It has been centuries that banks have successfully exercised a stranglehold on the less powerful and thus, have been able to establish a system of exploitation and suppression. People were forced to hand over their assets in hands of a group of gamblers so that they can participate in the banking system. The banking seems to follow a policy that states, the less money you have, the higher the cost of accessing the banking services. This is the system that has been prevailed since the time’s banks have come into existence. But today, we have a solution for that. In response to this, the team of IUNO has introduced a new platform. If you are interested to learn more about this particular platform then you should give this article a read.
According to Iuno, we reside in a world where the traditional banking system has become completely obsolete. This is why Iuno seeks to provide the users with a platform and services on top of a decentralized wallet that will allow the individuals to gain full control over their assets. There is absolutely no need for the intermediaries for the individuals to invest, transact or lend each other. Iuno is aimed towards making a revolutionary peer-to-peer banking platform based on a distributed blockchain platform that is secured by a strong identity management system. The liquidity and stability in the ecosystem are guaranteed by the fiat backed tokens. The platform also provides AI-based tools that can protect the individuals and also the integrity of the environment.
How does it work?
Iuno is basically a decentralized banking platform that is based on the blockchain technology. it provides the users with the right to access all kinds of financial services of the Iuno wallet. The services include payments can be made instantly all over the world, funds can be held in the wallet, funds can be invested to earn interest, users can get loans and debit cards can draw funds from the wallet. In short, it can be said that Iuno seeks to provide the users with a banking platform where they can have full control over their assets. Also, it eliminates the need of an intermediary when it comes to investing, transacting or lending with each other. This platform basically seeks to transform the entire banking system of the world.
The platform makes use of tokens that are used for redemption fees and other edge transactions. It helps in the development of a transparent, efficient and convenient decentralized marketplace of services and goods. This is done by incentivizing members to operate exclusively inside the closed Iuno ecosystem. The functions of the utility tokens as a currency in the Iuno platform is associated with the interactions of participants in the network with the outside fiat world.
Thus, it can be concluded that Iuno is a blockchain based platform that seeks to transform the entire banking system of the world. To know more you can go through the white paper of the project.