One of the main issues that led to the financial crash in 2008, and the subsequent recession, was the centralization of the banking system.
“Too big to fail” because of a mantra repeated by politicians and financial experts alike, much to the public’s confusion.
At the same time, Bitcoin emerged. A cryptocurrency based on, what was then little-known, blockchain technology.
Blockchain technology presented a solution to the centralized systems of the day.
By creating a decentralized monetary system, there would be no monopoly on currency generation, nor any one institution “too big to fail”.
The problem, however, came from the same source as the solution. The technology was still flawed, and even the parts that worked were too advanced to be utilized properly by governments and businesses.
Ten years on, blockchain technology has advanced considerably – as has the technology currently employed by private and public institutions.
The dream of a decentralized financial system becoming mainstream is now closer than ever, and Qompass is one of the projects promising to bring about the revolution.
Not only does the team behind Qompass promise to remedy some of the flaws in earlier generations of blockchain technology, but they want to bridge the gap between old and new financial systems.
What is Qompass?
Although perhaps oversimplified, Qompass can be summarised as a bridge between the economic systems of the past, present, and future.
But Qompass is much more than that.
By teaming up with a number of banks and other financial institutions from across the world, the Qompass team will allow users to conduct financial transactions and trade in both cryptocurrencies and fiat money.
The white paper explains that the Compass platform is faster than both Bitcoin and Ethereum, and can support more than 30,000 transactions every second.
The transactions themselves will also be a lot cheaper than current forms of transactions.
The platform will also support smart contracts, and users can customize and scale the interface as they wish.
Since the platform relies on blockchain technology, it will of course also keep the users’ data completely anonymous and secure.
The platform will allow users to trade on a number of financial markets, by taking advantage of the artificial intelligence fuelling Qompass.
The built-in AI will make it possible to forecast Perhaps best of all is the promise of up to 100 times your initial investment coming back to you in the form of ROI.
The Qompass platform consists of a mobile app, a debit card, and a hardware wallet.
With the app, users will be able to load money on to their debit card anytime they wish. They will also allow users to withdraw their funds, in the form of fiat money, by using traditional POS and ATM services.
In short, Qompass will be a gateway to financial markets across the globe.
How does it work?
Qompass users will be issued with crypto payment cards, which will function as a wallet and debit card they can use to access the blockchain.
As Qompass has partnered up with 25 financial institutions across the worlds, users will also be able to make use of a P2P exchange and cash out their earnings.
Qompass will also allow banks and other financial institutions to link to the Qompass platform via an open API platform.
Users will also have access to Qompass Trader, which analyzes market movements and recommends trades using AI.
Finally, the Qompass Coin, which is their own cryptocurrency, can be used for loans in other cryptos or fiat money.
Price: 1 QPS = 0.0013 ETH
Accepting: BTC, ETH
Soft cap: 5,000,000 USD
Hard cap: 10,000,000 USD
Country: Hong Kong
Find out more
Visit the Qompass website HERE
Follow Qompass on Twitter HERE
Join the Qompass Telegram group HERE