The world's first commercial stablecoin worth $500 million

Last Updated: 2019-02-22 16:14:17 (GMT)

The current stablecoin is divided into two types, the first one is the stablecoin in the exchange, and the other is the commercial stablecoin. The latter can be used in real life scenarios with high liquidity.

But now, including Bitcoin and Ethereum, these platforms can't meet the needs of real business scenarios, which are far from commercial requirements in terms of scalability and payment speed.

Based on everiToken public blockchain, everiPay offers world's first commercially available token payment solutions. It has achieved transaction speed and user experiences of AliPay/WeChat Pay.

Background of the first commercial stablecoin

Ho Wah Genting Group(HWG) is a well-known conglomerate having diverse business interests in blockchain, tourism, internet, travel, retail, and entertainment.

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As a group, Ho Wah Genting Group’s business interests cut across a wide range of sectors. For instance, aside from the industries already listed above, HWG has a cryptocurrency exchange, making it the first firm to have a licensed exchange in Malaysia. Also, the company channels a considerable amount of energy into solving its own business problems. HWG tackles challenges stemming from liquidity, volatility, and trust. In a bid to effectively arrest its business setbacks, HWG has resolved to offer a stablecoin using the everiToken platform. For those not in-the-know, a stablecoin is a cryptocurrency with real-world asset (US dollar) backing.

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According to the above mentioned, HWGC is in great demand for the use of stablecoin, and needs fast payment solution.

Why does HWGC choose everiToken?

1. Fast payment solution on everiToken

everiPay is the world’s first commercial solutions for micropayment on chain. Truly, everiToken has certain attributes that make it a good fit for the proposed HWG cryptocurrency. everiPay has the following functions:

  • Support for QR Code payments, compatible with all scanners.
  • No transaction fee for end users.
  • Instant notification on successful transactions.
  • Offline Usage: Can pay even while on a flight.
  • Standard: Native support for all tokens issued on everiToken.
  • Decentralization: No third-party control.

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With a huge trading volume, commercial solution needs top-notch security, fast transaction confirmation, scalability, and regulatory compliance.

In the actual application scenario, everiPay can be used for offline payment, which can achieve payment within 3 seconds. HWGC's stablecoin can be consumed directly by users, which can save a lot of cost for traditional methods. On the other hand, other public chains cannot meet needs of offline payment.

2. Simply building Dapp

everiToken's original "safe contract" and "Token-based" transaction model can greatly reduce development time and achieve high performance and high security. Those key innovations allow third party to quickly build Dapp with less cost.

For the commercial side, rapid implementation and profitability are key things they more deserve, and technology is just a tool. The original HWGC application can be directly integrated with the everiToken wallet with almost no development cost and can be deployed quickly.

3. Lowest barriers to ordinary users

In the real world, many ordinary people have no idea about cryptocurrency and will not pay for the transaction fee. The platform like Ethereum require cumbersome steps to use and charge fees, which is difficult for ordinary people. This factor will also increase the cost of the commercial side.

With payer mechanism on everiToken, users don't need to know blockchain technology, just like using a normal application. The commercial side will help users pay transaction fee, but the fee is extremely low, nearly 0.0000001 USD.

In this way, the business side does not need to educate users, which saves the high cost of user education and can pay more attention to the business model itself.

With the combination of everiToken public chain technology, commercial demands can be fully met.