IUNO: A new model for decentralised banking
Much has been said about the disadvantages of centralised banks. They are inefficient, unreliable, sometimes fraudulent and effectively inaccessible to smaller businesses and poorer individuals. Cryptocurrencies were invented in no small part to create a more popular alternative. But so far, none of them have come close to replacing the old system. Other than unfamiliarity, the main obstacles in the way of the widespread adoption of cryptocurrencies as a means of payment are their price volatility and slow transaction speed.
IUNO is the latest company to attempt to fulfill the potential of blockchain technology for decentralised banking. It means to do this with the help of an asset-pegged token and an innovative performance-oriented blockchain design, which should negate the aforementioned flaws of the cryptocurrency solution. On the basis of this technology, it hopes to provide payment, lending and other banking services, as well as other benefits.
How can you use the IUNO platform?
The decentralised banking network will be built on a modified version of the EOS blockchain. To support it, users will need to stake IUNO Utility Tokens (IUNITs) to run the blockchain's masternodes or supernodes (the latter consisting of volunteering or randomly selected masternodes, and having to give a 90 days advance warning before they abandon the network). Supernodes will store the blockchain history, allowing masternodes to discard it and take snapshots of the current state instead. The blockchain's internal transactions will be carried out exclusively with Asset-Backed Tokens (ABTs) tied to fiat currencies and will be feeless. However, there will be IUNIT fees at the points of withdrawal or external payment (“edges”), where ABTs are converted to cash or vice versa by IUNIT-staking edge agents (such as banks or individuals). IUNO's Delegated Proof-of-Stake algorithm will reward its nodes based on this revenue stream.
Users will interface with this system through a multi-currency wallet with a unique automatic token freezing function used to ensure the availability of the tokens for ongoing transactions. It would include a versatile identity management system along the lines of Civic. The wallet could be used for payments through a simple merchant payment gateway or wallet-to-wallet transactions. Additionally, IUNO will provide a suite of banking service dApps that will enable money transfers, deposits, withdrawals and borrowing and lending (and interest and loan repayments) using ABTs. Its trading dApp will feature a decentralised exchange. The platform will include extensive communications and market information features. It will also have an AI risk management feature that will monitor transactions to ensure compliance with regulations. The AI will flag suspicious operations and delay or abort them as necessary.
What gives IUNO an edge?
The blockchain design of IUNO guarantees both a high transaction speed with the masternodes and the integrity of the system through the supernodes. This should allow it to be used for efficient and reliable payments, made all the more credible with AI oversight. IUNO's dual token system should be a lot more practical for everyday payments than most existing cryptocurrencies. The feeless internal/low-fee external system for financial operations should make this far more accessible (and appealing) for the average user.
IUNO was founded by a group of veteran business professionals who have previously worked with many prominent companies in different fields. The company will reach out to partners to augment its platform technologically, for instance by developing its identity management system. It plans to enter the market through various underbanked niches, including the expanding legal marijuana industry and the US government food stamp program.
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A new contender for mass cryptocurrency adoption
As IUNO acknowledges, financial services on the blockchain are a highly competitive field. But it would enter this field armed with a number of advantages that are, if not entirely unique in their concept, still cutting edge and possibly groundbreaking. Combining its high-speed network, fiat-pegged tokens and extra features such as automatic freezing and AI monitoring, IUNO's design definitely seems to have what it takes to face its rivals.
Much will depend on the execution, and therefore also on IUNO's success in finding the right technical partners. It would also need to recruit a substantial base of users, both to run its network nodes and to provide liquidity as edge agents. But its promise as an efficient everyday cryptocurrency-based payment system may be enough to draw supporters. If so, then IUNO may finally fulfill the vision of a decentralised blockchain-based economy.
Links:
Website: https://iuno.io/
WhitePaper: https://bit.ly/2RyUi8m
Telegram: https://t.me/IUNOForum
Facebook: https://t.me/IUNOForum
Twitter: https://twitter.com/iunoblockchain
Medium: https://medium.com/@iuno.blockchain
ANN: https://bitcointalk.org/index.php?topic=5043716.0
Author: https://bitcointalk.org/index.php?action=profile;u=980049
Bounty0x username: the1arty
This article was created in exchange for a potential token reward through Bounty0x
Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.