Many of us might not be aware, but over 85% of the population that exists within the Middle East does not have direct access to banking services or other financial facilities. As a result of this, many people in these areas are not able to participate in any type of financial activities in a systematic or pragmatic manner.
What Is World Coin Network?
World Coin Network is an all new platform that aims to bring stability to the Middle East by making use of a three pronged approach that includes:
- Currency Stability
- Delivery of a Lending Platform
- Creation of stable National Coins.
As per the official company website, WCN aims to create a unified currency that will be usable all across the Middle East. This token will not only bring better digital accessibility to the local populous, but will also provide the Middle Eastern nations with more financial stability and flexibility.
World Coin Network Middle Eastern Cryptocurrency Features
Other key aspects of this platform include:
By creating a single token that will be usable across the Middle East, the problem of inflation can be curbed to a large extent.
Another underrated aspect of World Coin Network is its ability to facilitate more trade within the Arab world, thereby allowing for the creation of newer job opportunities.
As per recent reports released by international financial agencies, it has been shown that a rapid devaluation of national currencies in the Arab world has taken place in the past 4-8 years ( in some cases over 90% in a single year). However, WCN aims to alleviate such problems by taking remedial measures such as
- Local financial empowerment
- Asset protection delivery
Other Aspects To Consider
As things currently stand, a majority of Middle Eastern nations have an extremely low penetration rate for Credit and Debit Cards. This severely stunts online commerce growth and job creation opportunities. WCN aims to create a full fledged ecosystem that will allow hundreds of merchants to sell their goods online without having to worry about issues related to transaction fees, currency availability etc.
As per the whitepaper, the company plans to gain a foothold and overall advantage within the M.E. market by tapping into this sector as soon as possible.
To promote the use of WorldCoin within the Arab world, the company has established partnerships with many local vendors and and stores within the region.
WCN offers its users with multiple commerce avenues such as escrows, lending, trade credit.
Sharia Law Compatible:
The P2P system used by WorldCoin network has been designed in such a way that people can loan one another WCN tokens for a certain percentage of a business, thereby staying within the realms of Sharia Law.
While the adoption of a unified currency within the Middle East may take some time, the WorldCoin Network has already commenced negotiations with local money exchanges so as to facilitate and promote the use of WCN for daily shopping transactions.
World Coin Network WCN ICO Details
The pre ICo is currently underway and allows users to obtain native WorldCoin tokens at a highly reduced rate of $0.14 per coin. The main ICO is scheduled to commence on the 15th of March and go on for a period of 1 month.
The ICO will take place in 2 separate rounds during which the price of each token will be maintained at $0.21 and $0.29 respectively.
Distribution Of Tokens
- 35% of the entire token pool will be sold during the ICO and Pre Sale phase
- 15% will be locked up and put into a token reserve
- Another 15% will be used to create a lending scheme that will allow users to reap steady ROI’s.
- 20% will be distributed amongst team members including legal advisors, core devs etc.
- The remaining tokens will be set aside for the founders of WorldCoin Network.
For any other queries or doubts, users can get in touch with company personnel via Facebook, Twitter, Telegram, Bitcointalk.