The requirement for a much-improved banking system has arisen because of the flaws of the traditional banking system. The blockchain technology promises to resolve some major issues affecting the customers. Therefore Zamzam is offering a progressive system of reliable financial arrangements among individuals and organizations. It is offering solutions inspired by the model of Islamic banking.
Zamzam is introduced to be an honest, transparent, user-friendly, and offer total control of the money in the user’s hands. This platform relies on the blockchain technology because there is no other technology that can make all the aimed goals possible for this platform. This platform is committed to offering a full-fledged ecosystem, but barriers like an inadequate number of crypto asset investors and complexity of using these crypto assets cause troubles. Zamzam is going to include the ass user who is not technologically skilled and empower him to help him for crypto investments.
How does it work?
The Zamzam ecosystem is going to make cryptocurrency transactions fairly simple and user-friendly for every user. As a user, you can send crypto coins anywhere you want. The recipient doesn’t even need to own a crypto wallet for receiving that cryptocurrency. Whenever a user will transfer cryptocurrency, the recipient will get a message regarding the completed transaction. He can click on the link to download the app. Once the app is installed, the recipient just needs to complete a simple authorization process and provide his/her identity and then the recipient can manage the transferred funds. That’s how simple Zamzam is going to make cryptocurrency transfers across the globe.
The problem with traditional banks:
About one-third of the world’s population cannot access the banks because they have no bank accounts. A lot of difficulties prevent people from opening a bank account. Migrants across the globe are struggling and uneducated population simply does not believe the banks can protect their money.
A lot of people have started converting their money into popular foreign currencies because of the poor performance of the national currency. They lose about 35% of the money while using a traditional exchange to exchange the currencies.
Zamzam believes it can use the blockchain technology and the features of a lightweight wallet to allow the users to store and convert their currencies directly through the wallet they own. They can use their smartphones for currency conversion and transfer any amount of converted assets into another wallet. The Zamzam ecosystem will offer StableCoin in order to protect the user’s investments and funds. This coin will be tied to a real foreign currency and therefore high inflations rates will not affect the value of the user’s funds.
In order to support the development of this futuristic project, Zamzam is crowdsourcing funds through ICO. It is offering ZAM token for investment.
Zamzam is based on the Islamic bank model and it is using the cutting-edge technologies to fulfill its goal. It is going to connect numerous new users to the new banking system and support affordable transactions and currency exchanges.