With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, Bitenny, which is designed as a means of bridging the gap between traditional fiat currencies and their digital, cryptographic counterparts has arrived.
"Assets are things of economic value and they are normally associated with financial assets, such as estate and shares. Digital assets on the other hand are not tangible and they contain information such as online accounts, images, videos, audio files… The Wikipedia definition of a digital asset is “any item of text or media that has been formatted into a binary source that includes the right to use it. A digital file without the right to use it is not an asset. Digital assets are categorized in three major groups which may be defined as textual content (digital assets), images (media assets) and multimedia (media assets).”
Over the last few years, with the rise of cloud computing, the amount of digital assets utilized by companies grew exponentially and it needs management to be able to store, organize, find and share them efficiently. This management process is called DAM – digital asset management and these files can vary from a graphic for a presentation, a video for an advertisement to personal information of an account holder. So, with the ever-growing need for DAM, it needs to be faster, more secure and accessible.
In a survey McAfee did, they found out that consumers globally value their digital assets around $37,000. Moreover, they found out that consumers on average value their personal memories more than $7,000. With all this value stored in an intangible platform, Blockchain would be the best technology to implement to have the highest standard of security. It will ensure that the digital assets are not going to be erased, used or changed by an external source and it would also make it easily accessible."
With that being said, Bitenny will make digital currency a far more usable asset in the real world. It will unite traditional and futurecentric payment concepts in the process, putting itself in a unique position in the fintech marketplace and giving us a keen focus on the future of business and commerce.
But before we go any further, please check out this video presentation to get even more acquainted
Now that I have your attention, let’s get right to it.
What exactly is BITENNY?
As depicted earlier and as indicated on the official whitepaper of Bitenny, Bitenny is designed as a means of bridging the gap between traditional fiat currencies and their digital, cryptographic counterparts. In doing so, Bitenny will make digital currency a far more usable asset in the real world. It will unite traditional and futurecentric payment concepts in the process, putting itself in a unique position in the fintech marketplace and giving us a keen focus on the future of business and commerce.
The main goal of this project is to provide the world around us with a seamless tool for fast, high-quality and secure digital transactions to pay for any goods and services with the help of cryptocurrencies available to the world.
Bitenny intends to achieve its goals with the help of a symbiosis of different technologies and effective tools that will eliminate any problems and barriers existing in our daily lives. Moreover, the mission of Bitenny also includes the popularization of cryptocurrency funds everywhere, due to its high-quality platform.
The Problems & Solutions as indicated on the official website of Bitenny:
Solving problem for users
Bitenny helps to lower the risk and trepidation of investing in crypto by offering a free AI-enabled wallet. This system allows users to swap virtual currencies more securely, with full compliance. Unlike similar platforms, it also has tight integration between virtual and physical currencies, letting people hold, pay and distribute cryptocurrencies and fiat currencies with ease.
Real-time access to crypto markets means Prally, the interactive assistant, can inform users about current trading opportunities and provide them with ideas on trade execution. A key feature, this limits the risk that comes from having lack of experience in investing in crypto.
Solving problem for merchants
To create a seamless experience for businesses that want to accept crypto payments, Bitenny comes equipped with the fully featured Bitenny API, which is easy to integrate into online stores and is available free of charge.
Rather than one easy-to-use platform, merchants are stuck with several Payment Service Providers (PSPs) with a lack of integration between them. Bitenny, an advanced technical platform accepting over 50 methods of payment, including comprehensive crypto integration, solves this problem.
Solving problem for brick-and-mortar merchants
A lack of specialised software has made it difficult for physical stores to accept crypto payments. The Bitenny system can be installed easily on a tablet-PC to be used by the cashier at the point of sale, allowing users with a Bitenny Wallet to pay with cryptocurrency.
The Design Feature
To ensure the necessary level of security and optimality of all possible payments, Bitenny developers have made an unconditional decision in the application of artificial intelligence in the development of its platform. Analytical features of AI will be used for in-depth and high-speed analysis of all computational processes taking place both in the cryptocurrency market and in a particular store, comparing all possible options for the exchange of one asset to another, choosing the best exchange option.
Within the shop the price for this or that model expressed in Fiat currency is specified. But to make a purchase in digital assets you need to go to your internal wallet Bitenny and see the best, the proposed option from the AI system cryptocurrency asset that can be exchanged for the current Fiat in real time. At first glance it may seem that everything is very difficult and confusing, but believe me these operations take only a fraction of a second. Thus, you will not only save a lot of money, but will get the desired product at the best price.
About The Platform Technology
Bitenny's structure incorporates two separate components, operating together as a whole to provide comprehensive functionality to users. These components are as follows: The Bitenny platform and the Bitenny backend.
Bitenny will be an ideal solution not only for private use, but also for other large corporate clients, as well as various crypto-exchanges and banks. To do this, Bitenny has all the necessary modular structures that allow you to complement all possible services, as well as communicate with any type of client, providing maximum security and transparency of all processes.
Advantage of Bitenny platform is its computing core, which contributes to the maximum level of security and scalability of the entire system. Moreover, all exchange processes interact directly with artificial intelligence algorithms, allowing you to receive any type of data in real time quickly and safely.
Thus, within the framework of Bitenny you can easily check not only the balance of your wallet, but also to carry out any type of trade both outside the system and within it. All this and much more is waiting for all those who want to join the Bitenny system.
Token and ICO Details
The BTNY token will have genuine value both in the real world sphere and online. This includes real fungibility across a range of transactions, and usage as a vehicle for payments relating to goods and services. All services, fees and licensing of the Bitenny platform use BTNY utility token. BTNY may be used as an in-between when converting tokenized FIAT currencies between Bitenny accounts, which enables rate discovery, advances liquidity and eases adaptation across local currencies.
Token Name ‘BTNY’ - an ERC20 token
Will be listed at crypto exchanges
Will be required to use some of the platform features
Token sale terms
Token price: 0.07 USD per BTNY
Hardcap:25 000 000 USD
Max tokens:1 000 000 000 BTNY
Unsold tokens will be burned
Token sale terms
+5% bonus for purchasing > 100 ETH
The distribution of tokens and funds is as follows:
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
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Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.