALA Wallet, the more they are rewarded economically. It is not only by cheaper transactions, but also through LALA Tokens for actions like sending new payments, covering up user’s balances, or cashing out other users balances at another end, with some other LALA referral products and services.
Design And Method
Some of LALA Wallet users have smartphones but cannot support costly machines. The blockchain is evolving and leading to a degree where there is currently a requirement for a single class, secure, powerful governance (decentralized) value exchange that utilizes maximum distributed computing. So it is efficient and scales to millions of transactions per second when powered/powering billions of devices (single class of machines) while maximizing security and minimizing transaction fees (to almost zero).