Okuru Token (XOT): How It Sorts Traditional Bank Transaction Problems.
Updated: Jun 20, 2022
Even when the market is in a frenzy, the products/services in this domain of Crypto/NFT/Web 3.0 are still on the rise. The rise has been due to the undeniable advantages the core technology of blockchain promises over the already existing technology. For example, the traditional transaction operations are filled with in-efficiencies due to slower transaction speeds and higher transaction fees faced by the customers. However, the blockchain's decentralized nature and the ability to control operations with smart contracts can reduce these redundancies and streamline the whole process.
Finance: Traditional Vs. Blockchain-Based
Currently, there are 3 most well-known modes of fund transfers that are utilized all over the world in the traditional banking sector. They are,
· Check Deposits
· ACH Transfers
· Wire Transfers.
However, all of them are subjected to slow transfer speed and higher transaction costs due to the higher number of intermediaries. Even the Automated Clearing House (ACH) transfers are subjected to at least 2 days, leading to stagnation of operations.
On the other hand, Wire transfers work with the help of SWIFT, which requires up to 60% of manual intervention for successful operation. This leads to more in-efficiencies over the existing ones.
Some of the disadvantages it leads to are,
· High costs
· Complex clearing process
· Poor customer experience
· Intermediate risks
· Vulnerable to cyber threats
· Low efficiency
Due to the core nature of blockchain being decentralized and peer-to-peer connections, the transactions on the blockchain are much more efficient. According to a Mckinsey report, it has been anticipated that blockchain technology would save operational costs by $13.5-$15 billion annually and cost of capital by $1.1-$1.3 billion annually.
Traditional Finance Blockchain-Based Finance.
How Is Okuru (XOT) Removing Inefficiencies?
Okuru/Okuru Token (XOT), developed by the Elsner Nord project, has harnessed the power of the blockchain to its full potential. If we zoom out, XOT has a wide range of applications, from POS-based transactions to faster long-distance transfers, but the USP is the rise in efficiency both from the perspective of the users and the businesses. The process eliminates intermediaries, and the fee charges are considerably reduced. Along with the problem of in-efficiencies, Okuru has managed to solve the problem of cross-chain transfers as well.
The problem in a blockchain transfer is due to operation limitations on multiple chains. For example, the services launched in web 3.0 are native to the blockchain and hence will work on that blockchain only. For example, if a token A is launched on the blockchain B, A will only work on products/services developed on B. Token A won't work on any other blockchain governed by different rules. Therefore, it can limit businesses and the user experience as well. However, Okuru has managed to solve this problem too.
However, Okuru has partnered with Multichain, a service that allows cross-chain communication. This collaboration doesn't restrict businesses, instead is more flexible, which is beneficial for users. This is why, today, XOT acts as a bridge currency between 2 foreign fiat and cryptocurrencies.
The Multichain solution also solves the problem for many web 3.0-based projects. As we all know, many projects are developed on the Ethereum chain due to its flexibility of innovative contract development. However, due to lower transaction speeds, it is not the preferred chain for creating wallets/tokens. With the help of XOT, which is developed on the Ethereum chain, blockchain users can easily convert their native token to XOT to communicate with the Ethereum chain.
Along with its P2P transfers due to its multichain approach, XOT has other services developed in its ecosystem. Some of the other features the token has been,
1. The token is deflationary and can prove to be a good asset. For example, the token might have burnable events during the project extension or the implementation of the aforementioned X-OTAAS and other utilities of the XOT. The burning decreases the token's supply, increasing demand and hence the token's value.
2. The token is also stackable and promises a 3% APY on the deposited XOT. In addition, the project also promises to get up to 54% more rewards when the users choose the liquid freezing option.
The project has also launched its wallet to help with the aforementioned services. Some of the features of the hot - wallet are
· No login and thus increase anonymity level
· Non-Custodial in nature
· Required since the privates' keys are stored 100% locally
· Complete control
· Built-in aggregator.
The user can currently use the wallet in 14 different currencies across multiple blockchains like Bitcoin, Ethereum , Polygon Matic side chain, Fantom, Avalanche, etc. Furthermore, the wallets are also compatible with tokens of ERC 20, BEP 20, and ERC20MATIC standards, which increases the library of usable cryptocurrencies across the wallet.
The project plans to integrate the wallet with multiple entertainment industries and has successfully partnered with the XBOX and Play station. This crypto wallet is accessible to players on these 2 platforms, which will store all the private locally on that hardware. There is no need for the user to log in.
The wallet is also extensively designed for offline and online business with its ability to instantly draft invoices which are essential for any business. The users can also connect the wallet with multiple wallets across the Web 3.0 with services like the wallet connect to enable the swap and trade of tokens.
The utilities, the token, and the ecosystem are promising, making me believe in the project. However, the only way any project will ever be successful is when it actually brings utility to the users' lives, and this project successfully does that. Also, with their plans of expansion in the growing industries of games and other forms of entertainment, I believe there is a lot to be uncovered in this project.
Written By: Arjun Patil