By creating technological solutions, we aim to make banking accessible and equal for all.
We are building a protocol to facilitate the use of multiple stable currency payment systems while providing a seamless and automated experience for users on multiple platforms.
Our objectives are as following:
Objective 1: One-tap user onboarding
As a famous quote goes, "Design is not just how it looks like or feels like. Design is how it works."
Asdra places the user at the center of our forward-thinking approach. To simplify onboarding, we integrate Apple and Google login features. Both Apple and Google provide us with a unique user identifier based on the user's device and their iCloud and Google account. The identifier is unique to the Asdra application certificates.
This allows us to associate the blockchain wallet address with a temporary username. The user will be able to search for their family through contacts or usernames. After completing the security and KYC process, the user will be able to update their username and write down the wallet passphrase for security purposes.
Objective 2: Best exchange rate and almost zero transaction fees
Incorporated into the Asdra Token layer and the Asdra Remittance layer, smart contracts are designed to provide users with the benefits of the stable fiat token that ensures its stability and enables the lowest-cost global transfers.
Using multiple sources of exchange rate data from a decentralized oracle network, complex smart contracts can use reliable, tamper-proof inputs and outputs.
The remittance layer of the Asdra platform incorporates the concept of a gas station network to allow Asdra to securely manage and pay users' transaction fees, so users do not need to open an account or purchase ADA to pay their gas fees.
Objective 3: Instant transaction
Asdra was designed with scalability in mind. Asdra Ecosystem is part of Cardano Blockchain. Smart contracts are settled at the computation level, leaving the settlement level free to process transactions, making Asdra run faster and more efficiently.
Objective 4: Instant speed transaction
Asdra Move, thanks to its network Blockchain, is able to offer the service of remittance transactions in a secure and transparent way. Its decentralization allows Blockchain and smart contracts to execute transactions in real-time, using proof-of-stake and having an interdependence between its native token and the consensus mechanism that powers it.
Objective 5: Receive cash fast
Getting cash out is critical for the family member. Asdra and its potential partners have developed applications that enable daily transactions, currency exchanges or payments, international settlements, and support for multiple branches.
Businesses such as convenience stores and currency exchanges with appropriate licenses that allow currency exchanges and money transfers are eligible to participate. This approach makes it easier and simpler and allows family members to collect their payment as soon as it is processed.
Objective 6: Positive economic impact
The Asdra Remittance Layer will solve the problem of the vast global unregulated remittance system, often referred to as hawala (informal value transfer system).
The current underground system has a flaw because when money is transferred through remittances, it appears that cash has been transferred on the other side, but no money has been physically transferred from the country of origin to the country of destination. In addition, this also poses a major challenge to existing legal and regulatory regimes on money laundering and terrorist financing.
Asdra enables fast transactions that are both protected and traceable, as well as compliant with local AML laws and regulations.
Asdra is beneficial to Cardano
We have examined the regulatory system throughout Asia and Africa and found few countries that would be beneficial to Asdra and its users. These countries are mainly in South East Asia such as Singapore, Thailand, Vietnam, and the Philippines.
A closer look at Thailand and Singapore. Both offer international money transfer services for non-banks and licenses for money exchange trading licenses and electronic payments.
Thailand has more than 2.3 million registered migrants in a variety of industries ranging from housekeeping to hotels to factories, while Singapore has about 350,000 registered migrants.