Lux Ant Digital is a new ICO project introduced to offer a reliable alternative system to the traditional banking system. It is featuring a decentralized banking solution that will give the power back to the users by using revolutionary technologies such as the blockchain technology and smart contract.
Problems with the existing banking system:
There are a lot of issues that Lux Ant Digital is trying to resolve. The major issues are as follows:
- Due to the flaws in the traditional banking system a lot of users have lost control over their owned heritage that is now controlled by the Central Banks.
- Poverty and low standard living of a huge population have kept a lot of people away from the banking system because of expensive costs associated with the banking services. People need to pay more than their actual income and that’s why they do not want to be a part of the traditional banking system.
- One-third of the whole world’s population is unbanked which is a very concerning issue now.
- The unbanked population relies totally on cash due to which they cannot request for micro-lending, send money through wire transfer, save money, and manage some big purchases.
- Central banks know these issues but they are not trying to resolve these issues at all. They are still trying to figure out how to resolve the previous issues and therefore the mentioned problems are out of focus for them.
The solution offered by Lux Ant Digital:
Lux Ant Digital believes that development of an Entity specialized in Electronic Deposit can resolve many major issues. This platform favors opening a new market niche in the banking sector which initially will be serving small investors and businessmen across the targeted service region. It will eventually develop a stagnant micro-economy. It is how Lux Ant Digital aims to start a new decentralized banking solution. This platform will use the blockchain technology to offer improved electronic banking solutions. The Central Banks cannot make such improvement because it will consume a lot of time, a lot of money, and the management costs will be skyrocketing for them.
This decentralized bank is suing smart contracts in order to eliminate the need of traditional contracts. These digital contracts will completely eliminate additional costs associated with third party commissions. It will improve the security, make financial deals simpler, and increase transparency. All the terms agreed between two or more parties will be mentioned on the smart contracts. These contracts will automatically recognize the conditions met by all the parties.
Key features of Lux Ant Digital:
- Decentralized mobile app
- Payment card
- Saving of money in the savings account
- Smooth and quick transactions
- Currency conversion
Lux Ant Digital is going to offer all the services offered by the traditional banks. It is different and better because it is a decentralized bank that will reduce the costs and work to add all the unbanked population with the banking industry. This platform can be the first choice of people who want to enjoy affordable and yet beneficial banking services.