- October 29, 2020
- Posted by: icoblock
- Category: financial
Knox World Pay – The Ultimate Global Payment Platform for Mass Adoption
As a new form of trade, cryptocurrencies have seen tremendous growth in usage. This growth has sparked innovations and intense competition between different blockchain protocols and service providers serving the coins. As a result, new altcoins are launched with innovatively crafted protocols. These protocols are driven by the one goal of solving issues afflicting their predecessors.
One such new protocol that is revolutionizing the blockchain system is Apollo fintech’s own Apollo protocol. Posing as a payment service provider, Knox World Pay, has also fashioned itself as an innovative leader that rewards the Apollo currency’s users.
What Knox Entails
Knox World Pay is an SMS-based crypto payment service provider with a slated launch in late 2020. The key driver of its design is to enable the widespread adoption of cryptocurrencies. It does so by targeting to absorb the population of about 1.7 billion adults without a bank account globally. The people without bank accounts are usually those living in the most economically impoverished and remote regions of the world, generally lacking access to an internet connection.
Knox’s innovative method of circumventing this hurdle is by enabling an offline transaction ability. To onboard these users, it is recruiting a global network of agents. But it doesn’t end there; the platform also promises to reward Apollo currency (Apl) users with some special incentives.
Transaction-Based Revenue Rewards
Individuals owning Apl stand to make some excellent income through Knox World Pay. The rewards created by forging the Apollo currency could be as rewarding as mining a Bitcoin if not more rewarding altogether. So it’s good to grasp just what forging means. Forging the Apl is a passive income generation way using a proof of stake consensus. To be able to forge, an Apl user must meet two essential requirements.
First, a forger should have a sufficient positive balance on their wallet. To achieve this, one has to reach 1440 confirmations indicated on the dashboard as per transaction. Secondly, publishing their public keys is necessary on the blockchain. To do so, a user simply has to send an Apl to another Apollo wallet.
The forger participates in block verification of transactions, after which the reward is distributed randomly to forgers in the block. The higher the number of Apls in one’s wallet, the higher the probability of gaining more Apl rewards as a forger.
Knox World Play helps big time in facilitating all these. With a global agency network, depositing Apls can’t be any easier. The Apollo currency has a fiat-cryptocurrency conversation through this service. One can just approach the agent with fiat currency and deposit it in the form of Apls with ease.
To add to that, transacting via Knox’s messaging system takes just 1-2 seconds. The transactions can operate from any cellular device thanks to the offline transaction ability of the service. In light of all these, reaching a sufficient positive balance with Knox is very easy and fast while also ensuring that users can deposit hence hold as much Apl in their wallets as they need to as forgers.
Credit-Based Revenue Rewards
Knox World Pay is also incorporating a feature called leveraged trading. The trading system works in the form of a credit to an Apl holder, enabling the user to control a lot more coins than they hold. However, the trading method needs some skill to predict price movements and capitalize on them.
When carrying out leveraged trading, an Apl holder takes advantage of the brokers’leverage in the form of a ratio. Assuming a user has Apls worth $100, if the broker offers a 20:1 leverage, the user can, in effect, trade $2000 worth of Apls from only the $100 in possession.
If the Apl holder’s predictions of price variations are precisely on point, the holder accumulates a profit of $2000 coins made from just $100. The broker then issues the Apl holder a leverage allowance as agreed upon before trade.
In effect, Knox World Pay becomes a revenue stream for an Apl holder that is a kin analyzer of coin price movements.
A reward must not necessarily be an income earned. An expenditure saved is a crucial reward as it increases the funds to be used on other means, just as making more would. Apl holders get to enjoy relatively cheap transfer costs with Knox World Pay. It is more apparent when compared to the more widely used funds transfer methods, it’s competing with in the market.
The service intends to revolutionize the financial sector by spurring the mass adoption of cryptocurrencies worldwide. Compared with regular fiat currency transfers, crypto transfers are very cheap, more so across national borders. The lower costs result from a trusted third party’s omission to transfer currencies, a bank in this instance. Anyone intending to move funds across the globe gets to deposit it in Knox World Pay with the global agent network and convert it to Apls. These Apls are transferable to someone far away who gets to either withdraw them in local fiat currency or use them directly as desired.
Thanks to an ever-evolving cryptocurrency industry, the onus is on new entrants to bring something a bit ‘extra’ to the table. It may be in the form of easier accessibility, better usability, faster speeds, cheaper costs, or even downright be a revenue stream. Knox does all these combined.
The financial rewards, in particular, are an exciting feature. As a payment service provider, Knox is fashioning itself as a truly versatile system. The goal of its programs is indeed to spur crypto adoption while increasing financial inclusion. But it may as well be an income-generating and cost maximizing platform to Apl holders.