UniRelay is a peer to peer network of traders that allows you to use the fiat currency to its utmost capacity. It allows you to swap or transfer money from one currency to another instantly to your bank account but in fiat currencies. The system works on a Decentralized Finance i.e Defi model. There is no central regulating authority, unlike the traditional baking system. This mechanism works in a way that cannot be restricted or blocked in any country. Interesting, isn’t it?
So, let’s further scrutinize the project and review its performance in the crypto market.
Overview of the Project:
UniRelay is a peer-to-peer version of fiat transactions that would allow online payments to be sent directly from one party to another without going through a financial institution. Traditional methods such as wire transfer and other mediums such as PayPal or Western Union are old and take a lot of time. Other institutionalized modes take exorbitant transactional fees and exchange fees. These modes often take a lot of time depending on the amount of the transfer.
UniRelay disrupts cross border transactions and improves the ecosystem with a much faster transaction globally. This network in our opinion is creating a change in the currency ecosystem. Its one-click mechanism allows individuals to instantly send money to another country within a few minutes without interacting with any trader.
Scope & Development
Every second, hundreds of thousands of international payments are being initiated by businesses across the globe. However, sending money abroad today has become a tedious and expensive affair with never-ending chains of middle-man, paperwork, and hidden charges.
Generally, there are only two ways of transferring money across the border: Bank transfer and PayPal. The extended time, the exchange rate, including various fraudulent activities, has made transactions across borders challenging and less reliable.
In times like now, where consumer expectations are at peak, people are looking for a payment method that’s more convenient, faster, transparent, and cost-efficient. This is where our peer to peer system comes into the picture. In this P2P system, users can send fiat to each other worldwide without using a bank or a centralized organization.
Speed of transaction
Swiftrelay will be 10 times faster than traditional UniRelay. Swiftrelay will invite the top 1% of all traders in each currency to be part of it. It will be instant like shapeshift, which will allow any user to send money from one country to another in less than 10 minutes, 24×7 without the need to see the background or open trade and deal with the technicality. This trade will only be available with the top 1% of the traders on the platform.
Stakeholder and Community
In an ecosystem like the crypto world, communities have played a prominent role. Mid-men and traders have made the funds transfer a roller coaster ride. The peer to peer network has stands high to give its users the liberty to transfer funds across the globe conveniently.
A staking pool allows several stakeholders to consolidate their computational resources as a way to increase their chances of being rewarded. In other words, they unite their staking power to verify and validate new blocks, so they have a higher probability of earning the block rewards.
The staking pool model’s overall idea is quite similar to the traditional mining pool, which involves the pooling of hash rate in a Proof of Work (PoW) blockchain. However, the staking pool setup is only available on blockchains that employ the Proof of Stake (PoS) model or non-POS systems through protocol design features.
Staking pools provide frequent and predictable staking dividends. Other than that, they allow stakeholders to make a passive income without worrying about the technical implementation and maintenance of setting up and running a validating node.
UniRelay is an instant and duty-free platform that allows you to transact money from one currency to another without any legal constraints and third-party interferences. It aims to disrupt the traditional cross border transactions. It will make your transitions fast, smooth, and convenient.
UniRelay guarantees your funds’ security and ensures transparent DRS. Each buyer and trader will have their internal reputation and rating system, which will enable them to open their trading and buying ability.
The Internal Reputation System is management systems which are similar to credit scores and will be measured from 800. Each review or trade adds or deducts from the overall IRS score. UniRelay is aiming to set the standards high and break the monotony of the traditional transaction system.