Estimated reading time: 6 minutes, 6 seconds
The Cashaa project is looking to correct a broken financial system. Watch as Jeremy breaks down the project! Cashaa is using Blockchain technology in order to provide banking services at lower fees, as well as provide these services to the unbanked and underbanked. Cashaa aims to offer several services that banks currently provide, such as exchanging cryptocurrencies, transferring money across borders, and offering lines of credit to those who currently not offered that option.
So sit back while we do all the heavy lifting to get you up to date on Cashaa. Check back for more episodes of ICO or NO!
What is the Cashaa project & what problem is it looking solve?
Our banking systems are built upon traditional rail infrastructure, where moving money requires huge processing efforts coordinated by several parties, only creating endless problems. One of the main reasons for friction in this current system is that information is siloed between the players in the industry. A meager amount of engineering is done on the payment systems which are compatible across payment networks and financial institutions.
Cashaa aims to revolutionize banking for everyone. From the Cashaa project, they have outlined four goals that they hope their project can achieve:
1. Powering financial products for the Banked and Unbanked: Cashaa’s digital and transparent services are not only attractive for the banked population, but they can also deliver financial inclusion solutions to the 2.5 billion unbanked and 1 billion underbanked globally. Thereby creating a unique cross-border platform which can serve the entire population.
2. Facilitating low-cost Currency Exchanges: Send money across borders quickly, for a small flat fee – a fraction of the current costs, which today on average are 7%-12%. Their industry-leading technology platform powered by their traders network can protect your money and offer best foreign exchange (FX) rates 17 every time you utilize Cashaa.
3. Enabling Investments in the Global Economy: Cashaa products can enable its users to access the global economy in a decentralized manner. They can facilitate the transfer of value across borders allowing greater portfolio diversification with higher yields.
4. Dedicated to the Community with an Open API: Create the next generation dApp to solve the world’s biggest financial challenges. Their developer SDK and Open API with integrated biometric and artificial intelligence services will accelerate the growth of digital innovation.
What are the market conditions facing the Cashaa ICO?
Over the years, through globalization, the world’s economies have become increasingly interconnected. The financial crisis of 2008 showed the cracks in the underlying structure of our global financial system, and since everything is so intertwined, economies started dropping like a chain of dominoes. Even today, the world economy is still trying to make up the ground lost during this time. By 2009, with economies reeling, it became more and more clear that our financial system was definitely broken.
Unfortunately, the institutions that had a hand in this debacle are so ingrained in, not just our financial system, but also our society, and even in our laws. Any change was going to be an uphill battle, and most didn’t know about the alternative that was quietly being created.
When I heard about blockchain the biggest potential that I saw in the technology was the ability to transfer money in an easy, fast, and inexpensive way. Currently, if you want to send money out of the country, its going to take several days to clear multiple banks, and each one is going to take their fee, making the whole process an annoying headache.
There’s a lot of people to emigrate to areas with more economic opportunity, and they in turn send money back to their family in their home country in order to help make a better life for them. Do banks do the right thing or make sure they can take the maximum fee? It’s obviously the latter. Transferring $100 may result in the banks taking as much as 20%.
There is another potential for blockchain technology and banking that often gets ignored…. About half the world still does not have access to the most basic banking services. That’s more than 3.5 billion. These people have little hope for economic mobility as they don’t have access to bank accounts or lines of credit. Basically, they are completely disconnected to the global economy.
These are causes that people can rally around, and Cashaa is seizing on this opportunity. Obviously, the project isn’t purely altruistic, as some fees will be charged. But the fees Cashaa has laid out compared to that of existing banks, those are numbers that cant be ignored by the consumer. They are basically cutting out the existing middle men — the banks — and replacing their services with cheaper versions that do the same exact thing, all by implementing blockchain technology.
The only thing that makes me weary is that they are trying to provide almost every service existing banks currently provide, and that’s a lot of services to roll out all at once. Additionally, this brings the issue of scaling into question. Will the Cashaa network and blockchain it relies on be able to handle the load of transactions that Cashaa promises? Only time will tell, and that’s really just a potential hurdle. There’s nothing wrong with supporting an ambitious project, just make sure the projects goals are realistic. There’s nothing to say Cashaa’s expectations are off. It’s just a big endeavor.
Who are the people behind the Cashaa project?
Many white papers make you dig for info on their teams, but Cashaa is not one of them. They list the members of their team, along with their accomplishments, right there in the Whitepaper; and it isn’t a surprise with credentials like that. The team can best be described as tech people mixed with experts in monetary system. Their CVs are littered with projects they have worked on, but what really stands out is what happened to those projects. SPOILER ALERT, they all found great success or were bought out by larger companies.
Another interesting thing that I’ve noticed is that they have some former banking “insiders,” people who know how to navigate that industry. The team members who have played that game and know the inner workings, and weaknesses, of the existing banking system. Think about it. Who’s more likely to take down the banking industry? Outsiders rallying against the system? Or those who have already been in that system, recognize the deficiencies, and know which pain points to press. Again, it’s a big task ahead of the team, but the size and credentials make it a project worth looking at.
What are the details of the token sale?
The token sale will start November 6th, 2017 and run until all allocated tokens are sold.
They estimate the original price to be around 10 cents per token. The token sale is responsible for releasing 51% of total supply. The max 105,000 ETH (their cap).
And on a final note, the beta platform test complete, and they are moving to their live version soon.
ICO or NO covers some of the hottest tokens sales from the coolest projects! Jeremy, though his patented Four Question System*, dissects each project to help you better understand the token sale! Check out more of our ICO or NO episodes here, and subscribe to our YouTube channel for future ones!
*Patent Maybe Pending