TraXion aims to use IBM’s Hyperledger to “provide seamless integration and connectivity among networks, business, and people”. Find out what that means today in our review.
What is TraXion?
TraXion, found online at TraXion.tech, aims to build infrastructure for everyday users. The platform will use blockchain technology to enforce data integrity, accountability, transparency, and trust.
TraXion’s blockchain is designed specifically for business users. It’s built to be scalable, immutable, and permissioned. It can also execute smart contracts.
Overall, TraXion wants to create a blockchain that provides superior financial services to customers across Southeast Asia (before expanding worldwide). That blockchain emphasizes fast and cheap transactions, high security and transparency, and an overall better banking experience for under-banked populations worldwide.
How Does TraXion Work?
TraXion is an enterprise blockchain fitted with the following core features:
The TraXionWallet combines existing fintech and insuretech apps into one ecosystem. TraXion will provide white-labeled wallets to organizations that want to move financial assets at zero cost through tokenization of their local currencies. The wallet will also have a management dashboard where users can control a rewards system or view analytics.
TraXionChain is TraXion’s blockchain-based solution for supply chain management. TraXionChain will create inter-business blockchain solutions for closed networks, delivering customized business solutions for enterprises that require interoperability, data integrity, and asset tracking within their supply chain.
TraXionConnect will apply smart contracts on workflows for good governance, significantly increasing the integrity of information, improving performance management, and boosting efficiency across the organization.
Peer to Peer Lending:
Users can access peer-to-peer lending opportunities through the HyperTraxion wallet. Built-in deep machine learning mitigates risk by providing credit scores based on historical transactions, the ability to pay and transact in the platform, and other behavioral parameters.
TraXion will depend on its public API in order to scale. This API will allow merchants who are not necessarily part of the TraXion platform to access its public API and enable them to participate in the TraXion ecosystem and receive payments, remittance, or donations using the HyperTraxion wallet.
TraXion also differentiates itself from other blockchains by creating a permissioned network (it’s not pubic like Bitcoin or Ethereum’s blockchain). TraXion’s blockchain also does not require the user of cryptocurrency. Transactions can be public or confidential. Unlike the bitcoin blockchain, TraXion supports smart contracts (using Chaincode). It also facilitates up to 100 transactions per second (superior to bitcoin’s 7 tx/second and Ethereum’s 20 tx/second).
For consensus, TraXion uses practical byzantine fault tolerance, or PBFT.
What Problems Does TraXion Seek to Solve?
TraXion’s whitepaper mentions a number of serious problems with the world today – including with global enterprises and NGOs. Blockchain technology has the capability to overcome many of the limitations of traditional banking systems.
Those limitations include:
Cross-border payments take a long time.
International transactions come with transaction fees and exchange rate fees, adding anywhere from 3% to 7% to the cost of each transaction.
There are far too many intermediaries, brokers, and other bureaucratic middlemen between customers. This increases costs and decreases efficiency of the global financial transaction system.
It’s difficult for people to track the status of their payments while the funds are in transit. This often leads to uncertainty about the timing of the delivery and the final amount.
Benefits of TraXion
TraXion emphasizes all of the following benefits:
Ultimately, TraXion seeks to build a better global financial system, helping enterprises, organizations, and individuals worldwide enjoy the benefits of frictionless payments.
Who’s Behind TraXion?
TraXion is led by Ann Cuisia (CEO), Tamer Maher (COO), and Anand Vemula (CTO).
Cuisia has 20+ years of IT, banking, and finance industry experience in the Philippines. She currently serves as founder and CEO of Gava technologies Pte Ltd., a Singapore-based company focused on providing blockchain technology to non-profits.
TraXion is a product of Pluma Technologies, an Ireland-based company. Pluma purchased the IP of TraXion. Cuisia, the CEO of TraXion, is also listed as Managing Director of Pluma.
TraXion has partnered with MasterCard to provide payment solutions. TraXion will provide prepaid MasterCards that enable P2P payments, for example. TraXion MasterCard holders can fund their card using USD, CAD, GBP, and EUR.
TraXion has also partnered with IBM and develops on the company’s Hyperledger blockchain.
The TraXion Token ICO
There’s a total supply of 500 million TraXion (TXN) tokens, with 250 million tokens available during the token sale at a rate of 1 TXN = 0.001 ETH. The company has set a hard cap of 200,000 ETH for the token sale.
Of the total supply of tokens, 40% is going to the ICO, 10% to the pre-sale, 20% to the team, 20% to a reserve fund, 5% to the community, 3% for bounties, and 2% for CSR.
The pre-sale for TXN tokens is scheduled for April 15 to June 15, 2018, with the main ICO from June 16 to August 16, 2018.
TraXion Token Conclusion
TraXion aims to create an enterprise-grade blockchain based on Hyperledger technology. That blockchain provides frictionless transactions, enhanced transparency, and other benefits to the world of global payment transfers. The blockchain can be used by organizations, individuals, NGOs, and other parties.
To learn more about TraXion and its goals for the future, visit online today at TraXion.tech. The company has scheduled a crowdsale from June 16 to August 16, 2018.