The evolution of money has gone from physical phase to digital stage. Skipjack announces the birth of Encrypcurrency as the next phase of digital currency outside cryptocurrency. However, in the next couple of years to come, the term Encrypcurrency would defiantly gain ground in public eyes.
What is Encrypcurrency?
Encrypcurrency is a digital asset created from the weakness of cryptocurrency and designed to work as a medium of exchange that uses encryption algorithm to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. However, it is classified as a subset of digital currencies and is classified as a subset of alternative currencies and virtual currencies. To learn more about Encrypcurrency, please refer to the article, “Encrypcurrency and Encrypbanking: Next phase of digital currency”.
Incredible Benefits of Encrypcurrency in the society?
Encrypcurrency has a great role to play in every society, economy, government and global market in general. You see, for the past years, the global sector have wanted something unique to improve the global financial industry and I think Encrypcurrency is a key.
- Faster transaction – unlike crypto currencies and bitcoin, Encrypcurrency is powered to transact a speed 100,000 times faster than bitcoin. This is made possible as the DWC group implemented the “Differential Update State (DUS) Functionality” and “Compound Request (CR) Functionality” technology on the Superencryp Block. However, after series of test-run, it is confirmed that they achieved 250,000 transaction speeds per second, whereas the blockchain method handles only 5 transactions per second. This makes it 50,000 times faster on the first version of test and then to 100,000 times faster transaction speed.
- Lower fees – You are aware with the transaction fees being levied on our bank accounts per transactions. Also, fees in maintaining credit cards and also transacting any form of fiat currency are usually hefty. Encrypcurrency supports a very low transaction fee almost to nothing. This is one of the major benefits of Encrypcurrency to the society. Individuals get to execute series of transaction home or abroad without noticing the transaction fee being charged due to its low to no cost compared to bank transfers.
- Global Acceptance & Accessibility – according to statistics, there are over 2.2 Billion with internet access and mobile phones with no access to traditional exchange. Therefore, these people are can easily access Encrypcurrency. However, Encrypcurrency will have a global acceptance points which is made easy for everyone to access. So, you don’t need an account manager or software for withdrawal, with just mobile phones and internet, you can assess Encrypcurrency.
- Highly secured – security is one thing that has always mattered in the financial industry. Encrypcurrency is offering the most security production block chiper algorithm in the world, a highly secured encryption algorithm used by the US NSA for over 40yrs. Blockchain only offers 1 layer encrypt but Superencryp Block covers a super layer encrypt. I advise you refer to this article, “Superencryp Block cipher, technology behind encrypcurrency”.
- Facilitate International trade – Encrypcurrency limits no one to the amount of transactions they make. The huge benefit of Encrypcurrency is that it facilitates international trade, meaning, you get to transact from any part of the world without hassle. Due to its global acceptance & accessibility, you can trade from any part of the world and as fast as possible.
- Immediate settlement – Encrypcurrency provides a quick peer-to-peer transaction eliminating every form of third party or central bank. This means, you don’t need to wait for weeks to confirm transaction before receiving or sending out money. The Superencryp Block technology is based on trust, and we trust the computer, so whenever users send out money, the transaction is represented online as a superencryp block. After this, then superencryp is broadcast to every dime in the network and those checkers in the FCN (Feistel Core Network) approve the transaction is valid by matching block. Finally, the superencryp can be added to the block, provides double security and transparent record before moving the money from “A” to “B” from FCN network. This process happens pretty fast.
- No Inflation – Skipjack Encrypcurrency has been designed as a deflationary currency, so it has a strictly limited money supply. This is what the financial economy needs, however as a deflationary currency, it increases in value over time. In other ways, you can use it as a store of value.
- No chargebacks – there is no chargebacks meaning any executed transaction can’t be reversed. Just as we file chargebacks on credit cards, it won’t be possible with the use of Encrypcurrency. This helps to depletes fraudulent activities.
- Almost centralized – every cryptocurrency expert is aware that the key is being decentralized, but fail to understand the cons of being decentralized. Encrypcurrency can serve as both a decentralized & centralized. Encrypcurrency is decentralized in the sense that it is managed by its network which operates on operates on a user-to-user (or peer-to-peer) basis. However, it’s centralized that the Encrypcurrency network has its own Feistel Core Network (FCN) which acts like a Central Bank to double check on transactions.
- AML KYC Policy – It is a requirement of Skipjack Encrypcurrency that you reveal your identity as KYC AML policy and it will make skipjack the world most secure and acceptable by any government and banks. In fact one of the prime goals of Skipjack is to avoid money laundering, terrorist to anyone, but still allow you to conduct a transaction. It is very like cash in that sense. However, it is possible for someone with significant dedicated resources (governments, police agencies etc.) to track your transactions by examining in our public block chiper.
The above highlights are the major benefits of Encrypcurrency to the society. There are many other minor benefits but I believe I already cover the major ones. In no time, every local financial sector will adapt to this and boom!!!