THE CRYPTO EQUIVALENT OF YOUR FIAT CURRENCY

Decentralized, transparent and independent currency implementation of the FIAT currency by the bank.

Preface

Blockchain clearly solves the requirement of a middle man for settling transaction between two parties.

Early explorers of Blockchain use the shared data structure for saving a value, which is immutable and independently verifiable. The early inventors use the advantage of Blockchain to build a currency ecosystem on top of that, which gives birth for the first digital asset Bitcoin. Enthusiasts and developer communities make different Blockchain with different rules knowns as consensus, and created different digital assets.

Later these currencies are also interpreted as asset. Maintain a huge data by enormous umber of people (known as nodes) made the Blockchain space as a hard entrant for newbie. Eventually more currencies / tokens are easily created on top of existing Blockchain, which added values to the token as well as the underlying Blockchain infrastructure.

In the case of a bank, the same value, as money/ currency is saved in bank’s database with trust. However the money transaction requires bank involvement , and transaction among two different entities require middle man settlement services.

Blockchain opens up new opportunity for banks to convert the money / value (saved as FIAT) to equivalued crypto tokens / currencies on top of existing Blockchain, like Ethereum. The new currency with same value is what we called the FIAT(X). The customer can independently use, transfer and verify the FIAT(X) without the need of a middle man and even without the acquiring bank.

This is the root of FIAT(x), the crypto equivalent of the FIAT currency. The new world will be using FIAT(x) from anywhere to anywhere in the globe and stakeholders like online merchant or currency exchanges do not need the support / integration of the bank to accept / use these FIAT(x).

Features at a Glance

FIAT(x) IS EXCLUSIVELY FOR BANKS

Bank is the most trusted entity for money management from a customer and a country point of view. FIAT(x) is exclusively designed for banks.

FIAT(x) DIGITAL ASSET IN RETURN TO FIAT DEPOSIT

Bank is the entry point for customers to receive FIAT(x) currency in return to their FIAT deposit. For example, user gets USDX crypto token for their USD deposit.

FIAT(x) IS A GATEWAY TO PUBLIC LEDGER, BLOCKCHAIN

FIAT(x) is responsible for creating and managing new digital assets / token in the Blockchain, based on bank’s request.

FIAT(x) INTEGRATION WITH CORE BANKING IS EASY

FIAT(x) node, the server required for FIAT(x) integration, provides a minimal set of APIs so that bank can easy integrate with their core banking backend.

DAY ONE HIGH PROFITABLE REVENUE FOR BANKS

More FIAT deposits for bank and giving the FIAT(x) token to the customer, which usually circulate insidethe Blockchain and a very less percentage of converting back to FIAT.

GET ADVANTAGE OF THE FIRST ENTRANT

FIAT(x) is not everybody’s cup of tea. A banking partner with strong ideology Is the right entrant and the only one provider in a country.

The Highlights

TREAT LIKE AN FD OF 0% INTEREST

User deposits FIAT to his bank account for FIAT(x) (like FD). Bank reates new FIAT(x) based on the FIAT deposits by customer and deliver the money in FIAT(x) format to the customer’s digital asset wallet. Once the FIAT(x) is created, it usually circulates around the Blockchain network and very less percentage of conversion to real FIAT happens. Major chuck for FIAT deposit bank can use for normal banking purpose.

GLOBAL PLATFORM CAN EASY INTEGRATE WITHOUT BANK SUPPORT

Since FIAT(x) is a token existing in Blockchain (as ERC20 on Ethereum Blockchain), any 3rd party can easy validate fund and it’s transaction without any integration with the banking backend. Bank has relation only with customer for creating and managing the FIAT(x) token. A platform like a digital asset exchange communicate to Blockchain directly for any FIAT(x) trade.

Common Questions

THE USE OF FIAT(X)

User can use FIAT(x) anywhere in the world where it is supported, usually in digital asset exchanges as a stable currency. User can trade say Bitcoin for FIAT(x). FIAT(x) can be owned and saved by any user in the world, it has no country restriction. FIAT(x) allows any global citizen to use a FIAT currency without a bank account in any country.

What is FIAT(x)?

Digital Asset equivalent of a FIAT currency with same value.

Who Creates FIAT(x)?

Bank creates new FIAT(x) based on the FIAT deposits by customer and deliver the money in FIAT(x) format to the customer’s digital asset wallet.

How Many FIAT(x) Totally Available?

Bank creates new FIAT(x) based on the FIAT deposits by customer and deliver the money in FIAT(x) format to the customer’s digital asset wallet.

How Can an User Convert FIAT(x) to Actual Cash?

User can use online banking channels and get the FIAT(x) converted to FIAT into bank account.

Where is FIAT(x) Saved?

FIAT(x) is saved in Blockchain as smart contract (ERC20 Tokens)

FIAT(x) Lifecycle

01

User deposits FIAT to his/her bank account for FIAT(x) (like FD)

02

Bank asks user’s FIAT(x) address to return equivalent FIAT(x)

03

Bank create a new Blockchain transaction (as ERC20 Token in Ethereum) and transfer FIAT(x) to user’s wallet

04

User uses this FIAT(x) in any platform it supports [example, buy BTC with FIAT(x), or to do online shopping ])

05

Platforms can validate the FIAT(x) directly from Blockchain (no bank integration is required)

06

User can convert his/her FIAT(x) back to FIAT through online net-banking any time or keep it as FIAT(x) in his/her wallet.

Advantages for Banks

WHY BANK?

Making FIAT(x) token in Blockchain and giving it to customer has no challenge or risk for both parties, however the risk is in converting FIAT(x) to FIAT part, as who vouches or guarantee the money delivery is a question. Since bank has this trust to the customer for years, bank is the right candidate to issue the FIAT(x).

Since Bank already have payment license and regulation in place, it is easy to onboard FIAT(x) as a new currency system than any other vendor.

MORE BENEFIT THAT USUAL FIAT DEPOSIT

In FD, bank gives A% interest to the depositors and charge B% interest to the lenders/loan, where B will be greater than A and bank’s profile will be (B-A)%.

In FIAT(x), the bank gives 0% interest to the deposits and charge B% interest to the lenders/loan, where bank’s profit will be B%. (Higher profit than FD).

FIAT(x) can be treated as a transferrable and reusable FD

BECOME THE FIRST AND SINGLE PROVIDER IN THE COUNTRY

Become the authorized FIAT(x) provider in the country, and get advantage of the entity which introduces crypto equivalent of a fiat currency first time in the country.

Advantages for Blockchain

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Trust Through Smart Contract / Token

Publicly Visible and Validatable

Easy to Integrate

Global Access

Advantages for the Participants

For Users

Easy to use

Stable currency for hodling

Can take anywhere in the world

Life long validity

FOR EXCHANGES

No need for complicated bank / PG connectivity

Fast deposit and withdrawal

Easily validate through Blockchain

Fast integration

Steps to Become a FIAT(x) Partner

01

Setup FIAT(xa) node server inside bank premises.

02

Connect FIAT(x) node with core banking server via a set of APIs

03

Use usual bank channels / procedure for depositing and withdrawing FIAT

04

Use FIAT(x) generate_fiatx API to generate required FIAT(x) and destroy_fiatx API for withdrawing fund. [There are some set of APIs to generate, manage and destroy FIAT(x)]

GET IN TOUCH

For the product pricing, revenue model and installation, contact info@hatio.in