Affiliate system and exchange integration
Centralized for further ease of use, users will be able to add their current supported exchanges directly into the ecosystem. There are two phases of implementation in development. Users add trade keys directly. This allows full control for users. These keys are stored with the user and they will interact directly with their exchange wallets. Shared state channel. Users will simply activate an exchange service and be given full access to the functionality.
Instant transfers & low fee escrow transactions
Transfers between users will be instantaneous and have a marginal fee. This is accomplished via state channels. State channels were originally designed as a scaling mechanism for on-chain settlement. A state channel can be explained as follows: Johnny and Bob are both ZigiPay users. Johnny transfers 1 ZIGI to Bob. Johnny signs a transaction to that end.
Bob accepts receipt of funds and co-signs the transaction and publishes the
Co-signed transaction back to Johnny. At any point in time Bob can now withdraw his 1 ZIGI with the co-signed transaction as both Johnny and Bob have agreed on the state of their financial transaction. The ZigiPay will allow for multi-channel inter party state channels. This allows for ZigiPay users to have instantaneous, low fee transactions among other ZigiPay users.
Standard best practice security measures will be implemented, which includes the addition of beneficiaries. This will allow ZigiPay users to add, remove, and manage beneficiaries. A beneficiary will need to be added before payment can occur. Beneficiaries will also have a privatized trust score.
For example, an account that has not received any transactions would have an uninitialized (or low) score and a warning will be provided to the user making the transfer. This also allows for blacklisting certain accounts. If an account is confirmed for fraudulent activity, that account will be blacklisted and will not be allowed to make transfers via the Zigi Ecosystem. Extra safety and security measures such as these are implemented starting from the application layer to ensure the safety of the user's funds.
Users can set daily, weekly, and monthly transfer limits per currency. These limits will be hard to enforce unless a user actively changes them.
Investors will have access to new ICOs launching directly through the ZigiPay, ZigiCoin. To ensure that a projects KYC/AML method (Know your customer/Anti Money Laundering) meet regulatory requirements ICOs that are hosted directly on the ZigiPay will gain an immediate user base, organizational tools to organize funding and trustworthy, audited smart contracts. Zigi will work together with third party partners, AML compliance and KYC companies, enabling users to register for KYC/AML and save that information to their accounts. The users will need to complete this process only once on the platform and this information will be usable for all the ICOs they will be willing to participate in.
Currently, investors must trade for Ethereum or Bitcoin to invest in ICOs. On the ZigiPay, users will be able to use any supported cryptocurrency to participate.
The Nuke feature allows users to liquidate any percentage of their portfolio into Ethereum, Bitcoin, or a ZigiCoin with the click of a button. This will save critical time during periods (such as sharp market corrections) when users want to consolidate their holdings into currencies like Ethereum and Bitcoin. Users will be able to Take a Snapshot of their portfolio prior to Nuking to recover previous positions with proportional accuracy
Mobile OTP & biometric authentication
With the release of our mobile app, we will enforce OTP and in-app validation of transfers. While we will allow two factor authentication (further 2FA), it can be a cumbersome process on mobile devices due to the need to switch applications. Instead of this the system will push an authorization request to the user and the transfer will be completed only if it is approved. This will be further extended to biometrics (fingerprint, and facial recognition) where supported.
Managing cryptocurrency assets across multiple exchanges, platforms and blockchain becomes a complex administrative endeavour. To facilitate an easier usage, full reporting dashboards and statements will be provided for ease of use and management. The ZigiPay will record a user's transaction history, including pricing information for buys and sells. Users will be able to create an electronic transaction form at the end of the year for tax purposes
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