To cover the problems that have been stated, we need to breakdown the model involved in those two worlds which consist of:
  1. 1.
    Trust Model Where people can trust the decentralized protocol and the company who is using and issuing them at the same time as an infrastructure to minimize the gap in the meantime between the practical value of the technology and the regulation on the status quo.
  2. 2.
    Governance Where people can have a chance to participate in the governance which is distributed to stakeholders through the governance of token holders.
  3. 3.
    Business Model Be a service provider that can have a monetization through conventional business and earn revenue, but also at the same validating it through the blockchain, where things are automated and more visible.
  4. 4.
    User Participation Model Direct participation from the users within the platform can hand the people their freedom, maximize their potential for returns and cut the unnecessary intermediaries.
  5. 5.
    Content User owned content which cannot be duplicated, so it can minimize the piracy, which has been one of the biggest causes of billion dollar losses in some industries such as music and movies.
  6. 6.
    User Interface To help a better penetration, having a friendly user interface and experience may help the new ones to contribute to the ecosystem much easier.
  7. 7.
    User Authentication Methods User KYC and private key combinations to follow along with the regulation and unlock people’s ability to transact on the blockchain.
  8. 8.
    Financial System Partially run by smart contracts, where some things can be automated and transparent.
  9. 9.
    Currencies Built into a decentralized blockchain where users act as their own bank, but can bridge it to the local currency which is regulated by financial institutions anytime they want.
To meet such vibrant needs from various aspects, the KUNCI token is currently using the Binance Smart Chain network to enable fast and cross-chain compatibility.
The benefit of using the BSC is that it has a low fast fee which is 0.000000001 BNB or 9-10 Gwei. The block is created every 3 seconds and is compatible with Ethereum Virtual Machine (EVM) where BSC’s dApps are the cheapest ones to run, it’s also easier to transfer, create and send existing Ethereum apps over. Ethereum’s dApps, in comparison, are faster and more efficient.
At the very moment we are also exploring the Solana network for the internal loop transactions, which is on trial, where we see the Solana network as one of the potential networks which will help us get closer to our goal–with only $0.00025 per tractions or just IDR 3-5 per transactions, obviously will help for retail penetrations.
The way people make payments is constantly changing as a result of innovations in retail payments, improved performance, and regulatory changes. This changing environment creates opportunities for some and challenges for the other forms of payment in the retail payment sector, which is producing faster and more convenient payment options [1].
Even though cash still dominates the form of payment, one of the factors that influence people’s decision on using cashless payment is a low fee, security and fast transactions.