Even with blockchain technology becoming more and more visible across a wide variety of financial domains, there still exist a host of issues within the present retail setup that affects consumers and merchants alike . Some of the most common problems include:
- Unregulated processing fees and large transfer times
- Lack of trust and overall network reputation.
- Poor access to credit and verification protocols.
Rate3 Network is an all new ‘universal blockchain-based token’ that helps foster an ecosystem that will connect shoppers, merchants and other intermediaries via the use of a single platform. When looked at more closely, we can see that Rate3 is completely decentralized and allows for a high level of transparency in all of its transactions.
More About Rate3 Network
Some of the main features that make Rate3 stand out include:
(i) Efficient Payment Solution:
This platform allows for cross-border payments of any volume with the single click of a button. Users need to pay a small one-time fee which is just a fraction of what conventional financial institutions charge.
(ii) Conversion Capabilities:
Another interesting facet of Rate3 is that it allows for seamless token conversions into fiat currencies.
(iii) Good Usability:
Merchants as well as consumers can make use of Rate3 in a way such that transactions and payments can be processed with the single click of a button.
As with all high quality blockchain systems, Rate3 keeps an accurate tab on each and every payment using a ledger as well as a credit scoring system.
Other Key Features To Consider
(i) Dispute Resolution:
Through the use of an individual's transaction history, the system is able to assist consumers as well as merchants with issues related to claims or fraud in a quick and efficient manner.
(ii) Incentive Driven Ecosystem:
To increase network participation, Rate3 makes use of a “dual channel network” which features a wide array of attractive incentives for customers (cash-back schemes etc).
(iii) Better Conversion Rates:
Rate3 offers customers with an ‘online currency exchange’ that provides them with better conversion ratios per token (especially when compared to services like PayPal).
(iv) Low Processing Fee:
Unlike credit card providers who charge upto 3-5% on all exchange transactions, Rate3 only charges a fraction of this amount. In addition to this, all of the transactions are executed within a matter of minutes (as opposed to days with some banks).
(v) Cross Border Transactions:
Transfers can be made to and from any part of the globe without any issues.
Rate3 Network Token Details
All transactions taking place within the Rate3 ecosystem are conducted through the use of Rate3 Network RTC tokens. In all there will be a total of 1,000,000,000 coins that will be created and there will be a hard cap of 50,000 ETH in place during the ICO phase.
While the ICO commencement date has not yet been released to the public, we do know that this period will last for a minimum of 31 days. It should also be mentioned that citizens from the US and China cannot take part in the sale.
Allocation Of Rate3 Network Tokens
- 40% of the tokens will be sold during ICO period
- 25% will be reserved for company members.
- 20% of the currency pool will be listed on various online exchanges
- The rest of the tokens will be used to create a reserve
Distribution Of Funds
- 30% of the money will be used for R&D and technical development.
- 25% has been set aside for merchant acquisitions and partnerships with financial institutions/ payment providers.
- 20% will be used to initiate marketing campaigns to raise platform awareness, engagement and retention.
- 20% will be used to cover for 3rd -party exchange listing fees
- The remaining money will be used to cover for legal expenses.
For any other details, an email can be sent across to [email protected]