Zollar

$Zollar is a decentralized token on the BEP20 network. It brings crypto innovations into Fiat-dominated industries and appeals to become the next digital dollar, the most frequently used currency.

INTRODUCTION

Zollar, hereafter referred to as ZLR, is a modern-age blockchain project that aims to resolve problems associated with traditional payment processing by providing a decentralized crypto token i.e., ZLR, and providing Instant payment processing in a seamless, cost effective, and efficient manner. Deployed on Binance Smart Chain Network, the Zollar Token will work as a multi-feature payment token that allows users to transact in a seamless, risk-free, and cost-effective way. It will create a new ecosystem where all of the problems associated with traditional payment processing are addressed profoundly. The user doesn’t have to rely on central authorities whose actions may result in a system collapse.

VISION

We believe the underlying factor which will continue to define blockchain and defi products is the ability to give people and businesses more power and control over their finances. This is the driving force behind the creation of Zollar Token. We will provide a payment currency to the people where they can freely utilize their crypto assets in a fully secure, fast, and affordable online environment while providing them with lucrative earnings in the form of staking rewards in a seamless, risk-free environment.

BACKGROUND

The financial industry is evolving. Blockchain and defi technology have been and continues to revolutionize the way people interact with money and finance. The introduction of Bitcoin, the first-ever cryptocurrency by Satoshi Nakamoto in 2009, enabled people worldwide to transfer money, trade, and pay for shopping around the globe within a decentralized, peer to-peer network. As per coinmarketcap.com, cryptocurrency has become a 1.8 trillion dollar industry; however, despite the phenomenal growth of this market the dependence on third parties to undertake day-today financial-related activities continues to grow. The section below describes some of the major issues that are faced by consumers today.

PROBLEMS

PAYMENT PROCESSING IS SLOW

Traditional payment processing is slow. Despite all of the technological revolution in the digital sphere, it can still take days for a bank or a payment processor to complete a simple transaction. These payment delays cause unnecessary stress and frustrations while you wait for your fiat to reach your account.

SPENDING ISSUES WITH DIGITAL ASSETS

Despite Digital Assets being on the rise, they still lag when it comes to mass adoption and real world utility. In similar words, it is still a bit harder for its holders to find a place where they can spend their digital assets.

NO AUTHORITY REMAINS WITH COMMUNITY

Traditional centralized payment companies and digital assets don’t grant any decision making capabilities to their user base or their community. This lack of communal agency results in simple centralization of authority with the company’s founding team.

SECURITY ISSUES

Because of centralization there are multiple security issues associated with traditional payment processors and their digital assets, this makes them prone to hacking attacks and viruses which may result in investors and holders losing significant revenue in the case of a successful attack.

EXPENSIVE MICRO PAYMENTS

For micropayments such as tipping, the transactional fee charged by banks and payment processors is often higher than the amount being paid.

EXPENSIVE PLUGINS

Plugins provided for micro, small, and medium scale businesses are often expensive and as a result these startups are not able to afford them for long.

MONTHLY FEE, CARD LIMITS AND ACCOUNT MINIMUM AMOUNT LIMITS

Traditional banks and payment processors charge a user with a specific fee on monthly or a yearly basis; moreover, there are restrictions when it comes to debit/credit transactions and an account holder is required to maintain a minimum balance.

TIME TAKING KYC AND AML

Know Your Customer (KYC) and Anti Money Laundering (AML) are two important onboarding steps required under the Security Exchange Commission (SEC) and with financial regulators around the world. The pain point arises when these processes take weeks to complete (even when a user has submitted all of his/her credentials and required documents)

LACK OF TRANSPARENCY FOR THE INVESTOR

Traditionally an investor is barred from participating in the decision making process and doesn’t have any input on important matters within the company like how and where funds are being allocated.

CONCLUSION

To eradicate these pain points and lift people out of the frustrations associated with the unfairness, inefficiency and disappointment caused by a lack of change in the current banking system, our forward thinking traders and brokers have found a solution in the shape of ZLR that will disintermediate and commoditize today’s status quo.

OUR SOLUTIONS

INSTANT PAYMENTS

Zollar Payments are instant, making it a fantastic alternative to fiat by eliminating unnecessarily long waiting times. All payments are executed and recorded on a transparent blockchain instantly so that users don’t have to wait for hours until their crypto assets are received.

STATE OF THE ART PLUGINS

In order to enable startups, micro, small, and medium sized businesses to accept ZLR, we provide dedicated plugins that can be easily integrated into the websites of such businesses. This will enable website users to spend, receive, and tip Zollar Token easily - without any of the technical difficulties commonly associated with other cryptocurrencies.

COMMUNITY VOTING FEATURE

The community will be heard. The community will decide what we develop on the platform. In order to do so, each holder of the Zollar Token (as well as the merchants) will be able to vote through a percentage based, intelligent voting system embedded within the Zollar ecosystem on ideas proposed by us. ZLR will always add or remove services, markets, and initiatives as per the consensus of the community. We want to return power to the people and a decentralized platform will help us do so.

SOPHISTICATED TECHNOLOGY

ZLR is based on a sophisticated BINANCE SMART CHAIN (BSC) Network that works as a combination of proof of stake (PoS) and proof of working (PoW) Hybrid. This way, while at one end our users can enjoy staking benefits, they will also be able to earn returns on investment by securing the network through Proof of work.

DECENTRALIZATION

ZLR runs on a completely decentralized platform where the entirety of control lies with its users. Through the deployment of the platform on blockchain, central authority isn’t held by anyone - not even the founding body or management team - and ultimate control is given to the community. Furthermore, blockchain technology ensures that the platform remains immutable (even by data uploaders) because it is nearly impossible to hack, alter or corrupt data on the blockchain.

SAFE AND SECURE PAYMENT PROCESSING

Our goal is to create a safe and trustworthy environment for the community to send, receive or transact their Zollar Tokens. Our decentralized blockchain ensures that no central authority has editing or manipulating access to our network and thus all transactions are executed in a safe and secure way.

LOWER OPERATIONAL AND TRANSACTIONAL COSTS

ZLR will significantly lower the service fees charged by payment processors. In the current market, cross border payment processing takes up to 5%-8% of the total payment amount. Furthermore, the buyers have to wait for days or sometimes weeks for payments to be processed. As a businessperson, this is not sustainable because it slows business operations to a crawl. We aim not only to lower costs but to provide a seamless and transparent payment process.