Multi-chain Transactions and more

Hey, this is mert, and today I want to share with you some ideas and Innovations that we have planned in the last couple of months for XOT.

briefly explained, what actually is XOT?
In short, XOT is a Multi-chain Payment Token.
Right now deployed on the Ethereum network as a Token.
Tradable on the decentralized trading platform Uniswap V2.

so without any further ado let’s dig straight into it and take a look at the great opportunity that XOT has for you.

We have some major innovations planned for XOT, these are:
1.) XOT as a bridge Currency for foreign fiat transactions.
2.) Bridge contracts for Multi-chain Transactions.
3.) Centralized payments
4.) Quick Loans
…so let me tell you something about these unique features.

1. How XOT will be used for foreign fiat transactions.
   Imagine you as a company somewhere in Europe has to pay a supplier abroad, somewhere in the world. You have euros in your bank account but the supplier requires payment in his foreign currency. You can use the traditional way and give the order to your bank to carry out the transaction, but this could be expensive and can also take a couple of days to be fulfilled. This is where you can use The system that we have called XOTAAS, which converts your Euros into XOT by an exchange in your region, and converts the amount of XOT back in the fôrən currency that the supplier needs in his region. the supplier has his money in a few minutes and there are hardly any fees. Simple like that.
2. Bridge contracts for Multi-chain Transactions.
   Not everyone uses the same blockchain, Some like to use the Binance-smart-chain because of the low transaction fees, and some use the Ethereum network because of its decentralization, which Binance does not have, There are of course many more chains and reasons, but we’ll use these two as an example scenario. let’s say you want to send some XOT to your friend, you have your XOT as a Binance Smart Chain token but your friend is only using the Ethereum network, and let’s assume there is no other way to convince your friend to generate a BNB address. In such a situation, you can use the wallet developed by us, simply enter the ETH address during the transaction, and the tokens will be automatically destroyed by one chain and restored in the other, so that your buddy has his XOT as an Ethereum token, everything else is carried out automatically. You do not have to convert anything in a manual process.
3. Centralized payments.
   Anyone who has dealt with cryptocurrencies such as Bitcoin or Ethereum knows that certain fees apply to transactions.
   Depending on the blockchain, these fees are always paid in their designated currency. With Ethereum transactions the fees are paid with a little bit of Ethereum and Bitcoin transactions with a small amount of Bitcoin. Tokens that do not have their own blockchain use the currency their host blockchain uses for transactions. So if someone has his XOT on the Ethereum blockchain and wants to send it to someone else, he has to use some of his Ethereum to pay the transaction fees. however, this is (depending on the blockchain) a bit overpriced, Not user-friendly, and cumbersome, that’s why certain blockchains are not usable to pay for everyday things. Imagine you want to buy a coffee, the coffee costs $3 and you want to pay with your token, suddenly the coffee costs you $33 if you use the Ethereum network because you have to pay a fee of $30 in Ethereum, Of course, you could also use a different blockchain for this where the transactions only cost a few cents, but you always need two different currencies for one transaction. That is why we would like to give our users access to Centralized solutions. With centralized payments, micro-payments, and general payments with XOT are ensured, they are no needs to have a second currency to pay a transaction fee. Therefore sender and reception have to use the XOT wallet to get/have access to centralized payments.
4. Quick Loans … XOT as a right to get small loans
   Sometimes there are situations when you don’t want to sell your cryptocurrencies, but you have to. maybe because you suddenly have to pay an urgent bill or want to buy an anniversary present for your wife. With a specialized XOT service, you get the opportunity to use your XOT as security to get a small loan, similar to a pawn shop, you hand in your XOT, get the value (up to 70%) transferred in your bank (in your local currency), and pay In 3–4 installments the amount back, with a total interest rate of 1.5% and a one-time fee of $ 25, after successful repayment you will get your XOT back.

This was a little insight into the ideas that I have planning for XOT, there are of curses many other possible uses of XOT, e.g. in various Metaverse projects, but we want to meet some real-world use cases first and then expand in various other directions.

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