Hello guys welcome back, Now I want to talk about a very interesting project https://aigopay.tech/ #XGP. AI payments are designed to transfer values directly between two parties, without having to go through an intermediary (P2P).
We are in an era in which the dominant payment method for online or offline purchases are payment cards (credit cards, debit cards, prepaid cards, etc.). Payment cards were not designed to handle a modern fast pace for our global economy. Their popularity is largely due to the lack of acceptable alternatives to electronic payments. The use of payment cards extends an anachronistic system, which means that it suffers heavily from infrastructure inefficiencies. The structure of the payment card ecosystem is very complex and includes several participants:
- Credit card associations (Visa, MasterCard, etc.)
- Issuing by banks
- Payment gateway
For some oligopolistic market names and mandatory players that control their network, increasing commissions without our knowledge. This centralized structure causes inefficiencies. Furthermore, merchants who depend on receiving card payments must respect an endless list of rules from the owner of this network. They are also subject to complex cost structures ranging from 3% to 15%! Absurd.
This is why the AIGO project was born, whose purpose is to create a completely decentralized payment system. Blockchain technology is a great promise to change the payment industry. The problem described in the previous section can be solved with a network of basic P2P payment blockchain that allows flexibility and scalability of payment cards on a decentralized platform. The AIGO protocol will be able to facilitate transactions between customers and merchants, eliminate intermediaries along the way, save large amounts of funds for merchants and customers, increase overall efficiency and reduce risks.
The adoption of the blockchain has the advantage of being able to increase the use of cryptocurrency for daily transactions.
At the moment there are many obstacles that hinder the purchase of articles through cryptocurrency if the holder does not convert the latter into fiat currency. The adoption of a mass of cryptocurrency payment networks like AIGOPay can lead to cryptocurrency that is able to make transactions directly with traders without having to go through further bank levels. By promoting protocols for high and large volumes of transactions, AI Payment offers a strong and flexible protocol and AIGOPay hopes to become a base for cryptocurrency payments in the world.
AIGOPay is designed with both on-chain and off-chain components. The functionality of AIGOpay will be present in the on-chain components, while the off-chain components will be designed to make the user interaction user-friendly.
The components of the AIGO platform are the following:
- A-Wallet An account dashboard will be used to view the details of the latter and to connect wallet-to-wallet. The user will be the holder of the wallet's private key. A-Wallet will facilitate the interaction between bill payments and inter-account payments.
- A-Card The platform that the Aigo team will implement will provide a payment system using an ATM card (A-Card). The A-Card will be disclosed which will allow the collection of fiat currency (Crypto Card Bank) and also pay the bills without any commission.
- A-Store An e-commerce store will be present for which purpose it is to allow users to purchase goods without a confirmation of a central system, and it will be instantaneous without a significant time interval. This is one of the AIGO platforms that has something unique compared to other e-Commerce platforms.
- A-Chain Initially, AIGO will be introduced into the Ethereum network, but other networks will also be used in the future. The AIGO solution consists of several smart contract and unique components that come together to create a flexible AI payment chain.
The AIGO Smart Contract
AIGO smart contract is a smart contract that mediates and stores the ownership of AIGO tokens among the various wallets. This is a modified version of the sign ERC-20 contract that adds flexibility to payment and transfer protocols. It is important to note that the contractual tokens will handle:
- Approved by a Contract Creator.
- Community markers.
- Executor of a contract.
AIGO Token (XGP)
The Aigo token (symbol XGP) was designed as a "facilitator" of payment. Through the AIGO token it will be the only way to transfer value between the parties through a protocol and can be converted into any other cryptocurrency or fiat. The token will originally be developed as an ERC20 token on the Ethereum blockchain. This will facilitate the use of the token as a payment tool within the platform. To ensure the long-term scalability of the project and satisfy the potential needs of the community, the team will decide to migrate the AIGO tokens to new generations or switch to other more performing blockchains. Holders of AIGO tokens will be able to exchange or replace them in a new version, all the necessary instructions and tools will be provided within the GitHub repository of the project. The total number of AIGO tokens will be 2 billion. Unsold tokens will be allocated for development financing. The token distribution is as follows.
The project's soft cap is set at $ 500,000 while the hard cap at $ 3,000,000. You can participate in the Initial Exchange Offering starting July 11th. For more information visit the project website. The price of each individual AIGO token during the private sale will be $ 0.002. I conclude the article considering a very ambitious but at the same time very interesting AIGO project and, if the team will respect the promises of the White Paper, AIGO will prove to be an excellent solution to transfer value through Blockchain.
Links to official project resources:
BitcoinTalk (ANN): https://bitcointalk.org/index.php?topic=5155901
Bitcointalk Profil Link: https://bitcointalk.org/index.php?action=profile;u=2582163
ETH Address: 0xcF1d46C41949F277FD85C1a9E64798e6A1BDad2c